VALARIS LTD, 10-Q filed on 5/5/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 1-8097  
Entity Registrant Name Valaris Limited  
Entity Incorporation, State or Country Code D0  
Entity Tax Identification Number 98-1589854  
Entity Address, Address Line One Clarendon House, 2 Church Street  
Entity Address, City or Town Hamilton  
Entity Address, State or Province BM  
Entity Address, Postal Zip Code HM 11  
City Area Code 44 (0) 20  
Local Phone Number 7659 4660  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000314808  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Bankruptcy Proceedings, Reporting Current true  
Entity Common Shares, Shares Outstanding   69,251,780
Common Class A [Member]    
Document Information [Line Items]    
Title of 12(b) Security Common Shares, $0.01 par value share  
Trading Symbol VAL  
Security Exchange Name NYSE  
Warrants    
Document Information [Line Items]    
Title of 12(b) Security Warrants to purchase Common Shares  
Trading Symbol VAL WS  
Security Exchange Name NYSE  
v3.26.1
Condensed Consolidated Statements Of Operations - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenues (exclusive of reimbursable revenues) $ 430.1 $ 577.8
Reimbursable revenues 35.3 42.9
Total operating revenues 465.4 620.7
OPERATING EXPENSES    
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 340.4 374.0
Reimbursable expenses 33.0 41.0
Total contract drilling expenses (exclusive of depreciation) 373.4 415.0
Depreciation 42.7 33.1
General and administrative 25.3 24.4
Business Combination, Acquisition-Related Cost, Expense 13.6 0.0
Other operating (income) loss (2.8) 7.8
Total operating expenses 452.2 480.3
Equity in earnings of ARO (6.8) (2.6)
OPERATING INCOME 20.0 143.0
OTHER INCOME (EXPENSE)    
Interest income 17.0 14.4
Interest expense, net (24.3) (24.3)
Other, net (2.3) 21.2
Total other income (expense) (9.6) 11.3
INCOME BEFORE INCOME TAXES 10.4 154.3
PROVISION FOR INCOME TAXES    
Current income tax expense 18.9 23.7
Deferred income tax expense 9.5 169.8
Total provision for income taxes 28.4 193.5
Net loss (18.0) (39.2)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 1.6 1.3
NET LOSS ATTRIBUTABLE TO VALARIS $ (16.4) $ (37.9)
LOSS PER SHARE    
Basic (in dollars per share) $ (0.24) $ (0.53)
Diluted (in dollars per share) $ (0.24) $ (0.53)
WEIGHTED-AVERAGE SHARES OUTSTANDING    
Basic (in shares) 69,200,000 71,000,000.0
Diluted (in shares) 69,200,000 71,000,000.0
v3.26.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
NET LOSS $ (18.0) $ (39.2)
OTHER COMPREHENSIVE INCOME, NET    
Net reclassification adjustment for amounts recognized in net loss as a component of net periodic pension cost (benefit) (0.2) (0.2)
Foreign currency translation adjustments 3.2 1.3
NET OTHER COMPREHENSIVE INCOME 3.0 1.1
COMPREHENSIVE LOSS (15.0) (38.1)
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 1.6 1.3
COMPREHENSIVE LOSS ATTRIBUTABLE TO VALARIS $ (13.4) $ (36.8)
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS    
    Cash and cash equivalents $ 578.3 $ 599.4
    Accounts receivable, net 447.9 474.8
Disposal Group, Including Discontinued Operation, Assets 9.2 6.4
    Other current assets 169.5 144.7
Total current assets 1,204.9 1,225.3
PROPERTY AND EQUIPMENT, AT COST 2,715.6 2,598.3
    Less accumulated depreciation 550.6 509.5
       Property and equipment, net 2,165.0 2,088.8
LONG-TERM NOTES RECEIVABLE FROM ARO 351.1 345.0
INVESTMENT IN ARO 128.6 121.8
DEFERRED TAX ASSETS 1,355.5 1,364.2
OTHER ASSETS 158.6 159.7
Assets, Total 5,363.7 5,304.8
CURRENT LIABILITIES    
Accounts payable - trade 398.5 348.2
Accrued liabilities and other 379.2 343.4
Total current liabilities 777.7 691.6
LONG-TERM DEBT 1,086.8 1,086.0
DEFERRED TAX LIABILITIES 30.5 29.7
OTHER LIABILITIES 307.0 325.8
Liabilities, Total 2,202.0 2,133.1
COMMITMENTS AND CONTINGENCIES (Note 11)
VALARIS SHAREHOLDERS' EQUITY    
Common Shares, $0.01 par value, 700.0 shares authorized, 76500000 and 76400000 shares issued, 69300000 and 69200000 shares outstanding as of March 31, 2026 and December 31, 2025, respectively 0.8 0.8
Preference shares, $0.01 par value, 150.0 shares authorized, no shares issued as of March 31, 2026 and December 31, 2025 0.0 0.0
Stock warrants 16.4 16.4
Additional paid-in capital 1,139.9 1,134.9
Retained earnings 2,365.3 2,381.7
Accumulated other comprehensive income $ 63.9 $ 60.9
Treasury Stock, Common, Shares 7,200,000 7,200,000
Treasury shares, at cost, 7.2 shares as of March 31, 2026 and December 31, 2025. $ (425.1) $ (425.1)
Total Valaris shareholders' equity 3,161.2 3,169.6
NONCONTROLLING INTERESTS 0.5 2.1
Total shareholders' equity 3,161.7 3,171.7
Total liabilities and shareholders' equity $ 5,363.7 $ 5,304.8
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Common stock, par value per share (in dollars per share or pounds sterling per share) $ 0.01 $ 0.01
Common shares, shares authorized (in shares) 700,000,000.0 700,000,000.0
Common shares, shares issued (in shares) 76,500,000 76,400,000
Common Stock, Shares, Outstanding 69,300,000 69,200,000
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 150,000,000.0 150,000,000.0
Preferred Stock, Value, Issued 0 0
Treasury Stock, Common, Shares 7,200,000 7,200,000
v3.26.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES    
Net loss $ (18.0) $ (39.2)
Adjustments to reconcile net loss to net cash provided by operating activities:    
    Depreciation expense 42.7 33.1
Deferred income tax expense 9.5 169.8
Equity in earnings of ARO (6.8) (2.6)
    Share-based compensation expense 6.4 5.6
Accretion of discount on Notes Receivable from ARO (6.1) (6.1)
Other operating (income) loss (2.8) 7.8
Net (gain) loss on sale of property 1.6 (27.1)
Changes in deferred costs (22.8) (0.2)
Changes in contract assets 6.9 0.4
Changes in contract liabilities 0.4 (17.8)
Other 0.8 2.3
Changes in operating assets and liabilities 80.3 35.7
Contributions to pension plans and other post-retirement benefits (3.3) (5.0)
Net cash provided by operating activities 75.0 155.9
INVESTING ACTIVITIES    
Additions to property and equipment (100.9) (100.2)
Proceeds from disposition of assets 5.2 17.8
Net cash used in investing activities (95.7) (82.4)
FINANCING ACTIVITIES    
Payments related to tax withholdings for share-based awards (1.4) (0.3)
Net cash used in financing activities (1.4) (0.3)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (22.1) 73.2
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 617.5 380.5
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 595.4 $ 453.7
v3.26.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] Revenue from Contracts with Customers
 
Under our drilling contracts with customers, we provide a drilling rig and drilling services, including rig crews, on a day rate contract basis. We receive a daily rate that may vary between the full rate and zero rate throughout the duration of the contractual term, depending on the operations of the rig. We also may receive lump-sum fees or similar compensation generally for the mobilization, demobilization, and capital upgrades of our rigs. Our customers bear substantially all of the costs of constructing the well and supporting drilling operations, as well as the economic risk relative to the success of the well.

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

The remaining duration of our drilling contracts based on those in place as of March 31, 2026 was between approximately one month and five years.
Contract Assets and Liabilities

Contract assets represent amounts recognized as revenue but for which the right to invoice the customer is dependent upon our future performance. Once the previously recognized revenue is invoiced, the corresponding contract asset, or a portion thereof, is transferred to accounts receivable.

Contract liabilities generally represent fees received for mobilization, capital upgrades or in the case of our 50/50 unconsolidated joint venture with Saudi Aramco, represent the difference between the amounts billed under the bareboat charter arrangements and lease revenues earned. See “Note 3 – Equity Method Investment in ARO" for additional details regarding our balances with ARO.

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

The following table summarizes our contract assets and contract liabilities (in millions):
 March 31, 2026 December 31, 2025
Current contract assets$7.1 $4.3 
Noncurrent contract assets$16.9 $12.8 
Current contract liabilities (deferred revenue)$98.9 $87.7 
Noncurrent contract liabilities (deferred revenue)$56.0 $63.2 

Changes in contract assets and liabilities during the period are as follows (in millions):
 Contract AssetsContract Liabilities
Balance as of December 31, 2025$17.1 $150.9 
Revenue recognized in advance of right to bill customer7.5 — 
Increase due to revenue deferred during the period— 33.3 
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance— (29.3)
Decrease due to transfer to receivables and payables during the period(0.6)— 
Balance as of March 31, 2026$24.0 $154.9 

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. Deferred contract costs are included in Other current assets and Other assets on our Condensed Consolidated Balance Sheets and totaled $59.2 million and $36.6 million as of March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026 and 2025, amortization of such costs totaled $13.6 million and $12.8 million, respectively.
Deferred Certification Costs

We must obtain certifications from various regulatory bodies in order to operate our drilling rigs and must maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, and other compliance costs, are deferred and amortized on a straight-line basis over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in Other current assets and Other assets on our Condensed Consolidated Balance Sheets and totaled $7.8 million and $7.6 million as of March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026 and 2025, amortization of such costs totaled $1.9 million and $2.2 million, respectively.

Future Amortization of Contract Liabilities and Deferred Costs

The table below reflects the expected future amortization of our contract liabilities and deferred costs recorded as of March 31, 2026. In the case of our contract liabilities related to our bareboat charter arrangements with ARO, the contract liability is not amortized and as such, the amount is reflected in the table below at the end of the current lease term. See "Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements.
(In millions)
 Remaining 2026202720282029 and Thereafter Total
Amortization of contract liabilities$77.0 $49.0 $6.7 $22.2 $154.9 
Amortization of deferred costs$45.4 $19.0 $2.5 $0.1 $67.0 
v3.26.1
Equity Method Investment In ARO Equity Method Investment In ARO
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investment In ARO Equity Method Investment in ARO
Background
    
ARO is a 50/50 unconsolidated joint venture between the Company and Saudi Aramco that owns and operates jackup drilling rigs in Saudi Arabia. As of March 31, 2026, 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.

The shareholder agreement governing the joint venture (the "Shareholder Agreement") specifies that ARO shall purchase 20 newbuild jackup rigs. Under this program, two newbuild jackups have been built and are in service and two additional newbuild jackups, Kingdom 3 and Kingdom 4, were ordered 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 - Contingencies" for additional information.

Equity in earnings 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, adjusted for basis differences as discussed below, which is included in Equity in earnings of ARO in our Condensed Consolidated Statements of Operations.

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

Three Months Ended
March 31,
20262025
50% interest in ARO net income (loss)$3.7 $(0.5)
Amortization of basis differences3.1 3.1 
Equity in earnings of ARO$6.8 $2.6 

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 Condensed Consolidated Statements of Operations and were as follows (in millions):

Three Months Ended
March 31,
20262025
Revenues (exclusive of reimbursable revenues) from Lease Agreements
$18.5 $13.5 
Reimbursable revenues from Lease Agreements
7.1 — 
Total operating revenues from Lease Agreements
$25.6 $13.5 

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

March 31, 2026December 31, 2025
Accounts receivable
$58.8 $47.8 
Contract assets (1)
$4.3 $2.0 
Contract liabilities (1)
$19.0 $16.3 
Accounts payable (1)
$64.9 $61.8 

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

March 31, 2026December 31, 2025
Principal amount$400.7 $400.7 
Discount(49.6)(55.7)
Carrying value$351.1 $345.0 
Interest receivable (1) (2)
$5.5 $— 

(1)Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets.
(2)The 2025 interest on the Notes Receivable from ARO of approximately $24.1 million was paid in kind in December 2025 by increasing the principal balance of the Notes Receivable from ARO.

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

Three Months Ended
March 31,
20262025
Interest income$5.5 $4.0 
Non-cash amortization (1)
6.1 6.1 
Total interest income on the Notes Receivable from ARO$11.6 $10.1 

(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.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
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):
March 31, 2026December 31, 2025
Carrying Value  Estimated Fair Value  Carrying ValueEstimated Fair Value  
2030 Second Lien Notes (1)
$1,086.8 $1,140.8 $1,086.0 $1,144.9 
Notes Receivable from ARO (2)
$351.1 $405.3 $345.0 $403.8 

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

The estimated fair values of our cash and cash equivalents, restricted cash, accounts receivable and trade payables approximated their carrying values as of March 31, 2026 and December 31, 2025.
v3.26.1
Property and Equipment
 3 Months Ended
Mar. 31, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following (in millions):

March 31, 2026December 31, 2025
Drilling rigs and equipment$2,043.8 $1,958.8 
Work-in-progress622.5 590.3 
Other49.3 49.2 
Total property and equipment, at cost
$2,715.6 $2,598.3 

While taking into account certain restrictions on the sales of assets under our Indenture dated as of April 19, 2023 and within the Business Combination Agreement, as part of our strategy, we may act opportunistically from time to time to sell assets to enhance shareholder value. Gains and losses recognized on sale of assets are recognized in Other, net on the Condensed Consolidated Statements of Operations. Additionally, we may consider retiring assets that no longer meet our standards for economic returns. Non-cash losses on impairment and any gains on remeasurement of assets held for sale are recognized within Other operating (income) loss on the Condensed 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 and remained classified as held for sale as of March 31, 2026.

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 2025, resulting in a $6.4 million carrying value as of December 31, 2025, which was determined using a probability-weighted market approach based on transactions involving comparable assets, non-binding independent broker quotes and management assumptions, all of which were considered Level 3 inputs due to the level of estimation involved.

Assets held for sale are remeasured at each reporting period for changes in estimated fair value less costs to sell, however, any related gains recognized cannot exceed the previous impairment losses taken for the specified disposal group. As such, we reassessed the fair value of VALARIS DPS-1 as of March 31, 2026 utilizing a market approach based on a preliminary sale agreement, 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. In connection with this, we recognized a $2.8 million gain on remeasurement of our asset held for sale during the three months ended March 31, 2026.

VALARIS DPS-1 was subsequently sold for recycling and removed from service in April 2026 for cash proceeds of $10.1 million.
Assets Sold

Sale of Retired Semis

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

In connection with the retirement of the Retired Semis, during the first quarter of 2025, we recognized a non-cash loss on impairment of $7.8 million, which represented 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

In the first quarter of 2025, we sold an office building in Angola for cash proceeds of $5.2 million, resulting in a pre-tax gain on sale of $4.0 million. Of the proceeds, approximately $2.5 million was collected during the fourth quarter of 2024 and $2.7 million was collected during the first quarter of 2025.
v3.26.1
Pension and Other Postretirement Benefits
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Retirement Benefits Pension and Other Post-retirement Benefits
We have defined-benefit pension plans and retiree medical plans that provide post-retirement health and life insurance benefits.

The components of net periodic pension and retiree medical (income) loss were as follows (in millions):
Three Months Ended
March 31,
 20262025
Interest cost$7.4 $7.6 
Expected return on plan assets(8.1)(7.2)
Amortization of net gain(0.2)(0.2)
Net periodic pension and retiree medical (income) loss (1)
$(0.9)$0.2 

(1)Included in Other, net in our Condensed Consolidated Statements of Operations.
v3.26.1
Loss Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Loss Per Share Loss Per Share
 
Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and includes the effect of all potentially dilutive stock equivalents, including warrants, restricted stock unit awards and performance stock unit awards.

Due to the net loss positions for the three months ended March 31, 2026 and 2025, our potentially dilutive share awards were not included in the computation of diluted EPS, as the effect of including these shares in the calculation would have been anti-dilutive. Anti-dilutive share awards totaling 1,495,000 and 612,000 were excluded from the computation of diluted EPS for the three months ended March 31, 2026 and 2025, respectively.

We had 5,470,801 warrants outstanding (the "Warrants") as of March 31, 2026 to purchase common shares of Valaris Limited (the "Common Shares"), which are exercisable for one Common Share per Warrant at an initial exercise price of $131.88 per Warrant and expire on April 29, 2028. The exercise of these Warrants into Common Shares would have a dilutive effect to the holdings of Valaris Limited's existing shareholders. These Warrants are anti-dilutive for all periods presented.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
2030 Second Lien Notes

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

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

As of March 31, 2026, we were in compliance in all material respects with our covenants under the Indenture.
2028 Credit Agreement

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

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

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

As of March 31, 2026, 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 March 31, 2026.
v3.26.1
Shareholders Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Shareholders' Equity and Share-based Payments Shareholders' Equity
Activity in our various shareholders' equity accounts for the three months ended March 31, 2026 and 2025 were as follows (in millions):
 Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCI Treasury
Shares		Non-controlling
Interest
BALANCE, December 31, 202576.4 $0.8 $1,134.9 $16.4 $2,381.7 $60.9 $(425.1)$2.1 
Net loss— — — — (16.4)— — (1.6)
Share-based compensation cost— — 6.4 — — — — — 
Shares issued under share-based compensation plans, net
0.1 — — — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards
— — (1.4)— — — — — 
Foreign currency translation adjustments
— — — — — 3.2 — — 
BALANCE, March 31, 202676.5 $0.8 $1,139.9 $16.4 $2,365.3 $63.9 $(425.1)$0.5 
Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCITreasury
Shares		Non-controlling
Interest
BALANCE, December 31, 2024
76.2 $0.8 $1,113.3 $16.4 $1,398.9 $34.2 $(325.1)$5.8 
Net loss— — — — (37.9)— — (1.3)
Share-based compensation cost— — 5.6 — — — — — 
Shares issued under share-based compensation plans, net
0.1 — — — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards
— — (0.3)— — — — — 
Foreign currency translation adjustments
— — — — — 1.3 — — 
BALANCE, March 31, 2025
76.3 $0.8 $1,118.6 $16.4 $1,361.0 $35.3 $(325.1)$4.5 

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 and the Business Combination Agreement.

There were no share repurchases during each of the three months ended March 31, 2026 and 2025. As of March 31, 2026, we had approximately $175.0 million available for share repurchases pursuant to the Share Repurchase Program.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]  
Income Taxes Income Taxes
 
We calculate our tax provision by applying the estimated annual effective tax rate for the full fiscal year to pre-tax income or loss, excluding discrete items. The consolidated effective tax rate for the three months ended March 31, 2026 and 2025, excluding the impact of discrete tax items, was 25.4% and 15.1%, respectively.

The discrete tax expense for the three months ended March 31, 2026 primarily related to the resolution of prior period matters, partially offset by changes in liabilities for unrecognized tax benefits with tax positions taken in prior years. The discrete tax expense for the three months ended March 31, 2025 primarily related to the establishment of a valuation allowance in connection with the retirement of the Retired Semis, which is described below.

During the first quarter of 2025, we recognized $168.8 million of deferred tax expense from the establishment of a valuation allowance on deferred tax assets resulting from a change in estimated future taxable income in a certain operating jurisdiction in connection with the retirement of the Retired Semis. We intend to maintain this valuation allowance until there is sufficient evidence to support a reversal of the allowance. The timing and amount of future valuation allowance reductions are subject to future levels of contracting and profitability achieved or by the expiration of the related deferred tax assets. See "Note 5 - Property and Equipment" for further disclosure regarding the Retired Semis.
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 the first quarter of 2025 and 2024, respectively, for aggregate total payments of $26.0 million. These payments are included within Other assets in the Condensed Consolidated Balance Sheets. We have not recorded a liability for uncertain tax positions as of March 31, 2026, related to this assessment based on a more-likely-than-not threshold. We believe our tax returns are materially correct as filed and will vigorously contest this assessment.

Australian Tax Assessment

In December 2024, we reached a settlement agreement with the Australian tax authorities regarding tax assessments which related to the examination of certain of our tax returns for the years 2011 through 2016. In connection with this agreement, during the first quarter of 2025, we received refunds (including interest) totaling A$42.0 million (approximately $26.0 million at then-current exchange rates).
v3.26.1
Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
ARO Newbuild Funding Obligations

In connection with our 50/50 unconsolidated joint venture, we have a potential obligation to fund ARO for newbuild jackup rigs. The Shareholder Agreement specifies that ARO shall purchase 20 newbuild jackup rigs. The joint venture partners intend for the newbuild jackup rigs to be financed out of available cash on hand and from ARO's operations and/or funds available from third-party financing. The first two newbuild jackups, Kingdom 1 and Kingdom 2, were delivered and commenced operations in 2023 and 2024, respectively. In October 2024 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 from cash on hand upon ordering Kingdom 3. ARO has made payments of $62.6 million related to the 25% down payment from cash on hand upon ordering Kingdom 4 through March 31, 2026, 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 March 31, 2026 totaled $35.3 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 March 31, 2026, we had collateral deposits in the amount of $15.1 million with respect to these agreements.
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.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting, Revenue [Abstract]  
Segment Information Segment Information
 
Our business consists of four operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups, (3) ARO and (4) Other, which consists of management services on rigs owned by third parties and the activities associated with our arrangements with ARO under the Lease Agreements. Floaters, Jackups and ARO are also reportable segments.

Our chief operating decision maker ("CODM") assesses segment performance based on their review of the operating income (loss) of each segment, which measures profitability after deducting normal operating costs. Components within operating income (loss), such as revenues and contract drilling 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, Depreciation expense and Merger and integration expenses incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income (loss) and are included in "Reconciling Items." We measure segment assets as Property and equipment, net.

The full operating results included below for ARO are not included within our consolidated results and thus are deducted under "Reconciling Items" and replaced with our equity in earnings of ARO. See "Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements. Similarly, the Property and equipment, net balances presented below for ARO are not included within our Condensed Consolidated Balance Sheets and thus are also deducted under "Reconciling Items."
Segment information for the three months ended March 31, 2026 and 2025, respectively, are presented below (in millions):
Three Months Ended March 31, 2026
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$192.6 $195.8 $127.4 $41.7 $(127.4)$430.1 
Reimbursable revenues5.0 14.4 — 15.9 — 35.3 
Total operating revenues197.6 210.2 127.4 57.6 (127.4)465.4 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
150.6 128.8 75.1 22.7 (36.8)340.4 
Reimbursable expenses4.9 13.2 — 14.9 — 33.0 
Total contract drilling expenses (exclusive of depreciation)
155.5 142.0 75.1 37.6 (36.8)373.4 
Depreciation15.7 16.5 24.9 6.2 (20.6)42.7 
General and administrative— — 7.1 — 18.2 25.3 
Merger and integration expenses— — — — 13.6 13.6 
Other operating income
(2.8)— — — — (2.8)
Total operating expenses
168.4 158.5 107.1 43.8 (25.6)452.2 
Equity in earnings of ARO— — — — 6.8 6.8 
Operating income$29.2 $51.7 $20.3 $13.8 $(95.0)$20.0 
Property and equipment, net$1,275.0 $635.3 $1,243.9 $200.2 $(1,189.4)$2,165.0 
Capital expenditures$55.3 $23.0 $32.3 $22.5 $(32.2)$100.9 

Three Months Ended March 31, 2025
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$356.0 $185.9 $134.7 $35.9 $(134.7)$577.8 
Reimbursable revenues
8.9 27.7 — 6.3 — 42.9 
Total operating revenues
364.9 213.6 134.7 42.2 (134.7)620.7 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
204.0 116.7 85.6 16.0 (48.3)374.0 
Reimbursable expenses
8.3 26.4 — 6.3 — 41.0 
Total contract drilling expenses (exclusive of depreciation)
212.3 143.1 85.6 22.3 (48.3)415.0 
Depreciation14.2 12.7 29.5 2.8 (26.1)33.1 
General and administrative— — 6.3 — 18.1 24.4 
Other operating loss
7.8 — — — — 7.8 
Total operating expenses234.3 155.8 121.4 25.1 (56.3)480.3 
Equity in earnings of ARO— — — — 2.6 2.6 
Operating income$130.6 $57.8 $13.3 $17.1 $(75.8)$143.0 
Property and equipment, net$1,162.3 $625.5 $1,227.8 $131.6 $(1,170.1)$1,977.1 
Capital expenditures
$27.0 $70.2 $8.0 $— $(5.0)$100.2 
Information about Geographic Areas

As of March 31, 2026, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
Europe
5 11 — 16 — 
Middle East & Africa3 7 7 17 9 
North & South America
5 3 — 8 — 
Asia & Pacific Rim1 3 — 4 — 
Held for sale (1)
1 — — 1 — 
Total15 24 7 46 9 

(1)VALARIS DPS-1 was classified as held for sale and is warm stacked in Asia Pacific as of March 31, 2026. See "Note 5 - Property and Equipment" for more information regarding VALARIS DPS-1

We provide management services in the Gulf of America on two rigs owned by a third party not included in the table above.
ARO ordered two newbuild jackups, Kingdom 3 and Kingdom 4, which are under construction in the Middle East and are not included in the table above.
v3.26.1
Supplemental Financial Information
 3 Months Ended
Mar. 31, 2026
Supplemental Financial Information [Abstract]  
Supplemental Financial Information Supplemental Financial Information
Condensed Consolidated Balance Sheet Information

Accounts receivable, net, consisted of the following (in millions):
March 31, 2026December 31, 2025
Trade$397.9 $424.1 
Income tax receivables41.9 49.8 
Other22.7 15.8 
 462.5 489.7 
Allowance for doubtful accounts(14.6)(14.9)
 $447.9 $474.8 

Other current assets consisted of the following (in millions):
March 31, 2026December 31, 2025
Prepaid taxes$60.7 $58.2 
Deferred costs54.4 37.7 
Prepaid expenses18.7 13.3 
Other35.7 35.5 
 $169.5 $144.7 
        
Accrued liabilities and other consisted of the following (in millions):
March 31, 2026December 31, 2025
Current contract liabilities (deferred revenues)$98.9 $87.7 
Income and other taxes payable79.7 73.9 
Personnel costs62.0 81.6 
Accrued interest38.4 15.4 
Lease liabilities37.6 35.6 
Accrued claims20.0 21.3 
Other42.6 27.9 
 $379.2 $343.4 
        
Other liabilities consisted of the following (in millions):
March 31, 2026December 31, 2025
Unrecognized tax benefits (inclusive of interest and penalties)$134.7 $136.2 
Pension and other post-retirement benefits64.3 68.3 
Noncurrent contract liabilities (deferred revenues)56.0 63.2 
Lease liabilities
30.2 37.3 
Other21.8 20.8 
 $307.0 $325.8 

Condensed Consolidated Statements of Operations Information

Other, net consisted of the following (in millions):
Three Months Ended
March 31,
20262025
Net foreign currency exchange gains (losses)$(1.7)$(5.2)
Net gain (loss) on sale of property(1.6)27.1 
Net periodic pension and retiree medical income (loss)0.9 (0.2)
Other income (expenses)0.1 (0.5)
$(2.3)$21.2 
Condensed Consolidated Statement of Cash Flows Information

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

March 31,
2026		December 31,
2025
Cash and cash equivalents
$578.3 $599.4 
Restricted cash—current (1)
6.1 7.0 
Restricted cash—non-current (1)
11.0 11.1 
$595.4 $617.5 
(1)Restricted cash consists primarily of collateral on letters of credit of $15.1 million and $16.3 million as of March 31, 2026 and December 31, 2025, respectively. Restricted cash—current is included in Other current assets and Restricted cash—non-current is included in Other assets in our Condensed Consolidated Balance Sheets. See "Note 11 - Contingencies" for more information regarding our letters of credit.

Concentration of Risk

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

Customer Concentration - Consolidated revenues with customers that individually contributed 10% or more of revenue in either of the three months ended March 31, 2026 and 2025 were as follows:

Three Months Ended
March 31, 2026March 31, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Petróleo Brasileiro S.A.
17 %— %— %17 %13 %— %— %13 %
Azule Energy
9 %5 %— %14 %7 %1 %— %8 %
BP plc
— %4 %7 %11 %5 %3 %4 %12 %
Eni S.p.A
— %9 %— %9 %— %10 %— %10 %
Other customers (1)
17 %27 %5 %49 %34 %20 %3 %57 %
43 %45 %12 %100 %59 %34 %7 %100 %

(1)Other customers includes customers that individually contributed to less than 10% of our total revenues.
Geographic Concentration - For purposes of our geographic disclosure, we attribute revenues to the geographic location where such revenues are earned. Consolidated revenues for locations that individually had 10% or more of revenue were as follows (in millions):

Three Months Ended
March 31, 2026March 31, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
United Kingdom$— $100.5 $— $100.5 $— $100.7 $— $100.7 
Angola70.6 23.3 — 93.9 42.2 4.3 — 46.5 
Brazil
85.8 — — 85.8 164.0 — — 164.0 
Gulf of America
41.2 — 31.2 72.4 65.4 — 28.0 93.4 
Australia
— 16.2 — 16.2 39.6 45.5 — 85.1 
Other countries (1)
— 70.2 26.4 96.6 53.7 63.1 14.2 131.0 
$197.6 $210.2 $57.6 $465.4 $364.9 $213.6 $42.2 $620.7 
(1)Other countries includes locations that individually contributed to less than 10% of our total revenues.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Unaudited Condensed Consolidated Financial Statements (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting, Policy Unaudited Condensed Consolidated Financial Statements
 
We prepared the accompanying condensed consolidated financial statements of Valaris Limited and its subsidiaries (the "Company," "Valaris," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2025 Condensed Consolidated Balance Sheet data was derived from our 2025 audited consolidated financial statements but does not include all disclosures required by GAAP. The preparation of our condensed consolidated financial statements requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates.

Results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2026, or for any future period. We recommend these condensed consolidated financial statements be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 20, 2026 (our "Annual Report").

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"), under which Transocean will acquire all of the issued and outstanding common shares of Valaris in exchange for shares of Transocean at an exchange ratio of 15.235 Transocean shares for each common share of Valaris (the "Business Combination"). 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 Warrant Agreement, dated as of April 30, 2021, by and between Valaris and the warrant agent named therein) 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 common 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, subject to official notice of issuance, (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 (each 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 to Transocean a termination fee equal to $173.0 million.
In connection with the Business Combination, we incurred professional fees and other costs of $13.6 million for the three months ended March 31, 2026, which are included within Merger and integration expenses in the Condensed Consolidated Statements of Operations.

Summary of Significant Accounting Policies

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

Accounting Pronouncements to be Adopted

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures - In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("Update 2024-03"), which requires companies to disclose additional information for certain relevant expense categories in the Statements of Operations and within the notes to the financial statements. Update 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted and can be applied either prospectively to financial statements issued for reporting periods after the effective date, or retrospectively to prior periods which are presented in the financial statements. We are currently assessing the impact of the requirements on our condensed consolidated financial statements and disclosures.
With the exception of the updated standard discussed above, there have been no accounting pronouncements issued and not yet effective that have significance, or potential significance, to our condensed consolidated financial statements.
v3.26.1
Revenue from Contracts with Customers (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]
The following table summarizes our contract assets and contract liabilities (in millions):
 March 31, 2026 December 31, 2025
Current contract assets$7.1 $4.3 
Noncurrent contract assets$16.9 $12.8 
Current contract liabilities (deferred revenue)$98.9 $87.7 
Noncurrent contract liabilities (deferred revenue)$56.0 $63.2 

Changes in contract assets and liabilities during the period are as follows (in millions):
 Contract AssetsContract Liabilities
Balance as of December 31, 2025$17.1 $150.9 
Revenue recognized in advance of right to bill customer7.5 — 
Increase due to revenue deferred during the period— 33.3 
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance— (29.3)
Decrease due to transfer to receivables and payables during the period(0.6)— 
Balance as of March 31, 2026$24.0 $154.9 
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]
The table below reflects the expected future amortization of our contract liabilities and deferred costs recorded as of March 31, 2026. In the case of our contract liabilities related to our bareboat charter arrangements with ARO, the contract liability is not amortized and as such, the amount is reflected in the table below at the end of the current lease term. See "Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements.
(In millions)
 Remaining 2026202720282029 and Thereafter Total
Amortization of contract liabilities$77.0 $49.0 $6.7 $22.2 $154.9 
Amortization of deferred costs$45.4 $19.0 $2.5 $0.1 $67.0 
v3.26.1
Equity Method Investment In ARO (Tables)
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments A reconciliation of those components is presented below (in millions):
Three Months Ended
March 31,
20262025
50% interest in ARO net income (loss)$3.7 $(0.5)
Amortization of basis differences3.1 3.1 
Equity in earnings of ARO$6.8 $2.6 
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 Condensed Consolidated Statements of Operations and were as follows (in millions):

Three Months Ended
March 31,
20262025
Revenues (exclusive of reimbursable revenues) from Lease Agreements
$18.5 $13.5 
Reimbursable revenues from Lease Agreements
7.1 — 
Total operating revenues from Lease Agreements
$25.6 $13.5 

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

March 31, 2026December 31, 2025
Accounts receivable
$58.8 $47.8 
Contract assets (1)
$4.3 $2.0 
Contract liabilities (1)
$19.0 $16.3 
Accounts payable (1)
$64.9 $61.8 

(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):

March 31, 2026December 31, 2025
Principal amount$400.7 $400.7 
Discount(49.6)(55.7)
Carrying value$351.1 $345.0 
Interest receivable (1) (2)
$5.5 $— 

(1)Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets.
(2)The 2025 interest on the Notes Receivable from ARO of approximately $24.1 million was paid in kind in December 2025 by increasing the principal balance of the Notes Receivable from ARO.

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

Three Months Ended
March 31,
20262025
Interest income$5.5 $4.0 
Non-cash amortization (1)
6.1 6.1 
Total interest income on the Notes Receivable from ARO$11.6 $10.1 

(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.
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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):
March 31, 2026December 31, 2025
Carrying Value  Estimated Fair Value  Carrying ValueEstimated Fair Value  
2030 Second Lien Notes (1)
$1,086.8 $1,140.8 $1,086.0 $1,144.9 
Notes Receivable from ARO (2)
$351.1 $405.3 $345.0 $403.8 

(1)The estimated fair value of the 2030 Second Lien Notes (as defined in "Note 8 - Debt") was determined using quoted market prices, which are level 1 inputs.
(2)The estimated fair value of the Notes Receivable from ARO was estimated using an income approach to value the forecasted cash flows attributed to the Notes Receivable from ARO using a discount rate based on a comparable yield with a country-specific risk premium, which are considered to be level 2 inputs.
v3.26.1
Property and Equipment (Tables)
 3 Months Ended
Mar. 31, 2026
Property, Plant, and Equipment [Abstract]  
Schedule of Property And Equipment
Property and equipment consisted of the following (in millions):

March 31, 2026December 31, 2025
Drilling rigs and equipment$2,043.8 $1,958.8 
Work-in-progress622.5 590.3 
Other49.3 49.2 
Total property and equipment, at cost
$2,715.6 $2,598.3 
v3.26.1
Pension and Other Postretirement Benefits (Tables)
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
The components of net periodic pension and retiree medical (income) loss were as follows (in millions):
Three Months Ended
March 31,
 20262025
Interest cost$7.4 $7.6 
Expected return on plan assets(8.1)(7.2)
Amortization of net gain(0.2)(0.2)
Net periodic pension and retiree medical (income) loss (1)
$(0.9)$0.2 

(1)Included in Other, net in our Condensed Consolidated Statements of Operations.
v3.26.1
Shareholders Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Schedule Of Activity In Our Various Shareholders Equity
Activity in our various shareholders' equity accounts for the three months ended March 31, 2026 and 2025 were as follows (in millions):
 Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCI Treasury
Shares		Non-controlling
Interest
BALANCE, December 31, 202576.4 $0.8 $1,134.9 $16.4 $2,381.7 $60.9 $(425.1)$2.1 
Net loss— — — — (16.4)— — (1.6)
Share-based compensation cost— — 6.4 — — — — — 
Shares issued under share-based compensation plans, net
0.1 — — — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards
— — (1.4)— — — — — 
Foreign currency translation adjustments
— — — — — 3.2 — — 
BALANCE, March 31, 202676.5 $0.8 $1,139.9 $16.4 $2,365.3 $63.9 $(425.1)$0.5 
Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCITreasury
Shares		Non-controlling
Interest
BALANCE, December 31, 2024
76.2 $0.8 $1,113.3 $16.4 $1,398.9 $34.2 $(325.1)$5.8 
Net loss— — — — (37.9)— — (1.3)
Share-based compensation cost— — 5.6 — — — — — 
Shares issued under share-based compensation plans, net
0.1 — — — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards
— — (0.3)— — — — — 
Foreign currency translation adjustments
— — — — — 1.3 — — 
BALANCE, March 31, 2025
76.3 $0.8 $1,118.6 $16.4 $1,361.0 $35.3 $(325.1)$4.5 
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting, Revenue [Abstract]  
Schedule Of Segment Reporting Information
Segment information for the three months ended March 31, 2026 and 2025, respectively, are presented below (in millions):
Three Months Ended March 31, 2026
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$192.6 $195.8 $127.4 $41.7 $(127.4)$430.1 
Reimbursable revenues5.0 14.4 — 15.9 — 35.3 
Total operating revenues197.6 210.2 127.4 57.6 (127.4)465.4 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
150.6 128.8 75.1 22.7 (36.8)340.4 
Reimbursable expenses4.9 13.2 — 14.9 — 33.0 
Total contract drilling expenses (exclusive of depreciation)
155.5 142.0 75.1 37.6 (36.8)373.4 
Depreciation15.7 16.5 24.9 6.2 (20.6)42.7 
General and administrative— — 7.1 — 18.2 25.3 
Merger and integration expenses— — — — 13.6 13.6 
Other operating income
(2.8)— — — — (2.8)
Total operating expenses
168.4 158.5 107.1 43.8 (25.6)452.2 
Equity in earnings of ARO— — — — 6.8 6.8 
Operating income$29.2 $51.7 $20.3 $13.8 $(95.0)$20.0 
Property and equipment, net$1,275.0 $635.3 $1,243.9 $200.2 $(1,189.4)$2,165.0 
Capital expenditures$55.3 $23.0 $32.3 $22.5 $(32.2)$100.9 

Three Months Ended March 31, 2025
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$356.0 $185.9 $134.7 $35.9 $(134.7)$577.8 
Reimbursable revenues
8.9 27.7 — 6.3 — 42.9 
Total operating revenues
364.9 213.6 134.7 42.2 (134.7)620.7 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
204.0 116.7 85.6 16.0 (48.3)374.0 
Reimbursable expenses
8.3 26.4 — 6.3 — 41.0 
Total contract drilling expenses (exclusive of depreciation)
212.3 143.1 85.6 22.3 (48.3)415.0 
Depreciation14.2 12.7 29.5 2.8 (26.1)33.1 
General and administrative— — 6.3 — 18.1 24.4 
Other operating loss
7.8 — — — — 7.8 
Total operating expenses234.3 155.8 121.4 25.1 (56.3)480.3 
Equity in earnings of ARO— — — — 2.6 2.6 
Operating income$130.6 $57.8 $13.3 $17.1 $(75.8)$143.0 
Property and equipment, net$1,162.3 $625.5 $1,227.8 $131.6 $(1,170.1)$1,977.1 
Capital expenditures
$27.0 $70.2 $8.0 $— $(5.0)$100.2 
Schedule Of Geographic Distribution Of Rigs By Segment
As of March 31, 2026, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
Europe
5 11 — 16 — 
Middle East & Africa3 7 7 17 9 
North & South America
5 3 — 8 — 
Asia & Pacific Rim1 3 — 4 — 
Held for sale (1)
1 — — 1 — 
Total15 24 7 46 9 

(1)VALARIS DPS-1 was classified as held for sale and is warm stacked in Asia Pacific as of March 31, 2026. See "Note 5 - Property and Equipment" for more information regarding VALARIS DPS-1
v3.26.1
Supplemental Financial Information (Tables)
 3 Months Ended
Mar. 31, 2026
Supplemental Financial Information [Abstract]  
Accounts Receivable, Net
Accounts receivable, net, consisted of the following (in millions):
March 31, 2026December 31, 2025
Trade$397.9 $424.1 
Income tax receivables41.9 49.8 
Other22.7 15.8 
 462.5 489.7 
Allowance for doubtful accounts(14.6)(14.9)
 $447.9 $474.8 
Other Current Assets
Other current assets consisted of the following (in millions):
March 31, 2026December 31, 2025
Prepaid taxes$60.7 $58.2 
Deferred costs54.4 37.7 
Prepaid expenses18.7 13.3 
Other35.7 35.5 
 $169.5 $144.7 
Schedule of Accrued Liabilities
Accrued liabilities and other consisted of the following (in millions):
March 31, 2026December 31, 2025
Current contract liabilities (deferred revenues)$98.9 $87.7 
Income and other taxes payable79.7 73.9 
Personnel costs62.0 81.6 
Accrued interest38.4 15.4 
Lease liabilities37.6 35.6 
Accrued claims20.0 21.3 
Other42.6 27.9 
 $379.2 $343.4 
Other Liabilities
Other liabilities consisted of the following (in millions):
March 31, 2026December 31, 2025
Unrecognized tax benefits (inclusive of interest and penalties)$134.7 $136.2 
Pension and other post-retirement benefits64.3 68.3 
Noncurrent contract liabilities (deferred revenues)56.0 63.2 
Lease liabilities
30.2 37.3 
Other21.8 20.8 
 $307.0 $325.8 
Schedule of Other Nonoperating Income, by Component
Other, net consisted of the following (in millions):
Three Months Ended
March 31,
20262025
Net foreign currency exchange gains (losses)$(1.7)$(5.2)
Net gain (loss) on sale of property(1.6)27.1 
Net periodic pension and retiree medical income (loss)0.9 (0.2)
Other income (expenses)0.1 (0.5)
$(2.3)$21.2 
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance Consolidated revenues with customers that individually contributed 10% or more of revenue in either of the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended
March 31, 2026March 31, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Petróleo Brasileiro S.A.
17 %— %— %17 %13 %— %— %13 %
Azule Energy
9 %5 %— %14 %7 %1 %— %8 %
BP plc
— %4 %7 %11 %5 %3 %4 %12 %
Eni S.p.A
— %9 %— %9 %— %10 %— %10 %
Other customers (1)
17 %27 %5 %49 %34 %20 %3 %57 %
43 %45 %12 %100 %59 %34 %7 %100 %
(1)Other customers includes customers that individually contributed to less than 10% of our total revenues.
Schedule of Cash Flow, Supplemental Disclosures
The following table provides a reconciliation of the amount of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Condensed Consolidated Statements of Cash Flows (in millions):

March 31,
2026		December 31,
2025
Cash and cash equivalents
$578.3 $599.4 
Restricted cash—current (1)
6.1 7.0 
Restricted cash—non-current (1)
11.0 11.1 
$595.4 $617.5 
(1)Restricted cash consists primarily of collateral on letters of credit of $15.1 million and $16.3 million as of March 31, 2026 and December 31, 2025, respectively. Restricted cash—current is included in Other current assets and Restricted cash—non-current is included in Other assets in our Condensed Consolidated Balance Sheets. See "Note 11 - Contingencies" for more information regarding our letters of credit.
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue Consolidated revenues for locations that individually had 10% or more of revenue were as follows (in millions):
Three Months Ended
March 31, 2026March 31, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
United Kingdom$— $100.5 $— $100.5 $— $100.7 $— $100.7 
Angola70.6 23.3 — 93.9 42.2 4.3 — 46.5 
Brazil
85.8 — — 85.8 164.0 — — 164.0 
Gulf of America
41.2 — 31.2 72.4 65.4 — 28.0 93.4 
Australia
— 16.2 — 16.2 39.6 45.5 — 85.1 
Other countries (1)
— 70.2 26.4 96.6 53.7 63.1 14.2 131.0 
$197.6 $210.2 $57.6 $465.4 $364.9 $213.6 $42.2 $620.7 
(1)Other countries includes locations that individually contributed to less than 10% of our total revenues.
v3.26.1
Unaudited Condensed Consolidated Financial Statements (Details) - Transocean Ltd.
$ in Millions
Feb. 09, 2026
USD ($)
shares
Business Combination [Line Items]  
Business Combination, Consideration Transferred, Equity Interest Issued And Issuable | shares 15.235
Business Combination, Voting Equity Interest Acquired, Percentage 47.00%
Business Combination, Termination Fees | $ $ 173.0
Transocean Ltd.  
Business Combination [Line Items]  
Business Combination, Voting Equity Interest Acquired, Percentage 53.00%
v3.26.1
Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Capitalized Contract Cost [Line Items]      
Capitalized Contract Cost, Net $ 67.0    
Upfront Rig Mobilizations And Certain Contract Preparation [Member]      
Capitalized Contract Cost [Line Items]      
Capitalized Contract Cost, Net 59.2   $ 36.6
Capitalized Contract Cost, Amortization 13.6 $ 12.8  
Deferred Certification Costs      
Capitalized Contract Cost [Line Items]      
Capitalized Contract Cost, Net 7.8   $ 7.6
Capitalized Contract Cost, Amortization $ 1.9 $ 2.2  
Minimum      
Capitalized Contract Cost [Line Items]      
Remaining duration of drilling contracts 1 month    
Maximum      
Capitalized Contract Cost [Line Items]      
Remaining duration of drilling contracts 5 years    
v3.26.1
Revenue from Contracts with Customers Components of Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Current contract assets $ 7.1 $ 4.3
Noncurrent contract assets 16.9 12.8
Current contract liabilities (deferred revenue) 98.9 87.7
Noncurrent contract liabilities (deferred revenue) $ 56.0 $ 63.2
v3.26.1
Revenue from Contracts with Customers Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Contract Assets    
Contract with Customer, Asset, after Allowance for Credit Loss $ 24.0 $ 17.1
Revenue from Contract with Customer, Excluding Assessed Tax 7.5  
Contract with Customer, Asset, Reclassified to Receivable (0.6)  
Contract Liabilities    
Contract with Customer, Liability 154.9 $ 150.9
Contract with Customer, Liability, Increase from Cash Receipts 33.3  
Contract with Customer, Liability, Revenue Recognized, Included In Beginning Balance (29.3)  
Contract with Customer, Liability, Reclassified to Payable $ 0.0  
v3.26.1
Revenue from Contracts with Customers Future Amortization of Liabilities and Deferred Costs (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 154.9
Capitalized Contract Cost, Net $ 67.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 9 months
Revenue, Remaining Performance Obligation, Amount $ 77.0
Capitalized Contract Cost, Amortization Expense, Remainder Of Fiscal Year $ 45.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Amount $ 49.0
Capitalized Contract Cost, Amortization Expense, Year Two $ 19.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Amount $ 6.7
Capitalized Contract Cost, Amortization Expense, Year Three $ 2.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Amount $ 22.2
Capitalized Contract Cost, Amortization Expense, Year Four and Thereafter $ 0.1
v3.26.1
Equity Method Investment In ARO Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
drillship
jackup
Mar. 31, 2025
USD ($)
Jan. 31, 2020
drillship
Schedule of Equity Method Investments [Line Items]      
Total Number Of Contract Drilling Rigs 46    
Number of Newbuild Jackup Rigs | jackup 20    
Number of ARO newbuild rigs ordered     2
Shareholder Notes Payable, Term 10 years    
Debt Instrument, Basis Spread on Variable Rate 2.10%    
Number of ARO Rigs ordered 2    
ARO      
Schedule of Equity Method Investments [Line Items]      
Total Number Of Contract Drilling Rigs 9    
Total Number Of Contract Drilling Rigs, Leased 7    
Lease Revenue From Related Party excluding reimbursable revenues | $ $ 18.5 $ 13.5  
Number of ARO Rigs ordered 2    
ARO      
Schedule of Equity Method Investments [Line Items]      
Equity Method Investment, Ownership Percentage 50.00%    
v3.26.1
Equity Method Investment In ARO - Summarized Financial Data (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investment Owned, Balance [Abstract]    
Equity in earnings of ARO $ 6.8 $ 2.6
ARO    
Investment Owned, Balance [Abstract]    
Income (Loss) From Equity Method Investments, Ownership Interest 3.7 (0.5)
Amortization of basis differences 3.1 3.1
Equity in earnings of ARO $ 6.8 $ 2.6
v3.26.1
Equity Method Investment in ARO - Schedule of Related Parties (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]      
    Accounts receivable, net $ 447.9   $ 474.8
Contract with Customer, Liability 154.9   150.9
Accounts payable - trade 398.5   348.2
Carrying value 351.1   345.0
Paid-in-Kind Interest     24.1
Contract with Customer, Asset, after Allowance for Credit Loss 24.0   17.1
ARO      
Schedule of Equity Method Investments [Line Items]      
    Accounts receivable, net 58.8   47.8
Contract with Customer, Liability 19.0   16.3
Accounts payable - trade 64.9   61.8
Principal amount 400.7   400.7
Discount (49.6)   (55.7)
Carrying value 351.1   345.0
Interest receivable 5.5   0.0
Interest income 5.5 $ 4.0  
Accretion of Discount on the Notes Receivable 6.1 6.1  
Total interest income on the Notes Receivable from ARO 11.6 10.1  
Lease Revenue From Related Party excluding reimbursable revenues 18.5 13.5  
Reimbursable Lease Revenue From Related Party 7.1 0.0  
Lease Revenue From Related Party 25.6 $ 13.5  
Contract with Customer, Asset, after Allowance for Credit Loss $ 4.3   $ 2.0
v3.26.1
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO $ 351.1 $ 345.0
ARO    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO 351.1 345.0
Principal amount 400.7 400.7
Reported Value Measurement [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO 351.1 345.0
Reported Value Measurement [Member] | Eight Point Three Seven Five Percent Senior Second Lien Notes | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt 1,086.8 1,086.0
Estimate of Fair Value Measurement [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO 405.3 403.8
Estimate of Fair Value Measurement [Member] | Eight Point Three Seven Five Percent Senior Second Lien Notes | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt $ 1,140.8 $ 1,144.9
v3.26.1
Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST $ 2,715.6 $ 2,598.3
Equipment    
Property, Plant, and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST 2,043.8 1,958.8
Work-in-progress    
Property, Plant, and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST 622.5 590.3
Other    
Property, Plant, and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST $ 49.3 $ 49.2
v3.26.1
Property, Plant, and Equipment Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Apr. 30, 2026
USD ($)
Jan. 31, 2026
USD ($)
Apr. 30, 2025
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
drillship
Dec. 31, 2024
USD ($)
Mar. 31, 2025
USD ($)
drillship
Dec. 31, 2027
USD ($)
Dec. 31, 2025
USD ($)
Property, Plant, and Equipment [Line Items]                  
Proceeds from disposition of assets       $ 5.2 $ 17.8        
Semisubmersible Rigs, Retired | drillship         3   3    
       Property and equipment, net       2,165.0 $ 1,977.1   $ 1,977.1   $ 2,088.8
Disposal Group, Including Discontinued Operation, Assets       9.2         6.4
Proceeds from disposition of assets       5.2 17.8        
       Property and equipment, net       2,165.0 1,977.1   1,977.1   2,088.8
Angola office                  
Property, Plant, and Equipment [Line Items]                  
Gain (Loss) on Disposition of Other Assets         4.0        
Proceeds from disposition of assets         2.7 $ 2.5 5.2    
Proceeds from disposition of assets         2.7 $ 2.5 5.2    
Operating Segments | Floaters                  
Property, Plant, and Equipment [Line Items]                  
       Property and equipment, net       1,275.0 1,162.3   1,162.3    
       Property and equipment, net       $ 1,275.0 1,162.3   $ 1,162.3    
V75 | Operating Segments | Jackups Member                  
Property, Plant, and Equipment [Line Items]                  
Gain (Loss) on Disposition of Other Assets         23.0        
Proceeds from disposition of assets   $ 5.0     14.0        
Proceeds from disposition of assets   $ 5.0     14.0        
V75 | Operating Segments | Jackups Member | Subsequent Event                  
Property, Plant, and Equipment [Line Items]                  
Proceeds from disposition of assets               $ 5.0  
Proceeds from disposition of assets               $ 5.0  
DPS-3, DPS-5 & DPS-6 | Operating Segments | Floaters                  
Property, Plant, and Equipment [Line Items]                  
Proceeds from disposition of assets     $ 10.0            
Asset, Impairment Loss         7.8        
Proceeds from disposition of assets     $ 10.0            
Asset, Impairment Loss         $ 7.8        
DPS-1 | Subsequent Event                  
Property, Plant, and Equipment [Line Items]                  
Proceeds from Sale of Other Assets $ 10.1                
DPS-1 | Operating Segments | Floaters                  
Property, Plant, and Equipment [Line Items]                  
Asset, Impairment Loss                 15.8
Disposal Group, Including Discontinued Operation, Assets                 6.4
Asset, Impairment Loss                 $ 15.8
v3.26.1
Pension and other Postretirement Benefits - Narrative (Schedule of Net Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Retirement Benefits [Abstract]    
Defined Benefit Plan, Interest Cost $ 7.4 $ 7.6
Defined Benefit Plan, Expected Return (Loss) on Plan Assets (8.1) (7.2)
Defined Benefit Plan, Amortization of Gain (Loss) 0.2 0.2
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ (0.9) $ 0.2
v3.26.1
Loss Per Share (Narrative) (Details) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Antidilutive share options excluded from computation of diluted earnings per share (in shares) 1,495,000 612,000
Class of Warrant or Right (in shares) 5,470,801  
Class of Warrant or Right, Exercise Price of Warrants or Rights $ 131.88  
v3.26.1
Debt (Narrative) (Details) - USD ($)
 3 Months Ended
Apr. 03, 2023
Mar. 31, 2026
Aug. 21, 2023
Apr. 19, 2023
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate   2.10%    
Revolving Credit Facility        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity $ 375,000,000.0      
Line of Credit Facility, Additional Borrowing Capacity $ 200,000,000.0      
Long-Term Line of Credit   $ 0    
Revolving Credit Facility | Maximum        
Debt Instrument [Line Items]        
Line of Credit Facility, Commitment Fee Percentage 0.75%      
Revolving Credit Facility | Minimum        
Debt Instrument [Line Items]        
Line of Credit Facility, Commitment Fee Percentage 0.375%      
Revolving Credit Facility | Federal Fund Rate Plus One Half Member | Federal Funds Rate        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 0.50%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Maximum | Standards & Poor's Financial Services LLC        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 3.00%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Maximum | Moody's Investors Service, Inc.        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 4.00%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Minimum | Standards & Poor's Financial Services LLC        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.50%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Minimum | Moody's Investors Service, Inc.        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 2.50%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Secured Overnight Financing Rate (SOFR) | Maximum        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 0.10%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Secured Overnight Financing Rate (SOFR) | Minimum        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 0.00%      
Revolving Credit Facility | Term SOFR Plus One and One Tenth Member | Secured Overnight Financing Rate (SOFR) | Maximum        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.10%      
Revolving Credit Facility | Floor for Term SOFR and One and One Tenth Member | Secured Overnight Financing Rate (SOFR) | Minimum        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.00%      
Revolving Credit Facility | Letter of Credit        
Debt Instrument [Line Items]        
Line of Credit Facility, Additional Borrowing Capacity $ 150,000,000.0      
Senior Notes | Second Lien Notes        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount       $ 700,000,000.0
Senior Notes | Additional Second Lien Notes        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount     $ 400,000,000.0  
Debt Instrument, Issued, Percentage of Par     100.75%  
Senior Notes | Second Lien Notes        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage       8.375%
v3.26.1
Shareholders Equity Shareholders' Equity (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Beginning balance $ 3,171.7  
Net loss (18.0) $ (39.2)
Net other comprehensive income (loss) 3.0 1.1
Ending balance 3,161.7  
Net Income (Loss) Attributable to Noncontrolling Interest (1.6) (1.3)
Net Income (Loss) Attributable to Parent (16.4) $ (37.9)
Share Repurchase Program, Remaining Authorized, Amount $ 175.0  
Common Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Beginning balance (in shares) 76.4 76.2
Beginning balance $ 0.8 $ 0.8
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period 0.1 0.1
Ending balance (in shares) 76.5 76.3
Ending balance $ 0.8 $ 0.8
Additional Paid-in Capital    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Beginning balance 1,134.9 1,113.3
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 6.4 5.6
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (1.4) (0.3)
Ending balance 1,139.9 1,118.6
Warrants    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Beginning balance 16.4 16.4
Ending balance 16.4 16.4
Retained Earnings    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Beginning balance 2,381.7 1,398.9
Ending balance 2,365.3 1,361.0
Net Income (Loss) Attributable to Parent (16.4) (37.9)
AOCI     
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Beginning balance 60.9 34.2
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax (0.2) (0.2)
Net other comprehensive income (loss) 3.2 1.3
Ending balance 63.9 35.3
Treasury Stock, Common    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Beginning balance (425.1) (325.1)
Ending balance (425.1) (325.1)
Non-controlling Interest    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Beginning balance 2.1 5.8
Ending balance 0.5 4.5
Net Income (Loss) Attributable to Noncontrolling Interest $ (1.6) $ (1.3)
v3.26.1
Shareholders' Equity (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Stockholders' Equity Note [Abstract]    
Treasury Stock, Shares, Acquired 0 0
v3.26.1
Shareholders Equity Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Feb. 01, 2024
Stockholders' Equity Note [Abstract]      
Stock Repurchase Program, Authorized Amount     $ 600.0
Treasury Stock, Shares, Acquired 0 0  
Share Repurchase Program, Remaining Authorized, Amount $ 175.0    
v3.26.1
Income Taxes (Narrative) (Details)
RM in Millions, $ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended 24 Months Ended
Feb. 29, 2024
USD ($)
Feb. 29, 2024
MYR (RM)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2025
AUD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Effective Income Tax Rate Reconciliation [Line Items]                
Income tax benefit     $ 28.4 $ 193.5        
Deferred Foreign Income Tax Expense (Benefit)       $ 168.8        
Effective Income Tax Rate, Continuing Operations, Excluding Discrete Items     25.40% 15.10% 15.10%      
MALAYSIA                
Effective Income Tax Rate Reconciliation [Line Items]                
Payments for Other Taxes           $ 8.0 $ 18.0 $ 26.0
Loss Contingency, Damages Sought, Value | RM   RM 117.0            
Income Tax Examination, Penalties and Interest Expense $ 29.0              
Payments for Other Taxes           $ 8.0 $ 18.0 $ 26.0
Income Tax Examination, Penalties and Interest Expense $ 29.0              
Australian Taxation Office                
Effective Income Tax Rate Reconciliation [Line Items]                
Proceeds from Income Tax Refund, Foreign       $ 26.0 $ 42.0      
Proceeds from Income Tax Refund, Foreign       $ 26.0 $ 42.0      
v3.26.1
Contingencies (Narrative) (Details)
$ in Millions
 1 Months Ended 24 Months Ended
Nov. 30, 2025
USD ($)
Oct. 31, 2024
USD ($)
Dec. 31, 2024
drillship
Mar. 31, 2026
USD ($)
jackup
Dec. 31, 2025
USD ($)
Oct. 01, 2024
Apr. 03, 2023
USD ($)
Jan. 31, 2020
drillship
Loss Contingencies [Line Items]                
Number of Newbuild Jackup Rigs | jackup       20        
Maximum Contingent Contributions To Joint Venture       $ 1,250.0        
Max. amount by which VAL commitment to ARO will be reduced with each rig delivery       250.0        
Letters of credit outstanding, amount       35.3        
Deposit Liabilities, Collateral Issued, Financial Instruments       15.1 $ 16.3      
Reduced Contingent Contributions To Joint Venture       1,100.0        
Number of ARO newbuild rigs ordered | drillship               2
Number Of Newbuild Jackup Rigs Delivered | drillship     2          
Down Payment made for ARO Newbuild 4       $ 62.6        
Kingdom3                
Loss Contingencies [Line Items]                
Percentage of Down Payment Paid for ARO Newbuilds           25.00%    
Long-Term Purchase Commitment, Amount   $ 300.0            
Kingdom4                
Loss Contingencies [Line Items]                
Percentage of Down Payment Paid for ARO Newbuilds       25.00%        
Long-Term Purchase Commitment, Amount $ 300.0              
Revolving Credit Facility                
Loss Contingencies [Line Items]                
Line of Credit Facility, Maximum Borrowing Capacity             $ 375.0  
v3.26.1
Segment Information (Narrative) (Details)
 3 Months Ended
Mar. 31, 2026
Reportable_segment
drillship
Segment Reporting [Line Items]  
Number of operating segments (in segments) 4
Number of reportable segments 4
Number of Drilling Management Contracts | drillship 2
v3.26.1
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting [Line Items]      
Revenues (exclusive of reimbursable revenues) $ 430.1 $ 577.8  
Reimbursable revenues 35.3 42.9  
Total operating revenues 465.4 620.7  
Operating expenses:      
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 340.4 374.0  
Reimbursable expenses 33.0 41.0  
Total contract drilling expenses (exclusive of depreciation) 373.4 415.0  
Depreciation 42.7 33.1  
General and administrative 25.3 24.4  
Business Combination, Acquisition-Related Cost, Expense 13.6 0.0  
Other operating (income) loss (2.8) 7.8  
Costs and Expenses 452.2 480.3  
Equity in earnings of ARO (6.8) (2.6)  
OPERATING INCOME 20.0 143.0  
Property and equipment, net (2,165.0) (1,977.1) $ (2,088.8)
Capital expenditures 100.9 100.2  
Operating Segments | Floaters      
Segment Reporting [Line Items]      
Revenues (exclusive of reimbursable revenues) 192.6 356.0  
Reimbursable revenues 5.0 8.9  
Total operating revenues 197.6 364.9  
Operating expenses:      
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 150.6 204.0  
Reimbursable expenses 4.9 8.3  
Total contract drilling expenses (exclusive of depreciation) 155.5 212.3  
Depreciation 15.7 14.2  
General and administrative 0.0 0.0  
Business Combination, Acquisition-Related Cost, Expense 0.0    
Other operating (income) loss (2.8) 7.8  
Costs and Expenses 168.4 234.3  
Equity in earnings of ARO 0.0 0.0  
OPERATING INCOME 29.2 130.6  
Property and equipment, net (1,275.0) (1,162.3)  
Capital expenditures 55.3 27.0  
Operating Segments | Jackups      
Segment Reporting [Line Items]      
Revenues (exclusive of reimbursable revenues) 195.8 185.9  
Reimbursable revenues 14.4 27.7  
Total operating revenues 210.2 213.6  
Operating expenses:      
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 128.8 116.7  
Reimbursable expenses 13.2 26.4  
Total contract drilling expenses (exclusive of depreciation) 142.0 143.1  
Depreciation 16.5 12.7  
General and administrative 0.0 0.0  
Business Combination, Acquisition-Related Cost, Expense 0.0    
Other operating (income) loss 0.0 0.0  
Costs and Expenses 158.5 155.8  
Equity in earnings of ARO 0.0 0.0  
OPERATING INCOME 51.7 57.8  
Property and equipment, net (635.3) (625.5)  
Capital expenditures 23.0 70.2  
Operating Segments | ARO      
Segment Reporting [Line Items]      
Revenues (exclusive of reimbursable revenues) 127.4 134.7  
Reimbursable revenues 0.0 0.0  
Total operating revenues 127.4 134.7  
Operating expenses:      
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 75.1 85.6  
Reimbursable expenses 0.0 0.0  
Total contract drilling expenses (exclusive of depreciation) 75.1 85.6  
Depreciation 24.9 29.5  
General and administrative 7.1 6.3  
Business Combination, Acquisition-Related Cost, Expense 0.0    
Other operating (income) loss 0.0 0.0  
Costs and Expenses 107.1 121.4  
Equity in earnings of ARO 0.0 0.0  
OPERATING INCOME 20.3 13.3  
Property and equipment, net (1,243.9) (1,227.8)  
Capital expenditures 32.3 8.0  
Operating Segments | Other      
Segment Reporting [Line Items]      
Revenues (exclusive of reimbursable revenues) 41.7 35.9  
Reimbursable revenues 15.9 6.3  
Total operating revenues 57.6 42.2  
Operating expenses:      
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 22.7 16.0  
Reimbursable expenses 14.9 6.3  
Total contract drilling expenses (exclusive of depreciation) 37.6 22.3  
Depreciation 6.2 2.8  
General and administrative 0.0 0.0  
Business Combination, Acquisition-Related Cost, Expense 0.0    
Other operating (income) loss 0.0 0.0  
Costs and Expenses 43.8 25.1  
Equity in earnings of ARO 0.0 0.0  
OPERATING INCOME 13.8 17.1  
Property and equipment, net (200.2) (131.6)  
Capital expenditures 22.5 0.0  
Corporate, Non-Segment | Reconciling Items      
Segment Reporting [Line Items]      
Revenues (exclusive of reimbursable revenues) (127.4) (134.7)  
Reimbursable revenues 0.0 0.0  
Total operating revenues (127.4) (134.7)  
Operating expenses:      
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses (36.8) (48.3)  
Reimbursable expenses 0.0 0.0  
Total contract drilling expenses (exclusive of depreciation) (36.8) (48.3)  
Depreciation (20.6) (26.1)  
General and administrative 18.2 18.1  
Business Combination, Acquisition-Related Cost, Expense 13.6    
Other operating (income) loss 0.0 0.0  
Costs and Expenses (25.6) (56.3)  
Equity in earnings of ARO (6.8) (2.6)  
OPERATING INCOME (95.0) (75.8)  
Property and equipment, net 1,189.4 1,170.1  
Capital expenditures $ (32.2) $ (5.0)  
v3.26.1
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)
Mar. 31, 2026
rigs
drillship
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 46
Number of ARO Rigs ordered | drillship 2
Held for sale (1)  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 1
Floaters  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 15
Floaters | Held for sale (1)  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 1
Jackups  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 24
Jackups | Held for sale (1)  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
Other | Held for sale (1)  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
ARO | Held for sale (1)  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
Europe  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 16
Europe | Floaters  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 5
Europe | Jackups  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 11
Europe | Other  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
Europe | ARO  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
Middle East & Africa  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 17
Middle East & Africa | Floaters  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 3
Middle East & Africa | Jackups  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 7
Middle East & Africa | Other  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 7
Middle East & Africa | ARO  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 9
North & South America  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 8
North & South America | Floaters  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 5
North & South America | Jackups  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 3
North & South America | Other  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
North & South America | ARO  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
Asia & Pacific Rim  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 4
Asia & Pacific Rim | Floaters  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 1
Asia & Pacific Rim | Jackups  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 3
Asia & Pacific Rim | Other  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
Asia & Pacific Rim | ARO  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
v3.26.1
Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 462.5 $ 489.7
Income Taxes Receivable 41.9 49.8
Allowance for doubtful accounts (14.6) (14.9)
Accounts receivable, net 447.9 474.8
Trade    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables 397.9 424.1
Other Accounts Receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 22.7 $ 15.8
v3.26.1
Supplemental Financial Information (Other Current Assets) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Supplemental Financial Information [Abstract]    
Prepaid taxes $ 60.7 $ 58.2
Deferred costs 54.4 37.7
Prepaid expenses 18.7 13.3
Other 35.7 35.5
Other current assets $ 169.5 $ 144.7
v3.26.1
Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Supplemental Financial Information [Abstract]    
Deferred Revenue, Current $ 98.9 $ 87.7
Personnel costs 62.0 81.6
Income and other taxes payable 79.7 73.9
Accrued interest 38.4 15.4
Lease liabilities 37.6 35.6
Other 42.6 27.9
 Accrued liabilities and other 379.2 343.4
Accrued Claims $ 20.0 $ 21.3
v3.26.1
Supplemental Financial Information (Other Liabilities) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Supplemental Financial Information [Abstract]    
Unrecognized tax benefits (inclusive of interest and penalties) $ 134.7 $ 136.2
Pension and other post-retirement benefits 64.3 68.3
Operating Lease, Liability, Noncurrent 30.2 37.3
Noncurrent contract liabilities (deferred revenue) 56.0 63.2
Other 21.8 20.8
Other liabilities $ 307.0 $ 325.8
v3.26.1
Supplemental Financial Information (Other Income) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Supplemental Financial Information [Abstract]    
Net foreign currency exchange gains (losses) $ (1.7) $ (5.2)
Net periodic pension and retiree medical income (loss) 0.9 (0.2)
Gain (Loss) on Sale of Properties (1.6) 27.1
Other income (expenses) (0.1) (0.5)
Other, net $ (2.3) $ 21.2
v3.26.1
Supplemental Financial Information (Cash Flows Information) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Supplemental Financial Information [Abstract]    
    Cash and cash equivalents $ 578.3 $ 599.4
Restricted Cash, Current 6.1 7.0
Restricted Cash, Noncurrent 11.0 11.1
    Restricted cash $ 595.4 $ 617.5
v3.26.1
Supplemental Financial Information Schedule of Revenue by Major Customers, by Reporting Segments (Details) - Revenue Benchmark [Member] - Customer Concentration Risk
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 100.00% 100.00%
Petrobras S.A    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 17.00% 13.00%
British Petroleum    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 11.00% 12.00%
Equinor A S A    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 9.00% 10.00%
Other Customers    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 49.00% 57.00%
Azule Energy    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 14.00% 8.00%
Floaters    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 43.00% 59.00%
Floaters | Petrobras S.A    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 17.00% 13.00%
Floaters | British Petroleum    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 0.00% 5.00%
Floaters | Equinor A S A    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 0.00% 0.00%
Floaters | Other Customers    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 17.00% 34.00%
Floaters | Azule Energy    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 9.00% 7.00%
Jackups    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 45.00% 34.00%
Jackups | Petrobras S.A    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 0.00% 0.00%
Jackups | British Petroleum    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 4.00% 3.00%
Jackups | Equinor A S A    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 9.00% 10.00%
Jackups | Other Customers    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 27.00% 20.00%
Jackups | Azule Energy    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 5.00% 1.00%
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 12.00% 7.00%
Other | Petrobras S.A    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 0.00% 0.00%
Other | British Petroleum    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 7.00% 4.00%
Other | Equinor A S A    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 0.00% 0.00%
Other | Other Customers    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 5.00% 3.00%
Other | Azule Energy    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage 0.00% 0.00%
v3.26.1
Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES $ 465.4 $ 620.7
Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 465.4 620.7
BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 85.8 164.0
UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 100.5 100.7
AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 16.2 85.1
Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 96.6 131.0
ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 93.9 46.5
Gulf of America | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 72.4 93.4
Floaters | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 197.6 364.9
Floaters | BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 85.8 164.0
Floaters | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 0.0 0.0
Floaters | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 0.0 39.6
Floaters | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 0.0 53.7
Floaters | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 70.6 42.2
Floaters | Gulf of America | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 41.2 65.4
Jackups | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 210.2 213.6
Jackups | BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 0.0 0.0
Jackups | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 100.5 100.7
Jackups | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 16.2 45.5
Jackups | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 70.2 63.1
Jackups | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 23.3 4.3
Jackups | Gulf of America | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 0.0 0.0
Other | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 57.6 42.2
Other | BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 0.0 0.0
Other | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 0.0 0.0
Other | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 0.0 0.0
Other | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 26.4 14.2
Other | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES 0.0 0.0
Other | Gulf of America | Revenue Benchmark [Member] | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
OPERATING REVENUES $ 31.2 $ 28.0
v3.26.1
Supplemental Financial Information - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Supplemental Financial Information [Abstract]    
Deposit Liabilities, Collateral Issued, Financial Instruments $ 15.1 $ 16.3