Valaris Limited (VAL) 10-Q 28 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	Cannon Place, 78 Cannon Street
Entity Address, City or Town	London,
Entity Address, State or Province	GB
Entity Address, Postal Zip Code	EC4N 6AF
City Area Code	44 (0) 20
Local Phone Number	7659 4660
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000314808
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Shares, Shares Outstanding		199,730,533
Entity Filer Category	Accelerated Filer
Entity Small Business	true

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
OPERATING REVENUES	$ 307.1	$ 456.6
OPERATING EXPENSES
Contract drilling (exclusive of depreciation)	252.2	476
Loss on impairment	756.5	2,808.2
Depreciation expense	122.1	164.5
General and administrative	24.3	53.4
Total operating expenses	1,155.1	3,502.1
Equity in losses (earnings) of ARO	(1.9)	6.3
OPERATING LOSS	(846.1)	(3,051.8)
OTHER INCOME (EXPENSE)
Interest income	2.6	4.8
Interest expense, net	(1.3)	(113.2)
Reorganization items, net	(52.2)	0
Other, net	21.1	0.5
OTHER INCOME (EXPENSE), NET	(29.8)	(107.9)
LOSS BEFORE INCOME TAXES	(875.9)	(3,159.7)
PROVISION (BENEFIT) FOR INCOME TAXES
Current income tax expense	30.8	(72.5)
Deferred income tax expense (benefit)	0.9	(79.5)
Total provision for income taxes	31.7	(152)
Net loss	(907.6)	(3,007.7)
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(2.4)	1.4
NET LOSS ATTRIBUTABLE TO VALARIS	$ (910)	$ (3,006.3)
LOSS PER SHARE - BASIC AND DILUTED
Continuing operations (in dollars per share)	$ (4.56)	$ (15.19)
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic and Diluted (in shares)	199.6	197.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
NET LOSS	$ (907.6)	$ (3,007.7)
OTHER COMPREHENSIVE LOSS, NET
Net change in fair value of derivatives	0	(12.9)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax	0.1	0
Reclassification of net gains on derivative instruments from other comprehensive loss into net loss	(5.6)	(0.1)
Other	0.2	(0.4)
NET OTHER COMPREHENSIVE LOSS	(5.3)	(13.4)
COMPREHENSIVE LOSS	(912.9)	(3,021.1)
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(2.4)	1.4
COMPREHENSIVE LOSS ATTRIBUTABLE TO VALARIS	$ (915.3)	$ (3,019.7)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 291.7	$ 325.8
Accounts receivable, net	449.8	449.2
Other current assets	383.5	397.9
Total current assets	1,125	1,172.9
PROPERTY AND EQUIPMENT, AT COST	12,125.9	13,209.3
Less accumulated depreciation	2,042	2,248.8
Property and equipment, net	10,083.9	10,960.5
LONG-TERM NOTES RECEIVABLE FROM ARO	442.7	442.7
INVESTMENT IN ARO	122.8	120.9
OTHER ASSETS	172.5	176.2
Total assets	11,946.9	12,873.2
CURRENT LIABILITIES
Accounts payable - trade	176.8	176.4
Accrued liabilities and other	290.6	250.4
Total current liabilities	467.4	426.8
OTHER LIABILITIES	704.6	762.4
Total liabilities not subject to compromise	1,172	1,189.2
Liabilities Subject to Compromise	7,313.7	7,313.7
Commitments and Contingencies
VALARIS SHAREHOLDERS' EQUITY
Additional paid-in capital	8,643.5	8,639.9
Retained deficit	(5,093.8)	(4,183.8)
Accumulated other comprehensive loss	(93.2)	(87.9)
Treasury shares, at cost	(76)	(76.2)
Total Valaris shareholders' equity	3,463.1	4,374.6
NONCONTROLLING INTERESTS	(1.9)	(4.3)
Total equity	3,461.2	4,370.3
Total liabilities and shareholders' equity	11,946.9	12,873.2
Class A ordinary shares, U.S.
VALARIS SHAREHOLDERS' EQUITY
Common shares, value	82.5	82.5
Common Class B, Par Value In GBP [Member]
VALARIS SHAREHOLDERS' EQUITY
Common shares, value	$ 0.1	$ 0.1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical)	Mar. 31, 2021$ / sharesshares	Mar. 31, 2021£ / sharesshares	Dec. 31, 2020$ / sharesshares	Dec. 31, 2020£ / sharesshares	Mar. 31, 2020shares
Treasury shares, shares held (in shares)	6,400,000	6,400,000	6,600,000	6,600,000
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)			206,100,000	206,100,000	206,100,000
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 authorized (in shares)	50,000	50,000	50,000	50,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net loss	$ (907.6)	$ (3,007.7)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on impairment	756.5	2,808.2
Depreciation expense	122.1	164.5
Deferred income tax expense (benefit)	0.9	(79.5)
Debt discounts and other	0	14.2
Share-based compensation expense	3.8	7.8
Amortization, net	(4.6)	2.8
Equity in losses (earnings) of ARO	(1.9)	6.3
Adjustment to gain on bargain purchase	0	6.3
Gain on extinguishment of debt	0	(3.1)
Other	0.4	9.7
Changes in operating assets and liabilities	20.9	(129.9)
Contributions to pension plans and other post-retirement benefits	22.2	4
Net cash used in operating activities	(31.7)	(204.4)
INVESTING ACTIVITIES
Additions to property and equipment	6	36.3
Net proceeds from disposition of assets	3.7	10.4
Net cash used in investing activities	(2.3)	(25.9)
FINANCING ACTIVITIES
Borrowings on credit facility	0	343.9
Repayments of credit facility borrowings	0	15
Reduction of long-term borrowings	0	9.7
Other	0	(0.9)
Net cash provided by financing activities	0	318.3
Effect of exchange rate changes on cash and cash equivalents	(0.1)	(0.3)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(34.1)	87.7
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	325.8	97.2
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 291.7	$ 184.9

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Financial Statements	3 Months Ended
	Mar. 31, 2021
Unaudited Condensed Consolidated Financial Statements [Abstract]
Unaudited Condensed Consolidated Financial Statements	Unaudited Condensed Consolidated Financial Statements 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, 2020 Condensed Consolidated Balance Sheet data was derived from our 2020 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 months ended March 31, 2021 and 2020 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 months ended March 31, 2021 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2021. 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, 2020, filed with the SEC on March 2, 2021. Chapter 11 Cases and Restructuring Support Agreement On August 19, 2020 (the "Petition Date"), Valaris plc and certain of its direct and indirect subsidiaries (collectively, the "Debtors"), filed voluntary petitions for reorganization under chapter 11 of the United States Bankruptcy Code ("Bankruptcy Code") in the Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"). The Debtors obtained joint administration of their chapter 11 cases under the caption In re Valaris plc, et al., Case No. 20-34114 (MI) (the "Chapter 11 Cases"). On August 18, 2020, the Debtors entered into the Restructuring Support Agreement (the "Original RSA") with certain senior note holders (collectively, the "Consenting Noteholders"). On February 5, 2021, the Debtors entered into the Amended Restructuring Support Agreement (the “Amended RSA”) with the Consenting Noteholders and holders of 100% of the total commitments under our revolving credit facility (the “Consenting Lenders” and, together with the Consenting Noteholders, the “Consenting Creditors”), which contemplates that the Company will implement the restructuring through the Chapter 11 Cases pursuant to a plan of reorganization and the various related transactions set forth in or contemplated by the Amended RSA. On March 3, 2021, the Bankruptcy Court confirmed the Debtors' chapter 11 plan of reorganization. Although the Company expects to emerge from chapter 11 imminently, there can be no assurance that we will consummate a plan of reorganization as contemplated by the Amended RSA or complete another plan of reorganization with respect to the Chapter 11 Cases. See “ Note 2 – Chapter 11 Proceedings and Ability to Continue as a Going Concern” for additional details regarding the Chapter 11 Cases and Amended RSA. Bankruptcy Accounting The condensed consolidated financial statements included herein have been prepared as if we were a going concern. See “ Note 2 – Chapter 11 Proceedings and Ability to Continue as a Going Concern” for additional details regarding the bankruptcy and circumstances raising substantial doubt over our ability to continue as a going concern. As a result, we have segregated liabilities and obligations whose treatment and satisfaction are dependent on the outcome of the Chapter 11 Cases and have classified these items as "Liabilities Subject to Compromise” on our Condensed Consolidated Balance Sheets. In addition, we have classified all income, expenses, gains or losses that were incurred or realized as a result of the Chapter 11 Cases subsequent to the Petition Date as “Reorganization Items” in our Condensed Consolidated Statements of Operations. We anticipate that we will adopt fresh start accounting upon our emergence from chapter 11, becoming a new entity for financial reporting purposes. As a result, upon emergence, the Company’s assets and liabilities will generally be reported at fair value and will reconcile to the enterprise value confirmed by the Bankruptcy Court. These fair values are expected to differ materially from the amounts reflected on our historical balance sheet. New Accounting Pronouncements Recently adopted accounting pronouncements Income Taxes - In December 2019, the Financial Accounting Standards Board ("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. The various amendments in Update 2019-12 are applied on a retrospective basis, modified retrospective basis and prospective basis, depending on the amendment. We adopted Update 2019-12 effective January 1, 2021 with no material impact to our financial statements upon adoption. Accounting pronouncements to be adopted 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 condensed consolidated financial statements. Convertible Instruments - In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40)” ("Update 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. We are in the process of evaluating the impact this amendment may have on our condensed consolidated financial statements.

Chapter 11 Proceedings and Abil

Chapter 11 Proceedings and Ability to Continue as a Going Concern	3 Months Ended
	Mar. 31, 2021
Reorganizations [Abstract]
Chapter 11 Proceedings and Ability to Continue as a Going Concern	Chapter 11 Proceedings and Ability to Continue as a Going Concern Chapter 11 Cases On August 19, 2020, the Debtors filed voluntary petitions for reorganization under chapter 11 of the Bankruptcy Code in the Bankruptcy Court. The Debtors obtained joint administration of the Chapter 11 Cases under the caption In re Valaris plc, et al., Case No. 20-34114 (MI). On March 3, 2021, the Bankruptcy Court confirmed the Debtors' chapter 11 plan of reorganization. Although the Company expects to emerge from chapter 11 imminently, there can be no assurance that we will consummate a plan of reorganization as contemplated by the Amended RSA or complete another plan of reorganization with respect to the Chapter 11 Cases. Until the date of emergence, the Debtors continue to operate their businesses and manage their properties as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. As part of the Chapter 11 Cases, the Debtors filed with the Bankruptcy Court motions seeking a variety of "first-day" relief, all of which were granted and have enabled the Company to continue operating without interruption or disruption to its relationships with its customers and vendors or its high-quality service delivery. In particular, employee pay and benefits are expected to continue without interruption. Restructuring Support Agreement On August 18, 2020, the Debtors entered into the Original RSA with the Consenting Noteholders. On February 5, 2021, the Debtors entered into the Amended RSA with the Consenting Noteholders and the Consenting Lenders. The Amended RSA contemplates that the Company will implement the restructuring through the Chapter 11 Cases pursuant to a plan of reorganization and the various related transactions set forth in or contemplated by the Amended RSA. Below is a summary of the treatment that the stakeholders of the Company would receive under a plan of reorganization pursuant to the terms of the Amended RSA: • Holders of the Company's outstanding senior notes ("Senior Notes") will receive their pro rata share of (1) approximately 39% of new common stock issued after consummation of the restructuring (the “New Equity”) and (2) approximately 97.6% of the subscription rights to participate in the rights offering (the "Rights Offering") through which the Company will offer $550 million of new first lien secured notes (the "New Secured Notes"), which includes the Backstop Premium (as defined below); • Holders of the Senior Notes who participate in the Rights Offering will receive their pro rata share of approximately 29.3% of the New Equity, together with the RCF Lenders (as defined below) who will receive their pro rata share of approximately 0.7% of the New Equity; and senior noteholders who agreed to backstop the Rights Offering will receive their pro rata share of approximately 2.63% of the New Equity, together with 0.07% of the New Equity reserved for RCF Lenders, approximately $48.8 million in New Secured Notes reserved for the holders of the Senior Notes and approximately $1.2 million in New Secured Notes reserved for the RCF Lenders (the "Backstop Premium"); • Senior noteholders, solely with respect to Pride International LLC's ("Pride") 6.875% senior notes due 2020 and 7.875% senior notes due 2040, Ensco International 7.20% Debentures due 2027, and the Company's 4.875% senior notes due 2022, 4.75% senior notes due 2024, 7.375% senior notes due 2025, 5.4% senior notes due 2042 and 5.85% senior notes due 2044, will receive an aggregate cash payment of $26 million in connection with settlement of certain alleged claims against the Company; • Lenders under the revolving credit facility (“RCF Lenders”) were provided an option to select between two alternative treatments: (1) the ability to participate on a pro rata basis in up to 14% of the Rights Offering plus a recovery of up to 30.8% of the New Equity and up to $45.0 million in cash, or (2) a pro rata recovery of up to 27.8% of the New Equity and up to $116.2 million in cash. Following the results of that election, the two RCF Lenders who chose to participate in the Rights Offering will receive their pro rata share of (1) approximately 5.3% of the New Equity, (2) approximately 2.4% of the New Secured Notes (and associated New Equity), (3) approximately $7.8 million in cash, and (iv) their pro rata share of the Backstop Premium. The RCF Lenders who entered into the Amended RSA and elected not to participate in the Rights Offering will receive their pro rata share of (1) approximately 23.0% of the New Equity, and (2) approximately $96.1 million in cash; • Holders of general unsecured claims will receive payment in full or reinstatement pursuant to the Bankruptcy Code (excluding claims against the entities party to, or guaranteeing, the new build contracts to be rejected by the Company, which shall receive their liquidation value unless otherwise agreed); • Holders of our existing Class A ordinary shares will each receive their pro rata share of 7-year warrants to purchase up to 7% of New Equity (subject to dilution), with a strike price set at a price per share equal to the value at which the senior noteholders would receive a 100% recovery on their claims including accrued interest up to the Petition Date, as applicable; and • To the extent amounts are borrowed under the DIP Facility (as described below), lenders under the DIP Facility will receive payment in full in cash, unless otherwise agreed and certain other fees owed to the DIP Facility lenders. The Original RSA provided that for a period of 15 business days after the commencement of the Chapter 11 Cases (the “Joinder Period”), qualified holders of Senior Notes claims, including the Consenting Noteholders, were eligible to become backstop parties (the “Noteholder Backstop Parties”). All Noteholder Backstop Parties were required to join the Original RSA. The expiration of the Joinder Period was extended on September 10, 2020 to September 14, 2020, upon which date we had support for the Original RSA from holders of approximately 72% of the aggregate amount of our Senior Notes outstanding. The Amended RSA contemplates that holders of claims under the Company’s revolving credit facility also are eligible to become backstop parties (the “Lender Backstop Parties” and, together with the Noteholder Backstop Parties, the "Backstop Parties"). The Lender Backstop Parties are required to join the Amended RSA. As of the execution of the Amended RSA, we had support for the transactions contemplated by the Amended RSA from holders of 100% of the total commitments under our revolving credit facility in addition to the holders of approximately 72% of the aggregate amount of our outstanding Senior Notes who supported the Original RSA. The Amended RSA contains certain covenants on the part of Valaris and the Consenting Creditors, including commitments by the Consenting Creditors to vote in favor of a plan of reorganization and commitments of Valaris and the Consenting Creditors to negotiate in good faith to finalize the documents and agreements governing the restructuring. The Amended RSA also provides for certain conditions to the obligations of the parties and for termination upon the occurrence of certain events, including without limitation, the failure to achieve certain milestones and certain breaches by the parties under the Amended RSA. Subject to certain exceptions, under the Bankruptcy Code, the filing of the Chapter 11 Cases automatically enjoined, or stayed, the continuation of most judicial or administrative proceedings or filing of other actions against the Debtors or their property to recover, collect or secure a claim arising prior to the date of the Chapter 11 Cases. Notwithstanding the general applicability of the automatic stay described above, governmental authorities may determine to continue actions brought under their regulatory powers. On March 3, 2021, the Bankruptcy Court confirmed the Debtors' chapter 11 plan of reorganization, which incorporated the terms of the restructuring as set forth in the Amended RSA. Although the Company expects to emerge from chapter 11 imminently, there can be no assurance that we will be successful in completing a restructuring or any other similar transaction on the terms set forth in the Amended RSA, on different terms or at all. Among other things, the Amended RSA includes an outside date milestone requiring the Company’s emergence from chapter 11 by no later than June 15, 2021 (subject to a potential 60-day extension pursuant to the terms of the Amended RSA). Debtor in Possession Facility On August 11, 2020, prior to the commencement of the Chapter 11 Cases, certain of the Company’s existing noteholders (or their affiliates or designees) provided the Company with a commitment for a senior secured superpriority debtor-in-possession term loan credit facility in an aggregate principal amount of up to $500.0 million (the “DIP Facility”). On September 25, 2020, following approval by the Bankruptcy Court, the Debtors entered into a senior secured superpriority debtor-in-possession term loan credit agreement (the “DIP Credit Agreement”), by and among the Company and certain wholly owned subsidiaries of the Company, as borrowers, the lenders party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and security trustee, in an aggregate amount not to exceed $500.0 million. Borrowings on the DIP Facility will be used to finance, among other things, the ongoing general corporate needs of the Debtors during the course of the Chapter 11 Cases and to pay certain fees, costs and expenses associated with the Debtors’ Chapter 11 Cases. The maturity date of the DIP Credit Agreement is the earliest of (1) August 17, 2021, (2) acceleration of the loans under the DIP Facility and termination of the lenders' commitments under the DIP Facility, (3) the substantial consummation of any plan filed in the Chapter 11 Cases that is confirmed pursuant to an order entered by the Bankruptcy Court and (4) the consummation of a sale of all or substantially all of the assets of the Company and the other Debtors under section 363 of the Bankruptcy Code. Loans under the DIP Credit Agreement accrue interest at a rate of 8.00% per annum, if paid in kind, and at a rate of 7.00% per annum, if paid in cash. The DIP Credit Agreement contains a requirement that the Company and any other borrowers provide every four weeks, a rolling 13 week budget to be approved by the required lenders (the “Approved Budget”). The Company and any other borrower that becomes party to the DIP Credit Agreement may not vary from the Approved Budget by more than 15% of the forecasted amounts in any forecast period. The Approved Budget is, subject to certain exceptions and is tested at certain times in accordance with the DIP Credit Agreement in order to measure variances between the actual total cash disbursements (excluding professional fees and certain other items consistent with the initial Approved Budget) and the disbursements budgeted for the applicable period. The DIP Credit Agreement contains events of default customary to debtor-in-possession financings, including events related to the Chapter 11 Cases, the occurrence of which could result in the acceleration of the Debtors’obligation to repay the outstanding indebtedness under the DIP Credit Agreement. The Debtors’ obligations under the DIP Credit Agreement are secured by a security interest in, and lien on, substantially all present and after acquired property (subject to certain exceptions) of the Debtors and are guaranteed by certain of the Company’s subsidiaries, including other Debtors. The DIP Credit Agreement also contains customary covenants that limit the ability of the Company and its subsidiaries to, among other things, (1) incur additional indebtedness and permit liens to exist on their assets, (2) pay dividends or make certain other restricted payments, (3) sell assets and (4) make certain investments. These covenants are subject to exceptions and qualifications as set forth in the DIP Credit Agreement. As of March 31, 2021, we were in compliance with our covenants under the DIP Credit Agreement. Additionally, as of March 31, 2021, we had no borrowings outstanding against our DIP Facility. Backstop Commitment Agreement On August 18, 2020, the Company entered into a Backstop Commitment Agreement (the “Initial BCA”) with the initial Backstop Parties. The Initial BCA was amended on September 10, 2020, January 22, 2021 and February 5, 2021 (as so amended, the “Amended BCA”). Pursuant to the Amended BCA, each of the Backstop Parties will purchase its pro-rata portion (based on an adjusted claims value) of (1) $187.5 million of the New Secured Notes held back for purchase by the Backstop Parties, (the "Holdback Notes"), (2) all of the New Secured Notes offered to Backstop Parties as part of the $312.5 million New Secured Notes offered to all claim holders (the “General Rights Offering”) and (3) New Secured Notes not purchased by non-Backstop Parties in the General Rights Offering. Pursuant to the Amended BCA, certain holders of claims related to the revolving credit facility will be entitled to, among other things, 2.427% of the Holdback Notes and the New Secured Notes (together with certain stapled participation equity) offered in the General Rights Offering, as well as a portion of the equity premium payable to all Backstop Parties consisting of 2.7% of New Valaris Equity and Backstop Premium payable in $50.0 million in New Secured Notes. In each instance, 30% of the new shares issued and outstanding immediately after the effective date of the plan of reorganization (subject to dilution by the new warrants and the management incentive plan) will be allocated proportionally to purchasers of the New Secured Notes for no addition al consideration. Additionally, in exchange for providing the Backstop Commitments, the Company has agreed to pay the Backstop Parties a Backstop Premium in an aggregate amount equal to $50.0 million payable in New Secured Notes on the effective date of a plan of reorganization, in addition to 2.7% of New Valaris Equity. Furth er, the Debtors paid a commitment fee of $20.0 million, in cash prior to the Petition Date, which shall be loaned back to the reorganized company upon emergence. Therefore, upon emergence the Debtors will receive $520 million in cash in exchange for a $550 million note, which includes the Backstop Premium. The Amended BCA will be terminable by the Company and/or the requisite Backstop Parties upon certain customary events specified therein, including, among others, (1) the termination of the Amended RSA, (2) the mutual written consent of the Company and the requisite Backstop Parties by written notice to the other such Party(ies) or (3) either the Company or the requisite Backstop Parties if the effective date of the plan of reorganization has not occurred on or prior to the date that is ten months after the execution date of the Initial BCA (subject to certain extensions as set forth in the Initial BCA). NYSE Delisting of our Common Stock As a result of the Chapter 11 Cases and in accordance with Section 802.01D of the NYSE Listed Company Manual, on August 19, 2020, we were notified by the NYSE of its determination to indefinitely suspend trading of the Company’s Class A ordinary shares and to commence proceedings to delist the Company’s Class A ordinary shares from the NYSE. Our Class A ordinary shares were delisted from the NYSE effective September 14, 2020. Effective August 19, 2020, the Company’s Class A ordinary shares commenced trading on the OTC Pink Open Market under the symbol “VALPQ." Going Concern The condensed consolidated financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and satisfaction of liabilities and commitments in the normal course of business. For the remaining duration of the Chapter 11 Cases, our operations and our ability to develop and execute our business plan are subject to a degree of risk and uncertainty associated with the Chapter 11 Cases. The outcome of the Chapter 11 Cases is dependent upon factors that are outside of our control, including actions of the Bankruptcy Court and our creditors. Although the Company expects to emerge from chapter 11 imminently, there can be no assurance that we will consummate a plan of reorganization as contemplated by the Amended RSA or complete another plan of reorganization with respect to the Chapter 11 Cases, and as such, there is substantial doubt about our ability to continue as a going concern. Further, we have concluded that management’s plans do not alleviate the substantial doubt about our ability to continue as a going concern brought about by the significant risks and uncertainties related to our liquidity and Chapter 11 Cases for a period of one year after the date that the financial statements are issued. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. These adjustments could be material. Reorganization Items Expenditures, gains and losses that are realized or incurred by the Debtors as of or subsequent to the Petition Date and as a direct result of the Chapter 11 Cases are reported as Reorganization items, net in our Condensed Consolidated Statement of Operations for the three months ended March 31, 2021. These costs include legal and other professional advisory service fees pertaining to the Chapter 11 Cases and contract items related to rejecting certain operating leases ("Contract items"). The following table provides information about reorganization items incurred during the three months ended March 31, 2021 (in millions): Three Months Ended March 31, 2021 Professional fees $ 47.8 Contract items 3.9 Reorganization items (fees) 51.7 Contract items .5 Reorganization items (non-cash) .5 Total reorganization items, net $ 52.2 Reorganization items (fees) unpaid $ 35.8 Reorganization items (fees) paid $ 15.9 Liabilities Subject to Compromise The Debtors' pre-petition unsecured senior notes and related unpaid accrued interest as of the Petition Date have been classified as Liabilities Subject to Compromise on our Condensed Consolidated Balance Sheets. The liabilities are reported at the amounts expected to be allowed as claims by the Bankruptcy Court. Liabilities subject to compromise at March 31, 2021 and December 31, 2020 consist of the following (in millions): 6.875% Senior notes due 2020 $ 122.9 4.70% Senior notes due 2021 100.7 4.875% Senior notes due 2022 620.8 3.00% Exchangeable senior notes due 2024 849.5 4.50% Senior notes due 2024 303.4 4.75% Senior notes due 2024 318.6 8.00% Senior notes due 2024 292.3 5.20% Senior notes due 2025 333.7 7.375% Senior notes due 2025 360.8 7.75% Senior notes due 2026 1,000.0 7.20% Debentures due 2027 112.1 7.875% Senior notes due 2040 300.0 5.40% Senior notes due 2042 400.0 5.75% Senior notes due 2044 1,000.5 5.85% Senior notes due 2044 400.0 Amounts drawn under revolving credit facility 581.0 Accrued Interest on Senior Notes, Exchangeable Senior Notes, Debentures and Revolving Credit Facility 203.5 Rig holding costs (1) 13.9 Total liabilities subject to compromise $ 7,313.7 (1) Represents the holding costs incurred to maintain VALARIS DS-13 and VALARIS DS-14 in the shipyard until the delivery date. The principal balance on our unsecured senior notes and the amount of outstanding borrowings on our revolving credit facility have been reclassified from Debt to Liabilities Subject to Compromise on our Condensed Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020. Accrued interest on our unsecured senior notes and revolving credit facility was also reclassified from Other Current Liabilities to Liabilities Subject to Compromise on our Condensed Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020. The contractual interest expense on our unsecured senior notes and revolving credit facility is in excess of recorded interest expense by $100.3 million for the three months ended March 31, 2021. This excess contractual interest is not included as interest expense on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2021, as the Company has discontinued accruing interest on the unsecured senior notes and revolving credit facility subsequent to the Petition Date. We discontinued making interest payments on our unsecured senior notes beginning in June 2020. Debtor Financial Statements Unaudited condensed consolidated financial statements of the Debtors are set forth below. These financial statements exclude the financial statements of the non-debtor subsidiaries. Transactions and balances of receivables and payables between the Debtors have been eliminated in consolidation. Amounts payable to or receivable from the non-Debtor subsidiaries are reported in the unaudited Condensed Combined Balance Sheet of the Debtors. VALARIS PLC AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED STATEMENTS OF OPERATIONS (Unaudited) (In millions) Three Months Ended 2021 OPERATING REVENUES Operating revenues $ 250.1 Operating revenues from non-debtor subsidiaries 20.6 Total operating revenues 270.7 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 207.7 Loss on impairment 756.5 Depreciation 113.9 General and administrative 24.2 Operating expenses for non-debtor subsidiaries 17.7 Total operating expenses 1,120.0 EQUITY IN EARNINGS OF ARO 1.9 OPERATING LOSS (847.4) OTHER INCOME (EXPENSE) Interest income 2.6 Interest income for non-debtor subsidiaries 58.6 Interest expense, net (1.3) Interest expense for non-debtor subsidiaries (66.4) Reorganization items, net (52.2) Other, net 18.9 (39.8) LOSS BEFORE INCOME TAXES (887.2) EQUITY IN LOSSES OF SUBSIDIARIES (12.5) PROVISION FOR INCOME TAXES 15.0 NET LOSS $ (914.7) VALARIS PLC AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED BALANCE SHEET (In millions) March 31, 2021 December 31, 2020 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 186.2 $ 228.9 Accounts receivable, net 389.1 382.5 Accounts receivable from non-debtor subsidiaries 2,804.7 2,812.0 Other current assets 360.6 377.4 Total current assets 3,740.6 3,800.8 PROPERTY AND EQUIPMENT, AT COST 11,172.8 12,256.1 Less accumulated depreciation 1,758.8 1,973.8 Property and equipment, net 9,414.0 10,282.3 LONG-TERM NOTES RECEIVABLE FROM ARO 442.7 442.7 LONG-TERM NOTES RECEIVABLE FROM NON-DEBTOR SUBSIDIARIES 2,205.3 2,205.3 INVESTMENT IN ARO 122.8 120.9 INVESTMENTS IN NON-DEBTOR SUBSIDIARIES 573.4 585.9 OTHER ASSETS 151.9 158.2 $ 16,650.7 $ 17,596.1 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable - trade $ 152.1 $ 149.4 Accrued liabilities and other 235.4 196.2 Total current liabilities 387.5 345.6 LONG-TERM NOTES PAYABLE TO NON-DEBTOR SUBSIDIARIES 2,548.6 2,548.6 OTHER LIABILITIES 531.3 602.3 Total liabilities not subject to compromise 3,467.4 3,496.5 Liabilities subject to compromise 7,313.7 7,313.7 Total debtors' equity 5,869.6 6,785.9 Total liabilities and debtors' equity $ 16,650.7 $ 17,596.1 VALARIS PLC AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED STATEMENT OF CASH FLOWS (Unaudited) (In millions) Three Months Ended 2021 OPERATING ACTIVITIES Net loss $ (914.7) Adjustments to reconcile net loss to net cash used in operating activities: Loss on impairment 756.5 Depreciation expense 113.9 Equity in losses of non-debtor subsidiaries 12.5 Amortization, net (4.6) Share-based compensation expense 3.8 Equity in earnings of ARO (1.9) Other .7 Changes in operating assets and liabilities 8.3 Contributions to pension plans and other post-retirement benefits (22.2) Changes in advances (to)/from non-debtor subsidiaries 7.3 Net cash used in operating activities (40.4) INVESTING ACTIVITIES Additions to property and equipment (6.0) Net proceeds from disposition of assets 3.7 Net cash used in investing activities (2.3) DECREASE IN CASH AND CASH EQUIVALENTS (42.7) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 228.9 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 186.2

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 was between approximately one month and two years. Day Rate Drilling Revenue Our drilling contracts provide for payment on a day rate basis and include a rate schedule with higher rates for periods when the drilling rig is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The day rate invoiced to the customer is determined based on the varying rates applicable to specific activities performed on an hourly 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 Condensed Consolidated Balance Sheets on a contract-by-contract basis. Current contract assets and liabilities are included in other current assets and accrued liabilities and other, respectively, and noncurrent contract assets and liabilities are included in other assets and other liabilities, respectively, on our Condensed Consolidated Balance Sheets. As of March 31, 2021 and December 31, 2020, we have a contract liability with Saudi Aramco Rowan Offshore Drilling Company ("ARO"), our 50/50 joint venture with Saudi Aramco, representing the difference between the amounts billed under the Lease Agreements and lease revenues earned up to the respective date. See “ Note 4 – Equity Method Investment in ARO" for additional details regarding our balances with ARO. The following table summarizes our contract assets and contract liabilities (in millions): March 31, 2021 December 31, 2020 Current contract assets $ 2.3 $ 1.4 Noncurrent contract assets $ .3 $ .4 Current contract liabilities (deferred revenue) $ 53.6 $ 57.6 Noncurrent contract liabilities (deferred revenue) $ 13.9 $ 14.3 Changes in contract assets and liabilities during the period are as follows (in millions): Contract Assets Contract Liabilities Balance as of December 31, 2020 $ 1.8 $ 71.9 Revenue recognized in advance of right to bill customer 2.0 — Increase due to cash received — 9.4 Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance — (13.8) Decrease due to transfer to receivables during the period (1.2) — Balance as of March 31, 2021 $ 2.6 $ 67.5 Deferred Contract Costs Costs incurred for upfront rig mobilizations and certain contract preparations are attributable to our future performance obligation under each respective drilling contract. These costs are deferred and amortized on a straight-line basis over the contract term. Demobilization costs are recognized as incurred upon contract completion. Costs associated with the mobilization of equipment and personnel 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 $11.2 million and $13.8 million as of March 31, 2021 and December 31, 2020, respectively. During the three months ended March 31, 2021 and 2020 , amortization of these costs totaled $5.8 million and $11.5 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 $7.7 million and $8.4 million as of March 31, 2021 and December 31, 2020, respectively. During the three months ended March 31, 2021 and 2020 amortization of these costs totaled $2.6 million and $3.1 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, with the exception of the contract liabilities related to our Lease Agreements with ARO which would not be contractually payable until the end of the lease term or termination, if sooner. Expected future amortization of our contract liabilities and deferred costs recorded as of March 31, 2021 is set forth in the table below (in millions): Remaining 2021 2022 2023 2024 and Thereafter Total Amortization of contract liabilities $ 51.3 $ 15.6 $ .6 $ — $ 67.5 Amortization of deferred costs $ 14.9 $ 3.5 $ .5 $ — $ 18.9

Equity Method Investment In ARO

Equity Method Investment In ARO Equity Method Investment In ARO	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment In ARO	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 Companies Limited (formerly Rowan Companies plc) ("Rowan") and Saudi Aramco to create a 50/50 joint venture ("Shareholder Agreement"). Pursuant to our completion of the combination with Rowan (the "Rowan Transaction") on April 11, 2019 (the "Transaction Date"), Valaris acquired Rowan's interest in ARO making Valaris a 50% partner. ARO owns seven jackup rigs, has ordered two newbuild 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 March 31, 2021, 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 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 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 joint venture 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. The Company's capital contributions to ARO pursuant to this requirement may require approval of the Bankruptcy Court during the Chapter 11 Cases. Each partner's commitment shall be reduced by the actual cost of each newbuild rig, on a proportionate basis. The joint venture 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. Additionally, our services to ARO under the Transition Services Agreement were completed as of December 31, 2020. 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 March 31, 2021 March 31, 2020 Revenues $ 122.7 $ 140.3 Operating expenses Contract drilling (exclusive of depreciation) 86.3 108.3 Depreciation 16.1 13.0 General and administrative 3.0 8.3 Operating income 17.3 10.7 Other expense, net 4.5 6.6 Provision for income taxes 4.5 .9 Net income $ 8.3 $ 3.2 March 31, 2021 December 31, 2020 Current assets $ 364.6 $ 358.6 Non-current assets 789.0 804.0 Total assets $ 1,153.6 $ 1,162.6 Current liabilities $ 52.3 $ 70.8 Non-current liabilities 952.1 950.8 Total liabilities $ 1,004.4 $ 1,021.6 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 (losses) 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. Our investment in ARO would be assessed for impairment if there were changes in facts and circumstances that indicate a loss in value may have occurred. If a loss were deemed to have occurred and this loss was determined to be other than temporary, the carrying value of our investment would be written down to fair value and an impairment recorded. We have an equity method investment in ARO that was recorded at its estimated fair value as of the date we acquired our 50% interest on April 11, 2019 ("Investment Date"). We computed the difference between the fair value of ARO's net assets and the carrying value of those net assets in ARO's U.S. GAAP financial statements ("basis differences") on that date. 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. 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 2021 2020 50% interest in ARO net income $ 4.1 $ 1.6 Amortization of basis differences (2.2) (7.9) Equity in earnings (losses) of ARO $ 1.9 $ (6.3) 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 2021 2020 Lease revenue $ 16.6 $ 21.5 Secondment revenue .8 18.3 Transition Services revenue — 3.5 Total revenue from ARO (1) $ 17.4 $ 43.3 (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 $13.9 million and $21.6 million as of March 31, 2021 and December 31, 2020, respectively, and are included in accounts receivable, net, on our Condensed Consolidated Balance Sheets. There were no accounts payable to ARO as of March 31, 2021 or December 31, 2020. We had $34.9 million and $30.9 million of Contract Liabilities related to our Lease Agreements with ARO as of March 31, 2021 and December 31, 2020, respectively. 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 March 31, 2021 and December 31, 2020, the carrying amount of the long-term notes receivable from ARO was $442.7 million. The Shareholders’ Agreement prohibits the sale or transfer of the shareholder note to a third party, except in certain limited circumstances. The notes receivable may be reduced by future Company obligations to the joint venture. Interest is recognized as interest income in our Condensed Consolidated Statements of Operations and totaled $2.6 million and $4.6 million for the three months ended March 31, 2021 and 2020, respectively . As of March 31, 2021, our interest receivable from ARO was $2.6 million, which is included in Accounts receivable, net, on our Condensed Consolidated Balance Sheet. There was no interest receivable from ARO as of December 31, 2020. Maximum Exposure to Loss The following summarizes the total assets and liabilities as reflected in our Condensed Consolidated Balance Sheets as well as our maximum exposure to loss related to ARO (in millions). Our maximum exposure to loss is limited to (1) our equity investment in ARO; (2) the outstanding balance on our shareholder notes receivable; and (3) other receivables and contract assets related to services provided to ARO, partially offset by contract liabilities as well as payables for services received. Contract liabilities related to our Lease Agreements are subject to adjustment during the lease term. The per day bareboat charter amount in the Lease Agreements is subject to adjustment based on actual performance of the respective rig. March 31, 2021 December 31, 2020 Total assets $ 582.0 $ 585.2 Less: total liabilities 34.9 30.9 Maximum exposure to loss $ 547.1 $ 554.3

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
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 Significant Other Observable Inputs Significant Unobservable Inputs Total As of March 31, 2021 Supplemental executive retirement plan assets $ 18.7 $ — $ — $ 18.7 Total financial assets 18.7 — — 18.7 As of December 31, 2020 Supplemental executive retirement plan $ 22.6 $ — $ — $ 22.6 Total financial assets 22.6 — — 22.6 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 SERP 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 Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. The fair value measurements of assets held in the SERP were based on quoted market prices. Other Financial Instruments The carrying values and estimated fair values of our debt instruments were as follows (in millions): Subject to Compromise (1) March 31, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 6.875% Senior notes due 2020 $ 122.9 $ 20.8 $ 122.9 $ 8.6 4.70% Senior notes due 2021 100.7 12.5 100.7 4.5 4.875% Senior notes due 2022 620.8 81.3 620.8 32.9 3.00% Exchangeable senior notes due 2024 (2) 849.5 101.9 849.5 76.5 4.50% Senior notes due 2024 303.4 36.7 303.4 13.7 4.75% Senior notes due 2024 318.6 43.6 318.6 18.8 8.00% Senior notes due 2024 292.3 58.8 292.3 12.9 5.20% Senior notes due 2025 333.7 38.0 333.7 12.7 7.375% Senior notes due 2025 360.8 49.8 360.8 20.9 7.75% Senior notes due 2026 1,000.0 111.0 1,000.0 44.0 7.20% Debentures due 2027 112.1 14.2 112.1 5.7 7.875% Senior notes due 2040 300.0 54.0 300.0 21.0 5.40% Senior notes due 2042 400.0 53.2 400.0 23.6 5.75% Senior notes due 2044 1,000.5 108.1 1,000.5 38.0 5.85% Senior notes due 2044 400.0 53.2 400.0 26.0 Amounts borrowed under revolving credit facility (3) 581.0 581.0 581.0 581.0 Total debt $ 7,096.3 $ 1,418.1 $ 7,096.3 $ 940.8 Less : Liabilities Subject to Compromise 7,096.3 1,418.1 7,096.3 940.8 Total long-term debt $ — $ — $ — $ — (1) The Commencement of the Chapter 11 Cases on August 19, 2020, constituted an event of default under our Senior Notes and revolving credit facility. Any efforts to enforce payment obligations under the Senior Notes and revolving credit facility, including any rights to require the repurchase by the Company of the 2024 Convertible Notes (as defined below) upon the NYSE delisting of the Class A ordinary shares, are automatically stayed as a result of the filing of the Chapter 11 Cases. The carrying amounts above represent the aggregate principal amount of Senior Notes outstanding as well as outstanding borrowings under our revolving credit facility as of the Petition Date and are classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. We discontinued accruing interest on our indebtedness as of the Petition Date and all accrued interest as of the Petition Date is classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. There are no remaining unamortized debt discounts, premiums or issuance costs related to our Senior Notes or revolving credit facility, including the amounts related to the 2024 Convertible Notes discussed below as all were written off to reorganization items as of the Petition Date in 2020. See " Note 2 (2) Our 3% exchangeable senior notes due 2024 (the "2024 Convertible Notes") are exchangeable into cash, our Class A ordinary shares or a combination thereof. The 2024 Convertible Notes were separated, at issuance, 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 and the discount was being amortized to interest expense over the life of the instrument. As discussed above, the carrying amount at March 31, 2021 and December 31, 2020 represents the aggregate principal amount of these notes as of the Petition Date and are classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. We discontinued accruing interest on these notes as of the Petition Date. The equity component was $220.0 million as of March 31, 2021 and December 31, 2020 and remains in Additional Paid-Capital. (3) In addition to the amount borrowed above, we had $26.0 million and $27.0 million in undrawn letters of credit issued under the revolving credit facility as of March 31, 2021 and December 31, 2020, respectively . While the revolving credit facility has not been terminated, no further borrowings are permitted. As discussed above, the carrying amount at March 31, 2021 and December 31, 2020 represents the outstanding borrowings as of the Petition Date and are classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. We discontinued accruing interest on the revolving credit facility as of the Petition Date. 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 and trade payables approximated their carrying values as of March 31, 2021 and December 31, 2020.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment as of March 31, 2021 and December 31, 2020 consisted of the following (in millions): March 31, 2021 December 31, 2020 Drilling rigs and equipment $ 11,497.2 $ 12,584.4 Work-in-progress 444.2 446.1 Other 184.5 178.8 $ 12,125.9 $ 13,209.3 Impairment of Long-Lived Assets During the first quarter of 2021, we recorded an aggregate pre-tax, non-cash impairment with respect to certain floaters of $756.5 million, which is included in loss on impairment in our Condensed Consolidated Statement of Operations. During the first quarter of 2020, we recorded an aggregate pre-tax, non-cash impairment with respect to certain floaters, jackups and spare equipment of $2.8 billion, which is included in loss on impairment in our Condensed Consolidated Statement of Operations. 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. For rigs whose carrying values were determined not to be recoverable, we recorded an impairment for the difference between their fair values and carrying values. During the first quarter of 2021, as a result of challenging market conditions for certain of our floaters, we have revised our near-term operating assumptions which have resulted in a triggering event for purposes of evaluating impairment. We determined that the estimated undiscounted cash flows were not sufficient to recover the carrying values for certain rigs and concluded they were impaired as of March 31, 2021. Based on the asset impairment analysis performed as of March 31, 2021, we recorded a pre-tax, non-cash loss on impairment in the first quarter for certain floaters totaling $756.5 million. We measured the fair value of these assets to be $26.0 million at the time of impairment by applying either an income approach, using projected discounted cash flows or estimated sales price. 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 current market conditions and our anticipated business outlook. During the first quarter of 2020, 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 sales price. 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 of 2020. Assets held-for-sale Our business strategy has been to focus on ultra-deepwater floater and premium jackup operations and de-emphasize other assets and operations that are not part of our long-term strategic plan or that no longer meet our standards for economic returns. We continue to focus on our fleet management strategy in light of the composition of our rig fleet. While taking into account certain restrictions on the sales of assets under our DIP Credit Agreement, as part of our strategy, we may act opportunistically from time to time to monetize assets to enhance stakeholder value and improve our liquidity profile, in addition to reducing holding costs by selling or disposing of older, lower-specification or non-core rigs. To this end, we continually assess our rig portfolio and actively work with our rig broker to market certain rigs. On a quarterly basis, we assess whether any rig meets the criteria established for held-for-sale classification on our balance sheet. All rigs classified as held-for-sale are recorded at fair value, less costs to sell. We measure the fair value of our assets held-for-sale by applying a market approach based on unobservable third-party estimated prices that would be received in exchange for the assets in an orderly transaction between market participants or a negotiated sales price. We reassess the fair value of our held-for-sale assets on a quarterly basis and adjust the carrying value, as necessary. Assets held-for-sale had an aggregate carrying value of $2.3 million and is included in other assets, net, on our Condensed Consolidated Balance Sheet as of December 31, 2020.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Retirement Benefits [Text Block]	Pension and Other Post-retirement Benefits 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 2021 2020 Service cost (1) $ — $ .6 Interest cost (2) 5.0 6.5 Expected return on plan assets (2) (9.1) (9.5) Amortization of net loss (2) 0.1 — Net periodic pension and retiree medical cost (income) $ (4.0) $ (2.4) (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

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
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 previously used derivatives to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. The commencement of the Chapter 11 Cases constituted a termination event with respect to the Company’s derivative instruments, which permitted the counterparties of our derivative instruments to terminate their outstanding contracts. The exercise of these termination rights are not stayed under the Bankruptcy Code and the counterparties elected to terminate their outstanding derivatives with us in September 2020. As a result, we do not have derivative assets or liabilities on our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. We previously utilized cash flow hedges to hedge forecasted foreign currency denominated transactions, primarily to reduce our exposure to foreign currency exchange rate risk associated with contract drilling expense and capital expenditures denominated in various currencies. Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our Condensed Consolidated Statements of Operations and comprehensive loss for the three month periods ended March 31, 2021 and 2020 were as follows (in millions): Loss Recognized in Gain Reclassified from ("AOCI") into Income (Effective Portion) (1) 2021 2020 2021 2020 Foreign currency forward contracts (2) $ — $ (12.9) $ (5.6) $ (.1) Total $ — $ (12.9) $ (5.6) $ (.1) (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 March 31, 2021, $5.6 million of gains were reclassified from AOCI into impairment expense in our Condensed Consolidated Statement of Operations in connection with the impairment of certain rigs. During the three months ended March 31, 2020, $0.9 million of losses were reclassified from AOCI into contract drilling expense and $1.0 million 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. Historically, we have occasionally entered into derivatives that hedge the fair value of recognized foreign currency denominated assets or liabilities but did not designate such derivatives as hedging instruments. In these situations, a natural hedging relationship generally existed whereby changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. Net losses of $0.1 million associated with our derivatives not designated as hedging instruments were included in other, net, in our Condensed Consolidated Statement of Operations for the three months ended March 31, 2020.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020, 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. During the three months ended March 31, 2021, loss from continuing operations attributable to Valaris and loss from continuing operations attributable to Valaris shares was $910.0 million. During the three months ended March 31, 2020, loss from continuing operations attributable to Valaris and loss from continuing operations attributable to Valaris shares was $3.0 billion. No amounts were allocated to non-vested share awards in either period given that losses are not allocated to non-vested share awards. Anti-dilutive share awards totaling 300,000 and 400,000 were excluded from the computation of diluted EPS for the three months ended March 31, 2021 and 2020, respectively. Due to the net loss position, potentially dilutive share awards are excluded from the computation of diluted EPS. Under the terms of our debt agreement, we have the option to settle our 2024 Convertible Notes in cash, shares or a combination thereof for the aggregate amount due upon conversion. However, the Commencement of the Chapter 11 Cases on August 19, 2020, constituted an event of default under the 2024 Convertible Notes. Any efforts to enforce payment obligations under the 2024 Convertible Notes, including any rights to require the repurchase by the Company of the 2024 Convertible Notes upon the NYSE delisting of the Class A ordinary shares, are automatically stayed as a result of the filing of the Chapter 11 Cases. 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 months ended March 31, 2021 and 2020. Upon emergence from chapter 11, the existing Class A ordinary shares may be exchanged for 7-year warrants to purchase up to 7% of the New Equity (subject to dilution on account of the management incentive plan contemplated by the Amended RSA). The strike price of such warrants, if granted, will be set at a price per share equal to the value at which the senior noteholders would receive a 100% recovery on their claims, including accrued interest up to the Petition Date. See “ Note 2 - Chapter 11 Proceedings and Ability to Continue as a Going Concern” for additional information related to our Amended RSA.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt The commencement of the Chapter 11 Cases constituted an event of default under our pre-petition indebtedness. Any efforts to enforce payment obligations under our Debt Instruments and other obligations of the Debtors are automatically stayed as a result of the filing of the Chapter 11 Cases and the holders' rights of enforcement in respect of the Debt Instruments are subject to the applicable provisions of the Bankruptcy Code. See “ Note 2 - Chapter 11 Proceedings and Ability to Continue as a Going Concern” for additional details regarding the Chapter 11 Cases. On September 25, 2020, following approval by the Bankruptcy Court, the Debtors entered into the DIP Credit Agreement, by and among the Company and certain wholly owned subsidiaries of the Company, as borrowers, the lenders party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and security trustee, in an aggregate amount not to exceed $500.0 million that will be used to finance, among other things, the ongoing general corporate needs of the Debtors during the course of the Chapter 11 Cases and to pay certain fees, costs and expenses associated with the Chapter 11 Cases. For additional information related to the terms, covenants and restrictions under the DIP Credit Agreement, see “ Note 2 - Chapter 11 Proceedings and Ability to Continue as a Going Concern”. As of March 31, 2021, we had no borrowings outstanding against our DIP Facility. Senior Notes The commencement of the Chapter 11 Cases resulted in an event of default under each series of our Senior Notes and all obligations thereunder were accelerated. However, any efforts to enforce payment obligations related to the acceleration of our debt have been automatically stayed as a result of the filing of the Chapter 11 Cases. Pursuant to the plan of reorganization contemplated by the Amended RSA, each series of our Senior Notes will be cancelled and the holders thereunder will receive the treatment as set forth in the plan of reorganization. Accordingly, the $6.5 billion in aggregate principal amount outstanding under the Senior Notes as well as $201.9 million in associated accrued interest as of the Petition Date are classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. In December 2016, Ensco Jersey Finance Limited, a wholly-owned subsidiary of Valaris plc, issued $849.5 million aggregate principal amount of 2024 Convertible Notes in a private offering. The 2024 Convertible Notes are fully and unconditionally guaranteed, on a senior, unsecured basis, by Valaris plc. Under the terms of our debt agreement, we have the option to settle our 2024 Convertible Notes in cash, shares or a combination thereof for the aggregate amount due upon conversion. However, the commencement of the Chapter 11 Cases on August 19, 2020, constituted an event of default under the 2024 Convertible Notes. Any efforts to enforce payment obligations under the 2024 Convertible Notes, including any rights to require the repurchase by the Company of the 2024 Convertible Notes upon the NYSE delisting of the Class A ordinary shares, are automatically stayed as a result of the filing of the Chapter 11 Cases. The aggregate principal amount of 2024 Convertible Notes outstanding as well as associated accrued interest as of the Petition Date are classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. Revolving Credit Facility

Shareholders Equity (Notes)

Shareholders Equity (Notes)	3 Months Ended
	Mar. 31, 2021
Shareholders' Equity [Abstract]
Shareholders' Equity and Share-based Payments [Text Block]	Shareholders' Equity Activity in our various shareholders' equity accounts for the three months ended March 31, 2021 and 2020 were as follows (in millions, except per share amounts): Shares Par Value Additional Retained AOCI Treasury Non-controlling BALANCE, December 31, 2020 206.1 $ 82.6 $ 8,639.9 $ (4,183.8) $ (87.9) $ (76.2) $ (4.3) Net loss — — — (910.0) — — 2.4 Shares issued under share-based compensation plans, net — — (.2) — — .2 — Net changes in pension and other postretirement benefits — — — — .1 — — Share-based compensation cost — — 3.8 — — — — Net other comprehensive loss — — — — (5.4) — — BALANCE, March 31, 2021 206.1 $ 82.6 $ 8,643.5 $ (5,093.8) $ (93.2) $ (76.0) $ (1.9) Shares Par Value Additional Retained AOCI Treasury Non-controlling 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) Pursuant to the terms contemplated in the Amended RSA, upon emergence from bankruptcy, our existing Class A ordinary shares will be frozen and removed from trading. Upon emergence from chapter 11, the existing Class A ordinary shares may be exchanged for 7-year warrants to purchase up to 7% of the New Equity (subject to dilution on account of the management incentive plan contemplated by the Amended RSA). The strike price of such warrants, if granted, will be set at a price per share equal to the value at which the senior noteholders would receive a 100% recovery on their claims, including accrued interest up to the Petition Date. See “ Note 2 - Chapter 11 Proceedings and Ability to Continue as a Going Concern” for additional information related to our Amended RSA.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020. We used a discrete effective tax rate method to calculate income taxes for the three months ended March 31, 2021 and 2020. 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 expense for the three months ended March 31, 2021 was $20.3 million and was primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years. Discrete income tax benefit for the three months ended March 31, 2020 was $164.4 million and was primarily attributable to a restructuring transaction, implementation of the U.S. Cares Act, changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years and other resolutions of prior year tax matters. Excluding the aforementioned discrete tax items, income tax expense for the three months ended March 31, 2021 and 2020 was $11.4 million and $12.4 million, respectively. Unrecognized Tax Benefits During 2019, the Luxembourg tax authorities issued aggregate tax assessments totaling approximately €142.0 million (approximately $166.6 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 $109.1 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 $166.6 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 $92.7 million converted using the current period-end exchange rates) and €2.0 million (approximately $2.3 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 three months ended March 31, 2020. During 2019, the Australian tax authorities issued aggregate tax assessments totaling approximately A$101 million (approximately $76.7 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 a $18.0 million liability for unrecognized tax benefits relating to these assessments as of March 31, 2021. We believe our tax returns are materially correct as filed, and we are vigorously contesting these assessments. Although the outcome of such assessments and related administrative proceedings cannot be predicted with certainty, we do not expect these matters to have a material adverse effect on our financial position, operating results and cash flows.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies 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. ARO Change of Control Purchase Right Under the Shareholders’ Agreement, a shareholder is required to provide notice to the other shareholders if it determines it will undergo a change of control (“Shareholder Change of Control”). After giving notice of such Shareholder Change of Control, the receiving shareholder has the option to purchase all (but not less than all) of the interests in ARO of the shareholder undergoing the Shareholder Change of Control for 60 days (subject to certain adjustments if the notice is not delivered on a Business Day) at fair market value. The Company delivered a notice of Shareholder Change of Control to Saudi Aramco on March 12, 2021 and Saudi Aramco’s purchase right in connection therewith will expire under the terms of the Shareholders’ Agreement on May 12, 2021. ARO Funding Obligations Valaris and Saudi Aramco have agreed to take all steps necessary to ensure that ARO purchases 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. The Company's capital contributions to ARO pursuant to this requirement may require approval of the Bankruptcy Court during the Chapter 11 Cases. 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
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 Rig Lease Agreements, the Secondment Agreement and the Transition Services 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 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 months ended March 31, 2021 and 2020 is presented below (in millions): Three Months Ended March 31, 2021 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 97.3 $ 172.6 $ 122.7 $ 37.2 $ (122.7) $ 307.1 Operating expenses Contract drilling (exclusive of depreciation) 98.9 135.4 86.3 17.9 (86.3) 252.2 Loss on impairment 756.5 — — — — 756.5 Depreciation 56.2 52.4 16.1 11.3 (13.9) 122.1 General and administrative — — 3.0 — 21.3 24.3 Equity in earnings of ARO — — — — 1.9 1.9 Operating income (loss) $ (814.3) $ (15.2) $ 17.3 $ 8.0 $ (41.9) $ (846.1) Property and equipment, net $ 5,685.4 $ 3,778.9 $ 729.2 $ 566.3 $ (675.9) $ 10,083.9 Three Months Ended March 31, 2020 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 179.6 $ 212.8 $ 140.3 $ 64.2 $ (140.3) $ 456.6 Operating expenses Contract drilling (exclusive of depreciation) 213.9 226.1 108.3 36.0 (108.3) 476.0 Loss on impairment 2,554.3 253.9 — — — 2,808.2 Depreciation 89.4 58.5 13.0 11.1 (7.5) 164.5 General and administrative — — 8.3 — 45.1 53.4 Equity in (losses) of ARO — — — — (6.3) (6.3) Operating income (loss) $ (2,678.0) $ (325.7) $ 10.7 $ 17.1 $ (75.9) $ (3,051.8) Property and equipment, net $ 7,442.5 $ 4,036.0 $ 740.6 $ 610.9 $ (672.8) $ 12,157.2 Information about Geographic Areas As of March 31, 2021, the geographic distribution of our and ARO's drilling rigs was as follows: Floaters Jackups Other Total Valaris ARO North & South America 5 6 — 11 — Europe & the Mediterranean 7 16 — 23 — Middle East & Africa 2 8 9 19 7 Asia & Pacific Rim 2 6 — 8 — Total 16 36 9 61 7 We provide management services on two rigs owned by third-parties not included in the table above. We are a party to contracts for the construction of two drillships in South Korea, VALARIS DS-13 and VALARIS DS-14, that are not included in the table above. ARO has ordered two newbuild jackups which are under construction in the Middle East that are not included in the table above.

Supplemental Financial Informat

Supplemental Financial Information	3 Months Ended
	Mar. 31, 2021
Supplemental Financial Information [Abstract]
Supplemental Financial Information	Supplemental Financial Information Condensed Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions): March 31, December 31, Trade $ 258.3 $ 260.1 Income tax receivable 189.8 190.6 Other 18.0 14.7 466.1 465.4 Allowance for doubtful accounts (16.3) (16.2) $ 449.8 $ 449.2 Other current assets consisted of the following (in millions): March 31, December 31, Materials and supplies $ 269.7 $ 279.4 Prepaid taxes 39.2 32.9 Prepaid expenses 28.8 43.4 Deferred costs 15.4 17.4 Other 30.4 24.8 $ 383.5 $ 397.9 Other assets consisted of the following (in millions): March 31, December 31, Tax receivables $ 66.3 $ 66.8 Right-of-use assets 39.0 35.8 Deferred tax assets 22.7 21.9 Supplemental executive retirement plan assets 18.7 22.6 Other 25.8 29.1 $ 172.5 $ 176.2 Accrued liabilities and other consisted of the following (in millions): March 31, December 31, Personnel costs $ 88.4 $ 95.6 Income and other taxes payable 57.6 50.8 Deferred revenue 53.6 57.6 Customer payable 36.8 — Lease liabilities 18.8 15.7 Other 35.4 30.7 $ 290.6 $ 250.4 Other liabilities consisted of the following (in millions): March 31, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 290.2 $ 286.1 Pension and other post-retirement benefits 270.2 296.6 Intangible liabilities 50.1 50.4 Lease liabilities 21.1 21.6 Supplemental executive retirement plan liabilities 19.0 22.9 Deferred tax liabilities 15.7 13.7 Deferred revenue 13.9 14.3 Personnel costs 13.6 11.8 Customer payable — 35.5 Other 10.8 9.5 $ 704.6 $ 762.4 Accumulated other comprehensive income (loss) consisted of the following (in millions): March 31, December 31, Pension and other post-retirement benefits $ (98.1) $ (98.2) Currency translation adjustment 6.6 6.5 Derivative instruments — 5.6 Other (1.7) (1.8) $ (93.2) $ (87.9) Condensed Consolidated Statement of Operations Information Other, net, for the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended 2021 2020 Currency translation adjustments $ 16.6 $ 3.8 Net periodic pension (cost) income, excluding service cost 4.0 3.0 Other income (expense) .5 (6.3) $ 21.1 $ 0.5 Concentration of Risk We are exposed to credit risk relating to our receivables from customers and our cash and cash equivalents. 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. Consolidated revenues by customer for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended 2021 2020 BP (1) 15 % 7 % Saudi Aramco (2) 8 % 10 % Total (3) — % 16 % Other 77 % 67 % 100 % 100 % (1) During the three months ended March 31, 2021, 43% of the revenues provided by BP were attributable to our Floaters segment, 15% of the revenues were attributable to our Jackups segment, and the remaining were attributable to our managed rigs. During the three months ended March 31, 2020, 24% of the revenues provided by BP were attributable to our Jackups segment, 12% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. (2) During the three months ended March 31, 2021 and 2020, all Saudi Aramco revenues were attributable to our Jackups segment. (3) During the three months ended March 31, 2020, 89% of revenues provided by Total were attributable to the Floaters segment and the remaining were attributable to the Jackups segment. Consolidated revenues by region for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended 2021 2020 U.S. Gulf of Mexico (1) $ 56.8 $ 78.7 United Kingdom (2) 56.1 52.5 Norway (2) 54.0 41.0 Saudi Arabia (3) 41.6 83.9 Mexico (4) 38.2 16.0 Angola (5) 19.7 61.5 Other 40.7 123.0 $ 307.1 $ 456.6 (1) During the three months ended March 31, 2021, 65% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment. The remaining revenues were primarily attributable to our managed rigs. During the three months ended March 31, 2020, 57% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 16% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. (2) During the three months ended March 31, 2021 and 2020, all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (3) During the three months ended March 31, 2021, 57% of the revenues earned in Saudi Arabia, were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and related to our rigs leased to ARO and our Secondment Agreement. During the three months ended March 31, 2020, 53% of the revenues earned in Saudi Arabia were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and related to our rigs leased to ARO and certain revenues related to our Secondment Agreement and Transition Services Agreement. (4) During the three months ended March 31, 2021, 56% of the revenues earned in Mexico were attributable to our Floaters segment. The remaining revenues were attributable to our Jackups segment. During the three months ended March 31, 2020, 90% of the revenues earned in Mexico were attributable to our Floaters segment. The remaining revenues were attributable to our Jackups segment.

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2021
Unaudited Condensed Consolidated Financial Statements [Abstract]
Chapter 11 Cases and Bankruptcy Accounting	Chapter 11 Cases and Restructuring Support Agreement On August 19, 2020 (the "Petition Date"), Valaris plc and certain of its direct and indirect subsidiaries (collectively, the "Debtors"), filed voluntary petitions for reorganization under chapter 11 of the United States Bankruptcy Code ("Bankruptcy Code") in the Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"). The Debtors obtained joint administration of their chapter 11 cases under the caption In re Valaris plc, et al., Case No. 20-34114 (MI) (the "Chapter 11 Cases"). On August 18, 2020, the Debtors entered into the Restructuring Support Agreement (the "Original RSA") with certain senior note holders (collectively, the "Consenting Noteholders"). On February 5, 2021, the Debtors entered into the Amended Restructuring Support Agreement (the “Amended RSA”) with the Consenting Noteholders and holders of 100% of the total commitments under our revolving credit facility (the “Consenting Lenders” and, together with the Consenting Noteholders, the “Consenting Creditors”), which contemplates that the Company will implement the restructuring through the Chapter 11 Cases pursuant to a plan of reorganization and the various related transactions set forth in or contemplated by the Amended RSA. On March 3, 2021, the Bankruptcy Court confirmed the Debtors' chapter 11 plan of reorganization. Although the Company expects to emerge from chapter 11 imminently, there can be no assurance that we will consummate a plan of reorganization as contemplated by the Amended RSA or complete another plan of reorganization with respect to the Chapter 11 Cases. See “ Note 2 – Chapter 11 Proceedings and Ability to Continue as a Going Concern” for additional details regarding the Chapter 11 Cases and Amended RSA. Bankruptcy Accounting The condensed consolidated financial statements included herein have been prepared as if we were a going concern. See “ Note 2 – Chapter 11 Proceedings and Ability to Continue as a Going Concern” for additional details regarding the bankruptcy and circumstances raising substantial doubt over our ability to continue as a going concern. As a result, we have segregated liabilities and obligations whose treatment and satisfaction are dependent on the outcome of the Chapter 11 Cases and have classified these items as "Liabilities Subject to Compromise” on our Condensed Consolidated Balance Sheets. In addition, we have classified all income, expenses, gains or losses that were incurred or realized as a result of the Chapter 11 Cases subsequent to the Petition Date as “Reorganization Items” in our Condensed Consolidated Statements of Operations. We anticipate that we will adopt fresh start accounting upon our emergence from chapter 11, becoming a new entity for financial reporting purposes. As a result, upon emergence, the Company’s assets and liabilities will generally be reported at fair value and will reconcile to the enterprise value confirmed by the Bankruptcy Court. These fair values are expected to differ materially from the amounts reflected on our historical balance sheet.
New Accounting Pronouncements	New Accounting Pronouncements Recently adopted accounting pronouncements Income Taxes - In December 2019, the Financial Accounting Standards Board ("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. The various amendments in Update 2019-12 are applied on a retrospective basis, modified retrospective basis and prospective basis, depending on the amendment. We adopted Update 2019-12 effective January 1, 2021 with no material impact to our financial statements upon adoption. Accounting pronouncements to be adopted 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 condensed consolidated financial statements. Convertible Instruments - In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40)” ("Update 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. We are in the process of evaluating the impact this amendment may have on our condensed consolidated financial statements.

Chapter 11 Proceedings and Ab_2

Chapter 11 Proceedings and Ability to Continue as a Going Concern (Tables)	3 Months Ended
	Mar. 31, 2021
Reorganizations [Abstract]
Schedule Of Reorganization Items	The following table provides information about reorganization items incurred during the three months ended March 31, 2021 (in millions): Three Months Ended March 31, 2021 Professional fees $ 47.8 Contract items 3.9 Reorganization items (fees) 51.7 Contract items .5 Reorganization items (non-cash) .5 Total reorganization items, net $ 52.2 Reorganization items (fees) unpaid $ 35.8 Reorganization items (fees) paid $ 15.9
Schedule Of Liabilities Subject to Compromise	Liabilities subject to compromise at March 31, 2021 and December 31, 2020 consist of the following (in millions): 6.875% Senior notes due 2020 $ 122.9 4.70% Senior notes due 2021 100.7 4.875% Senior notes due 2022 620.8 3.00% Exchangeable senior notes due 2024 849.5 4.50% Senior notes due 2024 303.4 4.75% Senior notes due 2024 318.6 8.00% Senior notes due 2024 292.3 5.20% Senior notes due 2025 333.7 7.375% Senior notes due 2025 360.8 7.75% Senior notes due 2026 1,000.0 7.20% Debentures due 2027 112.1 7.875% Senior notes due 2040 300.0 5.40% Senior notes due 2042 400.0 5.75% Senior notes due 2044 1,000.5 5.85% Senior notes due 2044 400.0 Amounts drawn under revolving credit facility 581.0 Accrued Interest on Senior Notes, Exchangeable Senior Notes, Debentures and Revolving Credit Facility 203.5 Rig holding costs (1) 13.9 Total liabilities subject to compromise $ 7,313.7 (1) Represents the holding costs incurred to maintain VALARIS DS-13 and VALARIS DS-14 in the shipyard until the delivery date.
Debtor-in-Possession, Condensed Combined Statement of Operations	VALARIS PLC AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED STATEMENTS OF OPERATIONS (Unaudited) (In millions) Three Months Ended 2021 OPERATING REVENUES Operating revenues $ 250.1 Operating revenues from non-debtor subsidiaries 20.6 Total operating revenues 270.7 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 207.7 Loss on impairment 756.5 Depreciation 113.9 General and administrative 24.2 Operating expenses for non-debtor subsidiaries 17.7 Total operating expenses 1,120.0 EQUITY IN EARNINGS OF ARO 1.9 OPERATING LOSS (847.4) OTHER INCOME (EXPENSE) Interest income 2.6 Interest income for non-debtor subsidiaries 58.6 Interest expense, net (1.3) Interest expense for non-debtor subsidiaries (66.4) Reorganization items, net (52.2) Other, net 18.9 (39.8) LOSS BEFORE INCOME TAXES (887.2) EQUITY IN LOSSES OF SUBSIDIARIES (12.5) PROVISION FOR INCOME TAXES 15.0 NET LOSS $ (914.7)
Debtor-in-Possession, Condensed Balance Sheet	VALARIS PLC AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED BALANCE SHEET (In millions) March 31, 2021 December 31, 2020 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 186.2 $ 228.9 Accounts receivable, net 389.1 382.5 Accounts receivable from non-debtor subsidiaries 2,804.7 2,812.0 Other current assets 360.6 377.4 Total current assets 3,740.6 3,800.8 PROPERTY AND EQUIPMENT, AT COST 11,172.8 12,256.1 Less accumulated depreciation 1,758.8 1,973.8 Property and equipment, net 9,414.0 10,282.3 LONG-TERM NOTES RECEIVABLE FROM ARO 442.7 442.7 LONG-TERM NOTES RECEIVABLE FROM NON-DEBTOR SUBSIDIARIES 2,205.3 2,205.3 INVESTMENT IN ARO 122.8 120.9 INVESTMENTS IN NON-DEBTOR SUBSIDIARIES 573.4 585.9 OTHER ASSETS 151.9 158.2 $ 16,650.7 $ 17,596.1 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable - trade $ 152.1 $ 149.4 Accrued liabilities and other 235.4 196.2 Total current liabilities 387.5 345.6 LONG-TERM NOTES PAYABLE TO NON-DEBTOR SUBSIDIARIES 2,548.6 2,548.6 OTHER LIABILITIES 531.3 602.3 Total liabilities not subject to compromise 3,467.4 3,496.5 Liabilities subject to compromise 7,313.7 7,313.7 Total debtors' equity 5,869.6 6,785.9 Total liabilities and debtors' equity $ 16,650.7 $ 17,596.1
Debtor-in-Possession, Condensed Combined Cash Flow Statement	VALARIS PLC AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED STATEMENT OF CASH FLOWS (Unaudited) (In millions) Three Months Ended 2021 OPERATING ACTIVITIES Net loss $ (914.7) Adjustments to reconcile net loss to net cash used in operating activities: Loss on impairment 756.5 Depreciation expense 113.9 Equity in losses of non-debtor subsidiaries 12.5 Amortization, net (4.6) Share-based compensation expense 3.8 Equity in earnings of ARO (1.9) Other .7 Changes in operating assets and liabilities 8.3 Contributions to pension plans and other post-retirement benefits (22.2) Changes in advances (to)/from non-debtor subsidiaries 7.3 Net cash used in operating activities (40.4) INVESTING ACTIVITIES Additions to property and equipment (6.0) Net proceeds from disposition of assets 3.7 Net cash used in investing activities (2.3) DECREASE IN CASH AND CASH EQUIVALENTS (42.7) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 228.9 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 186.2

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	The following table summarizes our contract assets and contract liabilities (in millions): March 31, 2021 December 31, 2020 Current contract assets $ 2.3 $ 1.4 Noncurrent contract assets $ .3 $ .4 Current contract liabilities (deferred revenue) $ 53.6 $ 57.6 Noncurrent contract liabilities (deferred revenue) $ 13.9 $ 14.3 Changes in contract assets and liabilities during the period are as follows (in millions): Contract Assets Contract Liabilities Balance as of December 31, 2020 $ 1.8 $ 71.9 Revenue recognized in advance of right to bill customer 2.0 — Increase due to cash received — 9.4 Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance — (13.8) Decrease due to transfer to receivables during the period (1.2) — Balance as of March 31, 2021 $ 2.6 $ 67.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]	Expected future amortization of our contract liabilities and deferred costs recorded as of March 31, 2021 is set forth in the table below (in millions): Remaining 2021 2022 2023 2024 and Thereafter Total Amortization of contract liabilities $ 51.3 $ 15.6 $ .6 $ — $ 67.5 Amortization of deferred costs $ 14.9 $ 3.5 $ .5 $ — $ 18.9

Equity Method Investment In A_2

Equity Method Investment In ARO (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Summarized financial information for ARO is as follows (in millions): Three Months Ended March 31, 2021 March 31, 2020 Revenues $ 122.7 $ 140.3 Operating expenses Contract drilling (exclusive of depreciation) 86.3 108.3 Depreciation 16.1 13.0 General and administrative 3.0 8.3 Operating income 17.3 10.7 Other expense, net 4.5 6.6 Provision for income taxes 4.5 .9 Net income $ 8.3 $ 3.2 March 31, 2021 December 31, 2020 Current assets $ 364.6 $ 358.6 Non-current assets 789.0 804.0 Total assets $ 1,153.6 $ 1,162.6 Current liabilities $ 52.3 $ 70.8 Non-current liabilities 952.1 950.8 Total liabilities $ 1,004.4 $ 1,021.6 Three Months Ended 2021 2020 50% interest in ARO net income $ 4.1 $ 1.6 Amortization of basis differences (2.2) (7.9) Equity in earnings (losses) of ARO $ 1.9 $ (6.3) The following summarizes the total assets and liabilities as reflected in our Condensed Consolidated Balance Sheets as well as our maximum exposure to loss related to ARO (in millions). Our maximum exposure to loss is limited to (1) our equity investment in ARO; (2) the outstanding balance on our shareholder notes receivable; and (3) other receivables and contract assets related to services provided to ARO, partially offset by contract liabilities as well as payables for services received. Contract liabilities related to our Lease Agreements are subject to adjustment during the lease term. The per day bareboat charter amount in the Lease Agreements is subject to adjustment based on actual performance of the respective rig. March 31, 2021 December 31, 2020 Total assets $ 582.0 $ 585.2 Less: total liabilities 34.9 30.9 Maximum exposure to loss $ 547.1 $ 554.3
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 2021 2020 Lease revenue $ 16.6 $ 21.5 Secondment revenue .8 18.3 Transition Services revenue — 3.5 Total revenue from ARO (1) $ 17.4 $ 43.3 (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)	3 Months Ended
	Mar. 31, 2021
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 Significant Other Observable Inputs Significant Unobservable Inputs Total As of March 31, 2021 Supplemental executive retirement plan assets $ 18.7 $ — $ — $ 18.7 Total financial assets 18.7 — — 18.7 As of December 31, 2020 Supplemental executive retirement plan $ 22.6 $ — $ — $ 22.6 Total financial assets 22.6 — — 22.6
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): Subject to Compromise (1) March 31, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 6.875% Senior notes due 2020 $ 122.9 $ 20.8 $ 122.9 $ 8.6 4.70% Senior notes due 2021 100.7 12.5 100.7 4.5 4.875% Senior notes due 2022 620.8 81.3 620.8 32.9 3.00% Exchangeable senior notes due 2024 (2) 849.5 101.9 849.5 76.5 4.50% Senior notes due 2024 303.4 36.7 303.4 13.7 4.75% Senior notes due 2024 318.6 43.6 318.6 18.8 8.00% Senior notes due 2024 292.3 58.8 292.3 12.9 5.20% Senior notes due 2025 333.7 38.0 333.7 12.7 7.375% Senior notes due 2025 360.8 49.8 360.8 20.9 7.75% Senior notes due 2026 1,000.0 111.0 1,000.0 44.0 7.20% Debentures due 2027 112.1 14.2 112.1 5.7 7.875% Senior notes due 2040 300.0 54.0 300.0 21.0 5.40% Senior notes due 2042 400.0 53.2 400.0 23.6 5.75% Senior notes due 2044 1,000.5 108.1 1,000.5 38.0 5.85% Senior notes due 2044 400.0 53.2 400.0 26.0 Amounts borrowed under revolving credit facility (3) 581.0 581.0 581.0 581.0 Total debt $ 7,096.3 $ 1,418.1 $ 7,096.3 $ 940.8 Less : Liabilities Subject to Compromise 7,096.3 1,418.1 7,096.3 940.8 Total long-term debt $ — $ — $ — $ — (1) The Commencement of the Chapter 11 Cases on August 19, 2020, constituted an event of default under our Senior Notes and revolving credit facility. Any efforts to enforce payment obligations under the Senior Notes and revolving credit facility, including any rights to require the repurchase by the Company of the 2024 Convertible Notes (as defined below) upon the NYSE delisting of the Class A ordinary shares, are automatically stayed as a result of the filing of the Chapter 11 Cases. The carrying amounts above represent the aggregate principal amount of Senior Notes outstanding as well as outstanding borrowings under our revolving credit facility as of the Petition Date and are classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. We discontinued accruing interest on our indebtedness as of the Petition Date and all accrued interest as of the Petition Date is classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. There are no remaining unamortized debt discounts, premiums or issuance costs related to our Senior Notes or revolving credit facility, including the amounts related to the 2024 Convertible Notes discussed below as all were written off to reorganization items as of the Petition Date in 2020. See " Note 2 (2) Our 3% exchangeable senior notes due 2024 (the "2024 Convertible Notes") are exchangeable into cash, our Class A ordinary shares or a combination thereof. The 2024 Convertible Notes were separated, at issuance, 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 and the discount was being amortized to interest expense over the life of the instrument. As discussed above, the carrying amount at March 31, 2021 and December 31, 2020 represents the aggregate principal amount of these notes as of the Petition Date and are classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. We discontinued accruing interest on these notes as of the Petition Date. The equity component was $220.0 million as of March 31, 2021 and December 31, 2020 and remains in Additional Paid-Capital. (3) In addition to the amount borrowed above, we had $26.0 million and $27.0 million in undrawn letters of credit issued under the revolving credit facility as of March 31, 2021 and December 31, 2020, respectively .

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property And Equipment	Property and equipment as of March 31, 2021 and December 31, 2020 consisted of the following (in millions): March 31, 2021 December 31, 2020 Drilling rigs and equipment $ 11,497.2 $ 12,584.4 Work-in-progress 444.2 446.1 Other 184.5 178.8 $ 12,125.9 $ 13,209.3

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2021
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 2021 2020 Service cost (1) $ — $ .6 Interest cost (2) 5.0 6.5 Expected return on plan assets (2) (9.1) (9.5) Amortization of net loss (2) 0.1 — Net periodic pension and retiree medical cost (income) $ (4.0) $ (2.4) (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)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 loss for the three month periods ended March 31, 2021 and 2020 were as follows (in millions): Loss Recognized in Gain Reclassified from ("AOCI") into Income (Effective Portion) (1) 2021 2020 2021 2020 Foreign currency forward contracts (2) $ — $ (12.9) $ (5.6) $ (.1) Total $ — $ (12.9) $ (5.6) $ (.1) (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.

Shareholders Equity (Tables)

Shareholders Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Shareholders' Equity [Abstract]
Schedule Of Activity In Our Various Shareholders Equity [Table Text Block]	Activity in our various shareholders' equity accounts for the three months ended March 31, 2021 and 2020 were as follows (in millions, except per share amounts): Shares Par Value Additional Retained AOCI Treasury Non-controlling BALANCE, December 31, 2020 206.1 $ 82.6 $ 8,639.9 $ (4,183.8) $ (87.9) $ (76.2) $ (4.3) Net loss — — — (910.0) — — 2.4 Shares issued under share-based compensation plans, net — — (.2) — — .2 — Net changes in pension and other postretirement benefits — — — — .1 — — Share-based compensation cost — — 3.8 — — — — Net other comprehensive loss — — — — (5.4) — — BALANCE, March 31, 2021 206.1 $ 82.6 $ 8,643.5 $ (5,093.8) $ (93.2) $ (76.0) $ (1.9) Shares Par Value Additional Retained AOCI Treasury Non-controlling 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)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Schedule Of Segment Reporting Information	Segment information for the three months ended March 31, 2021 and 2020 is presented below (in millions): Three Months Ended March 31, 2021 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 97.3 $ 172.6 $ 122.7 $ 37.2 $ (122.7) $ 307.1 Operating expenses Contract drilling (exclusive of depreciation) 98.9 135.4 86.3 17.9 (86.3) 252.2 Loss on impairment 756.5 — — — — 756.5 Depreciation 56.2 52.4 16.1 11.3 (13.9) 122.1 General and administrative — — 3.0 — 21.3 24.3 Equity in earnings of ARO — — — — 1.9 1.9 Operating income (loss) $ (814.3) $ (15.2) $ 17.3 $ 8.0 $ (41.9) $ (846.1) Property and equipment, net $ 5,685.4 $ 3,778.9 $ 729.2 $ 566.3 $ (675.9) $ 10,083.9 Three Months Ended March 31, 2020 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 179.6 $ 212.8 $ 140.3 $ 64.2 $ (140.3) $ 456.6 Operating expenses Contract drilling (exclusive of depreciation) 213.9 226.1 108.3 36.0 (108.3) 476.0 Loss on impairment 2,554.3 253.9 — — — 2,808.2 Depreciation 89.4 58.5 13.0 11.1 (7.5) 164.5 General and administrative — — 8.3 — 45.1 53.4 Equity in (losses) of ARO — — — — (6.3) (6.3) Operating income (loss) $ (2,678.0) $ (325.7) $ 10.7 $ 17.1 $ (75.9) $ (3,051.8) Property and equipment, net $ 7,442.5 $ 4,036.0 $ 740.6 $ 610.9 $ (672.8) $ 12,157.2
Schedule Of Geographic Distribution Of Rigs By Segment	As of March 31, 2021, the geographic distribution of our and ARO's drilling rigs was as follows: Floaters Jackups Other Total Valaris ARO North & South America 5 6 — 11 — Europe & the Mediterranean 7 16 — 23 — Middle East & Africa 2 8 9 19 7 Asia & Pacific Rim 2 6 — 8 — Total 16 36 9 61 7

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	3 Months Ended
	Mar. 31, 2021
Supplemental Financial Information [Abstract]
Accounts Receivable, Net	Accounts receivable, net, consisted of the following (in millions): March 31, December 31, Trade $ 258.3 $ 260.1 Income tax receivable 189.8 190.6 Other 18.0 14.7 466.1 465.4 Allowance for doubtful accounts (16.3) (16.2) $ 449.8 $ 449.2
Other Current Assets	Other current assets consisted of the following (in millions): March 31, December 31, Materials and supplies $ 269.7 $ 279.4 Prepaid taxes 39.2 32.9 Prepaid expenses 28.8 43.4 Deferred costs 15.4 17.4 Other 30.4 24.8 $ 383.5 $ 397.9
Other Assets, Net	Other assets consisted of the following (in millions): March 31, December 31, Tax receivables $ 66.3 $ 66.8 Right-of-use assets 39.0 35.8 Deferred tax assets 22.7 21.9 Supplemental executive retirement plan assets 18.7 22.6 Other 25.8 29.1 $ 172.5 $ 176.2
Schedule of Accrued Liabilities	Accrued liabilities and other consisted of the following (in millions): March 31, December 31, Personnel costs $ 88.4 $ 95.6 Income and other taxes payable 57.6 50.8 Deferred revenue 53.6 57.6 Customer payable 36.8 — Lease liabilities 18.8 15.7 Other 35.4 30.7 $ 290.6 $ 250.4
Other Liabilities	Other liabilities consisted of the following (in millions): March 31, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 290.2 $ 286.1 Pension and other post-retirement benefits 270.2 296.6 Intangible liabilities 50.1 50.4 Lease liabilities 21.1 21.6 Supplemental executive retirement plan liabilities 19.0 22.9 Deferred tax liabilities 15.7 13.7 Deferred revenue 13.9 14.3 Personnel costs 13.6 11.8 Customer payable — 35.5 Other 10.8 9.5 $ 704.6 $ 762.4
Accumulated other comprehensive income	Accumulated other comprehensive income (loss) consisted of the following (in millions): March 31, December 31, Pension and other post-retirement benefits $ (98.1) $ (98.2) Currency translation adjustment 6.6 6.5 Derivative instruments — 5.6 Other (1.7) (1.8) $ (93.2) $ (87.9)
Schedule of Other Nonoperating Income, by Component	Other, net, for the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended 2021 2020 Currency translation adjustments $ 16.6 $ 3.8 Net periodic pension (cost) income, excluding service cost 4.0 3.0 Other income (expense) .5 (6.3) $ 21.1 $ 0.5
Schedule of Revenue by Major Customers by Reporting Segments	Consolidated revenues by customer for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended 2021 2020 BP (1) 15 % 7 % Saudi Aramco (2) 8 % 10 % Total (3) — % 16 % Other 77 % 67 % 100 % 100 % (1) During the three months ended March 31, 2021, 43% of the revenues provided by BP were attributable to our Floaters segment, 15% of the revenues were attributable to our Jackups segment, and the remaining were attributable to our managed rigs. During the three months ended March 31, 2020, 24% of the revenues provided by BP were attributable to our Jackups segment, 12% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. (2) During the three months ended March 31, 2021 and 2020, all Saudi Aramco revenues were attributable to our Jackups segment. (3) During the three months ended March 31, 2020, 89% of revenues provided by Total were attributable to the Floaters segment and the remaining were attributable to the Jackups segment.
Revenue from External Customers by Geographic Areas	Consolidated revenues by region for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended 2021 2020 U.S. Gulf of Mexico (1) $ 56.8 $ 78.7 United Kingdom (2) 56.1 52.5 Norway (2) 54.0 41.0 Saudi Arabia (3) 41.6 83.9 Mexico (4) 38.2 16.0 Angola (5) 19.7 61.5 Other 40.7 123.0 $ 307.1 $ 456.6 (1) During the three months ended March 31, 2021, 65% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment. The remaining revenues were primarily attributable to our managed rigs. During the three months ended March 31, 2020, 57% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 16% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. (2) During the three months ended March 31, 2021 and 2020, all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (3) During the three months ended March 31, 2021, 57% of the revenues earned in Saudi Arabia, were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and related to our rigs leased to ARO and our Secondment Agreement. During the three months ended March 31, 2020, 53% of the revenues earned in Saudi Arabia were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and related to our rigs leased to ARO and certain revenues related to our Secondment Agreement and Transition Services Agreement. (4) During the three months ended March 31, 2021, 56% of the revenues earned in Mexico were attributable to our Floaters segment. The remaining revenues were attributable to our Jackups segment. During the three months ended March 31, 2020, 90% of the revenues earned in Mexico were attributable to our Floaters segment. The remaining revenues were attributable to our Jackups segment.

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Financial Statements (Narrative) (Details)	3 Months Ended
	Mar. 31, 2021
Statement of Financial Position [Abstract]
Plan of Reorganization, Support of Revolving Credit Facility, Percentage	100.00%

Chapter 11 Proceedings and Ab_3

Chapter 11 Proceedings and Ability to Continue as a Going Concern - Narrative (Details) - USD ($)	Feb. 05, 2021	Sep. 25, 2020	Aug. 18, 2020	Aug. 11, 2020	Sep. 14, 2020	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Amount arranged		$ 500,000,000		$ 500,000,000
Support of noteholders	72.00%				72.00%
Emergence from chapter 11 extension period			60 days
Financing interest rate on borrowings outstanding, paid-in-kind				8.00%
Financing interest rate on borrowings outstanding, paid in cash		7.00%
Maximum cash disbursement		15.00%
Borrowings outstanding						$ 0
Shares to be allocated			30.00%
Plan of Reorganization, Support of Revolving Credit Facility, Percentage						100.00%
Backstop commitment agreement, cash settlement			$ 520,000,000
Contractual interest expense						$ 100,300,000
Backstop commitment agreement, note issued			$ 550,000,000
Senior Noteholders
Restructuring Cost and Reserve [Line Items]
Pro rata share			39.00%
Amount arranged				$ 550,000,000
Recovery of claims			100.00%
Shares to be allocated	2.70%
Lenders Under The Revolving Credit Facility
Restructuring Cost and Reserve [Line Items]
Shares to be allocated	2.427%
Debtor-in-Possession Financing, Rights Offering			14.00%
Lenders Under The Revolving Credit Facility | Option One
Restructuring Cost and Reserve [Line Items]
Pro rata share			30.80%
Lenders Under The Revolving Credit Facility | Option Two
Restructuring Cost and Reserve [Line Items]
Pro rata share			27.80%
Senior Noteholders Participating In Rights Offering
Restructuring Cost and Reserve [Line Items]
Pro rata share			29.30%
Senior Noteholder Who Agreed To Backstop The Rights Offering
Restructuring Cost and Reserve [Line Items]
Pro rata share			2.63%
Amount arranged			$ 48,800,000
Holders Of Equity Interests
Restructuring Cost and Reserve [Line Items]
Warrants term			7 years
Warrants for new equity			7.00%
Lenders under Revolving Credit Facility Participating in Rights Offering
Restructuring Cost and Reserve [Line Items]
Pro rata share			0.70%
Lenders under Revolving Credit Facility Participating in Rights Offering | Option One
Restructuring Cost and Reserve [Line Items]
Pro rata share			5.30%
Cash payment			$ 7,800,000
Plan of Reorganization, Share Percentage on New Secured Loans			2.40%
Lenders Under Revolving Credit Facility Not Participating in Rights Offering | Option Two
Restructuring Cost and Reserve [Line Items]
Pro rata share			23.00%
Cash payment			$ 96,100,000
General Rights Offering
Restructuring Cost and Reserve [Line Items]
Pro rata share			97.60%
Lenders Under Revolving Credit Facility Who Agreed to Backstop The Rights Offering
Restructuring Cost and Reserve [Line Items]
Pro rata share			0.07%
Amount arranged			$ 1,200,000
Senior Notes
Restructuring Cost and Reserve [Line Items]
Cash payment			26,000,000
Backstop commitment agreement, premium			50,000,000
Backstop commitment fee			$ 20,000,000
Senior Notes | 6.875% Senior notes due 2020
Restructuring Cost and Reserve [Line Items]
Interest rate on borrowings outstanding			6.875%
Senior Notes | 7.875% Senior notes due 2040
Restructuring Cost and Reserve [Line Items]
Interest rate on borrowings outstanding			7.875%
Senior Notes | 4.875% Senior notes due 2022
Restructuring Cost and Reserve [Line Items]
Interest rate on borrowings outstanding			4.875%
Senior Notes | 4.75% Senior notes due 2024
Restructuring Cost and Reserve [Line Items]
Interest rate on borrowings outstanding			4.75%
Senior Notes | 7.375% Senior notes due 2025
Restructuring Cost and Reserve [Line Items]
Interest rate on borrowings outstanding			7.375%
Senior Notes | 5.40% Senior notes due 2042
Restructuring Cost and Reserve [Line Items]
Interest rate on borrowings outstanding			5.40%
Senior Notes | 5.85% Senior notes due 2044
Restructuring Cost and Reserve [Line Items]
Interest rate on borrowings outstanding			5.85%
Senior Notes | First Lien Secured Notes
Restructuring Cost and Reserve [Line Items]
Backstop commitment agreement, amount arranged			$ 187,500,000
Senior Notes | General Rights Offering
Restructuring Cost and Reserve [Line Items]
Backstop commitment agreement, amount arranged	$ 50,000,000		$ 312,500,000
Senior Notes | 7.20% Debentures due 2027
Restructuring Cost and Reserve [Line Items]
Interest rate on borrowings outstanding			7.20%
Revolving Credit Facility | Option One
Restructuring Cost and Reserve [Line Items]
Cash payment			$ 45,000,000
Revolving Credit Facility | Option Two
Restructuring Cost and Reserve [Line Items]
Cash payment			$ 116,200,000

Chapter 11 Proceedings and Ab_4

Chapter 11 Proceedings and Ability to Continue as a Going Concern - Schedule of Reorganization Items (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reorganizations [Abstract]
Debtor Reorganization Items, Net Gain (Loss) on Rejection of Leases and Other Executory Contracts	$ 0.5
Reorganization items (non-cash)	0.5
Professional fees	47.8
Debtor Reorganization Items, Provision for Expected Allowed Claims	3.9
Reorganization items (fees)	51.7
Total reorganization items, net	52.2	$ 0
Reorganization items (fees) unpaid	35.8
Reorganization items (fees) paid	$ 15.9

Chapter 11 Proceedings and Ab_5

Chapter 11 Proceedings and Ability to Continue as a Going Concern - Schedule of Liabilities Subject to Compromise (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Aug. 18, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Accrued Interest on Senior Notes, Exchangeable Senior Notes, Debentures and Revolving Credit Facility	$ 203.5	$ 203.5
Rig holding costs(1)	13.9	13.9
Liabilities Subject to Compromise	7,313.7	7,313.7		$ 7,313.7
Senior Notes | 6.875% Senior notes due 2020
Debt Instrument [Line Items]
Long-term debt	122.9	122.9
Interest rate on borrowings outstanding			6.875%
Senior Notes | 4.70% Senior notes due 2021
Debt Instrument [Line Items]
Long-term debt	100.7	100.7
Interest rate on borrowings outstanding			4.70%
Senior Notes | 4.875% Senior notes due 2022
Debt Instrument [Line Items]
Long-term debt	620.8	620.8
Interest rate on borrowings outstanding			4.875%
Senior Notes | 3.00% Exchangeable senior notes due 2024
Debt Instrument [Line Items]
Long-term debt	849.5	849.5
Interest rate on borrowings outstanding			3.00%
Senior Notes | 4.50% Senior notes due 2024
Debt Instrument [Line Items]
Long-term debt	303.4	303.4
Interest rate on borrowings outstanding			4.50%
Senior Notes | 4.75% Senior notes due 2024
Debt Instrument [Line Items]
Long-term debt	318.6	318.6
Interest rate on borrowings outstanding			4.75%
Senior Notes | 8.00% Senior notes due 2024
Debt Instrument [Line Items]
Long-term debt	292.3	292.3
Interest rate on borrowings outstanding			8.00%
Senior Notes | 5.20% Senior notes due 2025
Debt Instrument [Line Items]
Long-term debt	333.7	333.7
Interest rate on borrowings outstanding			5.20%
Senior Notes | 7.375% Senior notes due 2025
Debt Instrument [Line Items]
Long-term debt	360.8	360.8
Interest rate on borrowings outstanding			7.375%
Senior Notes | 7.75% Senior notes due 2026
Debt Instrument [Line Items]
Long-term debt	1,000	1,000
Interest rate on borrowings outstanding			7.75%
Senior Notes | 7.20% Debentures due 2027
Debt Instrument [Line Items]
Long-term debt	112.1	112.1
Interest rate on borrowings outstanding			7.20%
Senior Notes | 7.875% Senior notes due 2040
Debt Instrument [Line Items]
Long-term debt	300	300
Interest rate on borrowings outstanding			7.875%
Senior Notes | 5.40% Senior notes due 2042
Debt Instrument [Line Items]
Long-term debt	400	400
Interest rate on borrowings outstanding			5.40%
Senior Notes | 5.75% Senior notes due 2044
Debt Instrument [Line Items]
Long-term debt	1,000.5	1,000.5
Interest rate on borrowings outstanding			5.75%
Senior Notes | 5.85% Senior notes due 2044
Debt Instrument [Line Items]
Long-term debt	400	400
Interest rate on borrowings outstanding			5.85%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 581	$ 581

Chapter 11 Proceedings and Ab_6

Chapter 11 Proceedings and Ability to Continue as a Going Concern - Debtor-in-Possession Condensed Combined Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
OPERATING REVENUES	$ 307.1	$ 456.6
OPERATING EXPENSES
Contract drilling (exclusive of depreciation)	252.2	476
Loss on impairment	756.5	2,808.2
Depreciation expense	122.1	164.5
General and administrative	24.3	53.4
Total operating expenses	1,155.1	3,502.1
EQUITY IN EARNINGS OF ARO	1.9	(6.3)
OPERATING LOSS	(846.1)	(3,051.8)
OTHER INCOME (EXPENSE)
Interest income	2.6	4.8
Interest expense, net	1.3	113.2
Reorganization items, net	52.2	0
Other, net	21.1	0.5
OTHER INCOME (EXPENSE), NET	(29.8)	(107.9)
LOSS BEFORE INCOME TAXES	(875.9)	(3,159.7)
INCOME TAX PROVISION	31.7	(152)
Net loss	(907.6)	$ (3,007.7)
Valaris, PLC And Certain Subsidiaries Party To The Bankruptcy Cases
Restructuring Cost and Reserve [Line Items]
Operating revenues	250.1
Total revenue from ARO	20.6
OPERATING REVENUES	270.7
OPERATING EXPENSES
Contract drilling (exclusive of depreciation)	207.7
Loss on impairment	756.5
Depreciation expense	113.9
General and administrative	24.2
Operating expense for non-debtor subsidiaries	17.7
Total operating expenses	1,120
EQUITY IN EARNINGS OF ARO	1.9
OPERATING LOSS	(847.4)
OTHER INCOME (EXPENSE)
Interest income	2.6
Interest Income for non-debtor subsidiaries	58.6
Interest expense, net	1.3
Interest expense for non-debtor subsidiaries	66.4
Reorganization items, net	52.2
Other, net	18.9
OTHER INCOME (EXPENSE), NET	(39.8)
LOSS BEFORE INCOME TAXES	(887.2)
EQUITY IN LOSSES OF SUBSIDIARIES	(12.5)
INCOME TAX PROVISION	15
Net loss	$ (914.7)

Chapter 11 Proceeding and Abili

Chapter 11 Proceeding and Ability to Continue as a Going Concern - Debtor-in-Possession Condensed Balance Sheet (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 291,700,000	$ 325,800,000	$ 184,900,000	$ 97,200,000
Accounts receivable, net	449,800,000	449,200,000
Other current assets	383,500,000	397,900,000
Total current assets	1,125,000,000	1,172,900,000
PROPERTY AND EQUIPMENT, AT COST	12,125,900,000	13,209,300,000
Less accumulated depreciation	2,042,000,000	2,248,800,000
Property and equipment, net	10,083,900,000	10,960,500,000	12,157,200,000
LONG-TERM NOTES RECEIVABLE FROM ARO	442,700,000	442,700,000
INVESTMENT IN ARO	122,800,000	120,900,000
OTHER ASSETS	172,500,000	176,200,000
Total assets	11,946,900,000	12,873,200,000
CURRENT LIABILITIES
Accounts payable - trade	176,800,000	176,400,000
Accrued liabilities and other	290,600,000	250,400,000
Total current liabilities	467,400,000	426,800,000
OTHER LIABILITIES	704,600,000	762,400,000
Total liabilities not subject to compromise	1,172,000,000	1,189,200,000
Liabilities subject to compromise	7,313,700,000	7,313,700,000	$ 7,313,700,000
Total debtors' equity	3,461,200,000	4,370,300,000
Total liabilities and shareholders' equity	11,946,900,000	12,873,200,000
Valaris, PLC And Certain Subsidiaries Party To The Bankruptcy Cases
CURRENT ASSETS
Cash and cash equivalents	186,200,000	228,900,000
Accounts receivable, net	389,100,000	382,500,000
Accounts receivable from non-debtor subsidiaries	2,804,700,000	2,812,000,000
Other current assets	360,600,000	377,400,000
Total current assets	3,740,600,000	3,800,800,000
PROPERTY AND EQUIPMENT, AT COST	11,172,800,000	12,256,100,000
Less accumulated depreciation	1,758,800,000	1,973,800,000
Property and equipment, net	9,414,000,000	10,282,300,000
LONG-TERM NOTES RECEIVABLE FROM ARO	442,700,000	442,700,000
LONG-TERM NOTES RECEIVABLE FROM NON-DEBTOR SUBSIDIARIES	2,205,300,000	2,205,300,000
INVESTMENT IN ARO	122,800,000	120,900,000
INVESTMENTS IN NON-DEBTOR SUBSIDIARIES	573,400,000	585,900,000
OTHER ASSETS	151,900,000	158,200,000
Total assets	16,650,700,000	17,596,100,000
CURRENT LIABILITIES
Accounts payable - trade	152,100,000	149,400,000
Accrued liabilities and other	235,400,000	196,200,000
Total current liabilities	387,500,000	345,600,000
LONG-TERM NOTES PAYABLE TO NON-DEBTOR SUBSIDIARIES	2,548,600,000	2,548,600,000
OTHER LIABILITIES	531,300,000	602,300,000
Total liabilities not subject to compromise	3,467,400,000	3,496,500,000
Liabilities subject to compromise	7,313,700,000	7,313,700,000
Total debtors' equity	5,869,600,000	6,785,900,000
Total liabilities and shareholders' equity	$ 16,650,700,000	$ 17,596,100,000

Chapter 11 Proceeding and Abi_2

Chapter 11 Proceeding and Ability to Continue as a Going Concern - Condensed Combined Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net loss	$ (907.6)	$ (3,007.7)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on impairment	756.5	2,808.2
Share-based compensation expense	3.8	7.8
Depreciation expense	122.1	164.5
Amortization, net	(4.6)	2.8
Equity in losses (earnings) of ARO	(1.9)	6.3
Contributions to pension plans and other post-retirement benefits	(22.2)	(4)
Other	0.4	9.7
Changes in operating assets and liabilities	20.9	(129.9)
Net cash used in operating activities	(31.7)	(204.4)
INVESTING ACTIVITIES
Additions to property and equipment	(6)	(36.3)
Net proceeds from disposition of assets	3.7	10.4
Net cash used in investing activities	(2.3)	(25.9)
FINANCING ACTIVITIES
NET INCREASE IN CASH AND CASH EQUIVALENTS	(34.1)	$ 87.7
Valaris, PLC And Certain Subsidiaries Party To The Bankruptcy Cases
OPERATING ACTIVITIES
Net loss	(914.7)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on impairment	756.5
Share-based compensation expense	3.8
Depreciation expense	113.9
Equity in losses of non-debtor subsidiaries	12.5
Amortization, net	(4.6)
Equity in losses (earnings) of ARO	(1.9)
Contributions to pension plans and other post-retirement benefits	(22.2)
Net cash used in operating activities	7.3
Other	0.7
Changes in operating assets and liabilities	8.3
Net cash used in operating activities	(40.4)
INVESTING ACTIVITIES
Additions to property and equipment	(6)
Net proceeds from disposition of assets	3.7
Net cash used in investing activities	(2.3)
FINANCING ACTIVITIES
NET INCREASE IN CASH AND CASH EQUIVALENTS	(42.7)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	228.9
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 186.2

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Net	$ 18.9
Upfront Rig Mobilizations And Certain Contract Preparation [Member]
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Net	11.2		$ 13.8
Capitalized Contract Cost, Amortization	5.8	$ 11.5
Deferred Certification Costs
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Net	7.7		$ 8.4
Capitalized Contract Cost, Amortization	$ 2.6	$ 3.1
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	2 years

Revenue from Contracts with C_4

Revenue from Contracts with Customers Components of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Current contract assets	$ 2.3	$ 1.4
Noncurrent contract assets	0.3	0.4
Current contract liabilities (deferred revenue)	53.6	57.6
Noncurrent contract liabilities (deferred revenue)	$ 13.9	$ 14.3

Revenue from Contracts with C_5

Revenue from Contracts with Customers Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 2.6	$ 1.8
Contract with Customer, Liability	67.5	$ 71.9
Revenue recognized in advance of right to bill customer	2
Increase due to cash received	9.4
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance	(13.8)
Decrease due to transfer to receivables during the period	$ (1.2)

Revenue from Contracts with C_6

Revenue from Contracts with Customers Future Amortization of Liabilities and Deferred Costs (Details) $ in Millions	Mar. 31, 2021USD ($)
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 67.5
Capitalized Contract Cost, Net	18.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Amount	51.3
Capitalized Contract Cost, Amortization Expense, Remainder Of Fiscal Year	$ 14.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 15.6
Capitalized Contract Cost, Amortization Expense, Year Two	$ 3.5
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
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 0.6
Capitalized Contract Cost, Amortization Expense, Year Three	$ 0.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 0
Capitalized Contract Cost, Amortization Expense, Year Four and Thereafter	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Equity Method Investment In A_3

Equity Method Investment In ARO - Summarized Financial Data (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Equity Method Investment, Summarized Financial Information [Abstract]
Total current assets	$ 1,125		$ 1,172.9
Total assets	11,946.9		12,873.2
Total current liabilities	467.4		426.8
Investment Owned, Balance [Abstract]
Equity in earnings (losses) of ARO	1.9	$ (6.3)
ARO
Equity Method Investment, Summarized Financial Information [Abstract]
Total current assets	582		585.2
Total liabilities	34.9		30.9
Maximum exposure to loss	547.1		554.3
Investment Owned, Balance [Abstract]
50% interest in ARO net income	4.1	1.6
Amortization of basis differences	(2.2)	(7.9)
Equity in earnings (losses) of ARO	1.9	(6.3)
ARO
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Equity Method Investment Summarized Fin Information Revenue	122.7	140.3
Contract drilling (exclusive of depreciation)	86.3	108.3
Depreciation	16.1	13
General and administrative	3	8.3
Operating income	17.3	10.7
Other expense, net	4.5	6.6
Provision for income taxes	4.5	0.9
Equity Method Investment Summarized Fin Information Net Income Loss	8.3	$ 3.2
Equity Method Investment, Summarized Financial Information [Abstract]
Total current assets	364.6		358.6
Assets, Noncurrent	789		804
Total assets	1,153.6		1,162.6
Total current liabilities	52.3		70.8
Liabilities, Noncurrent	952.1		950.8
Total liabilities	$ 1,004.4		$ 1,021.6

Equity Method Investment in A_4

Equity Method Investment in ARO - Schedule of Related Parties (Details) - ARO - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Lease revenue	$ 16.6	$ 21.5
Secondment Revenue, Related Party	0.8	18.3
Transition services revenue, Related Party	0	3.5
Total revenue from ARO	$ 17.4	$ 43.3

Equity Method Investment In A_5

Equity Method Investment In ARO Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)drillshipjackup	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Rigs Owned by ARO | jackup	7
Total Number Of Contract Drilling Rigs	61
ARO Rigs Under Construction | drillship	2
Number of jackups leased by ARO | jackup	9
Contracts Terms On Purchased Rigs	15 years
Number of Newbuild Jackup Rigs | jackup	20
Order Period	10 years
Cost of ARO newbuild jackups, each	$ 176
Maximum Contingent Contributions To Joint Venture	$ 1,250
Minimum Renewal Contract Terms For NewBuild Rigs	8 years
Equity Method Investment Summarized Financial Information Accounts Receivable	$ 13.9		$ 21.6
Equity Method Investment Summarized Financial Information Accounts Payable		$ 34.9	30.9
LONG-TERM NOTES RECEIVABLE FROM ARO	442.7		$ 442.7
Equity Method Investment Summarized Financial Information Interest Income	2.6	$ 4.6
Equity Method Investment Summarized Financial Information Interest Receivable	$ 2.6
ARO
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs | jackup	7
Middle East & Africa
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	19
Middle East & Africa | ARO
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs | jackup	7
Middle East & Africa | Work-in-progress | ARO
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs | drillship	2
ARO
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Supplemental executive retirement plan assets	$ 18.7	$ 22.6
Total Financial Assets	18.7	22.6
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		22.6
Total Financial Assets	18.7	22.6
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
Total Financial Assets	0	0
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
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 ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities Subject to Compromise	$ 7,313.7	$ 7,313.7	$ 7,313.7
Debt Instrument, Convertible, Carrying Amount of Equity Component	220
Letters of credit outstanding, amount	116.6
Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Letters of credit outstanding, amount	$ 26	27
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%
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%
4.875% 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	4.875%
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%
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%
4.75% 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%
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%
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%
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	7.375%
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%
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%
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%
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%
5.75% 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%
5.85% 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%
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	$ 7,096.3	7,096.3
Liabilities Subject to Compromise	7,096.3	7,096.3
LONG-TERM DEBT	0	0
Reported Value Measurement [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities Subject to Compromise	6,500	6,500
Reported Value Measurement [Member] | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	581	581
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	122.9	122.9
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	100.7	100.7
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	620.8	620.8
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	849.5	849.5
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	303.4	303.4
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	318.6	318.6
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	292.3	292.3
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	333.7	333.7
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	360.8	360.8
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	1,000	1,000
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	112.1	112.1
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	300	300
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	400	400
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	1,000.5	1,000.5
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	400	400
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	1,418.1	940.8
Liabilities Subject to Compromise	1,418.1	940.8
Long-term Debt, Fair Value	0	0
Estimate of Fair Value Measurement [Member] | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	581	581
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	20.8	8.6
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	12.5	4.5
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	81.3	32.9
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	101.9	76.5
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	36.7	13.7
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	43.6	18.8
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	58.8	12.9
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	38	12.7
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	49.8	20.9
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	111	44
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	14.2	5.7
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	54	21
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	53.2	23.6
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	108.1	38
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	$ 53.2	$ 26

Property and Equipment (Schedul

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	$ 12,125.9	$ 13,209.3
Drilling rigs and equipment
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	11,497.2	12,584.4
Work-in-progress
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	444.2	446.1
Other
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	$ 184.5	$ 178.8

Property and Equipment (Narrati

Property and Equipment (Narratives) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2021USD ($)$ / bbl	Mar. 31, 2020USD ($)	Sep. 30, 2020$ / bbl	Dec. 31, 2020USD ($)
Property, Plant and Equipment [Line Items]
Loss on impairment	$ 756.5	$ 2,808.2
Oil and Gas, Average Sale Price | $ / bbl	20		60
Floaters, Jackups And Spare Equipment
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use		2,800
Property, Plant, and Equipment, Fair Value Disclosure	$ 26	$ 72.3
Office Building
Property, Plant and Equipment [Line Items]
Assets Held-for-sale, Not Part of Disposal Group				$ 2.3

Pension and other Postretirem_3

Pension and other Postretirement Benefits - Narrative (Schedule of Net Benefit Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Retirement Benefits [Abstract]
Defined Benefit Plan, Service Cost	$ 0	$ 0.6
Defined Benefit Plan, Interest Cost	5	6.5
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(9.1)	(9.5)
Defined Benefit Plan, Amortization of Gain (Loss)	0.1	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (4)	$ (2.4)

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Retirement Benefits [Abstract]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 22.2
Defined Benefit Plan, Plan Assets, Contributions By Employer, Related To Prior Year		$ 7	$ 5.3
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$ 2.7

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivatives not designated as hedging instruments	$ (0.1)

Derivative Instruments (Gains A

Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Net change in fair value of derivatives	$ 0	$ (12,900,000)
Foreign Exchange Forward | Loss on Impairment
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)	5,600,000
Cash Flow Hedges
Derivative [Line Items]
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)	0	(12,900,000)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)	(5,600,000)	(100,000)
Net change in fair value of derivatives	0
Cash Flow Hedges | Foreign Exchange Forward
Derivative [Line Items]
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)		(12,900,000)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)	$ (5,600,000)	(100,000)
Cash Flow Hedges | Foreign Exchange Forward | Contract Drilling
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)		(900,000)
Cash Flow Hedges | Foreign Exchange Forward | Depreciation Expense
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)		$ 1,000,000

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - USD ($) $ in Millions	Aug. 18, 2020	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent		$ (910)	$ (3,000)
Income (Loss) from Continuing Operations Attributable to Parent, Available to Common Stockholders		$ (910)	$ (3,000)
Antidilutive share options excluded from computation of diluted earnings per share (in shares)		300,000	400,000
Holders Of Equity Interests
Restructuring Cost and Reserve [Line Items]
Warrants term	7 years
Warrants for new equity	7.00%
Senior Noteholders
Restructuring Cost and Reserve [Line Items]
Recovery of claims	100.00%

Debt Debt (Narrative) (Details)

Debt Debt (Narrative) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Sep. 25, 2020	Aug. 11, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Amount arranged			$ 500,000,000	$ 500,000,000
Borrowings outstanding	$ 0
Liabilities Subject to Compromise	7,313,700,000	$ 7,313,700,000			$ 7,313,700,000
Letters of credit outstanding, amount	116,600,000
Accrued Interest on Senior Notes, Exchangeable Senior Notes, Debentures and Revolving Credit Facility	203,500,000	203,500,000
Line of Credit Facility, Current Borrowing Capacity	1,600,000,000
Reported Value Measurement [Member]
Debt Instrument [Line Items]
Liabilities Subject to Compromise	7,096,300,000	7,096,300,000
Long-term Debt	7,096,300,000	7,096,300,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding	581,000,000
Letters of credit outstanding, amount	26,000,000	27,000,000
Senior Notes | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Liabilities Subject to Compromise	6,500,000,000	6,500,000,000
Accrued Interest on Senior Notes, Exchangeable Senior Notes, Debentures and Revolving Credit Facility	201,900,000	201,900,000
Convertible Debt [Member] | Three percent exchangeable senior notes due twenty twenty four [Member] | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 849,500,000	$ 849,500,000

Shareholders Equity Shareholder

Shareholders Equity Shareholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total debtors' equity	$ 3,461.2				$ 4,370.3
Net loss	(907.6)		$ (3,007.7)
Other Comprehensive Income (Loss), Net of Tax	(5.3)		$ (13.4)
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Issued		206.1		205.9	206.1	205.9
Total debtors' equity		$ 82.6		$ 82.5	$ 82.6	$ 82.5
Additional Paid-in Capital [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total debtors' equity		8,643.5		8,634.9	8,639.9	8,627.8
Shares Issued Under Share Based Compensation Plans, Amount		(0.2)		(0.7)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition		3.8		7.8
Retained Earnings [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total debtors' equity		(5,093.8)		(2,334.6)	(4,183.8)	671.7
Net loss		(910)		(3,006.3)
AOCI Attributable to Parent [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total debtors' equity		(93.2)		(7.2)	(87.9)	6.2
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax	$ 0.1
Other Comprehensive Income (Loss), Net of Tax		(5.4)		(13.4)
Treasury Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total debtors' equity		(76)		(77.3)	(76.2)	(77.3)
Shares Issued Under Share Based Compensation Plans, Amount		0.2		0.9
Stock Repurchased During Period, Value				(0.9)
Noncontrolling Interest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total debtors' equity		(1.9)		(2.7)	$ (4.3)	$ (1.3)
Net loss		$ 2.4		$ (1.4)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) € in Millions, $ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)	Mar. 31, 2021AUD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020AUD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Apr. 11, 2019USD ($)	Apr. 11, 2019EUR (€)
Income Tax Contingency [Line Items]
Discrete Income Tax Expense (Benefit)	$ (20.3)					$ 164.4
Income tax expense, adjusted for discrete items	11.4					$ 12.4
Unrecognized tax benefits (inclusive of interest and penalties)	290.2						$ 286.1
Australian Taxation Office [Member] | Rowan Companies [Member]
Income Tax Contingency [Line Items]
Income Tax Examination, Estimate of Possible Loss	76.7		$ 101
Income Tax Examination, Penalties and Interest Expense				$ 29	$ 42
Unrecognized tax benefits (inclusive of interest and penalties)	18
Luxembourg Inland Revenue [Member] | Rowan Companies [Member]
Income Tax Contingency [Line Items]
Income Tax Examination, Estimate of Possible Loss	166.6	€ 142
Income Tax Examination, Penalties Accrued								$ 109.1	€ 93
Luxembourg Inland Revenue [Member] | Rowan Companies [Member] | Uncertain Tax Positions
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	92.7	79
Luxembourg Inland Revenue [Member] | Rowan Companies [Member] | Wealth tax
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	$ 2.3	€ 2

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) $ in Millions	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Maximum Contingent Contributions To Joint Venture	$ 1,250
Letters of credit outstanding, amount	116.6
Deposit Liabilities, Collateral Issued, Financial Instruments	$ 12.7

Segment Information (Narrative)

Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2021jackupdrillshiprigsReportable_segment
Segment Reporting Information [Line Items]
Number of operating segments (in segments) | Reportable_segment	4
Total Number Of Contract Drilling Rigs	61
Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	9
ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs | jackup	7
Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	16
Asia & Pacific Rim
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	8
Asia & Pacific Rim | Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
Asia & Pacific Rim | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
Asia & Pacific Rim | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	2
Asia & Pacific Rim | Work-in-progress | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs | drillship	2
North & South America
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	11
North & South America | Other
Segment Reporting Information [Line Items]
Number of Drilling Management Contracts	2
Total Number Of Contract Drilling Rigs	0
North & South America | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
North & South America | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	5
Middle East & Africa
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	19
Middle East & Africa | Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs | rigs	9
Middle East & Africa | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs | jackup	7
Middle East & Africa | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	2
Middle East & Africa | Work-in-progress | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs | drillship	2

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 307.1	$ 456.6
Operating Expenses [Abstract]
Contract drilling (exclusive of depreciation)	252.2	476
Loss on impairment	756.5	2,808.2
Depreciation expense	122.1	164.5
General and administrative	24.3	53.4
Equity in losses (earnings) of ARO	(1.9)	6.3
OPERATING LOSS	(846.1)	(3,051.8)
Property, Plant and Equipment, Net	(10,083.9)	(12,157.2)	$ (10,960.5)
Operating Segments [Member] | Floaters
Segment Reporting Information [Line Items]
Revenues	97.3	179.6
Operating Expenses [Abstract]
Contract drilling (exclusive of depreciation)	98.9	213.9
Loss on impairment	756.5	2,554.3
Depreciation expense	56.2	89.4
General and administrative	0	0
Equity in losses (earnings) of ARO	0	0
OPERATING LOSS	(814.3)	(2,678)
Property, Plant and Equipment, Net	(5,685.4)	(7,442.5)
Operating Segments [Member] | Jackups
Segment Reporting Information [Line Items]
Revenues	172.6	212.8
Operating Expenses [Abstract]
Contract drilling (exclusive of depreciation)	135.4	226.1
Loss on impairment	0	253.9
Depreciation expense	52.4	58.5
General and administrative	0	0
Equity in losses (earnings) of ARO	0	0
OPERATING LOSS	(15.2)	(325.7)
Property, Plant and Equipment, Net	(3,778.9)	(4,036)
Operating Segments [Member] | ARO
Segment Reporting Information [Line Items]
Revenues	122.7	140.3
Operating Expenses [Abstract]
Contract drilling (exclusive of depreciation)	86.3	108.3
Loss on impairment	0	0
Depreciation expense	16.1	13
General and administrative	3	8.3
Equity in losses (earnings) of ARO	0	0
OPERATING LOSS	17.3	10.7
Property, Plant and Equipment, Net	(729.2)	(740.6)
Operating Segments [Member] | Other
Segment Reporting Information [Line Items]
Revenues	37.2	64.2
Operating Expenses [Abstract]
Contract drilling (exclusive of depreciation)	17.9	36
Loss on impairment	0	0
Depreciation expense	11.3	11.1
General and administrative	0	0
Equity in losses (earnings) of ARO	0	0
OPERATING LOSS	8	17.1
Property, Plant and Equipment, Net	(566.3)	(610.9)
Corporate, Non-Segment [Member] | Reconciling Items
Segment Reporting Information [Line Items]
Revenues	(122.7)	(140.3)
Operating Expenses [Abstract]
Contract drilling (exclusive of depreciation)	(86.3)	(108.3)
Loss on impairment	0	0
Depreciation expense	(13.9)	(7.5)
General and administrative	21.3	45.1
Equity in losses (earnings) of ARO	(1.9)	6.3
OPERATING LOSS	(41.9)	(75.9)
Property, Plant and Equipment, Net	$ 675.9	$ 672.8

Segment Information (Schedule_2

Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)	Mar. 31, 2021jackuprigs
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	61
Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	16
Jackups
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	36
Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	9
ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	7
North & South America
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	11
North & South America | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	5
North & South America | Jackups
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	6
North & South America | Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
North & South America | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
Europe & the Mediterranean
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	23
Europe & the Mediterranean | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	7
Europe & the Mediterranean | Jackups
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	16
Europe & the Mediterranean | Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
Europe & the Mediterranean | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
Middle East & Africa
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	19
Middle East & Africa | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	2
Middle East & Africa | Jackups
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	8
Middle East & Africa | Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs | rigs	9
Middle East & Africa | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	7
Asia & Pacific Rim
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	8
Asia & Pacific Rim | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	2
Asia & Pacific Rim | Jackups
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	6
Asia & Pacific Rim | Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
Asia & Pacific Rim | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0

Supplemental Financial Inform_3

Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 466.1	$ 465.4
Allowance for doubtful accounts	(16.3)	(16.2)
Accounts receivable, net	449.8	449.2
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	258.3	260.1
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	18	14.7
Income Tax Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 189.8	$ 190.6

Supplemental Financial Inform_4

Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Materials and supplies	$ 269.7	$ 279.4
Prepaid taxes	39.2	32.9
Prepaid expenses	28.8	43.4
Deferred costs	15.4	17.4
Other	30.4	24.8
Other current assets	$ 383.5	$ 397.9

Supplemental Financial Inform_5

Supplemental Financial Information (Other Assets, Net) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Tax receivables	$ 66.3	$ 66.8
Right-of-use assets	39	35.8
Deferred Income Tax Assets, Net	22.7	21.9
Supplemental executive retirement plan assets	18.7	22.6
Other	25.8	29.1
Other assets, net	$ 172.5	$ 176.2

Supplemental Financial Inform_6

Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Personnel costs	$ 88.4	$ 95.6
Income and other taxes payable	57.6	50.8
Deferred revenue	53.6	57.6
Customer payable	36.8
Operating Lease, Liability, Current	18.8	15.7
Other	35.4	30.7
Accrued liabilities and other	$ 290.6	$ 250.4

Supplemental Financial Inform_7

Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Unrecognized tax benefits (inclusive of interest and penalties)	$ 290.2	$ 286.1
Pension and other post-retirement benefits	270.2	296.6
Intangible Liabilities Noncurrent	50.1	50.4
Operating Lease, Liability, Noncurrent	21.1	21.6
Supplemental executive retirement plan liabilities	19	22.9
Deferred Tax Liabilities, Net	15.7	13.7
Deferred revenue	13.9	14.3
Personnel costs	13.6	11.8
Customer payable		35.5
Other	10.8	9.5
Other liabilities	$ 704.6	$ 762.4

Supplemental Financial Inform_8

Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	$ (98.1)	$ (98.2)
Currency translation adjustment	6.6	6.5
Derivative instruments	0	5.6
Other	(1.7)	(1.8)
Accumulated other comprehensive loss	$ (93.2)	$ (87.9)

Supplemental Financial Inform_9

Supplemental Financial Information Supplemental Financial Information (Other Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental Financial Information [Abstract]
Currency translation adjustments	$ 16.6	$ 3.8
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	4	3
Gain on bargain purchase and measurement period adjustments	0	(6.3)
Gain on extinguishment of debt	0	3.1
Other income (expense)	0.5	(6.3)
Other, net	$ 21.1	$ 0.5

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
	Mar. 31, 2021	Mar. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	100.00%	100.00%
British Petroleum [Domain]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	15.00%	7.00%
Saudi Aramco
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	8.00%	10.00%
Total S.A.
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	0.00%	16.00%
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	77.00%	67.00%
Floaters | British Petroleum [Domain]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	43.00%	12.00%
Floaters | Total S.A.
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage		89.00%
Jackups | British Petroleum [Domain]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	15.00%	24.00%

Supplemental Financial Infor_11

Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	$ 307.1	$ 456.6
Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	307.1	456.6
SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	41.6	83.9
UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	56.1	52.5
US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	56.8	78.7
ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	19.7	61.5
Other | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	40.7	123
NORWAY | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	54	41
MEXICO | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	$ 38.2	$ 16
Floaters | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	65.00%	57.00%
Floaters | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage		82.00%
Floaters | MEXICO | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	56.00%	90.00%
Jackups | SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	57.00%	53.00%
Jackups | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage		16.00%