Valaris Limited (VAL) 10-Q 30 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 27, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-8097
Entity Registrant Name	Valaris plc
Entity Tax Identification Number	98-0635229
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	110 Cannon Street
Entity Address, City or Town	London,
Entity Address, State or Province	GB
Entity Address, Postal Zip Code	EC4N 6EU
City Area Code	44 (0) 20
Local Phone Number	7659 4660
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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 Common Shares, Shares Outstanding		199,430,217
Class A ordinary shares, U.S. $0.40 par value
Entity Information [Line Items]
Title of 12(b) Security	Class A ordinary shares, U.S. $0.40 par value
Trading Symbol	VAL
Security Exchange Name	NYSE
4.70% Senior Notes due 2021
Entity Information [Line Items]
Title of 12(b) Security	4.70% Senior Notes due 2021
Trading Symbol	VAL21
Security Exchange Name	NYSE
4.50% Senior Notes due 2024
Entity Information [Line Items]
Title of 12(b) Security	4.50% Senior Notes due 2024
Trading Symbol	VAL24
Security Exchange Name	NYSE
8.00% Senior Notes due 2024
Entity Information [Line Items]
Title of 12(b) Security	8.00% Senior Notes due 2024
Trading Symbol	VAL24A
Security Exchange Name	NYSE
5.20% Senior Notes due 2025
Entity Information [Line Items]
Title of 12(b) Security	5.20% Senior Notes due 2025
Trading Symbol	VAL25A
Security Exchange Name	NYSE
7.75% Senior Notes due 2026
Entity Information [Line Items]
Title of 12(b) Security	7.75% Senior Notes due 2026
Trading Symbol	VAL26
Security Exchange Name	NYSE
5.75% Senior notes due 2044
Entity Information [Line Items]
Title of 12(b) Security	5.75% Senior Notes due 2044
Trading Symbol	VAL44
Security Exchange Name	NYSE
4.875% Senior Notes Due 2022 Member [Member]
Entity Information [Line Items]
Title of 12(b) Security	4.875% Senior Notes due 2022
Trading Symbol	VAL/22
Security Exchange Name	NYSE
4.75% Senior Notes Due 2024 Member [Member]
Entity Information [Line Items]
Title of 12(b) Security	4.75% Senior Notes due 2024
Trading Symbol	VAL/24
Security Exchange Name	NYSE
7.38% Senior Notes Due 2025 [Member]
Entity Information [Line Items]
Title of 12(b) Security	7.375% Senior Notes due 2025
Trading Symbol	VAL/25
Security Exchange Name	NYSE
5.40% Senior Notes Due 2042 [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.4% Senior Notes due 2042
Trading Symbol	VAL/42
Security Exchange Name	NYSE
5.85% Senior Notes Due 2044 [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.85% Senior Notes due 2044
Trading Symbol	VAL/44
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenues	$ 388,800,000	$ 583,900,000	$ 845,400,000	$ 989,800,000
OPERATING EXPENSES
Contract Drilling	370,700,000	500,300,000	846,700,000	832,900,000
Asset Impairment Charges	838,000,000	2,500,000	3,646,200,000	2,500,000
Depreciation expense	131,500,000	157,900,000	296,000,000	282,900,000
General and administrative	62,600,000	81,200,000	116,000,000	110,800,000
Total operating expenses	1,402,800,000	741,900,000	4,904,900,000	1,229,100,000
Equity in earnings of ARO	5,200,000	(600,000)	11,500,000	(600,000)
OPERATING LOSS	(1,019,200,000)	(157,400,000)	(4,071,000,000)	(238,700,000)
OTHER INCOME (EXPENSE)
Interest income	5,700,000	11,900,000	10,500,000	15,400,000
Interest expense, net	(116,200,000)	(118,300,000)	(229,400,000)	(199,300,000)
Other, net	5,100,000	703,700,000	5,600,000	706,000,000
Other income (expense), net	(105,400,000)	597,300,000	(213,300,000)	522,100,000
INCOME (LOSS) BEFORE INCOME TAXES	(1,124,600,000)	439,900,000	(4,284,300,000)	283,400,000
PROVISION FOR INCOME TAXES
Current income tax expense	13,800,000	21,200,000	(58,700,000)	46,800,000
Deferred income tax expense (benefit)	(29,600,000)	11,400,000	(109,100,000)	17,300,000
Total provision for income taxes	(15,800,000)	32,600,000	(167,800,000)	64,100,000
NET INCOME (LOSS)	(1,108,800,000)	407,300,000	(4,116,500,000)	219,300,000
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,400,000	(1,800,000)	2,800,000	(4,200,000)
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS	$ (1,107,400,000)	$ 405,500,000	$ (4,113,700,000)	$ 215,100,000
EARNINGS (LOSS) PER SHARE - BASIC AND DILUTED
Continuing operations (in dollars per share)	$ (5.58)	$ 2.09	$ (20.75)	$ 1.40
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic and Diluted (in shares)	198.6	188.6	198.3	148.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (1,108.8)	$ 407.3	$ (4,116.5)	$ 219.3
OTHER COMPREHENSIVE INCOME (LOSS), NET
Net change in derivative fair value	4.8	(1.6)	(8.1)	(1.6)
Reclassification of net (gains) losses on derivative instruments from other comprehensive income (loss) into net income (loss)	(10.9)	1.8	(11)	3.4
Other			(0.4)	(0.1)
NET OTHER COMPREHENSIVE INCOME (LOSS)	(6.1)	0.2	(19.5)	1.7
COMPREHENSIVE INCOME (LOSS)	(1,114.9)	407.5	(4,136)	221
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1.4	(1.8)	2.8	(4.2)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS	$ (1,113.5)	$ 405.7	$ (4,133.2)	$ 216.8

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 202,000,000	$ 97,200,000
Accounts receivable, net	363,300,000	520,700,000
Other current assets	500,800,000	446,500,000
Total current assets	1,066,100,000	1,064,400,000
PROPERTY AND EQUIPMENT, AT COST	13,220,300,000	18,393,800,000
Less accumulated depreciation	2,027,700,000	3,296,900,000
Property and equipment, net	11,192,600,000	15,096,900,000
Due from Joint Ventures, Noncurrent	452,800,000	452,900,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	117,200,000	128,700,000
OTHER ASSETS	210,200,000	188,300,000
Total assets	13,038,900,000	16,931,200,000
CURRENT LIABILITIES
Accounts payable - trade	151,900,000	288,200,000
Accrued liabilities and other	398,100,000	417,700,000
Long-term Debt, Current Maturities	2,518,100,000	124,800,000
Total current liabilities	3,068,100,000	830,700,000
LONG-TERM DEBT	4,092,200,000	5,923,500,000
OTHER LIABILITIES	693,200,000	867,400,000
COMMITMENTS AND CONTINGENCIES
VALARIS SHAREHOLDERS' EQUITY
Additional paid-in capital	8,639,900,000	8,627,800,000
Retained (deficit) earnings	(3,442,000,000)	671,700,000
Accumulated other comprehensive (loss) income	(13,300,000)	6,200,000
Treasury shares, at cost	(76,800,000)	(77,300,000)
Total Valaris shareholders' equity	5,190,400,000	9,310,900,000
NONCONTROLLING INTERESTS	(5,000,000)	(1,300,000)
Total equity	5,185,400,000	9,309,600,000
Total liabilities and shareholders' equity	13,038,900,000	16,931,200,000
Class A ordinary shares, U.S.
VALARIS SHAREHOLDERS' EQUITY
Common shares, value	82,500,000	82,400,000
Common Class B, Par Value In GBP [Member]
VALARIS SHAREHOLDERS' EQUITY
Common shares, value	$ 100,000	$ 100,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical)	Jun. 30, 2020£ / sharesshares	Jun. 30, 2020$ / sharesshares	Dec. 31, 2019£ / sharesshares	Dec. 31, 2019$ / sharesshares
Treasury shares, shares held (in shares)	8,100,000	8,100,000	5,900,000	5,900,000
Class A ordinary shares, U.S.
Common stock, par value per share (in dollars per share or pounds sterling per share) | $ / shares		$ 0.40		$ 0.40
Common shares, shares issued (in shares)	205,800,000	205,800,000	115,200,000	115,200,000
Common Class B, Par Value In GBP [Member]
Common stock, par value per share (in dollars per share or pounds sterling per share) | £ / shares	£ 1		£ 1
Common shares, shares issued (in shares)	50,000	50,000	50,000	50,000
Common shares, shares authorized (in shares)	50,000	50,000	50,000	50,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
OPERATING ACTIVITIES
Net income (loss)	$ (4,116,500,000)	$ 219,300,000
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Loss on impairment	3,646,200,000	2,500,000
Depreciation expense	296,000,000	282,900,000
Deferred income tax expense (benefit)	(109,100,000)	17,300,000
Debt discounts and other	28,800,000	8,700,000
Share-based compensation expense	13,500,000	19,200,000
(Gain on) adjustment to bargain purchase	6,300,000	(712,800,000)
Amortization, net	12,200,000	(17,300,000)
Equity in earnings of ARO	11,500,000	(600,000)
Other	(2,700,000)	2,900,000
Changes in operating assets and liabilities	(156,700,000)	(111,500,000)
Contributions to pension plans and other post-retirement benefits	10,600,000	4,000,000
Net cash used in operating activities	(381,100,000)	(293,400,000)
INVESTING ACTIVITIES
Additions to property and equipment	67,100,000	134,800,000
Net proceeds from disposition of assets	13,800,000	4,500,000
Maturities of short-term investments	0	339,000,000
Rowan cash acquired	0	931,900,000
Purchases of short-term investments	0	(145,000,000)
Net cash provided by (used in) investing activities	(53,300,000)	995,600,000
FINANCING ACTIVITIES
Borrowings on credit facility	566,000,000	0
Repayments of credit facility borrowings	15,000,000	0
Reduction of long-term borrowings	9,700,000	0
Debt solicitation fees	0	8,700,000
Cash dividends paid	0	4,500,000
Other	(1,900,000)	(4,700,000)
Net cash provided by (used in) financing activities	539,400,000	(17,900,000)
Effect of exchange rate changes on cash and cash equivalents	(200,000)	(300,000)
INCREASE IN CASH AND CASH EQUIVALENTS	104,800,000	684,000,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	97,200,000	275,100,000
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 202,000,000	$ 959,100,000

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Financial Statements	6 Months Ended
	Jun. 30, 2020
Unaudited Condensed Consolidated Financial Statements [Abstract]
Unaudited Condensed Consolidated Financial Statements	Unaudited Condensed Consolidated Financial Statements On April 11, 2019 , we completed our combination with Rowan Companies Limited (formerly named Rowan Companies plc) ("Rowan") and effected a four-to-one share consolidation (being a reverse stock split under English law or the "Reverse Stock Split") and changed our name to Ensco Rowan plc. On July 30, 2019, we changed our name to Valaris plc. All share and per-share amounts in these financial statements reflect the Reverse Stock Split. We prepared the accompanying condensed consolidated financial statements of Valaris plc and 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, 2019 condensed consolidated balance sheet data was derived from our 2019 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. The financial data for the three and six months ended June 30, 2020 and 2019 included herein have been subjected to a limited review by KPMG LLP, our independent registered public accounting firm. The accompanying independent registered public accounting firm's review report is not a report within the meaning of Sections 7 and 11 of the Securities Act, and the independent registered public accounting firm's liability under Section 11 does not extend to it. Results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2020 . 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, 2019 , filed with the SEC on February 21, 2020 . Going Concern Following several years of market volatility beginning with oil price declines in 2014, as we entered 2020, we expected that volatility to continue over the near-term with the expectation that long-term oil prices would remain at levels sufficient to support a continued gradual recovery in the demand for offshore drilling services. We were focused on opportunities to put our rigs to work, manage liquidity, extend our financial runway, and reduce debt as we sought to navigate the extended market downturn and improve our balance sheet. Recognizing our ability to maintain a sufficient level of liquidity to meet our financial obligations depended upon our future performance, which is subject to general economic conditions, industry cycles and financial, business and other factors affecting our operations, many of which are beyond our control, we had significant financial flexibility within our capital structure to support our liability management efforts. Since then, the combined effects of the global COVID-19 pandemic, the significant decline in the demand for oil and the substantial surplus in the supply of oil have resulted in significantly reduced demand and day rates for offshore drilling provided by the Company and increased uncertainty regarding long-term market conditions. The development of COVID-19 into a pandemic, the actions taken to mitigate the spread of COVID-19 by governmental authorities around the world and the risk of infection have altered, and are expected to continue to alter, policies of governments and companies and behaviors of customers around the world in ways that we anticipate will have a significant negative effect on oil consumption, with measures such as government-imposed or voluntary social distancing and quarantining, reduced travel and remote work policies. At the start of the COVID-19 pandemic and related mitigation efforts, disagreements developed within OPEC+ as certain oil producers competing for market share initiated efforts to aggressively increase oil production, thereby increasing inventory levels even further. The convergence of these events resulted in a significant decline in the demand for oil and a substantial surplus in the supply of oil in the first half of 2020, leading oil producers to cancel or shorten the duration of many of the Company's 2020 drilling contracts, cancel future drilling programs and seek pricing and other contract concessions. As a result, the Company's earnings, cash flows and rig values were significantly, adversely impacted in the six months ended June 30, 2020. Although OPEC+ agreed in April 2020 to reduce production, the continued decreased demand for crude oil and historically low oil prices are expected to continue for the foreseeable future. Such challenging conditions had, and are expected to continue to have, a significant impact on our business, operations and financial condition in various respects, including substantially reducing demand for our services. These events have had a meaningful adverse impact on our current and expected liquidity position and financial runway. The Company did not make interest payments due in June and July 2020 on the Defaulted Notes (as defined herein). The June 2020 missed interest payments represent a default or event of default under the Defaulted Notes. An aggregate of approximately $2.1 billion is outstanding under the Defaulted Notes. Pursuant to the Second A&R Waiver (as defined herein), the lenders under our revolving credit facility have waived certain defaults and events of default under the revolving credit facility, including in relation to the non-payment of interest on the Defaulted Notes, and pursuant to the Forbearance Agreement (as defined herein), certain holders of our senior notes have agreed to forbear from the exercise of certain rights and remedies that they have with respect to certain specified defaults and events of defaults (including cross-defaults). The Second A&R Waiver and the Forbearance Agreement each terminate automatically on August 3, 2020. See “ Note 10 - Debt” for a description of the terms of the Second A&R Waiver and the Forbearance Agreement. Based on our evaluation of the circumstances described above, coupled with significant asset impairments (See Note 6 - "Property and Equipment") and substantial borrowings on our revolving credit facility, we determined that there was a significant level of uncertainty as to whether we will be in compliance over the next 12 months with covenants to maintain specified financial and guarantee coverage ratios, including a total debt to total capitalization ratio that is less than or equal to 60% . If we exceed the total debt to total capitalization covenant in our revolving credit facility, further borrowings under the revolving credit facility would not be permitted, absent a waiver in respect of the resulting event of default from the breach of the total debt to total capitalization covenant, and all outstanding borrowings could become immediately due and payable by actions of lenders holding a majority of the commitments under the revolving credit facility. Any such acceleration would trigger a cross-acceleration event of default with respect to approximately $2.1 billion outstanding under the Defaulted Notes. In addition to the approximately $58.5 million of missed interest payments on the Defaulted Notes discussed above, there is substantial uncertainty whether we will pay $79.2 million of interest on other series of outstanding notes on or prior to August 15, 2020 together with the $122.9 million outstanding principal amount of our 6.875% Senior Notes due on August 15, 2020. Therefore, due to the uncertainty as to our ability to comply with our debt covenants over the next 12 months and the related potential for cross-covenant defaults, we concluded that there is a substantial doubt regarding our ability to continue as a going concern within one year after the date that the financial statements are issued. We are actively pursuing a variety of transactions and cost-cutting measures, including, but not limited to, further reductions in corporate overhead and discretionary expenditures, another potential waiver from lenders under, or amendment to, our revolving credit facility, another potential forbearance from holders of our senior notes, further reductions in capital expenditures and increased focus on operational efficiencies. We are also actively negotiating with certain holders of our senior notes and the lenders under our revolving credit facility regarding a comprehensive restructuring of our indebtedness. While there can be no assurances as to ultimate timing, we expect our restructuring is likely to be implemented imminently through cases under Chapter 11 of the U.S. Bankruptcy Code and that our restructuring may result in cancellation of existing equity interests and little or no recovery to existing shareholders. In light of the foregoing, the unaudited condensed consolidated financial statements included herein were prepared on a going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The consolidated financial statements do not reflect any adjustments that might be necessary should we be unable to continue as a going concern. We will continue to evaluate our going concern assessment in connection with future periodic reports. New Accounting Pronouncements Recently adopted accounting standards Credit Losses - In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("Update 2016-13"), which requires companies to measure credit losses of financial instruments, including customer accounts receivable, utilizing a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Subsequent to the issuance of Update 2016-13, the FASB issued several additional Accounting Standard Updates to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance. We adopted Update 2016-13 effective January 1, 2020 with no material impact to our financial statements upon adoption as our previously estimated reserves were in line with expected credit losses calculated under Update 2016-13. Accounting pronouncements to be adopted Income Taxes - In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("Update 2019-12"), which removes certain exceptions for investments, intraperiod allocations and interim tax calculations and adds guidance to reduce complexity in accounting for income taxes. We will be required to adopt the amended guidance in annual and interim periods beginning after December 15, 2020, with early adoption permitted. The various amendments in Update 2019-12 are applied on a retrospective basis, modified retrospective basis and prospective basis, depending on the amendment. We are in the process of evaluating the impact this amendment will have on our consolidated financial statements. Defined Benefit Plans - In August 2018, the FASB issued ASU No. 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans ("Update 2018-14"), which modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. We will be required to adopt the amended guidance in annual and interim reports beginning January 1, 2021, with early adoption permitted. Adoption is required to be applied on a retrospective basis to all periods presented. We will adopt the new standard effective January 1, 2021 and do not expect the adoption of Update 2018-14 to have a material impact on our consolidated financial statements. Reference Rate Reform - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("Update 2020-04"), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in Update 2020-04 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients and that are retained through the end of the hedging relationship. The provisions in Update 2020-04 are effective upon issuance and can be applied prospectively through December 31, 2022. We are in the process of evaluating the impact this amendment will have on our consolidated financial statements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	Revenue from Contracts with Customers Our drilling contracts with customers provide a drilling rig and drilling services on a day rate contract basis. Under day rate contracts, we provide an integrated service that includes the provision of a drilling rig and rig crews for which we receive a daily rate that may vary between the full rate and zero rate throughout the duration of the contractual term, depending on the operations of the rig. We also may receive lump-sum fees or similar compensation for the mobilization, demobilization and capital upgrades of our rigs. Our customers bear substantially all of the costs of constructing the well and supporting drilling operations, as well as the economic risk relative to the success of the well. 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 amount estimated for variable consideration is only recognized as revenue to the extent that it is probable that a significant reversal will not occur during the contract term. We have applied the optional exemption afforded in ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), and have not disclosed the variable consideration related to our estimated future day rate revenues. The remaining duration of our drilling contracts based on those in place as of June 30, 2020 was between approximately one month and four years . Day Rate Drilling Revenue Our drilling contracts provide for payment on a day rate basis and include a rate schedule with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The day rate invoiced to the customer is determined based on the varying rates applicable to specific activities performed on an hourly basis or other time increment basis. Day rate consideration is allocated to the distinct hourly or other time increment to which it relates within the contract term and is generally recognized consistent with the contractual rate invoiced for the services provided during the respective period. Invoices are typically issued to our customers on a monthly basis and payment terms on customer invoices typically range from 30 to 45 days. Certain of our contracts contain performance incentives whereby we may earn a bonus based on pre-established performance criteria. Such incentives are generally based on our performance over individual monthly time periods or individual wells. Consideration related to performance bonus is generally recognized in the specific time period to which the performance criteria was attributed. We may receive termination fees if certain drilling contracts are terminated by the customer prior to the end of the contractual term. Such compensation is recognized as revenue when our performance obligation is satisfied, the termination fee can be reasonably measured and collection is probable. Mobilization / Demobilization Revenue In connection with certain contracts, we receive lump-sum fees or similar compensation for the mobilization of equipment and personnel prior to the commencement of drilling services or the demobilization of equipment and personnel upon contract completion. Fees received for the mobilization or demobilization of equipment and personnel are included in operating revenues. The costs incurred in connection with the mobilization and demobilization of equipment and personnel are included in contract drilling expense. Mobilization fees received prior to commencement of drilling operations are recorded as a contract liability and amortized on a straight-line basis over the contract term. Demobilization fees expected to be received upon contract completion are estimated at contract inception and recognized on a straight-line basis over the contract term. In some cases, demobilization fees may be contingent upon the occurrence or non-occurrence of a future event. In such cases, this may result in cumulative-effect adjustments to demobilization revenues upon changes in our estimates of future events during the contract term. Capital Upgrade / Contract Preparation Revenue In connection with certain contracts, we receive lump-sum fees or similar compensation for requested capital upgrades to our drilling rigs or for other contract preparation work. Fees received for requested capital upgrades and other contract preparation work are recorded as a contract liability and amortized on a straight-line basis over the contract term to operating revenues. Costs incurred for capital upgrades are capitalized and depreciated over the useful life of the asset. 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 or capital upgrades. Contract assets and liabilities are presented net on our consolidated balance sheet 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): June 30, 2020 December 31, 2019 Current contract assets $ 6.6 $ 3.5 Noncurrent contract assets $ .5 $ — Current contract liabilities (deferred revenue) $ 31.5 $ 30.0 Noncurrent contract liabilities (deferred revenue) $ 11.2 $ 9.7 Changes in contract assets and liabilities during the period are as follows (in millions): Contract Assets Contract Liabilities Balance as of December 31, 2019 $ 3.5 $ 39.7 Revenue recognized in advance of right to bill customer 4.6 — Increase due to cash received — 23.5 Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance — (17.5 ) Decrease due to amortization of deferred revenue that was added during the period — (3.0 ) Decrease due to transfer to receivables during the period (1.0 ) — Balance as of June 30, 2020 $ 7.1 $ 42.7 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. Such costs are deferred and amortized on a straight-line basis over the contract term. Demobilization costs are recognized as incurred upon contract completion. Costs associated with the mobilization of equipment and personnel to more promising market areas without contracts are expensed as incurred. Deferred contract costs were included in other current assets and other assets on our condensed consolidated balance sheets and totaled $20.8 million and $19.7 million as of June 30, 2020 and December 31, 2019 , respectively. During the three and six months ended June 30, 2020 , amortization of such costs totaled $17.5 million and $28.9 million , respectively. During the three and six months ended June 30, 2019 , amortization of such costs totaled $14.7 million and $21.1 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, as well as remedial structural work and other compliance costs, are deferred and amortized on a straight-line basis over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in other current assets and other assets on our condensed consolidated balance sheets and totaled $9.5 million and $10.8 million as of June 30, 2020 and December 31, 2019 , respectively. During the three and six months ended June 30, 2020 , amortization of such costs totaled $2.6 million and $5.7 million , respectively. During the three and six months ended June 30, 2019 , amortization of such costs totaled $2.8 million and $5.7 million , respectively. Future Amortization of Contract Liabilities and Deferred Costs Our contract liabilities and deferred costs are amortized on a straight-line basis over the contract term or corresponding certification period to operating revenues and contract drilling expense, respectively. Expected future amortization of our contract liabilities and deferred costs recorded as of June 30, 2020 is set forth in the table below (in millions): Remaining 2020 2021 2022 2023 and Thereafter Total Amortization of contract liabilities $ 21.6 $ 17.2 $ 3.9 $ — $ 42.7 Amortization of deferred costs $ 15.7 $ 11.1 $ 3.2 $ .3 $ 30.3

Rowan Transaction

Rowan Transaction	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	On April 11, 2019 (the "Transaction Date"), we completed our combination with Rowan pursuant to the Transaction Agreement (the "Rowan Transaction"). Assets acquired and liabilities assumed in the Rowan Transaction were recorded at their estimated fair values as of the Transaction Date under the acquisition method of accounting. When the fair value of the net assets acquired exceeds the consideration transferred in an acquisition, the difference is recorded as a bargain purchase gain in the period in which the transaction occurs. As of March 31, 2020 , we completed our fair value assessments of assets acquired and liabilities assumed. Assets Acquired and Liabilities Assumed The provisional amounts for assets acquired and liabilities assumed as of the Transaction Date and respective measurement period adjustments were as follows (in millions): Amounts Recognized as of Transaction Date Measurement Period Adjustments (1) Estimated Fair Value Assets: Cash and cash equivalents $ 931.9 $ — $ 931.9 Accounts receivable (2) 207.1 (6.9 ) 200.2 Other current assets 101.6 (2.6 ) 99.0 Long-term notes receivable from ARO 454.5 — 454.5 Investment in ARO 138.8 2.5 141.3 Property and equipment 2,989.8 (26.0 ) 2,963.8 Other assets 41.7 1.1 42.8 Liabilities: Accounts payable and accrued liabilities 259.4 15.7 275.1 Current portion of long-term debt 203.2 — 203.2 Long-term debt 1,910.9 — 1,910.9 Other liabilities 376.3 34.5 410.8 Net assets acquired 2,115.6 (82.1 ) 2,033.5 Less: Merger consideration (1,402.8 ) — (1,402.8 ) Estimated bargain purchase gain $ 712.8 $ (82.1 ) $ 630.7 (1) The measurement period adjustments reflect changes in the estimated fair values of certain assets and liabilities, primarily related to long-lived assets, deferred income taxes and uncertain tax positions. The measurement period adjustments were recorded to reflect new information obtained about facts and circumstances existing as of the Transaction Date and did not result from subsequent intervening events. The adjustments recorded resulted in a $6.3 million decline to bargain purchase gain during the first quarter of 2020 and are included in other, net, in our condensed consolidated statements of operations for the six months ended June 30, 2020 . (2) Gross contractual amounts receivable totaled $208.3 million as of the Transaction Date. Bargain Purchase Gain The estimated fair values assigned to assets acquired net of liabilities assumed exceeded the consideration transferred, resulting in a bargain purchase gain primarily driven by the decline in our share price from $33.92 to $15.88 between the last trading day prior to the announcement of the Rowan Transaction and the Transaction Date. Intangible Assets and Liabilities We recorded intangible assets and liabilities of $16.2 million and $2.1 million , respectively, representing the estimated fair value of Rowan's firm contracts in place at the Transaction Date with favorable or unfavorable contract terms compared to then-market day rates for comparable drilling rigs. As a result of a price concession negotiated following the onset of the COVID-19 pandemic, on one of our bare boat charter agreements for a rig leased to our 50/50 joint venture with Saudi Aramco ("ARO"), we recognized a $5.7 million impairment to the related contract intangible during the quarter ending June 30, 2020 . The impairment was included in loss on impairment in our condensed consolidated statements of operations for the three and six months ended June 30, 2020 . Amortization of the intangible assets and liabilities resulted in a net reduction of operating revenues of $0.6 million and $1.9 million for the three and six months ended June 30, 2020 . The remaining balance of intangible assets and liabilities of $3.8 million and $0.9 million , respectively, was included in other assets and other liabilities, respectively, on our condensed consolidated balance sheet as of June 30, 2020 . These balances will be amortized to operating revenues over the respective remaining contract terms on a straight-line basis. As of June 30, 2020 , the remaining term of the underlying contracts is approximately 1.5 years. Amortization of these intangibles is expected to result in a reduction to revenue of $0.9 million and $2.0 million for the remainder of 2020 and 2021, respectively. Uncertain Tax Positions Uncertain tax positions assumed in a business combination are measured at the largest amount of the tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. As of the Transaction Date, Rowan had previously recognized net liabilities for uncertain tax positions totaling $50.4 million . During 2019 , the Luxembourg tax authorities issued aggregate tax assessments totaling approximately €142.0 million (approximately $159.6 million converted using the current period-end exchange rate) related to tax years 2014, 2015 and 2016 for several of Rowan's Luxembourg subsidiaries. As a result of our review and analysis of facts and circumstances that existed at the Transaction Date, we recognized liabilities related to the Luxembourg tax assessments totaling €93.0 million (approximately $104.5 million converted using the current period-end exchange rates). Transaction-related costs Transaction-related costs were expensed as incurred and consisted of various advisory, legal, accounting, valuation and other professional or consulting fees totaling $15.0 million and $17.8 million for the three and six months ended June 30, 2019 . These costs were included in general and administrative expense in our condensed consolidated statement of operations. Revenue and Earnings of Rowan Our condensed consolidated statements of operations for the three and six months ended June 30, 2019 include revenues of $147.2 million and a net loss of $95.3 million associated with Rowan's operations from the Transaction Date through June 30, 2019 . Unaudited Pro Forma Impact of the Rowan Transaction The following unaudited supplemental pro forma results present consolidated information as if the Rowan Transaction was completed on January 1, 2019. The pro forma results include, among others, (i) the amortization associated with acquired intangible assets and liabilities, (ii) a reduction in depreciation expense for adjustments to property and equipment, (iii) the amortization of premiums and discounts recorded on Rowan's debt, (iv) removal of the historical amortization of unrealized gains and losses related to Rowan's pension plans and (v) the amortization of basis differences in assets and liabilities of ARO. The pro forma results do not include any potential synergies or non-recurring charges that may result directly from the Rowan Transaction. (in millions, except per share amounts) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Revenues $ 599.0 $ 1,179.5 Net loss $ (271.3 ) $ (591.8 ) Loss per share - basic and diluted $ (1.38 ) $ (3.02 ) (1) Pro forma net loss and loss per share were adjusted to exclude an aggregate $ 71.5 million and $80.8 million of transaction-related and integration costs incurred during the three and six months ended June 30, 2019 , respectively, and the estimated $712.8 million

Equity Method Investment In ARO

Equity Method Investment In ARO Equity Method Investment In ARO	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment In ARO	Background ARO, a company that owns and operates offshore drilling rigs in Saudi Arabia, was formed and commenced operations in 2017 pursuant to the terms of an agreement entered into by Rowan and Saudi Aramco to create a 50/50 joint venture ("Shareholder Agreement"). Pursuant to the Rowan Transaction, Valaris acquired Rowan's interest in ARO making Valaris a 50% partner. ARO owns seven jackup rigs and leases nine rigs from us through bareboat charter arrangements (the "Lease Agreements") whereby substantially all operating costs are incurred by ARO. As of June 30, 2020 , all nine of the leased rigs were operating under three-year drilling contracts with Saudi Aramco. The seven rigs owned by ARO, previously purchased from Rowan and Saudi Aramco, are currently operating under contracts with Saudi Aramco for an aggregate 15 years , renewed and re-priced every three years , provided that the rigs meet the technical and operational requirements of Saudi Aramco. Valaris and Saudi Aramco have agreed to take all steps necessary to ensure that ARO purchases at least 20 newbuild jackup rigs ratably over an approximate 10 -year period. In January 2020, ARO ordered the first two newbuild jackups, each with a shipyard price of $176 million, for delivery scheduled in 2022. The partners intend for the newbuild jackup rigs to be financed out of available cash from ARO's operations and/or funds available from third-party debt financing. In the event ARO has insufficient cash from operations 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. Each partner's commitment shall be reduced by the actual cost of each newbuild rig, on a proportionate basis. The partners agreed that Saudi Aramco, as a customer, will provide drilling contracts to ARO in connection with the acquisition of the newbuild rigs. The initial contracts provided by Saudi Aramco for each of the newbuild rigs will be for an eight-year term. The day rate for the initial contracts for each newbuild rig will be determined using a pricing mechanism that targets a six-year payback period for construction costs on an EBITDA basis. The initial eight-year contracts will be followed by a minimum of another eight years of term, re-priced in three-year intervals based on a market pricing mechanism. Upon establishment of ARO, Rowan entered into (1) an agreement to provide certain back-office services for a period of time until ARO develops its own infrastructure (the "Transition Services Agreement") and (2) an agreement to provide certain Rowan employees through secondment arrangements to assist with various onshore and offshore services for the benefit of ARO (the "Secondment Agreement"). These agreements remained in place subsequent to the Rowan Transaction. Pursuant to these agreements, we or our seconded employees provide various services to ARO, and in return, ARO provides remuneration for those services. From time to time, we may also sell equipment or supplies to ARO. During the quarter ended June 30, 2020, almost all remaining employees seconded to ARO became employees of ARO. Summarized Financial Information The operating revenues of ARO presented below reflect revenues earned under drilling contracts with Saudi Aramco for the seven ARO-owned jackup rigs as well as the rigs leased from us. Contract drilling expense is inclusive of the bareboat charter fees for the rigs leased from us. Cost incurred under the Secondment Agreement are included in contract drilling expense and general and administrative, depending on the function to which the seconded employee's service related. Substantially all costs incurred under the Transition Services Agreement are included in general and administrative. See additional discussion below regarding these related-party transactions. Summarized financial information for ARO is as follows (in millions): Three Months Ended Six Months Ended April 11 - June 30, 2019 June 30, 2020 Revenues $ 146.0 $ 286.3 $ 123.8 Operating expenses Contract drilling (exclusive of depreciation) 112.5 220.8 78.9 Depreciation 13.3 26.3 12.4 General and administrative 7.1 15.4 5.3 Operating income 13.1 23.8 27.2 Other expense, net 6.7 13.3 8.7 Provision (Benefit) for income taxes (.2 ) .7 1.7 Net income $ 6.6 $ 9.8 $ 16.8 June 30, 2020 December 31, 2019 Current assets $ 349.2 $ 407.2 Non-current assets 924.1 874.8 Total assets $ 1,273.3 $ 1,282.0 Current liabilities $ 206.8 $ 183.2 Non-current liabilities 973.4 1,015.5 Total liabilities $ 1,180.2 $ 1,198.7 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. ARO is a variable interest entity; however, we are not the primary beneficiary and therefore do not consolidate ARO. Judgments regarding our level of influence over ARO included considering key factors such as each partner's ownership interest, representation on the board of managers of ARO and ability to direct activities that most significantly impact ARO's economic performance, including the ability to influence policy-making decisions. As a result of the Rowan Transaction, we recorded our equity method investment in ARO at its estimated fair value on the Transaction Date. Additionally, we computed the difference between the fair value of ARO's net assets and the carrying value of those net assets in ARO's GAAP financial statements ("basis differences"). The basis differences primarily relate 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 as of the Transaction Date. The 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 are combined with our 50% interest in ARO's net income. A reconciliation of those components is presented below (in millions): Three Months Ended Six Months Ended April 11 - June 30, 2019 June 30, 2020 50% interest in ARO net income $ 3.3 $ 4.9 $ 8.4 Amortization of basis differences (8.5 ) (16.4 ) (7.8 ) Equity in earnings of ARO $ (5.2 ) $ (11.5 ) $ .6 Related-Party Transactions Revenues recognized by us related to the Lease Agreements, Transition Services Agreement and Secondment Agreement are as follows (in millions): Three Months Ended Six Months Ended April 11 - June 30, 2019 June 30, 2020 Lease revenue $ 19.9 $ 41.4 $ 18.3 Secondment and Transition Services revenue .2 22.0 20.8 Total revenue from ARO (1) $ 20.1 $ 63.4 $ 39.1 (1) All of the revenues presented above are included in our Other segment in our segment disclosures. See " Note 14 - Segment Information" for additional information. Amounts receivable from ARO related to the items above totaled $8.6 million and $21.8 million as of June 30, 2020 and December 31, 2019 , respectively, and are included in accounts receivable, net, on our condensed consolidated balance sheets. Additionally, as of December 31, 2019, we had a receivable from ARO of $14.2 million related to an agreement between us and ARO, pursuant to which ARO would reimburse us for certain capital expenditures related to the shipyard upgrade projects for the VALARIS JU-147 and VALARIS JU-148. Such amount was received in the first quarter of 2020. We had no amounts payable to ARO as of June 30, 2020 and $0.7 million as of December 31, 2019 . During 2017 and 2018, Rowan contributed cash to ARO in exchange for 10-year shareholder notes receivable at a stated interest rate of LIBOR plus two percent. As of June 30, 2020 and December 31, 2019 , the carrying amount of the long-term notes receivable from ARO was $452.8 million and $452.9 million , respectively. The Shareholders’ Agreement prohibits the sale or transfer of the shareholder note to a third party, except in certain limited circumstances. Interest is recognized as interest income in our condensed consolidated statement of operations and totaled $4.6 million and $9.2 million for the three and six months ended June 30, 2020 , respectively and $5.1 million for the period from April 11 through June 30, 2019. As of June 30, 2020 , our interest receivable from ARO was $ 9.2 million , which is included in Other current assets on our condensed consolidated balance sheet. There was no interest receivable from ARO as of December 31, 2019 . Maximum Exposure to Loss The following summarizes the total assets and liabilities as reflected in our condensed consolidated balance sheet as well as our maximum exposure to loss related to ARO (in millions). Our maximum exposure to loss is limited to (1) our equity investment in ARO, (2) the outstanding balance on our shareholder notes receivable, and (3) other receivables and contract assets related to services provided to ARO, partially offset by payables for services received. June 30, 2020 December 31, 2019 Total assets $ 593.7 $ 623.5 Less: total liabilities — .7 Maximum exposure to loss $ 593.7 $ 622.8

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following fair value hierarchy table categorizes information regarding our financial assets and liabilities measured at fair value on a recurring basis (in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of June 30, 2020 Supplemental executive retirement plan assets $ 22.3 $ — $ — $ 22.3 Total financial assets 22.3 — — 22.3 Derivatives, net — (1.0 ) — (1.0 ) Total financial liabilities $ — $ (1.0 ) $ — $ (1.0 ) As of December 31, 2019 Supplemental executive retirement plan assets $ 26.0 $ — $ — $ 26.0 Derivatives, net — 5.4 — 5.4 Total financial assets $ 26.0 $ 5.4 $ — $ 31.4 Supplemental Executive Retirement Plan Assets Our Valaris supplemental executive retirement plans (the "SERP") are non-qualified plans that provided eligible employees an opportunity to defer a portion of their compensation for use after retirement. The SERPs were frozen to the entry of new participants in November 2019 and to future compensation deferrals as of January 1, 2020. Assets held in a rabbi trust maintained for the SERP are marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our consolidated balance sheets as of June 30, 2020 and December 31, 2019 . The fair value measurements of assets held in the SERP were based on quoted market prices. Derivatives Our derivatives were measured at fair value on a recurring basis using Level 2 inputs. See " Note 8 - Derivative Instruments" for additional information on our derivatives, including a description of our foreign currency hedging activities and related methodologies used to manage foreign currency exchange rate risk. The fair value measurements of our derivatives were based on market prices that are generally observable for similar assets or liabilities at commonly quoted intervals. Other Financial Instruments The carrying values and estimated fair values of our debt instruments were as follows (in millions): June 30, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 6.875% Senior notes due 2020 $ 123.4 $ 9.7 $ 124.8 $ 117.3 4.70% Senior notes due 2021 100.5 7.1 113.2 95.5 4.875% Senior notes due 2022 603.3 69.2 599.2 460.5 3.00% Exchangeable senior notes due 2024 (1) 716.2 124.0 699.0 607.4 4.50% Senior notes due 2024 302.1 26.3 302.0 167.2 4.75% Senior notes due 2024 280.8 33.5 276.5 201.4 8.00% Senior notes due 2024 295.4 19.4 295.7 181.7 5.20% Senior notes due 2025 331.9 28.1 331.7 186.7 7.375% Senior notes due 2025 331.4 37.2 329.2 218.6 7.75% Senior notes due 2026 988.2 82.6 987.1 575.1 7.20% Debentures due 2027 111.7 15.7 111.7 70.0 7.875% Senior notes due 2040 372.3 22.1 373.3 153.5 5.40% Senior notes due 2042 263.7 42.3 262.8 194.4 5.75% Senior notes due 2044 974.4 76.4 973.3 450.0 5.85% Senior notes due 2044 269.5 44.6 268.8 194.8 Amounts borrowed under credit facility (2) 545.5 551.0 — — Total debt $ 6,610.3 $ 1,189.2 $ 6,048.3 $ 3,874.1 Less: current maturities 2,518.1 794.6 124.8 117.3 Total long-term debt $ 4,092.2 $ 394.6 $ 5,923.5 $ 3,756.8 (1) Our 2024 Convertible Notes were issued with a conversion feature. The 2024 Convertible Notes were separated into their liability and equity components on our condensed consolidated balance sheet. The equity component was initially recorded to additional paid-in capital and as a debt discount that will be amortized to interest expense over the life of the instrument. Excluding the unamortized discount, the carrying value of the 2024 Convertible Notes was $839.9 million and $838.3 million as of June 30, 2020 and December 31, 2019 , respectively. (2) Total outstanding borrowings under our credit facility are $551.0 million and are recorded net of $5.5 million of unamortized deferred financing cost on our condensed consolidated balance sheet. In addition, we have $37.8 million in letters of credit issued under our credit facility, leaving $1.0 billion of undrawn borrowing capacity at June 30, 2020 . The estimated fair values of our senior notes and debentures were determined using quoted market prices, which are level 1 inputs. The estimated fair values of our cash and cash equivalents, accounts receivable, notes receivable, trade payables and other liabilities approximated their carrying values as of June 30, 2020 and December 31, 2019 .

Property and Equipment Property

Property and Equipment Property and Equipment	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment as of June 30, 2020 and December 31, 2019 consisted of the following (in millions): June 30, 2020 December 31, 2019 Drilling rigs and equipment $ 12,559.5 $ 17,714.0 Work-in-progress 473.2 473.6 Other 187.6 206.2 $ 13,220.3 $ 18,393.8 Impairment of Long-Lived Assets During the three and six months ended June 30, 2020 , we recorded pre-tax, non-cash impairments with respect to certain floaters, jackups and spare equipment of $832.3 million and $3.6 billion , respectively, which were included in loss on impairment in our condensed consolidated statement of operations for the respective periods. Assets held-for-use On a quarterly basis, we evaluate the carrying value of our property and equipment to identify events or changes in circumstances ("triggering events") that indicate the carrying value may not be recoverable. During the second quarter, given the anticipated sustained market impacts arising from the decline in oil price and demand late in the first quarter, we revised our long-term operating assumptions which resulted in a triggering event for purposes of evaluating impairment and we performed a fleet-wide recoverability test. As a result, we recorded a pre-tax, non-cash impairment with respect to two floaters and spare equipment totaling $817.3 million . We measured the fair value of these assets to be $69.0 million at the time of impairment by applying an income approach or estimated scrap value. These valuations were based on unobservable inputs that require significant judgments for which there is limited information including, in the case of the income approach, assumptions regarding future day rates, utilization, operating costs and capital requirements. During the first quarter, the COVID-19 global pandemic and the response thereto negatively impacted the macro-economic environment and global economy. Global oil demand fell sharply at the same time global oil supply increased as a result of certain oil producers competing for market share which lead to a supply glut. As a consequence, Brent crude oil fell from around $60 per barrel at year-end 2019 to around $20 per barrel as of mid-April 2020. These adverse changes and impacts to our customer's capital expenditure plans in the first quarter resulted in further deterioration in our forecasted day rates and utilization for the remainder of 2020 and beyond. As a result, we concluded that a triggering event had occurred and we performed a fleet-wide recoverability test. We determined that our estimated undiscounted cash flows were not sufficient to recover the carrying values of certain rigs and concluded such were impaired as of March 31, 2020. Based on the asset impairment analysis performed as of March 31, 2020 , we recorded a pre-tax, non-cash loss on impairment in the first quarter with respect to certain floaters, jackups and spare equipment totaling $2.8 billion . We measured the fair value of these assets to be $72.3 million at the time of impairment by applying either an income approach, using projected discounted cash flows or estimated scrap value. These valuations were based on unobservable inputs that require significant judgments for which there is limited information, including, in the case of an income approach, assumptions regarding future day rates, utilization, operating costs and capital requirements. In instances where we applied an income approach, forecasted day rates and utilization took into account then current market conditions and our anticipated business outlook at that time, both of which had been impacted by the adverse changes in the business environment observed during the first quarter. Assets held-for-sale

Pension and Other Postretiremen

Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Retirement Benefits [Text Block]	We have defined-benefit pension plans and a retiree medical plan that provides post-retirement health and life insurance benefits. The components of net periodic pension and retiree medical cost were as follows (in millions): Three Months Ended Six Months Ended April 11 - June 30, 2019 June 30, 2020 Service cost (1) $ .7 $ 1.3 $ .4 Interest cost (2) 6.4 12.9 6.5 Expected return on plan assets (2) (9.5 ) (19.0 ) (8.2 ) Net periodic pension and retiree medical cost (income) $ (2.4 ) $ (4.8 ) $ (1.3 ) (1) Included in contract drilling and general and administrative expense in our condensed consolidated statements of operations. (2) Included in other, net, in our condensed consolidated statements of operations. During the six months ended June 30, 2020 , we contributed $ 10.6 million to our pension and other post-retirement benefit plans and we do not expect to make additional contributions to such plans for the remainder of 2020. Approximately $ 21.4 million of anticipated payments have been deferred to January 1, 2021 as a result of relief provided under the U.S. Cares Act. These amounts represent the minimum contributions we are required to make under relevant statutes. We do not expect to make contributions in excess of the minimum required amounts.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar. These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. We use derivatives to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. All derivatives were recorded on our condensed consolidated balance sheets at fair value. Derivatives subject to legally enforceable master netting agreements were not offset on our condensed consolidated balance sheets. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. As of June 30, 2020 and December 31, 2019 , our condensed consolidated balance sheets included net foreign currency derivative liabilities of $1.0 million and assets of $5.4 million , respectively. All of our derivative instruments mature during the next 15 months . See " Note 5 - Fair Value Measurements" for additional information on the fair value measurement of our derivatives. Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions): Derivative Assets Derivative Liabilities June 30, December 31, June 30, December 31, Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 1.1 $ 4.2 $ 4.0 $ .7 Foreign currency forward contracts - non-current (2) .3 .8 .2 — $ 1.4 $ 5.0 $ 4.2 $ .7 Derivatives not Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 2.0 $ 1.3 $ .2 $ .2 Total $ 3.4 $ 6.3 $ 4.4 $ .9 (1) Derivative assets and liabilities that have maturity dates equal to or less than 12 months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. (2) Derivative assets and liabilities that have maturity dates greater than 12 months from the respective balance sheet dates were included in other assets and other liabilities, respectively, on our condensed consolidated balance sheets. We utilize cash flow hedges to hedge forecasted foreign currency denominated transactions, primarily to reduce our exposure to foreign currency exchange rate risk associated with future expected contract drilling expenses and capital expenditures denominated in various currencies. As of June 30, 2020 , we had cash flow hedges outstanding to exchange an aggregate $134.9 million for various foreign currencies, including $74.7 million for British pounds, $39.4 million for Australian dollars, $9.2 million for euros and $11.6 million for other currencies. Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of operations and comprehensive income (loss) were as follows (in millions): Three Months Ended June 30, 2020 and 2019 Gain (Loss) Recognized in Other Comprehensive Loss ("OCI") on Derivatives (Effective Portion) (Gain) Loss Reclassified from ("AOCI") into Income (Effective Portion) (1) 2020 2019 2020 2019 Foreign currency forward contracts (2) $ 4.8 $ (1.6 ) $ (10.9 ) $ 1.8 Six Months Ended June 30, 2020 and 2019 Loss Recognized in Other Comprehensive Loss ("OCI") on Derivatives (Effective Portion) (Gain) Loss Reclassified from ("AOCI") into Income (Effective Portion) (1) 2020 2019 2020 2019 Interest rate lock contracts (3) $ — $ — $ — $ .1 Foreign currency forward contracts (4) (8.1 ) (1.6 ) (11.0 ) 3.3 Total $ (8.1 ) $ (1.6 ) $ (11.0 ) $ 3.4 (1) Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. (2) During the three months ended June 30, 2020 , $1.6 million of losses were reclassified from AOCI into contract drilling expense and $12.5 million of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the three months ended June 30, 2019 , $2.0 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income were included in interest expense, net, in our condensed consolidated statements of operations. (4) During the six months ended June 30, 2020 , $2.5 million of losses were reclassified from AOCI into contract drilling expense and $13.5 million of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the six months ended June 30, 2019 , $3.7 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. We have net assets and liabilities denominated in numerous foreign currencies and use various methods to manage our exposure to foreign currency exchange rate risk. We predominantly structure our drilling contracts in U.S. dollars, which significantly reduces the portion of our cash flows and assets denominated in foreign currencies. We occasionally enter into derivatives that hedge the fair value of recognized foreign currency denominated assets or liabilities but do not designate such derivatives as hedging instruments. In these situations, a natural hedging relationship generally exists whereby changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. As of June 30, 2020 , we did not have foreign currency exposure due to our outstanding derivatives not designated as hedging instruments. Net gains of $1.4 million and net losses of $2.2 million associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of operations for the three months ended June 30, 2020 and 2019 , respectively. Net gains of $1.3 million and net losses of $5.3 million associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of operations for the six months ended June 30, 2020 and 2019 , respectively. As of June 30, 2020 , the estimated amount of net losses associated with derivatives, net of tax, that will be reclassified to earnings during the next 12 months totaled $1.9 million .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net loss attributable to Valaris used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. 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 options and excludes non-vested shares. In the three and six months ended June 30, 2020 and 2019 , our potentially dilutive instruments were not included in the computation of diluted EPS as the effect of including these shares in the calculation would have been anti-dilutive. The following table is a reconciliation of loss from continuing operations attributable to Valaris shares used in our basic and diluted EPS computations for the three and six months ended June 30, 2020 and 2019 (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Income (loss) from continuing operations attributable to Valaris $ (1,107.4 ) $ 405.5 $ (4,113.7 ) $ 215.1 Income from continuing operations allocated to non-vested share awards (1) — (12.1 ) — (6.3 ) Income (loss) from continuing operations attributable to Valaris shares $ (1,107.4 ) $ 393.4 $ (4,113.7 ) $ 208.8 (1) Losses are not allocated to non-vested share awards. Due to the net loss position, potentially dilutive share awards are excluded from the computation of diluted EPS. There were no potentially dilutive share awards for the three and six months ended June 30, 2019 . Anti-dilutive share awards totaling 400,000 were excluded from the computation of diluted EPS for the three and six months ended June 30, 2020 , respectively. Anti-dilutive share awards totaling 400,000 and 300,000 were excluded from the computation of diluted EPS for the three and six months ended June 30, 2019 , respectively. We have the option to settle our 2024 Convertible Notes in cash, shares or a combination thereof for the aggregate amount due upon conversion. During each respective reporting period that our average share price exceeds the exchange price, an assumed number of shares required to settle the conversion obligation in excess of the principal amount will be included in our denominator for the computation of diluted EPS using the treasury stock method. Our average share price did not exceed the exchange price during the three and six months ended June 30, 2020 and 2019 .

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Second A&R Waiver On July 15, 2020, the Company, certain lenders party thereto, Citibank, N.A., as administrative agent (the “Agent”), and the other parties party thereto entered into a Second Amended and Restated Waiver to Fourth Amended and Restated Credit Agreement (the “Second A&R Waiver”), which amends, restates and replaces the Amended and Restated Waiver to Fourth Amended and Restated Credit Agreement, dated June 30, 2020 (the “A&R Waiver”), which was previously entered into by the Company, certain lenders party thereto, the Agent and the other parties thereto and which amended, restated and replaced the Waiver to Fourth Amended and Restated Credit Agreement, dated June 1, 2020, which was previously entered into by the Company, certain lenders party thereto, the Agent and the other parties party thereto (the “Initial Waiver”). The Initial Waiver was entered into under the Company’s Fourth Amended and Restated Credit Agreement dated May 7, 2013 (as amended, the “revolving credit facility”) to waive any resulting default or event of default attributed to any failure by the Company or any of its subsidiaries to make all or any part of their required interest payments due (i) on June 1, 2020 with respect to the Company’s 4.875% Senior Notes due 2022 (the “2022 Notes”) and 5.40% Senior Notes due 2042 (the “2042 Notes”) (collectively, the “June 1 Interest Payments”) and (ii) on June 15, 2020 with respect to the Company’s 7.375% Senior Notes due 2025 (the “2025 Notes”) (the “June 15 Interest Payments” and together with the June 1 Interest Payments, the “June Interest Payments”). The A&R Waiver was entered into by the parties thereto to continue to waive any default or event of default addressed in the A&R Waiver as well as to also waive any default or event of default under the revolving credit facility resulting from any cross-defaults (the “June 1 Cross-Defaults”) under the 2022 Notes, 2042 Notes, 2025 Notes, the 4.75% Senior Notes due 2024 (the "2024 Notes") and the 5.85% Senior Notes due 2044 (the "2044 Notes" and, collectively, the “Defaulted Notes”) in respect of the failure to pay the June 1 Interest Payments. The Second A&R Waiver was entered into to continue to waive any default or event of default under the revolving credit facility attributed to (i) the failure to make the June Interest Payments and (ii) the June 1 Cross-Defaults. Additionally, the Second A&R Waiver waived any default or event of default under the revolving credit facility attributed to (i) any failure by the Company or any of its subsidiaries to make all or any part of their required interest payments due on (a) July 15, 2020, with respect to the Company’s 2024 Notes and 2044 Notes, (b) July 31, 2020, with respect to the Company’s 8.00% Senior Notes due 2024 and with respect to a subsidiary of the Company’s 3.00% Exchangeable Notes due 2024 and (c) August 1, 2020, with respect to the Company’s 7.75% Senior Notes due 2025, (ii) any resulting cross-defaults under the Defaulted Notes in respect of the failure to pay the June Interest Payments and (iii) an additional waiver relating to a vendor payment. The Second A&R Waiver will remain in effect until the earliest of (i) August 3, 2020, (ii) termination or invalidity of the Forbearance Agreement (as defined below), the Forbearance Agreement ceasing to be in full force and effect or amendment of the Forbearance Agreement without consent of the requisite number of revolving credit facility lenders, (iii) acceleration by the holders of any of the Defaulted Notes in accordance with the terms of the Defaulted Notes and (iv) the date on which the aggregate amount of advances (excluding letter of credit obligations) outstanding under the revolving credit facility exceeds $630.0 million . The Second A&R Waiver includes customary representations and does not limit, impair or constitute a waiver of the rights and remedies of the lenders or the Agent, and except as expressly provided in the Second A&R Waiver and does not amend or affect the terms of the revolving credit facility. Noteholder Forbearance On July 15, 2020, the Company entered into a Forbearance Agreement (the “Forbearance Agreement”) pursuant to that certain indenture dated July 21, 2009 between the Company and U.S. Bank National Association, as indenture trustee, under which the respective Defaulted Notes were issued with certain beneficial holders or investment managers or advisors for such beneficial holders (the “Supporting Holders”). At the time of entry into the Forbearance Agreement, the Supporting Holders held (i) approximately 44.0% of the outstanding 2022 Notes, (ii) approximately 74.2% of the outstanding 2024 Notes, (iii) approximately 65.3% of the outstanding 2025 Notes, (iv) approximately 68.9% of the outstanding 2042 Notes and (v) approximately 82.9% of the outstanding 2044 Notes. The parties previously entered into a Forbearance Agreement on June 30, 2020 that expired on July 15, 2020. Pursuant to the Forbearance Agreement, the Supporting Holders have agreed to (i) forbear from the exercise of certain rights and remedies that they have under the related indenture or applicable law with respect to certain specified defaults and events of defaults (including cross-defaults as a result of an acceleration) and (ii) in the event that the applicable trustee or any holder or group of holders takes any action which results in an acceleration during the Forbearance Period (as defined below), to deliver written notice to the applicable trustee to rescind such acceleration and its consequences and take all other action in their power to cause such acceleration to be rescinded and annulled. The Company and the Supporting Holders have agreed to continue this forbearance until the earlier of (i) August 3, 2020, (ii) the occurrence of any other default or event of default under the related indenture that is not cured within any applicable grace period, (iii) the acceleration of the Company’s obligations under the revolving credit facility, (iv) the termination or invalidity of the Second A&R Waiver, the Second A&R Waiver otherwise ceasing to be in full force and effect, or the Second A&R Waiver being amended, supplemented or otherwise modified in each case without the consent of the Supporting Holders, (v) the commencement of a case under title 11 of the United States Code or any similar reorganization, liquidation, insolvency or receivership proceeding by or against the Company or a subsidiary of the Company or (vi) the failure of the Company to timely comply with any term, condition or covenant set forth in the Forbearance Agreement (such period, the “Forbearance Period”). Senior Notes We did not make interest payments due in June and July 2020 on the Defaulted Notes. The June 2020 missed interest payments represent current events of default under the Defaulted Notes. We have entered into the Forbearance Agreement pursuant to which certain holders of our senior notes have agreed to forbear from the exercise of certain rights and remedies that they have with respect to certain specified defaults and events of defaults (including cross-defaults). However, the events of default under the Defaulted Notes have not been waived and still exist, and the Forbearance Agreement will terminate automatically on August 3, 2020 and may be terminated upon certain other events that may occur prior to August 3, 2020. Accordingly, the amounts outstanding under the Defaulted Notes were classified as current in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2020 . As a result of the Rowan Transaction, we acquired the following senior notes issued by Rowan Companies, Inc. ("RCI") and guaranteed by Rowan: (1) $201.4 million in aggregate principal amount of 7.875% unsecured senior notes due 2019, which have been repaid in full, (2) $620.8 million in aggregate principal amount of 4.875% unsecured senior notes due 2022, (3) $398.1 million in aggregate principal amount of 4.75% unsecured senior notes due 2024, (4) $500.0 million in aggregate principal amount of 7.375% unsecured senior notes due 2025, (5) $400.0 million in aggregate principal amount of 5.40% unsecured senior notes due 2042 and (6) $400.0 million in aggregate principal amount of 5.85% unsecured senior notes due 2044. On February 3, 2020, Rowan and RCI transferred substantially all their assets on a consolidated basis to Valaris plc, Valaris plc became the obligor on the notes and Rowan and RCI were relieved of their obligations under the notes and the related indenture. Revolving Credit Facility As of June 30, 2020 , we had $588.8 million outstanding under our credit facility, inclusive of $37.8 million in letters of credit, leaving $1.0 billion of undrawn capacity available. Our revolving credit facility requires compliance with covenants to maintain specified financial and guarantee coverage ratios, including a total debt to total capitalization ratio that is less than or equal to 60% . In the first six months of 2020, we incurred impairments of $3.6 billion , which contributed to an increase in the total debt to total capitalization ratio to 57.7% as of June 30, 2020 . As of June 30, 2020 , we were in compliance with our debt covenants due to the Second A&R Waiver. There is a significant level of uncertainty that we will remain in compliance with our credit facility covenants during the next twelve months. The full impact that the pandemic and the decline in oil prices and demand will have on our results of operations, financial condition, liquidity and cash flows is uncertain. If we were to violate the covenants of the revolving credit facility, further borrowings under the credit facility would not be permitted, absent a waiver in respect of the resulting event of default, and all outstanding borrowings could become immediately due and payable by action of lenders holding a majority of the commitments under the facility. Any such acceleration would trigger a cross-acceleration event of default with respect to approximately $2.1 billion outstanding under the Defaulted Notes. The failure to make the interest payments due in June 2020 on the Defaulted Notes would have represented an event of default under the revolving credit facility if it had not been waived pursuant to the Second A&R Waiver. We have entered into the Second A&R Waiver pursuant to which the lenders under our revolving credit facility have waived certain defaults and events of default under the revolving credit facility, including in relation to the non-payment of interest under the Defaulted Notes. However, the Second A&R Waiver will terminate automatically on August 3, 2020 and may be terminated upon certain other events that may occur prior to August 3, 2020, including if advances outstanding under the revolving credit facility exceed $630.0 million . Accordingly, the amounts outstanding under the revolving credit facility were classified as current in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2020 . The revolving credit facility generally limits the company to no more than $200.0 million in available cash (including certain liquid investments as defined in the facility documents), and requires consent of all lenders for draws on the facility that would result in the company having more than $200.0 million in available cash and liquid investments. Furthermore, the agent under the revolving credit facility has reserved the right to assert that a material adverse effect has occurred based on changes in the oil market and certain company-specific operating incidents, including the drop of the blowout preventer stack off the VALARIS DS-8. See " Note 13 - Contingencies" for additional information. We do not believe that a material adverse effect has occurred, but there can be no assurance that the lenders will not assert a material adverse effect as a basis to deny further borrowing requests. 2024 Convertible Notes In December 2016, Ensco Jersey Finance Limited, a wholly-owned subsidiary of Valaris plc, issued $849.5 million aggregate principal amount of unsecured 2024 Convertible Notes in a private offering. The 2024 Convertible Notes are fully and unconditionally guaranteed, on a senior, unsecured basis, by Valaris plc and are exchangeable into cash, our Class A ordinary shares or a combination thereof, at our election. Interest on the 2024 Convertible Notes is payable semiannually on January 31 and July 31 of each year. The 2024 Convertible Notes will mature on January 31, 2024, unless exchanged, redeemed or repurchased in accordance with their terms prior to such date. Holders may exchange their 2024 Convertible Notes at their option any time prior to July 31, 2023 only under certain circumstances set forth in the indenture governing the 2024 Convertible Notes. On or after July 31, 2023, holders may exchange their 2024 Convertible Notes at any time. The exchange rate is 17.8336 shares per $1,000 principal amount of notes, representing an exchange price of $56.08 per share, and is subject to adjustment upon certain events. The 2024 Convertible Notes may not be redeemed by us except in the event of certain tax law changes. On April 15, 2020, we were notified by the NYSE that the average closing price of our Class A ordinary shares was below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average share price required to maintain listing on NYSE. The Company has until late December 2020 to regain compliance. If our shares are delisted from the NYSE and not concurrently listed on Nasdaq, the holders of our 2024 Convertible Notes would have the right to require us to repurchase the notes at a price equal to the principal amount thereof plus accrued interest to the repurchase date. Such an accelerated repurchase, if required by the holders, could be in excess of the forecasted availability under the revolving credit facility and new financing facilities could be required, which we may not be able to put in place. Open Market Repurchases In early March 2020, we repurchased $12.8 million of our outstanding 4.70% Senior notes due 2021 on the open market for an aggregate purchase price of $9.7 million , excluding accrued interest, with cash on hand. As a result of the transaction, we recognized a pre-tax gain of $ 3.1 million , net of discounts in other, net, in the consolidated statement of operations.

Shareholders Equity (Notes)

Shareholders Equity (Notes)	6 Months Ended
	Jun. 30, 2020
Shareholders' Equity [Abstract]
Shareholders' Equity and Share-based Payments [Text Block]	Shareholders' Equity Activity in our various shareholders' equity accounts for the three and six months ended June 30, 2020 and 2019 were as follows (in millions, except per share amounts): Shares Par Value Additional Paid-in Capital Retained Earnings (Deficit) AOCI Treasury Shares Non-controlling Interest BALANCE, December 31, 2019 205.9 $ 82.5 $ 8,627.8 $ 671.7 $ 6.2 $ (77.3 ) $ (1.3 ) Net loss — — — (3,006.3 ) — — (1.4 ) Shares issued under share-based compensation plans, net — — (.7 ) — — .9 — Repurchase of shares — — — — — (.9 ) — Share-based compensation cost — — 7.8 — — — — Net other comprehensive loss — — — — (13.4 ) — — BALANCE, March 31, 2020 205.9 $ 82.5 $ 8,634.9 $ (2,334.6 ) $ (7.2 ) $ (77.3 ) $ (2.7 ) Net loss — — — (1,107.4 ) — — (1.4 ) Shares issued under share-based compensation plans, net .2 .1 (.7 ) — — .6 — Repurchase of shares — — — — — (.1 ) — Share-based compensation cost — — 5.7 — — — — Net other comprehensive loss — — — — (6.1 ) — — Distributions to noncontrolling interests — — — — — — (.9 ) BALANCE, June 30, 2020 206.1 $ 82.6 $ 8,639.9 $ (3,442.0 ) $ (13.3 ) $ (76.8 ) $ (5.0 ) Shares Par Value Additional Retained AOCI Treasury Non-controlling BALANCE, December 31, 2018 115.2 $ 46.2 $ 7,225.0 $ 874.2 $ 18.2 $ (72.2 ) $ (2.6 ) Net loss — — — (190.4 ) — — 2.4 Dividends paid ($0.04 per share) — — — (4.5 ) — — — Shares issued under share-based compensation plans, net — — (.1 ) — — .1 — Repurchase of shares — — — — — (2.8 ) — Share-based compensation cost — — 5.3 — — — — Net other comprehensive income — — — — 1.5 — — BALANCE, March 31, 2019 115.2 $ 46.2 $ 7,230.2 $ 679.3 $ 19.7 $ (74.9 ) $ (0.2 ) Net income — — — 405.5 — — 1.8 Equity issuance in connection with the Rowan Transaction 88.0 35.2 1,367.5 — — .1 — Shares issued under share-based compensation plans, net 2.6 1.1 (1.1 ) — — (.8 ) — Repurchase of shares — — — — — (1.4 ) — Share-based compensation cost — — 13.8 — — — — Net other comprehensive income — — — — .2 — — BALANCE, June 30, 2019 205.8 $ 82.5 $ 8,610.4 $ 1,084.8 $ 19.9 $ (77.0 ) $ 1.6

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	Income Taxes Valaris plc, our parent company, is domiciled and resident in the U.K. Our subsidiaries conduct operations and earn income in numerous countries and are subject to the laws of taxing jurisdictions within those countries. The income of our non-U.K. subsidiaries is generally not subject to U.K. taxation. Income tax rates imposed in the tax jurisdictions in which our subsidiaries conduct operations vary, as does the tax base to which the rates are applied. In some cases, tax rates may be applicable to gross revenues, statutory or negotiated deemed profits or other bases utilized under local tax laws, rather than to net income. Therefore, we generally incur income tax expense in periods in which we operate at a loss. Our drilling rigs frequently move from one taxing jurisdiction to another to perform contract drilling services. In some instances, the movement of drilling rigs among taxing jurisdictions will involve the transfer of ownership of the drilling rigs among our subsidiaries. As a result of frequent changes in the taxing jurisdictions in which our drilling rigs are operated and/or owned, changes in profitability levels and changes in tax laws, our annual effective income tax rate may vary substantially from one reporting period to another. Income tax rates and taxation systems in the jurisdictions in which our subsidiaries conduct operations vary and our subsidiaries are frequently subjected to minimum taxation regimes. In some jurisdictions, tax liabilities are based on gross revenues, statutory or negotiated deemed profits or other factors, rather than on net income and our subsidiaries are frequently unable to realize tax benefits when they operate at a loss. Accordingly, during periods of declining profitability, our income tax expense may not decline proportionally with income, which could result in higher effective income tax rates. Furthermore, we will continue to incur income tax expense in periods in which we operate at a loss. Historically, we calculated our provision for income taxes during interim reporting periods by applying the estimated annual effective tax rate for the full fiscal year to pre-tax income or loss, excluding discrete items, for the reporting period. We determined that since small changes in estimated pre-tax income or loss would result in significant changes in the estimated annual effective tax rate, the historical method would not provide a reliable estimate of income taxes for the three and six months ended June 30, 2020 and 2019 . We used a discrete effective tax rate method to calculate income taxes for the three and six months ended June 30, 2020 and 2019 . We will continue to evaluate income tax estimates under the historical method in subsequent quarters and employ a discrete effective tax rate method if warranted. Discrete income tax benefit for the three months ended June 30, 2020 was $47.3 million and was primarily attributable to rig impairments and other resolutions of prior year tax matters. Discrete income tax benefit for the three months ended June 30, 2019 was $1.2 million and was primarily attributable to resolution of prior period tax matters. Excluding the aforementioned discrete tax items, income tax expense for the three months ended June 30, 2020 and 2019 was $31.5 million and $33.8 million , respectively. Discrete income tax benefit for the six months ended June 30, 2020 was $211.7 million and was primarily attributable to a restructuring transaction, rig impairments, implementation of the U.S. Cares Act, changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years and the resolution of other prior period tax matters. Discrete income tax benefit for the six months ended June 30, 2019 was $0.6 million and was primarily attributable to unrecognized tax benefits associated with tax positions taken in prior years and the resolution of other prior period tax matters. Excluding the aforementioned discrete tax items, income tax expense for the six months ended June 30, 2020 and 2019 was $43.9 million and $64.7 million , respectively. Restructuring Transactions As discussed in " Note 10 - Debt", on February 3, 2020, Rowan and RCI transferred substantially all their assets and liabilities to Valaris plc, and Valaris plc became the obligor on the 4.875% unsecured senior notes due 2022, 5.40% unsecured senior notes due 2042, 7.375% unsecured senior notes due 2025, 4.75% unsecured senior notes due 2024 and 5.85% unsecured senior notes due 2044. We recognized a tax benefit of $66.0 million during the six months ended June 30, 2020 in connection with this transaction. Unrecognized tax benefits During 2019, the Luxembourg tax authorities issued aggregate tax assessments totaling approximately €142.0 million (approximately $159.6 million converted using the current period-end exchange rates) related to tax years 2014, 2015 and 2016 for several of Rowan's Luxembourg subsidiaries. We recorded €93.0 million (approximately $104.5 million converted using the current period-end exchange rates) in purchase accounting related to these assessments. During the first quarter of 2020, in connection with the administrative appeals process, the tax authority withdrew assessments of €142.0 million (approximately $159.6 million converted using the current period-end exchange rates), accepting the associated tax returns as previously filed. Accordingly, we de-recognized previously accrued liabilities for uncertain tax positions and net wealth taxes of €79.0 million (approximately $88.8 million converted using the current period-end exchange rates) and €2.0 million (approximately $2.2 million converted using the current period-end exchange rates), respectively. The de-recognition of amounts related to these assessments was recognized as a tax benefit during the three-month period ended March 31, 2020 and is included in changes in operating assets and liabilities on the condensed consolidated statement of cash flows for the six months ended June 30, 2020 . During 2019, the Australian tax authorities issued aggregate tax assessments totaling approximately A$101 million (approximately $69.7 million converted at current period-end exchange rates) plus interest related to the examination of certain of our tax returns for the years 2011 through 2016. During the third quarter of 2019, we made a A$42 million payment (approximately $29 million at then-current exchange rates) to the Australian tax authorities to litigate the assessment. We have recorded a $15.6 million liability for these assessments as of June 30, 2020

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Angola Non-Drilling Event In March 2020, VALARIS DS-8 experienced a non-drilling incident while operating offshore Angola, resulting in the blowout preventer (BOP) stack being disconnected from the riser while the rig was moving between well locations. The BOP stack, which we later recovered, dropped to the seabed floor, clear of any subsea structures. No injuries, environmental pollution or third-party damage resulted from the BOP stack being disconnected. As a result of the incident, the operator terminated the contract. The termination results in a decline in our contracted revenue backlog of approximately $150 million . We have loss of hire insurance for $602,500 per day, after a 45-day deductible waiting period, through the end of the contract in November 2020. The waiting period expired on April 22, 2020. We are seeking to recover losses incurred in accordance with the terms of this insurance policy, which would largely offset the lost backlog noted above. There can be no assurance as to the timing or amount of insurance proceeds ultimately received. Indonesian Well-Control Event In July 2019, a well being drilled offshore Indonesia by one of our jackup rigs experienced a well-control event requiring the cessation of drilling activities. In February 2020, the rig resumed operations. Indonesian authorities initiated an investigation into the event and have contacted the customer, us and other parties involved in drilling the well for additional information. We are cooperating with the Indonesian authorities. We cannot predict the scope or ultimate outcome of this investigation. If the Indonesian authorities determine that we violated local laws in connection with this matter, we could be subject to penalties including environmental or other liabilities, which may have a material adverse impact on us. Middle East Dispute On July 30, 2019, we received notice that a local partner of legacy Ensco plc in the Middle East filed a lawsuit in the U.K. against the Company alleging it induced the breach of a non-compete provision in an agreement between the local partner and a subsidiary of the Company. The lawsuit included a claim for an unspecified amount of damages in excess of £100 million and other relief. We reached an agreement to settle this matter and to acquire the local partner's interest in the subsidiary for an aggregate amount of $27.5 million , which was paid in April 2020. Of this amount, we concluded that $20.3 million was attributable to the settlement of the dispute and was recognized as a loss included in other, net, in our consolidated statement of operations for the year ended 31 December 2019. The remaining amount is attributable to the acquisition of the local partner's interest in the subsidiary. ARO Funding Obligations Valaris and Saudi Aramco have agreed to take all steps necessary to ensure that ARO purchases at least 20 newbuild jackup rigs ratably over an approximate 10-year period. In January 2020, ARO ordered the first two newbuild jackups for delivery scheduled in 2022. The partners intend for the newbuild jackup rigs to be financed out of available cash from ARO's operations and/or funds available from third-party debt financing. ARO paid a 25% down payment from cash on hand for each of the newbuilds ordered in January 2020. In the event ARO has insufficient cash from operations 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. Each partner's commitment shall be reduced by the actual cost of each newbuild rig, on a proportionate basis. The partners agreed that Saudi Aramco, as a customer, will provide drilling contracts to ARO in connection with the acquisition of the newbuild rigs. The initial contracts for each newbuild rig will be determined using a pricing mechanism that targets a six-year payback period for construction costs on an EBITDA basis. The initial eight-year contracts will be followed by a minimum of another eight years of term, re-priced in three-year intervals based on a market pricing mechanism. 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. 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 June 30, 2020 totaled $112.9 million and are issued under facilities provided by various banks and other financial institutions. Obligations under these letters of credit are not normally called, as we typically comply with the underlying performance requirement. As of June 30, 2020 , we had not been required to make collateral deposits with respect to these agreements.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Segment Information	Segment Information Our business consists of four operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups, (3) ARO and (4) Other, which consists of management services on rigs owned by third-parties and the activities associated with our arrangements with ARO under the Transition Services Agreement, Rig Lease Agreements and Secondment Agreement. Floaters, Jackups and ARO are also reportable segments. General and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income (loss) and are included in "Reconciling Items." Substantially all of the expenses incurred associated with our Transition Services Agreement are included in general and administrative under "Reconciling Items" in the table set forth below. We measure segment assets as property and equipment. The full operating results included below for ARO (representing only results of ARO from the Transaction Date) are not included within our consolidated results and thus deducted under "Reconciling Items" and replaced with our equity in earnings of ARO. See " Note 4 - Equity Method Investment in ARO" for additional information on ARO and related arrangements. Segment information for the three and six months ended June 30, 2020 and 2019 is presented below (in millions): Three Months Ended June 30, 2020 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 163.6 $ 186.3 $ 146.0 $ 38.9 $ (146.0 ) $ 388.8 Operating expenses Contract drilling (exclusive of depreciation) 170.8 182.7 112.5 17.2 (112.5 ) 370.7 Loss on impairment 831.9 0.4 — 5.7 — 838.0 Depreciation 62.0 52.8 13.3 11.2 (7.8 ) 131.5 General and administrative — — 7.1 — 55.5 62.6 Equity in earnings of ARO — — — — (5.2 ) (5.2 ) Operating income (loss) $ (901.1 ) $ (49.6 ) $ 13.1 $ 4.8 $ (86.4 ) $ (1,019.2 ) Property and equipment, net $ 6,536.9 $ 4,000.6 $ 739.7 $ 655.1 $ (739.7 ) $ 11,192.6 Three Months Ended June 30, 2019 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 295.6 $ 229.2 $ 123.8 $ 59.1 $ (123.8 ) $ 583.9 Operating expenses Contract drilling (exclusive of depreciation) 249.2 212.2 78.9 38.9 (78.9 ) 500.3 Loss on impairment — — — — 2.5 2.5 Depreciation 98.4 55.5 12.4 — (8.4 ) 157.9 General and administrative — — 5.3 — 75.9 81.2 Equity in earnings of ARO — — — — 0.6 0.6 Operating income (loss) $ (52.0 ) $ (38.5 ) $ 27.2 $ 20.2 $ (114.3 ) $ (157.4 ) Property and equipment, net $ 10,364.7 $ 5,055.6 $ 656.5 $ — $ (621.1 ) $ 15,455.7 Six Months Ended June 30, 2020 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 343.2 $ 399.1 $ 286.3 $ 103.1 $ (286.3 ) $ 845.4 Operating expenses Contract drilling (exclusive of depreciation) 384.7 408.8 220.8 53.2 (220.8 ) 846.7 Loss on impairment 3,386.2 254.3 — 5.7 — 3,646.2 Depreciation 151.4 111.3 26.3 22.3 (15.3 ) 296.0 General and administrative — — 15.4 — 100.6 116.0 Equity in earnings of ARO — — — — (11.5 ) (11.5 ) Operating income (loss) $ (3,579.1 ) $ (375.3 ) $ 23.8 $ 21.9 $ (162.3 ) $ (4,071.0 ) Property and equipment, net $ 6,536.9 $ 4,000.6 $ 739.7 $ 655.1 $ (739.7 ) $ 11,192.6 Six Months Ended June 30, 2019 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 528.3 $ 386.2 123.8 $ 75.3 $ (123.8 ) $ 989.8 Operating expenses Contract drilling (exclusive of depreciation) 431.0 347.6 78.9 54.3 (78.9 ) 832.9 Loss on impairment — — — — 2.5 2.5 Depreciation 183.2 92.4 12.4 — (5.1 ) 282.9 General and administrative — — 5.3 — 105.5 110.8 Equity in earnings of ARO — — — — 0.6 0.6 Operating income (loss) $ (85.9 ) $ (53.8 ) $ 27.2 $ 21.0 $ (147.2 ) $ (238.7 ) Property and equipment, net $ 10,364.7 $ 5,055.6 $ 656.5 $ — $ (621.1 ) $ 15,455.7 Information about Geographic Areas As of June 30, 2020 , the geographic distribution of our and ARO's drilling rigs was as follows: Floaters Jackups Other Total Valaris ARO North & South America 7 7 — 14 — Europe & the Mediterranean 5 14 — 19 — Middle East & Africa 2 12 9 23 7 Asia & Pacific Rim 3 6 — 9 — Asia & Pacific Rim (under construction) 2 — — 2 — Held-for-sale 6 1 — 7 — Total 25 40 9 74 7 We provide management services on two rigs owned by third-parties not included in the table above.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Jun. 30, 2020
Supplemental Financial Information [Abstract]
Supplemental Financial Information	Supplemental Financial Information Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions): June 30, December 31, Trade $ 316.7 $ 466.4 Other 54.9 60.3 371.6 526.7 Allowance for doubtful accounts (8.3 ) (6.0 ) $ 363.3 $ 520.7 Other current assets consisted of the following (in millions): June 30, December 31, Materials and supplies $ 303.0 $ 340.1 Prepaid expenses 81.0 13.5 Prepaid taxes 44.5 36.2 Deferred costs 21.9 23.3 Assets held-for-sale 20.9 2.3 Other 29.5 31.1 $ 500.8 $ 446.5 Other assets consisted of the following (in millions): June 30, December 31, Tax receivables $ 64.4 $ 36.3 Deferred tax assets 48.6 26.6 Right-of-use assets 46.2 58.1 Supplemental executive retirement plan assets 22.3 26.0 Deferred costs 8.4 7.1 Intangible assets 3.8 11.9 Other 16.5 22.3 $ 210.2 $ 188.3 Accrued liabilities and other consisted of the following (in millions): June 30, December 31, Accrued interest $ 157.2 $ 115.2 Personnel costs 97.9 134.4 Income and other taxes payable 65.9 61.2 Deferred revenue 31.5 30.0 Lease liabilities 16.8 21.1 Derivative liabilities 4.2 .9 Settlement of legal dispute — 20.3 Other 24.6 34.6 $ 398.1 $ 417.7 Other liabilities consisted of the following (in millions): June 30, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 240.1 $ 323.1 Pension and other post-retirement benefits 230.3 246.7 Intangible liabilities 50.8 52.1 Lease liabilities 44.1 51.8 Deferred tax liabilities 37.1 99.0 Supplemental executive retirement plan liabilities 22.7 26.7 Personnel costs 15.1 24.5 Deferred revenue 11.2 9.7 Other 41.8 33.8 $ 693.2 $ 867.4 Accumulated other comprehensive income (loss) consisted of the following (in millions): June 30, December 31, Pension and other post-retirement benefits $ (21.7 ) $ (21.7 ) Derivative instruments 3.5 22.6 Currency translation adjustment 6.7 7.1 Other (1.8 ) (1.8 ) $ (13.3 ) $ 6.2 Consolidated Statement of Operations Information Other, net, for the three and six months ended June 30, 2020 and 2019 (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Net periodic pension (cost) income, excluding service cost $ 3.1 $ 1.7 $ 6.1 $ 1.7 Currency translation adjustments (1.2 ) (2.8 ) 2.6 (3.1 ) Gain on bargain purchase and measurement period adjustments — 712.8 (6.3 ) 712.8 Other income (expense) 3.2 (8.0 ) 3.2 (5.4 ) $ 5.1 $ 703.7 $ 5.6 $ 706.0 Concentration of Risk We are exposed to credit risk related to our receivables from customers, our cash and cash equivalents, investments and our use of derivatives in connection with the management of foreign currency exchange rate risk. 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. We mitigate our credit risk relating to cash and investments by focusing on diversification and quality of instruments. We mitigate our credit risk relating to counterparties of our derivatives through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and by entering into International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements, which include provisions for a legally enforceable master netting agreement, with our derivative counterparties. The terms of the ISDA agreements may also include credit support requirements, cross default provisions, termination events or set-off provisions. Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. See " Note 8 - Derivative Instruments" for additional information on our derivative activity. Consolidated revenues by customer for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Woodside Energy (1) 12 % 4 % 7 % 4 % BP (2) 11 % 9 % 9 % 8 % Saudi Aramco (3) 9 % 9 % 9 % 10 % Total (4) 5 % 13 % 11 % 15 % Other 63 % 65 % 64 % 63 % 100 % 100 % 100 % 100 % (1) During the three and six months ended June 30, 2020 and 2019 , all revenues were attributable to our Floaters segment. (2) During the three-month period ended June 30, 2020 , 17% of the revenues provided by BP were attributable to our Jackups segment, 39% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the six-month period ended June 30, 2020 , 20% of the revenues provided by BP were attributable to our Jackups segment, 27% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the three-month period ended June 30, 2019 , 44% of the revenues provided by BP were attributable to our Jackups segment, 19% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the six-month period ended June 30, 2019 , 39% of the revenues provided by BP were attributable to our Jackups segment, 13% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. (3) During the three and six months ended June 30, 2020 and 2019 , all revenues were attributable to our Jackups segment. (4) During the three and six months ended June 30, 2020 , 56% and 82% of revenues provided by Total were attributable to the Floaters segment and the remaining were attributable to the Jackup segment. During the three and six months ended June 30, 2019 , 90% and 95% of revenues provided by Total were attributable to the Floaters segment and the remaining were attributable to the Jackup segment. Consolidated revenues by region for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Australia (1) $ 72.3 $ 70.0 $ 98.3 $ 137.3 U.S. Gulf of Mexico (2) 66.6 93.4 145.3 148.1 Saudi Arabia (3) 57.3 83.2 141.2 136.6 United Kingdom (4) 52.8 54.2 105.3 97.6 Norway (4) 46.5 9.7 87.5 9.7 Angola (5) 1.7 68.1 63.2 138.7 Other 91.6 205.3 204.6 321.8 $ 388.8 $ 583.9 $ 845.4 $ 989.8 (1) During the three months ended June 30, 2020 and 2019 , 100% and 94% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and remaining revenues were attributable to our Jackups segment. During the six months ended June 30, 2020 and 2019 , 89% and 94% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and remaining revenues were attributable to our Jackups segment. (2) During the three months ended June 30, 2020 , 66% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 6% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. During the six months ended June 30, 2020 , 61% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 12% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. During the three months ended June 30, 2019 , 39% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 39% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. During the six months ended June 30, 2019 , 34% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 41% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. (3) During the three and six months ended June 30, 2020 , 62% and 57% of the revenues earned in Saudi Arabia, respectively, were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates to our rigs leased to ARO and certain revenues related to our Transition Services Agreement and Secondment Agreement. During the three and six months ended June 30, 2019 , 60% and 76% of the revenues earned in Saudi Arabia, respectively, were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates to our rigs leased to ARO and certain revenues related to our Transition Services Agreement and Secondment Agreement. (4) During the three and six months ended June 30, 2020 and 2019 , all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (5) During the three months ended June 30, 2020 , all of the revenues earned in Angola were attributable to our Jackup segment. During the three months ended June 30, 2019 , 90% of the revenues earned in Angola, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment. During the six months ended June 30, 2020 and 2019 , 79% and 88%

Guarantee Of Registered Securit

Guarantee Of Registered Securities	6 Months Ended
	Jun. 30, 2020
Guarantees [Abstract]
Guarantee Of Registered Securities	In connection with the Pride acquisition, Valaris and Pride entered into a supplemental indenture to the indenture dated July 1, 2004 between Pride and the Bank of New York Mellon, as indenture trustee, providing for, among other matters, the full and unconditional guarantee by Valaris of Pride’s 6.875% senior notes due 2020 and 7.875% senior notes due 2040 , which had an aggregate outstanding principal balance of $422.9 million as of June 30, 2020 . The Valaris guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the holders of the notes. Valaris is also a full and unconditional guarantor of the 7.2% debentures due 2027 issued by Ensco International Incorporated in November 1997, which had an aggregate outstanding principal balance of $112.1 million as of June 30, 2020 . Pride and Ensco International Incorporated are 100% owned subsidiaries of Valaris. All guarantees are unsecured obligations of Valaris ranking equal in right of payment with all of its existing and future unsecured and unsubordinated indebtedness. The following tables present the unaudited condensed consolidating statements of operations for the three and six months ended June 30, 2020 and 2019 ; the unaudited condensed consolidating statements of comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019 ; the condensed consolidating balance sheets as of June 30, 2020 (unaudited) and December 31, 2019 ; and the unaudited condensed consolidating statements of cash flows for the six months ended June 30, 2020 and 2019 , in accordance with Rule 3-10 of Regulation S-X. VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2020 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total OPERATING REVENUES $ 17.6 $ 49.7 $ — $ 445.7 $ (124.2 ) $ 388.8 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 35.6 52.6 — 406.7 (124.2 ) 370.7 Loss on impairment — — — 838.0 — 838.0 Depreciation — 4.7 — 126.8 — 131.5 General and administrative 13.5 13.3 — 35.8 — 62.6 Total operating expenses 49.1 70.6 — 1,407.3 (124.2 ) 1,402.8 EQUITY IN EARNINGS OF ARO — — — (5.2 ) — (5.2 ) OPERATING LOSS (31.5 ) (20.9 ) — (966.8 ) — (1,019.2 ) OTHER INCOME (EXPENSE), NET (129.6 ) (0.4 ) (18.3 ) 38.4 4.5 (105.4 ) LOSS BEFORE INCOME TAXES (161.1 ) (21.3 ) (18.3 ) (928.4 ) 4.5 (1,124.6 ) PROVISION (BENEFIT) FOR INCOME TAXES — (88.4 ) — 72.6 — (15.8 ) EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX (946.3 ) (50.0 ) 9.3 — 987.0 — NET INCOME (LOSS) (1,107.4 ) 17.1 (9.0 ) (1,001.0 ) 991.5 (1,108.8 ) NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — 1.4 — 1.4 NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ (1,107.4 ) $ 17.1 $ (9.0 ) $ (999.6 ) $ 991.5 $ (1,107.4 ) VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2019 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total OPERATING REVENUES $ 19.9 $ 36.1 $ — $ 607.9 $ (80.0 ) $ 583.9 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 18.3 31.8 — 530.2 (80.0 ) 500.3 Loss on impairment — — — 2.5 — 2.5 Depreciation — 4.0 — 153.9 — 157.9 General and administrative 46.4 .1 — 34.7 — 81.2 Total operating expenses 64.7 35.9 — 721.3 (80.0 ) 741.9 EQUITY IN EARNINGS OF ARO — — — .6 — .6 OPERATING INCOME (LOSS) (44.8 ) .2 — (112.8 ) — (157.4 ) OTHER INCOME (EXPENSE), NET 694.9 (15.6 ) (20.3 ) (66.0 ) 4.3 597.3 INCOME (LOSS) BEFORE INCOME TAXES 650.1 (15.4 ) (20.3 ) (178.8 ) 4.3 439.9 PROVISION FOR INCOME TAXES — 12.4 — 20.2 — 32.6 EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX (244.6 ) 43.2 27.0 — 174.4 — NET INCOME (LOSS) 405.5 15.4 6.7 (199.0 ) 178.7 407.3 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.8 ) — (1.8 ) NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ 405.5 $ 15.4 $ 6.7 $ (200.8 ) $ 178.7 $ 405.5 VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2020 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total OPERATING REVENUES $ 34.9 $ 96.7 $ — $ 939.0 $ (225.2 ) $ 845.4 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 56.2 95.7 — 920.0 (225.2 ) 846.7 Loss on impairment — — — 3,646.2 — 3,646.2 Depreciation — 9.3 — 286.7 — 296.0 General and administrative 33.7 24.8 — 57.5 — 116.0 Total operating expenses 89.9 129.8 — 4,910.4 (225.2 ) 4,904.9 EQUITY IN EARNINGS OF ARO — — — (11.5 ) — (11.5 ) OPERATING LOSS (55.0 ) (33.1 ) — (3,982.9 ) — (4,071.0 ) OTHER INCOME (EXPENSE), NET 215.5 (.2 ) (37.8 ) (399.7 ) 8.9 (213.3 ) INCOME (LOSS) BEFORE INCOME TAXES 160.5 (33.3 ) (37.8 ) (4,382.6 ) 8.9 (4,284.3 ) BENEFIT FOR INCOME TAXES — (100.0 ) — (67.8 ) — (167.8 ) EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX (4,274.2 ) (134.6 ) 14.9 — 4,393.9 — NET LOSS (4,113.7 ) (67.9 ) (22.9 ) (4,314.8 ) 4,402.8 (4,116.5 ) NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — 2.8 — 2.8 NET LOSS ATTRIBUTABLE TO VALARIS $ (4,113.7 ) $ (67.9 ) $ (22.9 ) $ (4,312.0 ) $ 4,402.8 $ (4,113.7 ) VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2019 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total OPERATING REVENUES $ 31.3 $ 75.6 $ — $ 1,038.3 $ (155.4 ) $ 989.8 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 30.0 67.5 — 890.8 (155.4 ) 832.9 Loss on impairment — — — 2.5 — 2.5 Depreciation — 7.7 — 275.2 — 282.9 General and administrative 61.3 .2 — 49.3 — 110.8 Total operating expenses 91.3 75.4 — 1,217.8 (155.4 ) 1,229.1 EQUITY IN EARNINGS OF ARO — — — .6 — .6 OPERATING INCOME (LOSS) (60.0 ) .2 — (178.9 ) — (238.7 ) OTHER INCOME (EXPENSE), NET 678.8 (31.0 ) (40.8 ) (93.3 ) 8.4 522.1 INCOME (LOSS) BEFORE INCOME TAXES 618.8 (30.8 ) (40.8 ) (272.2 ) 8.4 283.4 PROVISION FOR INCOME TAXES — 29.0 — 35.1 — 64.1 EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX (403.7 ) 75.3 53.1 — 275.3 — NET INCOME (LOSS) 215.1 15.5 12.3 (307.3 ) 283.7 219.3 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (4.2 ) — (4.2 ) NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ 215.1 $ 15.5 $ 12.3 $ (311.5 ) $ 283.7 $ 215.1 VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Three Months Ended June 30, 2020 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total NET INCOME (LOSS) $ (1,107.4 ) $ 17.1 $ (9.0 ) $ (1,001.0 ) $ 991.5 $ (1,108.8 ) OTHER COMPREHENSIVE LOSS, NET Net change in derivative fair value — 4.8 — — — 4.8 Reclassification of net gains on derivative instruments from other comprehensive loss to net loss — (10.9 ) — — — (10.9 ) NET OTHER COMPREHENSIVE LOSS — (6.1 ) — — — (6.1 ) COMPREHENSIVE INCOME (LOSS) (1,107.4 ) 11.0 (9.0 ) (1,001.0 ) 991.5 (1,114.9 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — 1.4 — 1.4 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ (1,107.4 ) $ 11.0 $ (9.0 ) $ (999.6 ) $ 991.5 $ (1,113.5 ) VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2019 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total NET INCOME (LOSS) $ 405.5 $ 15.4 $ 6.7 $ (199.0 ) $ 178.7 $ 407.3 OTHER COMPREHENSIVE INCOME, NET Net change in derivative fair value — (1.6 ) — — — (1.6 ) Reclassification of net losses on derivative instruments from other comprehensive income to net income (loss) — 1.8 — — — 1.8 NET OTHER COMPREHENSIVE INCOME — .2 — — — .2 COMPREHENSIVE INCOME (LOSS) 405.5 15.6 6.7 (199.0 ) 178.7 407.5 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.8 ) — (1.8 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ 405.5 $ 15.6 $ 6.7 $ (200.8 ) $ 178.7 $ 405.7 VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Six Months Ended June 30, 2020 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total NET LOSS $ (4,113.7 ) $ (67.9 ) $ (22.9 ) $ (4,314.8 ) $ 4,402.8 $ (4,116.5 ) OTHER COMPREHENSIVE LOSS, NET Net change in derivative fair value — (8.1 ) — — — (8.1 ) Reclassification of net gains on derivative instruments from other comprehensive loss to net loss — (11.0 ) — — — (11.0 ) Other — — — (.4 ) — (.4 ) NET OTHER COMPREHENSIVE LOSS — (19.1 ) — (.4 ) — (19.5 ) COMPREHENSIVE LOSS (4,113.7 ) (87.0 ) (22.9 ) (4,315.2 ) 4,402.8 (4,136.0 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — 2.8 — 2.8 COMPREHENSIVE LOSS ATTRIBUTABLE TO VALARIS $ (4,113.7 ) $ (87.0 ) $ (22.9 ) $ (4,312.4 ) $ 4,402.8 $ (4,133.2 ) VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2019 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total NET INCOME (LOSS) $ 215.1 $ 15.5 $ 12.3 $ (307.3 ) $ 283.7 $ 219.3 OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in derivative fair value — (1.6 ) — — — (1.6 ) Reclassification of net losses on derivative instruments from other comprehensive income (loss) to net income (loss) — 3.4 — — — 3.4 Other — — — (.1 ) — (.1 ) NET OTHER COMPREHENSIVE INCOME (LOSS) — 1.8 — (.1 ) — 1.7 COMPREHENSIVE INCOME (LOSS) 215.1 17.3 12.3 (307.4 ) 283.7 221.0 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (4.2 ) — (4.2 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ 215.1 $ 17.3 $ 12.3 $ (311.6 ) $ 283.7 $ 216.8 VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2020 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 156.5 $ — $ — $ 45.5 $ — $ 202.0 Accounts receivable, net .2 25.7 — 337.4 — 363.3 Accounts receivable from affiliates 4,334.8 201.2 1.4 1,224.7 (5,762.1 ) — Other current assets .5 53.6 — 446.7 — 500.8 Total current assets 4,492.0 280.5 1.4 2,054.3 (5,762.1 ) 1,066.1 PROPERTY AND EQUIPMENT, AT COST 1.1 113.6 — 13,105.6 — 13,220.3 Less accumulated depreciation 1.1 93.4 — 1,933.2 — 2,027.7 Property and equipment, net — 20.2 — 11,172.4 — 11,192.6 LONG - TERM NOTES RECEIVABLE FROM ARO — — — 452.8 — 452.8 INVESTMENT IN ARO — — — 117.2 — 117.2 DUE FROM AFFILIATES 1,593.3 217.5 38.9 4,680.8 (6,530.5 ) — INVESTMENTS IN AFFILIATES 9,166.5 654.2 1,239.8 (11,060.5 ) — OTHER ASSETS 1.1 20.4 — 188.7 — 210.2 $ 15,252.9 $ 1,192.8 $ 1,280.1 $ 18,666.2 $ (23,353.1 ) $ 13,038.9 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 141.1 $ 16.6 $ 12.2 $ 380.1 $ — $ 550.0 Accounts payable to affiliates 1,117.0 237.2 802.2 3,605.7 (5,762.1 ) — Current maturities of long-term debt 2,394.8 123.3 — — 2,518.1 Total current liabilities 3,652.9 253.8 937.7 3,985.8 (5,762.1 ) 3,068.1 DUE TO AFFILIATES 3,534.0 505.6 641.2 1,849.7 (6,530.5 ) — LONG-TERM DEBT 2,880.6 111.7 372.3 727.6 4,092.2 OTHER LIABILITIES 247.6 445.6 — 693.2 VALARIS SHAREHOLDERS' EQUITY (DEFICIT) 5,185.4 74.1 (671.1 ) 11,662.5 (11,060.5 ) 5,190.4 NONCONTROLLING INTERESTS — — — (5.0 ) — (5.0 ) Total equity (deficit) 5,185.4 74.1 (671.1 ) 11,657.5 (11,060.5 ) 5,185.4 $ 15,252.9 $ 1,192.8 $ 1,280.1 $ 18,666.2 $ (23,353.1 ) $ 13,038.9 VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2019 (In millions) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 21.5 $ — $ — $ 75.7 $ — $ 97.2 Accounts receivable, net .2 19.7 — 500.8 — 520.7 Accounts receivable from affiliates 4,031.4 386.0 — 897.2 (5,314.6 ) — Other current assets .6 11.6 — 434.3 — 446.5 Total current assets 4,053.7 417.3 — 1,908.0 (5,314.6 ) 1,064.4 PROPERTY AND EQUIPMENT, AT COST 1.9 108.8 — 18,283.1 — 18,393.8 Less accumulated depreciation 1.9 84.7 — 3,210.3 — 3,296.9 Property and equipment, net — 24.1 — 15,072.8 — 15,096.9 LONG-TERM NOTES RECEIVABLE FROM ARO — — — 452.9 — 452.9 INVESTMENT IN ARO — — — 128.7 — 128.7 DUE FROM AFFILIATES 73.8 — 38.9 1,775.7 (1,888.4 ) — INVESTMENTS IN AFFILIATES 9,778.5 788.8 1,224.9 — (11,792.2 ) — OTHER ASSETS 7.9 3.8 — 182.6 (6.0 ) 188.3 $ 13,913.9 $ 1,234.0 $ 1,263.8 $ 19,520.7 $ (19,001.2 ) $ 16,931.2 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 99.2 $ 29.3 $ 12.2 $ 565.2 $ — $ 705.9 Accounts payable to affiliates 818.8 147.8 815.1 3,532.9 (5,314.6 ) — Current maturities of long - term debt — — 124.8 — — 124.8 Total current liabilities 918.0 177.1 952.1 4,098.1 (5,314.6 ) 830.7 DUE TO AFFILIATES 710.3 478.8 586.6 112.7 (1,888.4 ) — LONG-TERM DEBT 2,990.6 111.7 373.3 2,447.9 — 5,923.5 OTHER LIABILITIES (14.6 ) 90.6 — 797.4 (6.0 ) 867.4 VALARIS SHAREHOLDERS' EQUITY (DEFICIT) 9,309.6 375.8 (648.2 ) 12,065.9 (11,792.2 ) 9,310.9 NONCONTROLLING INTERESTS — — — (1.3 ) — (1.3 ) Total equity (deficit) 9,309.6 375.8 (648.2 ) 12,064.6 (11,792.2 ) 9,309.6 $ 13,913.9 $ 1,234.0 $ 1,263.8 $ 19,520.7 $ (19,001.2 ) $ 16,931.2 VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2020 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Valaris Consolidating Adjustments Total OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ (203.1 ) $ 149.5 $ (40.3 ) $ (287.2 ) $ — $ (381.1 ) INVESTING ACTIVITIES Additions to property and equipment — — — (67.1 ) — (67.1 ) Proceeds from disposition of assets — — — 13.8 — 13.8 Net cash used in investing activities — — — (53.3 ) — (53.3 ) FINANCING ACTIVITIES Borrowings on credit facility 566.0 — — — — 566.0 Advances from (to) affiliates (202.9 ) (149.5 ) 40.3 312.1 — — Repayments of credit facility borrowings (15.0 ) — — — — (15.0 ) Reduction of long -term borrowings (9.7 ) — — — — (9.7 ) Other (.3 ) — — (1.6 ) — (1.9 ) Net cash provided by (used in) financing activities 338.1 (149.5 ) 40.3 310.5 — 539.4 Effect of exchange rate changes on cash and cash equivalents — — — (.2 ) (.2 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 135.0 — — (30.2 ) — 104.8 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 21.5 — — 75.7 — 97.2 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 156.5 $ — $ — $ 45.5 $ — $ 202.0 VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Valaris Consolidating Adjustments Total OPERATING ACTIVITIES Net cash used in operating activities $ (79.9 ) $ (117.5 ) $ (68.6 ) $ (27.4 ) $ — $ (293.4 ) INVESTING ACTIVITIES Rowan cash acquired — — — 931.9 — 931.9 Maturities of short-term investments 339.0 — — — — 339.0 Purchases of short-term investments (145.0 ) — — — — (145.0 ) Additions to property and equipment — — — (134.8 ) — (134.8 ) Other 2.5 — — 2.0 — 4.5 Net cash provided by investing activities 196.5 — — 799.1 — 995.6 FINANCING ACTIVITIES Debt solicitation fees — — — (8.7 ) — (8.7 ) Cash dividends paid (4.5 ) — — — — (4.5 ) Repurchase of common shares (4.2 ) — — — — (4.2 ) Advances from (to) affiliates 174.5 117.5 68.6 (360.6 ) — — Other (0.5 ) — — — — (0.5 ) Net cash provided by (used in) financing activities 165.3 117.5 68.6 (369.3 ) — (17.9 ) Effect of exchange rate changes on cash and cash equivalents — — — (.3 ) — (.3 ) INCREASE IN CASH AND CASH EQUIVALENTS 281.9 — — 402.1 — 684.0 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 199.8 — 2.7 72.6 — 275.1 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 481.7 $ — $ 2.7 $ 474.7 $ — $ 959.1

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Financial Statements (Policies)	6 Months Ended
	Jun. 30, 2020
Unaudited Condensed Consolidated Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently adopted accounting standards Credit Losses - In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("Update 2016-13"), which requires companies to measure credit losses of financial instruments, including customer accounts receivable, utilizing a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Subsequent to the issuance of Update 2016-13, the FASB issued several additional Accounting Standard Updates to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance. We adopted Update 2016-13 effective January 1, 2020 with no material impact to our financial statements upon adoption as our previously estimated reserves were in line with expected credit losses calculated under Update 2016-13. Accounting pronouncements to be adopted Income Taxes - In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("Update 2019-12"), which removes certain exceptions for investments, intraperiod allocations and interim tax calculations and adds guidance to reduce complexity in accounting for income taxes. We will be required to adopt the amended guidance in annual and interim periods beginning after December 15, 2020, with early adoption permitted. The various amendments in Update 2019-12 are applied on a retrospective basis, modified retrospective basis and prospective basis, depending on the amendment. We are in the process of evaluating the impact this amendment will have on our consolidated financial statements. Defined Benefit Plans - In August 2018, the FASB issued ASU No. 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans ("Update 2018-14"), which modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. We will be required to adopt the amended guidance in annual and interim reports beginning January 1, 2021, with early adoption permitted. Adoption is required to be applied on a retrospective basis to all periods presented. We will adopt the new standard effective January 1, 2021 and do not expect the adoption of Update 2018-14 to have a material impact on our consolidated financial statements. Reference Rate Reform - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("Update 2020-04"), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in Update 2020-04 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients and that are retained through the end of the hedging relationship. The provisions in Update 2020-04 are effective upon issuance and can be applied prospectively through December 31, 2022. We are in the process of evaluating the impact this amendment will have on our consolidated financial statements.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2020
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): June 30, 2020 December 31, 2019 Current contract assets $ 6.6 $ 3.5 Noncurrent contract assets $ .5 $ — Current contract liabilities (deferred revenue) $ 31.5 $ 30.0 Noncurrent contract liabilities (deferred revenue) $ 11.2 $ 9.7 Changes in contract assets and liabilities during the period are as follows (in millions): Contract Assets Contract Liabilities Balance as of December 31, 2019 $ 3.5 $ 39.7 Revenue recognized in advance of right to bill customer 4.6 — Increase due to cash received — 23.5 Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance — (17.5 ) Decrease due to amortization of deferred revenue that was added during the period — (3.0 ) Decrease due to transfer to receivables during the period (1.0 ) — Balance as of June 30, 2020 $ 7.1 $ 42.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]	Expected future amortization of our contract liabilities and deferred costs recorded as of June 30, 2020 is set forth in the table below (in millions): Remaining 2020 2021 2022 2023 and Thereafter Total Amortization of contract liabilities $ 21.6 $ 17.2 $ 3.9 $ — $ 42.7 Amortization of deferred costs $ 15.7 $ 11.1 $ 3.2 $ .3 $ 30.3

Rowan Transaction (Tables)

Rowan Transaction (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The provisional amounts for assets acquired and liabilities assumed as of the Transaction Date and respective measurement period adjustments were as follows (in millions): Amounts Recognized as of Transaction Date Measurement Period Adjustments (1) Estimated Fair Value Assets: Cash and cash equivalents $ 931.9 $ — $ 931.9 Accounts receivable (2) 207.1 (6.9 ) 200.2 Other current assets 101.6 (2.6 ) 99.0 Long-term notes receivable from ARO 454.5 — 454.5 Investment in ARO 138.8 2.5 141.3 Property and equipment 2,989.8 (26.0 ) 2,963.8 Other assets 41.7 1.1 42.8 Liabilities: Accounts payable and accrued liabilities 259.4 15.7 275.1 Current portion of long-term debt 203.2 — 203.2 Long-term debt 1,910.9 — 1,910.9 Other liabilities 376.3 34.5 410.8 Net assets acquired 2,115.6 (82.1 ) 2,033.5 Less: Merger consideration (1,402.8 ) — (1,402.8 ) Estimated bargain purchase gain $ 712.8 $ (82.1 ) $ 630.7 (1) The measurement period adjustments reflect changes in the estimated fair values of certain assets and liabilities, primarily related to long-lived assets, deferred income taxes and uncertain tax positions. The measurement period adjustments were recorded to reflect new information obtained about facts and circumstances existing as of the Transaction Date and did not result from subsequent intervening events. The adjustments recorded resulted in a $6.3 million decline to bargain purchase gain during the first quarter of 2020 and are included in other, net, in our condensed consolidated statements of operations for the six months ended June 30, 2020 . (2) Gross contractual amounts receivable totaled $208.3 million as of the Transaction Date.
Business Acquisition, Pro Forma Information [Table Text Block]	(in millions, except per share amounts) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Revenues $ 599.0 $ 1,179.5 Net loss $ (271.3 ) $ (591.8 ) Loss per share - basic and diluted $ (1.38 ) $ (3.02 ) (1) Pro forma net loss and loss per share were adjusted to exclude an aggregate $ 71.5 million and $80.8 million of transaction-related and integration costs incurred during the three and six months ended June 30, 2019 , respectively, and the estimated $712.8 million

Equity Method Investment In A_2

Equity Method Investment In ARO (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following summarizes the total assets and liabilities as reflected in our condensed consolidated balance sheet as well as our maximum exposure to loss related to ARO (in millions). Our maximum exposure to loss is limited to (1) our equity investment in ARO, (2) the outstanding balance on our shareholder notes receivable, and (3) other receivables and contract assets related to services provided to ARO, partially offset by payables for services received. June 30, 2020 December 31, 2019 Total assets $ 593.7 $ 623.5 Less: total liabilities — .7 Maximum exposure to loss $ 593.7 $ 622.8 Summarized financial information for ARO is as follows (in millions): Three Months Ended Six Months Ended April 11 - June 30, 2019 June 30, 2020 Revenues $ 146.0 $ 286.3 $ 123.8 Operating expenses Contract drilling (exclusive of depreciation) 112.5 220.8 78.9 Depreciation 13.3 26.3 12.4 General and administrative 7.1 15.4 5.3 Operating income 13.1 23.8 27.2 Other expense, net 6.7 13.3 8.7 Provision (Benefit) for income taxes (.2 ) .7 1.7 Net income $ 6.6 $ 9.8 $ 16.8 June 30, 2020 December 31, 2019 Current assets $ 349.2 $ 407.2 Non-current assets 924.1 874.8 Total assets $ 1,273.3 $ 1,282.0 Current liabilities $ 206.8 $ 183.2 Non-current liabilities 973.4 1,015.5 Total liabilities $ 1,180.2 $ 1,198.7 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. ARO is a variable interest entity; however, we are not the primary beneficiary and therefore do not consolidate ARO. Judgments regarding our level of influence over ARO included considering key factors such as each partner's ownership interest, representation on the board of managers of ARO and ability to direct activities that most significantly impact ARO's economic performance, including the ability to influence policy-making decisions. As a result of the Rowan Transaction, we recorded our equity method investment in ARO at its estimated fair value on the Transaction Date. Additionally, we computed the difference between the fair value of ARO's net assets and the carrying value of those net assets in ARO's GAAP financial statements ("basis differences"). The basis differences primarily relate 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 as of the Transaction Date. The 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 are combined with our 50% interest in ARO's net income. A reconciliation of those components is presented below (in millions): Three Months Ended Six Months Ended April 11 - June 30, 2019 June 30, 2020 50% interest in ARO net income $ 3.3 $ 4.9 $ 8.4 Amortization of basis differences (8.5 ) (16.4 ) (7.8 ) Equity in earnings of ARO $ (5.2 ) $ (11.5 ) $ .6
Schedule of Related Party Transactions	Revenues recognized by us related to the Lease Agreements, Transition Services Agreement and Secondment Agreement are as follows (in millions): Three Months Ended Six Months Ended April 11 - June 30, 2019 June 30, 2020 Lease revenue $ 19.9 $ 41.4 $ 18.3 Secondment and Transition Services revenue .2 22.0 20.8 Total revenue from ARO (1) $ 20.1 $ 63.4 $ 39.1 (1) All of the revenues presented above are included in our Other segment in our segment disclosures. See " Note 14 - Segment Information" for additional information.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis	The following fair value hierarchy table categorizes information regarding our financial assets and liabilities measured at fair value on a recurring basis (in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of June 30, 2020 Supplemental executive retirement plan assets $ 22.3 $ — $ — $ 22.3 Total financial assets 22.3 — — 22.3 Derivatives, net — (1.0 ) — (1.0 ) Total financial liabilities $ — $ (1.0 ) $ — $ (1.0 ) As of December 31, 2019 Supplemental executive retirement plan assets $ 26.0 $ — $ — $ 26.0 Derivatives, net — 5.4 — 5.4 Total financial assets $ 26.0 $ 5.4 $ — $ 31.4
Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments	The carrying values and estimated fair values of our debt instruments were as follows (in millions): June 30, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 6.875% Senior notes due 2020 $ 123.4 $ 9.7 $ 124.8 $ 117.3 4.70% Senior notes due 2021 100.5 7.1 113.2 95.5 4.875% Senior notes due 2022 603.3 69.2 599.2 460.5 3.00% Exchangeable senior notes due 2024 (1) 716.2 124.0 699.0 607.4 4.50% Senior notes due 2024 302.1 26.3 302.0 167.2 4.75% Senior notes due 2024 280.8 33.5 276.5 201.4 8.00% Senior notes due 2024 295.4 19.4 295.7 181.7 5.20% Senior notes due 2025 331.9 28.1 331.7 186.7 7.375% Senior notes due 2025 331.4 37.2 329.2 218.6 7.75% Senior notes due 2026 988.2 82.6 987.1 575.1 7.20% Debentures due 2027 111.7 15.7 111.7 70.0 7.875% Senior notes due 2040 372.3 22.1 373.3 153.5 5.40% Senior notes due 2042 263.7 42.3 262.8 194.4 5.75% Senior notes due 2044 974.4 76.4 973.3 450.0 5.85% Senior notes due 2044 269.5 44.6 268.8 194.8 Amounts borrowed under credit facility (2) 545.5 551.0 — — Total debt $ 6,610.3 $ 1,189.2 $ 6,048.3 $ 3,874.1 Less: current maturities 2,518.1 794.6 124.8 117.3 Total long-term debt $ 4,092.2 $ 394.6 $ 5,923.5 $ 3,756.8 (1) Our 2024 Convertible Notes were issued with a conversion feature. The 2024 Convertible Notes were separated into their liability and equity components on our condensed consolidated balance sheet. The equity component was initially recorded to additional paid-in capital and as a debt discount that will be amortized to interest expense over the life of the instrument. Excluding the unamortized discount, the carrying value of the 2024 Convertible Notes was $839.9 million and $838.3 million as of June 30, 2020 and December 31, 2019 , respectively. (2) Total outstanding borrowings under our credit facility are $551.0 million and are recorded net of $5.5 million of unamortized deferred financing cost on our condensed consolidated balance sheet. In addition, we have $37.8 million in letters of credit issued under our credit facility, leaving $1.0 billion of undrawn borrowing capacity at June 30, 2020 .

Property and Equipment Proper_2

Property and Equipment Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property And Equipment	Property and equipment as of June 30, 2020 and December 31, 2019 consisted of the following (in millions): June 30, 2020 December 31, 2019 Drilling rigs and equipment $ 12,559.5 $ 17,714.0 Work-in-progress 473.2 473.6 Other 187.6 206.2 $ 13,220.3 $ 18,393.8

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs [Table Text Block]	The components of net periodic pension and retiree medical cost were as follows (in millions): Three Months Ended Six Months Ended April 11 - June 30, 2019 June 30, 2020 Service cost (1) $ .7 $ 1.3 $ .4 Interest cost (2) 6.4 12.9 6.5 Expected return on plan assets (2) (9.5 ) (19.0 ) (8.2 ) Net periodic pension and retiree medical cost (income) $ (2.4 ) $ (4.8 ) $ (1.3 ) (1) Included in contract drilling and general and administrative expense in our condensed consolidated statements of operations. (2) Included in other, net, in our condensed consolidated statements of operations.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule Of Derivatives At Fair Value	Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions): Derivative Assets Derivative Liabilities June 30, December 31, June 30, December 31, Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 1.1 $ 4.2 $ 4.0 $ .7 Foreign currency forward contracts - non-current (2) .3 .8 .2 — $ 1.4 $ 5.0 $ 4.2 $ .7 Derivatives not Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 2.0 $ 1.3 $ .2 $ .2 Total $ 3.4 $ 6.3 $ 4.4 $ .9 (1) Derivative assets and liabilities that have maturity dates equal to or less than 12 months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. (2) Derivative assets and liabilities that have maturity dates greater than 12 months from the respective balance sheet dates were included in other assets and other liabilities, respectively, on our condensed consolidated balance sheets.
Gains And Losses On Derivatives Designated As Cash Flow Hedges	Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of operations and comprehensive income (loss) were as follows (in millions): Three Months Ended June 30, 2020 and 2019 Gain (Loss) Recognized in Other Comprehensive Loss ("OCI") on Derivatives (Effective Portion) (Gain) Loss Reclassified from ("AOCI") into Income (Effective Portion) (1) 2020 2019 2020 2019 Foreign currency forward contracts (2) $ 4.8 $ (1.6 ) $ (10.9 ) $ 1.8 Six Months Ended June 30, 2020 and 2019 Loss Recognized in Other Comprehensive Loss ("OCI") on Derivatives (Effective Portion) (Gain) Loss Reclassified from ("AOCI") into Income (Effective Portion) (1) 2020 2019 2020 2019 Interest rate lock contracts (3) $ — $ — $ — $ .1 Foreign currency forward contracts (4) (8.1 ) (1.6 ) (11.0 ) 3.3 Total $ (8.1 ) $ (1.6 ) $ (11.0 ) $ 3.4 (1) Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. (2) During the three months ended June 30, 2020 , $1.6 million of losses were reclassified from AOCI into contract drilling expense and $12.5 million of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the three months ended June 30, 2019 , $2.0 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income were included in interest expense, net, in our condensed consolidated statements of operations. (4) During the six months ended June 30, 2020 , $2.5 million of losses were reclassified from AOCI into contract drilling expense and $13.5 million of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the six months ended June 30, 2019 , $3.7 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Reconciliation Of Net Income Attributable To Ensco Shares	The following table is a reconciliation of loss from continuing operations attributable to Valaris shares used in our basic and diluted EPS computations for the three and six months ended June 30, 2020 and 2019 (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Income (loss) from continuing operations attributable to Valaris $ (1,107.4 ) $ 405.5 $ (4,113.7 ) $ 215.1 Income from continuing operations allocated to non-vested share awards (1) — (12.1 ) — (6.3 ) Income (loss) from continuing operations attributable to Valaris shares $ (1,107.4 ) $ 393.4 $ (4,113.7 ) $ 208.8 (1) Losses are not allocated to non-vested share awards. Due to the net loss position, potentially dilutive share awards are excluded from the computation of diluted EPS. There were no potentially dilutive share awards for the three and six months ended June 30, 2019 .

Shareholders Equity (Tables)

Shareholders Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Shareholders' Equity [Abstract]
Schedule Of Activity In Our Various Shareholders Equity [Table Text Block]	Activity in our various shareholders' equity accounts for the three and six months ended June 30, 2020 and 2019 were as follows (in millions, except per share amounts): Shares Par Value Additional Paid-in Capital Retained Earnings (Deficit) AOCI Treasury Shares Non-controlling Interest BALANCE, December 31, 2019 205.9 $ 82.5 $ 8,627.8 $ 671.7 $ 6.2 $ (77.3 ) $ (1.3 ) Net loss — — — (3,006.3 ) — — (1.4 ) Shares issued under share-based compensation plans, net — — (.7 ) — — .9 — Repurchase of shares — — — — — (.9 ) — Share-based compensation cost — — 7.8 — — — — Net other comprehensive loss — — — — (13.4 ) — — BALANCE, March 31, 2020 205.9 $ 82.5 $ 8,634.9 $ (2,334.6 ) $ (7.2 ) $ (77.3 ) $ (2.7 ) Net loss — — — (1,107.4 ) — — (1.4 ) Shares issued under share-based compensation plans, net .2 .1 (.7 ) — — .6 — Repurchase of shares — — — — — (.1 ) — Share-based compensation cost — — 5.7 — — — — Net other comprehensive loss — — — — (6.1 ) — — Distributions to noncontrolling interests — — — — — — (.9 ) BALANCE, June 30, 2020 206.1 $ 82.6 $ 8,639.9 $ (3,442.0 ) $ (13.3 ) $ (76.8 ) $ (5.0 ) Shares Par Value Additional Retained AOCI Treasury Non-controlling BALANCE, December 31, 2018 115.2 $ 46.2 $ 7,225.0 $ 874.2 $ 18.2 $ (72.2 ) $ (2.6 ) Net loss — — — (190.4 ) — — 2.4 Dividends paid ($0.04 per share) — — — (4.5 ) — — — Shares issued under share-based compensation plans, net — — (.1 ) — — .1 — Repurchase of shares — — — — — (2.8 ) — Share-based compensation cost — — 5.3 — — — — Net other comprehensive income — — — — 1.5 — — BALANCE, March 31, 2019 115.2 $ 46.2 $ 7,230.2 $ 679.3 $ 19.7 $ (74.9 ) $ (0.2 ) Net income — — — 405.5 — — 1.8 Equity issuance in connection with the Rowan Transaction 88.0 35.2 1,367.5 — — .1 — Shares issued under share-based compensation plans, net 2.6 1.1 (1.1 ) — — (.8 ) — Repurchase of shares — — — — — (1.4 ) — Share-based compensation cost — — 13.8 — — — — Net other comprehensive income — — — — .2 — — BALANCE, June 30, 2019 205.8 $ 82.5 $ 8,610.4 $ 1,084.8 $ 19.9 $ (77.0 ) $ 1.6

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Schedule Of Segment Reporting Information	Six Months Ended June 30, 2020 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 343.2 $ 399.1 $ 286.3 $ 103.1 $ (286.3 ) $ 845.4 Operating expenses Contract drilling (exclusive of depreciation) 384.7 408.8 220.8 53.2 (220.8 ) 846.7 Loss on impairment 3,386.2 254.3 — 5.7 — 3,646.2 Depreciation 151.4 111.3 26.3 22.3 (15.3 ) 296.0 General and administrative — — 15.4 — 100.6 116.0 Equity in earnings of ARO — — — — (11.5 ) (11.5 ) Operating income (loss) $ (3,579.1 ) $ (375.3 ) $ 23.8 $ 21.9 $ (162.3 ) $ (4,071.0 ) Property and equipment, net $ 6,536.9 $ 4,000.6 $ 739.7 $ 655.1 $ (739.7 ) $ 11,192.6 Six Months Ended June 30, 2019 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 528.3 $ 386.2 123.8 $ 75.3 $ (123.8 ) $ 989.8 Operating expenses Contract drilling (exclusive of depreciation) 431.0 347.6 78.9 54.3 (78.9 ) 832.9 Loss on impairment — — — — 2.5 2.5 Depreciation 183.2 92.4 12.4 — (5.1 ) 282.9 General and administrative — — 5.3 — 105.5 110.8 Equity in earnings of ARO — — — — 0.6 0.6 Operating income (loss) $ (85.9 ) $ (53.8 ) $ 27.2 $ 21.0 $ (147.2 ) $ (238.7 ) Property and equipment, net $ 10,364.7 $ 5,055.6 $ 656.5 $ — $ (621.1 ) $ 15,455.7
Schedule Of Geographic Distribution Of Rigs By Segment	As of June 30, 2020 , the geographic distribution of our and ARO's drilling rigs was as follows: Floaters Jackups Other Total Valaris ARO North & South America 7 7 — 14 — Europe & the Mediterranean 5 14 — 19 — Middle East & Africa 2 12 9 23 7 Asia & Pacific Rim 3 6 — 9 — Asia & Pacific Rim (under construction) 2 — — 2 — Held-for-sale 6 1 — 7 — Total 25 40 9 74 7 We provide management services on two rigs owned by third-parties not included in the table above.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Jun. 30, 2020
Supplemental Financial Information [Abstract]
Accounts Receivable, Net	Accounts receivable, net, consisted of the following (in millions): June 30, December 31, Trade $ 316.7 $ 466.4 Other 54.9 60.3 371.6 526.7 Allowance for doubtful accounts (8.3 ) (6.0 ) $ 363.3 $ 520.7
Other Current Assets	Other current assets consisted of the following (in millions): June 30, December 31, Materials and supplies $ 303.0 $ 340.1 Prepaid expenses 81.0 13.5 Prepaid taxes 44.5 36.2 Deferred costs 21.9 23.3 Assets held-for-sale 20.9 2.3 Other 29.5 31.1 $ 500.8 $ 446.5
Other Assets, Net	Other assets consisted of the following (in millions): June 30, December 31, Tax receivables $ 64.4 $ 36.3 Deferred tax assets 48.6 26.6 Right-of-use assets 46.2 58.1 Supplemental executive retirement plan assets 22.3 26.0 Deferred costs 8.4 7.1 Intangible assets 3.8 11.9 Other 16.5 22.3 $ 210.2 $ 188.3
Accrued Liabilities And Other	Accrued liabilities and other consisted of the following (in millions): June 30, December 31, Accrued interest $ 157.2 $ 115.2 Personnel costs 97.9 134.4 Income and other taxes payable 65.9 61.2 Deferred revenue 31.5 30.0 Lease liabilities 16.8 21.1 Derivative liabilities 4.2 .9 Settlement of legal dispute — 20.3 Other 24.6 34.6 $ 398.1 $ 417.7
Other Liabilities	Other liabilities consisted of the following (in millions): June 30, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 240.1 $ 323.1 Pension and other post-retirement benefits 230.3 246.7 Intangible liabilities 50.8 52.1 Lease liabilities 44.1 51.8 Deferred tax liabilities 37.1 99.0 Supplemental executive retirement plan liabilities 22.7 26.7 Personnel costs 15.1 24.5 Deferred revenue 11.2 9.7 Other 41.8 33.8 $ 693.2 $ 867.4
Accumulated other comprehensive income	Accumulated other comprehensive income (loss) consisted of the following (in millions): June 30, December 31, Pension and other post-retirement benefits $ (21.7 ) $ (21.7 ) Derivative instruments 3.5 22.6 Currency translation adjustment 6.7 7.1 Other (1.8 ) (1.8 ) $ (13.3 ) $ 6.2
Schedule of Other Nonoperating Income, by Component	Other, net, for the three and six months ended June 30, 2020 and 2019 (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Net periodic pension (cost) income, excluding service cost $ 3.1 $ 1.7 $ 6.1 $ 1.7 Currency translation adjustments (1.2 ) (2.8 ) 2.6 (3.1 ) Gain on bargain purchase and measurement period adjustments — 712.8 (6.3 ) 712.8 Other income (expense) 3.2 (8.0 ) 3.2 (5.4 ) $ 5.1 $ 703.7 $ 5.6 $ 706.0
Schedule of Revenue by Major Customers by Reporting Segments	Consolidated revenues by customer for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Woodside Energy (1) 12 % 4 % 7 % 4 % BP (2) 11 % 9 % 9 % 8 % Saudi Aramco (3) 9 % 9 % 9 % 10 % Total (4) 5 % 13 % 11 % 15 % Other 63 % 65 % 64 % 63 % 100 % 100 % 100 % 100 % (1) During the three and six months ended June 30, 2020 and 2019 , all revenues were attributable to our Floaters segment. (2) During the three-month period ended June 30, 2020 , 17% of the revenues provided by BP were attributable to our Jackups segment, 39% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the six-month period ended June 30, 2020 , 20% of the revenues provided by BP were attributable to our Jackups segment, 27% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the three-month period ended June 30, 2019 , 44% of the revenues provided by BP were attributable to our Jackups segment, 19% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the six-month period ended June 30, 2019 , 39% of the revenues provided by BP were attributable to our Jackups segment, 13% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. (3) During the three and six months ended June 30, 2020 and 2019 , all revenues were attributable to our Jackups segment. (4) During the three and six months ended June 30, 2020 , 56% and 82% of revenues provided by Total were attributable to the Floaters segment and the remaining were attributable to the Jackup segment. During the three and six months ended June 30, 2019 , 90% and 95% of revenues provided by Total were attributable to the Floaters segment and the remaining were attributable to the Jackup segment.
Revenue from External Customers by Geographic Areas	Consolidated revenues by region for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Australia (1) $ 72.3 $ 70.0 $ 98.3 $ 137.3 U.S. Gulf of Mexico (2) 66.6 93.4 145.3 148.1 Saudi Arabia (3) 57.3 83.2 141.2 136.6 United Kingdom (4) 52.8 54.2 105.3 97.6 Norway (4) 46.5 9.7 87.5 9.7 Angola (5) 1.7 68.1 63.2 138.7 Other 91.6 205.3 204.6 321.8 $ 388.8 $ 583.9 $ 845.4 $ 989.8 (1) During the three months ended June 30, 2020 and 2019 , 100% and 94% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and remaining revenues were attributable to our Jackups segment. During the six months ended June 30, 2020 and 2019 , 89% and 94% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and remaining revenues were attributable to our Jackups segment. (2) During the three months ended June 30, 2020 , 66% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 6% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. During the six months ended June 30, 2020 , 61% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 12% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. During the three months ended June 30, 2019 , 39% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 39% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. During the six months ended June 30, 2019 , 34% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 41% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. (3) During the three and six months ended June 30, 2020 , 62% and 57% of the revenues earned in Saudi Arabia, respectively, were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates to our rigs leased to ARO and certain revenues related to our Transition Services Agreement and Secondment Agreement. During the three and six months ended June 30, 2019 , 60% and 76% of the revenues earned in Saudi Arabia, respectively, were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates to our rigs leased to ARO and certain revenues related to our Transition Services Agreement and Secondment Agreement. (4) During the three and six months ended June 30, 2020 and 2019 , all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (5) During the three months ended June 30, 2020 , all of the revenues earned in Angola were attributable to our Jackup segment. During the three months ended June 30, 2019 , 90% of the revenues earned in Angola, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment. During the six months ended June 30, 2020 and 2019 , 79% and 88% of the revenues earned in Angola, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment.

Guarantee Of Registered Secur_2

Guarantee Of Registered Securities (Tables)	6 Months Ended
	Jun. 30, 2020
Guarantees [Abstract]
Condensed Consolidating Statements Of Operations	VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2020 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total OPERATING REVENUES $ 17.6 $ 49.7 $ — $ 445.7 $ (124.2 ) $ 388.8 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 35.6 52.6 — 406.7 (124.2 ) 370.7 Loss on impairment — — — 838.0 — 838.0 Depreciation — 4.7 — 126.8 — 131.5 General and administrative 13.5 13.3 — 35.8 — 62.6 Total operating expenses 49.1 70.6 — 1,407.3 (124.2 ) 1,402.8 EQUITY IN EARNINGS OF ARO — — — (5.2 ) — (5.2 ) OPERATING LOSS (31.5 ) (20.9 ) — (966.8 ) — (1,019.2 ) OTHER INCOME (EXPENSE), NET (129.6 ) (0.4 ) (18.3 ) 38.4 4.5 (105.4 ) LOSS BEFORE INCOME TAXES (161.1 ) (21.3 ) (18.3 ) (928.4 ) 4.5 (1,124.6 ) PROVISION (BENEFIT) FOR INCOME TAXES — (88.4 ) — 72.6 — (15.8 ) EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX (946.3 ) (50.0 ) 9.3 — 987.0 — NET INCOME (LOSS) (1,107.4 ) 17.1 (9.0 ) (1,001.0 ) 991.5 (1,108.8 ) NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — 1.4 — 1.4 NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ (1,107.4 ) $ 17.1 $ (9.0 ) $ (999.6 ) $ 991.5 $ (1,107.4 ) VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2019 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total OPERATING REVENUES $ 19.9 $ 36.1 $ — $ 607.9 $ (80.0 ) $ 583.9 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 18.3 31.8 — 530.2 (80.0 ) 500.3 Loss on impairment — — — 2.5 — 2.5 Depreciation — 4.0 — 153.9 — 157.9 General and administrative 46.4 .1 — 34.7 — 81.2 Total operating expenses 64.7 35.9 — 721.3 (80.0 ) 741.9 EQUITY IN EARNINGS OF ARO — — — .6 — .6 OPERATING INCOME (LOSS) (44.8 ) .2 — (112.8 ) — (157.4 ) OTHER INCOME (EXPENSE), NET 694.9 (15.6 ) (20.3 ) (66.0 ) 4.3 597.3 INCOME (LOSS) BEFORE INCOME TAXES 650.1 (15.4 ) (20.3 ) (178.8 ) 4.3 439.9 PROVISION FOR INCOME TAXES — 12.4 — 20.2 — 32.6 EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX (244.6 ) 43.2 27.0 — 174.4 — NET INCOME (LOSS) 405.5 15.4 6.7 (199.0 ) 178.7 407.3 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.8 ) — (1.8 ) NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ 405.5 $ 15.4 $ 6.7 $ (200.8 ) $ 178.7 $ 405.5 VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2020 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total OPERATING REVENUES $ 34.9 $ 96.7 $ — $ 939.0 $ (225.2 ) $ 845.4 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 56.2 95.7 — 920.0 (225.2 ) 846.7 Loss on impairment — — — 3,646.2 — 3,646.2 Depreciation — 9.3 — 286.7 — 296.0 General and administrative 33.7 24.8 — 57.5 — 116.0 Total operating expenses 89.9 129.8 — 4,910.4 (225.2 ) 4,904.9 EQUITY IN EARNINGS OF ARO — — — (11.5 ) — (11.5 ) OPERATING LOSS (55.0 ) (33.1 ) — (3,982.9 ) — (4,071.0 ) OTHER INCOME (EXPENSE), NET 215.5 (.2 ) (37.8 ) (399.7 ) 8.9 (213.3 ) INCOME (LOSS) BEFORE INCOME TAXES 160.5 (33.3 ) (37.8 ) (4,382.6 ) 8.9 (4,284.3 ) BENEFIT FOR INCOME TAXES — (100.0 ) — (67.8 ) — (167.8 ) EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX (4,274.2 ) (134.6 ) 14.9 — 4,393.9 — NET LOSS (4,113.7 ) (67.9 ) (22.9 ) (4,314.8 ) 4,402.8 (4,116.5 ) NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — 2.8 — 2.8 NET LOSS ATTRIBUTABLE TO VALARIS $ (4,113.7 ) $ (67.9 ) $ (22.9 ) $ (4,312.0 ) $ 4,402.8 $ (4,113.7 ) VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2019 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total OPERATING REVENUES $ 31.3 $ 75.6 $ — $ 1,038.3 $ (155.4 ) $ 989.8 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 30.0 67.5 — 890.8 (155.4 ) 832.9 Loss on impairment — — — 2.5 — 2.5 Depreciation — 7.7 — 275.2 — 282.9 General and administrative 61.3 .2 — 49.3 — 110.8 Total operating expenses 91.3 75.4 — 1,217.8 (155.4 ) 1,229.1 EQUITY IN EARNINGS OF ARO — — — .6 — .6 OPERATING INCOME (LOSS) (60.0 ) .2 — (178.9 ) — (238.7 ) OTHER INCOME (EXPENSE), NET 678.8 (31.0 ) (40.8 ) (93.3 ) 8.4 522.1 INCOME (LOSS) BEFORE INCOME TAXES 618.8 (30.8 ) (40.8 ) (272.2 ) 8.4 283.4 PROVISION FOR INCOME TAXES — 29.0 — 35.1 — 64.1 EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX (403.7 ) 75.3 53.1 — 275.3 — NET INCOME (LOSS) 215.1 15.5 12.3 (307.3 ) 283.7 219.3 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (4.2 ) — (4.2 ) NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ 215.1 $ 15.5 $ 12.3 $ (311.5 ) $ 283.7 $ 215.1
Condensed Consolidating Statements Of Comprehensive Income	VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Three Months Ended June 30, 2020 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total NET INCOME (LOSS) $ (1,107.4 ) $ 17.1 $ (9.0 ) $ (1,001.0 ) $ 991.5 $ (1,108.8 ) OTHER COMPREHENSIVE LOSS, NET Net change in derivative fair value — 4.8 — — — 4.8 Reclassification of net gains on derivative instruments from other comprehensive loss to net loss — (10.9 ) — — — (10.9 ) NET OTHER COMPREHENSIVE LOSS — (6.1 ) — — — (6.1 ) COMPREHENSIVE INCOME (LOSS) (1,107.4 ) 11.0 (9.0 ) (1,001.0 ) 991.5 (1,114.9 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — 1.4 — 1.4 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ (1,107.4 ) $ 11.0 $ (9.0 ) $ (999.6 ) $ 991.5 $ (1,113.5 ) VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2019 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total NET INCOME (LOSS) $ 405.5 $ 15.4 $ 6.7 $ (199.0 ) $ 178.7 $ 407.3 OTHER COMPREHENSIVE INCOME, NET Net change in derivative fair value — (1.6 ) — — — (1.6 ) Reclassification of net losses on derivative instruments from other comprehensive income to net income (loss) — 1.8 — — — 1.8 NET OTHER COMPREHENSIVE INCOME — .2 — — — .2 COMPREHENSIVE INCOME (LOSS) 405.5 15.6 6.7 (199.0 ) 178.7 407.5 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.8 ) — (1.8 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ 405.5 $ 15.6 $ 6.7 $ (200.8 ) $ 178.7 $ 405.7 VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Six Months Ended June 30, 2020 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total NET LOSS $ (4,113.7 ) $ (67.9 ) $ (22.9 ) $ (4,314.8 ) $ 4,402.8 $ (4,116.5 ) OTHER COMPREHENSIVE LOSS, NET Net change in derivative fair value — (8.1 ) — — — (8.1 ) Reclassification of net gains on derivative instruments from other comprehensive loss to net loss — (11.0 ) — — — (11.0 ) Other — — — (.4 ) — (.4 ) NET OTHER COMPREHENSIVE LOSS — (19.1 ) — (.4 ) — (19.5 ) COMPREHENSIVE LOSS (4,113.7 ) (87.0 ) (22.9 ) (4,315.2 ) 4,402.8 (4,136.0 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — 2.8 — 2.8 COMPREHENSIVE LOSS ATTRIBUTABLE TO VALARIS $ (4,113.7 ) $ (87.0 ) $ (22.9 ) $ (4,312.4 ) $ 4,402.8 $ (4,133.2 ) VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2019 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total NET INCOME (LOSS) $ 215.1 $ 15.5 $ 12.3 $ (307.3 ) $ 283.7 $ 219.3 OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in derivative fair value — (1.6 ) — — — (1.6 ) Reclassification of net losses on derivative instruments from other comprehensive income (loss) to net income (loss) — 3.4 — — — 3.4 Other — — — (.1 ) — (.1 ) NET OTHER COMPREHENSIVE INCOME (LOSS) — 1.8 — (.1 ) — 1.7 COMPREHENSIVE INCOME (LOSS) 215.1 17.3 12.3 (307.4 ) 283.7 221.0 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (4.2 ) — (4.2 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ 215.1 $ 17.3 $ 12.3 $ (311.6 ) $ 283.7 $ 216.8
Condensed Consolidating Balance Sheets	VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2020 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 156.5 $ — $ — $ 45.5 $ — $ 202.0 Accounts receivable, net .2 25.7 — 337.4 — 363.3 Accounts receivable from affiliates 4,334.8 201.2 1.4 1,224.7 (5,762.1 ) — Other current assets .5 53.6 — 446.7 — 500.8 Total current assets 4,492.0 280.5 1.4 2,054.3 (5,762.1 ) 1,066.1 PROPERTY AND EQUIPMENT, AT COST 1.1 113.6 — 13,105.6 — 13,220.3 Less accumulated depreciation 1.1 93.4 — 1,933.2 — 2,027.7 Property and equipment, net — 20.2 — 11,172.4 — 11,192.6 LONG - TERM NOTES RECEIVABLE FROM ARO — — — 452.8 — 452.8 INVESTMENT IN ARO — — — 117.2 — 117.2 DUE FROM AFFILIATES 1,593.3 217.5 38.9 4,680.8 (6,530.5 ) — INVESTMENTS IN AFFILIATES 9,166.5 654.2 1,239.8 (11,060.5 ) — OTHER ASSETS 1.1 20.4 — 188.7 — 210.2 $ 15,252.9 $ 1,192.8 $ 1,280.1 $ 18,666.2 $ (23,353.1 ) $ 13,038.9 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 141.1 $ 16.6 $ 12.2 $ 380.1 $ — $ 550.0 Accounts payable to affiliates 1,117.0 237.2 802.2 3,605.7 (5,762.1 ) — Current maturities of long-term debt 2,394.8 123.3 — — 2,518.1 Total current liabilities 3,652.9 253.8 937.7 3,985.8 (5,762.1 ) 3,068.1 DUE TO AFFILIATES 3,534.0 505.6 641.2 1,849.7 (6,530.5 ) — LONG-TERM DEBT 2,880.6 111.7 372.3 727.6 4,092.2 OTHER LIABILITIES 247.6 445.6 — 693.2 VALARIS SHAREHOLDERS' EQUITY (DEFICIT) 5,185.4 74.1 (671.1 ) 11,662.5 (11,060.5 ) 5,190.4 NONCONTROLLING INTERESTS — — — (5.0 ) — (5.0 ) Total equity (deficit) 5,185.4 74.1 (671.1 ) 11,657.5 (11,060.5 ) 5,185.4 $ 15,252.9 $ 1,192.8 $ 1,280.1 $ 18,666.2 $ (23,353.1 ) $ 13,038.9 VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2019 (In millions) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Valaris Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 21.5 $ — $ — $ 75.7 $ — $ 97.2 Accounts receivable, net .2 19.7 — 500.8 — 520.7 Accounts receivable from affiliates 4,031.4 386.0 — 897.2 (5,314.6 ) — Other current assets .6 11.6 — 434.3 — 446.5 Total current assets 4,053.7 417.3 — 1,908.0 (5,314.6 ) 1,064.4 PROPERTY AND EQUIPMENT, AT COST 1.9 108.8 — 18,283.1 — 18,393.8 Less accumulated depreciation 1.9 84.7 — 3,210.3 — 3,296.9 Property and equipment, net — 24.1 — 15,072.8 — 15,096.9 LONG-TERM NOTES RECEIVABLE FROM ARO — — — 452.9 — 452.9 INVESTMENT IN ARO — — — 128.7 — 128.7 DUE FROM AFFILIATES 73.8 — 38.9 1,775.7 (1,888.4 ) — INVESTMENTS IN AFFILIATES 9,778.5 788.8 1,224.9 — (11,792.2 ) — OTHER ASSETS 7.9 3.8 — 182.6 (6.0 ) 188.3 $ 13,913.9 $ 1,234.0 $ 1,263.8 $ 19,520.7 $ (19,001.2 ) $ 16,931.2 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 99.2 $ 29.3 $ 12.2 $ 565.2 $ — $ 705.9 Accounts payable to affiliates 818.8 147.8 815.1 3,532.9 (5,314.6 ) — Current maturities of long - term debt — — 124.8 — — 124.8 Total current liabilities 918.0 177.1 952.1 4,098.1 (5,314.6 ) 830.7 DUE TO AFFILIATES 710.3 478.8 586.6 112.7 (1,888.4 ) — LONG-TERM DEBT 2,990.6 111.7 373.3 2,447.9 — 5,923.5 OTHER LIABILITIES (14.6 ) 90.6 — 797.4 (6.0 ) 867.4 VALARIS SHAREHOLDERS' EQUITY (DEFICIT) 9,309.6 375.8 (648.2 ) 12,065.9 (11,792.2 ) 9,310.9 NONCONTROLLING INTERESTS — — — (1.3 ) — (1.3 ) Total equity (deficit) 9,309.6 375.8 (648.2 ) 12,064.6 (11,792.2 ) 9,309.6 $ 13,913.9 $ 1,234.0 $ 1,263.8 $ 19,520.7 $ (19,001.2 ) $ 16,931.2
Condensed Consolidating Statements Of Cash Flows	VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2020 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Valaris Consolidating Adjustments Total OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ (203.1 ) $ 149.5 $ (40.3 ) $ (287.2 ) $ — $ (381.1 ) INVESTING ACTIVITIES Additions to property and equipment — — — (67.1 ) — (67.1 ) Proceeds from disposition of assets — — — 13.8 — 13.8 Net cash used in investing activities — — — (53.3 ) — (53.3 ) FINANCING ACTIVITIES Borrowings on credit facility 566.0 — — — — 566.0 Advances from (to) affiliates (202.9 ) (149.5 ) 40.3 312.1 — — Repayments of credit facility borrowings (15.0 ) — — — — (15.0 ) Reduction of long -term borrowings (9.7 ) — — — — (9.7 ) Other (.3 ) — — (1.6 ) — (1.9 ) Net cash provided by (used in) financing activities 338.1 (149.5 ) 40.3 310.5 — 539.4 Effect of exchange rate changes on cash and cash equivalents — — — (.2 ) (.2 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 135.0 — — (30.2 ) — 104.8 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 21.5 — — 75.7 — 97.2 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 156.5 $ — $ — $ 45.5 $ — $ 202.0 VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 (In millions) (Unaudited) Valaris plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Valaris Consolidating Adjustments Total OPERATING ACTIVITIES Net cash used in operating activities $ (79.9 ) $ (117.5 ) $ (68.6 ) $ (27.4 ) $ — $ (293.4 ) INVESTING ACTIVITIES Rowan cash acquired — — — 931.9 — 931.9 Maturities of short-term investments 339.0 — — — — 339.0 Purchases of short-term investments (145.0 ) — — — — (145.0 ) Additions to property and equipment — — — (134.8 ) — (134.8 ) Other 2.5 — — 2.0 — 4.5 Net cash provided by investing activities 196.5 — — 799.1 — 995.6 FINANCING ACTIVITIES Debt solicitation fees — — — (8.7 ) — (8.7 ) Cash dividends paid (4.5 ) — — — — (4.5 ) Repurchase of common shares (4.2 ) — — — — (4.2 ) Advances from (to) affiliates 174.5 117.5 68.6 (360.6 ) — — Other (0.5 ) — — — — (0.5 ) Net cash provided by (used in) financing activities 165.3 117.5 68.6 (369.3 ) — (17.9 ) Effect of exchange rate changes on cash and cash equivalents — — — (.3 ) — (.3 ) INCREASE IN CASH AND CASH EQUIVALENTS 281.9 — — 402.1 — 684.0 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 199.8 — 2.7 72.6 — 275.1 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 481.7 $ — $ 2.7 $ 474.7 $ — $ 959.1

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Financial Statements (Details) - USD ($)	Jun. 29, 2020	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt Instrument, Capitalization Ratio	60.00%	57.70%
6.875% Senior Notes, Due August 15, 2020
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6.875%	6.875%
Senior Notes | Rowan Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 2,100,000,000
Debt Instrument, Missed Interest Payments		58,500,000
Debt Instrument, Interest Payment		79,200,000
Senior Notes | 6.875% Senior Notes, Due August 15, 2020
Debt Instrument [Line Items]
Long-term Debt		$ 122,900,000
Debt Instrument, Interest Rate, Stated Percentage		6.875%

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Net	$ 30.3		$ 30.3
Upfront Rig Mobilizations And Certain Contract Preparation [Member]
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Net	20.8		20.8		$ 19.7
Capitalized Contract Cost, Amortization	17.5	$ 14.7	28.9	$ 21.1
Deferred Certification Costs
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Net	9.5		9.5		$ 10.8
Capitalized Contract Cost, Amortization	$ 2.6	$ 2.8	$ 5.7	$ 5.7
Minimum [Member]
Capitalized Contract Cost [Line Items]
Remaining duration of drilling contracts			1 month
Maximum [Member]
Capitalized Contract Cost [Line Items]
Remaining duration of drilling contracts			4 years

Revenue from Contracts with C_4

Revenue from Contracts with Customers Components of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$ 6.6	$ 3.5
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	0.5	0
Contract with Customer, Liability, Current	31.5	30
Contract with Customer, Liability, Noncurrent	$ 11.2	$ 9.7

Revenue from Contracts with C_5

Revenue from Contracts with Customers Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 7.1	$ 3.5
Contract with Customer, Liability	42.7	$ 39.7
Revenue from Contract with Customer, Excluding Assessed Tax	4.6
Contract with Customer, Liability, Increase from Cash Receipts	23.5
Contract with Customer, Liability, Revenue Recognized, Included In Beginning Balance	(17.5)
Contract with Customer, Liability, Revenue Recognized, Added During Period	(3)
Contract with Customer, Asset, Reclassified to Receivable	$ (1)

Revenue from Contracts with C_6

Revenue from Contracts with Customers Future Amortization of Liabilities and Deferred Costs (Details) $ in Millions	Jun. 30, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 42.7
Capitalized Contract Cost, Net	30.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	21.6
Capitalized Contract Cost, Amortization Expense, Remainder Of Fiscal Year	$ 15.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 17.2
Capitalized Contract Cost, Amortization Expense, Year Two	$ 11.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 3.9
Capitalized Contract Cost, Amortization Expense, Year Three	$ 3.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 0
Capitalized Contract Cost, Amortization Expense, Year Four and Thereafter	$ 0.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Rowan Transaction (Narrative) (

Rowan Transaction (Narrative) (Details) $ / shares in Units, € in Millions	Apr. 11, 2019EUR (€)	Apr. 11, 2019USD ($)$ / shares	Jun. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020EUR (€)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)	Oct. 23, 2018$ / shares
Business Acquisition [Line Items]
Business Combination, Bargain Purchase, Adjustment			$ 0			$ (712,800,000)		$ 6,300,000	$ (712,800,000)
Tax Assessment				$ 42,000,000
Deferred Tax Liabilities, Net			37,100,000					37,100,000					$ 99,000,000
Revenues			388,800,000			583,900,000		845,400,000	989,800,000
Net Income (Loss) Attributable to Parent			(1,107,400,000)			405,500,000		(4,113,700,000)	215,100,000
Rowan Companies [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		$ 16,200,000	3,800,000					3,800,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		2,100,000	900,000					900,000
Impairment of Intangible Assets, Finite-lived								$ 5,700,000
Finite-Lived Intangible Assets, Remaining Amortization Period							1 year 6 months	1 year 6 months
Amortization of intangible assets			600,000					$ 1,900,000
Unrecognized Tax Benefits, Increase Resulting from Acquisition		$ 50,400,000
Business Combination, Acquisition Related Costs						$ 15,000,000			$ 17,800,000
Revenues					$ 147,200,000
Net Income (Loss) Attributable to Parent					$ 95,300,000
Rowan Companies [Member] | Class A ordinary shares, U.S.
Business Acquisition [Line Items]
Shares Issued, Price Per Share | $ / shares		$ 15.88
Share Price | $ / shares														$ 33.92
Forecast [Member] | Rowan Companies [Member]
Business Acquisition [Line Items]
Capitalized Contract Cost, Amortization										$ 2,000,000	$ 900,000
Luxembourg Inland Revenue [Member] | Rowan Companies [Member]
Business Acquisition [Line Items]
Unrecognized tax benefit, maximum exposure							€ 142	159,600,000				€ 142
Tax Assessment | €	€ 93
Deferred Tax Liabilities, Net			$ 104,500,000					$ 104,500,000

Rowan Transaction Assets Acquir

Rowan Transaction Assets Acquired and Liabilities Assumed (Details) - Rowan Companies [Member] - USD ($) $ in Millions	Apr. 11, 2019	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Business Combination, Acquired Receivables, Gross Contractual Amount		$ 208.3
Assets:
Cash and cash equivalents		931.9
Accounts receivable		200.2
Other current assets		99
Long-term notes receivable from ARO		454.5
Investment in ARO		141.3
Property and equipment		2,963.8
Other assets		42.8
Liabilities:
Accounts payable and accrued liabilities		275.1
Current portion of long-term debt		203.2
Long-term debt		1,910.9
Other liabilities		410.8
Net assets acquired		2,033.5
Less: Merger consideration		(1,402.8)
Bargain purchase gain		630.7	$ 712.8
Previously Reported [Member]
Assets:
Cash and cash equivalents	$ 931.9
Accounts receivable	207.1
Other current assets	101.6
Long-term notes receivable from ARO	454.5
Investment in ARO	138.8
Property and equipment	2,989.8
Other assets	41.7
Liabilities:
Accounts payable and accrued liabilities	259.4
Current portion of long-term debt	203.2
Long-term debt	1,910.9
Other liabilities	376.3
Net assets acquired	2,115.6
Less: Merger consideration	(1,402.8)
Bargain purchase gain	$ 712.8
Revision of Prior Period, Adjustment [Member]
Assets:
Cash and cash equivalents		0
Accounts receivable		(6.9)
Other current assets		(2.6)
Long-term notes receivable from ARO		0
Investment in ARO		2.5
Property and equipment		(26)
Other assets		1.1
Liabilities:
Accounts payable and accrued liabilities		15.7
Current portion of long-term debt		0
Long-term debt		0
Other liabilities		34.5
Net assets acquired		(82.1)
Less: Merger consideration		0
Bargain purchase gain		$ (82.1)

Rowan Transaction Pro Forma Imp

Rowan Transaction Pro Forma Impact of Rowan Transaction (Details) - Rowan Companies [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition, Pro Forma Revenue	$ 599		$ 1,179.5
Business Acquisition, Pro Forma Net Income (Loss)	$ (271.3)		$ (591.8)
Business Acquisition, Pro Forma Earnings Per Share, Basic (usd per share)	$ (1.38)		$ (3.02)
Business Combination, Integration Related Costs	$ 71.5		$ 80.8
Bargain purchase gain		$ 630.7	$ 712.8

Equity Method Investment In A_3

Equity Method Investment In ARO Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)jackup	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)jackup	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Rigs Owned by ARO | jackup	7		7
Due from Joint Ventures, Noncurrent	$ 452.8		$ 452.8	$ 452.9
Contracts Terms On Purchased Rigs			15 years
Contracts On Purchased Rigs, Terms For Renewal And Repricing			3 years
Number of jackups leased by ARO | jackup	9		9
Number of Newbuild Jackup Rigs | jackup	20		20
Order Period			10 years
Maximum Contingent Contributions To Joint Venture	$ 1,250		$ 1,250
Minimum Renewal Contract Terms For NewBuild Rigs			8 years
Equity Method Investment Summarized Financial Information Accounts Receivable	8.6		$ 8.6	21.8
Due from Joint Ventures				14.2
Equity Method Investment Summarized Financial Information Accounts Payable				$ 0.7
Equity Method Investment Summarized Financial Information Interest Income	4.6	$ 5.1	9.2
Equity Method Investment Summarized Financial Information Interest Receivable	$ 9.2		$ 9.2
ARO
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%		50.00%
ARO
Schedule of Equity Method Investments [Line Items]
Lease revenue	$ 19.9	$ 18.3	$ 41.4

Equity Method Investment In A_4

Equity Method Investment In ARO - Summarized Financial Data (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Equity Method Investment, Summarized Financial Information [Abstract]
Assets, Current	$ 1,066,100,000			$ 1,066,100,000		$ 1,064,400,000
Total assets	13,038,900,000			13,038,900,000		16,931,200,000
Liabilities, Current	3,068,100,000			3,068,100,000		830,700,000
Investment Owned, Balance [Abstract]
Equity in earnings of ARO	(5,200,000)		$ 600,000	(11,500,000)	$ 600,000
ARO
Equity Method Investment, Summarized Financial Information [Abstract]
Assets, Current	593,700,000			593,700,000		623,500,000
Total liabilities	0			0		700,000
Maximum exposure to loss	593,700,000			593,700,000		622,800,000
Investment Owned, Balance [Abstract]
50% interest in ARO net income	3,300,000	$ 8,400,000		4,900,000
Amortization of basis differences	(8,500,000)	(7,800,000)		(16,400,000)
Equity in earnings of ARO	(5,200,000)	600,000		(11,500,000)
ARO
Related Party Transactions [Abstract]
Lease revenue	19,900,000	18,300,000		41,400,000
Secondment and Transition Revenue, Related Party	200,000	20,800,000		22,000,000
Total revenue from ARO	20,100,000	39,100,000		63,400,000
ARO
Schedule of Equity Method Investments [Line Items]
Equity Method Investment Summarized Fin Information Revenue	146,000,000	123,800,000		286,300,000
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Contract drilling (exclusive of depreciation)	112,500,000	78,900,000		220,800,000
Depreciation	13,300,000	12,400,000		26,300,000
General and administrative	7,100,000	5,300,000		15,400,000
Operating income	13,100,000	27,200,000		23,800,000
Other expense, net	6,700,000	8,700,000		13,300,000
Provision (Benefit) for income taxes	(200,000)	1,700,000		700,000
Equity Method Investment Summarized Fin Information Net Income Loss	6,600,000	$ 16,800,000		9,800,000
Equity Method Investment, Summarized Financial Information [Abstract]
Assets, Current	349,200,000			349,200,000		407,200,000
Assets, Noncurrent	924,100,000			924,100,000		874,800,000
Total assets	1,273,300,000			1,273,300,000		1,282,000,000
Liabilities, Current	206,800,000			206,800,000		183,200,000
Liabilities, Noncurrent	973,400,000			973,400,000		1,015,500,000
Total liabilities	$ 1,180,200,000			$ 1,180,200,000		$ 1,198,700,000

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Supplemental executive retirement plan assets	$ 22,300,000	$ 26,000,000
Derivative Liability	(1,000,000)
Derivative Assets (Liabilities), at Fair Value, Net	(1,000,000)	5,400,000
Financial Liabilities Fair Value Disclosure	1,000,000
Derivative Asset		5,400,000
Total Financial Assets	22,300,000	31,400,000
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Supplemental executive retirement plan assets		26,000,000
Derivative Liability	0
Financial Liabilities Fair Value Disclosure	0
Derivative Asset		0
Total Financial Assets	22,300,000	26,000,000
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Supplemental executive retirement plan assets	0	0
Financial Liabilities Fair Value Disclosure	1,000,000
Derivative Asset		5,400,000
Total Financial Assets	0	5,400,000
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Supplemental executive retirement plan assets	0	0
Derivative Liability	0
Financial Liabilities Fair Value Disclosure	0
Derivative Asset		0
Total Financial Assets	$ 0	$ 0

Fair Value Measurements (Sche_2

Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Current Maturities	$ 2,518,100,000	$ 124,800,000
Short-term Debt, Fair Value	794,600,000	117,300,000
LONG-TERM DEBT	4,092,200,000	$ 5,923,500,000
Long-term Line of Credit	551,000,000
Unamortized Debt Issuance Expense	5,500,000
Letters of credit outstanding, amount	112,900,000
Revolving Credit Facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Letters of credit outstanding, amount	37,800,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000,000
7.88% Senior Notes Due 2019 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	7.88%	7.88%
6.875% Senior Notes, Due August 15, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	6.875%	6.875%
6.875% Senior Notes, Due August 15, 2020 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	6.875%
Long-term Debt	$ 122,900,000
Four Point Seven Zero Percent Senior Notes Member
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	4.70%	4.70%
4.875% Senior Notes Due 2022 Member [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	4.58%	4.58%
4.875% Senior Notes Due 2022 Member [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	4.875%
Three percent exchangeable senior notes due twenty twenty four [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	3.00%	3.00%
Three percent exchangeable senior notes due twenty twenty four [Member] | Convertible Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
3.00% exchangeable senior notes, excluding discount and net of debt issuance costs	$ 839,900,000	$ 838,300,000
Four Point Five Percent Senior Notes Member [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	4.50%	4.50%
4.75% Senior Notes Due 2024 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	4.75%	4.75%
4.75% Senior Notes Due 2024 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	4.75%
8.00% senior notes due 2024 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	8.00%	8.00%
8.00% senior notes due 2024 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	8.00%
7.38% Senior Notes Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	7.38%	7.38%
7.38% Senior Notes Due 2025 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	7.375%
Five Point Two Percent Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	5.20%	5.20%
Seven Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	7.75%	7.75%
Seven Point Two Zero Percent Debentures Member
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	7.20%	7.20%
Seven Point Eight Seven Five Percent Senior Notes Member
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	7.875%	7.875%
Seven Point Eight Seven Five Percent Senior Notes Member | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	7.875%
5.40% Senior Notes Due 2042 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	5.40%	5.40%
5.40% Senior Notes Due 2042 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	5.40%
5.75% Senior notes due 2044
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	5.75%	5.75%
5.85% Senior Notes Due 2044 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	5.85%	5.85%
5.85% Senior Notes Due 2044 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	5.85%
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	$ 6,610,300,000	$ 6,048,300,000
LONG-TERM DEBT	4,092,200,000	5,923,500,000
Reported Value Measurement [Member] | Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	545,500,000	0
Reported Value Measurement [Member] | 6.875% Senior Notes, Due August 15, 2020 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	123,400,000	124,800,000
Reported Value Measurement [Member] | Four Point Seven Zero Percent Senior Notes Member | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	100,500,000	113,200,000
Reported Value Measurement [Member] | 4.875% Senior Notes Due 2022 Member [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	603,300,000	599,200,000
Reported Value Measurement [Member] | Three percent exchangeable senior notes due twenty twenty four [Member] | Convertible Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	716,200,000	699,000,000
Reported Value Measurement [Member] | Four Point Five Percent Senior Notes Member [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	302,100,000	302,000,000
Reported Value Measurement [Member] | 4.75% Senior Notes Due 2024 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	280,800,000	276,500,000
Reported Value Measurement [Member] | 8.00% senior notes due 2024 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	295,400,000	295,700,000
Reported Value Measurement [Member] | 7.38% Senior Notes Due 2025 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	331,400,000	329,200,000
Reported Value Measurement [Member] | Five Point Two Percent Senior Notes [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	331,900,000	331,700,000
Reported Value Measurement [Member] | Seven Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	988,200,000	987,100,000
Reported Value Measurement [Member] | Seven Point Two Zero Percent Debentures Member | Debentures Due2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	111,700,000	111,700,000
Reported Value Measurement [Member] | Seven Point Eight Seven Five Percent Senior Notes Member | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	372,300,000	373,300,000
Reported Value Measurement [Member] | 5.40% Senior Notes Due 2042 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	263,700,000	262,800,000
Reported Value Measurement [Member] | 5.75% Senior notes due 2044 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	974,400,000	973,300,000
Reported Value Measurement [Member] | 5.85% Senior Notes Due 2044 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	269,500,000	268,800,000
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	1,189,200,000	3,874,100,000
Long-term Debt, Fair Value	394,600,000	3,756,800,000
Estimate of Fair Value Measurement [Member] | Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	551,000,000	0
Estimate of Fair Value Measurement [Member] | 6.875% Senior Notes, Due August 15, 2020 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	9,700,000	117,300,000
Estimate of Fair Value Measurement [Member] | Four Point Seven Zero Percent Senior Notes Member | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	7,100,000	95,500,000
Estimate of Fair Value Measurement [Member] | 4.875% Senior Notes Due 2022 Member [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	69,200,000	460,500,000
Estimate of Fair Value Measurement [Member] | Three percent exchangeable senior notes due twenty twenty four [Member] | Convertible Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	124,000,000	607,400,000
Estimate of Fair Value Measurement [Member] | Four Point Five Percent Senior Notes Member [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	26,300,000	167,200,000
Estimate of Fair Value Measurement [Member] | 4.75% Senior Notes Due 2024 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	33,500,000	201,400,000
Estimate of Fair Value Measurement [Member] | 8.00% senior notes due 2024 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	19,400,000	181,700,000
Estimate of Fair Value Measurement [Member] | 7.38% Senior Notes Due 2025 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	37,200,000	218,600,000
Estimate of Fair Value Measurement [Member] | Five Point Two Percent Senior Notes [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	28,100,000	186,700,000
Estimate of Fair Value Measurement [Member] | Seven Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	82,600,000	575,100,000
Estimate of Fair Value Measurement [Member] | Seven Point Two Zero Percent Debentures Member | Debentures Due2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	15,700,000	70,000,000
Estimate of Fair Value Measurement [Member] | Seven Point Eight Seven Five Percent Senior Notes Member | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	22,100,000	153,500,000
Estimate of Fair Value Measurement [Member] | 5.40% Senior Notes Due 2042 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	42,300,000	194,400,000
Estimate of Fair Value Measurement [Member] | 5.75% Senior notes due 2044 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	76,400,000	450,000,000
Estimate of Fair Value Measurement [Member] | 5.85% Senior Notes Due 2044 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 44,600,000	$ 194,800,000

Property and Equipment Proper_3

Property and Equipment Property and Equipment (Schedule of Property and Equipment) (Details) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)floater	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)rigs$ / bbl	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)$ / bbl
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	$ 13,220.3			$ 13,220.3		$ 18,393.8
Asset Impairment Charges	$ 838		$ 2.5	$ 3,646.2	$ 2.5
Number of Rigs Impaired | floater	2
Oil and Gas, Average Sale Price | $ / bbl				20		60
Impairment of Long-Lived Assets to be Disposed of	$ 15
Number Of Rigs Held-for-Sale | rigs				7
Assets Held-for-sale, Not Part of Disposal Group	20.9			$ 20.9		$ 2.3
Drilling rigs and equipment
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	12,559.5			12,559.5		17,714
Work-in-progress
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	473.2			473.2		473.6
Other
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	187.6			187.6		$ 206.2
Floaters, Jackups And Spare Equipment
Property, Plant and Equipment [Line Items]
Asset Impairment Charges	832.3			3,600
Impairment of Long-Lived Assets Held-for-use		$ 2,800
Property, Plant, and Equipment, Fair Value Disclosure		$ 72.3
Floaters And Spare Equipment
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use	817.3
Property, Plant, and Equipment, Fair Value Disclosure	$ 69			$ 69

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits Pension Narrative (Details) - Pension Plan [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	$ 0.7	$ 0.4	$ 1.3
Defined Benefit Plan, Interest Cost	6.4	6.5	12.9
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(9.5)	(8.2)	(19)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (2.4)	$ (1.3)	$ (4.8)

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Retirement Benefits [Abstract]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 10.6
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 21.4

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Net assets associated with foreign currency derivatives	$ (1)		$ (1)		$ 5.4
Maturity period of derivatives (in months)			15 months
Estimated amount of net gains (losses) associated with derivative instruments, net of tax, in next twelve months			$ (1.9)
Designated as Hedging Instrument | Foreign Exchange Forward | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	134.9		134.9
Designated as Hedging Instrument | United Kingdom, Pounds | Foreign Exchange Forward | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	74.7		74.7
Designated as Hedging Instrument | Australia, Dollars | Foreign Exchange Forward | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	39.4		39.4
Designated as Hedging Instrument | Euro Member Countries, Euro | Foreign Exchange Forward | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	9.2		9.2
Designated as Hedging Instrument | No currency | Foreign Exchange Forward | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	11.6		11.6
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivatives not designated as hedging instruments	$ 1.4	$ (2.2)	$ 1.3	$ (5.3)

Derivative Instruments (Schedul

Derivative Instruments (Schedule Of Derivatives At Fair Value) (Details) - USD ($) $ in Millions		Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Total fair value of derivative assets		$ 3.4	$ 6.3
Total fair value of derivative liabilities		4.4	0.9
Designated as Hedging Instrument
Derivative [Line Items]
Total fair value of derivative assets		1.4	5
Total fair value of derivative liabilities		4.2	0.7
Other Current Assets | Designated as Hedging Instrument | Foreign Exchange Forward
Derivative [Line Items]
Total fair value of derivative assets	[1]	1.1	4.2
Other Current Assets | Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative [Line Items]
Total fair value of derivative assets	[1]	2	1.3
Other Current Liabilities | Designated as Hedging Instrument | Foreign Exchange Forward
Derivative [Line Items]
Total fair value of derivative liabilities	[1]	4	0.7
Other Current Liabilities | Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative [Line Items]
Total fair value of derivative liabilities	[1]	0.2	0.2
Other Noncurrent Assets | Designated as Hedging Instrument | Foreign Exchange Forward
Derivative [Line Items]
Total fair value of derivative assets	[2]	0.3	0.8
Other Noncurrent Liabilities | Designated as Hedging Instrument | Foreign Exchange Forward
Derivative [Line Items]
Total fair value of derivative liabilities	[2]	$ 0.2	$ 0
[1]	Derivative assets and liabilities that have maturity dates equal to or less than 12 months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets.
[2]	Derivative assets and liabilities that have maturity dates greater than 12 months from the respective balance sheet dates were included in other assets and other liabilities, respectively, on our condensed consolidated balance sheets.

Derivative Instruments (Gains A

Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Net change in derivative fair value		$ 4,800,000	$ (1,600,000)	$ (8,100,000)	$ (1,600,000)
Interest Rate Lock Contracts
Derivative [Line Items]
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)	[1]			0	0
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)	[1],[2]			0	100,000
Foreign Exchange Forward
Derivative [Line Items]
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)					(1,600,000)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)	[2]			(11,000,000)	3,300,000
Foreign Exchange Forward | Contract Drilling
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)		(1,600,000)	(2,000,000)	(2,500,000)	(3,700,000)
Foreign Exchange Forward | Depreciation Expense
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)		12,500,000	200,000	13,500,000	400,000
Cash Flow Hedges
Derivative [Line Items]
Net change in derivative fair value		4,800,000
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)				(8,100,000)	(1,600,000)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)	[2]			$ (11,000,000)	$ 3,400,000
Cash Flow Hedges | Foreign Exchange Forward
Derivative [Line Items]
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)			(1,600,000)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)	[2]	$ (10,900,000)	$ 1,800,000
[1]	During the six months ended June 30, 2020 , $2.5 million of losses were reclassified from AOCI into contract drilling expense and $13.5 million of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the six months ended June 30, 2019 , $3.7 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations.
[2]	Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction.

Earnings Per Share (Reconciliat

Earnings Per Share (Reconciliation Of Net Income Attributable To Ensco Shares) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Income (loss) from continuing operations attributable to Valaris	$ (1,107.4)	$ 405.5	$ (4,113.7)	$ 215.1
Income from continuing operations allocated to non-vested share awards	0	(12.1)	0	(6.3)
Income (loss) from continuing operations attributable to Valaris shares	$ (1,107.4)	$ 393.4	$ (4,113.7)	$ 208.8

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Antidilutive share options excluded from computation of diluted earnings per share (in shares)	400,000	400,000	400,000	300,000

Debt Schedule of Extinguishment

Debt Schedule of Extinguishment of Debt - Tender Offers and Repurchases (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt	$ (3.1)
Open Market Repurchases [Member]
Debt Instrument [Line Items]
Aggregate Principal Amount Repurchased	12.8
Debt Instrument, Repurchase Amount	$ 9.7

Debt Debt (Narrative) (Details)

Debt Debt (Narrative) (Details) - USD ($)	Jul. 15, 2020	Jun. 29, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt					$ (3,100,000)
Debt Instrument, Capitalization Ratio		60.00%			57.70%
Asset Impairment Charges			$ 838,000,000	$ 2,500,000	$ 3,646,200,000	$ 2,500,000
Letters of credit outstanding, amount			$ 112,900,000		$ 112,900,000
7.38% Senior notes due 2025
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			7.875%		7.875%		7.875%
4.875% Senior Notes Due 2022 Member [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.58%		4.58%		4.58%
4.75% Senior Notes Due 2024 Member [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.75%		4.75%		4.75%
7.38% Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			7.38%		7.38%		7.38%
5.40%SeniorNotesDue2042 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			5.40%		5.40%		5.40%
5.85%SeniorNotesDue2044 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			5.85%		5.85%		5.85%
8.00% senior notes due 2024 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			8.00%		8.00%		8.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line Of Credit Facility, Available Cash			$ 200,000,000		$ 200,000,000
Line of Credit Facility, Maximum Borrowing Capacity			1,000,000,000		1,000,000,000
Line of Credit Facility, Fair Value of Amount Outstanding			588,800,000		588,800,000
Letters of credit outstanding, amount			37,800,000		37,800,000
Second Waiver [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding			630,000,000		630,000,000
Senior Notes | 7.38% Senior notes due 2025
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 201,400,000		$ 201,400,000
Debt Instrument, Interest Rate, Stated Percentage			7.875%		7.875%
Senior Notes | 4.875% Senior Notes Due 2022 Member [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 620,800,000		$ 620,800,000
Debt Instrument, Interest Rate, Stated Percentage			4.875%		4.875%
Senior Notes | 4.75% Senior Notes Due 2024 Member [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 398,100,000		$ 398,100,000
Debt Instrument, Interest Rate, Stated Percentage			4.75%		4.75%
Senior Notes | 7.38% Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 500,000,000		$ 500,000,000
Debt Instrument, Interest Rate, Stated Percentage			7.375%		7.375%
Senior Notes | 5.40%SeniorNotesDue2042 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 400,000,000		$ 400,000,000
Debt Instrument, Interest Rate, Stated Percentage			5.40%		5.40%
Senior Notes | 5.85%SeniorNotesDue2044 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 400,000,000		$ 400,000,000
Debt Instrument, Interest Rate, Stated Percentage			5.85%		5.85%
Senior Notes | 8.00% senior notes due 2024 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			8.00%		8.00%
Senior Notes | 3.00%exchangebalenotesdue2024 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			3.00%		3.00%
Senior Notes | Rowan Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 2,100,000,000		$ 2,100,000,000
Senior Notes | 7.75%seniornotesdue2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			7.75%		7.75%
Convertible Debt [Member] | Three Percent Exchangeable Senior Notes Due Two Thousand Twenty Four [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 849,500,000		$ 849,500,000
Debt Instrument, Convertible, Conversion Ratio					17.8336
Debt Instrument, Convertible, Conversion Price			$ 56.08		$ 56.08
Subsequent Event [Member] | Senior Notes | 4.875% Senior Notes Due 2022 Member [Member]
Debt Instrument [Line Items]
Debt Instrument, Percent Outstanding	44.00%
Subsequent Event [Member] | Senior Notes | 4.75% Senior Notes Due 2024 Member [Member]
Debt Instrument [Line Items]
Debt Instrument, Percent Outstanding	74.20%
Subsequent Event [Member] | Senior Notes | 7.38% Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Percent Outstanding	65.30%
Subsequent Event [Member] | Senior Notes | 5.40%SeniorNotesDue2042 [Member]
Debt Instrument [Line Items]
Debt Instrument, Percent Outstanding	68.90%
Subsequent Event [Member] | Senior Notes | 5.85%SeniorNotesDue2044 [Member]
Debt Instrument [Line Items]
Debt Instrument, Percent Outstanding	82.90%

Shareholders Equity Shareholder

Shareholders Equity Shareholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 5,185.4				$ 5,185.4		$ 9,309.6
Net income (loss)	(1,108.8)		$ 407.3		(4,116.5)	$ 219.3
Other Comprehensive Income (Loss), Net of Tax	$ (6.1)		$ 0.2		$ (19.5)	$ 1.7
Common Stock [Member]
Shares, Issued	206.1	205.9	205.8	115.2	206.1	205.8	205.9	115.2
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 82.6	$ 82.5	$ 82.5	$ 46.2	$ 82.6	$ 82.5	$ 82.5	$ 46.2
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares			88
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable			$ 35.2
Shares Issued Under Share Based Compensation Plans, Shares	0.2		2.6
Shares Issued Under Share Based Compensation Plans, Amount	$ 0.1		$ 1.1
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	8,639.9	8,634.9	8,610.4	7,230.2	8,639.9	8,610.4	8,627.8	7,225
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable			1,367.5
Shares Issued Under Share Based Compensation Plans, Amount	(0.7)	(0.7)	(1.1)	(0.1)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	5.7	7.8	13.8	5.3
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(3,442)	(2,334.6)	1,084.8	679.3	(3,442)	1,084.8	671.7	874.2
Net income (loss)	(1,107.4)	(3,006.3)	405.5	(190.4)
Dividends, Common Stock, Cash				(4.5)
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(13.3)	(7.2)	19.9	19.7	(13.3)	19.9	6.2	18.2
Other Comprehensive Income (Loss), Net of Tax	(6.1)	(13.4)	0.2	1.5
Treasury Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(76.8)	(77.3)	(77)	(74.9)	(76.8)	(77)	(77.3)	(72.2)
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable			0.1
Shares Issued Under Share Based Compensation Plans, Amount	0.6	0.9	(0.8)	0.1
Stock Repurchased During Period, Value	(0.1)	(0.9)	(1.4)	(2.8)
Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(5)	(2.7)	1.6	(0.2)	$ (5)	$ 1.6	$ (1.3)	$ (2.6)
Net income (loss)	(1.4)	$ (1.4)	$ 1.8	$ 2.4
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	$ (0.9)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) € in Millions, $ in Millions	Apr. 11, 2019EUR (€)	Jun. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020EUR (€)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)
Income Tax Contingency [Line Items]
Discrete Income Tax Expense (Benefit)		$ 47.3		$ 1.2		$ 211.7	$ 0.6
Income tax expense, adjusted for discrete items		31.5		$ 33.8		43.9	$ 64.7
Tax Assessment			$ 42
Deferred Tax Liabilities, Net		37.1				37.1			$ 99
Rowan Companies [Member]
Income Tax Contingency [Line Items]
Deferred Tax Assets, Gross		66				66
Luxembourg Inland Revenue [Member] | Rowan Companies [Member]
Income Tax Contingency [Line Items]
Tax Assessment | €	€ 93
Unrecognized tax benefit, maximum exposure					€ 142	159.6		€ 142
Deferred Other Tax Expense (Benefit)					79	88.8
Deferred Tax Liabilities, Net		104.5				104.5
Australian Taxation Office [Member] | Rowan Companies [Member]
Income Tax Contingency [Line Items]
Tax Assessment						101
Unrecognized tax benefit, maximum exposure			$ 29			69.7
Tax Assessment Liability		$ 15.6				$ 15.6
Euro Member Countries, Euro | Luxembourg Inland Revenue [Member] | Rowan Companies [Member]
Income Tax Contingency [Line Items]
Other Tax Expense (Benefit) | €					€ 2
United States of America, Dollars | Luxembourg Inland Revenue [Member] | Rowan Companies [Member]
Income Tax Contingency [Line Items]
Deferred Other Tax Expense (Benefit) | €	€ 2.2
4.875% Senior Notes Due 2022 Member [Member]
Income Tax Contingency [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.58%				4.58%			4.58%
5.40% Senior Notes Due 2042 [Member]
Income Tax Contingency [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.40%				5.40%			5.40%
7.38% Senior Notes Due 2025 [Member]
Income Tax Contingency [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		7.38%				7.38%			7.38%
4.75% Senior Notes Due 2024 Member [Member]
Income Tax Contingency [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.75%				4.75%			4.75%
5.85% Senior Notes Due 2044 [Member]
Income Tax Contingency [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.85%				5.85%			5.85%
Senior Notes | 4.875% Senior Notes Due 2022 Member [Member]
Income Tax Contingency [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.875%				4.875%
Senior Notes | 5.40% Senior Notes Due 2042 [Member]
Income Tax Contingency [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.40%				5.40%
Senior Notes | 7.38% Senior Notes Due 2025 [Member]
Income Tax Contingency [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		7.375%				7.375%
Senior Notes | 4.75% Senior Notes Due 2024 Member [Member]
Income Tax Contingency [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.75%				4.75%
Senior Notes | 5.85% Senior Notes Due 2044 [Member]
Income Tax Contingency [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.85%				5.85%

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) - USD ($)	Mar. 09, 2020	Jul. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Loss Contingencies [Line Items]
Decline in backlog as a result of potential contract termination	$ 150,000,000
Loss of hire insurance, per day				$ 602,500
Loss Contingency, Damages Sought, Value		$ 100,000,000
Maximum Contingent Contributions To Joint Venture				1,250,000,000
Gain (Loss) Related to Litigation Settlement			$ 20,300,000
Letters of credit outstanding, amount				$ 112,900,000
Middle East & Africa
Loss Contingencies [Line Items]
Proceeds from Legal Settlements					$ 27,500,000

Segment Information (Narrative)

Segment Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020Reportable_segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Number of operating segments (in segments)	4

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 388,800,000	$ 583,900,000	$ 845,400,000	$ 989,800,000
Operating Expenses [Abstract]
Contract drilling (exclusive of depreciation)	370,700,000	500,300,000	846,700,000	832,900,000
Asset Impairment Charges	838,000,000	2,500,000	3,646,200,000	2,500,000
Depreciation expense	131,500,000	157,900,000	296,000,000	282,900,000
General and administrative	62,600,000	81,200,000	116,000,000	110,800,000
Equity in earnings of ARO	5,200,000	(600,000)	11,500,000	(600,000)
OPERATING LOSS	(1,019,200,000)	(157,400,000)	(4,071,000,000)	(238,700,000)
Property and equipment, net	11,192,600,000	15,455,700,000	11,192,600,000	15,455,700,000	$ 15,096,900,000
Operating Segments [Member] | Floaters
Segment Reporting Information [Line Items]
Revenues	163,600,000	295,600,000	343,200,000	528,300,000
Operating Expenses [Abstract]
Contract drilling (exclusive of depreciation)	170,800,000	249,200,000	384,700,000	431,000,000
Asset Impairment Charges	831,900,000	0	3,386,200,000	0
Depreciation expense	62,000,000	98,400,000	151,400,000	183,200,000
General and administrative	0	0	0	0
Equity in earnings of ARO	0	0	0	0
OPERATING LOSS	(901,100,000)	(52,000,000)	(3,579,100,000)	(85,900,000)
Property and equipment, net	6,536,900,000	10,364,700,000	6,536,900,000	10,364,700,000
Operating Segments [Member] | Jackups
Segment Reporting Information [Line Items]
Revenues	186,300,000	229,200,000	399,100,000	386,200,000
Operating Expenses [Abstract]
Contract drilling (exclusive of depreciation)	182,700,000	212,200,000	408,800,000	347,600,000
Asset Impairment Charges	400,000	0	254,300,000	0
Depreciation expense	52,800,000	55,500,000	111,300,000	92,400,000
General and administrative	0	0	0	0
Equity in earnings of ARO	0	0	0	0
OPERATING LOSS	(49,600,000)	(38,500,000)	(375,300,000)	(53,800,000)
Property and equipment, net	4,000,600,000	5,055,600,000	4,000,600,000	5,055,600,000
Operating Segments [Member] | ARO
Segment Reporting Information [Line Items]
Revenues	146,000,000	123,800,000	286,300,000	123,800,000
Operating Expenses [Abstract]
Contract drilling (exclusive of depreciation)	112,500,000	78,900,000	220,800,000	78,900,000
Asset Impairment Charges	0	0	0	0
Depreciation expense	13,300,000	12,400,000	26,300,000	12,400,000
General and administrative	7,100,000	5,300,000	15,400,000	5,300,000
Equity in earnings of ARO	0	0	0	0
OPERATING LOSS	13,100,000	27,200,000	23,800,000	27,200,000
Property and equipment, net	739,700,000	656,500,000	739,700,000	656,500,000
Operating Segments [Member] | Other
Segment Reporting Information [Line Items]
Revenues	38,900,000	59,100,000	103,100,000	75,300,000
Operating Expenses [Abstract]
Contract drilling (exclusive of depreciation)	17,200,000	38,900,000	53,200,000	54,300,000
Asset Impairment Charges	5,700,000	0	5,700,000	0
Depreciation expense	11,200,000	0	22,300,000	0
General and administrative	0	0	0	0
Equity in earnings of ARO	0	0	0	0
OPERATING LOSS	4,800,000	20,200,000	21,900,000	21,000,000
Property and equipment, net	655,100,000	0	655,100,000	0
Corporate, Non-Segment [Member] | Reconciling Items
Segment Reporting Information [Line Items]
Revenues	(146,000,000)	(123,800,000)	(286,300,000)	(123,800,000)
Operating Expenses [Abstract]
Contract drilling (exclusive of depreciation)	(112,500,000)	(78,900,000)	(220,800,000)	(78,900,000)
Asset Impairment Charges	0	2,500,000	0	2,500,000
Depreciation expense	(7,800,000)	(8,400,000)	(15,300,000)	(5,100,000)
General and administrative	55,500,000	75,900,000	100,600,000	105,500,000
Equity in earnings of ARO	5,200,000	(600,000)	11,500,000	(600,000)
OPERATING LOSS	(86,400,000)	(114,300,000)	(162,300,000)	(147,200,000)
Property and equipment, net	$ (739,700,000)	$ (621,100,000)	$ (739,700,000)	$ (621,100,000)

Segment Information (Schedule_2

Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)	Jun. 30, 2020jackuprigscontract
Segment Reporting Information [Line Items]
Number of Drilling Management Contracts | contract	2
Number of contract drilling rigs (in rigs)	74
Floaters
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	25
Jackups
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	40
Other
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	9
ARO
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs) | jackup	7
North & South America (Excl. Brazil)
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	14
North & South America (Excl. Brazil) | Floaters
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	7
North & South America (Excl. Brazil) | Jackups
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	7
Europe & the Mediterranean
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	19
Europe & the Mediterranean | Floaters
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	5
Europe & the Mediterranean | Jackups
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	14
Middle East & Africa
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	23
Middle East & Africa | Floaters
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	2
Middle East & Africa | Jackups
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	12
Middle East & Africa | Other
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	9
Middle East & Africa | ARO
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs) | jackup	7
Asia & Pacific Rim
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	9
Asia & Pacific Rim | Floaters
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	3
Asia & Pacific Rim | Jackups
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	6
Work-in-progress | Asia & Pacific Rim
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	2
Work-in-progress | Asia & Pacific Rim | Floaters
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	2
Work-in-progress | Asia & Pacific Rim | Jackups
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	0
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	7
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Floaters
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	6
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Jackups
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	1
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Other
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	0
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ARO
Segment Reporting Information [Line Items]
Number of contract drilling rigs (in rigs)	0

Supplemental Financial Inform_3

Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 371.6	$ 526.7
Allowance for doubtful accounts	(8.3)	(6)
Accounts receivable, net	363.3	520.7
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	316.7	466.4
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 54.9	$ 60.3

Supplemental Financial Inform_4

Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Supplemental Financial Information [Abstract]
Materials and supplies	$ 303	$ 340.1
Prepaid expenses	81	13.5
Prepaid taxes	44.5	36.2
Deferred costs	21.9	23.3
Assets held-for-sale	20.9	2.3
Other	29.5	31.1
Other current assets	$ 500.8	$ 446.5

Supplemental Financial Inform_5

Supplemental Financial Information (Other Assets, Net) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Supplemental Financial Information [Abstract]
Tax receivables	$ 64.4	$ 36.3
Right-of-use assets	46.2	58.1
Deferred costs	48.6	26.6
Supplemental executive retirement plan assets	22.3	26
Deferred Costs	8.4	7.1
Intangible assets	3.8	11.9
Other	16.5	22.3
Other assets, net	$ 210.2	$ 188.3

Supplemental Financial Inform_6

Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Supplemental Financial Information [Abstract]
Accrued interest	$ 157.2	$ 115.2
Personnel costs	97.9	134.4
Income and other taxes payable	65.9	61.2
Deferred revenue	31.5	30
Operating Lease, Liability, Current	16.8	21.1
Derivative Liability, Current	4.2	0.9
Other Accrued Liabilities, Current	0	20.3
Other	24.6	34.6
Accrued liabilities and other	$ 398.1	$ 417.7

Supplemental Financial Inform_7

Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Supplemental Financial Information [Abstract]
Unrecognized tax benefits (inclusive of interest and penalties)	$ 240.1	$ 323.1
Pension and other post-retirement benefits	230.3	246.7
Intangible Liabilities Noncurrent	50.8	52.1
Operating Lease, Liability, Noncurrent	44.1	51.8
Deferred Tax Liabilities, Net	37.1	99
Supplemental executive retirement plan liabilities	22.7	26.7
Personnel costs	15.1	24.5
Deferred revenue	11.2	9.7
Other	41.8	33.8
Other liabilities	$ 693.2	$ 867.4

Supplemental Financial Inform_8

Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Supplemental Financial Information [Abstract]
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	$ (21.7)	$ (21.7)
Derivative instruments	3.5	22.6
Currency translation adjustment	6.7	7.1
Other	(1.8)	(1.8)
Accumulated other comprehensive (loss) income	$ (13.3)	$ 6.2

Supplemental Financial Inform_9

Supplemental Financial Information Supplemental Financial Information (Other Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Supplemental Financial Information [Abstract]
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	$ 3.1	$ 1.7	$ 6.1	$ 1.7
Foreign Currency Transaction Gain (Loss), before Tax	(1.2)	(2.8)	2.6	(3.1)
Business Combination, Bargain Purchase, Adjustment	0	712.8	(6.3)	712.8
Other income (expense)	3.2	(8)	3.2	(5.4)
Other, net	$ 5.1	$ 703.7	$ 5.6	$ 706

Supplemental Financial Infor_10

Supplemental Financial Information Schedule of Revenue by Major Customers, by Reporting Segments (Details) - Revenue Benchmark [Member] - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Woodside Energy [Domain]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	12.00%	4.00%	7.00%	4.00%
British Petroleum [Domain]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	11.00%	9.00%	9.00%	8.00%
Saudi Aramco
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	9.00%	9.00%	9.00%	10.00%
Total S.A.
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	5.00%	13.00%	11.00%	15.00%
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	63.00%	65.00%	64.00%	63.00%
Floaters | British Petroleum [Domain]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	39.00%	19.00%	27.00%	13.00%
Floaters | Total S.A.
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	56.00%	90.00%	82.00%	95.00%
Jackups | British Petroleum [Domain]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	17.00%	44.00%	20.00%	39.00%

Supplemental Financial Infor_11

Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 388,800,000	$ 583,900,000	$ 845,400,000	$ 989,800,000
Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	388,800,000	583,900,000	845,400,000	989,800,000
AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	72,300,000	70,000,000	98,300,000	137,300,000
US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	66,600,000	93,400,000	145,300,000	148,100,000
SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	57,300,000	83,200,000	141,200,000	136,600,000
UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	52,800,000	54,200,000	105,300,000	97,600,000
NORWAY | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	46,500,000	9,700,000	87,500,000	9,700,000
ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,700,000	68,100,000	63,200,000	138,700,000
Other | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 91,600,000	$ 205,300,000	$ 204,600,000	$ 321,800,000
Floaters | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	100.00%	94.00%	89.00%	94.00%
Floaters | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	66.00%	39.00%	61.00%	34.00%
Floaters | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage		90.00%	79.00%	88.00%
Jackups | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	6.00%	39.00%	12.00%	41.00%
Jackups | SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	62.00%	60.00%	57.00%	76.00%

Guarantee Of Registered Secur_3

Guarantee Of Registered Securities (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Guarantor Obligations [Line Items]
Senior notes aggregate outstanding principal balance	$ 422.9
6.875% Senior Notes, Due August 15, 2020
Guarantor Obligations [Line Items]
Debt instrument interest rate stated percentage	6.875%	6.875%
Senior note, maturity year	2020
7.38% Senior notes due 2025
Guarantor Obligations [Line Items]
Debt instrument interest rate stated percentage	7.875%	7.875%
Senior note, maturity year	2040
7.20% Debentures Due 2027
Guarantor Obligations [Line Items]
Debt instrument interest rate stated percentage	7.20%
Senior note, maturity year	2027
Senior notes aggregate outstanding principal balance	$ 112.1
Pride International Inc and Ensco International Inc [Member]
Guarantor Obligations [Line Items]
Subsidiary, ownership percentage by parent	100.00%

Guarantee Of Registered Secur_4

Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Guarantor Obligations [Line Items]
Revenues	$ 388,800,000	$ 583,900,000	$ 845,400,000	$ 989,800,000
Contract Drilling	370,700,000	500,300,000	846,700,000	832,900,000
Asset Impairment Charges	838,000,000	2,500,000	3,646,200,000	2,500,000
Depreciation expense	131,500,000	157,900,000	296,000,000	282,900,000
General and administrative	62,600,000	81,200,000	116,000,000	110,800,000
Costs and Expenses	1,402,800,000	741,900,000	4,904,900,000	1,229,100,000
Equity in earnings of ARO	(5,200,000)	600,000	(11,500,000)	600,000
OPERATING LOSS	(1,019,200,000)	(157,400,000)	(4,071,000,000)	(238,700,000)
OTHER INCOME (EXPENSE), NET	(105,400,000)	597,300,000	(213,300,000)	522,100,000
INCOME (LOSS) BEFORE INCOME TAXES	(1,124,600,000)	439,900,000	(4,284,300,000)	283,400,000
INCOME TAX PROVISION	(15,800,000)	32,600,000	(167,800,000)	64,100,000
Equity in Earnings of Subsidiaries Net of Tax	0	0	0	0
NET INCOME (LOSS)	(1,108,800,000)	407,300,000	(4,116,500,000)	219,300,000
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,400,000	(1,800,000)	2,800,000	(4,200,000)
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS	(1,107,400,000)	405,500,000	(4,113,700,000)	215,100,000
Valaris plc
Guarantor Obligations [Line Items]
Revenues	17,600,000	19,900,000	34,900,000	31,300,000
Contract Drilling	35,600,000	18,300,000	56,200,000	30,000,000
Depreciation expense	0	0	0	0
General and administrative	13,500,000	46,400,000	33,700,000	61,300,000
Costs and Expenses	49,100,000	64,700,000	89,900,000	91,300,000
OPERATING LOSS	(31,500,000)	(44,800,000)	(55,000,000)	(60,000,000)
OTHER INCOME (EXPENSE), NET	(129,600,000)	694,900,000	215,500,000	678,800,000
INCOME (LOSS) BEFORE INCOME TAXES	(161,100,000)	650,100,000	160,500,000	618,800,000
INCOME TAX PROVISION	0	0	0	0
Equity in Earnings of Subsidiaries Net of Tax	(946,300,000)	(244,600,000)	(4,274,200,000)	(403,700,000)
NET INCOME (LOSS)	(1,107,400,000)	405,500,000	(4,113,700,000)	215,100,000
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS	(1,107,400,000)	405,500,000	(4,113,700,000)	215,100,000
ENSCO International Incorporated
Guarantor Obligations [Line Items]
Revenues	49,700,000	36,100,000	96,700,000	75,600,000
Contract Drilling	52,600,000	31,800,000	95,700,000	67,500,000
Depreciation expense	4,700,000	4,000,000	9,300,000	7,700,000
General and administrative	13,300,000	100,000	24,800,000	200,000
Costs and Expenses	70,600,000	35,900,000	129,800,000	75,400,000
OPERATING LOSS	(20,900,000)	200,000	(33,100,000)	200,000
OTHER INCOME (EXPENSE), NET	(400,000)	(15,600,000)	(200,000)	(31,000,000)
INCOME (LOSS) BEFORE INCOME TAXES	(21,300,000)	(15,400,000)	(33,300,000)	(30,800,000)
INCOME TAX PROVISION	(88,400,000)	12,400,000	(100,000,000)	29,000,000
Equity in Earnings of Subsidiaries Net of Tax	(50,000,000)	43,200,000	(134,600,000)	75,300,000
NET INCOME (LOSS)	17,100,000	15,400,000	(67,900,000)	15,500,000
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS	17,100,000	15,400,000	(67,900,000)	15,500,000
Pride International LLC
Guarantor Obligations [Line Items]
Revenues	0	0	0	0
Contract Drilling	0	0	0	0
Depreciation expense	0	0	0	0
General and administrative	0	0	0	0
Costs and Expenses	0	0	0	0
OPERATING LOSS	0	0	0	0
OTHER INCOME (EXPENSE), NET	(18,300,000)	(20,300,000)	(37,800,000)	(40,800,000)
INCOME (LOSS) BEFORE INCOME TAXES	(18,300,000)	(20,300,000)	(37,800,000)	(40,800,000)
INCOME TAX PROVISION	0	0	0	0
Equity in Earnings of Subsidiaries Net of Tax	9,300,000	27,000,000	14,900,000	53,100,000
NET INCOME (LOSS)	(9,000,000)	6,700,000	(22,900,000)	12,300,000
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS	(9,000,000)	6,700,000	(22,900,000)	12,300,000
Other Non-Guarantor Subsidiaries of Valaris
Guarantor Obligations [Line Items]
Revenues	445,700,000	607,900,000	939,000,000	1,038,300,000
Contract Drilling	406,700,000	530,200,000	920,000,000	890,800,000
Asset Impairment Charges	838,000,000	2,500,000	3,646,200,000	2,500,000
Depreciation expense	126,800,000	153,900,000	286,700,000	275,200,000
General and administrative	35,800,000	34,700,000	57,500,000	49,300,000
Costs and Expenses	1,407,300,000	721,300,000	4,910,400,000	1,217,800,000
Equity in earnings of ARO	(5,200,000)	600,000	(11,500,000)	600,000
OPERATING LOSS	(966,800,000)	(112,800,000)	(3,982,900,000)	(178,900,000)
OTHER INCOME (EXPENSE), NET	38,400,000	(66,000,000)	(399,700,000)	(93,300,000)
INCOME (LOSS) BEFORE INCOME TAXES	(928,400,000)	(178,800,000)	(4,382,600,000)	(272,200,000)
INCOME TAX PROVISION	72,600,000	20,200,000	(67,800,000)	35,100,000
Equity in Earnings of Subsidiaries Net of Tax	0	0	0	0
NET INCOME (LOSS)	(1,001,000,000)	(199,000,000)	(4,314,800,000)	(307,300,000)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,400,000	(1,800,000)	2,800,000	(4,200,000)
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS	(999,600,000)	(200,800,000)	(4,312,000,000)	(311,500,000)
Consolidating Adjustments
Guarantor Obligations [Line Items]
Revenues	(124,200,000)	(80,000,000)	(225,200,000)	(155,400,000)
Contract Drilling	(124,200,000)	(80,000,000)	(225,200,000)	(155,400,000)
Depreciation expense	0	0	0	0
General and administrative	0	0	0	0
Costs and Expenses	(124,200,000)	(80,000,000)	(225,200,000)	(155,400,000)
OPERATING LOSS	0	0	0	0
OTHER INCOME (EXPENSE), NET	4,500,000	4,300,000	8,900,000	8,400,000
INCOME (LOSS) BEFORE INCOME TAXES	4,500,000	4,300,000	8,900,000	8,400,000
INCOME TAX PROVISION	0	0	0	0
Equity in Earnings of Subsidiaries Net of Tax	987,000,000	174,400,000	4,393,900,000	275,300,000
NET INCOME (LOSS)	991,500,000	178,700,000	4,402,800,000	283,700,000
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS	$ 991,500,000	$ 178,700,000	$ 4,402,800,000	$ 283,700,000

Guarantee Of Registered Secur_5

Guarantee Of Registered Securities (Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
NET INCOME (LOSS)	$ (1,108.8)	$ 407.3	$ (4,116.5)	$ 219.3
OTHER COMPREHENSIVE INCOME (LOSS), NET:
Net change in derivative fair value	4.8	(1.6)	(8.1)	(1.6)
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income	(10.9)	1.8	(11)	3.4
Other			(0.4)	(0.1)
NET OTHER COMPREHENSIVE INCOME (LOSS)	(6.1)	0.2	(19.5)	1.7
COMPREHENSIVE INCOME (LOSS)	(1,114.9)	407.5	(4,136)	221
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1.4	(1.8)	2.8	(4.2)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS	(1,113.5)	405.7	(4,133.2)	216.8
Valaris plc
NET INCOME (LOSS)	(1,107.4)	405.5	(4,113.7)	215.1
OTHER COMPREHENSIVE INCOME (LOSS), NET:
Net change in derivative fair value	0	0	0	0
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income	0	0	0	0
Other			0	0
NET OTHER COMPREHENSIVE INCOME (LOSS)	0	0	0	0
COMPREHENSIVE INCOME (LOSS)	(1,107.4)	405.5	(4,113.7)	215.1
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS	(1,107.4)	405.5	(4,113.7)	215.1
ENSCO International Incorporated
NET INCOME (LOSS)	17.1	15.4	(67.9)	15.5
OTHER COMPREHENSIVE INCOME (LOSS), NET:
Net change in derivative fair value	4.8	(1.6)	(8.1)	(1.6)
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income	(10.9)	1.8	(11)	3.4
Other			0	0
NET OTHER COMPREHENSIVE INCOME (LOSS)	(6.1)	0.2	(19.1)	1.8
COMPREHENSIVE INCOME (LOSS)	11	15.6	(87)	17.3
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS	11	15.6	(87)	17.3
Pride International LLC
NET INCOME (LOSS)	(9)	6.7	(22.9)	12.3
OTHER COMPREHENSIVE INCOME (LOSS), NET:
Net change in derivative fair value	0	0	0	0
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income	0	0	0	0
Other			0	0
NET OTHER COMPREHENSIVE INCOME (LOSS)	0	0	0	0
COMPREHENSIVE INCOME (LOSS)	(9)	6.7	(22.9)	12.3
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS	(9)	6.7	(22.9)	12.3
Other Non-Guarantor Subsidiaries of Valaris
NET INCOME (LOSS)	(1,001)	(199)	(4,314.8)	(307.3)
OTHER COMPREHENSIVE INCOME (LOSS), NET:
Net change in derivative fair value	0	0	0	0
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income	0	0	0	0
Other			(0.4)	(0.1)
NET OTHER COMPREHENSIVE INCOME (LOSS)	0	0	(0.4)	(0.1)
COMPREHENSIVE INCOME (LOSS)	(1,001)	(199)	(4,315.2)	(307.4)
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1.4	(1.8)	2.8	(4.2)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS	(999.6)	(200.8)	(4,312.4)	(311.6)
Consolidating Adjustments
NET INCOME (LOSS)	991.5	178.7	4,402.8	283.7
OTHER COMPREHENSIVE INCOME (LOSS), NET:
Net change in derivative fair value	0	0	0	0
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income	0	0	0	0
Other			0	0
NET OTHER COMPREHENSIVE INCOME (LOSS)	0	0	0	0
COMPREHENSIVE INCOME (LOSS)	991.5	178.7	4,402.8	283.7
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS	$ 991.5	$ 178.7	$ 4,402.8	$ 283.7

Guarantee Of Registered Secur_6

Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Guarantor Obligations [Line Items]
Cash and cash equivalents	$ 202,000,000	$ 97,200,000	$ 959,100,000	$ 275,100,000
Accounts receivable, net	363,300,000	520,700,000
Accounts receivable from affiliates	0	0
Other current assets	500,800,000	446,500,000
Total current assets	1,066,100,000	1,064,400,000
PROPERTY AND EQUIPMENT, AT COST	13,220,300,000	18,393,800,000
Less accumulated depreciation	2,027,700,000	3,296,900,000
Property and equipment, net	11,192,600,000	15,096,900,000	15,455,700,000
Due from Joint Ventures, Noncurrent	452,800,000	452,900,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	117,200,000	128,700,000
DUE FROM AFFILIATES	0	0
Investment in and advances to Consolidated Subsidiaries	0	0
OTHER ASSETS	210,200,000	188,300,000
Total assets	13,038,900,000	16,931,200,000
Accounts payable and accrued liabilities	550,000,000	705,900,000
Accounts payable to affiliates	0	0
Long-term Debt, Current Maturities	2,518,100,000	124,800,000
Total current liabilities	3,068,100,000	830,700,000
Due to Affiliate	0	0
LONG-TERM DEBT	4,092,200,000	5,923,500,000
OTHER LIABILITIES	693,200,000	867,400,000
ENSCO SHAREHOLDERS' EQUITY	5,190,400,000	9,310,900,000
NONCONTROLLING INTERESTS	(5,000,000)	(1,300,000)
Total equity	5,185,400,000	9,309,600,000
Total liabilities and shareholders' equity	13,038,900,000	16,931,200,000
Valaris plc
Guarantor Obligations [Line Items]
Cash and cash equivalents	156,500,000	21,500,000	481,700,000	199,800,000
Accounts receivable, net	200,000	200,000
Accounts receivable from affiliates	4,334,800,000	4,031,400,000
Other current assets	500,000	600,000
Total current assets	4,492,000,000	4,053,700,000
PROPERTY AND EQUIPMENT, AT COST	1,100,000	1,900,000
Less accumulated depreciation	1,100,000	1,900,000
Property and equipment, net	0	0
Due from Joint Ventures, Noncurrent		0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		0
DUE FROM AFFILIATES	1,593,300,000	73,800,000
Investment in and advances to Consolidated Subsidiaries	9,166,500,000	9,778,500,000
OTHER ASSETS	1,100,000	7,900,000
Total assets	15,252,900,000	13,913,900,000
Accounts payable and accrued liabilities	141,100,000	99,200,000
Accounts payable to affiliates	1,117,000,000	818,800,000
Long-term Debt, Current Maturities	2,394,800,000	0
Total current liabilities	3,652,900,000	918,000,000
Due to Affiliate	3,534,000,000	710,300,000
LONG-TERM DEBT	2,880,600,000	2,990,600,000
OTHER LIABILITIES		(14,600,000)
ENSCO SHAREHOLDERS' EQUITY	5,185,400,000	9,309,600,000
NONCONTROLLING INTERESTS	0	0
Total equity	5,185,400,000	9,309,600,000
Total liabilities and shareholders' equity	15,252,900,000	13,913,900,000
ENSCO International Incorporated
Guarantor Obligations [Line Items]
Cash and cash equivalents	0	0	0	0
Accounts receivable, net	25,700,000	19,700,000
Accounts receivable from affiliates	201,200,000	386,000,000
Other current assets	53,600,000	11,600,000
Total current assets	280,500,000	417,300,000
PROPERTY AND EQUIPMENT, AT COST	113,600,000	108,800,000
Less accumulated depreciation	93,400,000	84,700,000
Property and equipment, net	20,200,000	24,100,000
Due from Joint Ventures, Noncurrent		0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		0
DUE FROM AFFILIATES	217,500,000	0
Investment in and advances to Consolidated Subsidiaries	654,200,000	788,800,000
OTHER ASSETS	20,400,000	3,800,000
Total assets	1,192,800,000	1,234,000,000
Accounts payable and accrued liabilities	16,600,000	29,300,000
Accounts payable to affiliates	237,200,000	147,800,000
Long-term Debt, Current Maturities		0
Total current liabilities	253,800,000	177,100,000
Due to Affiliate	505,600,000	478,800,000
LONG-TERM DEBT	111,700,000	111,700,000
OTHER LIABILITIES	247,600,000	90,600,000
ENSCO SHAREHOLDERS' EQUITY	74,100,000	375,800,000
NONCONTROLLING INTERESTS	0	0
Total equity	74,100,000	375,800,000
Total liabilities and shareholders' equity	1,192,800,000	1,234,000,000
Pride International LLC
Guarantor Obligations [Line Items]
Cash and cash equivalents	0	0	2,700,000	2,700,000
Accounts receivable, net	0	0
Accounts receivable from affiliates	1,400,000	0
Other current assets	0	0
Total current assets	1,400,000	0
PROPERTY AND EQUIPMENT, AT COST	0	0
Less accumulated depreciation	0	0
Property and equipment, net	0	0
Due from Joint Ventures, Noncurrent		0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		0
DUE FROM AFFILIATES	38,900,000	38,900,000
Investment in and advances to Consolidated Subsidiaries	1,239,800,000	1,224,900,000
OTHER ASSETS	0	0
Total assets	1,280,100,000	1,263,800,000
Accounts payable and accrued liabilities	12,200,000	12,200,000
Accounts payable to affiliates	802,200,000	815,100,000
Long-term Debt, Current Maturities	123,300,000	124,800,000
Total current liabilities	937,700,000	952,100,000
Due to Affiliate	641,200,000	586,600,000
LONG-TERM DEBT	372,300,000	373,300,000
OTHER LIABILITIES		0
ENSCO SHAREHOLDERS' EQUITY	(671,100,000)	(648,200,000)
NONCONTROLLING INTERESTS	0	0
Total equity	(671,100,000)	(648,200,000)
Total liabilities and shareholders' equity	1,280,100,000	1,263,800,000
Other Non-Guarantor Subsidiaries of Valaris
Guarantor Obligations [Line Items]
Cash and cash equivalents	45,500,000	75,700,000	474,700,000	72,600,000
Accounts receivable, net	337,400,000	500,800,000
Accounts receivable from affiliates	1,224,700,000	897,200,000
Other current assets	446,700,000	434,300,000
Total current assets	2,054,300,000	1,908,000,000
PROPERTY AND EQUIPMENT, AT COST	13,105,600,000	18,283,100,000
Less accumulated depreciation	1,933,200,000	3,210,300,000
Property and equipment, net	11,172,400,000	15,072,800,000
Due from Joint Ventures, Noncurrent	452,800,000	452,900,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	117,200,000	128,700,000
DUE FROM AFFILIATES	4,680,800,000	1,775,700,000
Investment in and advances to Consolidated Subsidiaries		0
OTHER ASSETS	188,700,000	182,600,000
Total assets	18,666,200,000	19,520,700,000
Accounts payable and accrued liabilities	380,100,000	565,200,000
Accounts payable to affiliates	3,605,700,000	3,532,900,000
Long-term Debt, Current Maturities	0	0
Total current liabilities	3,985,800,000	4,098,100,000
Due to Affiliate	1,849,700,000	112,700,000
LONG-TERM DEBT	727,600,000	2,447,900,000
OTHER LIABILITIES	445,600,000	797,400,000
ENSCO SHAREHOLDERS' EQUITY	11,662,500,000	12,065,900,000
NONCONTROLLING INTERESTS	(5,000,000)	(1,300,000)
Total equity	11,657,500,000	12,064,600,000
Total liabilities and shareholders' equity	18,666,200,000	19,520,700,000
Consolidating Adjustments
Guarantor Obligations [Line Items]
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts receivable, net	0	0
Accounts receivable from affiliates	(5,762,100,000)	(5,314,600,000)
Other current assets	0	0
Total current assets	(5,762,100,000)	(5,314,600,000)
PROPERTY AND EQUIPMENT, AT COST	0	0
Less accumulated depreciation	0	0
Property and equipment, net	0	0
Due from Joint Ventures, Noncurrent		0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		0
DUE FROM AFFILIATES	(6,530,500,000)	(1,888,400,000)
Investment in and advances to Consolidated Subsidiaries	(11,060,500,000)	(11,792,200,000)
OTHER ASSETS	0	(6,000,000)
Total assets	(23,353,100,000)	(19,001,200,000)
Accounts payable and accrued liabilities	0	0
Accounts payable to affiliates	(5,762,100,000)	(5,314,600,000)
Long-term Debt, Current Maturities	0	0
Total current liabilities	(5,762,100,000)	(5,314,600,000)
Due to Affiliate	(6,530,500,000)	(1,888,400,000)
LONG-TERM DEBT		0
OTHER LIABILITIES	0	(6,000,000)
ENSCO SHAREHOLDERS' EQUITY	(11,060,500,000)	(11,792,200,000)
NONCONTROLLING INTERESTS	0	0
Total equity	(11,060,500,000)	(11,792,200,000)
Total liabilities and shareholders' equity	$ (23,353,100,000)	$ (19,001,200,000)

Guarantee Of Registered Secur_7

Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
OPERATING ACTIVITIES
Net cash used in operating activities	$ (381.1)	$ (293.4)
Rowan cash acquired	0	931.9
INVESTING ACTIVITIES
Maturities of short-term investments	0	339
Purchases of short-term investments	0	(145)
Additions to property and equipment	(67.1)	(134.8)
Net proceeds from disposition of assets	13.8	4.5
Other		4.5
Net cash used in investing activities	(53.3)	995.6
FINANCING ACTIVITIES
Debt solicitation fees	0	(8.7)
Cash dividends paid	0	(4.5)
Payments for Repurchase of Common Stock		(4.2)
Borrowings on credit facility	566	0
Reduction of long-term borrowings	(9.7)	0
Advances from (to) affiliates	0	0
Repayments of credit facility borrowings	(15)	0
Other	(1.9)	(0.5)
Net cash provided by (used in) financing activities	539.4	(17.9)
Effect of exchange rate changes on cash and cash equivalents	(0.2)	(0.3)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	104.8	684
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	97.2	275.1
CASH AND CASH EQUIVALENTS, END OF PERIOD	202	959.1
Valaris plc
OPERATING ACTIVITIES
Net cash used in operating activities	(203.1)	(79.9)
INVESTING ACTIVITIES
Maturities of short-term investments		339
Purchases of short-term investments		(145)
Additions to property and equipment	0	0
Net proceeds from disposition of assets	0
Other		2.5
Net cash used in investing activities	0	196.5
FINANCING ACTIVITIES
Debt solicitation fees		0
Cash dividends paid		(4.5)
Payments for Repurchase of Common Stock		(4.2)
Borrowings on credit facility	566
Reduction of long-term borrowings	(9.7)
Advances from (to) affiliates	(202.9)	174.5
Repayments of credit facility borrowings	(15)
Other	(0.3)	(0.5)
Net cash provided by (used in) financing activities	338.1	165.3
Effect of exchange rate changes on cash and cash equivalents	0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	135	281.9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	21.5	199.8
CASH AND CASH EQUIVALENTS, END OF PERIOD	156.5	481.7
ENSCO International Incorporated
OPERATING ACTIVITIES
Net cash used in operating activities	149.5	(117.5)
INVESTING ACTIVITIES
Maturities of short-term investments		0
Purchases of short-term investments		0
Additions to property and equipment	0	0
Net proceeds from disposition of assets	0
Other		0
Net cash used in investing activities	0	0
FINANCING ACTIVITIES
Debt solicitation fees		0
Cash dividends paid		0
Payments for Repurchase of Common Stock		0
Borrowings on credit facility	0
Reduction of long-term borrowings	0
Advances from (to) affiliates	(149.5)	117.5
Repayments of credit facility borrowings	0
Other	0	0
Net cash provided by (used in) financing activities	(149.5)	117.5
Effect of exchange rate changes on cash and cash equivalents	0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	0
Pride International LLC
OPERATING ACTIVITIES
Net cash used in operating activities	(40.3)	(68.6)
INVESTING ACTIVITIES
Maturities of short-term investments		0
Purchases of short-term investments		0
Additions to property and equipment	0	0
Net proceeds from disposition of assets	0
Other		0
Net cash used in investing activities	0	0
FINANCING ACTIVITIES
Debt solicitation fees		0
Cash dividends paid		0
Payments for Repurchase of Common Stock		0
Borrowings on credit facility	0
Reduction of long-term borrowings	0
Advances from (to) affiliates	40.3	68.6
Repayments of credit facility borrowings	0
Other	0	0
Net cash provided by (used in) financing activities	40.3	68.6
Effect of exchange rate changes on cash and cash equivalents	0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	2.7
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	2.7
Other Non-Guarantor Subsidiaries of Valaris
OPERATING ACTIVITIES
Net cash used in operating activities	(287.2)	(27.4)
Rowan cash acquired		931.9
INVESTING ACTIVITIES
Maturities of short-term investments		0
Purchases of short-term investments		0
Additions to property and equipment	(67.1)	(134.8)
Net proceeds from disposition of assets	13.8
Other		2
Net cash used in investing activities	(53.3)	799.1
FINANCING ACTIVITIES
Debt solicitation fees		(8.7)
Cash dividends paid		0
Payments for Repurchase of Common Stock		0
Borrowings on credit facility	0
Reduction of long-term borrowings	0
Advances from (to) affiliates	312.1	(360.6)
Repayments of credit facility borrowings	0
Other	(1.6)	0
Net cash provided by (used in) financing activities	310.5	(369.3)
Effect of exchange rate changes on cash and cash equivalents	(0.2)	(0.3)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(30.2)	402.1
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	75.7	72.6
CASH AND CASH EQUIVALENTS, END OF PERIOD	45.5	474.7
Consolidating Adjustments
OPERATING ACTIVITIES
Net cash used in operating activities	0	0
INVESTING ACTIVITIES
Maturities of short-term investments		0
Purchases of short-term investments		0
Additions to property and equipment	0	0
Net proceeds from disposition of assets	0
Other		0
Net cash used in investing activities	0	0
FINANCING ACTIVITIES
Debt solicitation fees		0
Cash dividends paid		0
Payments for Repurchase of Common Stock		0
Borrowings on credit facility	0
Reduction of long-term borrowings	0
Advances from (to) affiliates	0	0
Repayments of credit facility borrowings	0
Other	0	0
Net cash provided by (used in) financing activities	0	0
Effect of exchange rate changes on cash and cash equivalents		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 0	$ 0