VALARIS LTD, 10-Q filed on 10/30/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 23, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 1-8097  
Entity Registrant Name Valaris Limited  
Entity Incorporation, State or Country Code D0  
Entity Tax Identification Number 98-1589854  
Entity Address, Address Line One Clarendon House, 2 Church Street  
Entity Address, City or Town Hamilton  
Entity Address, State or Province BM  
Entity Address, Postal Zip Code HM 11  
City Area Code 44 (0) 20  
Local Phone Number 7659 4660  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000314808  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Bankruptcy Proceedings, Reporting Current true  
Entity Common Shares, Shares Outstanding   69,577,278
Common Class A [Member]    
Document Information [Line Items]    
Title of 12(b) Security Common Shares, $0.01 par value share  
Trading Symbol VAL  
Security Exchange Name NYSE  
Warrants    
Document Information [Line Items]    
Title of 12(b) Security Warrants to purchase Common Shares  
Trading Symbol VAL WS  
Security Exchange Name NYSE  
v3.25.3
Condensed Consolidated Statements Of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenues (exclusive of reimbursable revenues) $ 555.6 $ 599.9 $ 1,705.7 $ 1,663.9
Reimbursable revenues 40.1 43.2 125.9 114.3
Total operating revenues 595.7 643.1 1,831.6 1,778.2
OPERATING EXPENSES        
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) 367.6 422.6 1,096.8 1,238.0
Reimbursable expenses 38.0 39.5 119.5 107.6
Total contract drilling expenses (exclusive of depreciation) 405.6 462.1 1,216.3 1,345.6
Loss on impairment 0.0 0.0 7.8 0.0
Depreciation 37.1 31.7 105.7 88.2
General and administrative 26.9 30.6 70.1 89.6
Total operating expenses 469.6 524.4 1,399.9 1,523.4
Equity in losses (earnings) of ARO (4.4) 23.8 (5.9) 21.7
OPERATING INCOME 130.5 94.9 437.6 233.1
OTHER INCOME (EXPENSE)        
Interest income 22.6 17.5 52.1 69.5
Interest expense, net (24.9) (22.4) (74.0) (62.7)
Other, net 87.7 (2.8) 100.2 6.5
Total other income (expense) 85.4 (7.7) 78.3 13.3
INCOME BEFORE INCOME TAXES 215.9 87.2 515.9 246.4
PROVISION FOR INCOME TAXES        
Current income tax expense (benefit) 29.4 20.5 81.1 (12.1)
Deferred income tax expense (benefit) (0.8) 3.8 172.5 19.3
Total provision for income taxes 28.6 24.3 253.6 7.2
Net income 187.3 62.9 262.3 239.2
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 0.8 1.7 3.0 0.5
NET INCOME ATTRIBUTABLE TO VALARIS $ 188.1 $ 64.6 $ 265.3 $ 239.7
EARNINGS PER SHARE        
Basic (in dollars per share) $ 2.66 $ 0.89 $ 3.74 $ 3.31
Diluted (in dollars per share) $ 2.65 $ 0.88 $ 3.73 $ 3.26
WEIGHTED-AVERAGE SHARES OUTSTANDING        
Basic (in shares) 70.7 72.4 70.9 72.4
Diluted (in shares) 71.0 73.2 71.2 73.5
v3.25.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
NET INCOME $ 187.3 $ 62.9 $ 262.3 $ 239.2
OTHER COMPREHENSIVE INCOME (LOSS), NET        
Net reclassification adjustment for amounts recognized in net income as a component of net periodic pension cost (benefit) (0.2) (0.1) (0.6) (0.5)
Foreign currency translation adjustments 1.2 0.2 4.3 (0.3)
NET OTHER COMPREHENSIVE INCOME (LOSS) 1.0 0.1 3.7 (0.8)
COMPREHENSIVE INCOME 188.3 63.0 266.0 238.4
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 0.8 1.7 3.0 0.5
COMPREHENSIVE INCOME ATTRIBUTABLE TO VALARIS $ 189.1 $ 64.7 $ 269.0 $ 238.9
v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS    
    Cash and cash equivalents $ 662.7 $ 368.2
    Restricted cash 12.8 12.3
    Accounts receivable, net 513.7 571.2
    Other current assets 154.4 127.0
Total current assets 1,343.6 1,078.7
PROPERTY AND EQUIPMENT, AT COST 2,507.7 2,309.4
    Less accumulated depreciation 473.3 376.5
       Property and equipment, net 2,034.4 1,932.9
LONG-TERM NOTES RECEIVABLE FROM ARO 314.7 296.2
INVESTMENT IN ARO 119.3 113.4
DEFERRED TAX ASSETS 673.9 849.5
OTHER ASSETS 152.1 149.1
 Total assets 4,638.0 4,419.8
CURRENT LIABILITIES    
Accounts payable - trade 327.1 328.5
Accrued liabilities and other 390.9 351.0
Total current liabilities 718.0 679.5
LONG-TERM DEBT 1,085.2 1,082.7
DEFERRED TAX LIABILITIES 27.0 30.1
OTHER LIABILITIES 357.2 383.2
Liabilities, Total 2,187.4 2,175.5
COMMITMENTS AND CONTINGENCIES (Note 11)
VALARIS SHAREHOLDERS' EQUITY    
Common Shares, $0.01 par value, 700.0 shares authorized, 76400000 and 76200000 shares issued, 69700000 and 71000000 shares outstanding as of September 30, 2025 and December 31, 2024, respectively 0.8 0.8
Preference shares, $0.01 par value, 150.0 shares authorized, no shares issued as of September 30, 2025 and December 31, 2024 0.0 0.0
Stock warrants 16.4 16.4
Additional paid-in capital 1,128.6 1,113.3
Retained earnings 1,664.2 1,398.9
Accumulated other comprehensive income $ 37.9 $ 34.2
Treasury Stock, Common, Shares 6,700,000 5,200,000
Treasury shares, at cost, 6.7 and 5.2 shares as of September 30, 2025 and December 31, 2024, respectively. $ (400.1) $ (325.1)
Total Valaris shareholders' equity 2,447.8 2,238.5
NONCONTROLLING INTERESTS 2.8 5.8
Total shareholders' equity 2,450.6 2,244.3
Total liabilities and shareholders' equity $ 4,638.0 $ 4,419.8
v3.25.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value per share (in dollars per share or pounds sterling per share) $ 0.01 $ 0.01
Common shares, shares authorized (in shares) 700,000,000.0 700,000,000.0
Common shares, shares issued (in shares) 76,400,000 76,200,000
Common Stock, Shares, Outstanding 69,700,000 71,000,000.0
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 150,000,000.0 150,000,000.0
Preferred Stock, Value, Issued 0 0
Treasury Stock, Common, Shares 6,700,000 5,200,000
v3.25.3
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
OPERATING ACTIVITIES        
Net income $ 187.3 $ 62.9 $ 262.3 $ 239.2
Adjustments to reconcile net income to net cash provided by operating activities:        
    Depreciation expense     105.7 88.2
Accretion of discount on notes receivable from ARO     (18.5) (33.8)
    Share-based compensation expense     18.4 22.4
Equity in losses (earnings) of ARO (4.4) 23.8 (5.9) 21.7
Deferred income tax expense (0.8) 3.8 172.5 19.3
Net (gain) loss on sale of property     (117.4) 0.3
Loss on impairment 0.0 0.0 7.8 0.0
Changes in contract liabilities     (39.3) (13.5)
Changes in deferred costs     9.1 32.6
Other     6.1 5.0
Changes in operating assets and liabilities     86.3 (131.0)
Contributions to pension plans and other post-retirement benefits     (13.1) (19.6)
Net cash provided by operating activities     474.0 230.8
INVESTING ACTIVITIES        
Additions to property and equipment     (237.2) (343.4)
Proceeds from disposition of assets     136.3 0.2
Net cash used in investing activities     (100.9) (343.2)
FINANCING ACTIVITIES        
Payments for share repurchases     (75.0) (101.4)
Payments related to tax withholdings for share-based awards     (3.1) (29.7)
Net cash used in financing activities     (78.1) (131.1)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH     295.0 (243.5)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD     380.5 635.7
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 675.5 $ 392.2 $ 675.5 $ 392.2
v3.25.3
Unaudited Condensed Consolidated Financial Statements
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Unaudited Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Financial Statements
 
We prepared the accompanying condensed consolidated financial statements of Valaris Limited and its subsidiaries (the "Company," "Valaris," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2024 Condensed Consolidated Balance Sheet data was derived from our 2024 audited consolidated financial statements but does not include all disclosures required by GAAP. The preparation of our condensed consolidated financial statements requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates.

Results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2025, or for any future period. We recommend these condensed consolidated financial statements be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025 (our "Annual Report").

Summary of Significant Accounting Policies

Please refer to "Note 1. Description of the Business and Summary of Significant Accounting Policies" of our Consolidated Financial Statements from our Annual Report for the discussion of our significant accounting policies. Certain previously reported amounts have been reclassified to conform to the current year presentation.

New Accounting Pronouncements

Accounting Pronouncements to be Adopted

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures - In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("Update 2024-03"), which requires companies to disclose additional information for certain relevant expense categories in the Statements of Operations and within the notes to the financial statements. Update 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted and can be applied either prospectively to financial statements issued for reporting periods after the effective date, or retrospectively to prior periods which are presented in the financial statements. We are currently assessing the impact of the requirements on our condensed consolidated financial statements and disclosures.
Improvements to Income Tax Disclosures - In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("Update 2023-09"), which expands income tax disclosure requirements to include additional information related to the rate reconciliation of our effective tax rates to statutory rates as well as additional disaggregation of taxes paid. The amendments in Update 2023-09 also remove disclosures related to certain unrecognized tax benefits and deferred taxes. Update 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments are required to be applied on a prospective basis, with an option to apply the guidance retrospectively. We will adopt Update 2023-09 in the period required and while the adoption will result in expansion of our income tax disclosures, we do not expect it will impact the recognition or measurement of income taxes within our condensed consolidated financial statements.

Measurement of Credit Losses for Accounts Receivable and Contract Assets - In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("Update 2025-05"), which allows public business entities to elect a practical expedient for current accounts receivables and contract assets to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. Update 2025-05 is effective for fiscal years beginning after December 15, 2025, with early adoption permitted, and is required to be applied on a prospective basis. We plan to elect the practical expedient as allowed by Update 2025-05 in the period required but do not expect it to have a material impact on the recognition or measurement of our credit losses within our condensed consolidated financial statements.
With the exception of the updated standards discussed above, there have been no accounting pronouncements issued and not yet effective that have significance, or potential significance, to our condensed consolidated financial statements.
v3.25.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] Revenue from Contracts with Customers
 
Under our drilling contracts with customers, we provide a drilling rig and drilling services, including rig crews, on a day rate contract basis. We receive a daily rate that may vary between the full rate and zero rate throughout the duration of the contractual term, depending on the operations of the rig. We also may receive lump-sum fees or similar compensation generally for the mobilization, demobilization, and capital upgrades of our rigs. Our customers bear substantially all of the costs of constructing the well and supporting drilling operations, as well as the economic risk relative to the success of the well.

Our drilling service provided under each drilling contract is a single performance obligation satisfied over time and comprised of a series of distinct time increments, or service periods. Total revenue is determined for each individual drilling contract by estimating both fixed and variable consideration expected to be earned over the contract term. Fixed consideration generally relates to activities such as mobilization, demobilization and capital upgrades of our rigs that are not distinct performance obligations within the context of our contracts and is recognized on a straight-line basis over the contract term. Variable consideration generally relates to distinct service periods during the contract term and is recognized in the period when the services are performed.

The remaining duration of our drilling contracts based on those in place as of September 30, 2025 was between approximately 1 month and 5 years.

Contract Assets and Liabilities

Contract assets represent amounts recognized as revenue but for which the right to invoice the customer is dependent upon our future performance. Once the previously recognized revenue is invoiced, the corresponding contract asset, or a portion thereof, is transferred to accounts receivable.
Contract liabilities generally represent fees received for mobilization, capital upgrades or in the case of our 50/50 unconsolidated joint venture with Saudi Aramco, represent the difference between the amounts billed under the bareboat charter arrangements and lease revenues earned. See “Note 3 – Equity Method Investment in ARO" for additional details regarding our balances with ARO.

Contract assets and liabilities are presented net on our Condensed Consolidated Balance Sheets on a contract-by-contract basis. Current contract assets and liabilities are included in Other current assets and Accrued liabilities and other, respectively, and noncurrent contract assets and liabilities are included in Other assets and Other liabilities, respectively, on our Condensed Consolidated Balance Sheets.

The following table summarizes our contract assets and contract liabilities (in millions):
 September 30, 2025 December 31, 2024
Current contract assets$3.5 $1.3 
Noncurrent contract assets$8.8 $5.5 
Current contract liabilities (deferred revenue)$79.0 $87.2 
Noncurrent contract liabilities (deferred revenue)$57.8 $71.4 

Changes in contract assets and liabilities during the period are as follows (in millions):
 Contract AssetsContract Liabilities
Balance as of December 31, 2024$6.8 $158.6 
Revenue recognized in advance of right to bill customer6.7 — 
Increase due to revenue deferred during the period— 70.8 
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance— (67.6)
Decrease due to amortization of deferred revenue added during the period— (16.8)
Decrease due to transfer to receivables and payables during the period(1.2)(8.2)
Balance as of September 30, 2025$12.3 $136.8 

Deferred Contract Costs

Costs incurred for upfront rig mobilizations and certain contract preparations are attributable to our future performance obligation under each respective drilling contract. These costs are deferred and amortized on a straight-line basis over the contract term. Deferred contract costs are included in Other current assets and Other assets on our Condensed Consolidated Balance Sheets and totaled $41.9 million and $47.4 million as of September 30, 2025 and December 31, 2024, respectively. During the three and nine months ended September 30, 2025, amortization of such costs totaled $9.1 million and $30.7 million, respectively. During the three and nine months ended September 30, 2024, amortization of such costs totaled $41.2 million and $90.3 million, respectively.

Deferred Certification Costs

We must obtain certifications from various regulatory bodies in order to operate our drilling rigs and must maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, and other compliance costs, are deferred and amortized on a straight-line basis over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in Other current assets and Other assets on our Condensed Consolidated Balance Sheets and totaled $9.3 million and $12.9 million as of September 30, 2025 and December 31, 2024, respectively. During the three and nine months ended September 30, 2025, amortization of such costs totaled $1.9 million and $6.3 million, respectively. During the three and nine months ended September 30, 2024, amortization of such costs totaled $2.0 million and $7.6 million, respectively.
Future Amortization of Contract Liabilities and Deferred Costs

The table below reflects the expected future amortization of our contract liabilities and deferred costs recorded as of September 30, 2025. In the case of our contract liabilities related to our bareboat charter arrangements with ARO, the contract liability is not amortized and as such, the amount is reflected in the table below at the end of the current lease term. See "Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements.
(In millions)
 Remaining 2025202620272028 and Thereafter Total
Amortization of contract liabilities$21.6 $72.1 $32.4 $10.7 $136.8 
Amortization of deferred costs$11.4 $33.6 $6.1 $0.1 $51.2 
v3.25.3
Equity Method Investment In ARO Equity Method Investment In ARO
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investment In ARO Equity Method Investment in ARO
Background
    
ARO is a 50/50 unconsolidated joint venture between the Company and Saudi Aramco that owns and operates jackup drilling rigs in Saudi Arabia. As of September 30, 2025, ARO owned nine jackup rigs, had ordered one newbuild jackup rig and leased seven rigs from us through bareboat charter arrangements (the "Lease Agreements") whereby substantially all operating costs are incurred by ARO.

The shareholder agreement governing the joint venture (the "Shareholder Agreement") specifies that ARO shall purchase 20 newbuild jackup rigs over an approximate 10-year period. The first two newbuild jackups, Kingdom 1 and Kingdom 2, were ordered in January 2020 and commenced operations in the fourth quarter of 2023 and the third quarter of 2024, respectively. In October 2024, ARO ordered the third newbuild jackup, Kingdom 3, and is expected to commit to order one additional newbuild jackup in the near term. In connection with these plans, we have a potential obligation to fund ARO for newbuild jackup rigs. See "Note 11 - Contingencies" for additional information.

Equity in earnings (losses) of ARO

We account for our interest in ARO using the equity method of accounting and only recognize our portion of ARO's net income (loss), adjusted for basis differences as discussed below, in Equity in earnings (losses) of ARO in our Condensed Consolidated Statements of Operations.

Our equity method investment in ARO was recorded at its estimated fair value in fresh start accounting upon emergence from bankruptcy in 2021. We computed the difference between the fair value of ARO's net assets and the carrying value of those net assets in ARO's U.S. GAAP financial statements ("basis differences") at that date. These basis differences primarily related to ARO's long-lived assets and the recognition of intangible assets associated with certain of ARO's drilling contracts that were determined to have favorable terms relative to market terms as of the measurement date.
Basis differences are amortized over the remaining life of the assets or liabilities to which they relate and are recognized as an adjustment to the Equity in earnings (losses) of ARO in our Condensed Consolidated Statements of Operations. The amortization of those basis differences is combined with our 50% interest in ARO's net income (loss). A reconciliation of those components is presented below (in millions):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
50% interest in ARO net income (loss)(1)
$1.2 $(27.0)$(3.6)$(31.2)
Amortization of basis differences3.2 3.2 9.5 9.5 
Equity in earnings (losses) of ARO$4.4 $(23.8)$5.9 $(21.7)

(1) ARO's net loss (prior to determining our 50% interest) for the three and nine months ended September 30, 2024 includes a non-cash loss on impairment of $28.4 million related to costs which were capitalized pursuant to certain contractual maintenance and upgrade requirements for VALARIS 143, VALARIS 147 and VALARIS 148. The contracts associated with these rigs were terminated in 2024 in connection with Saudi Arabia’s announcement during the prior year period to limit oil production capacity.

Related-Party Transactions

Revenues recognized by us related to the Lease Agreements are included within Operating revenues in our Condensed Consolidated Statements of Operations and were as follows (in millions):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues from Lease Agreements
$22.5 $11.3 $52.9 $42.9 

Our balances related to the ARO lease agreements were as follows (in millions):

September 30, 2025December 31, 2024
Amounts receivable (1)
$18.7 $16.5 
Contract liabilities (2)
$12.2 $14.1 
Accounts payable (2)
$59.7 $43.1 

(1)Amounts receivable from ARO are included in Accounts receivable, net in our Condensed Consolidated Balance Sheets.
(2)The per day bareboat charter amount in the Lease Agreements is subject to adjustment based on actual performance of the respective rig and therefore, the corresponding contract liabilities are subject to adjustment during the lease term. Upon completion of the lease term, such amounts become a payable to or a receivable from ARO. In addition, the accounts payable balance includes amounts owed to ARO for certain reimbursable costs.

During 2017 and 2018, the Company contributed assets to ARO in exchange for a 10-year shareholder notes receivable due from ARO (the "Notes Receivable from ARO"), which bear interest based on a one-year term SOFR, set as of the end of the year prior to the applicable year, plus 2.10%. The Notes Receivable from ARO were adjusted to their estimated fair value in fresh start accounting in 2021 and the resulting discount to the principal amount is being amortized using the effective interest method to interest income over the remaining terms of the notes.
The principal amount and discount of the Notes Receivable from ARO were as follows (in millions):

September 30, 2025December 31, 2024
Principal amount$376.6 $376.6 
Discount(61.9)(80.4)
Carrying value$314.7 $296.2 
Interest receivable (1)(2)
$18.0 $— 

(1)Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets.
(2)The 2024 interest on the Notes Receivable from ARO of approximately $24.6 million was paid in kind in December 2024 by increasing the principal balance of the Notes Receivable from ARO.

Interest income earned on the Notes Receivable from ARO was as follows (in millions):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Interest income$10.0 $6.2 $18.0 $18.4 
Non-cash amortization (1)(2)
6.2 6.2 18.5 33.8 
Total interest income on the Notes Receivable from ARO$16.2 $12.4 $36.5 $52.2 

(1)Represents the amortization of the discount on the Notes Receivable from ARO using the effective interest method to interest income over the term of the notes.
(2)During the nine months ended September 30, 2024, we recognized $13.9 million of non-cash interest income attributable to a settlement agreement executed in June 2024 whereby $50.7 million of accounts payable due to ARO was net settled against a portion of the Notes Receivable from ARO.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The carrying values and estimated fair values of certain of our financial instruments were as follows (in millions):
September 30, 2025December 31, 2024
Carrying Value  Estimated Fair Value  Carrying ValueEstimated Fair Value  
2030 Second Lien Notes (1)
$1,085.2 $1,142.4 $1,082.7 $1,112.7 
Notes Receivable from ARO (2)
$314.7 $379.6 $296.2 $378.3 

(1)The estimated fair value of the 2030 Second Lien Notes (as defined in "Note 8 - Debt") was determined using quoted market prices, which are level 1 inputs.
(2)The estimated fair value of the Notes Receivable from ARO was estimated using an income approach to value the forecasted cash flows attributed to the Notes Receivable from ARO using a discount rate based on a comparable yield with a country-specific risk premium, which are considered to be level 2 inputs.

The estimated fair values of our cash and cash equivalents, restricted cash, accounts receivable and trade payables approximated their carrying values as of September 30, 2025 and December 31, 2024.
v3.25.3
Property and Equipment
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following (in millions):

September 30, 2025December 31, 2024
Drilling rigs and equipment$1,856.7 $1,660.9 
Work-in-progress602.2 607.6 
Other48.8 40.9 
Total property and equipment, at cost
$2,507.7 $2,309.4 

From time to time we may opportunistically sell assets to enhance shareholder value. Additionally, we may consider retiring assets that no longer meet our standards for economic returns. Gains and losses recognized on sale of assets are recognized in Other, net on the Condensed Consolidated Statements of Operations.

Sale of VALARIS 247

In the third quarter of 2025, we sold VALARIS 247, a rig within our Jackups segment, and collected cash proceeds of approximately $108.0 million. We recognized a pre-tax gain of $88.4 million in connection with the sale.

Sale of Retired Semis

In the first quarter of 2025, we approved a plan to retire three semisubmersible rigs within our Floaters segment, VALARIS DPS-3, VALARIS DPS-5, and VALARIS DPS-6 (collectively, the “Retired Semis”). In April 2025, the Retired Semis were sold for recycling and permanently removed from service for total cash proceeds of $10.0 million.

In connection with the retirement of the Retired Semis, during the first quarter of 2025, we recognized a loss on impairment of $7.8 million, which represents the amount of carrying value that exceeded the disposal group's aggregate fair value less costs to sell. We estimated the fair value using a market approach based on the preliminary sale agreement for the Retired Semis, which is considered a Level 3 input due to the level of estimation involved since the sale had not yet been completed at the time of our analysis.

Sale of VALARIS 75

In the first quarter of 2025, VALARIS 75, a rig within our Jackups segment which had an immaterial net book value, was sold resulting in a pre-tax gain on sale of $23.0 million. Of the proceeds, $14.0 million was collected upon closing, with the remaining $10.0 million to be received in equal installments on the first and second anniversaries of the closing.

Sale of Angola Office Building

In the first quarter of 2025, we sold an office building in Angola for cash proceeds of $5.2 million, resulting in a pre-tax gain of $4.0 million. Of the proceeds, approximately $2.5 million was collected during the fourth quarter of 2024 and $2.7 million was collected during the first quarter of 2025.
v3.25.3
Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Retirement Benefits Pension and Other Post-retirement Benefits
We have defined-benefit pension plans and retiree medical plans that provide post-retirement health and life insurance benefits.

The components of net periodic pension and retiree medical (income) loss were as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Interest cost$7.8 $7.4 $23.2 $22.2 
Expected return on plan assets(7.4)(7.9)(21.9)(23.7)
Amortization of net gain(0.2)(0.1)(0.6)(0.5)
Net periodic pension and retiree medical (income) loss (1)
$0.2 $(0.6)$0.7 $(2.0)

(1)Included in Other, net in our Condensed Consolidated Statements of Operations.
v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
 
Basic earnings per share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and includes the effect of all potentially dilutive stock equivalents, including warrants, restricted stock unit awards and performance stock unit awards.

The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three and nine months ended September 30, 2025 and 2024 (in millions):

Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Income attributable to our shares $188.1 $64.6 $265.3 $239.7 
Weighted average shares outstanding:
Basic70.7 72.4 70.9 72.4 
Effect of stock equivalents0.3 0.8 0.3 1.1 
Diluted71.0 73.2 71.2 73.5 

Anti-dilutive share awards totaling 227,000 and 258,000 were excluded from the computation of diluted EPS for the three and nine months ended September 30, 2025, respectively.

Anti-dilutive share awards totaling 150,000 and 126,000 were excluded from the computation of diluted EPS for the three and nine months ended September 30, 2024, respectively.

We had 5,470,900 warrants outstanding (the "Warrants") as of September 30, 2025 to purchase common shares of Valaris Limited (the "Common Shares"), which are exercisable for one Common Share per Warrant at an initial exercise price of $131.88 per Warrant and expire on April 29, 2028. The exercise of these Warrants into Common Shares would have a dilutive effect to the holdings of Valaris Limited's existing shareholders. These warrants are anti-dilutive for all periods presented.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
2030 Second Lien Notes

In April 2023, the Company and Valaris Finance Company LLC (“Valaris Finance”), a wholly-owned subsidiary, issued and sold, at par, $700.0 million aggregate principal amount of Second Lien Notes (the "Initial Second Lien Notes"). In August 2023, the Company and Valaris Finance issued, at 100.75% of par, an additional $400.0 million aggregate principal amount of Second Lien Notes (the "Additional Notes"). The Initial Second Lien Notes and the Additional Notes form a single series and are collectively referred to as the "2030 Second Lien Notes".

The 2030 Second Lien Notes were issued under the Indenture, dated as of April 19, 2023 (the "Indenture"), and will mature on April 30, 2030. The 2030 Second Lien Notes bear an interest rate of 8.375% per annum and interest is payable semi-annually in arrears on April 30 and October 30 of each year. The 2030 Second Lien Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by certain subsidiaries of the Company.

As of September 30, 2025, we were in compliance in all material respects with our covenants under the Indenture.

2028 Credit Agreement

In April 2023, the Company entered into a senior secured revolving credit agreement (the “2028 Credit Agreement”) which provides for commitments permitting borrowings of up to $375.0 million. These borrowings under the 2028 Credit Agreement may be increased, subject to the agreement of lenders to provide such additional commitments and the satisfaction of certain conditions, by an additional $200.0 million pursuant to the terms of the 2028 Credit Agreement, and includes a $150.0 million sublimit for the issuance of letters of credit. Valaris Finance and certain other subsidiaries of the Company guarantee the Company's obligations under the 2028 Credit Agreement, and the lenders have a first priority lien on the assets securing the 2028 Credit Agreement. The 2028 Credit Agreement is scheduled to mature on April 3, 2028.

Amounts borrowed under the 2028 Credit Agreement are subject to an interest rate per annum equal to, at our option, either (a) a base rate determined as the greatest of (i) a prime rate, (ii) the federal funds rate plus 0.5% and (iii) Term SOFR (as defined in the 2028 Credit Agreement) for a one month interest period plus 1.1% (such base rate to be subject to a 1% floor) or (b) Term SOFR plus 0.10% (subject to a 0% floor), plus, in each case of clauses (a) and (b) above, an applicable margin ranging from 1.50% to 3.00% and 2.50% to 4.00%, respectively, based on the credit ratings that are one notch higher than the corporate family ratings provided by Standard & Poor’s Financial Services LLC (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”) with respect to Valaris Limited.

Additionally, we are required to pay a quarterly commitment fee to the lenders under the 2028 Credit Agreement with respect to the average daily unutilized commitments thereunder at a rate ranging from 0.375% to 0.75% depending on the credit ratings that are one notch higher than the corporate family ratings provided by S&P and Moody’s with respect to Valaris Limited. With respect to each letter of credit issued pursuant to the 2028 Credit Agreement, we are required to pay a letter of credit fee equal to the applicable margin in effect for Term SOFR loans and a fronting fee in an amount to be mutually agreed between us and the issuer of such letter of credit.

As of September 30, 2025, we were in compliance in all material respects with our covenants under the 2028 Credit Agreement. We had no amounts outstanding under the 2028 Credit Agreement as of September 30, 2025.
v3.25.3
Shareholders Equity
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity and Share-based Payments Shareholders' Equity
Activity in our various shareholders' equity accounts for the nine months ended September 30, 2025 and 2024 were as follows (in millions):
 Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCI Treasury
Shares		Non-controlling
Interest
BALANCE, December 31, 202476.2 $0.8 $1,113.3 $16.4 $1,398.9 $34.2 $(325.1)$5.8 
Net loss— — — — (37.9)— — (1.3)
Share-based compensation cost— — 5.6 — — — — — 
Shares issued under share-based compensation plans, net
0.1 — — — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards
— — (0.3)— — — — — 
Foreign currency translation adjustments
— — — — — 1.3 — — 
BALANCE, March 31, 202576.3 $0.8 $1,118.6 $16.4 $1,361.0 $35.3 $(325.1)$4.5 
Net income (loss)— — — — 115.1 — — (0.9)
Share-based compensation cost
— — 6.0 — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Foreign currency translation adjustments
— — — — — 1.8 — — 
BALANCE, June 30, 202576.3 $0.8 $1,124.6 $16.4 $1,476.1 $36.9 $(325.1)$3.6 
Net income (loss)— — — — 188.1 — — (0.8)
Share-based compensation cost— — 6.8 — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares issued under share-based compensation plans, net0.1 — — — — — — — 
Repurchase of Common Shares— — — — — — (75.0)— 
Shares withheld for taxes on vesting of share-based awards— — (2.8)— — — — — 
Foreign currency translation adjustments
— — — — — 1.2 — — 
BALANCE, September 30, 2025
76.4 $0.8 $1,128.6 $16.4 $1,664.2 $37.9 $(400.1)$2.8 
Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCITreasury
Shares		Non-controlling
Interest
BALANCE, December 31, 2023
75.4 $0.8 $1,119.8 $16.4 $1,025.5 $25.2 $(200.1)$9.4 
Net income— — — — 25.5 — — — 
Share-based compensation cost— — 8.0 — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards
— — (0.1)— — — — — 
Foreign currency translation adjustments
— — — — — 0.1 — — 
BALANCE, March 31, 2024
75.4 $0.8 $1,127.7 $16.4 $1,051.0 $25.1 $(200.1)$9.4 
Net income— — — — 149.6 — — 1.2 
Share-based compensation cost— — 7.4 — — — — — 
Net changes in pension and other postretirement benefits— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards— — (0.3)— — — — — 
Foreign currency translation adjustments
— — — — — (0.6)— — 
BALANCE, June 30, 202475.4 $0.8 $1,134.8 $16.4 $1,200.6 $24.3 $(200.1)$10.6 
Net income (loss)— — — — 64.6 — — (1.7)
Share-based compensation cost— — 7.0 — — — — — 
Shares issued under share-based compensation plans, net0.8 — — — — — — — 
Net changes in pension and other postretirement benefits— — — — — (0.1)— — 
Repurchase of Common Shares— — — — — — (100.0)— 
Shares withheld for taxes on vesting of share-based awards— — (29.3)— — — — — 
Purchase of noncontrolling ownership interest in a non-U.S. subsidiary (1)
— — 4.1 — — — — (8.4)
Sale of noncontrolling ownership interest in a non-U.S. subsidiary (1)
— — (8.4)— — — — 8.4 
Foreign currency translation adjustments
— — — — — 0.2 — — 
BALANCE, September 30, 202476.2 $0.8 $1,108.2 $16.4 $1,265.2 $24.4 $(300.1)$8.9 
(1)During the third quarter of 2024, the Company purchased the 51% noncontrolling interest related to a certain non-U.S. subsidiary and concurrently transferred the 51% noncontrolling interest to new partners. The net transactions did not result in a change to our ownership or controlling interest in the non-U.S. subsidiary.
Share Repurchase Program

Our board of directors has authorized a share repurchase program (the "Share Repurchase Program") under which we may purchase up to $600.0 million of our outstanding Common Shares. The Share Repurchase Program does not have a fixed expiration, may be modified, suspended or discontinued at any time and any repurchases made pursuant to the Share Repurchase Program are subject to compliance with applicable covenants and restrictions under our financing agreements.

The following table summarizes shares repurchased, aggregate cost and the average per share price (in millions, except average per share price):

Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Shares repurchased
1.5 1.8 1.5 1.8 
Aggregate cost$75.0 $100.0 $75.0 $100.0 
Average price per share $48.88 $57.02 $48.88 $57.02 

As of September 30, 2025, we had approximately $200.0 million available for share repurchases pursuant to the Share Repurchase Program.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]  
Income Taxes Income Taxes
 
Historically, we calculated our provision for income taxes during interim reporting periods by applying the estimated annual effective tax rate for the full fiscal year to pre-tax income or loss, excluding discrete items, for the reporting period. In recent years, we determined that since small changes in estimated pre-tax income or loss would result in significant changes in the estimated annual effective tax rate, the historical method did not provide a reliable estimate of income taxes and we began using a discrete effective tax rate method to calculate income taxes. We continued to utilize this methodology through 2024. In the first quarter of 2025, we reassessed our use of the discrete effective tax rate method and determined that we had sustained a reasonable period of meaningful pre-tax income to be able to more reliably estimate annualized pre-tax income or loss for the purposes of calculating the interim income tax provision. Accordingly, during the three and nine months ended September 30, 2025, we calculated our tax provision by applying the estimated annual effective tax rate for the full fiscal year to pre-tax income or loss, excluding discrete items.

During the first quarter of 2025, we recognized $168.8 million of deferred tax expense from the establishment of a valuation allowance on deferred tax assets resulting from a change in estimated future taxable income in a certain operating jurisdiction in connection with the retirement of the Retired Semis. We intend to maintain this valuation allowance until there is sufficient evidence to support a reversal of the allowance. The timing and amount of future valuation allowance reductions are subject to future levels of contracting and profitability achieved or by the expiration of the related deferred tax assets. See "Note 5 - Property and Equipment" for further disclosure regarding the Retired Semis.

The consolidated effective tax rate for the three and nine months ended September 30, 2025, excluding the impact of discrete tax items, was 14.1% and 14.8%, respectively. The discrete tax expense for the nine months ended September 30, 2025 primarily related to the establishment of the valuation allowance described above.
Discrete income tax expense for the three months ended September 30, 2024 was $0.5 million and was primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years, partially offset by the resolution of prior period tax matters. Discrete income tax benefit for the nine months ended September 30, 2024 was $70.0 million and was primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years, including the reversal of a liability associated with tax assessments received from the Luxembourg tax authorities in the second quarter of 2024, and the resolution of other prior period tax matters. Excluding the aforementioned discrete tax items, income tax expense for the three and nine months ended September 30, 2024 was $23.8 million and $77.2 million, respectively.

Luxembourg Tax Assessments

In December 2023, one of the Company’s Luxembourg subsidiaries received tax assessments for fiscal years 2019, 2020, 2021 and 2023. In February 2024, the Luxembourg tax authorities rescinded the portion of the assessment relating to 2023, resulting in a revised aggregate tax assessment of approximately €60.0 million (approximately $65.0 million converted at then-current exchange rates). We recorded a liability for uncertain tax positions for this amount during the fourth quarter of 2023 and contested the validity and amount of the assessments. In April 2024, we received a favorable decision from the Luxembourg tax authorities stating that the assessments for the 2019-2021 tax years are not enforceable. As a result, we reversed the uncertain tax position liability for the previously issued assessments and recognized a tax benefit of approximately $65.0 million in the second quarter of 2024.

Malaysia Tax Assessment

In February 2024, one of our Malaysian subsidiaries received an unfavorable court decision regarding a tax assessment for the 2012-2017 tax years totaling approximately MYR117.0 million (approximately $28.0 million converted at current period-end exchange rates), including a late payment penalty. In July 2024, we received a payment demand from the Malaysian tax authority for the full assessment amount. In order to further contest the assessment, we agreed to a seven-month payment plan which commenced in August 2024. As of September 30, 2025, all payments under the seven-month payment plan have been made and are included within Other assets in the Condensed Consolidated Balance Sheets. We have not recorded a liability for uncertain tax positions as of September 30, 2025, related to this assessment based on a more-likely-than-not threshold. We believe our tax returns are materially correct as filed and will vigorously contest this assessment.

Australian Tax Assessment

During 2019, the Australian tax authorities issued aggregate tax assessments totaling approximately A$101.0 million, plus interest, related to the examination of certain of our tax returns for the years 2011 through 2016. During the third quarter of 2019, we made a A$42.0 million payment (approximately $29.0 million at then-current exchange rates) to the Australian tax authorities to litigate the assessment. In December 2024, we reached a settlement agreement with the Australian tax authorities for A$4.0 million (approximately $2.0 million at then-current exchange rates). Accordingly, we released approximately $18.0 million of the uncertain tax position liability previously recognized and recognized a corresponding tax benefit in our Condensed Consolidated Statements of Operations for these assessments in the fourth quarter of 2024. We no longer had a liability for unrecognized tax benefits relating to these assessments as of December 31, 2024. During the first quarter of 2025, we received refunds (including interest) totaling A$42.0 million (approximately $26.0 million at then-current-period exchange rates).
Tax Legislation

On July 4, 2025, the U.S. enacted H.R. 1, informally referred to as the One Big Beautiful Bill Act (“OBBBA”). Among other provisions, the OBBBA includes the permanent extension, with modifications, of certain business and international tax provisions originally enacted under the Tax Cuts and Jobs Act of 2017 that were scheduled to sunset at the end of 2025. While we continue to monitor further legislative developments and administrative guidance, we do not expect the OBBBA to have a material impact on our consolidated financial statements for the year ending December 31, 2025.
v3.25.3
Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
ARO Newbuild Funding Obligations

In connection with our 50/50 unconsolidated joint venture, we have a potential obligation to fund ARO for newbuild jackup rigs. The Shareholder Agreement specifies that ARO shall purchase 20 newbuild jackup rigs over an approximate 10-year period. The joint venture partners intend for the newbuild jackup rigs to be financed out of available cash on hand and from ARO's operations and/or funds available from third-party financing. The first two newbuild jackups, Kingdom 1 and Kingdom 2, were delivered and commenced operations in 2023 and 2024, respectively. In October 2024, ARO ordered the third newbuild jackup, Kingdom 3, for a purchase price of approximately $300.0 million, and paid the 25% down payment from cash on hand. The final payment will be due upon delivery of the rig.

In the event ARO has insufficient cash or is unable to obtain third-party financing, each partner may periodically be required to make additional capital contributions to ARO, up to a maximum aggregate contribution of $1.25 billion from each partner to fund the newbuild program. Beginning with the delivery of the second newbuild, each partner's commitment is reduced by the lesser of the actual cost of each newbuild rig or $250.0 million, on a proportionate basis. Following the delivery of Kingdom 2, our commitment to fund the newbuild program has been reduced to $1.1 billion.

Letters of Credit

In the ordinary course of business with customers and others, we have entered into letters of credit to guarantee our performance as it relates to our drilling contracts, contract bidding, customs duties, tax appeals and other obligations in various jurisdictions. Letters of credit outstanding as of September 30, 2025 totaled $30.4 million and are issued under facilities provided by various banks and other financial institutions, but none were issued under the 2028 Credit Agreement. Obligations under these letters of credit are not normally called, as we typically comply with the underlying performance requirements. As of September 30, 2025, we had collateral deposits in the amount of $11.2 million with respect to these agreements.

Patent Litigation

In December 2022, a subsidiary of Transocean Ltd. commenced an arbitration proceeding against us alleging breach of a license agreement related to certain dual-activity drilling patents. In July 2025, the arbitration tribunal rendered a final decision awarding Transocean Ltd. $7.9 million in damages, including interest, and awarded Valaris $7.4 million as reimbursement for legal fees incurred in connection with this matter. As a result of this decision, in the second quarter of 2025, we reversed $17.1 million of the $25.0 million liability previously accrued in 2024, and we recognized a $7.4 million receivable for the recovery of legal fees. In the third quarter of 2025, the awarded amounts due to and from Transocean Ltd. were paid and therefore, we have no outstanding balances pertaining to this matter as of September 30, 2025. The window for the award to be set aside has expired, and the Company has not been notified of any set-aside proceeding commenced by Transocean.
Brazil Administrative Matter

In July 2023, we received notice of an administrative proceeding initiated against us in Brazil. Specifically, the Federal Court of Accounts (“TCU”) sought from us, Samsung Heavy Industries (“SHI”) and others, on a joint and several basis, a total of approximately BRL 601.0 million in damages that TCU asserted arose from the overbilling to Petrobras in 2015 in relation to the drilling services agreement with Petrobras for VALARIS DS-5 (the “DSA”). As fully disclosed in our prior periodic reports, the DSA was previously the subject of (1) investigations by the SEC and the U.S. Department of Justice, each of which closed their investigation of us in 2018 without any enforcement action, (2) an arbitration proceeding against SHI in which we prevailed, resulting in SHI making a $200.0 million cash payment to us in December 2019, and (3) a settlement with Petrobras normalizing our business relations in August 2018.

In May 2024, the Brazilian prosecutor issued an opinion recommending that the TCU close this matter against us. In July 2025, a trial was held and all claims against us were dismissed.

Other Matters

In addition to the foregoing, we are named defendants or parties in certain other lawsuits, claims or proceedings incidental to our business and are involved from time to time as parties to governmental investigations or proceedings, including matters related to taxation, arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results and cash flows.
v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Segment Information Segment Information
 
Our business consists of four operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups, (3) ARO and (4) Other, which consists of management services on rigs owned by third parties and the activities associated with our arrangements with ARO under the Lease Agreements. Floaters, Jackups and ARO are also reportable segments.

Our chief operating decision maker ("CODM") assesses segment performance based on their review of the operating income (loss) of each segment, which measures profitability after deducting normal operating costs. Components within operating income (loss), such as revenues and contract drilling expense, are used to monitor actual performance against budget and monthly forecasted results for each segment. Further, the CODM utilizes revenue to derive a segment’s asset utilization, average daily revenue and revenue efficiency. Using these metrics, the CODM can identify potentially underperforming segments and develop strategies to increase profits or reduce costs, make investment decisions and allocate resources as needed. The disaggregated segment information, as presented in the tables below, aligns with the segment level information that is regularly provided to the CODM.

Our onshore support costs included within Contract drilling expenses are not allocated to our operating segments for purposes of measuring segment operating income (loss) and as such, those costs are included in “Reconciling Items.” Further, General and administrative expense and Depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income (loss) and are included in "Reconciling Items." We measure segment assets as Property and equipment, net.

The full operating results included below for ARO are not included within our consolidated results and thus are deducted under "Reconciling Items" and replaced with our equity in earnings of ARO. See "Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements. Similarly, the Property and equipment, net balances presented below for ARO are not included within our Condensed Consolidated Balance Sheets and thus are also deducted under "Reconciling Items."
Segment information for the three and nine months ended September 30, 2025 and 2024, respectively, are presented below (in millions):
Three Months Ended September 30, 2025
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$293.0 $216.7 $156.8 $45.9 $(156.8)$555.6 
Reimbursable revenues9.9 20.4 — 9.8 — 40.1 
Total operating revenues302.9 237.1 156.8 55.7 (156.8)595.7 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
187.7 124.8 91.6 16.3 (52.8)367.6 
Reimbursable expenses9.4 18.9 — 9.7 — 38.0 
Total contract drilling expenses (exclusive of depreciation)
197.1 143.7 91.6 26.0 (52.8)405.6 
Depreciation15.5 15.3 28.4 3.0 (25.1)37.1 
General and administrative— — 5.5 — 21.4 26.9 
Equity in earnings of ARO— — — — 4.4 4.4 
Operating income$90.3 $78.1 $31.3 $26.7 $(95.9)$130.5 
Property and equipment, net$1,201.3 $628.9 $1,199.7 $145.4 $(1,140.9)$2,034.4 
Capital expenditures
$37.6 $28.9 $10.9 $— $(7.6)$69.8 

Three Months Ended September 30, 2024
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues) (1)
$374.9 $192.6 $113.7 $32.4 $(113.7)$599.9 
Reimbursable revenues (1)
14.1 21.1 — 8.0 — 43.2 
Total operating revenues (1)
389.0 213.7 113.7 40.4 (113.7)643.1 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) (1)
235.2 136.9 93.8 14.9 (58.2)422.6 
Reimbursable expenses (1)
12.5 19.8 — 7.2 — 39.5 
Total contract drilling expenses (exclusive of depreciation) (1)
247.7 156.7 93.8 22.1 (58.2)462.1 
Loss on impairment— — 28.4 — (28.4)— 
Depreciation14.8 11.4 21.1 2.9 (18.5)31.7 
General and administrative— — 4.9 — 25.7 30.6 
Equity in losses of ARO— — — — (23.8)(23.8)
Operating income (loss)$126.5 $45.6 $(34.5)$15.4 $(58.1)$94.9 
Property and equipment, net$1,131.5 $500.6 $1,186.0 $135.2 $(1,110.6)$1,842.7 
Capital expenditures
$40.2 $41.7 $17.7 $— $(17.7)$81.9 
Nine Months Ended September 30, 2025

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$968.7 $614.6 $431.4 $122.4 $(431.4)$1,705.7 
Reimbursable revenues26.0 74.1 — 25.8 — 125.9 
Total operating revenues994.7 688.7 431.4 148.2 (431.4)1,831.6 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
568.0 365.8 273.6 49.7 (160.3)1,096.8 
Reimbursable expenses24.4 69.6 — 25.5 — 119.5 
Total contract drilling expenses (exclusive of depreciation)
592.4 435.4 273.6 75.2 (160.3)1,216.3 
Loss on impairment7.8 — — — — 7.8 
Depreciation44.3 42.6 86.6 8.6 (76.4)105.7 
General and administrative— — 18.4 — 51.7 70.1 
Equity in earnings of ARO— — — — 5.9 5.9 
Operating income$350.2 $210.7 $52.8 $64.4 $(240.5)$437.6 
Property and equipment, net$1,201.3 $628.9 $1,199.7 $145.4 $(1,140.9)$2,034.4 
Capital expenditures
$89.8 $138.9 $33.0 $— $(24.5)$237.2 

Nine Months Ended September 30, 2024

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues) (1)
$1,055.1 $498.7 $376.2 $110.1 $(376.2)$1,663.9 
Reimbursable revenues (1)
42.2 53.1 — 19.0 — 114.3 
Total operating revenues (1)
1,097.3 551.8 376.2 129.1 (376.2)1,778.2 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) (1)
719.5 363.2 286.2 45.9 (176.8)1,238.0 
Reimbursable expenses (1)
39.0 50.6 — 18.0 — 107.6 
Total contract drilling expenses (exclusive of depreciation) (1)
758.5 413.8 286.2 63.9 (176.8)1,345.6 
Loss on impairment— — 28.4 — (28.4)— 
Depreciation42.1 32.7 59.8 6.7 (53.1)88.2 
General and administrative— — 16.2 — 73.4 89.6 
Equity in losses of ARO— — — — (21.7)(21.7)
Operating income (loss)$296.7 $105.3 $(14.4)$58.5 $(213.0)$233.1 
Property and equipment, net$1,131.5 $500.6 $1,186.0 $135.2 $(1,110.6)$1,842.7 
Capital expenditures
$185.5 $157.1 $202.9 $— $(202.1)$343.4 
(1)We have adopted ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures beginning with the 2024 Annual Report. In connection with this, we updated our segment disclosure presentation for the three and nine months ended September 30, 2024, to break out Reimbursable revenues and Reimbursable expenses from Revenues and Contract drilling expense, respectively. The disaggregation of these line items is presentational only and there were no impacts to the overall Total operating revenues or Total contract drilling expense (exclusive of depreciation) line items.
Information about Geographic Areas

As of September 30, 2025, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
Europe
6 11 — 17 — 
Middle East & Africa2 7 7 16 9 
North & South America
5 5 — 10 — 
Asia & Pacific Rim2 3 — 5 — 
Total15 26 7 48 9 

For purposes of our geographic disclosures above, any rigs in transit as of the end of the quarter are included in the location to which they are mobilizing.

We provide management services in the Gulf of America on two rigs owned by a third party not included in the table above.
ARO ordered one newbuild jackup, Kingdom 3, which is under construction in the Middle East and is not included in the table above.
v3.25.3
Supplemental Financial Information
 9 Months Ended
Sep. 30, 2025
Supplemental Financial Information [Abstract]  
Supplemental Financial Information Supplemental Financial Information
Condensed Consolidated Balance Sheet Information

Accounts receivable, net, consisted of the following (in millions):
September 30, 2025December 31, 2024
Trade$444.5 $502.4 
Income tax receivables51.2 76.2 
Other34.0 9.2 
 529.7 587.8 
Allowance for doubtful accounts(16.0)(16.6)
 $513.7 $571.2 

Other current assets consisted of the following (in millions):
September 30, 2025December 31, 2024
Prepaid taxes$73.5 $48.5 
Deferred costs38.6 38.6 
Prepaid expenses15.3 13.0 
Other27.0 26.9 
 $154.4 $127.0 
        
Accrued liabilities and other consisted of the following (in millions):
September 30, 2025December 31, 2024
Income and other taxes payable$105.1 $57.2 
Personnel costs90.0 89.2 
Current contract liabilities (deferred revenues)79.0 87.2 
Accrued interest38.4 15.3 
Lease liabilities35.0 28.0 
Accrued claims16.1 39.5 
Other27.3 34.6 
 $390.9 $351.0 
        
Other liabilities consisted of the following (in millions):
September 30, 2025December 31, 2024
Unrecognized tax benefits (inclusive of interest and penalties)$134.5 $128.3 
Pension and other post-retirement benefits96.5 106.5 
Noncurrent contract liabilities (deferred revenues)57.8 71.4 
Lease liabilities
43.5 56.9 
Other24.9 20.1 
 $357.2 $383.2 

Condensed Consolidated Statements of Operations Information

Other, net consisted of the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Net gain (loss) on sale of property$89.5 $(0.2)$117.4 $(0.3)
Net foreign currency exchange gains (losses)(1.8)(3.5)(16.1)4.4 
Net periodic pension and retiree medical income (loss)(0.2)0.6 (0.7)2.0 
Other income (expenses)0.2 0.3 (0.4)0.4 
$87.7 $(2.8)$100.2 $6.5 

Condensed Consolidated Statement of Cash Flows Information

Our restricted cash consists primarily of $11.2 million and $10.8 million of collateral on letters of credit at September 30, 2025 and December 31, 2024, respectively. See "Note 11 - Contingencies" for more information regarding our letters of credit.
Concentration of Risk

Credit Risk - We are exposed to credit risk relating to our cash and cash equivalents and receivables from customers. Our cash and cash equivalents are primarily held by various well-capitalized and credit-worthy financial institutions. We monitor the credit ratings of these institutions and limit the amount of exposure to any one institution and therefore, do not believe a significant credit risk exists for these balances. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within our expectations.

Customer Concentration - Consolidated revenues with customers that individually contributed 10% or more of revenue in either of the three and nine months ended September 30, 2025 and 2024 were as follows:

Three Months Ended
September 30, 2025September 30, 2024
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
BP plc ("BP")
5 %3 %6 %14 %12 %2 %5 %19 %
Petróleo Brasileiro S.A. ("Petrobras")
13 %— %— %13 %8 %— %— %8 %
Azule Energy ("Azule")
7 %4 %— %11 %7 %— %— %7 %
Equinor ASA ("Equinor")
6 %— %— %6 %9 %— %— %9 %
Other customers (1)
20 %33 %3 %56 %24 %31 %2 %57 %
51 %40 %9 %100 %60 %33 %7 %100 %

Nine Months Ended
September 30, 2025September 30, 2024
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Petrobras
13 %— %— %13 %9 %— %— %9 %
BP
4 %3 %5 %12 %9 %4 %5 %18 %
Azule
7 %3 %— %10 %3 %— %— %3 %
Equinor
6 %— %— %6 %10 %— %— %10 %
Other customers (1)
24 %32 %3 %59 %31 %27 %2 %60 %
54 %38 %8 %100 %62 %31 %7 %100 %
(1)Other customers includes customers that individually contributed to less than 10% of our total revenues.
Geographic Concentration - For purposes of our geographic disclosure, we attribute revenues to the geographic location where such revenues are earned. Consolidated revenues for locations that individually had 10% or more of revenue were as follows (in millions):
Three Months Ended
September 30, 2025September 30, 2024
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Brazil
$144.5 $— $— $144.5 $151.4 $— $— $151.4 
United Kingdom
— 99.4 — 99.4 — 105.3 — 105.3 
Angola65.0 23.0 — 88.0 68.7 — — 68.7 
Gulf of America
48.9 — 32.4 81.3 66.0 0.2 29.8 96.0 
Australia
40.0 25.9 — 65.9 42.4 46.5 — 88.9 
Other countries (1)
4.5 88.8 23.3 116.6 60.5 61.7 10.6 132.8 
$302.9 $237.1 $55.7 $595.7 $389.0 $213.7 $40.4 $643.1 

Nine Months Ended
September 30, 2025September 30, 2024
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Brazil
$462.7 $— $— $462.7 $380.5 $— $— $380.5 
United Kingdom
— 297.9 — 297.9 — 273.1 — 273.1 
Gulf of America
180.0 — 93.2 273.2 178.9 10.3 84.5 273.7 
Australia
117.6 111.5 — 229.1 128.4 67.4 — 195.8 
Angola149.5 48.6 — 198.1 141.3 — — 141.3 
Other countries (1)
84.9 230.7 55.0 370.6 268.2 201.0 44.6 513.8 
$994.7 $688.7 $148.2 $1,831.6 $1,097.3 $551.8 $129.1 $1,778.2 
(1)Other countries includes locations that individually contributed to less than 10% of our total revenues.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Unaudited Condensed Consolidated Financial Statements (Policies)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting, Policy Unaudited Condensed Consolidated Financial Statements
 
We prepared the accompanying condensed consolidated financial statements of Valaris Limited and its subsidiaries (the "Company," "Valaris," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2024 Condensed Consolidated Balance Sheet data was derived from our 2024 audited consolidated financial statements but does not include all disclosures required by GAAP. The preparation of our condensed consolidated financial statements requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates.

Results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2025, or for any future period. We recommend these condensed consolidated financial statements be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025 (our "Annual Report").
New Accounting Pronouncements
New Accounting Pronouncements

Accounting Pronouncements to be Adopted

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures - In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("Update 2024-03"), which requires companies to disclose additional information for certain relevant expense categories in the Statements of Operations and within the notes to the financial statements. Update 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted and can be applied either prospectively to financial statements issued for reporting periods after the effective date, or retrospectively to prior periods which are presented in the financial statements. We are currently assessing the impact of the requirements on our condensed consolidated financial statements and disclosures.
Improvements to Income Tax Disclosures - In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("Update 2023-09"), which expands income tax disclosure requirements to include additional information related to the rate reconciliation of our effective tax rates to statutory rates as well as additional disaggregation of taxes paid. The amendments in Update 2023-09 also remove disclosures related to certain unrecognized tax benefits and deferred taxes. Update 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments are required to be applied on a prospective basis, with an option to apply the guidance retrospectively. We will adopt Update 2023-09 in the period required and while the adoption will result in expansion of our income tax disclosures, we do not expect it will impact the recognition or measurement of income taxes within our condensed consolidated financial statements.

Measurement of Credit Losses for Accounts Receivable and Contract Assets - In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("Update 2025-05"), which allows public business entities to elect a practical expedient for current accounts receivables and contract assets to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. Update 2025-05 is effective for fiscal years beginning after December 15, 2025, with early adoption permitted, and is required to be applied on a prospective basis. We plan to elect the practical expedient as allowed by Update 2025-05 in the period required but do not expect it to have a material impact on the recognition or measurement of our credit losses within our condensed consolidated financial statements.
With the exception of the updated standards discussed above, there have been no accounting pronouncements issued and not yet effective that have significance, or potential significance, to our condensed consolidated financial statements.
v3.25.3
Revenue from Contracts with Customers (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]
The following table summarizes our contract assets and contract liabilities (in millions):
 September 30, 2025 December 31, 2024
Current contract assets$3.5 $1.3 
Noncurrent contract assets$8.8 $5.5 
Current contract liabilities (deferred revenue)$79.0 $87.2 
Noncurrent contract liabilities (deferred revenue)$57.8 $71.4 

Changes in contract assets and liabilities during the period are as follows (in millions):
 Contract AssetsContract Liabilities
Balance as of December 31, 2024$6.8 $158.6 
Revenue recognized in advance of right to bill customer6.7 — 
Increase due to revenue deferred during the period— 70.8 
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance— (67.6)
Decrease due to amortization of deferred revenue added during the period— (16.8)
Decrease due to transfer to receivables and payables during the period(1.2)(8.2)
Balance as of September 30, 2025$12.3 $136.8 
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]
The table below reflects the expected future amortization of our contract liabilities and deferred costs recorded as of September 30, 2025. In the case of our contract liabilities related to our bareboat charter arrangements with ARO, the contract liability is not amortized and as such, the amount is reflected in the table below at the end of the current lease term. See "Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements.
(In millions)
 Remaining 2025202620272028 and Thereafter Total
Amortization of contract liabilities$21.6 $72.1 $32.4 $10.7 $136.8 
Amortization of deferred costs$11.4 $33.6 $6.1 $0.1 $51.2 
v3.25.3
Equity Method Investment In ARO (Tables)
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments A reconciliation of those components is presented below (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
50% interest in ARO net income (loss)(1)
$1.2 $(27.0)$(3.6)$(31.2)
Amortization of basis differences3.2 3.2 9.5 9.5 
Equity in earnings (losses) of ARO$4.4 $(23.8)$5.9 $(21.7)

(1) ARO's net loss (prior to determining our 50% interest) for the three and nine months ended September 30, 2024 includes a non-cash loss on impairment of $28.4 million related to costs which were capitalized pursuant to certain contractual maintenance and upgrade requirements for VALARIS 143, VALARIS 147 and VALARIS 148. The contracts associated with these rigs were terminated in 2024 in connection with Saudi Arabia’s announcement during the prior year period to limit oil production capacity.
Schedule of Related Party Transactions
Revenues recognized by us related to the Lease Agreements are included within Operating revenues in our Condensed Consolidated Statements of Operations and were as follows (in millions):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues from Lease Agreements
$22.5 $11.3 $52.9 $42.9 

Our balances related to the ARO lease agreements were as follows (in millions):

September 30, 2025December 31, 2024
Amounts receivable (1)
$18.7 $16.5 
Contract liabilities (2)
$12.2 $14.1 
Accounts payable (2)
$59.7 $43.1 

(1)Amounts receivable from ARO are included in Accounts receivable, net in our Condensed Consolidated Balance Sheets.
(2)The per day bareboat charter amount in the Lease Agreements is subject to adjustment based on actual performance of the respective rig and therefore, the corresponding contract liabilities are subject to adjustment during the lease term. Upon completion of the lease term, such amounts become a payable to or a receivable from ARO. In addition, the accounts payable balance includes amounts owed to ARO for certain reimbursable costs.
The principal amount and discount of the Notes Receivable from ARO were as follows (in millions):

September 30, 2025December 31, 2024
Principal amount$376.6 $376.6 
Discount(61.9)(80.4)
Carrying value$314.7 $296.2 
Interest receivable (1)(2)
$18.0 $— 

(1)Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets.
(2)The 2024 interest on the Notes Receivable from ARO of approximately $24.6 million was paid in kind in December 2024 by increasing the principal balance of the Notes Receivable from ARO.

Interest income earned on the Notes Receivable from ARO was as follows (in millions):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Interest income$10.0 $6.2 $18.0 $18.4 
Non-cash amortization (1)(2)
6.2 6.2 18.5 33.8 
Total interest income on the Notes Receivable from ARO$16.2 $12.4 $36.5 $52.2 

(1)Represents the amortization of the discount on the Notes Receivable from ARO using the effective interest method to interest income over the term of the notes.
(2)During the nine months ended September 30, 2024, we recognized $13.9 million of non-cash interest income attributable to a settlement agreement executed in June 2024 whereby $50.7 million of accounts payable due to ARO was net settled against a portion of the Notes Receivable from ARO.
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments
The carrying values and estimated fair values of certain of our financial instruments were as follows (in millions):
September 30, 2025December 31, 2024
Carrying Value  Estimated Fair Value  Carrying ValueEstimated Fair Value  
2030 Second Lien Notes (1)
$1,085.2 $1,142.4 $1,082.7 $1,112.7 
Notes Receivable from ARO (2)
$314.7 $379.6 $296.2 $378.3 

(1)The estimated fair value of the 2030 Second Lien Notes (as defined in "Note 8 - Debt") was determined using quoted market prices, which are level 1 inputs.
(2)The estimated fair value of the Notes Receivable from ARO was estimated using an income approach to value the forecasted cash flows attributed to the Notes Receivable from ARO using a discount rate based on a comparable yield with a country-specific risk premium, which are considered to be level 2 inputs.
v3.25.3
Property and Equipment (Tables)
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property And Equipment
Property and equipment consisted of the following (in millions):

September 30, 2025December 31, 2024
Drilling rigs and equipment$1,856.7 $1,660.9 
Work-in-progress602.2 607.6 
Other48.8 40.9 
Total property and equipment, at cost
$2,507.7 $2,309.4 
v3.25.3
Pension and Other Postretirement Benefits (Tables)
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
The components of net periodic pension and retiree medical (income) loss were as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Interest cost$7.8 $7.4 $23.2 $22.2 
Expected return on plan assets(7.4)(7.9)(21.9)(23.7)
Amortization of net gain(0.2)(0.1)(0.6)(0.5)
Net periodic pension and retiree medical (income) loss (1)
$0.2 $(0.6)$0.7 $(2.0)

(1)Included in Other, net in our Condensed Consolidated Statements of Operations.
v3.25.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share - Reconciliation of Weighted Average Shares
The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three and nine months ended September 30, 2025 and 2024 (in millions):

Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Income attributable to our shares $188.1 $64.6 $265.3 $239.7 
Weighted average shares outstanding:
Basic70.7 72.4 70.9 72.4 
Effect of stock equivalents0.3 0.8 0.3 1.1 
Diluted71.0 73.2 71.2 73.5 
v3.25.3
Shareholders Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule Of Activity In Our Various Shareholders Equity
Activity in our various shareholders' equity accounts for the nine months ended September 30, 2025 and 2024 were as follows (in millions):
 Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCI Treasury
Shares		Non-controlling
Interest
BALANCE, December 31, 202476.2 $0.8 $1,113.3 $16.4 $1,398.9 $34.2 $(325.1)$5.8 
Net loss— — — — (37.9)— — (1.3)
Share-based compensation cost— — 5.6 — — — — — 
Shares issued under share-based compensation plans, net
0.1 — — — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards
— — (0.3)— — — — — 
Foreign currency translation adjustments
— — — — — 1.3 — — 
BALANCE, March 31, 202576.3 $0.8 $1,118.6 $16.4 $1,361.0 $35.3 $(325.1)$4.5 
Net income (loss)— — — — 115.1 — — (0.9)
Share-based compensation cost
— — 6.0 — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Foreign currency translation adjustments
— — — — — 1.8 — — 
BALANCE, June 30, 202576.3 $0.8 $1,124.6 $16.4 $1,476.1 $36.9 $(325.1)$3.6 
Net income (loss)— — — — 188.1 — — (0.8)
Share-based compensation cost— — 6.8 — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares issued under share-based compensation plans, net0.1 — — — — — — — 
Repurchase of Common Shares— — — — — — (75.0)— 
Shares withheld for taxes on vesting of share-based awards— — (2.8)— — — — — 
Foreign currency translation adjustments
— — — — — 1.2 — — 
BALANCE, September 30, 2025
76.4 $0.8 $1,128.6 $16.4 $1,664.2 $37.9 $(400.1)$2.8 
Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCITreasury
Shares		Non-controlling
Interest
BALANCE, December 31, 2023
75.4 $0.8 $1,119.8 $16.4 $1,025.5 $25.2 $(200.1)$9.4 
Net income— — — — 25.5 — — — 
Share-based compensation cost— — 8.0 — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards
— — (0.1)— — — — — 
Foreign currency translation adjustments
— — — — — 0.1 — — 
BALANCE, March 31, 2024
75.4 $0.8 $1,127.7 $16.4 $1,051.0 $25.1 $(200.1)$9.4 
Net income— — — — 149.6 — — 1.2 
Share-based compensation cost— — 7.4 — — — — — 
Net changes in pension and other postretirement benefits— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards— — (0.3)— — — — — 
Foreign currency translation adjustments
— — — — — (0.6)— — 
BALANCE, June 30, 202475.4 $0.8 $1,134.8 $16.4 $1,200.6 $24.3 $(200.1)$10.6 
Net income (loss)— — — — 64.6 — — (1.7)
Share-based compensation cost— — 7.0 — — — — — 
Shares issued under share-based compensation plans, net0.8 — — — — — — — 
Net changes in pension and other postretirement benefits— — — — — (0.1)— — 
Repurchase of Common Shares— — — — — — (100.0)— 
Shares withheld for taxes on vesting of share-based awards— — (29.3)— — — — — 
Purchase of noncontrolling ownership interest in a non-U.S. subsidiary (1)
— — 4.1 — — — — (8.4)
Sale of noncontrolling ownership interest in a non-U.S. subsidiary (1)
— — (8.4)— — — — 8.4 
Foreign currency translation adjustments
— — — — — 0.2 — — 
BALANCE, September 30, 202476.2 $0.8 $1,108.2 $16.4 $1,265.2 $24.4 $(300.1)$8.9 
(1)During the third quarter of 2024, the Company purchased the 51% noncontrolling interest related to a certain non-U.S. subsidiary and concurrently transferred the 51% noncontrolling interest to new partners. The net transactions did not result in a change to our ownership or controlling interest in the non-U.S. subsidiary.
Schedule of Repurchase Agreements
The following table summarizes shares repurchased, aggregate cost and the average per share price (in millions, except average per share price):

Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Shares repurchased
1.5 1.8 1.5 1.8 
Aggregate cost$75.0 $100.0 $75.0 $100.0 
Average price per share $48.88 $57.02 $48.88 $57.02 
v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Schedule Of Segment Reporting Information
Segment information for the three and nine months ended September 30, 2025 and 2024, respectively, are presented below (in millions):
Three Months Ended September 30, 2025
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$293.0 $216.7 $156.8 $45.9 $(156.8)$555.6 
Reimbursable revenues9.9 20.4 — 9.8 — 40.1 
Total operating revenues302.9 237.1 156.8 55.7 (156.8)595.7 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
187.7 124.8 91.6 16.3 (52.8)367.6 
Reimbursable expenses9.4 18.9 — 9.7 — 38.0 
Total contract drilling expenses (exclusive of depreciation)
197.1 143.7 91.6 26.0 (52.8)405.6 
Depreciation15.5 15.3 28.4 3.0 (25.1)37.1 
General and administrative— — 5.5 — 21.4 26.9 
Equity in earnings of ARO— — — — 4.4 4.4 
Operating income$90.3 $78.1 $31.3 $26.7 $(95.9)$130.5 
Property and equipment, net$1,201.3 $628.9 $1,199.7 $145.4 $(1,140.9)$2,034.4 
Capital expenditures
$37.6 $28.9 $10.9 $— $(7.6)$69.8 

Three Months Ended September 30, 2024
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues) (1)
$374.9 $192.6 $113.7 $32.4 $(113.7)$599.9 
Reimbursable revenues (1)
14.1 21.1 — 8.0 — 43.2 
Total operating revenues (1)
389.0 213.7 113.7 40.4 (113.7)643.1 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) (1)
235.2 136.9 93.8 14.9 (58.2)422.6 
Reimbursable expenses (1)
12.5 19.8 — 7.2 — 39.5 
Total contract drilling expenses (exclusive of depreciation) (1)
247.7 156.7 93.8 22.1 (58.2)462.1 
Loss on impairment— — 28.4 — (28.4)— 
Depreciation14.8 11.4 21.1 2.9 (18.5)31.7 
General and administrative— — 4.9 — 25.7 30.6 
Equity in losses of ARO— — — — (23.8)(23.8)
Operating income (loss)$126.5 $45.6 $(34.5)$15.4 $(58.1)$94.9 
Property and equipment, net$1,131.5 $500.6 $1,186.0 $135.2 $(1,110.6)$1,842.7 
Capital expenditures
$40.2 $41.7 $17.7 $— $(17.7)$81.9 
Nine Months Ended September 30, 2025

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$968.7 $614.6 $431.4 $122.4 $(431.4)$1,705.7 
Reimbursable revenues26.0 74.1 — 25.8 — 125.9 
Total operating revenues994.7 688.7 431.4 148.2 (431.4)1,831.6 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
568.0 365.8 273.6 49.7 (160.3)1,096.8 
Reimbursable expenses24.4 69.6 — 25.5 — 119.5 
Total contract drilling expenses (exclusive of depreciation)
592.4 435.4 273.6 75.2 (160.3)1,216.3 
Loss on impairment7.8 — — — — 7.8 
Depreciation44.3 42.6 86.6 8.6 (76.4)105.7 
General and administrative— — 18.4 — 51.7 70.1 
Equity in earnings of ARO— — — — 5.9 5.9 
Operating income$350.2 $210.7 $52.8 $64.4 $(240.5)$437.6 
Property and equipment, net$1,201.3 $628.9 $1,199.7 $145.4 $(1,140.9)$2,034.4 
Capital expenditures
$89.8 $138.9 $33.0 $— $(24.5)$237.2 

Nine Months Ended September 30, 2024

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues) (1)
$1,055.1 $498.7 $376.2 $110.1 $(376.2)$1,663.9 
Reimbursable revenues (1)
42.2 53.1 — 19.0 — 114.3 
Total operating revenues (1)
1,097.3 551.8 376.2 129.1 (376.2)1,778.2 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) (1)
719.5 363.2 286.2 45.9 (176.8)1,238.0 
Reimbursable expenses (1)
39.0 50.6 — 18.0 — 107.6 
Total contract drilling expenses (exclusive of depreciation) (1)
758.5 413.8 286.2 63.9 (176.8)1,345.6 
Loss on impairment— — 28.4 — (28.4)— 
Depreciation42.1 32.7 59.8 6.7 (53.1)88.2 
General and administrative— — 16.2 — 73.4 89.6 
Equity in losses of ARO— — — — (21.7)(21.7)
Operating income (loss)$296.7 $105.3 $(14.4)$58.5 $(213.0)$233.1 
Property and equipment, net$1,131.5 $500.6 $1,186.0 $135.2 $(1,110.6)$1,842.7 
Capital expenditures
$185.5 $157.1 $202.9 $— $(202.1)$343.4 
(1)We have adopted ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures beginning with the 2024 Annual Report. In connection with this, we updated our segment disclosure presentation for the three and nine months ended September 30, 2024, to break out Reimbursable revenues and Reimbursable expenses from Revenues and Contract drilling expense, respectively. The disaggregation of these line items is presentational only and there were no impacts to the overall Total operating revenues or Total contract drilling expense (exclusive of depreciation) line items.
Schedule Of Geographic Distribution Of Rigs By Segment
As of September 30, 2025, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
Europe
6 11 — 17 — 
Middle East & Africa2 7 7 16 9 
North & South America
5 5 — 10 — 
Asia & Pacific Rim2 3 — 5 — 
Total15 26 7 48 9 
v3.25.3
Supplemental Financial Information (Tables)
 9 Months Ended
Sep. 30, 2025
Supplemental Financial Information [Abstract]  
Accounts Receivable, Net
Accounts receivable, net, consisted of the following (in millions):
September 30, 2025December 31, 2024
Trade$444.5 $502.4 
Income tax receivables51.2 76.2 
Other34.0 9.2 
 529.7 587.8 
Allowance for doubtful accounts(16.0)(16.6)
 $513.7 $571.2 
Other Current Assets
Other current assets consisted of the following (in millions):
September 30, 2025December 31, 2024
Prepaid taxes$73.5 $48.5 
Deferred costs38.6 38.6 
Prepaid expenses15.3 13.0 
Other27.0 26.9 
 $154.4 $127.0 
Schedule of Accrued Liabilities
Accrued liabilities and other consisted of the following (in millions):
September 30, 2025December 31, 2024
Income and other taxes payable$105.1 $57.2 
Personnel costs90.0 89.2 
Current contract liabilities (deferred revenues)79.0 87.2 
Accrued interest38.4 15.3 
Lease liabilities35.0 28.0 
Accrued claims16.1 39.5 
Other27.3 34.6 
 $390.9 $351.0 
Other Liabilities
Other liabilities consisted of the following (in millions):
September 30, 2025December 31, 2024
Unrecognized tax benefits (inclusive of interest and penalties)$134.5 $128.3 
Pension and other post-retirement benefits96.5 106.5 
Noncurrent contract liabilities (deferred revenues)57.8 71.4 
Lease liabilities
43.5 56.9 
Other24.9 20.1 
 $357.2 $383.2 
Schedule of Other Nonoperating Income, by Component
Other, net consisted of the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Net gain (loss) on sale of property$89.5 $(0.2)$117.4 $(0.3)
Net foreign currency exchange gains (losses)(1.8)(3.5)(16.1)4.4 
Net periodic pension and retiree medical income (loss)(0.2)0.6 (0.7)2.0 
Other income (expenses)0.2 0.3 (0.4)0.4 
$87.7 $(2.8)$100.2 $6.5 
Schedule of Revenue by Major Customers by Reporting Segments Consolidated revenues with customers that individually contributed 10% or more of revenue in either of the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended
September 30, 2025September 30, 2024
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
BP plc ("BP")
5 %3 %6 %14 %12 %2 %5 %19 %
Petróleo Brasileiro S.A. ("Petrobras")
13 %— %— %13 %8 %— %— %8 %
Azule Energy ("Azule")
7 %4 %— %11 %7 %— %— %7 %
Equinor ASA ("Equinor")
6 %— %— %6 %9 %— %— %9 %
Other customers (1)
20 %33 %3 %56 %24 %31 %2 %57 %
51 %40 %9 %100 %60 %33 %7 %100 %

Nine Months Ended
September 30, 2025September 30, 2024
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Petrobras
13 %— %— %13 %9 %— %— %9 %
BP
4 %3 %5 %12 %9 %4 %5 %18 %
Azule
7 %3 %— %10 %3 %— %— %3 %
Equinor
6 %— %— %6 %10 %— %— %10 %
Other customers (1)
24 %32 %3 %59 %31 %27 %2 %60 %
54 %38 %8 %100 %62 %31 %7 %100 %
(1)Other customers includes customers that individually contributed to less than 10% of our total revenues.
Revenue from External Customers by Geographic Areas Consolidated revenues for locations that individually had 10% or more of revenue were as follows (in millions):
Three Months Ended
September 30, 2025September 30, 2024
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Brazil
$144.5 $— $— $144.5 $151.4 $— $— $151.4 
United Kingdom
— 99.4 — 99.4 — 105.3 — 105.3 
Angola65.0 23.0 — 88.0 68.7 — — 68.7 
Gulf of America
48.9 — 32.4 81.3 66.0 0.2 29.8 96.0 
Australia
40.0 25.9 — 65.9 42.4 46.5 — 88.9 
Other countries (1)
4.5 88.8 23.3 116.6 60.5 61.7 10.6 132.8 
$302.9 $237.1 $55.7 $595.7 $389.0 $213.7 $40.4 $643.1 

Nine Months Ended
September 30, 2025September 30, 2024
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Brazil
$462.7 $— $— $462.7 $380.5 $— $— $380.5 
United Kingdom
— 297.9 — 297.9 — 273.1 — 273.1 
Gulf of America
180.0 — 93.2 273.2 178.9 10.3 84.5 273.7 
Australia
117.6 111.5 — 229.1 128.4 67.4 — 195.8 
Angola149.5 48.6 — 198.1 141.3 — — 141.3 
Other countries (1)
84.9 230.7 55.0 370.6 268.2 201.0 44.6 513.8 
$994.7 $688.7 $148.2 $1,831.6 $1,097.3 $551.8 $129.1 $1,778.2 
(1)Other countries includes locations that individually contributed to less than 10% of our total revenues.
v3.25.3
Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Capitalized Contract Cost [Line Items]          
Capitalized Contract Cost, Net $ 51.2   $ 51.2    
Upfront Rig Mobilizations And Certain Contract Preparation [Member]          
Capitalized Contract Cost [Line Items]          
Capitalized Contract Cost, Net 41.9   41.9   $ 47.4
Capitalized Contract Cost, Amortization 9.1 $ 41.2 30.7 $ 90.3  
Deferred Certification Costs          
Capitalized Contract Cost [Line Items]          
Capitalized Contract Cost, Net 9.3   9.3   $ 12.9
Capitalized Contract Cost, Amortization $ 1.9 $ 2.0 $ 6.3 $ 7.6  
Minimum          
Capitalized Contract Cost [Line Items]          
Remaining duration of drilling contracts 1 month   1 month    
Maximum          
Capitalized Contract Cost [Line Items]          
Remaining duration of drilling contracts 5 years   5 years    
v3.25.3
Revenue from Contracts with Customers Components of Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Current contract assets $ 3.5 $ 1.3
Noncurrent contract assets 8.8 5.5
Current contract liabilities (deferred revenue) 79.0 87.2
Noncurrent contract liabilities (deferred revenue) $ 57.8 $ 71.4
v3.25.3
Revenue from Contracts with Customers Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Contract Assets    
Contract with Customer, Asset, after Allowance for Credit Loss $ 12.3 $ 6.8
Revenue from Contract with Customer, Excluding Assessed Tax 6.7  
Contract with Customer, Asset, Reclassified to Receivable (1.2)  
Contract Liabilities    
Contract with Customer, Liability 136.8 $ 158.6
Contract with Customer, Liability, Increase from Cash Receipts 70.8  
Contract with Customer, Liability, Revenue Recognized, Included In Beginning Balance (67.6)  
Contract with Customer, Liability, Revenue Recognized, Added During Period 16.8  
Contract with Customer, Liability, Reclassified to Payable $ 8.2  
v3.25.3
Revenue from Contracts with Customers Future Amortization of Liabilities and Deferred Costs (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 136.8
Capitalized Contract Cost, Net $ 51.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months
Revenue, Remaining Performance Obligation, Amount $ 21.6
Capitalized Contract Cost, Amortization Expense, Remainder Of Fiscal Year $ 11.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Amount $ 72.1
Capitalized Contract Cost, Amortization Expense, Year Two $ 33.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Amount $ 32.4
Capitalized Contract Cost, Amortization Expense, Year Three $ 6.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Amount $ 10.7
Capitalized Contract Cost, Amortization Expense, Year Four and Thereafter $ 0.1
v3.25.3
Equity Method Investment In ARO Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
drillship
Sep. 30, 2025
jackup
Sep. 30, 2025
Dec. 31, 2024
USD ($)
Jan. 31, 2020
drillship
Schedule of Equity Method Investments [Line Items]                  
Total Number Of Contract Drilling Rigs             48    
Number of Newbuild Jackup Rigs | jackup           20      
Order Period     10 years            
Number of ARO newbuild rigs ordered | drillship                 2
ARO Rigs Under Construction | drillship         1        
Shareholder Notes Payable, Term     10 years            
Debt Instrument, Basis Spread on Variable Rate     2.10%            
Accounts payable - trade $ 327.1   $ 327.1         $ 328.5  
Accretion of Discount on the Notes Receivable     18.5 $ 33.8          
Loss on impairment 0.0 $ 0.0 7.8 0.0          
ARO Rig Currently Under Construction         1 3      
ARO                  
Schedule of Equity Method Investments [Line Items]                  
Loss on impairment   28.4   28.4          
ARO                  
Schedule of Equity Method Investments [Line Items]                  
Total Number Of Contract Drilling Rigs | drillship         9        
Total Number Of Contract Drilling Rigs, Leased | drillship         7        
Total Number Of Contract Drilling Rigs, Newbuild | drillship         1        
Lease Revenue From Related Party 22.5 $ 11.3 52.9 $ 42.9          
Accounts payable - trade 59.7   59.7         43.1  
Principal amount $ 376.6   $ 376.6         $ 376.6  
ARO                  
Schedule of Equity Method Investments [Line Items]                  
Equity Method Investment, Ownership Percentage             50.00%    
v3.25.3
Equity Method Investment In ARO - Summarized Financial Data (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Investment Owned, Balance [Abstract]        
Equity in earnings (losses) of ARO $ 4.4 $ (23.8) $ 5.9 $ (21.7)
Loss on impairment 0.0 0.0 7.8 0.0
Loss on impairment 0.0 0.0 7.8 0.0
ARO        
Investment Owned, Balance [Abstract]        
Income (Loss) From Equity Method Investments, Ownership Interest 1.2 (27.0) (3.6) (31.2)
Amortization of basis differences 3.2 3.2 9.5 9.5
Equity in earnings (losses) of ARO $ 4.4 (23.8) $ 5.9 (21.7)
ARO        
Investment Owned, Balance [Abstract]        
Loss on impairment   28.4   28.4
Loss on impairment   $ 28.4   $ 28.4
v3.25.3
Equity Method Investment in ARO - Schedule of Related Parties (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Jun. 30, 2024
Schedule of Equity Method Investments [Line Items]            
    Accounts receivable, net $ 513.7   $ 513.7   $ 571.2  
Contract with Customer, Liability 136.8   136.8   158.6  
Accounts payable - trade 327.1   327.1   328.5  
Carrying value 314.7   314.7   296.2  
Paid-in-Kind Interest         24.6  
ARO            
Schedule of Equity Method Investments [Line Items]            
    Accounts receivable, net 18.7   18.7   16.5  
Contract with Customer, Liability 12.2   12.2   14.1  
Accounts payable - trade 59.7   59.7   43.1  
Principal amount 376.6   376.6   376.6  
Discount (61.9)   (61.9)   (80.4)  
Carrying value 314.7   314.7   296.2  
Interest receivable 18.0   18.0   $ 0.0  
Interest income 10.0 $ 6.2 18.0 $ 18.4    
Accretion of Discount on the Notes Receivable 6.2 6.2 18.5 33.8    
Total interest income on the Notes Receivable from ARO $ 16.2 $ 12.4 $ 36.5 52.2    
ARO | Net Settlement Agreement            
Schedule of Equity Method Investments [Line Items]            
Accounts payable - trade           $ 50.7
Accretion of Discount on the Notes Receivable       $ 13.9    
v3.25.3
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO $ 314.7 $ 296.2
ARO    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO 314.7 296.2
Principal amount 376.6 376.6
Reported Value Measurement [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO 314.7 296.2
Reported Value Measurement [Member] | Eight Point Three Seven Five Percent Senior Second Lien Notes | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt 1,085.2 1,082.7
Estimate of Fair Value Measurement [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO 379.6 378.3
Estimate of Fair Value Measurement [Member] | Eight Point Three Seven Five Percent Senior Second Lien Notes | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt $ 1,142.4 $ 1,112.7
v3.25.3
Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST $ 2,507.7 $ 2,309.4
Equipment    
Property, Plant and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST 1,856.7 1,660.9
Work-in-progress    
Property, Plant and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST 602.2 607.6
Other    
Property, Plant and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST $ 48.8 $ 40.9
v3.25.3
Property, Plant, and Equipment Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 24 Months Ended
Apr. 30, 2025
USD ($)
Sep. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
drillship
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Mar. 31, 2025
USD ($)
drillship
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2027
USD ($)
Property, Plant and Equipment [Line Items]                  
Proceeds from disposition of assets             $ 136.3 $ 0.2  
Loss on impairment   $ 0.0     $ 0.0   7.8 0.0  
Semisubmersible Rigs, Retired | drillship     3     3      
Proceeds from disposition of assets             136.3 0.2  
Loss on impairment   0.0     0.0   7.8 0.0  
Angola office                  
Property, Plant and Equipment [Line Items]                  
Gain (Loss) on Disposition of Other Assets     $ 4.0            
Proceeds from disposition of assets     2.7 $ 2.5   $ 5.2      
Proceeds from disposition of assets     2.7 $ 2.5   $ 5.2      
Operating Segments | Jackups                  
Property, Plant and Equipment [Line Items]                  
Loss on impairment         0.0   0.0 0.0  
Loss on impairment         0.0   0.0 0.0  
Operating Segments | Floaters                  
Property, Plant and Equipment [Line Items]                  
Loss on impairment         0.0   7.8 0.0  
Loss on impairment         $ 0.0   $ 7.8 $ 0.0  
V75 | Operating Segments | Jackups Member                  
Property, Plant and Equipment [Line Items]                  
Gain (Loss) on Disposition of Other Assets     23.0            
Proceeds from disposition of assets     14.0            
Proceeds from disposition of assets     14.0            
V75 | Operating Segments | Jackups Member | Subsequent Event                  
Property, Plant and Equipment [Line Items]                  
Proceeds from disposition of assets                 $ 10.0
Proceeds from disposition of assets                 $ 10.0
DPS-3, DPS-5 & DPS-6 | Operating Segments | Floaters                  
Property, Plant and Equipment [Line Items]                  
Proceeds from disposition of assets $ 10.0                
Loss on impairment     7.8            
Proceeds from disposition of assets $ 10.0                
Loss on impairment     $ 7.8            
V247 | Operating Segments | Jackups Member                  
Property, Plant and Equipment [Line Items]                  
Gain (Loss) on Disposition of Other Assets   88.4              
Proceeds from disposition of assets   108.0              
Proceeds from disposition of assets   $ 108.0              
v3.25.3
Pension and other Postretirement Benefits - Narrative (Schedule of Net Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Retirement Benefits [Abstract]        
Defined Benefit Plan, Interest Cost $ 7.8 $ 7.4 $ 23.2 $ 22.2
Defined Benefit Plan, Expected Return (Loss) on Plan Assets (7.4) (7.9) (21.9) (23.7)
Defined Benefit Plan, Amortization of Gain (Loss) 0.2 0.1 0.6 0.5
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ 0.2 $ (0.6) $ 0.7 $ (2.0)
v3.25.3
Earnings Per Share - Reconciliation of Weighted-Average Shares (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Net Income (Loss) Attributable to Parent $ 188.1 $ 64.6 $ 265.3 $ 239.7
Basic (in shares) 70.7 72.4 70.9 72.4
Effect of stock equivalents (in shares) 0.3 0.8 0.3 1.1
Diluted (in shares) 71.0 73.2 71.2 73.5
v3.25.3
Earnings Per Share (Narrative) (Details) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Antidilutive share options excluded from computation of diluted earnings per share (in shares) 227,000 150,000 258,000 126,000
Class of Warrant or Right (in shares) 5,470,900   5,470,900  
Class of Warrant or Right, Exercise Price of Warrants or Rights $ 131.88   $ 131.88  
v3.25.3
Debt (Narrative) (Details) - USD ($)
 9 Months Ended
Apr. 03, 2023
Sep. 30, 2025
Aug. 21, 2023
Apr. 19, 2023
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate   2.10%    
Revolving Credit Facility        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity $ 375,000,000      
Line of Credit Facility, Additional Borrowing Capacity $ 200,000,000      
Long-Term Line of Credit   $ 0    
Revolving Credit Facility | Maximum        
Debt Instrument [Line Items]        
Line of Credit Facility, Commitment Fee Percentage 0.75%      
Revolving Credit Facility | Minimum        
Debt Instrument [Line Items]        
Line of Credit Facility, Commitment Fee Percentage 0.375%      
Revolving Credit Facility | Federal Fund Rate Plus One Half Member | Federal Funds Rate        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 0.50%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Maximum | Standards & Poor's Financial Services LLC        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 3.00%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Maximum | Moody's Investors Service, Inc.        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 4.00%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Minimum | Standards & Poor's Financial Services LLC        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.50%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Minimum | Moody's Investors Service, Inc.        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 2.50%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Secured Overnight Financing Rate (SOFR) | Maximum        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 0.10%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Secured Overnight Financing Rate (SOFR) | Minimum        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 0.00%      
Revolving Credit Facility | Term SOFR Plus One and One Tenth Member | Secured Overnight Financing Rate (SOFR) | Maximum        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.10%      
Revolving Credit Facility | Floor for Term SOFR and One and One Tenth Member | Secured Overnight Financing Rate (SOFR) | Minimum        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.00%      
Revolving Credit Facility | Letter of Credit        
Debt Instrument [Line Items]        
Line of Credit Facility, Additional Borrowing Capacity $ 150,000,000      
Senior Notes | Second Lien Notes        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount       $ 700,000,000.0
Senior Notes | Additional Second Lien Notes        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount     $ 400,000,000  
Debt Instrument, Issued, Percentage of Par     100.75%  
Senior Notes | Second Lien Notes        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage       8.375%
v3.25.3
Shareholders Equity Shareholders' Equity (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Beginning balance     $ 2,244.3       $ 2,244.3  
Net income $ 187.3     $ 62.9     262.3 $ 239.2
Net other comprehensive income (loss) 1.0     0.1     3.7 (0.8)
Ending balance 2,450.6           2,450.6  
Net Income (Loss) Attributable to Noncontrolling Interest (0.8)     (1.7)     (3.0) (0.5)
Net Income (Loss) Attributable to Parent 188.1     64.6     265.3 239.7
Payments for Repurchase of Common Stock 75.0     $ 100.0     75.0 $ 100.0
Share Repurchase Program, Remaining Authorized, Amount $ 200.0           $ 200.0  
Non-U.S. Subsidiary                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Subsidiary, Ownership Percentage, Noncontrolling Owner       51.00%       51.00%
Common Stock                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Beginning balance (in shares) 76.3 76.3 76.2 75.4 75.4 75.4 76.2 75.4
Beginning balance $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8
Shares Issued Under Share Based Compensation Plans, Shares 0.1     0.8        
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period     0.1          
Ending balance (in shares) 76.4 76.3 76.3 76.2 75.4 75.4 76.4 76.2
Ending balance $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8
Additional Paid-in Capital                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Beginning balance 1,124.6 1,118.6 1,113.3 1,134.8 1,127.7 1,119.8 1,113.3 1,119.8
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 6.8 6.0 5.6 7.0 7.4 8.0    
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (2.8)   (0.3) (29.3) (0.3) (0.1)    
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests       4.1        
Noncontrolling Interest, Increase from Sale of Parent Equity Interest       (8.4)        
Ending balance 1,128.6 1,124.6 1,118.6 1,108.2 1,134.8 1,127.7 1,128.6 1,108.2
Warrants                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Beginning balance 16.4 16.4 16.4 16.4 16.4 16.4 16.4 16.4
Ending balance 16.4 16.4 16.4 16.4 16.4 16.4 16.4 16.4
Retained Earnings                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Beginning balance 1,476.1 1,361.0 1,398.9 1,200.6 1,051.0 1,025.5 1,398.9 1,025.5
Net income 188.1     64.6        
Ending balance 1,664.2 1,476.1 1,361.0 1,265.2 1,200.6 1,051.0 1,664.2 1,265.2
Net Income (Loss) Attributable to Parent   115.1 (37.9)   149.6 25.5    
AOCI                 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Beginning balance 36.9 35.3 34.2 24.3 25.1 25.2 34.2 25.2
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax (0.2) (0.2) (0.2) (0.1) (0.2) (0.2)    
Net other comprehensive income (loss) 1.2 1.8 1.3 0.2 (0.6) 0.1    
Ending balance 37.9 36.9 35.3 24.4 24.3 25.1 37.9 24.4
Treasury Stock, Common                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Beginning balance (325.1) (325.1) (325.1) (200.1) (200.1) (200.1) (325.1) (200.1)
Ending balance (400.1) (325.1) (325.1) (300.1) (200.1) (200.1) (400.1) (300.1)
Payments for Repurchase of Common Stock 75.0     100.0        
Non-controlling Interest                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Beginning balance 3.6 4.5 5.8 10.6 9.4 9.4 5.8 9.4
Net income (0.8)     (1.7)        
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests       (8.4)        
Noncontrolling Interest, Increase from Sale of Parent Equity Interest       8.4        
Ending balance $ 2.8 3.6 4.5 $ 8.9 10.6 9.4 $ 2.8 $ 8.9
Net Income (Loss) Attributable to Noncontrolling Interest   $ (0.9) $ (1.3)   $ 1.2 $ 0.0    
v3.25.3
Shareholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Stockholders' Equity Note [Abstract]        
Treasury Stock, Shares, Acquired 1,500,000 1,800,000 1,500,000 1,800,000
Payments for Repurchase of Common Stock $ 75.0 $ 100.0 $ 75.0 $ 100.0
Shares Acquired, Average Cost Per Share $ 48.88 $ 57.02 $ 48.88 $ 57.02
v3.25.3
Shareholders Equity Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Feb. 01, 2024
Stockholders' Equity Note [Abstract]          
Stock Repurchase Program, Authorized Amount         $ 600.0
Treasury Stock, Shares, Acquired (1,500,000) (1,800,000) (1,500,000) (1,800,000)  
Share Repurchase Program, Remaining Authorized, Amount $ 200.0   $ 200.0    
v3.25.3
Income Taxes (Narrative) (Details)
€ in Millions, RM in Millions, R$ in Millions, $ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Feb. 29, 2024
USD ($)
Feb. 29, 2024
MYR (RM)
Jul. 31, 2023
BRL (R$)
Sep. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2025
AUD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2019
AUD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2019
AUD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2024
AUD ($)
Aug. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]                                  
Income Tax Expense (Benefit) Excluding Discrete Items               $ 23.8         $ 77.2        
Income tax benefit       $ 28.6       24.3       $ 253.6 7.2        
Amount agreed with Australia tax authorities for tax assessment                               $ 4.0  
Deferred Foreign Income Tax Expense (Benefit)         $ 168.8                        
Loss Contingency, Damages Sought, Value | R$     R$ 601.0                            
Loss Contingency, Income Tax, Payment Plan Period                                 7 months
Effective Income Tax Rate, Continuing Operations, Excluding Discrete Items       14.10%               14.80%          
Income Tax Expense (Benefit), Discrete Item               $ 0.5         $ 70.0        
Amount agreed with Australia tax authorities for tax assessment                               $ 4.0  
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities             $ 18.0                    
MALAYSIA                                  
Effective Income Tax Rate Reconciliation [Line Items]                                  
Loss Contingency, Damages Sought, Value $ 28.0 RM 117.0                              
Australian Taxation Office                                  
Effective Income Tax Rate Reconciliation [Line Items]                                  
Payments for Other Taxes                   $ 29.0 $ 42.0            
Amount agreed with Australia tax authorities for tax assessment             2.0                    
Proceeds from Income Tax Refund, Foreign         26.0 $ 42.0                      
Loss Contingency, Damages Sought, Value                           $ 101.0      
Payments for Other Taxes                   $ 29.0 $ 42.0            
Amount agreed with Australia tax authorities for tax assessment             2.0                    
Proceeds from Income Tax Refund, Foreign         $ 26.0 $ 42.0                      
Luxembourg subsidiaries                                  
Effective Income Tax Rate Reconciliation [Line Items]                                  
Liability for Uncertainty in Income Taxes, Noncurrent             $ 65.0               € 60.0    
Income tax benefit                 $ (65.0)                
v3.25.3
Contingencies (Narrative) (Details)
R$ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 31, 2025
USD ($)
Oct. 31, 2024
USD ($)
Jul. 31, 2023
BRL (R$)
Dec. 31, 2019
USD ($)
Jun. 30, 2025
USD ($)
Sep. 30, 2025
jackup
Sep. 30, 2025
drillship
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Oct. 01, 2024
Dec. 31, 2023
drillship
Apr. 03, 2023
USD ($)
Jan. 31, 2020
drillship
Loss Contingencies [Line Items]                          
Number of Newbuild Jackup Rigs | jackup           20              
Order Period           10 years              
Percentage of Down Payment Paid for ARO Newbuilds                   25.00%      
Maximum Contingent Contributions To Joint Venture               $ 1,250.0          
Max. amount by which VAL commitment to ARO will be reduced with each rig delivery               250.0          
Letters of credit outstanding, amount               30.4          
Deposit Liabilities, Collateral Issued, Financial Instruments               11.2 $ 10.8        
Reduced Contingent Contributions To Joint Venture               $ 1,100.0          
Number of ARO newbuild rigs ordered | drillship                         2
Long-Term Purchase Commitment, Amount   $ 300.0                      
ARO Rig Currently Under Construction           3 1            
Litigation Settlement, Amount Awarded to Other Party $ 7.9                        
Litigation Settlement, Amount Awarded from Other Party 7.4     $ 200.0                  
Loss Contingency Accrual                 $ 25.0        
Loss Contingency Accrual, Period Increase (Decrease)         $ 17.1                
Loss Contingency, Receivable, Current         $ 7.4                
Number Of Newbuild Jackup Rigs Delivered | drillship                     2    
Loss Contingency, Damages Sought, Value | R$     R$ 601.0                    
Litigation Settlement, Amount Awarded from Other Party $ 7.4     $ 200.0                  
Revolving Credit Facility                          
Loss Contingencies [Line Items]                          
Line of Credit Facility, Maximum Borrowing Capacity                       $ 375.0  
v3.25.3
Segment Information (Narrative) (Details) - 9 months ended Sep. 30, 2025
jackup
Reportable_segment
drillship
Segment Reporting Information [Line Items]    
Number of operating segments (in segments) | Reportable_segment 4  
Number of Drilling Management Contracts | drillship   2
ARO Rig Currently Under Construction 3 1
v3.25.3
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Revenues (exclusive of reimbursable revenues) $ 555.6 $ 599.9 $ 1,705.7 $ 1,663.9  
Reimbursable revenues 40.1 43.2 125.9 114.3  
Total operating revenues 595.7 643.1 1,831.6 1,778.2  
Operating expenses:          
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) 367.6 422.6 1,096.8 1,238.0  
Reimbursable expenses 38.0 39.5 119.5 107.6  
Total contract drilling expenses (exclusive of depreciation) 405.6 462.1 1,216.3 1,345.6  
Loss on impairment 0.0 0.0 7.8 0.0  
Depreciation 37.1 31.7 105.7 88.2  
General and administrative 26.9 30.6 70.1 89.6  
Equity in losses (earnings) of ARO (4.4) 23.8 (5.9) 21.7  
OPERATING INCOME 130.5 94.9 437.6 233.1  
Property and equipment, net (2,034.4) (1,842.7) (2,034.4) (1,842.7) $ (1,932.9)
Capital expenditures 69.8 81.9 237.2 343.4  
Operating Segments | Floaters          
Segment Reporting Information [Line Items]          
Revenues (exclusive of reimbursable revenues) 293.0 374.9 968.7 1,055.1  
Reimbursable revenues 9.9 14.1 26.0 42.2  
Total operating revenues 302.9 389.0 994.7 1,097.3  
Operating expenses:          
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) 187.7 235.2 568.0 719.5  
Reimbursable expenses 9.4 12.5 24.4 39.0  
Total contract drilling expenses (exclusive of depreciation) 197.1 247.7 592.4 758.5  
Loss on impairment   0.0 7.8 0.0  
Depreciation 15.5 14.8 44.3 42.1  
General and administrative 0.0 0.0 0.0 0.0  
Equity in losses (earnings) of ARO 0.0 0.0 0.0 0.0  
OPERATING INCOME 90.3 126.5 350.2 296.7  
Property and equipment, net (1,201.3) (1,131.5) (1,201.3) (1,131.5)  
Capital expenditures 37.6 40.2 89.8 185.5  
Operating Segments | Jackups          
Segment Reporting Information [Line Items]          
Revenues (exclusive of reimbursable revenues) 216.7 192.6 614.6 498.7  
Reimbursable revenues 20.4 21.1 74.1 53.1  
Total operating revenues 237.1 213.7 688.7 551.8  
Operating expenses:          
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) 124.8 136.9 365.8 363.2  
Reimbursable expenses 18.9 19.8 69.6 50.6  
Total contract drilling expenses (exclusive of depreciation) 143.7 156.7 435.4 413.8  
Loss on impairment   0.0 0.0 0.0  
Depreciation 15.3 11.4 42.6 32.7  
General and administrative 0.0 0.0 0.0 0.0  
Equity in losses (earnings) of ARO 0.0 0.0 0.0 0.0  
OPERATING INCOME 78.1 45.6 210.7 105.3  
Property and equipment, net (628.9) (500.6) (628.9) (500.6)  
Capital expenditures 28.9 41.7 138.9 157.1  
Operating Segments | ARO          
Segment Reporting Information [Line Items]          
Revenues (exclusive of reimbursable revenues) 156.8 113.7 431.4 376.2  
Reimbursable revenues 0.0 0.0 0.0 0.0  
Total operating revenues 156.8 113.7 431.4 376.2  
Operating expenses:          
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) 91.6 93.8 273.6 286.2  
Reimbursable expenses 0.0 0.0 0.0 0.0  
Total contract drilling expenses (exclusive of depreciation) 91.6 93.8 273.6 286.2  
Loss on impairment   28.4 0.0 28.4  
Depreciation 28.4 21.1 86.6 59.8  
General and administrative 5.5 4.9 18.4 16.2  
Equity in losses (earnings) of ARO 0.0 0.0 0.0 0.0  
OPERATING INCOME 31.3 (34.5) 52.8 (14.4)  
Property and equipment, net (1,199.7) (1,186.0) (1,199.7) (1,186.0)  
Capital expenditures 10.9 17.7 33.0 202.9  
Operating Segments | Other          
Segment Reporting Information [Line Items]          
Revenues (exclusive of reimbursable revenues) 45.9 32.4 122.4 110.1  
Reimbursable revenues 9.8 8.0 25.8 19.0  
Total operating revenues 55.7 40.4 148.2 129.1  
Operating expenses:          
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) 16.3 14.9 49.7 45.9  
Reimbursable expenses 9.7 7.2 25.5 18.0  
Total contract drilling expenses (exclusive of depreciation) 26.0 22.1 75.2 63.9  
Loss on impairment   0.0 0.0 0.0  
Depreciation 3.0 2.9 8.6 6.7  
General and administrative 0.0 0.0 0.0 0.0  
Equity in losses (earnings) of ARO 0.0 0.0 0.0 0.0  
OPERATING INCOME 26.7 15.4 64.4 58.5  
Property and equipment, net (145.4) (135.2) (145.4) (135.2)  
Capital expenditures 0.0 0.0 0.0 0.0  
Corporate, Non-Segment | Reconciling Items          
Segment Reporting Information [Line Items]          
Revenues (exclusive of reimbursable revenues) (156.8) (113.7) (431.4) (376.2)  
Reimbursable revenues 0.0 0.0 0.0 0.0  
Total operating revenues (156.8) (113.7) (431.4) (376.2)  
Operating expenses:          
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) (52.8) (58.2) (160.3) (176.8)  
Reimbursable expenses 0.0 0.0 0.0 0.0  
Total contract drilling expenses (exclusive of depreciation) (52.8) (58.2) (160.3) (176.8)  
Loss on impairment   (28.4) 0.0 (28.4)  
Depreciation (25.1) (18.5) (76.4) (53.1)  
General and administrative 21.4 25.7 51.7 73.4  
Equity in losses (earnings) of ARO (4.4) 23.8 (5.9) 21.7  
OPERATING INCOME (95.9) (58.1) (240.5) (213.0)  
Property and equipment, net 1,140.9 1,110.6 1,140.9 1,110.6  
Capital expenditures $ (7.6) $ (17.7) $ (24.5) $ (202.1)  
v3.25.3
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)
Sep. 30, 2025
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 48
Floaters  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 15
Jackups  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 26
Europe  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 17
Europe | Floaters  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 6
Europe | Jackups  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 11
Europe | Other  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 0
Europe | ARO  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 0
Middle East & Africa  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 16
Middle East & Africa | Floaters  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 2
Middle East & Africa | Jackups  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 7
Middle East & Africa | Other  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 7
Middle East & Africa | ARO  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 9
North & South America  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 10
North & South America | Floaters  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 5
North & South America | Jackups  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 5
North & South America | Other  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 0
North & South America | ARO  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 0
Asia & Pacific Rim  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 5
Asia & Pacific Rim | Floaters  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 2
Asia & Pacific Rim | Jackups  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 3
Asia & Pacific Rim | Other  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 0
Asia & Pacific Rim | ARO  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 0
v3.25.3
Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 529.7 $ 587.8
Income Taxes Receivable 51.2 76.2
Allowance for doubtful accounts (16.0) (16.6)
Accounts receivable, net 513.7 571.2
Trade    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables 444.5 502.4
Other Accounts Receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 34.0 $ 9.2
v3.25.3
Supplemental Financial Information (Other Current Assets) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Supplemental Financial Information [Abstract]    
Prepaid taxes $ 73.5 $ 48.5
Deferred costs 38.6 38.6
Prepaid expenses 15.3 13.0
Other 27.0 26.9
Other current assets $ 154.4 $ 127.0
v3.25.3
Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Supplemental Financial Information [Abstract]    
Current contract liabilities (deferred revenues) $ 79.0 $ 87.2
Personnel costs 90.0 89.2
Accrued claims 16.1 39.5
Income and other taxes payable 105.1 57.2
Accrued interest 38.4 15.3
Lease liabilities 35.0 28.0
Other 27.3 34.6
 Accrued liabilities and other $ 390.9 $ 351.0
v3.25.3
Supplemental Financial Information (Other Liabilities) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Supplemental Financial Information [Abstract]    
Unrecognized tax benefits (inclusive of interest and penalties) $ 134.5 $ 128.3
Pension and other post-retirement benefits 96.5 106.5
Operating Lease, Liability, Noncurrent 43.5 56.9
Noncurrent contract liabilities (deferred revenue) 57.8 71.4
Other 24.9 20.1
Other liabilities 357.2 383.2
Accrued claims $ 16.1 $ 39.5
v3.25.3
Supplemental Financial Information (Other Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Supplemental Financial Information [Abstract]        
Net foreign currency exchange gains (losses) $ (1.8) $ (3.5) $ (16.1) $ 4.4
Net periodic pension and retiree medical income (loss) (0.2) 0.6 (0.7) 2.0
Gain (Loss) on Sale of Properties 89.5 (0.2) 117.4 (0.3)
Other income (expenses) 0.2 0.3 0.4 0.4
Other, net $ 87.7 $ (2.8) $ 100.2 $ 6.5
v3.25.3
Supplemental Financial Information Schedule of Revenue by Major Customers, by Reporting Segments (Details) - Revenue Benchmark [Member] - Customer Concentration Risk
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 100.00% 100.00% 100.00% 100.00%
Petrobras S.A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 13.00% 8.00% 13.00% 9.00%
British Petroleum        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 14.00% 19.00% 12.00% 18.00%
Equinor A S A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 6.00% 9.00% 6.00% 10.00%
Other Customers        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 56.00% 57.00% 59.00% 60.00%
Azule Energy        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 11.00% 7.00% 10.00% 3.00%
Floaters        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 51.00% 60.00% 54.00% 62.00%
Floaters | Petrobras S.A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 13.00% 8.00% 13.00% 9.00%
Floaters | British Petroleum        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 5.00% 12.00% 4.00% 9.00%
Floaters | Equinor A S A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 6.00% 9.00% 6.00% 10.00%
Floaters | Other Customers        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 20.00% 24.00% 24.00% 31.00%
Floaters | Azule Energy        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 7.00% 7.00% 7.00% 3.00%
Jackups        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 40.00% 33.00% 38.00% 31.00%
Jackups | Petrobras S.A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 0.00% 0.00% 0.00%
Jackups | British Petroleum        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 3.00% 2.00% 3.00% 4.00%
Jackups | Equinor A S A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 0.00% 0.00% 0.00%
Jackups | Other Customers        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 33.00% 31.00% 32.00% 27.00%
Jackups | Azule Energy        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 4.00% 0.00% 3.00% 0.00%
Other        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 9.00% 7.00% 8.00% 7.00%
Other | Petrobras S.A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 0.00% 0.00% 0.00%
Other | British Petroleum        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 6.00% 5.00% 5.00% 5.00%
Other | Equinor A S A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 0.00% 0.00% 0.00%
Other | Other Customers        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 3.00% 2.00% 3.00% 2.00%
Other | Azule Energy        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 0.00% 0.00% 0.00%
v3.25.3
Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES $ 595.7 $ 643.1 $ 1,831.6 $ 1,778.2
Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 595.7 643.1 1,831.6 1,778.2
BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 144.5 151.4 462.7 380.5
UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 99.4 105.3 297.9 273.1
AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 65.9 88.9 229.1 195.8
Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 116.6 132.8 370.6 513.8
ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 88.0 68.7 198.1 141.3
Gulf of America | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 81.3 96.0 273.2 273.7
Floaters | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 302.9 389.0 994.7 1,097.3
Floaters | BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 144.5 151.4 462.7 380.5
Floaters | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 0.0 0.0 0.0
Floaters | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 40.0 42.4 117.6 128.4
Floaters | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 4.5 60.5 84.9 268.2
Floaters | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 65.0 68.7 149.5 141.3
Floaters | Gulf of America | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 48.9 66.0 180.0 178.9
Jackups | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 237.1 213.7 688.7 551.8
Jackups | BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 0.0 0.0 0.0
Jackups | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 99.4 105.3 297.9 273.1
Jackups | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 25.9 46.5 111.5 67.4
Jackups | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 88.8 61.7 230.7 201.0
Jackups | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 23.0 0.0 48.6 0.0
Jackups | Gulf of America | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 0.2 0.0 10.3
Other | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 55.7 40.4 148.2 129.1
Other | BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 0.0 0.0 0.0
Other | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 0.0 0.0 0.0
Other | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 0.0 0.0 0.0
Other | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 23.3 10.6 55.0 44.6
Other | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 0.0 0.0 0.0
Other | Gulf of America | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES $ 32.4 $ 29.8 $ 93.2 $ 84.5
v3.25.3
Supplemental Financial Information - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Supplemental Financial Information [Abstract]    
Deposit Liabilities, Collateral Issued, Financial Instruments $ 11.2 $ 10.8