VALARIS LTD, 10-K filed on 2/20/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 13, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Annual Report true    
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, Country BM    
Entity Address, Postal Zip Code HM 11    
City Area Code +44 (0)    
Local Phone Number 20 7659 4660    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 2,500
Entity Common Shares, Shares Outstanding   69,230,926  
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0000314808    
Entity Bankruptcy Proceedings, Reporting Current true    
Document Financial Statement Error Correction [Flag] false    
Class A Ordinary Shares, U.S. [Member]      
Document Information [Line Items]      
Title of 12(b) Security Common Shares, $0.01 par value share    
Trading Symbol VAL    
Security Exchange Name NYSE    
Warrant      
Document Information [Line Items]      
Title of 12(b) Security Warrants to purchase Common Shares    
Trading Symbol VAL WS    
Security Exchange Name NYSE    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Houston, Texas
Auditor Firm ID 185
v3.25.4
Consolidated Statements Of Operations - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenues Excluding Reimbursable Revenues $ 2,207.9 $ 2,211.9 $ 1,676.0
Reimbursable Revenues 161.1 150.7 108.2
Total operating revenues 2,369.0 2,362.6 1,784.2
OPERATING EXPENSES      
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 1,477.1 1,618.5 1,440.4
Reimbursable Expenses 152.6 142.4 103.2
Cost of Product and Service Sold 1,629.7 1,760.9 1,543.6
Loss on impairment 27.3 0.0 0.0
Depreciation 146.3 122.1 101.1
General and administrative 97.1 116.3 99.3
Total operating expenses 1,900.4 1,999.3 1,744.0
EQUITY IN EARNINGS (LOSSES) OF ARO 8.4 (11.0) 13.3
OPERATING INCOME 477.0 352.3 53.5
OTHER INCOME (EXPENSE)      
Interest income 70.8 86.1 101.4
Interest expense, net 98.8 84.8 68.9
Other, net 103.3 16.6 (1.8)
Other income (expense), net 75.3 17.9 30.7
INCOME BEFORE INCOME TAXES 552.3 370.2 84.2
Current tax expense:      
Current income tax expense 88.3 (5.4) 3.8
Deferred income tax expense (benefit) (515.1) 5.8 (786.4)
Total provision for income taxes (426.8) 0.4 (782.6)
NET INCOME 979.1 369.8 866.8
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 3.7 3.6 (1.4)
NET INCOME ATTRIBUTABLE TO VALARIS $ 982.8 $ 373.4 $ 865.4
EARNINGS PER SHARE      
Basic $ 13.92 $ 5.18 $ 11.68
Diluted $ 13.86 $ 5.12 $ 11.51
WEIGHTED-AVERAGE SHARES OUTSTANDING      
Basic 70,600 72,100 74,100
Diluted 70,900 72,900 75,200
v3.25.4
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
NET INCOME $ 979.1 $ 369.8 $ 866.8
OTHER COMPREHENSIVE INCOME, NET      
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive income 24.5 10.9 10.8
Foreign currency translation adjustments 2.2 (1.9) (0.3)
NET OTHER COMPREHENSIVE INCOME (LOSS) 26.7 9.0 10.5
COMPREHENSIVE INCOME 1,005.8 378.8 877.3
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 3.7 3.6 (1.4)
COMPREHENSIVE INCOME ATTRIBUTABLE TO VALARIS $ 1,009.5 $ 382.4 $ 875.9
v3.25.4
Consolidated Balance Sheets - USD ($)
shares in Thousands, $ in Millions
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 599.4 $ 368.2
Accounts receivable, net 474.8 571.2
Disposal Group, Including Discontinued Operation, Assets 6.4 0.0
Other 144.7 139.3
Total current assets 1,225.3 1,078.7
PROPERTY AND EQUIPMENT, AT COST 2,598.3 2,309.4
Less accumulated depreciation 509.5 376.5
Property and equipment, net 2,088.8 1,932.9
LONG-TERM NOTES RECEIVABLE FROM ARO 345.0 296.2
INVESTMENT IN ARO 121.8 113.4
Deferred Income Tax Assets, Net 1,364.2 849.5
OTHER ASSETS 159.7 149.1
TOTAL ASSETS 5,304.8 4,419.8
CURRENT LIABILITIES    
Accounts payable - trade 348.2 328.5
Accrued liabilities and other 343.4 351.0
Liabilities, Current 691.6 679.5
LONG-TERM DEBT 1,086.0 1,082.7
Deferred Tax Liabilities, Net 29.7 30.1
OTHER LIABILITIES 325.8 383.2
Liabilities 2,133.1 2,175.5
COMMITMENTS AND CONTINGENCIES
VALARIS SHAREHOLDERS' EQUITY    
Common Stock, Value, Outstanding 0.8 0.8
Preferred Stock, Value, Outstanding 0.0 0.0
Warrants and Rights Outstanding 16.4 16.4
Additional paid-in capital 1,134.9 1,113.3
Retained earnings 2,381.7 1,398.9
Accumulated other comprehensive income 60.9 34.2
Treasury Stock, Common, Value (425.1) (325.1)
Total Valaris shareholders' equity 3,169.6 2,238.5
NONCONTROLLING INTERESTS 2.1 5.8
Total equity 3,171.7 2,244.3
Total liabilities and shareholders' equity $ 5,304.8 $ 4,419.8
Treasury Stock, Common, Shares 7,200 5,200
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common shares, par value $ 0.01 $ 0.01
Common Stock, Shares Authorized 700,000,000.0 700,000,000.0
Common shares, shares issued 76,400,000 76,200,000
Common Stock, Shares, Outstanding 69,200,000 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, Shares Issued 0 0
Treasury Stock, Common, Shares 7,200,000 5,200,000
v3.25.4
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES        
Net income $ 979.1 $ 369.8 $ 866.8  
Adjustments to reconcile net income to net cash provided by operating activities:        
Deferred Income Tax Expense (Benefit) (515.1) 5.8 (786.4)  
Depreciation expense 146.3 122.1 101.1  
Loss on extinguishment of debt 0.0 0.0 29.2  
Gain (Loss) on Disposition of Assets (118.6) 0.2 (28.6)  
Accretion of discount on the Notes Receivable from ARO 24.7 40.0 28.3  
Share-based compensation expense 25.2 27.7 27.3  
EQUITY IN EARNINGS (LOSSES) OF ARO 8.4 (11.0) 13.3  
Loss on impairment 27.3 0.0 0.0  
Increase (Decrease) in Deferred Charges 16.1 39.3 (26.1)  
Increase (Decrease) in Contract with Customer, Asset (10.3) (1.0) 0.6  
Increase (Decrease) in Contract with Customer, Liability (41.0) (31.7) 4.9  
Other (8.0) (6.9) (5.8)  
Changes in operating assets and liabilities 78.9 (133.2) 121.2  
Contributions to pension plans and other post-retirement benefits (16.6) (21.5) (6.7)  
Net cash provided by operating activities 546.2 355.4 267.5  
INVESTING ACTIVITIES        
Additions to property and equipment (343.5) (455.1) (696.1)  
Proceeds from disposition of assets 137.9 2.8 30.3  
Net Cash Provided by (Used in) Investing Activities, Total (205.6) (452.3) (665.8)  
FINANCING ACTIVITIES        
Reduction of long-term borrowings 0.0 0.0 (571.8)  
Payments for Repurchase of Common Stock (100.0) (126.4) (198.6)  
Payments of Debt Issuance Costs 0.0 (0.8) (38.6)  
Payment, Tax Withholding, Share-Based Payment Arrangement (3.6) (29.9) (5.4)  
Other 0.0 (1.2) (3.1)  
Net cash provided by (used in) financing activities (103.6) (158.3) 285.5  
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 237.0 (255.2) (112.8)  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 617.5 380.5 635.7 $ 748.5
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (617.5) (380.5) (635.7) $ (748.5)
Second Lien Notes        
FINANCING ACTIVITIES        
Proceeds from Issuance of Long-Term Debt $ 0.0 $ 0.0 $ 1,103.0  
v3.25.4
Description Of The Business And Summary Of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Description Of The Business And Summary Of Significant Accounting Policies DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
References to the “Company,” “we,” “us” or “our” in this Annual Report are to Valaris Limited, together with its consolidated subsidiaries.

Business

We are a leading provider of offshore contract drilling services to the international oil and gas industry with operations in almost every major offshore market across six continents. Our fleet of offshore drilling rigs is among the largest in the world and includes one of the highest specification ultra-deepwater fleets, as well as a leading premium jackup fleet. As of February 20, 2026, we own 46 rigs, including 13 drillships, two semisubmersible rigs, 31 jackup rigs and a 50% equity interest in Saudi Aramco Rowan Offshore Drilling Company ("ARO"), our 50/50 unconsolidated joint venture with Saudi Aramco, which owns an additional nine rigs.

Our customers include many of the leading international and government-owned oil and gas companies, in addition to many independent operators. We are among the most geographically diverse offshore drilling companies with global operations. The markets in which we operate include the Gulf of America, South America, the North Sea, the Mediterranean, the Middle East, Africa and Asia Pacific.

We provide drilling services on a day rate contract basis. Under day rate contracts, we provide an integrated drilling service that includes the provision of a drilling rig and rig crews for which 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 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.

Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Valaris Limited, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. All intercompany accounts and transactions have been eliminated. Investments in operating entities in which we have the ability to exercise significant influence, but where we do not control operating and financial policies, are accounted for using the equity method. Significant influence generally exists if we have an ownership interest representing between 20% and 50% of the voting stock of the investee. We account for our interest in ARO using the equity method of accounting and only recognize our portion of equity in earnings in our consolidated financial statements. ARO is a variable interest entity; however, we are not the primary beneficiary and therefore do not consolidate ARO.

Reclassification

Certain previously reported amounts have been reclassified to conform to the current year presentation.

Pervasiveness of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") 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.
Foreign Currency Remeasurement and Translation

Our functional currency is the United States (the "U.S.") dollar. As is customary in the oil and gas industry, a majority of our revenues and expenses are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar. These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. Most transaction gains and losses are included in Other, net, in our Consolidated Statements of Operations.  Certain gains and losses from the translation of foreign currency balances of our non-U.S. dollar functional currency subsidiaries are included in Accumulated other comprehensive income on our Consolidated Balance Sheets. Net foreign currency exchange gains and losses were $14.3 million of losses, $13.8 million of gains and $3.5 million of losses, and were included in Other, net, in our Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, respectively.

Cash Equivalents

Highly liquid investments with maturities of three months or less at the date of purchase are considered cash equivalents. To mitigate our credit risk, our investments in time deposits have historically been diversified across multiple, high-quality financial institutions.

Restricted Cash

Our restricted cash primarily consists of collateral on letters of credit. We classify restricted cash balances on the Consolidated Balance Sheets within Other current assets, if the restriction is expected to expire or otherwise be resolved within one year, and in Other assets, if the restriction is expected to expire or otherwise be resolved in more than one year. See "Note 14 - Supplemental Financial Information" for additional information on our restricted cash balances and "Note 11 - Commitments and Contingencies" for more information regarding our letters of credit.

Property and Equipment

All costs incurred in connection with the acquisition, construction, major enhancement and improvement of assets are capitalized, including allocations of interest incurred during periods that our drilling rigs are under construction or undergoing major enhancements and improvements. Costs incurred to place an asset into service are capitalized, including costs related to the initial mobilization of a newbuild drilling rig. Repair and maintenance costs are charged to contract drilling expenses in the period in which they are incurred. Upon the sale or retirement of assets, the related cost and accumulated depreciation are removed from the balance sheet, and the resulting gain or loss is included in Other, net in our Consolidated Statements of Operations.

We have identified the significant components of our drilling rigs and ascribe useful lives based on the expected time until the next required overhaul or the end of the expected economic lives of the components.

Our property and equipment is depreciated on a straight-line basis, after allowing for salvage values, over the estimated useful lives of our assets. Drilling rigs and related equipment are depreciated over estimated useful lives ranging from three to 35 years. Buildings and improvements are depreciated over estimated useful lives ranging from 10 to 30 years. Leasehold improvements are depreciated over the lesser of the asset useful life or lease term. Other equipment, including computer and communications hardware and software, is depreciated over estimated useful lives ranging from two to six years.
We evaluate the carrying value of our property and equipment, primarily our drilling rigs, on a quarterly basis to identify events or changes in circumstances ("triggering events") that indicate that the carrying value of such rigs may not be recoverable. For property and equipment used in our operations, recoverability generally is determined by comparing the carrying value of an asset to the expected undiscounted future cash flows of the asset. If the carrying value of an asset is not recoverable, the amount of impairment loss is measured as the difference between the carrying value of the asset and its estimated fair value. Property and equipment classified as held for sale is recorded at the lower of its net book value or fair value less the estimated cost to sell.

We recorded pre-tax, non-cash impairment losses related to long-lived assets of $27.3 million in the year ended December 31, 2025. See "Note 5 - Property and Equipment" for additional information on our impairment charges.
    
Operating Revenues and Expenses    
See "Note 2 - Revenue from Contracts with Customers" for information on our accounting policies for revenue recognition and certain operating costs that are deferred and amortized over future periods.
    
Income Taxes

We conduct operations and earn income in numerous countries. Current income taxes are recognized for the amount of taxes payable or refundable based on the laws and income tax rates in the taxing jurisdictions in which operations are conducted and income is earned.

Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the enacted tax rates in effect at year-end. A valuation allowance for deferred tax assets is recorded when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. We do not offset deferred tax assets and deferred tax liabilities attributable to different tax paying jurisdictions.

We operate in certain jurisdictions where tax laws relating to the offshore drilling industry are not well developed and change frequently. Furthermore, we may enter into transactions with affiliates or employ other tax planning strategies that generally are subject to complex tax regulations. As a result of the foregoing, the tax liabilities and assets we recognize in our financial statements may differ from the tax positions taken, or expected to be taken, in our tax returns. Our tax positions are evaluated for recognition as unrecognized tax benefits using a more-likely-than-not threshold, and those requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties relating to income taxes are included in Current income tax expense in our Consolidated Statements of Operations.

Our drilling rigs frequently move from one taxing jurisdiction to another based on where they are contracted to perform drilling services. The movement of drilling rigs among taxing jurisdictions may involve a transfer of drilling rig ownership among our subsidiaries through an intercompany rig sale. The pre-tax profit resulting from an intercompany rig sale is eliminated from our consolidated financial statements, and the carrying value of a rig sold in an intercompany transaction remains at the historical net depreciated cost prior to the transaction. Our consolidated financial statements do not reflect the asset disposition transaction of the selling subsidiary or the asset acquisition transaction of the acquiring subsidiary. The income tax effects resulting from intercompany rig sales are recognized in earnings in the period in which the sale occurs.
In some instances, we may determine that certain temporary differences will not result in a taxable or deductible amount in future years, as it is more-likely-than-not we will commence operations and depart from a given taxing jurisdiction without such temporary differences being recovered or settled. Under these circumstances, no future tax consequences are expected and no deferred taxes are recognized in connection with such operations. We evaluate these determinations on a periodic basis and, in the event our expectations relative to future tax consequences change, the applicable deferred taxes are recognized or derecognized.

We do not provide deferred taxes on the undistributed earnings of certain subsidiaries because our policy and intention is to reinvest such earnings indefinitely. Should we make a distribution from these subsidiaries in the form of dividends or otherwise, we may be subject to additional income taxes.

See "Note 10 - Income Taxes" for additional information on our income taxes.

Share-Based Compensation

We sponsor share-based compensation plans that provide equity compensation to our key employees, officers and non-employee directors. Our 2021 Management Incentive Plan (the “MIP”) allows our board of directors to authorize equity-based grants to be settled in cash, shares or a combination of shares and cash. Compensation expense for time-based equity awards to be settled in shares is measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period).

Compensation expense for performance awards is recognized over the requisite service period using the accelerated method and is reduced for forfeited awards in the period in which the forfeitures occur. For our performance awards that cliff vest and require the employee to render service through the vesting date, even though attainment of performance objectives might be earlier, our expense under the accelerated method would be a ratable expense over the vesting period. Equity-settled performance awards generally vest at the end of a three-year measurement period based on attainment of performance goals. The estimated probable outcome of attainment of the specified performance goals is based primarily on relative performance over the requisite performance period. Any subsequent changes in this estimate as it relates to performance objectives are recognized as a cumulative adjustment to compensation cost in the period in which the change in estimate occurs, except in the case of objectives based on a market condition, such as our stock price. Compensation cost for awards based on a market performance objective is recognized as long as the requisite service period is completed and will not be reversed even if the market-based objective is never satisfied. Any adjustments to the compensation cost recognized in our Consolidated Statements of Operations for awards that are forfeited are recognized in the period in which the forfeitures occur. See "Note 8 - Share Based Compensation" for additional information on our share-based compensation.

Pension and Other Post-retirement Benefit Plans

We measure our actuarially determined obligations and related costs for our defined benefit pension and other post-retirement plans, retiree life and medical supplemental plan benefits by applying assumptions, the most significant of which include long-term rate of return on plan assets, discount rates and mortality rates. For the long-term rate of return, we develop our assumptions regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, and we weight the assumptions based on each plan's asset allocation. For the discount rate, we base our assumptions on a yield curve approach. Actual results may differ from the assumptions included in these calculations. If actuarial gains or losses exceed 10% of the greater of the plan assets or plan liabilities, we amortize such gains or losses into income over either the period of expected future service of active participants, or over the expected average remaining lifetime of all participants. We recognize gains or losses related to plan curtailments at the date the plan amendment or termination is adopted which may precede the effective date. See "Note 9 - Pension and Other Post-retirement Benefits" for additional information on our defined benefit pension and other post-retirement plans.
    
Fair Value Measurements

We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ("Level 1") and the lowest priority to unobservable inputs ("Level 3"). Level 2 measurements represent inputs that are observable for similar assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1.  See "Note 4 - Fair Value Measurements" for additional information on the fair value measurement of certain of our assets and liabilities.

Noncontrolling Interests

Third parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our Consolidated Balance Sheets, and net income attributable to noncontrolling interests is presented separately in our Consolidated Statements of Operations. All income attributable to noncontrolling interest was from continuing operations.

Earnings Per Share

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares of Valaris Limited (the "Common Shares") outstanding during the period. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method, which 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 years ended December 31, 2025, 2024 and 2023 (in millions):

Years Ended December 31,
 202520242023
Income attributable to our shares $982.8 $373.4 $865.4 
Weighted average shares outstanding:
Basic70.6 72.1 74.1 
Effect of stock equivalents0.3 0.8 1.1 
Diluted70.9 72.9 75.2 
EARNINGS PER SHARE
Basic$13.92 $5.18 $11.68 
Diluted$13.86 $5.12 $11.51 

Anti-dilutive share awards totaling 217,000, 160,000 and 147,000 were excluded from the computation of diluted EPS for the years ended December 31, 2025, 2024 and 2023, respectively.

We have 5,470,801 warrants outstanding (the "Warrants") as of December 31, 2025 which are exercisable for one Common Share per Warrant at an initial exercise price of $131.88 per Warrant, in each case as may be adjusted from time to time pursuant to the applicable warrant agreement. The Warrants 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 above.
New Accounting Pronouncements

Recently adopted accounting pronouncements

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 adopted Update 2023-09 effective for this annual report for the year ended December 31, 2025 on a prospective basis. See "Note 10 - Income Taxes" for expanded disclosures around our income tax information.

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 have elected the practical expedient as allowed by Update 2025-05 effective January 1, 2026 and it has not had, nor is it expected to have, a material impact on the recognition or measurement of our credit losses within our condensed consolidated financial statements.

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 consolidated financial statements and disclosures.
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 consolidated financial statements.
v3.25.4
Revenues from Contracts with Customers
 12 Months Ended
Dec. 31, 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 contracts contain a lease component and we have elected to apply the practical expedient provided under Accounting Standards Codification ("ASC") 842 to not separate the lease and non-lease components and apply the revenue recognition guidance in ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." The drilling services provided under each drilling contract is a single performance obligation satisfied over time and is 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 amount estimated for variable consideration is only recognized as revenue to the extent that it is probable that a significant reversal will not occur during the contract term. We have applied the optional exemption afforded in ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," and have not disclosed the variable consideration related to our estimated future day rate revenues.

The term of our drilling contracts is typically defined by either a specified period of time or the completion of a specified number of wells. The remaining duration of our drilling contracts based on those in place as of December 31, 2025 was between approximately 1 month and 5 years.

Day Rate Drilling Revenue

Our drilling contracts provide for payment on a day rate basis and include a rate schedule with higher rates for periods when the drilling rig is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The day rate invoiced to the customer is determined based on the varying rates applicable to specific activities performed on an hourly or other time increment basis. Day rate consideration is allocated to the distinct hourly or other time increment to which it relates within the contract term and is generally recognized consistent with the contractual rate invoiced for the services provided during the respective period. Invoices are typically issued to our customers on a monthly basis and payment terms on customer invoices are typically 30 days.

Certain of our contracts contain performance incentives whereby we may earn a bonus based on pre-established performance criteria. Such incentives are generally based on our performance over individual monthly time periods or individual wells. Consideration related to a performance bonus is generally recognized in the specific time period to which the performance criteria was attributed.

We may receive termination fees if certain drilling contracts are terminated by the customer prior to the end of the contractual term. Such compensation is recognized as revenue when our performance obligation is satisfied, the termination fee can be reasonably measured and collection is probable.

Mobilization / Demobilization Revenue

In connection with certain contracts, we receive lump-sum fees or similar compensation for the mobilization of equipment and personnel prior to the commencement of drilling services or the demobilization of equipment and personnel upon contract completion. Fees received for the mobilization or demobilization of equipment and personnel are included in Operating revenues. The costs incurred in connection with the mobilization and demobilization of equipment and personnel are included in Contract drilling expenses.

Mobilization fees received prior to commencement of drilling operations are recorded as a contract liability and amortized on a straight-line basis over the contract term. Demobilization fees expected to be received upon contract completion are estimated at contract inception and recognized on a straight-line basis over the contract term. In some cases, demobilization fees may be contingent upon the occurrence or non-occurrence of a future event. In such cases, this may result in cumulative-effect adjustments to demobilization revenues upon changes in our estimates of future events during the contract term.
Capital Upgrade / Contract Preparation Revenue

In connection with certain contracts, we receive lump-sum fees or similar compensation generally for requested capital upgrades to our drilling rigs or for other contract preparation work. Fees received for requested capital upgrades and other contract preparation work are recorded as a contract liability and amortized on a straight-line basis over the contract term to Operating revenues.

Revenues Related to Reimbursable Expenses

We generally receive reimbursements from our customers for purchases of supplies, equipment, personnel services and other services provided at their request. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof are highly dependent on factors outside of our influence. Accordingly, reimbursable revenue is recognized during the period in which the corresponding goods and services are consumed once the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a customer. We are generally considered a principal in such transactions and record the associated revenue at the gross amount billed to the customer within Operating revenues.

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 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 Consolidated Balance Sheets.

The following table summarizes our contract assets and contract liabilities (in millions):

December 31,
 2025 2024
Current contract assets$4.3 $1.3 
Noncurrent contract assets$12.8 $5.5 
Current contract liabilities (deferred revenue)$87.7 $87.2 
Noncurrent contract liabilities (deferred revenue)$63.2 $71.4 
    
Changes in contract assets and liabilities during the period are as follows (in millions):
 Contract AssetsContract Liabilities
Balance as of December 31, 2023
$6.0 $153.8 
Revenue recognized in advance of right to bill customer9.6 — 
Increase due to revenue deferred during the period— 213.8 
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance— (104.1)
Decrease due to amortization of deferred revenue that was added during the period— (77.2)
Decrease due to transfer to receivables and payables during the period(8.8)(27.7)
Balance as of December 31, 2024
$6.8 $158.6 
Revenue recognized in advance of right to bill customer11.9 — 
Increase due to revenue deferred during the period— 107.7 
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance— (81.1)
Decrease due to amortization of deferred revenue that was added during the period— (26.1)
Decrease due to transfer to receivables and payables during the period(1.6)(8.2)
Balance as of December 31, 2025
$17.1 $150.9 

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. Demobilization costs are recognized as incurred upon contract completion. Costs associated with the mobilization of equipment and personnel unrelated to contracts are expensed as incurred. Deferred contract costs are included in Other current assets and Other assets on our Consolidated Balance Sheets and totaled $36.6 million and $47.4 million as of December 31, 2025 and 2024, respectively. During the years ended December 31, 2025, 2024 and 2023, amortization of such costs totaled $39.6 million, $108.4 million and $92.9 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 are included in Other current assets and Other assets on our Consolidated Balance Sheets and totaled $7.6 million and $12.9 million as of December 31, 2025 and 2024, respectively. During the years ended December 31, 2025, 2024 and 2023, amortization of such costs totaled $8.5 million, $10.1 million and $12.7 million, respectively.
Future Amortization of Contract Liabilities and Deferred Costs

Our contract liabilities and deferred costs are amortized on a straight-line basis over the contract term or corresponding certification period to Operating revenues and Contract drilling expenses, respectively, with the exception of the contract liabilities related to our bareboat charter arrangements with ARO which would not be contractually payable until the end of the lease term or termination, if sooner. See "Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements. The table below reflects the expected future amortization of our contract liabilities and deferred costs recorded as of December 31, 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.

(In millions)
 2026202720282029 & Thereafter Total
Amortization of contract liabilities$87.7 $39.5 $8.1 $15.6 $150.9 
Amortization of deferred costs$37.7 $6.3 $0.2 $— $44.2 
v3.25.4
Equity Method Investment in ARO
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments 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 December 31, 2025, ARO owned nine jackup rigs, had ordered two newbuild jackup rigs and leased seven rigs from us through bareboat charter arrangements (the "Lease Agreements") whereby substantially all operating costs are incurred by ARO. At December 31, 2025, the leased rigs were under long-term drilling contracts, or related extensions, with Saudi Aramco. The nine rigs owned by ARO are currently operating under contracts with Saudi Aramco, each with a minimum aggregate contract term of 15 years, provided that the rigs meet the technical and operational requirements of Saudi Aramco.

The shareholder agreement governing the joint venture (the "Shareholder Agreement") specifies that ARO shall purchase 20 newbuild jackup rigs. 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. ARO ordered the next two newbuild jackups, Kingdom 3 and Kingdom 4, in October 2024 and November 2025, respectively. In connection with these plans, we have a potential obligation to fund ARO for newbuild jackup rigs. See “Note 11 - Commitments and Contingencies" for additional information.

The joint venture partners agreed in the Shareholder Agreement that Saudi Aramco, as a customer, will provide drilling contracts to ARO in connection with the acquisition of the newbuild rigs. The initial contracts provided by Saudi Aramco for each of the newbuild rigs will be for an eight-year term. The day rate for the initial contracts for each newbuild rig is determined using a pricing mechanism that targets a six-year payback period for construction costs on an EBITDA basis. The initial eight-year contracts will be followed by a minimum of another eight years of term, re-priced in three-year intervals based on a market pricing mechanism.

Summarized Financial Information

The operating revenues of ARO presented below reflect revenues earned under drilling contracts with Saudi Aramco for the ARO-owned jackup rigs as well as the rigs leased from us. ARO's contract drilling expenses are inclusive of the bareboat charter fees for the rigs leased from us. See additional discussion below regarding these related-party transactions.
Summarized financial information for ARO is as follows (in millions):
Years Ended December 31,
202520242023
Revenues$571.0 $512.5 $496.6 
Operating expenses
   Contract drilling expenses (exclusive of depreciation)
360.7 367.7 365.9 
 Loss on impairment (1)
— 28.4 — 
   Depreciation114.9 89.2 65.9 
   General and administrative28.8 23.7 22.2 
Operating income66.6 3.5 42.6 
Other expense, net59.5 55.5 31.8 
Provision (benefit) for income taxes15.7 (4.8)8.3 
Net income (loss)$(8.6)$(47.2)$2.5 
(1)In connection with Saudi Aramco's suspension of certain drilling contracts, the VALARIS 143, VALARIS 147 and VALARIS 148 contracts were suspended and subsequently terminated during the year ended December 31, 2024. Pursuant to the requirements of the contracts, ARO had capitalized certain costs to maintain and upgrade these rigs, which were determined to be impaired due to the contract suspensions and subsequent terminations. As a result, ARO recorded a pre-tax, non-cash loss on impairment of $28.4 million during the year ended December 31, 2024. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" for more information about the contract terminations.

December 31,
20252024
Cash and cash equivalents$99.3 $50.0 
Other current assets148.3 127.7 
Non-current assets1,266.1 1,291.1 
Total assets$1,513.7 $1,468.8 
Current liabilities$139.0 $146.6 
Non-current liabilities1,263.8 1,202.7 
Total liabilities$1,402.8 $1,349.3 

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, which is included in Equity in earnings (losses) of ARO in our Consolidated Statements of Operations. ARO is a variable interest entity; however, we are not the primary beneficiary and therefore do not consolidate ARO. Judgments regarding our level of influence over ARO included considering key factors such as each partner's ownership interest, representation on the board of managers of ARO and ability to direct activities that most significantly impact ARO's economic performance, including the ability to influence policy-making decisions. Our investment in ARO would be assessed for impairment if there are changes in facts and circumstances that indicate a loss in value may have occurred. If a loss were deemed to have occurred and this loss was determined to be other than temporary, the carrying value of our investment would be written down to fair value and an impairment recorded.
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 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):
Years Ended December 31,
202520242023
50% interest in ARO net income (loss)$(4.3)$(23.6)$1.3 
Amortization of basis differences12.7 12.6 12.0 
Equity in earnings (losses) of ARO$8.4 $(11.0)$13.3 

Related-Party Transactions

Revenues recognized by us related to the Lease Agreements are included within Revenues (exclusive of reimbursable revenues) and revenues related to certain reimbursable expenses in accordance with the Lease Agreements are recognized within Reimbursable revenues in our Consolidated Statements of Operations and were as follows (in millions):

Years Ended December 31,
202520242023
Revenues (exclusive of reimbursable revenues) from Lease Agreements
$69.4 $52.6 $69.2 
Reimbursable revenues from Lease Agreements
4.2 — — 
Total operating revenues from Lease Agreements
$73.6 $52.6 $69.2 

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

December 31,
20252024
Accounts receivable
$47.8 $16.5 
Contract assets (1)
$2.0 $— 
Contract liabilities (1)
$16.3 $14.1 
Accounts payable (1)
$61.8 $43.1 

(1)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 assets and 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 note receivable due from ARO (the "Notes Receivable from ARO"), which as amended in December 2023, bear interest based on a one-year term Secured Overnight Financing Rate ("SOFR"), set as of the end of the year prior to the year applicable, plus 2.10%. The Notes Receivable from ARO were adjusted to the 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):

December 31,
20252024
Principal amount (1)
$400.7 $376.6 
Discount(55.7)(80.4)
Carrying value$345.0 $296.2 

(1)The interest on the Notes Receivable from ARO for 2025 and 2024 of approximately $24.1 million and $24.6 million, respectively, were paid in kind in December 2025 and 2024 by increasing the principal balance of the Notes Receivable from ARO in each respective period.

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

Years Ended December 31,
202520242023
Interest income$24.1 $24.6 $30.5 
Non-cash amortization (1)(2)
24.7 40.0 28.3 
Total interest income on the Notes Receivable from ARO
$48.8 $64.6 $58.8 

(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)In 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.

Maximum Exposure to Loss

The following table summarizes the total assets and liabilities as reflected in our Consolidated Balance Sheets as well as our maximum exposure to loss related to ARO (in millions). Our maximum exposure to loss is limited to (1) our equity investment in ARO; (2) the carrying amount of our Notes Receivable from ARO; and (3) other receivables and contract assets from ARO, partially offset by contract liabilities as well as payables to ARO.

December 31,
20252024
Total assets$516.6 $426.1 
Less: total liabilities78.1 57.2 
Maximum exposure to loss$438.5 $368.9 
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 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):
December 31, 2025December 31, 2024
Carrying
Value		Estimated
  Fair
Value		Carrying
Value 		Estimated
  Fair
Value
2030 Second Lien Notes (1)
$1,086.0 $1,144.9 $1,082.7 $1,112.7 
Notes Receivable from ARO (2)(3)
$345.0 $403.8 $296.2 $378.3 

(1)The estimated fair value of the 2030 Second Lien Notes (as defined in "Note 6 - 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.
(3)The aggregate principal balance of the Notes Receivable from ARO as of December 31, 2025, includes an increase of $24.1 million related to paid in kind interest, which was applied to the principal balance on December 31, 2025. See "Note 3 - Equity Method Investment in ARO" for additional information.
The estimated fair values of our cash and cash equivalents, restricted cash, accounts receivable and trade payables approximated their carrying values as of December 31, 2025 and 2024.
v3.25.4
Property And Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property And Equipment PROPERTY AND EQUIPMENT
Property and equipment consisted of the following (in millions):
December 31,
20252024
Drilling rigs and equipment$1,958.8 $1,660.9 
Work-in-progress
590.3 607.6 
Other49.2 40.9 
   Total property and equipment, at cost
$2,598.3 $2,309.4 

While taking into account certain restrictions on the sales of assets under our Indenture dated as of April 19, 2023 (the "Indenture”) and within the Business Combination Agreement (as defined within "Note 15 - Subsequent Events"), as part of our strategy, we may act opportunistically from time to time to sell assets to enhance shareholder value. Additionally, we may consider retiring assets that no longer meet our standards for economic returns. Gains recognized on sales of assets are included in Other, net in the Consolidated Statements of Operations.
Assets Held for Sale

In the fourth quarter of 2025, we approved a plan to retire VALARIS DPS-1, a semisubmersible rig within our Floaters segment. VALARIS DPS-1 was reclassified from Property and equipment, net to Assets held for sale on our Consolidated Balance Sheets during the fourth quarter of 2025.

In connection with the held-for-sale classification of VALARIS DPS-1, we recognized a non-cash loss on impairment of $15.8 million during the year ended December 31, 2025, which represents the amount of carrying value that exceeded its estimated fair value less costs to sell. We estimated the fair value using a probability-weighted market approach based on recent transactions involving comparable assets, non-binding independent broker quotes and management assumptions, all of which are considered Level 3 inputs due to the level of estimation involved.

Assets Sold

Sale of VALARIS 102 and VALARIS 145

In the fourth quarter of 2025, we approved a plan to retire two rigs within our Jackups segment, VALARIS 102 and VALARIS 145 (collectively, the "Retired Jackups"). The Retired Jackups were sold for recycling and permanently removed from service in December 2025 for total cash proceeds of $0.5 million.

In connection with the sale of the Retired Jackups, we recognized a non-cash loss on impairment of $3.7 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 the contractual sales price within the executed sale agreement for the Retired Jackups, which is considered a Level 2 input.

Sale of VALARIS 247

During the year ended December 31, 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, we recognized a non-cash 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, $5.0 million was collected in January 2026 and the remaining $5.0 million is expected to be received on the second anniversary of the closing.
Sale of Angola Office Building

During the year ended December 31, 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 in 2024 and $2.7 million was collected in 2025.

Sale of VALARIS 54

During the year ended December 31, 2023, we recognized a pre-tax gain of $27.3 million for the sale of VALARIS 54.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt DEBT
2028 First Lien Notes

On April 3, 2023, the Company issued a notice of conditional redemption to the holders of our Senior Secured First Lien Notes due 2028 (the "2028 First Lien Notes") at a redemption price equal to 104.0% of the aggregate $550.0 million principal amount of the 2028 First Lien Notes plus accrued and unpaid interest to, but not including, the redemption date (the “Redemption Price”). On April 19, 2023, in connection with the issuance of our 2030 Second Lien Notes, as discussed below, the Company discharged its obligations under the indenture governing the 2028 First Lien Notes and deposited the Redemption Price with Wilmington Savings Fund Society, as trustee under such indenture. The 2028 First Lien Notes were redeemed on May 3, 2023 for an aggregate redemption price of $571.8 million (excluding accrued and unpaid interest) with a portion of the net proceeds from the issuance of the Initial Second Lien Notes, as discussed below. We accounted for the redemption as an extinguishment of debt and recognized a corresponding loss of $29.2 million, which is included in our Consolidated Statements of Operations for the year ended December 31, 2023.

2030 Second Lien Notes

On April 19, 2023, the Company and Valaris Finance Company LLC (“Valaris Finance”), a wholly-owned subsidiary, issued and sold $700.0 million aggregate principal amount of Second Lien Notes (the "Initial Second Lien Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Initial Second Lien Notes were issued at par for net proceeds of $681.4 million, after deducting the initial purchasers’ discount and offering expenses. A portion of the proceeds were used to fund the redemption of all of the outstanding 2028 First Lien Notes as discussed above.

On August 21, 2023, the Company and Valaris Finance issued $400.0 million aggregate principal amount of Second Lien Notes (the "Additional Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act. The Additional Notes were issued at 100.75% of par, plus accrued interest from April 19, 2023. The net proceeds were approximately $396.9 million after deducting the initial purchasers’ discount and estimated offering expenses, and excluding accrued interest received of $11.4 million.

The Initial Second Lien Notes and the Additional Notes (together, the "2030 Second Lien Notes") were issued under the Indenture, and mature on April 30, 2030. The 2030 Second Lien Notes bear an interest rate of 8.375% per annum with an effective interest rate of 8.76%. Interest is payable semi-annually in arrears on April 30 and October 30 of each year, beginning on October 30, 2023. The 2030 Second Lien Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by the Guarantors and by each of the Company’s future restricted subsidiaries (other than Valaris Finance) that guarantees any debt of the Issuers or any guarantor under certain future debt in an aggregate principal amount in excess of a certain amount. The Second Lien Notes and the related guarantees are secured on a second-priority basis by the Collateral (as defined below).
On or after April 30, 2026, the Issuers may, at their option, redeem all or any portion of the 2030 Second Lien Notes, at once or over time, at the redemption prices set forth below, plus accrued and unpaid interest, if any, to, but not including, the redemption date. The following prices are for 2030 Second Lien Notes redeemed during the 12-month period commencing on April 30 of the years set forth below, and are expressed as percentages of principal amount:

Redemption YearPrice
2026104.188%
2027102.094%
2028 and thereafter100.000%

At any time prior to April 30, 2026, the Issuers may, on any one or more occasions, redeem up to 40.0% of the aggregate principal amount of the 2030 Second Lien Notes issued under the Indenture (including any additional Second Lien Notes issued in the future) with an amount equal to or less than the net cash proceeds of certain equity offerings, at a redemption price equal to 108.375% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to but not including, the redemption date. In addition, at any time prior to April 30, 2026, the Issuers may redeem up to 10.0% of the aggregate principal amount of the 2030 Second Lien Notes during any twelve-month period at a redemption price equal to 103.0% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date.

At any time prior to April 30, 2026, the Issuers may redeem some or all of the 2030 Second Lien Notes at a price equal to 100.0% of the principal amount of the 2030 Second Lien Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make-whole” premium.

Upon the occurrence of certain Change of Control Triggering Event (as defined in the Indenture), the Issuers may be required to make an offer to repurchase all of the 2030 Second Lien Notes then outstanding at a price equal to 101.0% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.

The Indenture contains covenants that, among other things, restrict the Company’s ability and the ability of certain of its subsidiaries to: (i) incur additional debt and issue certain preferred stock; (ii) incur or create liens; (iii) make certain distributions, investments and other restricted payments; (iv) sell or otherwise dispose of certain assets; (v) engage in certain transactions with affiliates; and (vi) merge, consolidate, amalgamate or sell, transfer, lease or otherwise dispose of all or substantially all of the Company’s assets. These covenants are subject to important exceptions and qualifications. In addition, many of these covenants will be suspended with respect to the 2030 Second Lien Notes during any time that the 2030 Second Lien Notes have investment grade ratings from at least two rating agencies and no default with respect to the 2030 Second Lien Notes has occurred and is continuing. As of December 31, 2025, we were in compliance in all material respects with our covenants under the Indenture.

2028 Credit Agreement

On April 3, 2023, the Company entered into a senior secured revolving credit agreement (the “2028 Credit Agreement”). The 2028 Credit Agreement, which is scheduled to mature on April 3, 2028, provides for commitments permitting borrowings of up to $375.0 million (which 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 (together with Valaris Finance, the “Guarantors”) 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 commitments under the 2028 Credit Agreement became available to be borrowed on April 19, 2023 (the "Availability Date").
The 2028 Credit Agreement and the related guarantees are secured on a first-priority basis, subject to permitted liens, by (a) first preferred ship mortgages over each vessel owned by us and the Guarantors as of the Availability Date, with certain exceptions (the “Collateral Vessels”); (b) first priority assignments of certain insurances and requisition compensation in respect of the Collateral Vessels; (c) first priority pledges of all equity interests in our subsidiaries that own Collateral Vessels and certain subsidiaries that hold equity interests in entities that own vessels (the “Collateral Rig Owners”); (d) first priority assignments of earnings of the Collateral Vessels from the Collateral Rig Owners; (e) any vessels and other assets of ours and the Guarantors that are pledged, at our option, to secure the 2028 Credit Agreement; and (f) all proceeds thereof (the "Collateral").

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. We are also required to pay customary agency fees in respect of the 2028 Credit Agreement.

The 2028 Credit Agreement contains various covenants that limit, among other things, our and our restricted subsidiaries’ ability to: incur indebtedness; grant liens; dispose of certain assets; make certain acquisitions and investments; redeem or prepay other debt or make other restricted payments such as distributions to shareholders; enter into transactions with affiliates; enter into sale-leaseback transactions; and enter into a merger, amalgamation, consolidation or sale of assets. Further, the 2028 Credit Agreement contains financial covenants that require us to maintain (i) a minimum book value of equity to total assets ratio, (ii) a minimum interest coverage ratio and (iii) a minimum amount of liquidity.

As of December 31, 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 December 31, 2025.

Interest Expense

Interest expense, net totaled $98.8 million, $84.8 million and $68.9 million for the years ended December 31, 2025, 2024 and 2023 which was net of capitalized interest of $1.9 million, $15.9 million and $5.6 million, respectively, for capital projects.
Amortization of debt premium and issuance costs was $6.6 million, $6.6 million and $5.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is included within Interest expense, net in the Consolidated Statements of Operations.
v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity SHAREHOLDERS' EQUITY
 
Activity in our various shareholders' equity accounts for the years ended December 31, 2025, 2024 and 2023 were as follows (in millions):
 Shares
Issued
Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCITreasury
Shares		Non-controlling
Interest
BALANCE, December 31, 202275.2 $0.8 $1,097.9 $16.4 $160.1 $14.7 $— $8.0 
Net income— — — — 865.4 — — 1.4 
Share-based compensation cost— — 27.3 — — — — 
Shares issued under share-based compensation plans, net0.2 — — — — — — — 
Repurchase of Common Shares— — — — — — (200.1)— 
Net changes in pension and other postretirement benefits— — — — — 10.8 — — 
Shares withheld for taxes on vesting of share-based awards— — (5.4)— — — — — 
Foreign currency translation adjustments
— — — — — (0.3)— — 
BALANCE, December 31, 202375.4 $0.8 $1,119.8 $16.4 $1,025.5 $25.2 $(200.1)$9.4 
Net income (loss)— — — — 373.4 — — (3.6)
Share-based compensation cost— — 27.7 — — — — — 
Shares issued under share-based compensation plans, net0.8 — — — — — — — 
Repurchase of Common Shares— — — — — — (125.0)— 
Net changes in pension and other postretirement benefits— — — — — 10.9 — — 
Shares withheld for taxes on vesting of share-based awards— — (29.9)— — — — — 
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
— — — — — (1.9)— — 
BALANCE, December 31, 202476.2 $0.8 $1,113.3 $16.4 $1,398.9 $34.2 $(325.1)$5.8 
Net income (loss)— — — — 982.8 — — (3.7)
Share-based compensation cost— — 25.2 — — — — — 
Shares issued under share-based compensation plans, net0.2 — — — — — — — 
Repurchase of Common Shares— — — — — — (100.0)— 
Net changes in pension and other postretirement benefits— — — — — 24.5 — — 
Shares withheld for taxes on vesting of share-based awards— — (3.6)— — — — — 
Foreign currency translation adjustments— — — — — 2.2 — — 
BALANCE, December 31, 2025
76.4 0.8 1,134.9 16.4 2,381.7 60.9 (425.1)2.1 

(1)In 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 repurchases, aggregate cost and the average per share price (in millions, except average per share price):
Years Ended December 31,
202520242023
Shares repurchased
2.0 2.2 3.0 
Aggregate cost
$100.0 $125.0 $200.0 
Average price per share
$49.78 $56.11 $66.77 

As of December 31, 2025, we had approximately $175.0 million available for share repurchases pursuant to the Share Repurchase Program, subject to certain restrictions provided within the Business Combination Agreement (as defined within "Note 15 - Subsequent Events").
v3.25.4
Share Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share Based Compensation SHARE BASED COMPENSATION
Valaris Limited adopted the MIP as of April 30, 2021 and authorized and reserved 9.0 million Common Shares for issuance pursuant to equity incentive awards to be granted under the MIP, which may be in the form of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, dividend equivalents and cash awards or any combination thereof. As of December 31, 2025, there were 6.2 million shares available for issuance under the MIP.

Time-Based Share Awards

Under the Company's MIP, time-based restricted stock unit awards have been granted to certain employees and senior officers which generally vest ratably over a three-year period from the date of grant. The grant-date fair value per share for these time-based restricted stock awards is equal to the closing price of the Company's stock on the grant date.

Non-employee directors receive an annual grant of time-based restricted awards which vest in full on the earlier of the first anniversary of the grant date or the next annual meeting of shareholders following the grant. Non-employee directors are permitted to elect to receive deferred share awards which can be settled and delivered on the six-month anniversary following the termination of the director's service or a specific pre-determined date.

Our time-based share awards do not have voting or participating rights as the dividend equivalent provided for in the award agreement is forfeitable (except in certain limited circumstances) and further our debt agreements limit our ability to pay dividends and none have been declared. Compensation expense for share awards is measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period). Our compensation cost is reduced for forfeited awards in the period in which the forfeitures occur.
Compensation expense for our time-based share awards is allocated to Contract drilling expenses (exclusive of depreciation and reimbursable expenses) and General and administrative expenses within our Consolidated Statements of Operations based on the award holder's employment function. The following table summarizes time-based share award compensation expense and the related income tax benefit recognized (in millions):

Years Ended December 31,
202520242023
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
$9.3 $8.8 $6.8 
General and administrative8.6 8.7 9.0 
17.9 17.5 15.8 
Tax benefit(0.5)(1.1)(1.6)
Total $17.4 $16.4 $14.2 

As of December 31, 2025, there was $28.3 million of total estimated unrecognized compensation cost related to time-based share awards, which has a weighted-average remaining vesting period of 1.4 years.

The following table summarizes the value of time-based share awards granted and vested:
Years Ended December 31,
202520242023
Weighted-average grant date fair value of share awards granted during the period (per share)
$43.58 $69.89 $63.22 
Total fair value of share awards vested during the period (in millions)
$13.4 $30.0 $25.2 

The following table summarizes time-based share awards activity for the year ended December 31, 2025 (shares in thousands):
Share Awards
AwardsWeighted-Average
Grant Date
Fair Value
Share awards as of December 31, 2024
597 $60.58 
Granted494 $43.58 
Vested
(307)$56.80 
Forfeited(3)$58.00 
Share awards as of December 31, 2025
781 $51.32 

Performance Awards

Under the Company's MIP, performance awards may be issued to our senior officers. Performance awards generally vest at the end of a three-year measurement period based on attainment of performance goals.
The performance awards granted in 2021 and 2022 were based on three performance goals and subject to achievement of those performance goals based on (a) designated share price hurdles whereby our closing stock price must equal or exceed certain market price targets for ninety consecutive trading days (the "Share Price Objective"); (b) relative return on capital employed ("ROCE") as compared to a specified peer group, all as defined in the award agreements (the "ROCE Objective"), and (c) specified strategic goals as established by the Compensation Committee of the board of directors (the "Strategic Goal Objective" and together with the ROCE Objective, the "Performance-Based Objectives"). In 2023, incremental awards based on the Strategic Goal Objective were granted. These awards were paid in equity during 2024 following a three-year performance period and were subject to attainment of such objectives ranging from 0% to 150% of target performance under such objectives.

The performance awards granted in 2023, 2024 and 2025 include awards which are subject to the achievement of goals based on our absolute total shareholder return and our total shareholder return relative to a specified peer group (the "TSR Objectives" and together with the Share Price Objective, the "Market-Based Objectives"). These awards are payable in equity at a range from 0% to 200% of target performance following three-year performance periods, subject to approval by the Compensation Committee of the board of directors following the end of each respective performance period.

The estimated probable outcome of attainment of the specified performance goals is based primarily on relative performance over the requisite performance period. Any subsequent changes in this estimate as it relates to the Performance-Based Objectives are recognized as a cumulative adjustment to compensation cost in the period in which the change in estimate occurs. Compensation cost for the Market-Based Objectives is recognized as long as the requisite service period is completed and will not be reversed even if the Market-Based Objectives are never satisfied. Compensation expense for performance awards is recognized over the requisite service period using the accelerated method and is reduced for forfeited awards in the period in which the forfeitures occur.

The fair value of the performance awards is measured on the date of grant. The grant-date fair value per unit for the portion of the performance awards related to Performance-Based Objectives was equal to the closing price of the Company's stock on the grant date. The portion of these awards that were based on the Company's achievement of Market-based Objectives were valued at the date of grant using a Monte Carlo simulation with the following weighted average assumptions for the grants made in the years ended December 31, 2025, 2024 and 2023:

Years Ended December 31,
202520242023
Expected price volatility48 %49 %60 %
Expected dividend yield— — — 
Risk-free interest rate3.90 %4.31 %4.32 %

The expected price volatility assumption is estimated using market data for certain peer companies during periods in which our own trading history is limited. As our trading history increases, it will bear greater weight in determining our expected price volatility assumption.

The weighted average grant-date fair values of performance awards granted during the years ended December 31, 2025, 2024 and 2023 were $28.92, $63.05 and $62.09, respectively.
The following table summarizes the performance award activity for the year ended December 31, 2025 (shares in thousands):

Awards(2)
Weighted Average Grant Date Fair Value Price(2)
Balance as of December 31, 2024
271 $61.69 
Granted - Market-Based Objectives(1)
236 $28.92 
Balance as of December 31, 2025
507 $46.42 

(1)The number of awards granted reflects the shares that would be granted if the target level of performance were to be achieved. The number of shares actually issued after considering forfeitures may range from zero to 472,000.

(2)There were no forfeited or vested shares for the year ended December 31, 2025.

During the years ended December 31, 2025, 2024 and 2023, we recognized $7.7 million, $10.6 million and $11.7 million of compensation expense for performance awards, respectively, which was included in General and administrative expenses in our Consolidated Statements of Operations.

As of December 31, 2025, there was $8.4 million of total estimated unrecognized compensation cost related to performance awards, which has a weighted-average remaining vesting period of 1.6 years.
v3.25.4
Pension and Other Post-retirement Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pension and Other Post-retirement Benefits PENSION AND OTHER POST-RETIREMENT BENEFITS
We have defined-benefit pension plans and post-retirement health and life insurance plans that provide benefits upon retirement for certain full-time employees. The defined-benefit pension plans include: (1) a pension plan which was amended in 2018 to freeze any future benefit accrual whereby eligible employees no longer receive pay credits in the plan and newly hired employees are not eligible to participate; and (2) supplemental executive retirement plans, which are also frozen, that provided eligible employees an opportunity to defer a portion of their compensation for use after retirement. Additionally, we have frozen retiree life and medical supplemental plans which provide post-retirement health and life insurance benefits.
The following table presents the changes in benefit obligations and plan assets for the years ended December 31, 2025 and 2024 and the funded status and weighted-average assumptions used to determine the benefit obligation at the measurement date (dollars in millions):

Years Ended December 31,
20252024
Pension BenefitsOther BenefitsTotalPension BenefitsOther BenefitsTotal
Projected benefit obligation:
BALANCE at the beginning of the period$571.3 $10.2 $581.5 $606.5 $11.0 $617.5 
Interest cost30.5 0.5 31.0 29.3 0.5 29.8 
Actuarial loss (gain)5.3 — 5.3 (22.1)(0.7)(22.8)
Benefits paid(42.1)(0.6)(42.7)(42.4)(0.6)(43.0)
BALANCE at the end of the period$565.0 $10.1 $575.1 $571.3 $10.2 $581.5 
Plan assets
Fair value, at the beginning of the period$469.9 $— $469.9 $471.2 $— $471.2 
Actual return60.1 — 60.1 20.2 — 20.2 
Employer contributions16.0 — 16.0 20.9 — 20.9 
Benefits paid(42.1)— (42.1)(42.4)— (42.4)
Fair value, at the end of the period$503.9 $— $503.9 $469.9 $— $469.9 
Net benefit liabilities$61.1 $10.1 $71.2 $101.4 $10.2 $111.6 
Amounts recognized in Consolidated Balance Sheet:
 Accrued liabilities$(2.0)$(0.9)$(2.9)$(4.1)$(1.0)$(5.1)
Other liabilities (long-term)(59.1)(9.2)(68.3)(97.3)(9.2)(106.5)
Net benefit liabilities$(61.1)$(10.1)$(71.2)$(101.4)$(10.2)$(111.6)
Accumulated contributions less than net periodic benefit cost$(114.1)$(18.0)$(132.1)$(129.5)$(18.5)$(148.0)
Amounts not yet reflected in net periodic benefit cost:
Actuarial gain53.2 7.9 61.1 28.3 8.3 36.6 
Prior service cost(0.2)— (0.2)(0.2)— (0.2)
Total accumulated other comprehensive income$53.0 $7.9 $60.9 $28.1 $8.3 $36.4 
Net benefit liabilities$(61.1)$(10.1)$(71.2)$(101.4)$(10.2)$(111.6)
Weighted-average assumptions:
Discount rate5.34 %5.28 %5.54 %5.52 %
Cash balance interest credit rate3.72 %N/A3.26 %N/A

The projected benefit obligations for pension benefits in the preceding table reflect the actuarial present value of benefits accrued based on services rendered to date assuming the actual or assumed expected date of separation for retirement.

The accumulated benefit obligation is equal to the projected benefit obligation at December 31, 2025 and 2024 as the pension and other post-retirement benefit plans were frozen in prior years.
The components of net periodic pension, retiree medical (income) loss and the weighted-average assumptions used to determine such amounts were as follows (dollars in millions):
Years Ended December 31,
202520242023
Interest cost
$31.0 $29.8 $31.2 
Expected return on plan assets
(29.4)(31.6)(31.4)
Amortization of net gain(0.7)(0.6)(0.7)
Net periodic pension and retiree medical (income) loss (1)
$0.9 $(2.4)$(0.9)
Discount rate5.54 %4.97 %5.21 %
Expected return on assets6.44 %6.88 %7.10 %
Cash balance interest credit rate3.26 %3.26 %3.23 %

(1)All components of Net periodic pension and retiree medical (income) loss are included in Other, net, in our Consolidated Statements of Operations.

We currently expect to contribute approximately $19.2 million to our pension plans and to directly pay other post-retirement benefits of approximately $0.9 million in 2026. These amounts represent the minimum contributions we are required to make under relevant statutes. We do not expect to make contributions in excess of the minimum required amounts.

The pension plans' investment objectives for fund assets are to: achieve a rate of return such that contributions are minimized and future assets are available to fund liabilities, maintain liquidity sufficient to pay benefits when due, diversify among asset classes so that assets earn a reasonable return with an acceptable level of risk and gradually de-risk the plan by increasing the allocation of investments which track the overall liabilities of the plan as the ratio of assets to liabilities improves and economic conditions warrant. The plans employ several active managers with proven long-term records in their specific investment discipline.
Target allocations among asset categories as of December 31, 2025, and the fair value of each category of plan assets as of December 31, 2025 and 2024, are presented below. The plans will reallocate assets in accordance with the allocation targets, after giving consideration to the expected level of cash required to pay current benefits and plan expenses (dollars in millions):
December 31,
20252024
Target range (1)
Amount
Amount
Equities:
Global equity fund (2)
41% to 47%
$217.3 $— 
U.S. equity:
   U.S. large cap— 93.3 
   U.S. small/mid cap— 24.6 
Global Low Volatility Equity— 34.1 
Non-U.S. equity:
International all cap— 42.7 
International small cap— 18.9 
Emerging markets— 34.1 
Real estate equities
4% to 8%
36.5 36.5 
Fixed income:
45% to 55%
Long-term corporate bonds160.2 102.8 
Long-term government bonds
32.0 — 
U.S. Treasury STRIPS52.9 76.7 
Cash and equivalents
$0 - $5.0
5.0 6.2 
Total$503.9 $469.9 

(1)Our investment policy only sets allocation target ranges for general asset classes and not specific investment types.
(2)During 2025, the assets in the various equity asset categories were consolidated into a single Global equity fund.

All of our investments, other than cash and cash equivalents, are measured at fair value using the net asset value per share (or its equivalent) practical expedient and therefore are not categorized in the fair value hierarchy. Cash and cash equivalents are considered Level 1 as they were valued at cost, which approximates fair value.

Assets in the Global equity fund include a broad range of global equity securities for which the portfolio may be a full replication or a sampling of the Morgan Stanley Capital International All Country World Index and may be held through a commingled or institutional mutual fund. Assets in the U.S. equities category include investments in common and preferred stocks (and equivalents such as American Depository Receipts and convertible bonds) and may be held through separate accounts, commingled funds or an institutional mutual fund. Assets in the global low volatility equities include investments in a broad range of developed market global equity securities and may be held through a commingled or institutional mutual fund. Assets in the international equities category include investments in a broad range of international equity securities, including both developed and emerging markets, and may be held through a commingled or institutional mutual fund. The real estate category includes investments in pooled and commingled funds whose objectives are diversified equity investments in income-producing properties. Each real estate fund is intended to provide broad exposure to the real estate market by property type, geographic location and size and may invest internationally. Additionally, this category includes real estate investment trusts, which are represented in the Dow Jones US Select REIT Index. Securities in the fixed income categories include U.S. government, corporate, mortgage- and asset-backed securities and Yankee bonds and should be rated investment grade or above. Investments in this category should have an average investment rating of “A” or better.
To develop the expected long-term rate of return on assets assumption, we considered the current level of expected returns on risk-free investments (primarily government bonds), the historical level of the risk premium associated with the plan's other asset classes and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based upon the current asset allocation to develop the expected long-term rate of return on assets assumption for the plan, which increased to 6.62% at December 31, 2025 from 6.44% at December 31, 2024.
    
Estimated future annual benefit payments from plan assets are presented below. Such amounts are based on existing benefit formulas and include the effect of future service (in millions):
Pension BenefitsOther Post-Retirement Benefits
Years ending December 31,
2026$41.0 $0.9 
202740.7 0.9 
202840.4 0.9 
202940.2 0.8 
203039.7 0.8 
2031 through 2035189.9 3.6 
Savings Plans
We have savings plans, (the "Savings Plan", the "Limited Retirement Plan", the "Multinational Savings Plan"), which cover eligible employees as defined within each plan. The Savings Plan includes a 401(k) savings plan feature, which allows eligible employees to make tax-deferred contributions to the plans. The Limited Retirement Plan allows eligible employees in the United Kingdom (the "U.K.") to make tax-deferred contributions to the plan. Contributions made to the Multinational Savings Plan may or may not qualify for tax deferral based on each plan participant's local tax requirements.
 
Employee contributions have been matched up to a maximum of 6% since the beginning of 2025 and were matched up to a maximum of 5% in 2024 and 2023. These matching contributions totaled $19.2 million, $15.6 million and $13.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]  
Income Taxes INCOME TAXES
Valaris Limited is domiciled and a resident for tax purposes in Bermuda. Our subsidiaries conduct operations and earn income in numerous countries and are subject to the laws of taxing jurisdictions within those countries. The income of our non-Bermuda subsidiaries is not subject to Bermuda taxation.

During the fourth quarter of 2025, we adopted Update 2023-09 (see "Note 1 - Description of the Business and Summary of Significant Accounting Policies" for further discussion on Update 2023-09) on a prospective basis. As such, we have updated income tax disclosure presentations as of and for the year ended December 31, 2025 in order to comply with Update 2023-09, but have not retrospectively applied these presentational changes to any of the prior periods presented. This adoption of Update 2023-09 resulted in presentational differences of our income tax disclosures and did not result in a change to the calculations of our income before income taxes, current tax expense, deferred tax expense or effective tax rates for the year ended December 31, 2025.
Our income before income taxes and benefit for income taxes for the year ended December 31, 2025 are summarized as follows (in millions):

Income (loss) before income taxes:
Bermuda$(107.4)
Foreign
U.S.
42.2 
Other foreign
617.5 
Total foreign
659.7 
Total income before income taxes$552.3 
Provision (benefit) for income taxes:
Current tax expense:
Bermuda federal$— 
Bermuda state— 
Foreign
U.S.
13.7 
Other foreign
74.6 
Total foreign
88.3 
Total current tax expense
$88.3 
Deferred tax benefit:
Bermuda federal$— 
Bermuda state— 
Foreign
U.S.(1.7)
Other foreign(513.4)
Total foreign(515.1)
Total deferred tax benefit
$(515.1)
Total provision (benefit) for income taxes:
Bermuda federal$— 
Bermuda state— 
Foreign
U.S.12.0 
Other foreign(438.8)
Total foreign(426.8)
Total benefit for income taxes
$(426.8)
Our income before income taxes and provision for income taxes for the years ended December 31, 2024 and 2023 are summarized as follows (in millions):
Years Ended December 31,
20242023
Income before income taxes:
U.S.
$49.8 $30.7 
Non-U.S.
320.4 53.5 
$370.2 $84.2 
Current income tax expense (benefit):
 
U.S.$11.5 $(30.3)
Non-U.S.(16.9)34.1 
 (5.4)3.8 
Deferred income tax expense (benefit): 
U.S.(4.4)1.9 
Non-U.S.10.2 (788.3)
 5.8 (786.4)
Total income tax expense (benefit)$0.4 $(782.6)
 
Effective Tax Rate

Income tax rates and taxation systems in the jurisdictions in which our subsidiaries conduct operations vary and our subsidiaries are frequently subjected to minimum taxation regimes. In some jurisdictions, tax liabilities are based on gross revenues, statutory deemed profits or other factors, rather than on net income, and our subsidiaries are frequently unable to realize tax benefits when they operate at a loss. Accordingly, during periods of declining profitability, our income tax expense may not decline proportionally with income, which could result in higher effective income tax rates. Furthermore, we will continue to incur income tax expense in periods in which we operate at a loss.
    
Our drilling rigs frequently move from one taxing jurisdiction to another to perform contract drilling services. In some instances, the movement of drilling rigs among taxing jurisdictions will involve the transfer of ownership of the drilling rigs among our subsidiaries. As a result of frequent changes in the taxing jurisdictions in which our drilling rigs are operated and/or owned, changes in profitability levels and changes in tax laws, our annual effective income tax rate may vary substantially from one reporting period to another.
As a Bermuda-domiciled company, Valaris Limited is subject to a 15.0% Bermuda corporate income tax, which became effective on January 1, 2025. In addition, we are subject to other income taxes, including those in the U.S. and in various foreign jurisdictions. Our consolidated effective tax rate reconciliation for the year ended December 31, 2025 is summarized below (in millions, except percentages):

Amount%
Bermuda federal statutory rate$82.8 15.0 %
Changes in valuation allowances16.1 2.9 %
Foreign tax effects
Angola
Withholding taxes16.5 3.0 %
Changes in valuation allowances(8.0)(1.4)%
Other8.4 1.5 %
Brazil
Tax rate differential11.5 2.1 %
Other(3.1)(0.6)%
British Virgin Islands
Tax rate differential6.3 1.1 %
Luxembourg
Changes in valuation allowances(1,092.2)(197.8)%
Prior period tax matters
(54.8)(9.9)%
Cross border income inclusion9.5 1.7 %
State and local tax rate differential9.2 1.7 %
Other4.8 0.9 %
Saudi Arabia
Withholding taxes6.3 1.1 %
Other2.8 0.5 %
Switzerland
Changes in valuation allowances383.9 69.5 %
Prior period tax matters156.2 28.3 %
Tax rate differential(25.2)(4.6)%
State and local tax rate differential
13.4 2.4 %
Global minimum taxes
5.5 1.0 %
Other(1.4)(0.3)%
Trinidad
Tax rate differential6.6 1.2 %
Changes in valuation allowances(5.2)(0.9)%
Other(1.5)(0.3)%
United Kingdom
Changes in valuation allowances10.0 1.8 %
United States
Changes in valuation allowances(17.2)(3.1)%
Expiration of foreign tax credits16.3 3.0 %
Other6.6 1.2 %
Other foreign jurisdictions (1)
12.8 2.3 %
Changes in unrecognized tax benefits(3.7)(0.6)%
Total$(426.8)(77.3)%

(1)Other foreign jurisdictions includes the aggregated remaining foreign jurisdictions for which there were no foreign tax effects reconciling items which exceeded the 5% disclosure threshold.
Our consolidated effective tax rate reconciliations for the years ended December 31, 2024 and 2023 are summarized below (in millions, except percentages):
Years Ended December 31,
20242023
Bermuda statutory income tax rate
— %— %
Non-Bermuda taxes
25.6 74.0 
Valuation allowance(2.3)(953.6)
Resolution of prior year items
(23.2)(49.9)
Effective income tax rate0.1 %(929.5)%

Our 2025 consolidated effective income tax rate includes discrete tax expense of $153.7 million, primarily attributable to the establishment of a valuation allowance in connection with the retirement of the Retired Semis, partially offset by discrete tax benefit attributable to rig impairments.

Our 2024 consolidated effective income tax rate includes discrete tax benefit of $85.8 million primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years.

Our 2023 consolidated effective income tax rate includes discrete tax benefit of $42.0 million primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years.

Excluding the impact of the aforementioned discrete tax items, our consolidated effective income rates for the years ended December 31, 2025, 2024 and 2023 were (92.2)%, 21.8% and (872.3)%, respectively. The changes in our consolidated effective income tax rate excluding discrete tax items during the three-year period result primarily from changes in the relative components of our earnings from the various taxing jurisdictions in which our drilling rigs are operated and/or owned and differences in tax rates in such taxing jurisdictions.

Deferred Taxes

The components of deferred income tax assets and liabilities are summarized as follows (in millions):
December 31,
20252024
Deferred tax assets:
 
Net operating loss carryforwards$3,103.9 $3,071.8 
Property and equipment1,397.4 1,555.4 
Interest limitation carryforwards112.9 126.0 
Employee benefits, including share-based compensation28.0 36.6 
Foreign tax credits0.2 16.4 
Other17.9 21.9 
Valuation allowance(3,292.3)(3,971.3)
Total deferred tax assets1,368.0 856.8 
Deferred tax liabilities(26.9)(26.7)
Net deferred tax asset$1,341.1 $830.1 
     
The realization of substantially all of our deferred tax assets is dependent upon generating sufficient taxable income during future periods in various jurisdictions in which we operate. We rely on projected taxable income from both current and future drilling contracts for the recognition of deferred tax assets. Realization of certain of our deferred tax assets is not assured. We recognize a valuation allowance for deferred tax assets when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. The amount of deferred tax assets considered realizable could increase or decrease in the near-term if our estimates of future taxable income change.
As of December 31, 2025, we had gross deferred tax assets of $3.1 billion relating to $13.6 billion of net operating loss ("NOL") carryforwards and $112.9 million of interest limitation carryforwards, primarily related to the U.S., Luxembourg and the U.K., which can be used to reduce our income taxes payable in future years. NOL carryforwards, which were generated in various jurisdictions worldwide, include $8.4 billion that do not expire and $5.2 billion that will expire, if not utilized, between 2026 and 2042. Deferred tax assets for NOL carryforwards as of December 31, 2025 include $2.3 billion, $614.9 million, $75.7 million, $58.7 million, $27.2 million and $21.2 million pertaining to NOL carryforwards in Luxembourg, the U.S., the U.K., Bermuda, Switzerland and Trinidad, respectively. Interest limitation carryforwards generally do not expire. Additionally, as a result of our emergence from bankruptcy, the utilization of certain U.S. deferred tax assets including, but not limited to, NOL carryforwards and interest limitation carryforwards is limited to $0.5 million annually.

We had a $3.3 billion and a $4.0 billion valuation allowance as of December 31, 2025 and 2024, respectively, on deferred tax assets relating to those assets for which we are not more likely than not to realize due to the inability to generate sufficient taxable income in the period prior to expiration and/or of the character necessary to use the benefit of the deferred tax assets.

During the years ended December 31, 2025, 2024 and 2023, we recognized a deferred tax benefit of $523.2 million, $8.5 million and $802.9 million, respectively, associated with changes in deferred tax asset valuation allowances. The deferred tax benefit in 2025 includes a $1.1 billion reduction of our valuation allowance in Luxembourg, which was partially offset by a $383.9 million increase to the valuation allowance in Switzerland, driven in part by the establishment of a $168.8 million valuation allowance resulting from a change in estimated future taxable income in a certain operating jurisdiction in connection with the retirement of the Retired Semis. The deferred tax benefit in 2023 primarily related to a $799.5 million reduction of our valuation allowance.

The net reductions to the valuation allowances for 2025 and 2023 were due to changes in the balances of relevant positive and negative evidence considered when assessing the realization of our deferred tax assets in certain operating jurisdictions. After considering the balance of evidence, which included historical financial results, projected earnings, contract backlog, day rates and market outlook, we determined that sufficient positive evidence existed to conclude that these portions of the valuation allowance on deferred tax assets were no longer needed. We intend to continue maintaining a valuation allowance on a substantial portion of our deferred tax assets until there is sufficient evidence to support a reversal of such allowances. The timing and amount of future valuation allowance reductions are subject to future levels of contracting and profitability achieved.

Unrecognized Tax Benefits

Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. 

As of December 31, 2025, we had $94.8 million of unrecognized tax benefits, of which $88.2 million was included in Other liabilities on our Consolidated Balance Sheet, and $6.6 million, which is associated with tax positions taken in tax years with NOL carryforwards, was presented as a reduction of deferred tax assets.

As of December 31, 2024, we had $93.5 million of unrecognized tax benefits, of which $82.8 million was included in Other liabilities on our Consolidated Balance Sheet, $10.7 million, which is associated with tax positions taken in tax years with NOL carryforwards, was presented as a reduction of deferred tax assets.
If recognized, $88.2 million of the $94.8 million unrecognized tax benefits as of December 31, 2025 would impact our consolidated effective income tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023 (in millions) were as follows:

Years Ended December 31,
202520242023
Balance, beginning of period$93.5 $201.4 $217.6 
Increases as a result of tax positions taken during prior years
10.2 4.1 88.6 
Decreases as a result of tax positions taken during prior years
(8.6)(1.4)(3.4)
Settlements with taxing authorities(7.0)(103.5)(41.8)
Impact of foreign currency exchange rates6.5 (7.9)0.6 
Increases as a result of tax positions taken during the current year
1.3 2.7 13.4 
Lapse of applicable statutes of limitations(1.1)(1.9)(73.6)
Balance, end of period$94.8 $93.5 $201.4 

Accrued interest and penalties totaled $48.0 million and $45.5 million as of December 31, 2025 and 2024, respectively, and were included in Other liabilities on our Consolidated Balance Sheets. We recognized a net expense of $1.5 million, and net benefits of $8.0 million and $35.4 million associated with interest and penalties during the years ended December 31, 2025, 2024 and 2023, respectively. Interest and penalties are included in Current income tax expense in our Consolidated Statements of Operations.
 
Three of our subsidiaries file or previously filed U.S. tax returns and the tax returns of one or more of these subsidiaries is under exam for tax years 2014 and subsequent years. None of these examinations are expected to have a significant impact on the Company's consolidated results of operations and cash flows. Tax years as early as 2005 remain subject to examination in the other major tax jurisdictions in which we operated.

Statutes of limitations applicable to certain of our tax positions lapsed during the years ended December 31, 2025, 2024 and 2023, resulting in net income tax benefits, inclusive of interest and penalties, of $1.4 million, $2.7 million and $77.3 million, respectively.
  
Absent the commencement of examinations by tax authorities, statutes of limitations applicable to certain of our tax positions will lapse during 2026, but we do not expect these to have a material impact to our unrecognized tax benefits or effective income tax rate.
    
Tax Assessments

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 $29.0 million converted at current quarter-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 made payments of approximately $8.0 million and $18.0 million in 2025 and 2024, respectively, for aggregate total payments of $26.0 million as of December 31, 2025. These payments are included within Other assets in the Consolidated Balance Sheets. There are no further payments remaining as of December 31, 2025. We have not recorded a liability for uncertain tax positions as of December 31, 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.
Luxembourg Tax Assessment

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 in 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 2024.

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 Consolidated Statements of Operations for these assessments in 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).

Undistributed Earnings
    
Dividend income received by Valaris Limited from its subsidiaries is exempt from Bermuda taxation. We do not provide deferred taxes on undistributed earnings of certain subsidiaries because our policy and intention is to reinvest such earnings indefinitely. Should we make a distribution from these subsidiaries in the form of dividends or otherwise, we would be subject to additional income taxes. The unrecognized deferred tax liability related to these undistributed earnings was not practicable to estimate as of December 31, 2025.

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. The OBBBA did not have a material impact on our consolidated financial statements for the year ending December 31, 2025.

Additionally, Bermuda enacted the Corporate Income Tax Act 2023 on December 27, 2023 (the “CIT Act”) which stipulates a tax on 15% of the net income of certain Bermuda constituent entities (as determined in accordance with the CIT Act, including after adjusting for any relevant foreign tax credits applicable to the Bermuda constituent entities). No tax was chargeable under the CIT Act until tax years starting on or after January 1, 2025. Deferred taxes of $27.5 million with an offsetting valuation allowance of $27.5 million were established as of December 31, 2023, upon enactment.
v3.25.4
Commitments And Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies COMMITMENTS AND 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. The joint venture partners intend for the newbuild jackup rigs to be financed from 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 2023, ARO entered into a $359.0 million term loan to finance the remaining payments due upon delivery of the two rigs and for general corporate purposes. The term loan matures in eight years following the related drawdown under the term loan and requires equal quarterly amortization payments during the term, with a 50% balloon payment due at maturity. The term loan bears interest based on the three-month SOFR plus a margin ranging from 1.25% to 1.4%. In 2024, ARO entered into a revolving credit facility which provides for borrowings of up to $100.0 million, which was amended in the fourth quarter of 2025 to increase the maximum borrowings to $150.0 million. As of December 31, 2025, there were no amounts outstanding under this facility. Our Notes Receivable from ARO are subordinated and junior in right of payment to both ARO’s term loan and credit facility.

In October 2024 and November 2025, ARO ordered the third and fourth newbuild jackups, Kingdom 3 and Kingdom 4, respectively, for a purchase price of approximately $300.0 million each. ARO paid a 25% down payment upon ordering Kingdom 3 from cash on hand in 2024. ARO made payments of $43.8 million related to the 25% down payment for Kingdom 4 from cash on hand as of December 31, 2025, with the remaining down payment balance payable in monthly installments through May 2026. The final payment for each rig will be due upon delivery.

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 December 31, 2025 totaled $35.4 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 December 31, 2025, we had collateral deposits in the amount of $16.3 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 December 31, 2025.
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.
v3.25.4
Leases Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases LEASES
We have operating leases for office space, facilities, equipment, employee housing and certain rig berthing facilities. For all asset classes, except office space, we account for the lease component and the non-lease component as a single lease component. Short-term leases with a term of one year or less are not recorded in the Consolidated Balance Sheets. Our leases have remaining lease terms of less than one month to six years, some of which include options to extend. The lease term used for calculating our right-of-use assets and lease liabilities is determined by considering the non-cancelable lease term, as well as any extension options that we are reasonably certain to exercise. Our right-of-use assets, current lease liabilities, and long-term lease liabilities are included within Other assets, Accrued liabilities and other, and Other liabilities, respectively, in the Consolidated Balance Sheets.

We evaluate the carrying value of our right-of-use assets on a periodic basis to identify events or changes in circumstances, such as lease abandonment, which indicate that the carrying value of such right-of-use assets may be impaired.

The components of lease expense are as follows (in millions):
Years Ended December 31,
202520242023
Long-term operating lease cost$41.9 $35.4 $24.6 
Short-term operating lease cost21.3 17.6 13.2 
Variable lease cost (1)
13.8 9.8 11.3 
Total operating lease cost$77.0 $62.8 $49.1 
(1)Variable lease costs are excluded from the measurement of right-of-use assets and lease liabilities and consist primarily of variable fees related to offshore equipment rentals.
Supplemental balance sheet information related to our operating leases is as follows (in millions, except lease term and discount rate):
December 31,
20252024
Operating lease right-of-use assets$69.3$84.5
Current lease liability$35.6$28.0
Long-term lease liability37.356.9
Total operating lease liabilities$72.9$84.9
Weighted-average remaining lease term (in years)2.53.2
Weighted-average discount rate (1)
7.67 %7.75 %
(1)Represents our estimated incremental borrowing cost on a secured basis for similar terms as the underlying leases.

Supplemental cash flow information related to our operating leases is as follows (in millions):

Years Ended December 31,
202520242023
ROU assets obtained in exchange for operating lease liabilities
$19.4 $39.4 $80.3 
Cash paid for amounts included in the measurement of our operating lease liabilities
$40.1 $34.9 $26.2 

Maturities of lease liabilities as of December 31, 2025 were as follows (in millions):
2026$39.8 
202725.4 
20288.3 
20293.5 
20302.7 
Thereafter0.4 
Total lease payments$80.1 
Less imputed interest(7.2)
Total$72.9 
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Segment Information SEGMENT INFORMATION
Our business consists of four operating segments, which have been determined based on the asset type and specifications and services we provide. These operating segments are Floaters, Jackups, ARO and Other. The Floaters segment consists of our drillships and semisubmersible rigs, which can generally drill in water depths up to 12,000 feet and 8,000 feet, respectively. Floaters are generally considered to be more advanced, typically earn higher day rates and require a larger crew complement to operate. The Jackups segment consists of our jackup rigs, which generally operate in water depths of 400 feet or less. As Jackups have a simpler design and operate in shallow waters, they typically earn lower day rates and require a smaller crew to operate. The ARO segment consists of the full operations of ARO, which operates jackup drilling rigs in Saudi Arabia for Saudi Aramco. The Other segment consists of management services on rigs owned by third parties and the activities associated with our arrangements with ARO under the Lease Agreements.
Each of the reporting segments earn revenues through drilling contracts, in which we provide a drilling rig and/or drilling services, inclusive of rig crews, on a day rate basis. Floaters, Jackups and ARO are also reportable segments.

Our chief operating decision maker (“CODM”) is the executive management committee, which is comprised of the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Commercial Officer, General Counsel & Secretary, Chief Human Resources Officer, Vice President – Strategy and Sustainability and Vice President – Operational Integrity. The 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 expenses, 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 expenses 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 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.
Segment information for the years ended December 31, 2025, 2024 and 2023 are presented below (in millions).

Year Ended December 31, 2025
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$1,224.1 $823.4 $571.0 $160.4 $(571.0)$2,207.9 
Reimbursable revenues36.5 89.4 — 35.2 — 161.1 
Total operating revenues
1,260.6 912.8 571.0 195.6 (571.0)2,369.0 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
765.6 486.5 360.7 70.6 (206.3)1,477.1 
Reimbursable expenses
34.3 83.5 — 34.8 — 152.6 
Total contract drilling expenses (exclusive of depreciation)
799.9 570.0 360.7 105.4 (206.3)1,629.7 
Loss on impairment
23.6 3.7 — — — 27.3 
Depreciation
60.5 58.6 114.9 13.2 (100.9)146.3 
General and administrative
— — 28.8 — 68.3 97.1 
Equity in earnings of ARO— — — — 8.4 8.4 
Operating income$376.6 $280.5 $66.6 $77.0 $(323.7)$477.0 
Property and equipment, net$1,225.0 $630.8 $1,236.7 $174.2 $(1,177.9)$2,088.8 
Capital expenditures$144.7 $192.0 $95.6 $— $(88.8)$343.5 

Year Ended December 31, 2024
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$1,382.8 $686.5 $512.5 $142.6 $(512.5)$2,211.9 
Reimbursable revenues57.9 68.4 — 24.4 — 150.7 
Total operating revenues
1,440.7 754.9 512.5 167.0 (512.5)2,362.6 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)930.3 477.1 367.7 63.6 (220.2)1,618.5 
Reimbursable expenses54.9 64.3 — 23.2 — 142.4 
Total contract drilling expenses (exclusive of depreciation)
985.2 541.4 367.7 86.8 (220.2)1,760.9 
Loss on impairment — — 28.4 — (28.4)— 
Depreciation58.1 45.0 89.2 9.5 (79.7)122.1 
General and administrative— — 23.7 — 92.6 116.3 
Equity in losses of ARO— — — — (11.0)(11.0)
Operating income$397.4 $168.5 $3.5 $70.7 $(287.8)$352.3 
Property and equipment, net$1,174.2 $575.3 $1,253.1 $132.8 $(1,202.5)$1,932.9 
Capital expenditures$239.7 $213.1 $285.0 $— $(282.7)$455.1 
Year Ended December 31, 2023
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$902.8 $620.6 $496.6 $152.6 $(496.6)$1,676.0 
Reimbursable revenues45.9 39.0 — 23.3 — 108.2 
Total operating revenues
948.7 659.6 496.6 175.9 (496.6)1,784.2 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)768.4 480.4 365.9 52.6 (226.9)1,440.4 
Reimbursable expenses43.6 37.0 — 22.6 — 103.2 
Total contract drilling expenses (exclusive of depreciation)
812.0 517.4 365.9 75.2 (226.9)1,543.6 
Depreciation55.8 40.0 65.9 5.0 (65.6)101.1 
General and administrative— — 22.2 — 77.1 99.3 
Equity in earnings of ARO— — — — 13.3 13.3 
Operating income$80.9 $102.2 $42.6 $95.7 $(267.9)$53.5 
Property and equipment, net$1,035.5 $480.8 $1,036.6 $52.1 $(971.2)$1,633.8 
Capital expenditures$562.0 $132.3 $300.8 $— $(299.0)$696.1 
 
Information about Geographic Areas
 
As of December 31, 2025, our Floaters segment consisted of 13 drillships and two semisubmersible rigs. Our Jackups segment consisted of 24 jackup rigs which were deployed in various locations and our Other segment consisted of seven jackup rigs which are leased to our 50/50 unconsolidated joint venture with Saudi Aramco.

As of December 31, 2025, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
Europe
611—17—
Middle East & Africa277169
North & South America 53—8—
Asia & Pacific Rim13—4—
Held for sale (1)
1——1—
Total15247469

(1)VALARIS DPS-1 was classified as held for sale and warm stacked in Asia Pacific as of December 31, 2025. See "Note 5 - Property and Equipment" for more information regarding VALARIS DPS-1.

We provide management services in the U.S. Gulf of America on two rigs owned by a third party not included in the table above.

ARO ordered two newbuild jackup rigs Kingdom 3 and Kingdom 4, which are under construction in the Middle East and are not included in table above.
Information by country for those countries that account for more than 10% of our long-lived assets was as follows (in millions):
 Long-lived Assets
December 31,
20252024
Spain (1)
$627.4 $484.8 
Brazil352.2 413.9 
United States268.7 314.3 
United Kingdom262.1 290.4 
Angola
234.6 132.6 
Other countries (2)
419.5 381.4 
Total$2,164.5 $2,017.4 

(1)Long-lived assets located in Spain primarily consist of rigs which were idle or preservation stacked.
(2)Other countries includes countries where individually we had long-lived assets representing less than 10% of total long-lived assets.

For purposes of our geographic disclosures above, we attribute assets to the geographic location of the drilling rig or operating lease, in the case of our right-of-use assets, as of the end of the applicable year.
v3.25.4
Supplemental Financial Information
 12 Months Ended
Dec. 31, 2025
Supplemental Financial Information [Abstract]  
Supplemental Balance Sheet Disclosures [Text Block] SUPPLEMENTAL FINANCIAL INFORMATION
Consolidated Balance Sheet Information

Accounts receivable, net, consisted of the following (in millions):
December 31,
20252024
Trade$424.1 $502.4 
Income tax receivables 49.8 76.2 
Other15.8 9.2 
 489.7 587.8 
Allowance for doubtful accounts(14.9)(16.6)
 $474.8 $571.2 

Other current assets consisted of the following (in millions):
December 31,
20252024
Prepaid taxes
$58.2 $48.5 
Deferred costs37.7 38.6 
Prepaid expenses13.3 13.0 
Other35.5 39.2 
$144.7 $139.3 
    
Accrued liabilities and other consisted of the following (in millions):
December 31,
20252024
Current contract liabilities (deferred revenues)$87.7 $87.2 
Personnel costs
81.6 89.2 
Income and other taxes payable73.9 57.2 
Lease liabilities35.6 28.0 
Accrued claims21.3 39.5 
Accrued interest
15.4 15.3 
Other27.9 34.6 
 $343.4 $351.0 

Other liabilities consisted of the following (in millions):
December 31,
20252024
Unrecognized tax benefits (inclusive of interest and penalties)$136.2 $128.3 
Pension and other post-retirement benefits68.3 106.5 
Noncurrent contract liabilities (deferred revenues)
63.2 71.4 
Lease liabilities
37.3 56.9 
Other20.8 20.1 
 $325.8 $383.2 

Consolidated Statements of Operations Information

Repair and maintenance expense related to continuing operations was as follows (in millions):
Years Ended December 31,
202520242023
Repair and maintenance expense$236.2 $239.6 $203.3 

Other, net, consisted of the following (in millions):
Years Ended December 31,
202520242023
Net gain (loss) on sale of property$118.6 $(0.2)$28.6 
Net foreign currency exchange gains (losses)(14.3)13.8 (3.5)
Net periodic pension and retiree medical income (loss)
(0.9)2.4 0.9 
Loss on extinguishment of debt
— — (29.2)
Other income (expense)(0.1)0.6 1.4 
$103.3 $16.6 $(1.8)
Consolidated Statements of Cash Flows Information

The following table provides a reconciliation of the amount of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Consolidated Statements of Cash Flows (in millions):

December 31,
20252024
Cash and cash equivalents
$599.4 $368.2 
Restricted cash—current (1)
7.0 12.3 
Restricted cash—non-current (1)
11.1 — 
$617.5 $380.5 
(1)Restricted cash consists primarily of collateral on letters of credit of $16.3 million and $10.8 million as of December 31, 2025 and 2024, respectively. Restricted cash—current is included in Other current assets and restricted cash—non-current is included in Other assets in our Consolidated Balance Sheets. See "Note 11 - Commitments and Contingencies" for more information regarding our letters of credit.

Net cash provided by operating activities attributable to the net change in operating assets and liabilities was as follows (in millions):
Years Ended December 31,
202520242023
(Increase) decrease in accounts receivable$119.2 $(64.9)$44.9 
(Increase) decrease in other assets
2.6 23.4 (6.5)
Increase (decrease) in liabilities(42.9)(91.7)82.8 
$78.9 $(133.2)$121.2 
Cash paid (received) for income taxes, net, which includes taxes withheld by third parties on our behalf, for the year ended December 31, 2025 was as follows (in millions) (1):

Bermuda federal$— 
Foreign
Australia (2)
(23.7)
Brazil18.6 
United States16.8 
Angola13.1 
Malaysia8.0 
Trinidad6.9 
Saudi Arabia4.2 
Other (3)
17.6 
Total foreign61.5 
$61.5 
(1)During the fourth quarter of 2025, we adopted Update 2023-09 (see "Note 1 - Description of the Business and Summary of Significant Accounting Policies" for further discussion on Update 2023-09) on a prospective basis. As such, we have updated the cash paid for income tax disclosure presentation for the year ended December 31, 2025 in order to comply with the new guidance, but have not retrospectively applied these presentational changes to any of the prior periods presented.
(2)During 2025, we received income tax refunds of approximately $26.0 million from the Australian tax authorities in connection with a settlement agreement for previously issued tax assessments. Refer to "Note 10 - Income Taxes" for further information regarding this settlement agreement.
(3)Other represents the aggregation of jurisdictions which did not individually exceed the 5% disaggregation threshold.

Cash paid (refunded) for income taxes, net, which includes withholding taxes withheld by third parties on our behalf, for the years ended December 31, 2024 and 2023 were as follows (in millions):

Years Ended December 31,
20242023
Income taxes paid (refunded), net (1) (2)
$55.6 $(8.3)

(1)We received U.S. income tax refunds totaling $35.9 million in 2024 primarily related to an Internal Revenue Service examination of one of our subsidiaries' 2009-2012 tax returns.
(2)We received an income tax refund of $45.9 million in 2023 related to the U.S. Coronavirus Aid, Relief, and Economic Security Act.
Additional cash flow information was as follows (in millions):
Years Ended December 31,
202520242023
Cash paid for interest
Interest paid, net of amounts capitalized$90.5 $78.3 $32.3 
Non-cash investing activities
Accruals for capital expenditures as of period end (1)
$52.0 $36.2 $71.5 
(1)Accruals for capital expenditures were excluded from investing activities in our Consolidated Statements of Cash Flows.

During the years ended December 31, 2025, 2024 and 2023, the capitalized interest totaled $1.9 million, $15.9 million and $5.6 million, respectively.

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 the years ended December 31, 2025, 2024 and 2023 were as follows:

Year Ended December 31, 2025
FloatersJackupsOtherTotal
Petróleo Brasileiro S.A. ("Petrobras")
13 %— %— %13 %
BP plc ("BP")3 %3 %6 %12 %
Azule Energy ("Azule")
7 %3 %— %10 %
Other customers (1)
30 %33 %2 %65 %
53 %39 %8 %100 %

Year Ended December 31, 2024
FloatersJackupsOtherTotal
BP
9 %3 %5 %17 %
Petrobras
9 %— %— %9 %
Azule
4 %— %— %4 %
Other customers (1)
39 %29 %2 %70 %
61 %32 %7 %100 %
Year Ended December 31, 2023
FloatersJackupsOtherTotal
BP
— %5 %6 %11 %
Petrobras
4 %— %— %4 %
Other customers (1)
49 %32 %4 %85 %
53 %37 %10 %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):

Year Ended December 31, 2025
FloatersJackupsOtherTotal
Brazil
$587.3 $— $— $587.3 
United Kingdom
— 391.8 — 391.8 
Gulf of America
223.3 — 119.1 342.4 
Angola
219.5 74.0 — 293.5 
Australia
145.9 128.2 — 274.1 
Other countries (1)
84.6 318.8 76.5 479.9 
$1,260.6 $912.8 $195.6 $2,369.0 

Year Ended December 31, 2024
FloatersJackupsOtherTotal
Brazil
$497.9 $— $— $497.9 
United Kingdom
— 375.2 — 375.2 
Gulf of America
245.4 10.3 111.7 367.4 
Australia172.1 104.3 — 276.4 
Angola
196.7 — — 196.7 
Other countries (1)
328.6 265.1 55.3 649.0 
$1,440.7 $754.9 $167.0 $2,362.6 

Year Ended December 31, 2023
FloatersJackupsOtherTotal
Gulf of America
$220.9 $27.2 $104.7 $352.8 
United Kingdom— 267.2 — 267.2 
Angola
210.9 — — 210.9 
Brazil195.0 — — 195.0 
Australia
157.0 29.9 — 186.9 
Other countries (1)
164.9 335.3 71.2 571.4 
$948.7 $659.6 $175.9 $1,784.2 
(1)Other countries includes locations that individually contributed to less than 10% of total revenues.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
Pending Business Combination with Transocean

On February 9, 2026, we entered into a business combination agreement (the "Business Combination Agreement") with Transocean Ltd., a Swiss corporation ("Transocean"). The Business Combination Agreement provides, among other things, and subject to the satisfaction or waiver of the conditions set forth therein, that Transocean will acquire Valaris in an all-stock transaction valued at approximately $5.8 billion (based on the price of Valaris common shares on the last trading day before the public announcement of the transaction). Under the terms of the Business Combination Agreement, holders of Valaris common shares will receive 15.235 shares of Transocean stock for each common share of Valaris. In addition, Warrants that are outstanding as of immediately prior to the transaction closing date will be assumed by Transocean and remain outstanding and be exercisable for the Fundamental Transaction Consideration (as defined in the Valaris Warrant Agreement dated as of April 30, 2021) multiplied by the number of Valaris common shares for which each warrant is exercisable immediately prior to the transaction closing date. The business combination will be effected by way of a court-approved scheme of arrangement between Valaris and the holders of the Valaris Shares pursuant to section 99 of the Companies Act 1981 of Bermuda, as amended. Upon completion and on a fully diluted basis assuming conversion to shares of Transocean’s exchangeable bonds due 2029, Transocean shareholders would own approximately 53% of the combined company, with Valaris shareholders owning the remaining 47%.

Completion of the business combination is subject to customary closing conditions, including (i) the receipt of the requisite approvals of the Valaris shareholders and the Transocean shareholders, (ii) the granting of the sanction order on terms consistent with the Business Combination Agreement, (iii) the Transocean shares issued pursuant to the Business Combination Agreement having been approved for listing on the NYSE, (iv) certain regulatory approvals having been obtained or any applicable waiting period having expired or been terminated, (v) no governmental authority within applicable jurisdictions having enacted or issued any law or order preventing or prohibiting the consummation of the business combination and (vi) the absence of a Transocean Material Adverse Effect or a Valaris Material Adverse Effect (as defined within the Business Combination Agreement). Under certain specified circumstances in which the Business Combination Agreement is terminated, we would be required to pay a termination fee equal to $173.0 million.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our cybersecurity strategy leverages administrative safeguards that include policies, procedures and processes to assess, identify and manage risks from cybersecurity threats. We have adopted a Cybersecurity Incident Response Policy (the “CIRP”), which provides a framework and procedures for investigating, containing, documenting and mitigating incidents, including reporting findings and keeping senior management and other key stakeholders informed and involved as appropriate.

Additionally, all of the Company’s employees are required to undertake an annual cybersecurity training program on how to identify characteristics of various cybersecurity threats and ways to report such threats, which is augmented by additional training and communications on IT and cybersecurity matters throughout the year. Periodically during the year, the Company’s IT department leads simulations of cybersecurity incidents with employees, including annual tabletop exercises for offshore employees, to test the organization’s ability to respond to a variety of cybersecurity-related scenarios.

Our policies, procedures and processes are aligned with our technical tools, which include security monitoring and alerting, cybersecurity incident identification and remediation, and other technologies to ensure the security of our systems and information. We also have implemented certain physical safeguards, such as restricted access to areas containing critical IT and operational technology equipment, to mitigate risks to our physical environment.

Cybersecurity is integrated into our enterprise risk management ("ERM") process. Cybersecurity-related risks are included in our ERM risk register, which are reviewed by internal stakeholders who designate the relative level of severity of identified risks. The ERM risk register, which includes any identified cybersecurity-related risks, is reviewed by our Executive Management Committee and is reported quarterly to the board of directors, who then reviews the risk register, including any changes in key risks, and provides oversight as appropriate.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity is integrated into our enterprise risk management ("ERM") process. Cybersecurity-related risks are included in our ERM risk register, which are reviewed by internal stakeholders who designate the relative level of severity of identified risks. The ERM risk register, which includes any identified cybersecurity-related risks, is reviewed by our Executive Management Committee and is reported quarterly to the board of directors, who then reviews the risk register, including any changes in key risks, and provides oversight as appropriate.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Audit Committee is responsible for, and actively engaged in, the oversight of our IT and cybersecurity program, including the oversight of risks from cybersecurity threats and risks posed by the use and impacts of artificial intelligence. Two of the members of the Audit Committee have obtained a certification or completed coursework in cybersecurity. The Audit Committee, at least quarterly, receives reports from the Company’s Senior Director – Information Technology (“SDIT”) on, among other things, the Company’s cybersecurity incidents, risks, threats and measures, training and organizational readiness. The board of directors is kept apprised of cybersecurity risk matters, including through participation in the quarterly cybersecurity briefings to the Audit Committee that are described above. We have protocols by which certain cybersecurity incidents are escalated within the Company and, where appropriate, reported in a timely manner to the board of directors and Audit Committee.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee, at least quarterly, receives reports from the Company’s Senior Director – Information Technology (“SDIT”) on, among other things, the Company’s cybersecurity incidents, risks, threats and measures, training and organizational readiness. The board of directors is kept apprised of cybersecurity risk matters, including through participation in the quarterly cybersecurity briefings to the Audit Committee that are described above. We have protocols by which certain cybersecurity incidents are escalated within the Company and, where appropriate, reported in a timely manner to the board of directors and Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee is responsible for, and actively engaged in, the oversight of our IT and cybersecurity program, including the oversight of risks from cybersecurity threats and risks posed by the use and impacts of artificial intelligence.
Cybersecurity Risk Role of Management [Text Block]
At the management level, the SDIT and his team are responsible for leading enterprise-wide information security strategy, policy, standards, architecture and processes, including the assessment and management of material risks from cybersecurity threats. The Company’s SDIT reports to the Chief Financial Officer. The SDIT has extensive cybersecurity knowledge and skills, gained from over 25 years of relevant work experience. The SDIT is informed about and monitors the prevention, detection, mitigation and remediation of cybersecurity incidents in accordance with the CIRP, which may include reports from the IT team. The SDIT also regularly reviews risk management measures implemented by the Company to identify and mitigate cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] At the management level, the SDIT and his team are responsible for leading enterprise-wide information security strategy, policy, standards, architecture and processes, including the assessment and management of material risks from cybersecurity threats. The Company’s SDIT reports to the Chief Financial Officer.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The SDIT has extensive cybersecurity knowledge and skills, gained from over 25 years of relevant work experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit Committee, at least quarterly, receives reports from the Company’s Senior Director – Information Technology (“SDIT”) on, among other things, the Company’s cybersecurity incidents, risks, threats and measures, training and organizational readiness. The board of directors is kept apprised of cybersecurity risk matters, including through participation in the quarterly cybersecurity briefings to the Audit Committee that are described above. We have protocols by which certain cybersecurity incidents are escalated within the Company and, where appropriate, reported in a timely manner to the board of directors and Audit Committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Description Of The Business And Summary Of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Accounting, Policy
Business

We are a leading provider of offshore contract drilling services to the international oil and gas industry with operations in almost every major offshore market across six continents. Our fleet of offshore drilling rigs is among the largest in the world and includes one of the highest specification ultra-deepwater fleets, as well as a leading premium jackup fleet. As of February 20, 2026, we own 46 rigs, including 13 drillships, two semisubmersible rigs, 31 jackup rigs and a 50% equity interest in Saudi Aramco Rowan Offshore Drilling Company ("ARO"), our 50/50 unconsolidated joint venture with Saudi Aramco, which owns an additional nine rigs.

Our customers include many of the leading international and government-owned oil and gas companies, in addition to many independent operators. We are among the most geographically diverse offshore drilling companies with global operations. The markets in which we operate include the Gulf of America, South America, the North Sea, the Mediterranean, the Middle East, Africa and Asia Pacific.

We provide drilling services on a day rate contract basis. Under day rate contracts, we provide an integrated drilling service that includes the provision of a drilling rig and rig crews for which 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 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.
Reclassification, Comparability Adjustment
Reclassification

Certain previously reported amounts have been reclassified to conform to the current year presentation.
Principles Of Consolidation
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of Valaris Limited, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. All intercompany accounts and transactions have been eliminated. Investments in operating entities in which we have the ability to exercise significant influence, but where we do not control operating and financial policies, are accounted for using the equity method. Significant influence generally exists if we have an ownership interest representing between 20% and 50% of the voting stock of the investee. We account for our interest in ARO using the equity method of accounting and only recognize our portion of equity in earnings in our consolidated financial statements. ARO is a variable interest entity; however, we are not the primary beneficiary and therefore do not consolidate ARO.
Foreign Currency Remeasurement And Translation
Foreign Currency Remeasurement and Translation

Our functional currency is the United States (the "U.S.") dollar. As is customary in the oil and gas industry, a majority of our revenues and expenses are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar. These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. Most transaction gains and losses are included in Other, net, in our Consolidated Statements of Operations.  Certain gains and losses from the translation of foreign currency balances of our non-U.S. dollar functional currency subsidiaries are included in Accumulated other comprehensive income on our Consolidated Balance Sheets. Net foreign currency exchange gains and losses were $14.3 million of losses, $13.8 million of gains and $3.5 million of losses, and were included in Other, net, in our Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, respectively.
Cash Equivalents And Short-Term Investments
Cash Equivalents

Highly liquid investments with maturities of three months or less at the date of purchase are considered cash equivalents. To mitigate our credit risk, our investments in time deposits have historically been diversified across multiple, high-quality financial institutions.
Property And Equipment
Property and Equipment

All costs incurred in connection with the acquisition, construction, major enhancement and improvement of assets are capitalized, including allocations of interest incurred during periods that our drilling rigs are under construction or undergoing major enhancements and improvements. Costs incurred to place an asset into service are capitalized, including costs related to the initial mobilization of a newbuild drilling rig. Repair and maintenance costs are charged to contract drilling expenses in the period in which they are incurred. Upon the sale or retirement of assets, the related cost and accumulated depreciation are removed from the balance sheet, and the resulting gain or loss is included in Other, net in our Consolidated Statements of Operations.

We have identified the significant components of our drilling rigs and ascribe useful lives based on the expected time until the next required overhaul or the end of the expected economic lives of the components.

Our property and equipment is depreciated on a straight-line basis, after allowing for salvage values, over the estimated useful lives of our assets. Drilling rigs and related equipment are depreciated over estimated useful lives ranging from three to 35 years. Buildings and improvements are depreciated over estimated useful lives ranging from 10 to 30 years. Leasehold improvements are depreciated over the lesser of the asset useful life or lease term. Other equipment, including computer and communications hardware and software, is depreciated over estimated useful lives ranging from two to six years.
We evaluate the carrying value of our property and equipment, primarily our drilling rigs, on a quarterly basis to identify events or changes in circumstances ("triggering events") that indicate that the carrying value of such rigs may not be recoverable. For property and equipment used in our operations, recoverability generally is determined by comparing the carrying value of an asset to the expected undiscounted future cash flows of the asset. If the carrying value of an asset is not recoverable, the amount of impairment loss is measured as the difference between the carrying value of the asset and its estimated fair value. Property and equipment classified as held for sale is recorded at the lower of its net book value or fair value less the estimated cost to sell.

We recorded pre-tax, non-cash impairment losses related to long-lived assets of $27.3 million in the year ended December 31, 2025. See "Note 5 - Property and Equipment" for additional information on our impairment charges.
Operating Revenues And Expenses
Operating Revenues and Expenses    
See "Note 2 - Revenue from Contracts with Customers" for information on our accounting policies for revenue recognition and certain operating costs that are deferred and amortized over future periods.
Income Taxes
Income Taxes

We conduct operations and earn income in numerous countries. Current income taxes are recognized for the amount of taxes payable or refundable based on the laws and income tax rates in the taxing jurisdictions in which operations are conducted and income is earned.

Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the enacted tax rates in effect at year-end. A valuation allowance for deferred tax assets is recorded when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. We do not offset deferred tax assets and deferred tax liabilities attributable to different tax paying jurisdictions.

We operate in certain jurisdictions where tax laws relating to the offshore drilling industry are not well developed and change frequently. Furthermore, we may enter into transactions with affiliates or employ other tax planning strategies that generally are subject to complex tax regulations. As a result of the foregoing, the tax liabilities and assets we recognize in our financial statements may differ from the tax positions taken, or expected to be taken, in our tax returns. Our tax positions are evaluated for recognition as unrecognized tax benefits using a more-likely-than-not threshold, and those requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties relating to income taxes are included in Current income tax expense in our Consolidated Statements of Operations.

Our drilling rigs frequently move from one taxing jurisdiction to another based on where they are contracted to perform drilling services. The movement of drilling rigs among taxing jurisdictions may involve a transfer of drilling rig ownership among our subsidiaries through an intercompany rig sale. The pre-tax profit resulting from an intercompany rig sale is eliminated from our consolidated financial statements, and the carrying value of a rig sold in an intercompany transaction remains at the historical net depreciated cost prior to the transaction. Our consolidated financial statements do not reflect the asset disposition transaction of the selling subsidiary or the asset acquisition transaction of the acquiring subsidiary. The income tax effects resulting from intercompany rig sales are recognized in earnings in the period in which the sale occurs.
In some instances, we may determine that certain temporary differences will not result in a taxable or deductible amount in future years, as it is more-likely-than-not we will commence operations and depart from a given taxing jurisdiction without such temporary differences being recovered or settled. Under these circumstances, no future tax consequences are expected and no deferred taxes are recognized in connection with such operations. We evaluate these determinations on a periodic basis and, in the event our expectations relative to future tax consequences change, the applicable deferred taxes are recognized or derecognized.

We do not provide deferred taxes on the undistributed earnings of certain subsidiaries because our policy and intention is to reinvest such earnings indefinitely. Should we make a distribution from these subsidiaries in the form of dividends or otherwise, we may be subject to additional income taxes.

See "Note 10 - Income Taxes" for additional information on our income taxes.
Share-Based Compensation
Share-Based Compensation

We sponsor share-based compensation plans that provide equity compensation to our key employees, officers and non-employee directors. Our 2021 Management Incentive Plan (the “MIP”) allows our board of directors to authorize equity-based grants to be settled in cash, shares or a combination of shares and cash. Compensation expense for time-based equity awards to be settled in shares is measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period).

Compensation expense for performance awards is recognized over the requisite service period using the accelerated method and is reduced for forfeited awards in the period in which the forfeitures occur. For our performance awards that cliff vest and require the employee to render service through the vesting date, even though attainment of performance objectives might be earlier, our expense under the accelerated method would be a ratable expense over the vesting period. Equity-settled performance awards generally vest at the end of a three-year measurement period based on attainment of performance goals. The estimated probable outcome of attainment of the specified performance goals is based primarily on relative performance over the requisite performance period. Any subsequent changes in this estimate as it relates to performance objectives are recognized as a cumulative adjustment to compensation cost in the period in which the change in estimate occurs, except in the case of objectives based on a market condition, such as our stock price. Compensation cost for awards based on a market performance objective is recognized as long as the requisite service period is completed and will not be reversed even if the market-based objective is never satisfied. Any adjustments to the compensation cost recognized in our Consolidated Statements of Operations for awards that are forfeited are recognized in the period in which the forfeitures occur. See "Note 8 - Share Based Compensation" for additional information on our share-based compensation.
Pension and Other Postretirement Benefit Plans
Pension and Other Post-retirement Benefit Plans

We measure our actuarially determined obligations and related costs for our defined benefit pension and other post-retirement plans, retiree life and medical supplemental plan benefits by applying assumptions, the most significant of which include long-term rate of return on plan assets, discount rates and mortality rates. For the long-term rate of return, we develop our assumptions regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, and we weight the assumptions based on each plan's asset allocation. For the discount rate, we base our assumptions on a yield curve approach. Actual results may differ from the assumptions included in these calculations. If actuarial gains or losses exceed 10% of the greater of the plan assets or plan liabilities, we amortize such gains or losses into income over either the period of expected future service of active participants, or over the expected average remaining lifetime of all participants. We recognize gains or losses related to plan curtailments at the date the plan amendment or termination is adopted which may precede the effective date. See "Note 9 - Pension and Other Post-retirement Benefits" for additional information on our defined benefit pension and other post-retirement plans.
Fair Value Measurements
Fair Value Measurements

We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ("Level 1") and the lowest priority to unobservable inputs ("Level 3"). Level 2 measurements represent inputs that are observable for similar assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1.  See "Note 4 - Fair Value Measurements" for additional information on the fair value measurement of certain of our assets and liabilities.
Noncontrolling Interest
Noncontrolling Interests

Third parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our Consolidated Balance Sheets, and net income attributable to noncontrolling interests is presented separately in our Consolidated Statements of Operations. All income attributable to noncontrolling interest was from continuing operations.
Earnings Per Share
Earnings Per Share

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares of Valaris Limited (the "Common Shares") outstanding during the period. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method, which 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 years ended December 31, 2025, 2024 and 2023 (in millions):

Years Ended December 31,
 202520242023
Income attributable to our shares $982.8 $373.4 $865.4 
Weighted average shares outstanding:
Basic70.6 72.1 74.1 
Effect of stock equivalents0.3 0.8 1.1 
Diluted70.9 72.9 75.2 
EARNINGS PER SHARE
Basic$13.92 $5.18 $11.68 
Diluted$13.86 $5.12 $11.51 

Anti-dilutive share awards totaling 217,000, 160,000 and 147,000 were excluded from the computation of diluted EPS for the years ended December 31, 2025, 2024 and 2023, respectively.

We have 5,470,801 warrants outstanding (the "Warrants") as of December 31, 2025 which are exercisable for one Common Share per Warrant at an initial exercise price of $131.88 per Warrant, in each case as may be adjusted from time to time pursuant to the applicable warrant agreement. The Warrants 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 above.
New Accounting Pronouncements
New Accounting Pronouncements

Recently adopted accounting pronouncements

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 adopted Update 2023-09 effective for this annual report for the year ended December 31, 2025 on a prospective basis. See "Note 10 - Income Taxes" for expanded disclosures around our income tax information.

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 have elected the practical expedient as allowed by Update 2025-05 effective January 1, 2026 and it has not had, nor is it expected to have, a material impact on the recognition or measurement of our credit losses within our condensed consolidated financial statements.

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 consolidated financial statements and disclosures.
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 consolidated financial statements.
Use of Estimates, Policy
Pervasiveness of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") 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.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy
Restricted Cash

Our restricted cash primarily consists of collateral on letters of credit. We classify restricted cash balances on the Consolidated Balance Sheets within Other current assets, if the restriction is expected to expire or otherwise be resolved within one year, and in Other assets, if the restriction is expected to expire or otherwise be resolved in more than one year. See "Note 14 - Supplemental Financial Information" for additional information on our restricted cash balances and "Note 11 - Commitments and Contingencies" for more information regarding our letters of credit.
v3.25.4
Description Of The Business And Summary Of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Reconciliation Of Net Income Attributable To Valaris Shares Used In Basic And Diluted EPS Computations
The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the years ended December 31, 2025, 2024 and 2023 (in millions):

Years Ended December 31,
 202520242023
Income attributable to our shares $982.8 $373.4 $865.4 
Weighted average shares outstanding:
Basic70.6 72.1 74.1 
Effect of stock equivalents0.3 0.8 1.1 
Diluted70.9 72.9 75.2 
EARNINGS PER SHARE
Basic$13.92 $5.18 $11.68 
Diluted$13.86 $5.12 $11.51 
v3.25.4
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Asset and Liability [Table Text Block]
The following table summarizes our contract assets and contract liabilities (in millions):

December 31,
 2025 2024
Current contract assets$4.3 $1.3 
Noncurrent contract assets$12.8 $5.5 
Current contract liabilities (deferred revenue)$87.7 $87.2 
Noncurrent contract liabilities (deferred revenue)$63.2 $71.4 
    
Changes in contract assets and liabilities during the period are as follows (in millions):
 Contract AssetsContract Liabilities
Balance as of December 31, 2023
$6.0 $153.8 
Revenue recognized in advance of right to bill customer9.6 — 
Increase due to revenue deferred during the period— 213.8 
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance— (104.1)
Decrease due to amortization of deferred revenue that was added during the period— (77.2)
Decrease due to transfer to receivables and payables during the period(8.8)(27.7)
Balance as of December 31, 2024
$6.8 $158.6 
Revenue recognized in advance of right to bill customer11.9 — 
Increase due to revenue deferred during the period— 107.7 
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance— (81.1)
Decrease due to amortization of deferred revenue that was added during the period— (26.1)
Decrease due to transfer to receivables and payables during the period(1.6)(8.2)
Balance as of December 31, 2025
$17.1 $150.9 
Expected Future Amortization of Contract Liabilities The table below reflects the expected future amortization of our contract liabilities and deferred costs recorded as of December 31, 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.
(In millions)
 2026202720282029 & Thereafter Total
Amortization of contract liabilities$87.7 $39.5 $8.1 $15.6 $150.9 
Amortization of deferred costs$37.7 $6.3 $0.2 $— $44.2 
v3.25.4
Equity Method Investment in ARO (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Summarized financial information for ARO is as follows (in millions):
Years Ended December 31,
202520242023
Revenues$571.0 $512.5 $496.6 
Operating expenses
   Contract drilling expenses (exclusive of depreciation)
360.7 367.7 365.9 
 Loss on impairment (1)
— 28.4 — 
   Depreciation114.9 89.2 65.9 
   General and administrative28.8 23.7 22.2 
Operating income66.6 3.5 42.6 
Other expense, net59.5 55.5 31.8 
Provision (benefit) for income taxes15.7 (4.8)8.3 
Net income (loss)$(8.6)$(47.2)$2.5 
(1)In connection with Saudi Aramco's suspension of certain drilling contracts, the VALARIS 143, VALARIS 147 and VALARIS 148 contracts were suspended and subsequently terminated during the year ended December 31, 2024. Pursuant to the requirements of the contracts, ARO had capitalized certain costs to maintain and upgrade these rigs, which were determined to be impaired due to the contract suspensions and subsequent terminations. As a result, ARO recorded a pre-tax, non-cash loss on impairment of $28.4 million during the year ended December 31, 2024. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" for more information about the contract terminations.

December 31,
20252024
Cash and cash equivalents$99.3 $50.0 
Other current assets148.3 127.7 
Non-current assets1,266.1 1,291.1 
Total assets$1,513.7 $1,468.8 
Current liabilities$139.0 $146.6 
Non-current liabilities1,263.8 1,202.7 
Total liabilities$1,402.8 $1,349.3 
A reconciliation of those components is presented below (in millions):
Years Ended December 31,
202520242023
50% interest in ARO net income (loss)$(4.3)$(23.6)$1.3 
Amortization of basis differences12.7 12.6 12.0 
Equity in earnings (losses) of ARO$8.4 $(11.0)$13.3 
The following table summarizes the total assets and liabilities as reflected in our Consolidated Balance Sheets as well as our maximum exposure to loss related to ARO (in millions). Our maximum exposure to loss is limited to (1) our equity investment in ARO; (2) the carrying amount of our Notes Receivable from ARO; and (3) other receivables and contract assets from ARO, partially offset by contract liabilities as well as payables to ARO.

December 31,
20252024
Total assets$516.6 $426.1 
Less: total liabilities78.1 57.2 
Maximum exposure to loss$438.5 $368.9 
Schedule of Related Party Transactions
Revenues recognized by us related to the Lease Agreements are included within Revenues (exclusive of reimbursable revenues) and revenues related to certain reimbursable expenses in accordance with the Lease Agreements are recognized within Reimbursable revenues in our Consolidated Statements of Operations and were as follows (in millions):

Years Ended December 31,
202520242023
Revenues (exclusive of reimbursable revenues) from Lease Agreements
$69.4 $52.6 $69.2 
Reimbursable revenues from Lease Agreements
4.2 — — 
Total operating revenues from Lease Agreements
$73.6 $52.6 $69.2 

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

December 31,
20252024
Accounts receivable
$47.8 $16.5 
Contract assets (1)
$2.0 $— 
Contract liabilities (1)
$16.3 $14.1 
Accounts payable (1)
$61.8 $43.1 

(1)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 assets and 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):

December 31,
20252024
Principal amount (1)
$400.7 $376.6 
Discount(55.7)(80.4)
Carrying value$345.0 $296.2 

(1)The interest on the Notes Receivable from ARO for 2025 and 2024 of approximately $24.1 million and $24.6 million, respectively, were paid in kind in December 2025 and 2024 by increasing the principal balance of the Notes Receivable from ARO in each respective period.

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

Years Ended December 31,
202520242023
Interest income$24.1 $24.6 $30.5 
Non-cash amortization (1)(2)
24.7 40.0 28.3 
Total interest income on the Notes Receivable from ARO
$48.8 $64.6 $58.8 

(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)In 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.
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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):
December 31, 2025December 31, 2024
Carrying
Value		Estimated
  Fair
Value		Carrying
Value 		Estimated
  Fair
Value
2030 Second Lien Notes (1)
$1,086.0 $1,144.9 $1,082.7 $1,112.7 
Notes Receivable from ARO (2)(3)
$345.0 $403.8 $296.2 $378.3 

(1)The estimated fair value of the 2030 Second Lien Notes (as defined in "Note 6 - 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.
(3)The aggregate principal balance of the Notes Receivable from ARO as of December 31, 2025, includes an increase of $24.1 million related to paid in kind interest, which was applied to the principal balance on December 31, 2025. See "Note 3 - Equity Method Investment in ARO" for additional information.
v3.25.4
Property And Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule Of Property And Equipment
Property and equipment consisted of the following (in millions):
December 31,
20252024
Drilling rigs and equipment$1,958.8 $1,660.9 
Work-in-progress
590.3 607.6 
Other49.2 40.9 
   Total property and equipment, at cost
$2,598.3 $2,309.4 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Instrument Redemption The following prices are for 2030 Second Lien Notes redeemed during the 12-month period commencing on April 30 of the years set forth below, and are expressed as percentages of principal amount:
Redemption YearPrice
2026104.188%
2027102.094%
2028 and thereafter100.000%
v3.25.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule Of Activity In Our Various Shareholders' Equity
Activity in our various shareholders' equity accounts for the years ended December 31, 2025, 2024 and 2023 were as follows (in millions):
 Shares
Issued
Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCITreasury
Shares		Non-controlling
Interest
BALANCE, December 31, 202275.2 $0.8 $1,097.9 $16.4 $160.1 $14.7 $— $8.0 
Net income— — — — 865.4 — — 1.4 
Share-based compensation cost— — 27.3 — — — — 
Shares issued under share-based compensation plans, net0.2 — — — — — — — 
Repurchase of Common Shares— — — — — — (200.1)— 
Net changes in pension and other postretirement benefits— — — — — 10.8 — — 
Shares withheld for taxes on vesting of share-based awards— — (5.4)— — — — — 
Foreign currency translation adjustments
— — — — — (0.3)— — 
BALANCE, December 31, 202375.4 $0.8 $1,119.8 $16.4 $1,025.5 $25.2 $(200.1)$9.4 
Net income (loss)— — — — 373.4 — — (3.6)
Share-based compensation cost— — 27.7 — — — — — 
Shares issued under share-based compensation plans, net0.8 — — — — — — — 
Repurchase of Common Shares— — — — — — (125.0)— 
Net changes in pension and other postretirement benefits— — — — — 10.9 — — 
Shares withheld for taxes on vesting of share-based awards— — (29.9)— — — — — 
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
— — — — — (1.9)— — 
BALANCE, December 31, 202476.2 $0.8 $1,113.3 $16.4 $1,398.9 $34.2 $(325.1)$5.8 
Net income (loss)— — — — 982.8 — — (3.7)
Share-based compensation cost— — 25.2 — — — — — 
Shares issued under share-based compensation plans, net0.2 — — — — — — — 
Repurchase of Common Shares— — — — — — (100.0)— 
Net changes in pension and other postretirement benefits— — — — — 24.5 — — 
Shares withheld for taxes on vesting of share-based awards— — (3.6)— — — — — 
Foreign currency translation adjustments— — — — — 2.2 — — 
BALANCE, December 31, 2025
76.4 0.8 1,134.9 16.4 2,381.7 60.9 (425.1)2.1 

(1)In 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 repurchases, aggregate cost and the average per share price (in millions, except average per share price):
Years Ended December 31,
202520242023
Shares repurchased
2.0 2.2 3.0 
Aggregate cost
$100.0 $125.0 $200.0 
Average price per share
$49.78 $56.11 $66.77 
v3.25.4
Share Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary Of Non-Vested Share Award Related Compensation Expense Recognized The following table summarizes time-based share award compensation expense and the related income tax benefit recognized (in millions):
Years Ended December 31,
202520242023
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
$9.3 $8.8 $6.8 
General and administrative8.6 8.7 9.0 
17.9 17.5 15.8 
Tax benefit(0.5)(1.1)(1.6)
Total $17.4 $16.4 $14.2 
Summary Of Value Of Non-Vested Share Awards Granted And Vested
The following table summarizes the value of time-based share awards granted and vested:
Years Ended December 31,
202520242023
Weighted-average grant date fair value of share awards granted during the period (per share)
$43.58 $69.89 $63.22 
Total fair value of share awards vested during the period (in millions)
$13.4 $30.0 $25.2 
Summary Of Non-Vested Share Award Activity
The following table summarizes time-based share awards activity for the year ended December 31, 2025 (shares in thousands):
Share Awards
AwardsWeighted-Average
Grant Date
Fair Value
Share awards as of December 31, 2024
597 $60.58 
Granted494 $43.58 
Vested
(307)$56.80 
Forfeited(3)$58.00 
Share awards as of December 31, 2025
781 $51.32 
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The fair value of the performance awards is measured on the date of grant. The grant-date fair value per unit for the portion of the performance awards related to Performance-Based Objectives was equal to the closing price of the Company's stock on the grant date. The portion of these awards that were based on the Company's achievement of Market-based Objectives were valued at the date of grant using a Monte Carlo simulation with the following weighted average assumptions for the grants made in the years ended December 31, 2025, 2024 and 2023:

Years Ended December 31,
202520242023
Expected price volatility48 %49 %60 %
Expected dividend yield— — — 
Risk-free interest rate3.90 %4.31 %4.32 %
Schedule Of Summary Of Performance Award Activity
The following table summarizes the performance award activity for the year ended December 31, 2025 (shares in thousands):

Awards(2)
Weighted Average Grant Date Fair Value Price(2)
Balance as of December 31, 2024
271 $61.69 
Granted - Market-Based Objectives(1)
236 $28.92 
Balance as of December 31, 2025
507 $46.42 

(1)The number of awards granted reflects the shares that would be granted if the target level of performance were to be achieved. The number of shares actually issued after considering forfeitures may range from zero to 472,000.

(2)There were no forfeited or vested shares for the year ended December 31, 2025.
v3.25.4
Pension and Other Post-retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligations and Plan Assets
The following table presents the changes in benefit obligations and plan assets for the years ended December 31, 2025 and 2024 and the funded status and weighted-average assumptions used to determine the benefit obligation at the measurement date (dollars in millions):

Years Ended December 31,
20252024
Pension BenefitsOther BenefitsTotalPension BenefitsOther BenefitsTotal
Projected benefit obligation:
BALANCE at the beginning of the period$571.3 $10.2 $581.5 $606.5 $11.0 $617.5 
Interest cost30.5 0.5 31.0 29.3 0.5 29.8 
Actuarial loss (gain)5.3 — 5.3 (22.1)(0.7)(22.8)
Benefits paid(42.1)(0.6)(42.7)(42.4)(0.6)(43.0)
BALANCE at the end of the period$565.0 $10.1 $575.1 $571.3 $10.2 $581.5 
Plan assets
Fair value, at the beginning of the period$469.9 $— $469.9 $471.2 $— $471.2 
Actual return60.1 — 60.1 20.2 — 20.2 
Employer contributions16.0 — 16.0 20.9 — 20.9 
Benefits paid(42.1)— (42.1)(42.4)— (42.4)
Fair value, at the end of the period$503.9 $— $503.9 $469.9 $— $469.9 
Net benefit liabilities$61.1 $10.1 $71.2 $101.4 $10.2 $111.6 
Amounts recognized in Consolidated Balance Sheet:
 Accrued liabilities$(2.0)$(0.9)$(2.9)$(4.1)$(1.0)$(5.1)
Other liabilities (long-term)(59.1)(9.2)(68.3)(97.3)(9.2)(106.5)
Net benefit liabilities$(61.1)$(10.1)$(71.2)$(101.4)$(10.2)$(111.6)
Accumulated contributions less than net periodic benefit cost$(114.1)$(18.0)$(132.1)$(129.5)$(18.5)$(148.0)
Amounts not yet reflected in net periodic benefit cost:
Actuarial gain53.2 7.9 61.1 28.3 8.3 36.6 
Prior service cost(0.2)— (0.2)(0.2)— (0.2)
Total accumulated other comprehensive income$53.0 $7.9 $60.9 $28.1 $8.3 $36.4 
Net benefit liabilities$(61.1)$(10.1)$(71.2)$(101.4)$(10.2)$(111.6)
Weighted-average assumptions:
Discount rate5.34 %5.28 %5.54 %5.52 %
Cash balance interest credit rate3.72 %N/A3.26 %N/A
Schedule of Net Periodic Pension Costs and Weighted Average Assumptions
The components of net periodic pension, retiree medical (income) loss and the weighted-average assumptions used to determine such amounts were as follows (dollars in millions):
Years Ended December 31,
202520242023
Interest cost
$31.0 $29.8 $31.2 
Expected return on plan assets
(29.4)(31.6)(31.4)
Amortization of net gain(0.7)(0.6)(0.7)
Net periodic pension and retiree medical (income) loss (1)
$0.9 $(2.4)$(0.9)
Discount rate5.54 %4.97 %5.21 %
Expected return on assets6.44 %6.88 %7.10 %
Cash balance interest credit rate3.26 %3.26 %3.23 %

(1)All components of Net periodic pension and retiree medical (income) loss are included in Other, net, in our Consolidated Statements of Operations.
Schedule of Allocation of Plan Assets
Target allocations among asset categories as of December 31, 2025, and the fair value of each category of plan assets as of December 31, 2025 and 2024, are presented below. The plans will reallocate assets in accordance with the allocation targets, after giving consideration to the expected level of cash required to pay current benefits and plan expenses (dollars in millions):
December 31,
20252024
Target range (1)
Amount
Amount
Equities:
Global equity fund (2)
41% to 47%
$217.3 $— 
U.S. equity:
   U.S. large cap— 93.3 
   U.S. small/mid cap— 24.6 
Global Low Volatility Equity— 34.1 
Non-U.S. equity:
International all cap— 42.7 
International small cap— 18.9 
Emerging markets— 34.1 
Real estate equities
4% to 8%
36.5 36.5 
Fixed income:
45% to 55%
Long-term corporate bonds160.2 102.8 
Long-term government bonds
32.0 — 
U.S. Treasury STRIPS52.9 76.7 
Cash and equivalents
$0 - $5.0
5.0 6.2 
Total$503.9 $469.9 

(1)Our investment policy only sets allocation target ranges for general asset classes and not specific investment types.
(2)During 2025, the assets in the various equity asset categories were consolidated into a single Global equity fund.
Schedule of Expected Benefit Payments
Estimated future annual benefit payments from plan assets are presented below. Such amounts are based on existing benefit formulas and include the effect of future service (in millions):
Pension BenefitsOther Post-Retirement Benefits
Years ending December 31,
2026$41.0 $0.9 
202740.7 0.9 
202840.4 0.9 
202940.2 0.8 
203039.7 0.8 
2031 through 2035189.9 3.6 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]  
Summary Of Components Of Provision For Income Taxes From Continuing Operations
Our income before income taxes and benefit for income taxes for the year ended December 31, 2025 are summarized as follows (in millions):

Income (loss) before income taxes:
Bermuda$(107.4)
Foreign
U.S.
42.2 
Other foreign
617.5 
Total foreign
659.7 
Total income before income taxes$552.3 
Provision (benefit) for income taxes:
Current tax expense:
Bermuda federal$— 
Bermuda state— 
Foreign
U.S.
13.7 
Other foreign
74.6 
Total foreign
88.3 
Total current tax expense
$88.3 
Deferred tax benefit:
Bermuda federal$— 
Bermuda state— 
Foreign
U.S.(1.7)
Other foreign(513.4)
Total foreign(515.1)
Total deferred tax benefit
$(515.1)
Total provision (benefit) for income taxes:
Bermuda federal$— 
Bermuda state— 
Foreign
U.S.12.0 
Other foreign(438.8)
Total foreign(426.8)
Total benefit for income taxes
$(426.8)
Our income before income taxes and provision for income taxes for the years ended December 31, 2024 and 2023 are summarized as follows (in millions):
Years Ended December 31,
20242023
Income before income taxes:
U.S.
$49.8 $30.7 
Non-U.S.
320.4 53.5 
$370.2 $84.2 
Current income tax expense (benefit):
 
U.S.$11.5 $(30.3)
Non-U.S.(16.9)34.1 
 (5.4)3.8 
Deferred income tax expense (benefit): 
U.S.(4.4)1.9 
Non-U.S.10.2 (788.3)
 5.8 (786.4)
Total income tax expense (benefit)$0.4 $(782.6)
Summary Of Effective Income Tax Rate On Continuing Operations Our consolidated effective tax rate reconciliation for the year ended December 31, 2025 is summarized below (in millions, except percentages):
Amount%
Bermuda federal statutory rate$82.8 15.0 %
Changes in valuation allowances16.1 2.9 %
Foreign tax effects
Angola
Withholding taxes16.5 3.0 %
Changes in valuation allowances(8.0)(1.4)%
Other8.4 1.5 %
Brazil
Tax rate differential11.5 2.1 %
Other(3.1)(0.6)%
British Virgin Islands
Tax rate differential6.3 1.1 %
Luxembourg
Changes in valuation allowances(1,092.2)(197.8)%
Prior period tax matters
(54.8)(9.9)%
Cross border income inclusion9.5 1.7 %
State and local tax rate differential9.2 1.7 %
Other4.8 0.9 %
Saudi Arabia
Withholding taxes6.3 1.1 %
Other2.8 0.5 %
Switzerland
Changes in valuation allowances383.9 69.5 %
Prior period tax matters156.2 28.3 %
Tax rate differential(25.2)(4.6)%
State and local tax rate differential
13.4 2.4 %
Global minimum taxes
5.5 1.0 %
Other(1.4)(0.3)%
Trinidad
Tax rate differential6.6 1.2 %
Changes in valuation allowances(5.2)(0.9)%
Other(1.5)(0.3)%
United Kingdom
Changes in valuation allowances10.0 1.8 %
United States
Changes in valuation allowances(17.2)(3.1)%
Expiration of foreign tax credits16.3 3.0 %
Other6.6 1.2 %
Other foreign jurisdictions (1)
12.8 2.3 %
Changes in unrecognized tax benefits(3.7)(0.6)%
Total$(426.8)(77.3)%

(1)Other foreign jurisdictions includes the aggregated remaining foreign jurisdictions for which there were no foreign tax effects reconciling items which exceeded the 5% disclosure threshold.
Our consolidated effective tax rate reconciliations for the years ended December 31, 2024 and 2023 are summarized below (in millions, except percentages):
Years Ended December 31,
20242023
Bermuda statutory income tax rate
— %— %
Non-Bermuda taxes
25.6 74.0 
Valuation allowance(2.3)(953.6)
Resolution of prior year items
(23.2)(49.9)
Effective income tax rate0.1 %(929.5)%
Summary Of Significant Components Of Deferred Income Tax Assets (Liabilities)
The components of deferred income tax assets and liabilities are summarized as follows (in millions):
December 31,
20252024
Deferred tax assets:
 
Net operating loss carryforwards$3,103.9 $3,071.8 
Property and equipment1,397.4 1,555.4 
Interest limitation carryforwards112.9 126.0 
Employee benefits, including share-based compensation28.0 36.6 
Foreign tax credits0.2 16.4 
Other17.9 21.9 
Valuation allowance(3,292.3)(3,971.3)
Total deferred tax assets1,368.0 856.8 
Deferred tax liabilities(26.9)(26.7)
Net deferred tax asset$1,341.1 $830.1 
Summary Of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023 (in millions) were as follows:
Years Ended December 31,
202520242023
Balance, beginning of period$93.5 $201.4 $217.6 
Increases as a result of tax positions taken during prior years
10.2 4.1 88.6 
Decreases as a result of tax positions taken during prior years
(8.6)(1.4)(3.4)
Settlements with taxing authorities(7.0)(103.5)(41.8)
Impact of foreign currency exchange rates6.5 (7.9)0.6 
Increases as a result of tax positions taken during the current year
1.3 2.7 13.4 
Lapse of applicable statutes of limitations(1.1)(1.9)(73.6)
Balance, end of period$94.8 $93.5 $201.4 
v3.25.4
Leases Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Components of Lease Expense
The components of lease expense are as follows (in millions):
Years Ended December 31,
202520242023
Long-term operating lease cost$41.9 $35.4 $24.6 
Short-term operating lease cost21.3 17.6 13.2 
Variable lease cost (1)
13.8 9.8 11.3 
Total operating lease cost$77.0 $62.8 $49.1 
Supplemental Balance Sheet Information
Supplemental balance sheet information related to our operating leases is as follows (in millions, except lease term and discount rate):
December 31,
20252024
Operating lease right-of-use assets$69.3$84.5
Current lease liability$35.6$28.0
Long-term lease liability37.356.9
Total operating lease liabilities$72.9$84.9
Weighted-average remaining lease term (in years)2.53.2
Weighted-average discount rate (1)
7.67 %7.75 %
(1)Represents our estimated incremental borrowing cost on a secured basis for similar terms as the underlying leases.

Supplemental cash flow information related to our operating leases is as follows (in millions):

Years Ended December 31,
202520242023
ROU assets obtained in exchange for operating lease liabilities
$19.4 $39.4 $80.3 
Cash paid for amounts included in the measurement of our operating lease liabilities
$40.1 $34.9 $26.2 
Maturities of Lease Liabilities
Maturities of lease liabilities as of December 31, 2025 were as follows (in millions):
2026$39.8 
202725.4 
20288.3 
20293.5 
20302.7 
Thereafter0.4 
Total lease payments$80.1 
Less imputed interest(7.2)
Total$72.9 
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Schedule Of Segment Reporting Information
Segment information for the years ended December 31, 2025, 2024 and 2023 are presented below (in millions).

Year Ended December 31, 2025
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$1,224.1 $823.4 $571.0 $160.4 $(571.0)$2,207.9 
Reimbursable revenues36.5 89.4 — 35.2 — 161.1 
Total operating revenues
1,260.6 912.8 571.0 195.6 (571.0)2,369.0 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
765.6 486.5 360.7 70.6 (206.3)1,477.1 
Reimbursable expenses
34.3 83.5 — 34.8 — 152.6 
Total contract drilling expenses (exclusive of depreciation)
799.9 570.0 360.7 105.4 (206.3)1,629.7 
Loss on impairment
23.6 3.7 — — — 27.3 
Depreciation
60.5 58.6 114.9 13.2 (100.9)146.3 
General and administrative
— — 28.8 — 68.3 97.1 
Equity in earnings of ARO— — — — 8.4 8.4 
Operating income$376.6 $280.5 $66.6 $77.0 $(323.7)$477.0 
Property and equipment, net$1,225.0 $630.8 $1,236.7 $174.2 $(1,177.9)$2,088.8 
Capital expenditures$144.7 $192.0 $95.6 $— $(88.8)$343.5 

Year Ended December 31, 2024
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$1,382.8 $686.5 $512.5 $142.6 $(512.5)$2,211.9 
Reimbursable revenues57.9 68.4 — 24.4 — 150.7 
Total operating revenues
1,440.7 754.9 512.5 167.0 (512.5)2,362.6 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)930.3 477.1 367.7 63.6 (220.2)1,618.5 
Reimbursable expenses54.9 64.3 — 23.2 — 142.4 
Total contract drilling expenses (exclusive of depreciation)
985.2 541.4 367.7 86.8 (220.2)1,760.9 
Loss on impairment — — 28.4 — (28.4)— 
Depreciation58.1 45.0 89.2 9.5 (79.7)122.1 
General and administrative— — 23.7 — 92.6 116.3 
Equity in losses of ARO— — — — (11.0)(11.0)
Operating income$397.4 $168.5 $3.5 $70.7 $(287.8)$352.3 
Property and equipment, net$1,174.2 $575.3 $1,253.1 $132.8 $(1,202.5)$1,932.9 
Capital expenditures$239.7 $213.1 $285.0 $— $(282.7)$455.1 
Year Ended December 31, 2023
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$902.8 $620.6 $496.6 $152.6 $(496.6)$1,676.0 
Reimbursable revenues45.9 39.0 — 23.3 — 108.2 
Total operating revenues
948.7 659.6 496.6 175.9 (496.6)1,784.2 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)768.4 480.4 365.9 52.6 (226.9)1,440.4 
Reimbursable expenses43.6 37.0 — 22.6 — 103.2 
Total contract drilling expenses (exclusive of depreciation)
812.0 517.4 365.9 75.2 (226.9)1,543.6 
Depreciation55.8 40.0 65.9 5.0 (65.6)101.1 
General and administrative— — 22.2 — 77.1 99.3 
Equity in earnings of ARO— — — — 13.3 13.3 
Operating income$80.9 $102.2 $42.6 $95.7 $(267.9)$53.5 
Property and equipment, net$1,035.5 $480.8 $1,036.6 $52.1 $(971.2)$1,633.8 
Capital expenditures$562.0 $132.3 $300.8 $— $(299.0)$696.1 
Schedule Of Geographic Distribution Of Rigs By Segment
As of December 31, 2025, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
Europe
611—17—
Middle East & Africa277169
North & South America 53—8—
Asia & Pacific Rim13—4—
Held for sale (1)
1——1—
Total15247469
(1)VALARIS DPS-1 was classified as held for sale and warm stacked in Asia Pacific as of December 31, 2025. See "Note 5 - Property and Equipment" for more information regarding VALARIS DPS-1.
Schedule Of Revenues And Long-Lived Assets By Geographical Segment
Information by country for those countries that account for more than 10% of our long-lived assets was as follows (in millions):
 Long-lived Assets
December 31,
20252024
Spain (1)
$627.4 $484.8 
Brazil352.2 413.9 
United States268.7 314.3 
United Kingdom262.1 290.4 
Angola
234.6 132.6 
Other countries (2)
419.5 381.4 
Total$2,164.5 $2,017.4 

(1)Long-lived assets located in Spain primarily consist of rigs which were idle or preservation stacked.
(2)Other countries includes countries where individually we had long-lived assets representing less than 10% of total long-lived assets.
v3.25.4
Supplemental Financial Information (Tables)
 12 Months Ended
Dec. 31, 2025
Supplemental Financial Information [Abstract]  
Accounts Receivable, Net
Accounts receivable, net, consisted of the following (in millions):
December 31,
20252024
Trade$424.1 $502.4 
Income tax receivables 49.8 76.2 
Other15.8 9.2 
 489.7 587.8 
Allowance for doubtful accounts(14.9)(16.6)
 $474.8 $571.2 
Other Current Assets
Other current assets consisted of the following (in millions):
December 31,
20252024
Prepaid taxes
$58.2 $48.5 
Deferred costs37.7 38.6 
Prepaid expenses13.3 13.0 
Other35.5 39.2 
$144.7 $139.3 
Schedule of Accrued Liabilities
Accrued liabilities and other consisted of the following (in millions):
December 31,
20252024
Current contract liabilities (deferred revenues)$87.7 $87.2 
Personnel costs
81.6 89.2 
Income and other taxes payable73.9 57.2 
Lease liabilities35.6 28.0 
Accrued claims21.3 39.5 
Accrued interest
15.4 15.3 
Other27.9 34.6 
 $343.4 $351.0 
Other Liabilities
Other liabilities consisted of the following (in millions):
December 31,
20252024
Unrecognized tax benefits (inclusive of interest and penalties)$136.2 $128.3 
Pension and other post-retirement benefits68.3 106.5 
Noncurrent contract liabilities (deferred revenues)
63.2 71.4 
Lease liabilities
37.3 56.9 
Other20.8 20.1 
 $325.8 $383.2 
Repair And Maintenance Expense Related To Continuing Operations
Repair and maintenance expense related to continuing operations was as follows (in millions):
Years Ended December 31,
202520242023
Repair and maintenance expense$236.2 $239.6 $203.3 
Schedule of Other Nonoperating Income, by Component
Other, net, consisted of the following (in millions):
Years Ended December 31,
202520242023
Net gain (loss) on sale of property$118.6 $(0.2)$28.6 
Net foreign currency exchange gains (losses)(14.3)13.8 (3.5)
Net periodic pension and retiree medical income (loss)
(0.9)2.4 0.9 
Loss on extinguishment of debt
— — (29.2)
Other income (expense)(0.1)0.6 1.4 
$103.3 $16.6 $(1.8)
Schedule of Cash Flows Information
The following table provides a reconciliation of the amount of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Consolidated Statements of Cash Flows (in millions):

December 31,
20252024
Cash and cash equivalents
$599.4 $368.2 
Restricted cash—current (1)
7.0 12.3 
Restricted cash—non-current (1)
11.1 — 
$617.5 $380.5 
(1)Restricted cash consists primarily of collateral on letters of credit of $16.3 million and $10.8 million as of December 31, 2025 and 2024, respectively. Restricted cash—current is included in Other current assets and restricted cash—non-current is included in Other assets in our Consolidated Balance Sheets. See "Note 11 - Commitments and Contingencies" for more information regarding our letters of credit.

Net cash provided by operating activities attributable to the net change in operating assets and liabilities was as follows (in millions):
Years Ended December 31,
202520242023
(Increase) decrease in accounts receivable$119.2 $(64.9)$44.9 
(Increase) decrease in other assets
2.6 23.4 (6.5)
Increase (decrease) in liabilities(42.9)(91.7)82.8 
$78.9 $(133.2)$121.2 
Cash paid (received) for income taxes, net, which includes taxes withheld by third parties on our behalf, for the year ended December 31, 2025 was as follows (in millions) (1):

Bermuda federal$— 
Foreign
Australia (2)
(23.7)
Brazil18.6 
United States16.8 
Angola13.1 
Malaysia8.0 
Trinidad6.9 
Saudi Arabia4.2 
Other (3)
17.6 
Total foreign61.5 
$61.5 
(1)During the fourth quarter of 2025, we adopted Update 2023-09 (see "Note 1 - Description of the Business and Summary of Significant Accounting Policies" for further discussion on Update 2023-09) on a prospective basis. As such, we have updated the cash paid for income tax disclosure presentation for the year ended December 31, 2025 in order to comply with the new guidance, but have not retrospectively applied these presentational changes to any of the prior periods presented.
(2)During 2025, we received income tax refunds of approximately $26.0 million from the Australian tax authorities in connection with a settlement agreement for previously issued tax assessments. Refer to "Note 10 - Income Taxes" for further information regarding this settlement agreement.
(3)Other represents the aggregation of jurisdictions which did not individually exceed the 5% disaggregation threshold.

Cash paid (refunded) for income taxes, net, which includes withholding taxes withheld by third parties on our behalf, for the years ended December 31, 2024 and 2023 were as follows (in millions):

Years Ended December 31,
20242023
Income taxes paid (refunded), net (1) (2)
$55.6 $(8.3)

(1)We received U.S. income tax refunds totaling $35.9 million in 2024 primarily related to an Internal Revenue Service examination of one of our subsidiaries' 2009-2012 tax returns.
(2)We received an income tax refund of $45.9 million in 2023 related to the U.S. Coronavirus Aid, Relief, and Economic Security Act.
Cash Paid For Interest And Income Taxes
Additional cash flow information was as follows (in millions):
Years Ended December 31,
202520242023
Cash paid for interest
Interest paid, net of amounts capitalized$90.5 $78.3 $32.3 
Non-cash investing activities
Accruals for capital expenditures as of period end (1)
$52.0 $36.2 $71.5 
(1)Accruals for capital expenditures were excluded from investing activities in our Consolidated Statements of Cash Flows.
Revenue from External Customers by Products and Services Consolidated revenues with customers that individually contributed 10% or more of revenue in the years ended December 31, 2025, 2024 and 2023 were as follows:
Year Ended December 31, 2025
FloatersJackupsOtherTotal
Petróleo Brasileiro S.A. ("Petrobras")
13 %— %— %13 %
BP plc ("BP")3 %3 %6 %12 %
Azule Energy ("Azule")
7 %3 %— %10 %
Other customers (1)
30 %33 %2 %65 %
53 %39 %8 %100 %

Year Ended December 31, 2024
FloatersJackupsOtherTotal
BP
9 %3 %5 %17 %
Petrobras
9 %— %— %9 %
Azule
4 %— %— %4 %
Other customers (1)
39 %29 %2 %70 %
61 %32 %7 %100 %
Year Ended December 31, 2023
FloatersJackupsOtherTotal
BP
— %5 %6 %11 %
Petrobras
4 %— %— %4 %
Other customers (1)
49 %32 %4 %85 %
53 %37 %10 %100 %
(1)Other customers includes customers that individually contributed to less than 10% of our total revenues.
Revenue from External Customers by Geographic Areas
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):

Year Ended December 31, 2025
FloatersJackupsOtherTotal
Brazil
$587.3 $— $— $587.3 
United Kingdom
— 391.8 — 391.8 
Gulf of America
223.3 — 119.1 342.4 
Angola
219.5 74.0 — 293.5 
Australia
145.9 128.2 — 274.1 
Other countries (1)
84.6 318.8 76.5 479.9 
$1,260.6 $912.8 $195.6 $2,369.0 

Year Ended December 31, 2024
FloatersJackupsOtherTotal
Brazil
$497.9 $— $— $497.9 
United Kingdom
— 375.2 — 375.2 
Gulf of America
245.4 10.3 111.7 367.4 
Australia172.1 104.3 — 276.4 
Angola
196.7 — — 196.7 
Other countries (1)
328.6 265.1 55.3 649.0 
$1,440.7 $754.9 $167.0 $2,362.6 

Year Ended December 31, 2023
FloatersJackupsOtherTotal
Gulf of America
$220.9 $27.2 $104.7 $352.8 
United Kingdom— 267.2 — 267.2 
Angola
210.9 — — 210.9 
Brazil195.0 — — 195.0 
Australia
157.0 29.9 — 186.9 
Other countries (1)
164.9 335.3 71.2 571.4 
$948.7 $659.6 $175.9 $1,784.2 
(1)Other countries includes locations that individually contributed to less than 10% of total revenues.
v3.25.4
Description Of The Business And Summary Of Significant Accounting Policies (Narrative) (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
floater
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Feb. 19, 2026
jackup
floater
Apr. 30, 2021
$ / shares
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]          
Net foreign currency exchange gains (losses) | $ $ (14.3) $ 13.8 $ (3.5)    
Asset Impairment Charges | $ $ 27.3 $ 0.0 $ 0.0    
Class of Warrant or Right, Outstanding | shares 5,470,801        
Common Stock, Par or Stated Value Per Share | $ / shares $ 0.01 $ 0.01      
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares         $ 131.88
Antidilutive share options excluded from computation of diluted earnings per share | shares 217,000 160,000 147,000    
Subsequent Event          
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]          
Number of contract drilling rigs       46  
Drilling rigs and equipment [Member] | Minimum          
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]          
Property, Plant and Equipment, Useful Life 3 years        
Drilling rigs and equipment [Member] | Maximum          
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]          
Property, Plant and Equipment, Useful Life 35 years        
Building and Building Improvements [Member] | Minimum          
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]          
Property, Plant and Equipment, Useful Life 10 years        
Building and Building Improvements [Member] | Maximum          
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]          
Property, Plant and Equipment, Useful Life 30 years        
Equipment [Member] | Minimum          
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]          
Property, Plant and Equipment, Useful Life 2 years        
Equipment [Member] | Maximum          
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]          
Property, Plant and Equipment, Useful Life 6 years        
Floaters [Member] | Ultra Deepwater Drillships [Member]          
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]          
Number of contract drilling rigs 13        
Floaters [Member] | Dynamically Positioned Semisubmersible [Member]          
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]          
Number of contract drilling rigs 2        
Jackups [Member] | Subsequent Event          
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]          
Number of contract drilling rigs | jackup       31  
ARO | Subsequent Event          
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]          
Number of contract drilling rigs       9  
v3.25.4
Description Of The Business And Summary Of Significant Accounting Policies (Schedule Of Income From Continuing Operations Attributable To Valaris) (Details) - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
NET LOSS ATTRIBUTABLE TO VALARIS $ 982.8 $ 373.4 $ 865.4
Basic 70,600 72,100 74,100
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements 300 800 1,100
Diluted 70,900 72,900 75,200
v3.25.4
Revenue from Contracts with Customers Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Capitalized Contract Cost, Net $ 44.2    
Minimum      
Disaggregation of Revenue [Line Items]      
Drilling Contracts, Term 1 month    
Maximum      
Disaggregation of Revenue [Line Items]      
Drilling Contracts, Term 5 years    
Upfront Rig Mobilizations And Certain Contract Preparation [Member]      
Disaggregation of Revenue [Line Items]      
Capitalized Contract Cost, Net $ 36.6 $ 47.4  
Capitalized Contract Cost, Amortization 39.6 108.4 $ 92.9
Deferred Certification Costs [Member]      
Disaggregation of Revenue [Line Items]      
Capitalized Contract Cost, Net 7.6 12.9  
Capitalized Contract Cost, Amortization $ 8.5 $ 10.1 $ 12.7
v3.25.4
Revenue from Contracts with Customers Components of Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract with Customer, Asset, Net, Current $ 4.3 $ 1.3
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent 12.8 5.5
Contract with Customer, Liability, Current 87.7 87.2
Contract with Customer, Liability, Noncurrent 63.2 71.4
Change in Contract With Customer, Asset [Roll Forward]    
Contract with Customer, Asset, after Allowance for Credit Loss 6.8 6.0
Revenue from Contract with Customer, Excluding Assessed Tax 11.9 9.6
Contract with Customer, Asset, Reclassified to Receivable (1.6) (8.8)
Contract with Customer, Asset, after Allowance for Credit Loss 17.1 6.8
Change in Contract With Customer, Liability [Roll Forward]    
Contract with Customer, Liability 158.6 153.8
Increase in Contract Liability due to Revenue Deferred During the Period 107.7 213.8
Contract with Customer, Liability, Revenue Recognized, Included In Beginning Balance (81.1) (104.1)
Contract with Customer, Liability, Revenue Recognized, Added During Period (26.1) (77.2)
Increase (Decrease) in Contract with Customer, Liability (8.2) (27.7)
Contract with Customer, Liability $ 150.9 $ 158.6
v3.25.4
Revenue from Contracts with Customers Future Amortization of Contract Liabilities and Deferred Costs (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred contract costs $ 44.2
Revenue, Remaining Performance Obligation, Amount 150.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Capitalized Contract Cost, Amortization Expense, Next Fiscal Year 37.7
Revenue, Remaining Performance Obligation, Amount $ 87.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Capitalized Contract Cost, Amortization Expense, Year Two $ 6.3
Revenue, Remaining Performance Obligation, Amount $ 39.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Capitalized Contract Cost, Amortization Expense, Year Three $ 0.2
Revenue, Remaining Performance Obligation, Amount $ 8.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Capitalized Contract Cost, Amortization Expense, Year Four and Thereafter $ 0.0
Revenue, Remaining Performance Obligation, Amount $ 15.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
v3.25.4
Equity Method Investment in ARO Equity Method Investment In ARO Narrative (Details)
RM in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
rigs
jackup
drillship
Dec. 31, 2025
MYR (RM)
rigs
jackup
drillship
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jan. 31, 2020
rigs
Schedule of Equity Method Investments [Line Items]          
Total number of contract drilling rigs 46 46      
Number of jackups leased by ARO 7 7      
Contract terms on purchased rigs 15 years 15 years      
Number of newbuild jackup rigs         2
Minimum renewal contract terms for newbuild rigs 8 years 8 years      
Basis spread on variable rate 2.10% 2.10%      
Shareholder Notes Payable, Term 10 years 10 years      
ARO Rigs Under Construction | jackup 2 2      
Paid-in-Kind Interest $ 24.1 RM 24.1 $ 24.6    
ARO          
Schedule of Equity Method Investments [Line Items]          
Total number of contract drilling rigs 9 9      
ARO | 10 years          
Schedule of Equity Method Investments [Line Items]          
Number of newbuild jackup rigs 20 20      
ARO          
Schedule of Equity Method Investments [Line Items]          
Lease Revenue From Related Party | $ $ 69.4   $ 52.6 $ 69.2  
Total Number Of Contract Drilling Rigs, Newbuild | drillship 2 2      
ARO          
Schedule of Equity Method Investments [Line Items]          
Ownership percentage 50.00% 50.00%      
v3.25.4
Equity Method Investment in ARO Equity Method Investment In ARO - Summarized Financial Data (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]      
Total operating revenues $ 2,369.0 $ 2,362.6 $ 1,784.2
Cost of Product and Service Sold 1,629.7 1,760.9 1,543.6
Loss on impairment 27.3 0.0 0.0
Depreciation 146.3 122.1 101.1
General and administrative 97.1 116.3 99.3
OPERATING INCOME 477.0 352.3 53.5
Nonoperating Income (Expense) (75.3) (17.9) (30.7)
Total provision for income taxes (426.8) 0.4 (782.6)
NET INCOME ATTRIBUTABLE TO VALARIS 982.8 373.4 865.4
ASSETS      
Cash and cash equivalents 599.4 368.2  
Other 144.7 139.3  
TOTAL ASSETS 5,304.8 4,419.8  
Liabilities [Abstract]      
Liabilities, Current 691.6 679.5  
Liabilities 2,133.1 2,175.5  
Total assets 438.5 368.9  
Investment Owned, Balance [Abstract]      
EQUITY IN EARNINGS (LOSSES) OF ARO 8.4 (11.0) 13.3
ARO      
Related Party Transactions [Abstract]      
Lease Revenue From Related Party 69.4 52.6 69.2
ARO      
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]      
Total operating revenues 571.0 512.5 496.6
Cost of Product and Service Sold 360.7 367.7 365.9
Loss on impairment 0.0 28.4 0.0
Depreciation 114.9 89.2 65.9
General and administrative 28.8 23.7 22.2
OPERATING INCOME 66.6 3.5 42.6
Nonoperating Income (Expense) 59.5 55.5 31.8
Total provision for income taxes 15.7 (4.8) 8.3
NET INCOME ATTRIBUTABLE TO VALARIS (8.6) (47.2) 2.5
ASSETS      
Cash and cash equivalents 99.3 50.0  
Other 148.3 127.7  
Assets, Noncurrent 1,266.1 1,291.1  
TOTAL ASSETS 1,513.7 1,468.8  
Liabilities [Abstract]      
Liabilities, Current 139.0 146.6  
Liabilities, Noncurrent 1,263.8 1,202.7  
Liabilities 1,402.8 1,349.3  
ARO | Assets, Total      
Liabilities [Abstract]      
Total assets 516.6 426.1  
ARO | Liabilities, Total      
Liabilities [Abstract]      
Total assets 78.1 57.2  
ARO      
Investment Owned, Balance [Abstract]      
50% interest in ARO net income (loss) (4.3) (23.6) 1.3
Amortization of basis differences 12.7 12.6 12.0
EQUITY IN EARNINGS (LOSSES) OF ARO $ 8.4 $ (11.0) $ 13.3
v3.25.4
Equity Method Investment in ARO - Schedule of Related Parties (Details)
RM in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
MYR (RM)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2024
USD ($)
Schedule of Equity Method Investments [Line Items]          
Accounts receivable, net $ 474.8   $ 571.2    
Contract with Customer, Asset, after Allowance for Credit Loss 17.1   6.8 $ 6.0  
Contract with Customer, Liability 150.9   158.6 153.8  
Accounts payable - trade 348.2   328.5    
LONG-TERM NOTES RECEIVABLE FROM ARO 345.0   296.2    
Paid-in-Kind Interest 24.1 RM 24.1 24.6    
Paid-in-Kind Interest 24.1 RM 24.1 24.6    
ARO          
Schedule of Equity Method Investments [Line Items]          
Accounts receivable, net 47.8   16.5    
Contract with Customer, Asset, after Allowance for Credit Loss 2.0   0.0    
Contract with Customer, Liability 16.3   14.1    
Accounts payable - trade 61.8   43.1    
Principal amount (1) 400.7   376.6    
Discount (55.7)   (80.4)    
LONG-TERM NOTES RECEIVABLE FROM ARO 345.0   296.2    
Lease Revenue From Related Party 69.4   52.6 69.2  
Reimbursable Lease Revenue From Related Party $ 4.2        
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] EQUITY IN EARNINGS (LOSSES) OF ARO EQUITY IN EARNINGS (LOSSES) OF ARO      
Lease Revenue From Related Party including reimbursable revenues $ 73.6   52.6 69.2  
Interest income 24.1   24.6 30.5  
Non-cash amortization (1)(2) 24.7   40.0 28.3  
Interest Income, Operating 48.8   64.6 58.8  
Non-cash amortization (1)(2) $ 24.7   40.0 $ 28.3  
ARO | Net Settlement Agreement          
Schedule of Equity Method Investments [Line Items]          
Accounts payable - trade         $ 50.7
Non-cash amortization (1)(2)     13.9    
Non-cash amortization (1)(2)     $ 13.9    
v3.25.4
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details)
RM in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
MYR (RM)
Dec. 31, 2024
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
LONG-TERM NOTES RECEIVABLE FROM ARO $ 345.0   $ 296.2
Paid-in-Kind Interest 24.1 RM 24.1 24.6
Reported Value Measurement [Member]      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
LONG-TERM NOTES RECEIVABLE FROM ARO 345.0   296.2
Reported Value Measurement [Member] | Senior Secured Second Lien Notes | Senior Notes [Member]      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Long-term Debt 1,086.0   1,082.7
Estimate of Fair Value Measurement [Member]      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
LONG-TERM NOTES RECEIVABLE FROM ARO 403.8   378.3
Estimate of Fair Value Measurement [Member] | Senior Secured Second Lien Notes | Senior Notes [Member]      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Long-term Debt $ 1,144.9   $ 1,112.7
v3.25.4
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment $ 2,598.3 $ 2,309.4
Work in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment 590.3 607.6
Other Capitalized Property Plant and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment 49.2 40.9
Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment $ 1,958.8 $ 1,660.9
v3.25.4
Property And Equipment (Narrative) (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended 24 Months Ended
Jan. 31, 2026
USD ($)
Apr. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
jackup
Mar. 31, 2025
USD ($)
drillship
Dec. 31, 2024
USD ($)
Mar. 31, 2025
USD ($)
drillship
Dec. 31, 2025
USD ($)
jackup
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2027
USD ($)
Property, Plant and Equipment [Line Items]                    
Loss on impairment             $ 27.3 $ 0.0 $ 0.0  
PROPERTY AND EQUIPMENT, AT COST     $ 2,598.3   $ 2,309.4   2,598.3 2,309.4    
Proceeds from disposition of assets             137.9 2.8 30.3  
Proceeds from disposition of assets             $ 137.9 2.8 30.3  
Semisubmersible Rigs, Retired | drillship       3   3        
Jackup Rigs, Retired | jackup     2       2      
Angola Office Building                    
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 [Member] | Jackups Member                    
Property, Plant and Equipment [Line Items]                    
Loss on impairment             3.7 0.0    
Operating Segments [Member] | Floaters [Member]                    
Property, Plant and Equipment [Line Items]                    
Loss on impairment             23.6 $ 0.0    
V54 | Operating Segments [Member] | Jackups Member                    
Property, Plant and Equipment [Line Items]                    
Gain (Loss) on Disposition of Other Assets                 $ 27.3  
V75 | Operating Segments [Member] | 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 [Member] | Jackups Member | Subsequent Event                    
Property, Plant and Equipment [Line Items]                    
Proceeds from disposition of assets $ 5.0                 $ 5.0
Proceeds from disposition of assets $ 5.0                 $ 5.0
V247 | Operating Segments [Member] | 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      
DPS-3, DPS-5 & DPS-6 | Operating Segments [Member] | Floaters [Member]                    
Property, Plant and Equipment [Line Items]                    
Loss on impairment             7.8      
Proceeds from disposition of assets   $ 10.0                
Proceeds from disposition of assets   $ 10.0                
DPS-1 | Operating Segments [Member] | Floaters [Member]                    
Property, Plant and Equipment [Line Items]                    
Loss on impairment             15.8      
V102 & V145 | Operating Segments [Member] | Jackups Member                    
Property, Plant and Equipment [Line Items]                    
Proceeds from disposition of assets     $ 0.5              
Proceeds from disposition of assets     $ 0.5              
V102 & V145 | Operating Segments [Member] | Jackups Member                    
Property, Plant and Equipment [Line Items]                    
Loss on impairment             $ 3.7      
v3.25.4
Debt (Narrative) (Details) - USD ($)
 12 Months Ended
Aug. 21, 2023
May 03, 2023
Apr. 19, 2023
Apr. 03, 2023
Apr. 30, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Extinguishment of Debt [Line Items]                
Repayments of Long-term Debt           $ 0 $ 0 $ 571,800,000
Loss on extinguishment of debt           $ 0 $ 0 29,200,000
Basis spread on variable rate           2.10%    
Revolving Credit Facility [Member]                
Extinguishment of Debt [Line Items]                
Line of Credit Facility, Maximum Borrowing Capacity       $ 375,000,000.0        
Line of Credit Facility, Additional Borrowing Capacity       200,000,000.0        
Line of Credit Facility, Fair Value of Amount Outstanding           $ 0    
Revolving Credit Facility [Member] | Letter of Credit                
Extinguishment of Debt [Line Items]                
Line of Credit Facility, Additional Borrowing Capacity       $ 150,000,000.0        
Federal Fund Rate Plus One Half Member | Revolving Credit Facility [Member] | Federal Funds Rate                
Extinguishment of Debt [Line Items]                
Basis spread on variable rate       0.50%        
Maximum | Revolving Credit Facility [Member]                
Extinguishment of Debt [Line Items]                
Line of Credit Facility, Commitment Fee Percentage       0.75%        
Maximum | Term SOFR Plus One Tenth Member | Revolving Credit Facility [Member] | Standards & Poor's Financial Services LLC                
Extinguishment of Debt [Line Items]                
Basis spread on variable rate       3.00%        
Maximum | Term SOFR Plus One Tenth Member | Revolving Credit Facility [Member] | Moody's Investors Service, Inc.                
Extinguishment of Debt [Line Items]                
Basis spread on variable rate       4.00%        
Maximum | Term SOFR Plus One Tenth Member | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR)                
Extinguishment of Debt [Line Items]                
Basis spread on variable rate       0.10%        
Maximum | Term SOFR Plus One and One Tenth Member | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR)                
Extinguishment of Debt [Line Items]                
Basis spread on variable rate       1.10%        
Minimum | Revolving Credit Facility [Member]                
Extinguishment of Debt [Line Items]                
Line of Credit Facility, Commitment Fee Percentage       0.375%        
Minimum | Term SOFR Plus One Tenth Member | Revolving Credit Facility [Member] | Standards & Poor's Financial Services LLC                
Extinguishment of Debt [Line Items]                
Basis spread on variable rate       1.50%        
Minimum | Term SOFR Plus One Tenth Member | Revolving Credit Facility [Member] | Moody's Investors Service, Inc.                
Extinguishment of Debt [Line Items]                
Basis spread on variable rate       2.50%        
Minimum | Term SOFR Plus One Tenth Member | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR)                
Extinguishment of Debt [Line Items]                
Basis spread on variable rate       0.00%        
Minimum | Floor for Term SOFR and One and One Tenth Member | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR)                
Extinguishment of Debt [Line Items]                
Basis spread on variable rate       1.00%        
First Lien Notes | Senior Notes [Member]                
Extinguishment of Debt [Line Items]                
DebtInstrumentRedemptionPricePercentOfNetCashProceedsFromEquityOffering         104.00%      
Repayments of Long-term Debt   $ 571,800,000            
Loss on extinguishment of debt               $ 29,200,000
Initial Second Lien Notes | Senior Notes [Member]                
Extinguishment of Debt [Line Items]                
Debt Instrument, Face Amount     $ 700,000,000.0          
Proceeds from Issuance of Debt     $ 681,400,000          
Debt Instrument, Triggering Event, Redemption Price Percentage       101.00%        
Initial Second Lien Notes | Senior Notes [Member] | Debt Instrument Principle Percentage Redemption, Three                
Extinguishment of Debt [Line Items]                
Debt Instrument, Redemption Price, Percentage     100.00%          
Additional Second Lien Notes | Senior Notes [Member]                
Extinguishment of Debt [Line Items]                
Debt Instrument, Face Amount $ 400,000,000.0              
Proceeds from Issuance of Debt $ 396,900,000              
Debt Instrument, Issued, Percentage of Par 100.75%              
Debt Instrument, Increase, Accrued Interest $ 11,400,000              
Second Lien Notes | Senior Notes [Member]                
Extinguishment of Debt [Line Items]                
Debt instrument interest rate stated percentage     837.50%          
Debt Instrument, Interest Rate, Effective Percentage     8.76%          
Second Lien Notes | Senior Notes [Member] | Federal Fund Rate Plus One Half Member                
Extinguishment of Debt [Line Items]                
Principle redemption     40.00%          
Debt Instrument, Redemption Price, Percentage     108.375%          
Second Lien Notes | Senior Notes [Member] | Term SOFR Plus One Tenth Member                
Extinguishment of Debt [Line Items]                
Principle redemption     10.00%          
Debt Instrument, Redemption Price, Percentage     103.00%          
Second Lien Notes | Senior Notes [Member] | Debt Instrument, Redemption, Period One                
Extinguishment of Debt [Line Items]                
Debt Instrument, Redemption Price, Percentage     104.188%          
Second Lien Notes | Senior Notes [Member] | Debt Instrument, Redemption, Period Three                
Extinguishment of Debt [Line Items]                
Debt Instrument, Redemption Price, Percentage     100.00%          
Reorganization, Chapter 11, Plan Effect Adjustment                
Extinguishment of Debt [Line Items]                
Debt Instrument, Face Amount         $ 550,000,000.0      
v3.25.4
Debt Instrument Redemption (Details) - Second Lien Notes - Senior Notes [Member]
Apr. 19, 2023
Debt Instrument, Redemption, Period One  
Debt Instrument, Redemption [Line Items]  
Debt Instrument, Redemption Price, Percentage 104.188%
Debt Instrument, Redemption, Period Two  
Debt Instrument, Redemption [Line Items]  
Debt Instrument, Redemption Price, Percentage 102.094%
Debt Instrument, Redemption, Period Three  
Debt Instrument, Redemption [Line Items]  
Debt Instrument, Redemption Price, Percentage 100.00%
v3.25.4
Debt - Interest Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]      
Interest expense, net $ 98.8 $ 84.8 $ 68.9
Interest Costs Capitalized 1.9 15.9 5.6
Amortization of Debt Discount (Premium) $ 6.6 $ 6.6 $ 5.0
v3.25.4
Shareholders' Equity (Schedule Of Activity In Our Various Shareholders' Equity) (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
BALANCE $ 2,244.3    
Net income 979.1 $ 369.8 $ 866.8
Share-based compensation cost (25.2) (27.7) (27.3)
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits (24.5) (10.9) (10.8)
Net other comprehensive income (loss) 26.7 9.0 10.5
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (3.6) (29.9) (5.4)
Foreign currency translation adjustments 2.2 (1.9) (0.3)
Treasury Stock, Value, Acquired, Cost Method 100.0 125.0 $ 200.0
BALANCE $ 3,171.7 $ 2,244.3  
Non-U.S. Subsidiary      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Subsidiary, Ownership Percentage, Noncontrolling Owner   51.00%  
Common Stock [Member]      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
BALANCE, shares 76.2 75.4 75.2
BALANCE $ 0.8 $ 0.8 $ 0.8
Shares Issued Under Share Based Compensation Plans, Shares 0.2 0.8 0.2
BALANCE, shares 76.4 76.2 75.4
BALANCE $ 0.8 $ 0.8 $ 0.8
Additional Paid-In Capital [Member]      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
BALANCE 1,113.3 1,119.8 1,097.9
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests   4.1  
Noncontrolling Interest, Increase from Sale of Parent Equity Interest   (8.4)  
BALANCE 1,134.9 1,113.3 1,119.8
Retained Earnings [Member]      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
BALANCE 1,398.9 1,025.5 160.1
Net income 982.8 373.4 865.4
BALANCE 2,381.7 1,398.9 1,025.5
AOCI [Member]      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
BALANCE 34.2 25.2 14.7
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits 24.5 10.9 10.8
Foreign currency translation adjustments 2.2 (1.9) (0.3)
BALANCE 60.9 34.2 25.2
Noncontrolling Interest [Member]      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
BALANCE 5.8 9.4 8.0
Net income (3.7) (3.6) 1.4
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests   (8.4)  
Noncontrolling Interest, Increase from Sale of Parent Equity Interest   8.4  
BALANCE 2.1 5.8 9.4
Warrant      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
BALANCE 16.4 16.4 16.4
BALANCE 16.4 16.4 16.4
Treasury Stock, Common      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
BALANCE (325.1) (200.1) 0.0
Treasury Stock, Value, Acquired, Cost Method (100.0) (125.0) (200.1)
BALANCE $ (425.1) $ (325.1) $ (200.1)
v3.25.4
Shareholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stockholders' Equity Note [Abstract]      
Treasury Stock, Shares, Acquired 2,000,000.0 2,200,000 3,000,000.0
Treasury Stock, Value, Acquired, Cost Method $ 100.0 $ 125.0 $ 200.0
Shares Acquired, Average Cost Per Share $ 49.78 $ 56.11 $ 66.77
v3.25.4
Shareholders' Equity Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended
Sep. 30, 2022
Dec. 31, 2025
Shareholders' Equity Note [Abstract]    
Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation 600.0  
Share Repurchase Program, Remaining Authorized, Amount   $ 175.0
v3.25.4
Share Based Compensation (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended 36 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2025
Apr. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 6,200,000       6,200,000  
Recognized compensation expense $ 7.7 $ 10.6 $ 11.7      
Operating Expenses [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Recognized compensation expense 17.9 17.5 15.8      
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Recognized compensation expense 9.3 8.8 6.8      
General and administrative            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Recognized compensation expense $ 8.6 $ 8.7 $ 9.0      
Performance Based Awards            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Recognized compensation cost, weighted-average period, years 1 year 7 months 6 days          
Unrecognized compensation cost on awards $ 8.4       $ 8.4  
Granted (in dollars per share) $ 28.92 $ 63.05 $ 62.09      
Share option awards, exercisable, increment 3 years          
Non Vested Share Awards, Equity Classified [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Recognized compensation cost, weighted-average period, years 1 year 4 months 24 days          
Unrecognized compensation cost on awards $ 28.3       $ 28.3  
Management Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized           9,000,000.0
Management Incentive Plan | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-Based Compensation Awards, Performance Targets       150.00% 200.00%  
Management Incentive Plan | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-Based Compensation Awards, Performance Targets       0.00% 0.00%  
Non Vested Share Awards, Equity Classified [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted (in dollars per share) $ 43.58 $ 69.89 $ 63.22      
v3.25.4
Share Based Compensation (Summary Of Non-Vested Share Award Related Compensation Expense Recognized) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Non-vested share award related compensation expense $ 7.7 $ 10.6 $ 11.7
Tax benefit (0.5) (1.1) (1.6)
Total non-vested share award related compensation expense included in net income 17.4 16.4 14.2
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Non-vested share award related compensation expense 9.3 8.8 6.8
General and administrative      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Non-vested share award related compensation expense 8.6 8.7 9.0
Operating Expenses [Member]      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Non-vested share award related compensation expense $ 17.9 $ 17.5 $ 15.8
v3.25.4
Share Based Compensation (Summary Of Value Of Non-Vested Share Awards Granted And Vested) (Details) - Non Vested Share Awards, Equity Classified [Member] - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in dollars per share) $ 43.58 $ 69.89 $ 63.22
Total fair value of non-vested share awards vested during the period (in millions) $ 13,400 $ 30,000 $ 25,200
v3.25.4
Share Based Compensation (Summary Of Non-Vested Share Award Activity) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Non Vested Share Awards, Equity Classified [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Beginning balance (in shares) 597,000,000    
Granted (in shares) 494,000,000    
Vested (in shares) 307,000,000    
Forfeited (in shares) 3,000,000    
Ending balance (in shares) 781,000,000 597,000,000  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]      
Beginning balance (in dollars per share) $ 60.58    
Granted (in dollars per share) 43.58 $ 69.89 $ 63.22
Vested (in dollars per share) 56.80    
Forfeited (in dollars per share) 58.00    
Ending balance (in dollars per share) $ 51.32 $ 60.58  
Performance Based Awards      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Beginning balance (in shares) 271,000    
Ending balance (in shares) 507,000 271,000  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]      
Beginning balance (in dollars per share) $ 61.69    
Ending balance (in dollars per share) $ 46.42 $ 61.69  
Performance Based Awards | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Granted (in shares) 0    
Performance Based Awards | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Granted (in shares) 472,000    
Market-Based Objectives      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Granted (in shares) 236,000    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]      
Granted (in dollars per share) $ 28.92    
v3.25.4
Share Based Compensation (Summary of Purchase Plan Valuation Assumptions) (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Expected price volatility 48.00% 49.00% 60.00%
Expected dividend yield 0.00% 0.00% 0.00%
Risk-free interest rate 3.90% 4.31% 4.32%
v3.25.4
Pension and Other Postretirement Benefits Pension Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Net benefit liabilities $ 71.2 $ 111.6  
Net projected benefit obligations, current $ 2.9 $ 5.1  
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 6.44% 6.88% 7.10%
Liability, Defined Benefit Plan, Noncurrent $ 68.3 $ 106.5  
Employer contributions 16.0 20.9  
Defined Benefit Plan, Expected Return (Loss) on Plan Assets 29.4 31.6 $ 31.4
Defined Benefit Plan, Plan Assets, Amount 503.9 469.9 471.2
Interest cost $ 31.0 $ 29.8 31.2
Savings Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent 6.00% 5.00%  
Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 6.62%    
Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets   6.44%  
Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Net benefit liabilities $ 61.1 $ 101.4  
Net projected benefit obligations, current 2.0 4.1  
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year 19.2    
Liability, Defined Benefit Plan, Noncurrent 59.1 97.3  
Employer contributions 16.0 20.9  
Defined Benefit Plan, Plan Assets, Amount 503.9 469.9 471.2
Interest cost 30.5 29.3  
Other Postretirement Benefits Plans And Supplemental Employee Retirement Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Net benefit liabilities 10.1 10.2  
Net projected benefit obligations, current 0.9 1.0  
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year 0.9    
Liability, Defined Benefit Plan, Noncurrent 9.2 9.2  
Employer contributions 0.0 0.0  
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0 $ 0.0
Interest cost $ 0.5 $ 0.5  
v3.25.4
Pension and Other Post-retirement Benefits Changes in Benefit Obligations and Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Projected benefit obligation:      
BALANCE at the beginning of the period $ 581.5 $ 617.5  
Interest cost 31.0 29.8 $ 31.2
Actuarial loss (gain) 5.3 (22.8)  
Benefits paid (42.7) (43.0)  
Defined Benefit Plan, Accumulated Benefit Obligation 575.1 581.5  
BALANCE at the end of the period 575.1 581.5 617.5
Plan assets      
Fair value, at the beginning of the period 469.9 471.2  
Actual return 60.1 20.2  
Employer contributions 16.0 20.9  
Foreign currency adjustments 42.1 42.4  
Fair value, at the end of the period 503.9 469.9 471.2
Accumulated contributions less than net periodic benefit cost (132.1) (148.0)  
Amounts recognized in Consolidated Balance Sheet:      
Accrued liabilities (2.9) (5.1)  
Other liabilities (long-term) (68.3) (106.5)  
Net benefit liabilities (71.2) (111.6)  
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]      
Actuarial gain 61.1 36.6  
Prior service cost (0.2) (0.2)  
Total accumulated other comprehensive income $ 60.9 $ 36.4  
Weighted-average assumptions:      
Cash balance interest credit rate 3.72% 3.26%  
Pension Plan [Member]      
Projected benefit obligation:      
BALANCE at the beginning of the period $ 571.3 $ 606.5  
Interest cost 30.5 29.3  
Actuarial loss (gain) 5.3 (22.1)  
Benefits paid (42.1) (42.4)  
BALANCE at the end of the period 565.0 571.3 606.5
Plan assets      
Fair value, at the beginning of the period 469.9 471.2  
Actual return 60.1 20.2  
Employer contributions 16.0 20.9  
Foreign currency adjustments 42.1 42.4  
Fair value, at the end of the period 503.9 469.9 471.2
Accumulated contributions less than net periodic benefit cost (114.1) (129.5)  
Amounts recognized in Consolidated Balance Sheet:      
Accrued liabilities (2.0) (4.1)  
Other liabilities (long-term) (59.1) (97.3)  
Net benefit liabilities (61.1) (101.4)  
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]      
Actuarial gain 53.2 28.3  
Prior service cost (0.2) (0.2)  
Total accumulated other comprehensive income $ 53.0 $ 28.1  
Weighted-average assumptions:      
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 5.34% 5.54%  
Other Postretirement Benefits Plans And Supplemental Employee Retirement Plans [Member]      
Projected benefit obligation:      
BALANCE at the beginning of the period $ 10.2 $ 11.0  
Interest cost 0.5 0.5  
Actuarial loss (gain) 0.0 (0.7)  
Benefits paid (0.6) (0.6)  
BALANCE at the end of the period 10.1 10.2 11.0
Plan assets      
Fair value, at the beginning of the period 0.0 0.0  
Actual return 0.0 0.0  
Employer contributions 0.0 0.0  
Foreign currency adjustments 0.0 0.0  
Fair value, at the end of the period 0.0 0.0 $ 0.0
Accumulated contributions less than net periodic benefit cost (18.0) (18.5)  
Amounts recognized in Consolidated Balance Sheet:      
Accrued liabilities (0.9) (1.0)  
Other liabilities (long-term) (9.2) (9.2)  
Net benefit liabilities (10.1) (10.2)  
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]      
Actuarial gain 7.9 8.3  
Prior service cost 0.0 0.0  
Total accumulated other comprehensive income $ 7.9 $ 8.3  
Weighted-average assumptions:      
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 5.28% 5.52%  
v3.25.4
Pension and Other Post-retirement Benefits Accumulated Benefit Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]    
Defined Benefit Plan, Accumulated Benefit Obligation $ 575.1 $ 581.5
v3.25.4
Pension and Other Post-retirement Benefits Net Periodic Pension Costs and Weighted Average Assumptions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Interest cost $ 31.0 $ 29.8 $ 31.2
Expected return on plan assets (29.4) (31.6) (31.4)
Amortization of net gain (0.7) (0.6) (0.7)
Net periodic pension costs $ 0.9 $ (2.4) $ (0.9)
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 6.44% 6.88% 7.10%
Cash balance interest credit rate 3.26% 3.26% 3.23%
Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Interest cost $ 30.5 $ 29.3  
Discount rate 5.54% 4.97% 5.21%
v3.25.4
Pension and Other Post-retirement Benefits Schedule of Allocation of Plan Assets (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets $ 503,900,000 $ 469,900,000 $ 471,200,000
Defined Benefit Plan, Equity Securities [Member] | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
2025 41.00%    
Defined Benefit Plan, Equity Securities [Member] | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
2025 47.00%    
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets $ 503,900,000 469,900,000 $ 471,200,000
Pension Benefits | Defined Benefit Plan, Equity Securities, US, Large Cap [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets 0 93,300,000  
Pension Benefits | Defined Benefit Plan, Equity Securities, US, Small Cap [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets 0 24,600,000  
Pension Benefits | Defined Benefit Plan, Equity Securities, Non-US, All Cap [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets 0 42,700,000  
Pension Benefits | Defined Benefit Plan, Equity Securities, Non-US Small Cap [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets 0 18,900,000  
Pension Benefits | Emerging markets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets 0 34,100,000  
Pension Benefits | Employee Benefit Plan, Real Estate [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets $ 36,500,000 36,500,000  
Pension Benefits | Employee Benefit Plan, Real Estate [Member] | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
2025 4.00%    
Pension Benefits | Employee Benefit Plan, Real Estate [Member] | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
2025 8.00%    
Pension Benefits | Defined Benefit Plan, Fixed Income Securities [Member] | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
2025 45.00%    
Pension Benefits | Defined Benefit Plan, Fixed Income Securities [Member] | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
2025 55.00%    
Pension Benefits | Defined Benefit Plan, Cash and Cash Equivalents [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets $ 5,000,000.0 6,200,000  
Pension Benefits | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets Target Allocation 0    
Pension Benefits | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets Target Allocation 5.0    
Pension Benefits | Defined Benefit Plan, Aggregate Securities [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets 160,200,000 102,800,000  
Pension Benefits | Defined Benefit Plans, Aggregate Securities, Core Plus [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets 52,900,000 76,700,000  
Pension Benefits | Defined Benefit Plan Equity Securities Global Low      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets 0 34,100,000  
Pension Benefits | Defined Benefit Plan, Equity Securities, Global Equity Fund      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets 217,300,000 0  
Pension Benefits | Defined Benefit Plan, Aggregate Securities, Government Bonds      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assets $ 32,000,000.0 $ 0  
v3.25.4
Pension and Other Post-retirement Benefits Estimated Future Annual Benefit Payments From Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Savings Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent 6.00% 5.00%
Pension Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
2020 $ 41.0  
2021 40.7  
2022 40.4  
2023 40.2  
2024 39.7  
2031 through 2035 189.9  
Other Postretirement Benefits Plan    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
2020 0.9  
2021 0.9  
2022 0.9  
2023 0.8  
2024 0.8  
2031 through 2035 $ 3.6  
v3.25.4
Pension and Other Post- retirement Benefits Employer Matching Contributions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Defined Contribution Plan, Cost $ 19.2 $ 15.6 $ 13.2
v3.25.4
Income Taxes - (Summary of Income Before Income Taxes and Provisions) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income (loss) before income taxes:        
Income from continuing operations before income taxes, domestic   $ (107.4) $ 49.8 $ 30.7
Income (loss) from continuing operations before income taxes, foreign   659.7 320.4 53.5
INCOME BEFORE INCOME TAXES   552.3 370.2 84.2
Current tax expense:        
Current federal income tax expense   0.0 11.5 (30.3)
Current state income tax expense   0.0    
Current income tax expense, foreign   88.3 (16.9) 34.1
Current Income Tax Expense, Total   88.3 (5.4) 3.8
Deferred tax benefit:        
Deferred federal income tax expense (benefit)   0.0 (4.4) 1.9
Deferred state income tax expense   0.0    
Deferred income tax expense (benefit), foreign $ 168.8 (515.1) 10.2 (788.3)
Deferred income tax expense   (515.1) 5.8 (786.4)
Federal income tax provision (benefit)   0.0    
State income tax provision (benefit)   0.0    
Foreign income tax provision (benefit)   (426.8)    
Total provision for income taxes   (426.8) $ 0.4 $ (782.6)
U.S.        
Income (loss) before income taxes:        
Income (loss) from continuing operations before income taxes, foreign   42.2    
Current tax expense:        
Current income tax expense, foreign   13.7    
Deferred tax benefit:        
Deferred income tax expense (benefit), foreign   (1.7)    
Foreign income tax provision (benefit)   12.0    
Other foreign        
Income (loss) before income taxes:        
Income (loss) from continuing operations before income taxes, foreign   617.5    
Current tax expense:        
Current income tax expense, foreign   74.6    
Deferred tax benefit:        
Deferred income tax expense (benefit), foreign   (513.4)    
Foreign income tax provision (benefit)   $ (438.8)    
v3.25.4
Income Taxes (Narrative) (Details)
€ in Millions, RM in Millions, R$ in Millions, $ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended 24 Months Ended
Feb. 29, 2024
USD ($)
Feb. 29, 2024
MYR (RM)
Jul. 31, 2023
BRL (R$)
Mar. 31, 2025
USD ($)
Mar. 31, 2025
AUD ($)
Dec. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
MYR (RM)
Sep. 30, 2019
USD ($)
Sep. 30, 2019
AUD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
MYR (RM)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2019
AUD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2024
AUD ($)
Dec. 31, 2022
USD ($)
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Income from continuing operations before income taxes, domestic                     $ (107.4)   $ 49.8 $ 30.7          
Income from continuing operations before income taxes, foreign                     (659.7)   (320.4) (53.5)          
Deferred tax assets related to net operating loss carryforwards           $ 3,071.8         3,103.9   3,071.8     $ 3,103.9      
Net operating loss carryforwards                     13,600.0         13,600.0      
Operating Loss Carryforwards, Limitations on Use                     112.9         112.9      
Operating loss carryforwards, Not subject to expiration                     8,400.0         8,400.0      
Operating loss carryforwards, Subject to expiration                     5,200.0         5,200.0      
Income Tax Expense (Benefit), Discrete Item                     $ 153.7   $ 85.8 $ 42.0          
Consilidated effective income tax rate excluding discrete items                     (92.20%) (92.20%) 21.80% (872.30%)          
Total unrecognized tax benefits           93.5         $ 94.8   $ 93.5 $ 201.4   94.8     $ 217.6
Amount of unrecognized tax benefits affecting the consolidated effective income tax rate if recognized                     88.2         88.2      
Income tax benefits, inclusive of interest and penalties due to lapses in statute of limitations           2.7         1.4   2.7 77.3   1.4      
Deferred Tax Assets, Gross           856.8         1,368.0   856.8     1,368.0      
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions                     8.6   1.4 3.4          
Deferred Income Taxes and Tax Credits               RM 799.5     523.2   8.5 802.9          
Interest limitation carryforwards           126.0         112.9   126.0     112.9      
Total provision for income taxes                     (426.8)   0.4 (782.6)          
Deferred Tax Assets, Valuation Allowance           3,971.3         3,292.3   3,971.3     3,292.3      
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued           128.3         136.2   128.3     136.2      
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense                     1.5   8.0 35.4          
Amount of accrued interest and penalties included in other liabilities           45.5         48.0   45.5     48.0      
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities           18.0         7.0   103.5 41.8          
Amount agreed with Australia tax authorities for tax assessment                                   $ 4.0  
Loss Contingency, Damages Sought, Value | R$     R$ 601.0                                
Loss Contingency, Damages Sought, Value | R$     R$ 601.0                                
Deferred income tax expense (benefit), foreign       $ 168.8             (515.1)   10.2 (788.3)          
Luxembourg subsidiaries                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Total provision for income taxes             $ (65.0)                        
Liability for Uncertainty in Income Taxes, Noncurrent           65.0             65.0       € 60.0    
Liability for Uncertainty in Income Taxes, Noncurrent           65.0             65.0       € 60.0    
Luxembourg                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Deferred Income Taxes and Tax Credits | RM                       RM 1,100.0              
Switzerland                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Deferred Income Taxes and Tax Credits | RM                       RM 383.9              
Rowan Companies [Member] | Luxembourg                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Net operating loss carryforwards                     2,300.0         2,300.0      
Rowan Companies [Member] | U.S.                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Net operating loss carryforwards                     614.9         614.9      
Rowan Companies [Member] | Switzerland                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Net operating loss carryforwards                     27.2         27.2      
Rowan Companies [Member] | United Kingdom                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Net operating loss carryforwards                     75.7         75.7      
Rowan Companies [Member] | Bermuda                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Net operating loss carryforwards                     58.7         58.7      
Rowan Companies [Member] | Trinidad                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Net operating loss carryforwards                     $ 21.2         21.2      
Maximum                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Operating loss carryforwards tax credits expiration year                     2042 2042              
Interest limitation carryforwards                     $ 0.5         0.5      
Other Liabilities [Member]                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Total unrecognized tax benefits           82.8         88.2   82.8     88.2      
Other Noncurrent Assets                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Total unrecognized tax benefits           10.7         6.6   10.7     6.6      
Australian Taxation Office                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Amount agreed with Australia tax authorities for tax assessment           $ 2.0             2.0            
Payments for Other Taxes                 $ 29.0 $ 42.0                  
Loss Contingency, Damages Sought, Value                             $ 101.0        
Proceeds from Income Tax Refund, Foreign       26.0 $ 42.0                            
Loss Contingency, Damages Sought, Value                             $ 101.0        
Proceeds from Income Tax Refund, Foreign       $ 26.0 $ 42.0                            
Bermuda                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Deferred Tax Assets, Valuation Allowance                           27.5          
Deferred Tax Assets, Deferred Income                           27.5          
Deferred Tax Assets, Deferred Income                           $ 27.5          
Malaysia                                      
Investments, Owned, Federal Income Tax Note [Line Items]                                      
Income Tax Examination, Penalties and Interest Expense $ 29.0 RM 117.0                                  
Payments for Other Taxes                     $ 8.0   $ 18.0     $ 26.0      
v3.25.4
Income Taxes (Summary Of Significant Components Of Deferred Income Tax Assets (Liabilities)) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]    
Net operating loss carryforwards $ 3,103.9 $ 3,071.8
Property and equipment 1,397.4 1,555.4
Interest limitation carryforwards 112.9 126.0
Employee benefits, including share-based compensation 28.0 36.6
Foreign tax credits 0.2 16.4
Other 17.9 21.9
Valuation allowance (3,292.3) (3,971.3)
Total deferred tax assets 1,368.0 856.8
Deferred tax liabilities 26.9 26.7
Deferred Tax Assets, Net 1,341.1 $ 830.1
Net operating loss carryforwards $ 13,600.0  
v3.25.4
Income Taxes (Summary Of Effective Income Tax Rate On Continuing Operations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Bermuda federal statutory rate $ 82.8    
Changes in valuation allowances 16.1    
Expiration of foreign tax credits 16.3    
Changes in unrecognized tax benefits (3.7)    
Total provision for income taxes $ (426.8) $ 0.4 $ (782.6)
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Bermuda federal statutory rate 15.00% 0.00% 0.00%
Changes in valuation allowances 2.90% (2.30%) (953.60%)
Prior period tax matters   (23.20%) (49.90%)
Changes in unrecognized tax benefits (0.60%)    
Non-Bermuda taxes   25.60% 74.00%
Effective income tax rate (77.30%) 0.10% (929.50%)
Angola      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Changes in valuation allowances $ (8.0)    
Withholding taxes 16.5    
Other $ 8.4    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Changes in valuation allowances (1.40%)    
Withholding taxes 3.00%    
Other 1.50%    
Brazil      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Tax rate differential $ 11.5    
Other $ (3.1)    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Tax rate differential 2.10%    
Other (0.60%)    
British Virgin Islands      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Tax rate differential $ 6.3    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Tax rate differential 1.10%    
Luxembourg      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Changes in valuation allowances $ (1,092.2)    
Prior period tax matters (54.8)    
State and local tax rate differential 9.2    
Cross border income inclusion 9.5    
Other $ 4.8    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Changes in valuation allowances (197.80%)    
Prior period tax matters (9.90%)    
State and local tax rate differential 1.70%    
Cross border income inclusion 1.70%    
Other 0.90%    
Saudi Arabia      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Withholding taxes $ 6.3    
Other $ 2.8    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Withholding taxes 1.10%    
Other 0.50%    
Switzerland      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Changes in valuation allowances $ 383.9    
Prior period tax matters 156.2    
State and local tax rate differential 13.4    
Global minimum taxes 5.5    
Tax rate differential (25.2)    
Other $ (1.4)    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Changes in valuation allowances 69.50%    
Prior period tax matters 28.30%    
State and local tax rate differential 2.40%    
Global minimum taxes 1.00%    
Tax rate differential (4.60%)    
Other (0.30%)    
Trinidad      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Changes in valuation allowances $ (5.2)    
Tax rate differential 6.6    
Other $ (1.5)    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Changes in valuation allowances (0.90%)    
Tax rate differential 1.20%    
Other (0.30%)    
United Kingdom      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Changes in valuation allowances $ 10.0    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Changes in valuation allowances 1.80%    
U.S.      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Changes in valuation allowances $ (17.2)    
Other $ 6.6    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Changes in valuation allowances (3.10%)    
Expiration of foreign tax credits 3.00%    
Other 1.20%    
Other foreign      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Other $ 12.8    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Other 2.30%    
v3.25.4
Income Taxes (Summary Of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]        
Balance, beginning of year   $ 93.5 $ 201.4 $ 217.6
Decreases in unrecognized tax benefits as a result of tax positions taken during prior years   (8.6) (1.4) (3.4)
Increases in unrecognized tax benefits as a result of tax positions taken during prior years   10.2 4.1 88.6
Lapse of applicable statutes of limitations   (1.1) (1.9) (73.6)
Increases in unrecognized tax benefits as a result of tax positions taken during the current year   1.3 2.7 13.4
Impact of foreign currency exchange rates   6.5 (7.9) 0.6
Settlements with taxing authorities $ (18.0) (7.0) (103.5) (41.8)
Balance, end of year $ 93.5 $ 94.8 $ 93.5 $ 201.4
v3.25.4
Commitments And Contingencies (Narrative) (Details)
R$ in Millions
 1 Months Ended 3 Months Ended
Jul. 31, 2025
USD ($)
Oct. 31, 2024
USD ($)
Oct. 31, 2023
USD ($)
Jul. 31, 2023
BRL (R$)
Dec. 31, 2019
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
jackup
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Oct. 01, 2024
Jun. 30, 2024
USD ($)
Apr. 03, 2023
USD ($)
Jan. 31, 2020
rigs
Property, Plant and Equipment [Line Items]                          
Number of newbuild jackup rigs | rigs                         2
PercentageOfDownPaymentPaidForARONewbuilds                   25.00%      
ARO Rigs Under Construction | jackup             2            
Maximum contingent contributions to joint venture             $ 1,250,000,000            
Letters of Credit Outstanding, Amount             35,400,000            
Deposit Liabilities, Collateral Issued, Financial Instruments             16,300,000   $ 10,800,000        
Cost of ARO newbuild jackups, each             250,000,000.0            
Loss Contingency, Damages Sought, Value | R$       R$ 601.0                  
Litigation Settlement, Amount Awarded from Other Party $ 7,400,000       $ 200,000,000.0                
Long-Term Purchase Commitment, Amount   $ 300,000,000.0                      
Loss Contingency Accrual                 25,000,000.0        
Current commitment to ARO for newbuild rigs, after delivery of NB1 and NB2             1,100,000,000            
Long-Term Purchase Commitment, Amount   $ 300,000,000.0                      
Accrued Claims             21,300,000   $ 39,500,000        
Litigation Settlement, Amount Awarded to Other Party $ 7,900,000                        
Loss Contingency Accrual, Period Increase (Decrease)           $ 17,100,000              
Loss Contingency, Receivable, Current               $ 7,400,000          
Down Payment made for ARO Newbuilds             43,800,000            
Revolving Credit Facility [Member]                          
Property, Plant and Equipment [Line Items]                          
Line of Credit Facility, Maximum Borrowing Capacity                       $ 375,000,000.0  
Line of Credit Facility, Fair Value of Amount Outstanding             0            
Line of Credit Facility, Maximum Borrowing Capacity                       $ 375,000,000.0  
Revolving Credit Facility [Member] | ARO                          
Property, Plant and Equipment [Line Items]                          
Line of Credit Facility, Maximum Borrowing Capacity             150,000,000.0       $ 100,000,000.0    
Line of Credit Facility, Fair Value of Amount Outstanding             0            
Line of Credit Facility, Maximum Borrowing Capacity             $ 150,000,000.0       $ 100,000,000.0    
Senior Notes [Member] | Newbuild Funding Obligation                          
Property, Plant and Equipment [Line Items]                          
Debt Instrument, Face Amount     $ 359,000,000.0                    
Senior Notes [Member] | Newbuild Funding Obligation | ARO                          
Property, Plant and Equipment [Line Items]                          
Long Term Pecentage of Periodic Payment Terms Balloon Payment To Be Paid     50.00%                    
Debt Instrument, Term     8 years                    
Senior Notes [Member] | Newbuild Funding Obligation | Minimum                          
Property, Plant and Equipment [Line Items]                          
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate     1.25%                    
Senior Notes [Member] | Newbuild Funding Obligation | Maximum                          
Property, Plant and Equipment [Line Items]                          
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate     1.40%                    
v3.25.4
Leases Lease Narrative (Details)
Dec. 31, 2025
Minimum  
Operating Leased Assets [Line Items]  
Lessee, Operating Lease, Term of Contract 1 month
Maximum  
Operating Leased Assets [Line Items]  
Lessee, Operating Lease, Term of Contract 6 years
v3.25.4
Leases Lease Components of Lease Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Long-term operating lease cost $ 41.9 $ 35.4 $ 24.6
Short-term operating lease cost 21.3 17.6 13.2
Variable Lease, Cost 13.8 9.8 11.3
Lease, Cost $ 77.0 $ 62.8 $ 49.1
v3.25.4
Leases Leases Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating Lease, Right-of-Use Asset $ 69.3 $ 84.5  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued liabilities and other Accrued liabilities and other  
Current lease liability $ 35.6 $ 28.0  
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent Other Liabilities, Noncurrent  
Long-term lease liability $ 37.3 $ 56.9  
Total operating lease liabilities $ 72.9 $ 84.9  
Weighted-average remaining lease term (in years) 2 years 6 months 3 years 2 months 12 days  
Weighted-average discount rate (1) 7.67% 7.75%  
ROU assets obtained in exchange for operating lease liabilities $ 19.4 $ 39.4 $ 80.3
Cash paid for amounts included in the measurement of our operating lease liabilities $ 40.1 $ 34.9 $ 26.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets  
v3.25.4
Leases Leases Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 39.8  
2027 25.4  
2028 8.3  
2029 3.5  
2030 2.7  
Thereafter 0.4  
Total lease payments 80.1  
Less imputed interest (7.2)  
Total operating lease liabilities $ 72.9 $ 84.9
v3.25.4
Segment Information (Narrative) (Details)
 12 Months Ended
Dec. 31, 2025
rigs
jackup
contract
floater
drillship
Reportable_segment
Segment Reporting Information [Line Items]  
Number of operating segments | Reportable_segment 4
Number of jackups leased by ARO 7
Number of drilling management contracts | contract 2
Total number of contract drilling rigs 46
Number of Reportable Segments | Reportable_segment 4
ARO Rigs Under Construction | jackup 2
Floaters [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 15
Floaters [Member] | Ultra Deepwater Drillships [Member]  
Segment Reporting Information [Line Items]  
Number of contract drilling rigs | floater 13
Floaters [Member] | Dynamically Positioned Semisubmersible [Member]  
Segment Reporting Information [Line Items]  
Number of contract drilling rigs | floater 2
Jackups [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 24
ARO  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 9
Jackup Rigs Member [Member] | Jackups [Member]  
Segment Reporting Information [Line Items]  
Number of contract drilling rigs | drillship 24
Other [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 7
v3.25.4
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 2,369.0 $ 2,362.6 $ 1,784.2
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 1,477.1 1,618.5 1,440.4
Reimbursable Expenses 152.6 142.4 103.2
Cost of Product and Service Sold 1,629.7 1,760.9 1,543.6
Loss on impairment 27.3 0.0 0.0
General and administrative 97.1 116.3 99.3
Income (Loss) from Equity Method Investments (8.4) 11.0 (13.3)
Operating Income (Loss) 477.0 352.3 53.5
Property and equipment, net 2,088.8 1,932.9 1,633.8
Segment, Expenditure, Addition to Long-Lived Assets 343.5 455.1 696.1
Revenues Excluding Reimbursable Revenues 2,207.9 2,211.9 1,676.0
Reimbursable Revenues 161.1 150.7 108.2
Depreciation 146.3 122.1 101.1
Floaters [Member] | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Revenues 1,260.6 1,440.7 948.7
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 765.6 930.3 768.4
Reimbursable Expenses 34.3 54.9 43.6
Cost of Product and Service Sold 799.9 985.2 812.0
Loss on impairment 23.6 0.0  
General and administrative 0.0 0.0 0.0
Income (Loss) from Equity Method Investments 0.0 0.0 0.0
Operating Income (Loss) 376.6 397.4 80.9
Property and equipment, net 1,225.0 1,174.2 1,035.5
Segment, Expenditure, Addition to Long-Lived Assets 144.7 239.7 562.0
Revenues Excluding Reimbursable Revenues 1,224.1 1,382.8 902.8
Reimbursable Revenues 36.5 57.9 45.9
Depreciation 60.5 58.1 55.8
Jackups [Member] | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Revenues 912.8 754.9 659.6
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 486.5 477.1 480.4
Reimbursable Expenses 83.5 64.3 37.0
Cost of Product and Service Sold 570.0 541.4 517.4
Loss on impairment 3.7 0.0  
General and administrative 0.0 0.0 0.0
Income (Loss) from Equity Method Investments 0.0 0.0 0.0
Operating Income (Loss) 280.5 168.5 102.2
Property and equipment, net 630.8 575.3 480.8
Segment, Expenditure, Addition to Long-Lived Assets 192.0 213.1 132.3
Revenues Excluding Reimbursable Revenues 823.4 686.5 620.6
Reimbursable Revenues 89.4 68.4 39.0
Depreciation 58.6 45.0 40.0
ARO | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Revenues 571.0 512.5 496.6
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 360.7 367.7 365.9
Reimbursable Expenses 0.0 0.0 0.0
Cost of Product and Service Sold 360.7 367.7 365.9
Loss on impairment 0.0 28.4  
General and administrative 28.8 23.7 22.2
Income (Loss) from Equity Method Investments 0.0 0.0 0.0
Operating Income (Loss) 66.6 3.5 42.6
Property and equipment, net 1,236.7 1,253.1 1,036.6
Segment, Expenditure, Addition to Long-Lived Assets 95.6 285.0 300.8
Revenues Excluding Reimbursable Revenues 571.0 512.5 496.6
Reimbursable Revenues 0.0 0.0 0.0
Depreciation 114.9 89.2 65.9
Other [Member] | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Revenues 195.6 167.0 175.9
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 70.6 63.6 52.6
Reimbursable Expenses 34.8 23.2 22.6
Cost of Product and Service Sold 105.4 86.8 75.2
Loss on impairment 0.0 0.0  
General and administrative 0.0 0.0 0.0
Income (Loss) from Equity Method Investments 0.0 0.0 0.0
Operating Income (Loss) 77.0 70.7 95.7
Property and equipment, net 174.2 132.8 52.1
Segment, Expenditure, Addition to Long-Lived Assets 0.0 0.0 0.0
Revenues Excluding Reimbursable Revenues 160.4 142.6 152.6
Reimbursable Revenues 35.2 24.4 23.3
Depreciation 13.2 9.5 5.0
Reconciling Items [Member] | Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]      
Segment Reporting Information [Line Items]      
Revenues (571.0) (512.5) (496.6)
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses (206.3) (220.2) (226.9)
Reimbursable Expenses 0.0 0.0 0.0
Cost of Product and Service Sold (206.3) (220.2) (226.9)
Loss on impairment 0.0 (28.4)  
General and administrative 68.3 92.6 77.1
Income (Loss) from Equity Method Investments (8.4) 11.0 (13.3)
Operating Income (Loss) (323.7) (287.8) (267.9)
Property and equipment, net (1,177.9) (1,202.5) (971.2)
Segment, Expenditure, Addition to Long-Lived Assets (88.8) (282.7) (299.0)
Revenues Excluding Reimbursable Revenues (571.0) (512.5) (496.6)
Reimbursable Revenues 0.0 0.0 0.0
Depreciation $ (100.9) $ (79.7) $ (65.6)
v3.25.4
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)
Dec. 31, 2025
rigs
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 46
Number of jackups leased by ARO 7
Held-for-sale  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 1
Floaters [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 15
Floaters [Member] | Held-for-sale  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 1
Jackups [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 24
Jackups [Member] | Held-for-sale  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 0
Other [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 7
Other [Member] | Held-for-sale  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 0
ARO  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 9
ARO | Held-for-sale  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 0
North & South America (Excluding Brazil) [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 8
North & South America (Excluding Brazil) [Member] | Floaters [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 5
North & South America (Excluding Brazil) [Member] | Jackups [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 3
North & South America (Excluding Brazil) [Member] | Other [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 0
North & South America (Excluding Brazil) [Member] | ARO  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 0
Europe & Mediterranean [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 17
Europe & Mediterranean [Member] | Floaters [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 6
Europe & Mediterranean [Member] | Jackups [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 11
Europe & Mediterranean [Member] | Other [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 0
Europe & Mediterranean [Member] | ARO  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 0
Asia Pacific [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 4
Asia Pacific [Member] | Floaters [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 1
Asia Pacific [Member] | Jackups [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 3
Asia Pacific [Member] | Other [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 0
Asia Pacific [Member] | ARO  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 0
Middle East and Africa  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 16
Middle East and Africa | Floaters [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 2
Middle East and Africa | Jackups [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 7
Middle East and Africa | Other [Member]  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 7
Middle East and Africa | ARO  
Segment Reporting Information [Line Items]  
Total number of contract drilling rigs 9
v3.25.4
Segment Information (Schedule Of Long-Lived Assets By Geographical Segment) (Details) - Operating Segments [Member] - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Total Countries    
Segment Reporting Information [Line Items]    
Property, Plant and Equipment, Net $ 2,164.5 $ 2,017.4
SPAIN    
Segment Reporting Information [Line Items]    
Property, Plant and Equipment, Net 627.4 484.8
Brazil    
Segment Reporting Information [Line Items]    
Property, Plant and Equipment, Net 352.2 413.9
United Kingdom    
Segment Reporting Information [Line Items]    
Property, Plant and Equipment, Net 262.1 290.4
U.S.    
Segment Reporting Information [Line Items]    
Property, Plant and Equipment, Net 268.7 314.3
Angola    
Segment Reporting Information [Line Items]    
Property, Plant and Equipment, Net 234.6 132.6
Other countries [Member]    
Segment Reporting Information [Line Items]    
Property, Plant and Equipment, Net $ 419.5 $ 381.4
v3.25.4
Supplemental Financial Information (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental Financial Information [Abstract]      
Deposit Liabilities, Collateral Issued, Financial Instruments $ 16.3 $ 10.8  
Interest Costs Capitalized $ 1.9 $ 15.9 $ 5.6
v3.25.4
Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]    
Accounts receivable $ 489.7 $ 587.8
Income Taxes Receivable, Current 49.8 76.2
Other Receivables, Gross, Current 15.8 9.2
Allowance for doubtful accounts (14.9) (16.6)
Accounts receivable, net 474.8 571.2
Trade [Member]    
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]    
Accounts receivable $ 424.1 $ 502.4
v3.25.4
Supplemental Financial Information (Other Current Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Supplemental Financial Information [Abstract]    
Deferred mobilization costs $ 37.7 $ 38.6
Prepaid taxes 58.2 48.5
Prepaid expenses 13.3 13.0
Other 35.5 39.2
Other $ 144.7 $ 139.3
v3.25.4
Supplemental Financial Information (Accrued Liabilities And Other) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Supplemental Financial Information [Abstract]    
Contract with Customer, Liability, Current $ 87.7 $ 87.2
Personnel costs 81.6 89.2
Taxes 73.9 57.2
Operating Lease, Liability, Current 35.6 28.0
Accrued Claims 21.3 39.5
Accrued interest 15.4 15.3
Other 27.9 34.6
Accrued liabilities and other $ 343.4 $ 351.0
v3.25.4
Supplemental Financial Information (Other Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Supplemental Financial Information [Abstract]    
Unrecognized tax benefits (inclusive of interest and penalties) $ 136.2 $ 128.3
Liability, Defined Benefit Plan, Noncurrent 68.3 106.5
Operating Lease, Liability, Noncurrent 37.3 56.9
Contract with Customer, Liability, Noncurrent 63.2 71.4
Other Accrued Liabilities, Noncurrent 20.8 20.1
Other Liabilities, Noncurrent 325.8 383.2
Contract with Customer, Liability, Current $ 87.7 $ 87.2
v3.25.4
Supplemental Financial Information (Repair And Maintenance Expense Related To Continuing Operations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental Financial Information [Abstract]      
Repair and maintenance expense $ 236.2 $ 239.6 $ 203.3
v3.25.4
Supplemental Financial Information Supplemental Financial Information (Other Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental Financial Information [Abstract]      
Loss on extinguishment of debt $ 0.0 $ 0.0 $ (29.2)
Gain (Loss) on Sale of Properties 118.6 (0.2) 28.6
Net foreign currency exchange gains (losses) (14.3) 13.8 (3.5)
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component (0.9) 2.4 0.9
Other Nonoperating Expense (0.1) (0.6) (1.4)
Other, net $ 103.3 $ 16.6 $ (1.8)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other, net    
v3.25.4
Supplemental Financial Information (Cash Flows Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental Financial Information [Abstract]      
(Increase) decrease in accounts receivable $ 119.2 $ (64.9) $ 44.9
(Increase) decrease in other assets 2.6 23.4 (6.5)
(Decrease) increase in liabilities (42.9) (91.7) 82.8
Changes in operating assets and liabilities 78.9 (133.2) $ 121.2
Deposit Liabilities, Collateral Issued, Financial Instruments 16.3 10.8  
Cash and cash equivalents 599.4 368.2  
Restricted Cash, Current 7.0 12.3  
Restricted Cash, Noncurrent 11.1 0.0  
Restricted Cash $ 617.5 $ 380.5  
v3.25.4
Supplemental Financial Information (Cash Taxes Paid) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Bermuda federal $ 0.0    
Foreign (61.5)    
Income Taxes Paid, Net 61.5 $ 55.6 $ (8.3)
Australia (2)      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign (23.7)    
Income tax refunds 26.0    
Brazil      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign (18.6)    
U.S.      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign (16.8)    
Income tax refunds   $ 35.9 $ 45.9
Angola      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign (13.1)    
Malaysia      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign (8.0)    
Trinidad      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign (6.9)    
Saudi Arabia      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign (4.2)    
Other foreign      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign $ (17.6)    
v3.25.4
Supplemental Financial Information Supplemental Financial Information (Major Customers) (Details) - Customer Concentration Risk [Member] - Revenue
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 100.00% 100.00% 100.00%
BP [Member]      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 12.00% 17.00% 11.00%
Other Customers [Member]      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 65.00% 70.00% 85.00%
Petrobras      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 13.00% 9.00% 4.00%
Azule      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 10.00% 4.00%  
Floaters [Member]      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 53.00% 61.00% 53.00%
Floaters [Member] | BP [Member]      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 3.00% 9.00% 0.00%
Floaters [Member] | Other Customers [Member]      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 30.00% 39.00% 49.00%
Floaters [Member] | Petrobras      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 13.00% 9.00% 4.00%
Floaters [Member] | Azule      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 7.00% 4.00%  
Jackups Member      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 39.00% 32.00% 37.00%
Jackups Member | BP [Member]      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 3.00% 3.00% 5.00%
Jackups Member | Other Customers [Member]      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 33.00% 29.00% 32.00%
Jackups Member | Petrobras      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 0.00% 0.00% 0.00%
Jackups Member | Azule      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 3.00% 0.00%  
Managed Rig      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 8.00% 7.00% 10.00%
Managed Rig | BP [Member]      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 6.00% 5.00% 6.00%
Managed Rig | Other Customers [Member]      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 2.00% 2.00% 4.00%
Managed Rig | Petrobras      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 0.00% 0.00% 0.00%
Managed Rig | Azule      
Revenue from External Customer [Line Items]      
Concentration Risk, Percentage 0.00% 0.00%  
v3.25.4
Supplemental Financial Information Supplemental Financial Information (Revenue by region) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues $ 2,369.0 $ 2,362.6 $ 1,784.2
Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 2,369.0 2,362.6 1,784.2
Floaters [Member] | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 1,260.6 1,440.7 948.7
Jackups Member | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 912.8 754.9 659.6
Managed Rig | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 195.6 167.0 175.9
Us Gulf Of Mexico [Member] | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 342.4 367.4 352.8
Us Gulf Of Mexico [Member] | Floaters [Member] | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 223.3 245.4 220.9
Us Gulf Of Mexico [Member] | Jackups Member | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 0.0 10.3 27.2
Us Gulf Of Mexico [Member] | Managed Rig | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 119.1 111.7 104.7
United Kingdom | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 391.8 375.2 267.2
United Kingdom | Floaters [Member] | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 0.0 0.0 0.0
United Kingdom | Jackups Member | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 391.8 375.2 267.2
United Kingdom | Managed Rig | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 0.0 0.0 0.0
Angola | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 293.5 196.7 210.9
Angola | Floaters [Member] | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 219.5 196.7 210.9
Angola | Jackups Member | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 74.0 0.0 0.0
Angola | Managed Rig | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 0.0 0.0 0.0
Brazil | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 587.3 497.9 195.0
Brazil | Floaters [Member] | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 587.3 497.9 195.0
Brazil | Jackups Member | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 0.0 0.0 0.0
Brazil | Managed Rig | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 0.0 0.0 0.0
Australia (2) | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 274.1 276.4 186.9
Australia (2) | Floaters [Member] | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 145.9 172.1 157.0
Australia (2) | Jackups Member | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 128.2 104.3 29.9
Australia (2) | Managed Rig | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 0.0 0.0 0.0
Other Geographic Areas [Member] | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 479.9 649.0 571.4
Other Geographic Areas [Member] | Floaters [Member] | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 84.6 328.6 164.9
Other Geographic Areas [Member] | Jackups Member | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 318.8 265.1 335.3
Other Geographic Areas [Member] | Managed Rig | Geographic Concentration Risk [Member] | Revenue      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues $ 76.5 $ 55.3 $ 71.2
v3.25.4
Supplemental Financial Information (Cash Paid For Interest And Income Taxes) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental Financial Information [Abstract]      
Interest, net of amounts capitalized $ 90.5 $ 78.3 $ 32.3
Capital expenditure accruals $ 52.0 $ 36.2 $ 71.5
v3.25.4
Subsequent Events (Details) - Subsequent Event - Transocean Ltd.
$ in Millions
Feb. 09, 2026
USD ($)
shares
Subsequent Event [Line Items]  
Consideration transferred $ 5,800.0
Equity interest issued and issuable (in shares) | shares 15.235
Termination fees $ 173.0
Transocean Ltd.  
Subsequent Event [Line Items]  
Voting equity interest acquired 53.00%
valaris  
Subsequent Event [Line Items]  
Voting equity interest acquired 47.00%