Valaris Limited (VAL) 10-K 22 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 17, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Annual Report	true
Document Transition Report	false
Entity File Number	1-8097
Entity Registrant Name	Valaris Limited
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1589854
Entity Address, Address Line One	Clarendon House, 2 Church Street
Entity Address, City or Town	Hamilton
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM 11
City Area Code	+44 (0)
Local Phone Number	20 7659 4660
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,900,000,000
Entity Common Shares, Shares Outstanding		75,000,057
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0000314808
Class A Ordinary Shares, U.S. [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Shares, $0.01 par value share
Trading Symbol	VAL
Security Exchange Name	NYSE
Warrant
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Common Shares
Trading Symbol	VAL WS
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Houston, Texas
Auditor Firm ID	185

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Total operating revenues	$ 397.4	$ 835	$ 1,427.2	$ 2,053.2
OPERATING EXPENSES
Contract drilling (exclusive of depreciation)	343.8	728.7	1,470.4	1,807.8
Asset Impairment Charges	756.5	0	3,646.2	104
Depreciation	159.6	66.1	540.8	609.7
General and administrative	30.7	58.2	214.6	188.9
Total operating expenses	1,290.6	853	5,872	2,710.4
Other Operating Income	0	0	118.1	0
EQUITY IN EARNINGS (LOSSES) OF ARO	3.1	6.1	(7.8)	(12.6)
OPERATING LOSS	(890.1)	(11.9)	(4,334.5)	(669.8)
OTHER INCOME (EXPENSE)
Interest income	3.6	28.5	19.7	28.1
Interest expense, net	(2.4)	(31)	(290.6)	(428.3)
Reorganization Items	(3,584.6)	(15.5)	(527.6)	0
Other, net	25.9	38.1	16	1,006.2
Other income (expense), net	(3,557.5)	20.1	(782.5)	606
INCOME (LOSS) BEFORE INCOME TAXES	(4,447.6)	8.2	(5,117)	(63.8)
PROVISION FOR INCOME TAXES
Current income tax expense	34.4	58.7	(153.7)	104.5
Deferred income tax expense (benefit)	(18.2)	(21.3)	(105.7)	23.9
Total provision for income taxes	16.2	37.4	(259.4)	128.4
NET LOSS	(4,463.8)	(29.2)	(4,857.6)	(192.2)
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(3.2)	(3.8)	2.1	(5.8)
NET LOSS ATTRIBUTABLE TO VALARIS	$ (4,467)	$ (33)	$ (4,855.5)	$ (198)
LOSS PER SHARE - BASIC AND DILUTED
Continuing operations	$ (22.38)	$ (0.44)	$ (24.42)	$ (1.14)
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic and Diluted	199.6	75	198.9	173.4

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
NET LOSS	$ (4,463.8)	$ (29.2)	$ (4,857.6)	$ (192.2)
OTHER COMPREHENSIVE INCOME (LOSS), NET
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits	0.1	(9.1)	(76.3)	(21.7)
Other Comprehensive Income (Loss), Defined Benefit Plan Settlement Gain (Loss), net of Tax	0	0	(0.2)	0
Net change in fair value of derivatives	0	0	(5.4)	1.6
Reclassification of net (gains) losses on derivative instruments from other comprehensive loss into net loss	(5.6)	0	(11.6)	8.3
Other	0	0	(0.6)	(0.2)
NET OTHER COMPREHENSIVE INCOME (LOSS)	(5.5)	(9.1)	(94.1)	(12)
COMPREHENSIVE LOSS	(4,469.3)	(38.3)	(4,951.7)	(204.2)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(3.2)	(3.8)	2.1	(5.8)
COMPREHENSIVE LOSS ATTRIBUTABLE TO VALARIS	$ (4,472.5)	$ (42.1)	$ (4,949.6)	$ (210)

Statement of Comprehensive Inco

Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Total provision for income taxes		$ 5.9
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax	$ (0.1)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 608.7	$ 325.8
Restricted Cash	35.9	11.4
Accounts receivable, net	444.2	449.2
Other	117.8	386.5
Total current assets	1,206.6	1,172.9
PROPERTY AND EQUIPMENT, AT COST	957	13,209.3
Less accumulated depreciation	66.1	2,248.8
Property and equipment, net	890.9	10,960.5
LONG-TERM NOTES RECEIVABLE FROM ARO	249.1	442.7
INVESTMENT IN ARO	86.6	120.9
OTHER ASSETS	176	176.2
TOTAL ASSETS	2,609.2	12,873.2
CURRENT LIABILITIES
Accounts payable - trade	225.8	176.4
Accrued liabilities and other	196.2	250.4
Liabilities, Current	422	426.8
LONG-TERM DEBT	545.3	0
OTHER LIABILITIES	581.1	762.4
Liabilities Not Subject to Compromise	1,548.4	1,189.2
Liabilities Subject to Compromise	0	7,313.7
COMMITMENTS AND CONTINGENCIES
ENSCO SHAREHOLDERS' EQUITY
Warrants and Rights Outstanding	16.4	0
Additional paid-in capital	1,083	8,639.9
Retained earnings	(33)	(4,183.8)
Accumulated other comprehensive income	(9.1)	(87.9)
Treasury Stock, Value	0	(76.2)
Total Valaris shareholders' equity	1,058.1	4,374.6
NONCONTROLLING INTERESTS	2.7	(4.3)
Total equity	1,060.8	4,370.3
Total liabilities and shareholders' equity	2,609.2	12,873.2
Class A Ordinary Shares, U.S. [Member]
ENSCO SHAREHOLDERS' EQUITY
Common shares, value	0	82.5
Common Class B, Par Value In GBP [Member]
ENSCO SHAREHOLDERS' EQUITY
Common shares, value	0	0.1
Preferred Stock
ENSCO SHAREHOLDERS' EQUITY
Common shares, value	0	0
Common Stock [Member]
ENSCO SHAREHOLDERS' EQUITY
Common shares, value	$ 0.8	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical)	Dec. 31, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares	Dec. 31, 2020£ / sharesshares
Common shares, par value | $ / shares	$ 0.01
Common shares, shares issued	75,000,000
Common Stock, Shares Authorized	700,000,000
Treasury shares, shares held		6,600,000	6,600,000
Class A Ordinary Shares, U.S. [Member]
Common shares, par value | $ / shares		$ 0.40
Common shares, shares issued		206,100,000	206,100,000
Common Class B, Par Value In GBP [Member]
Common shares, par value | £ / shares			£ 1
Common shares, shares issued		50,000,000,000	50,000,000,000
Preferred Stock
Common shares, par value | $ / shares	$ 0.01
Common shares, shares issued	0
Common Stock, Shares Authorized	150,000,000

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Net loss	$ (4,463,800)	$ (29,200)	$ (4,857,600)	$ (192,200)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	159,600	66,100	540,800	609,700
Gain (Loss) on Disposition of Assets	(6,000)	(21,200)	(11,800)	(1,800)
Amortization Of Debt Issuance Costs, Notes Receivable	0	(20,800)	0	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	(5,400)	(8,700)	(14,600)	(4,300)
EQUITY IN EARNINGS (LOSSES) OF ARO	3,100	6,100	(7,800)	(12,600)
Deferred income tax expense	(18,200)	(21,300)	(105,700)	23,900
Amortization, Net	(4,800)	2,300	6,200	(16,800)
Share-based Payment Arrangement, Noncash Expense	4,800	4,300	21,400	37,300
Amortization of Debt Discount (Premium)	0	500	36,800	31,500
Asset Impairment Charges	756,500	0	3,646,200	104,000
Business Combination, Bargain Purchase, Gain Recognized And Adjustment	0	0	6,300	(637,000)
Gain (Loss) on Extinguishment of Debt	0	0	3,100	194,100
Debtor in Possession financing fees and payments on Backstop Agreement	0	0	40,000	0
Professional fees	3,487,300	0	436,400	0
Other Noncash Income (Expense)	(7,300)	(300)	(33,300)	(16,000)
Changes in operating assets and liabilities, net of acquisition	(68,500)	(10,300)	22,000	52,500
Payment for Pension Benefits	22,500	2,700	12,100	13,200
Net Cash Provided by (Used in) Operating Activities, Total	(39,800)	(26,200)	(251,700)	(276,900)
INVESTING ACTIVITIES
Additions to property and equipment	(8,700)	(50,200)	(93,800)	(227,000)
Proceeds from Sale of Property, Plant, and Equipment	30,100	25,100	51,800	17,700
Cash Acquired from Acquisition	0	0	0	931,900
Maturities of short-term investments	0	0	0	474,000
Purchases of short-term investments	0	0	0	(145,000)
Net Cash Provided by (Used in) Investing Activities, Total	21,400	(25,100)	(42,000)	1,051,600
FINANCING ACTIVITIES
Proceeds from issuance of senior notes	520,000	0	0	0
Payments To Predecessor Creditors	(129,900)	0	0	0
Proceeds from Lines of Credit	0	0	596,000	215,000
Payments for Debtor-in-possession financing fees and backstop agreement	0	0	(40,000)	0
Repayments of Lines of Credit	0	0	(15,000)	(215,000)
Reduction of long-term borrowings	0	0	(9,700)	(928,100)
Payments to Noncontrolling Interests	0	0	(7,200)	0
Payments of Financing Costs	0	0	0	9,500
Cash dividends paid	0	0	0	(4,500)
Other	(1,400)	0	(1,900)	(10,200)
Net cash provided by (used in) financing activities	388,700	0	522,200	(952,300)
Effect of exchange rate changes on cash and cash equivalents	(100)	(100)	100	(300)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	370,200	(51,400)	228,600	(177,900)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	696,000	644,600	325,800	$ 97,200
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	325,800	607,600
CASH AND CASH EQUIVALENTS, END OF YEAR	$ 607,600	$ 608,700	$ 325,800

Description Of The Business And

Description Of The Business And Summary Of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Description Of The Business And Summary Of Significant Accounting Policies	DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business We are a leading provider of offshore contract drilling services to the international oil and gas industry. We currently own an offshore drilling rig fleet of 56 rigs, with drilling operations in almost every major offshore market across six continents. Our rig fleet includes 11 drillships, four dynamically positioned semisubmersible rigs, one moored semisubmersible rig, 40 jackup rigs and a 50% equity interest in Saudi Aramco Rowan Offshore Drilling Company ("ARO"), our 50/50 joint venture with Saudi Aramco, which owns an additional seven rigs. We operate the world's largest fleet amongst competitive rigs, including one of the newest ultra-deepwater fleets in the industry and a leading premium jackup fleet. Our customers include many of the leading national and international oil companies, in addition to many independent operators. We are among the most geographically diverse offshore drilling companies, with current operations spanning 14 countries. The markets in which we operate include the Gulf of Mexico, South America, North Sea, the Middle East, Africa, Australia and Southeast Asia. We provide 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. Chapter 11 Cases On August 19, 2020 (the “Petition Date”), Valaris plc (“Legacy Valaris” or “Predecessor”) 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”). In connection with the Chapter 11 Cases, on and prior to April 30, 2021 (the "Effective Date"), Legacy Valaris effectuated certain restructuring transactions, pursuant to which the successor company, Valaris, was formed and, through a series of transactions, Legacy Valaris transferred to a subsidiary of Valaris substantially all of the subsidiaries, and other assets, of Legacy Valaris. References to the financial position and results of operations of the "Successor" or "Successor Company" relate to the financial position and results of operations of the Company after the Effective Date. References to the financial position and results of operations of the "Predecessor" or "Predecessor Company" refer to the financial position and results of operations of Legacy Valaris on and prior to the Effective Date. References to the “Company,” “we,” “us” or “our” in this Annual Report are to Valaris Limited, together with its consolidated subsidiaries, when referring to periods following the Effective Date, and to Legacy Valaris, together with its consolidated subsidiaries, when referring to periods prior to and including Effective Date. See “ Note 2 – Chapter 11 Proceedings” for additional details regarding the Chapter 11 Cases. Fresh Start Accounting On the Effective Date, the Debtors emerged from the Chapter 11 Cases. Upon emergence from the Chapter 11 Cases, we qualified for and adopted fresh start accounting. The application of fresh start accounting resulted in a new basis of accounting, and the Company became a new entity for financial reporting purposes. Accordingly, our financial statements and notes after the Effective Date are not comparable to our financial statements and notes on and prior to that date. Furthermore, the consolidated financial statements and notes have been presented with a black line division to delineate the lack of comparability between the Predecessor and Successor. See “ Note 2 – Chapter 11 Proceedings” and “ Note 3 - Fresh Start Accounting” for additional details regarding the Chapter 11 Cases and fresh start accounting. Changes in Accounting Policies Upon emergence from bankruptcy, we elected to change our accounting policies related to property and equipment as well as materials and supplies. Prior to emergence from bankruptcy, we recorded our drilling rigs as a single asset with a useful life ascribed by the expected useful life of that asset. Upon emergence, we have identified the significant components of our drilling rigs and ascribed useful lives based on the expected time until the next required overhaul or the end of the expected economic lives of the components. Historically, we recognized materials and supplies on the balance sheet when purchased and subsequently expensed items when consumed. Following emergence, materials and supplies will be expensed as a period cost when received. Additionally, a customer arrangement provides that we take title to their materials and supplies for the duration of the contract and return or pay cash for them at the termination of the contract. Together with our policy change on materials and supplies, we elected to record these assets and the obligation to our customer on a net basis as opposed to a gross basis. Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of Valaris Limited, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. All intercompany accounts and transactions have been eliminated. Investments in operating entities in which we have the ability to exercise significant influence, but where we do not control operating and financial policies are accounted for using the equity method. Significant influence generally exists if we have an ownership interest representing between 20% and 50% of the voting stock of the investee. We account for our interest in ARO using the equity method of accounting and only recognize our portion of equity in earnings in our consolidated financial statements. ARO is a variable interest entity; however, we are not the primary beneficiary and therefore do not consolidate ARO. Reclassification Certain previously reported amounts have been reclassified to conform to the current year presentation. Pervasiveness of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates. Foreign Currency Remeasurement and Translation Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues and expenses are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar. These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. Most transaction gains and losses, including certain gains and losses on our prior derivative instruments, are included in Other, net, in our Consolidated Statements of Operations. Certain gains and losses from the translation of foreign currency balances of our non-U.S. dollar functional currency subsidiaries are included in Accumulated other comprehensive income on our Consolidated Balance Sheet. Net foreign currency exchange gains were $8.1 million and $13.4 million, and were included in Other, net, in our Consolidated Statements of Operations for the eight months ended December 31, 2021 (Successor) and four months ended April 30, 2021 (Predecessor), respectively. Net foreign currency exchange losses, inclusive of offsetting fair value derivatives were $11.0 million and $7.4 million, and were included in Other, net, in our Consolidated Statements of Operations for the year ended December 31, 2020 (Predecessor) and 2019 (Predecessor), respectively. Cash Equivalents and Short-Term Investments Highly liquid investments with maturities of three months or less at the date of purchase are considered cash equivalents. Highly liquid investments with maturities of greater than three months but less than one year at the date of purchase are classified as short-term investments. There were no short-term investments as of December 31, 2021 (Successor) and 2020 (Predecessor). Cash flows from purchases and maturities of short-term investments were classified as investing activities in our Consolidated Statements of Cash Flows for the year ended December 31, 2019. To mitigate our credit risk, our investments in time deposits have historically been diversified across multiple, high-quality financial institutions. Property and Equipment All costs incurred in connection with the acquisition, construction, major enhancement and improvement of assets are capitalized, including allocations of interest incurred during periods that our drilling rigs are under construction or undergoing major enhancements and improvements. Costs incurred to place an asset into service are capitalized, including costs related to the initial mobilization of a newbuild drilling rig. Repair and maintenance costs are charged to contract drilling expense in the period in which they are incurred. Upon the sale or retirement of assets, the related cost and accumulated depreciation are removed from the balance sheet, and the resulting gain or loss is included in Other, net in our Consolidated Statements of Operations. See "Changes in Accounting Policies" above for a discussion of the change in our accounting policy for property and equipment upon emergence from bankruptcy. Our property and equipment is depreciated on a straight-line basis, after allowing for salvage values, over the estimated useful lives of our assets. Drilling rigs and related equipment are depreciated over estimated useful lives ranging from five two We evaluate the carrying value of our property and equipment, primarily our drilling rigs, on a quarterly basis to identify events or changes in circumstances ("triggering events") that indicate that the carrying value of such rigs may not be recoverable. For property and equipment used in our operations, recoverability generally is determined by comparing the carrying value of an asset to the expected undiscounted future cash flows of the asset. If the carrying value of an asset is not recoverable, the amount of impairment loss is measured as the difference between the carrying value of the asset and its estimated fair value. Property and equipment held-for-sale is recorded at the lower of net book value or fair value less cost to sell. We recorded pre-tax, non-cash impairment losses related to long-lived assets of $756.5 million, $3.6 billion and $104.0 million, in the four months ended April 30, 2021 (Predecessor), the year ended December 31, 2020 (Predecessor) and the year ended December 31, 2019 (Predecessor), respectively. See " Note 8 - Property and Equipment" for additional information on our impairment charges. Operating Revenues and Expenses See " Note 4 - Revenue from Contracts with Customers" for information on our accounting policies for revenue recognition and certain operating costs that are deferred and amortized over future periods. Derivative Instruments We did not have any open derivative instruments as of December 31, 2021 (Successor) or 2020 (Predecessor). However, we have historically used derivatives to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. See " Note 10 - Derivative Instruments" for additional information on how and why we used derivatives and the impact of the Chapter 11 Cases. Derivatives are recorded on our Consolidated Balance Sheet at fair value. Derivatives subject to legally enforceable master netting agreements are not offset on our Consolidated Balance Sheet. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. Derivatives qualify for hedge accounting when they are formally designated as hedges and are effective in reducing the risk exposure that they are designated to hedge. Changes in the fair value of derivatives that are designated as hedges of the variability in expected future cash flows associated with existing recognized assets or liabilities or forecasted transactions ("cash flow hedges") are recorded in accumulated other comprehensive income ("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 transactions. Gains and losses on a cash flow hedge, or a portion of a cash flow hedge, that no longer qualifies as effective due to an unanticipated change in the forecasted transaction are recognized currently in earnings and included in Other, net, in our Consolidated Statements of Operations based on the change in the fair value of the derivative. When a forecasted transaction becomes probable of not occurring, gains and losses on the derivative previously recorded in AOCI are reclassified currently into earnings and included in Other, net, in our Consolidated Statements of Operations. Historically, we would enter into derivatives that hedge the fair value of recognized assets or liabilities but do not designate such derivatives as hedges or the derivatives otherwise do not qualify for hedge accounting. In these situations, a natural hedging relationship generally exists where changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. Changes in the fair value of these derivatives are recognized currently in earnings in other, net, in our Consolidated Statements of Operations. Derivatives with asset fair values are reported in other current assets or other assets, net, on our Consolidated Balance Sheet depending on maturity date. Derivatives with liability fair values are reported in accrued liabilities and other, or other liabilities on our Consolidated Balance Sheet depending on maturity date. Income Taxes We conduct operations and earn income in numerous countries. Current income taxes are recognized for the amount of taxes payable or refundable based on the laws and income tax rates in the taxing jurisdictions in which operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the enacted tax rates in effect at year-end. A valuation allowance for deferred tax assets is recorded when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. We do not offset deferred tax assets and deferred tax liabilities attributable to different tax paying jurisdictions. We operate in certain jurisdictions where tax laws relating to the offshore drilling industry are not well developed and change frequently. Furthermore, we may enter into transactions with affiliates or employ other tax planning strategies that generally are subject to complex tax regulations. As a result of the foregoing, the tax liabilities and assets we recognize in our financial statements may differ from the tax positions taken, or expected to be taken, in our tax returns. Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties relating to income taxes are included in Current income tax expense in our Consolidated Statements of Operations. Our drilling rigs frequently move from one taxing jurisdiction to another based on where they are contracted to perform drilling services. The movement of drilling rigs among taxing jurisdictions may involve a transfer of drilling rig ownership among our subsidiaries through an intercompany rig sale. The pre-tax profit resulting from an intercompany rig sale is eliminated from our consolidated financial statements, and the carrying value of a rig sold in an intercompany transaction remains at historical net depreciated cost prior to the transaction. Our consolidated financial statements do not reflect the asset disposition transaction of the selling subsidiary or the asset acquisition transaction of the acquiring subsidiary. The income tax effects resulting from intercompany rig sales are recognized in earnings in the period in which the sale occurs. In some instances, we may determine that certain temporary differences will not result in a taxable or deductible amount in future years, as it is more-likely-than-not we will commence operations and depart from a given taxing jurisdiction without such temporary differences being recovered or settled. Under these circumstances, no future tax consequences are expected and no deferred taxes are recognized in connection with such operations. We evaluate these determinations on a periodic basis and, in the event our expectations relative to future tax consequences change, the applicable deferred taxes are recognized or derecognized. We do not provide deferred taxes on the undistributed earnings of certain subsidiaries because our policy and intention is to reinvest such earnings indefinitely. Should we make a distribution from these subsidiaries in the form of dividends or otherwise, we may be subject to additional income taxes. Share-Based Compensation We sponsor share-based compensation plans that provide equity compensation to our key employees, officers and non-employee directors. Our Management Incentive Plan (the “MIP”) allows our Board of Directors to authorize share grants to be settled in cash, shares or a combination of shares and cash. Compensation expense for time-based share awards to be settled in shares is measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period). Compensation expense for performance awards is recognized over the requisite service period using the accelerated method and is reduced for forfeited awards in the period in which the forfeitures occur. For our performance awards that cliff vest and require the employee to render service through the vesting date, even though attainment of performance objectives might be earlier, our expense under the accelerated method would be a ratable expense over the vesting period. Equity settled performance awards generally vest at the end of a three-year measurement period based on attainment of performance goals. The estimated probable outcome of attainment of the specified performance goals is based primarily on relative performance over the requisite performance period. Any subsequent changes in this estimate as it relates to performance objectives are recognized as a cumulative adjustment to compensation cost in the period in which the change in estimate occurs, except in the case of objectives based on a market condition, such as our stock price. Compensation cost for awards based on a market performance objective is recognized as long as the requisite service period is completed and will not be reversed even if the market-based objective is never satisfied. Compensation expense for share awards to be settled in cash are recognized as liabilities and remeasured each quarter with a cumulative adjustment to compensation cost during the period based on changes in our share price. Any adjustments to the compensation cost recognized in our Consolidated Statements of Operations for awards that are forfeited are recognized in the period in which the forfeitures occur. See " Note 1 2 - Share Based Compensation" for additional information on our share-based compensation. Pension and Other Post-retirement benefit plans We measure our actuarially determined obligations and related costs for our defined benefit pension and other post-retirement plans, retiree life and medical supplemental plan benefits by applying assumptions, the most significant of which include long-term rate of return on plan assets, discount rates and mortality rates. For the long-term rate of return, we develop our assumptions regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, and we weight the assumptions based on each plan's asset allocation. For the discount rate, we base our assumptions on a yield curve approach. Actual results may differ from the assumptions included in these calculations. If gains or losses exceed 10% of the greater of the plan assets or plan liabilities, we amortize such gains or losses into income over either the period of expected future service of active participants, or over the expected average remaining lifetime of all participants. We recognize gains or losses related to plan curtailments at the date the plan amendment or termination is adopted which may precede the effective date. Fair Value Measurements We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ("Level 1") and the lowest priority to unobservable inputs ("Level 3"). Level 2 measurements represent inputs that are observable for similar assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1. See " Note 7 - Fair Value Measurements" for additional information on the fair value measurement of certain of our assets and liabilities. Noncontrolling Interests Third-parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our Consolidated Balance Sheet, and net income attributable to noncontrolling interests is presented separately in our Consolidated Statements of Operations. For the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the year ended December 31, 2020 (Predecessor) and the year ended December 31, 2019 (Predecessor), all income attributable to noncontrolling interest was from continuing operations. Earnings Per Share Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period. Basic and diluted earnings per share ("EPS") for the Predecessor was calculated in accordance with the two-class method. Predecessor net loss attributable to Legacy Valaris used in our computations of basic and diluted EPS was 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 for the Successor includes the effect of all potentially dilutive warrants, restricted stock unit awards and performance stock unit awards and for the Predecessor includes the effect of all potentially dilutive stock options and excludes non-vested shares. In the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the year ended December 31, 2020 (Predecessor) and the year ended December 31, 2019 (Predecessor), our potentially dilutive instruments were not included in the computation of diluted EPS as the effect of including these shares in the calculation would have been anti-dilutive. The following table is a reconciliation of loss from continuing operations attributable to our shares, or Legacy Valaris shares in the case of the Predecessor periods, used in our basic and diluted EPS computations (in millions). Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Loss from continuing operations attributable to Valaris $ (33.0) $ (4,467.0) $ (4,855.5) $ (198.0) Income from continuing operations allocated to non-vested share awards (1) — — — (0.1) Loss from continuing operations attributable to Valaris shares $ (33.0) $ (4,467.0) $ (4,855.5) $ (198.1) (1) Losses are not allocated to non-vested share awards. Due to the net loss position, potentially dilutive share awards are excluded from the computation of diluted EPS. Anti-dilutive share awards totaling 600,000, 300,000, 400,000 and 300,000 for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the year ended December 31, 2020 (Predecessor) and the year ended December 31, 2019 (Predecessor), respectively, were excluded from the computation of diluted EPS. The Predecessor previously had the 2024 Convertible Notes (as defined and more fully described in Note 9 "Debt") for which we had the option to settle in cash, shares or a combination thereof for the aggregate amount due upon conversion. On the Effective Date, pursuant to the plan of reorganization, all outstanding obligations under the 2024 Convertible Notes, were cancelled and the holders thereunder received the treatment as set forth in the plan of reorganization. However, if the Legacy Valaris average share price had exceeded the exchange price during a respective predecessor reporting period, an assumed number of shares required to settle the conversion obligation in excess of the principal amount would have been included in our denominator for the computation of diluted EPS using the treasury stock method. The Legacy Valaris average share price did not exceed the exchange price during the four months ended April 30, 2021 (Predecessor) or the years ended December 31, 2020 (Predecessor) or 2019 (Predecessor). Cancellation of Predecessor Equity and Issuance of Warrants On the Effective Date and pursuant to the plan of reorganization, the Legacy Valaris Class A ordinary shares were cancelled. In accordance with the plan of reorganization, all agreements, instruments and other documents evidencing, relating or otherwise connected with any of Legacy Valaris' equity interests outstanding prior to the Effective Date, including all equity-based awards, were cancelled. On the Effective Date and pursuant to the plan of reorganization, the Company issued 5,645,161 Warrants to the former holders of the Company's equity interests outstanding prior to the Effective Date. The Warrants are exercisable for one Common Share per Warrant at an initial exercise price of $131.88 per Warrant, in each case as may be adjusted from time to time pursuant to the applicable warrant agreement. The Warrants are exercisable for a period of seven years and will expire on April 29, 2028. The exercise of these Warrants into Common Shares would have a dilutive effect to the holdings of Valaris Limited's existing shareholders. New Accounting Pronouncements Recently adopted accounting pronouncements Income Taxes - In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("Update 2019-12"), which removes certain exceptions for investments, intraperiod allocations and interim tax calculations and adds guidance to reduce complexity in accounting for income taxes. We were required to adopt the amended guidance in annual and interim periods beginning after December 15, 2020. 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. Our notes receivable with ARO, from which we generate interest income on a LIBOR-based rate, are impacted by the application of this standard. As the notes bear interest on the LIBOR rate determined at the end of the preceding year, the rate governing our interest income in 2022 has already been determined. We expect to be able to modify the terms of our notes receivable to a comparable interest rate before the applicable LIBOR rate is no longer available and as such, do not expect this standard to have a material impact to our consolidated financial statements. Leases - In July 2021, the FASB issued ASU 2021-05, “Leases (Topic 842); Lessors - Certain Leases with Variable Lease Payments ”, ( “ Update 2021-05”) which requires a lessor to classify a lease with entirely or partially variable payments that do not depend on an index or rate as an operating lease if another classification (i.e. sales-type or direct financing) would trigger a day-one loss. Update 2021-05 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. We are in the process of evaluating the impact this amendment will have on our consolidated financial statements. Business Combinations - In October 2021, the FASB issued ASU 2021-08, “Accounting for Contracts Assets and Contract Liabilities from Contracts with Customers ” ( “ Update 2021-08”). ASU 2021-08 requires an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 and provides practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply, such as contract liabilities for the sale of nonfinancial assets within the scope of Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets . The FASB issued the update to improve the accounting for acquired revenue contracts with customers in a business combination. The ASU’s amendments are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. We will adopt Update 2021-08 in the period required and will apply it to any business combination completed subsequent to the adoption.

Chapter 11 Proceedings and Abil

Chapter 11 Proceedings and Ability to Continue as a Going Concern	12 Months Ended
	Dec. 31, 2021
Reorganizations [Abstract]
Chapter 11 Proceedings and Ability to Continue as Going Concern	CHAPTER 11 PROCEEDINGS Chapter 11 Cases and Emergence from Chapter 11 On the Petition Date, 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. On the Effective Date, we successfully completed our financial restructuring and together with the Debtors emerged from the Chapter 11 Cases. Upon emergence from the Chapter 11 Cases, we eliminated $7.1 billion of debt and obtained a $520 million capital injection by issuing the first lien secured notes (the "First Lien Notes"). See “ Note 9 - Debt" for additional information on the First Lien Notes. On the Effective Date, the Legacy Valaris Class A ordinary shares were cancelled and common shares of Valaris with a nominal value of $0.01 per share (the “Common Shares”) were issued. Also, former holders of Legacy Valaris' equity were issued warrants (the "Warrants") to purchase Common Shares. Below is a summary of the terms of the plan of reorganization: • Appointed six new members to the Company's Board of Directors to replace all of the directors of Legacy Valaris, other than the director also serving as President and Chief Executive Officer at the Effective Date, who was re-appointed pursuant to the plan of reorganization. All but one of the seven directors became directors as of the Effective Date and one became a director on July 1, 2021. • Obligations under Legacy Valaris's outstanding senior notes (the "Senior Notes") were cancelled and the related indentures were cancelled, except to the limited extent expressly set forth in the plan of reorganization and the holders thereunder received the treatment as set forth in the plan of reorganization; • The Legacy Valaris revolving credit facility (the "Revolving Credit Facility") was terminated and the holders thereunder received the treatment as set forth in the plan of reorganization; • Holders of the Senior Notes received their pro rata share of (1) 38.48%, or 28,859,900, of Common Shares and (2) approximately 97.6% of the subscription rights to participate in the rights offering (the "Rights Offering") through which the Company offered $550 million of the First Lien Notes, which includes the backstop premium; • Holders of the Senior Notes who participated in the Rights Offering received their pro rata share of approximately 29.3%, or 21,975,000, of Common Shares, and senior noteholders who agreed to backstop the Rights Offering received their pro rata share of approximately 2.63%, or 1,975,500 of Common Shares and approximately $48.8 million in First Lien Notes as a backstop premium; • Certain Revolving Credit Facility lenders ("RCF Lenders") who participated in the Rights Offering received their pro rata share of approximately 0.7%, or 525,000 Common Shares, RCF Lenders who agreed to backstop the Rights Offering received their pro rata share of 0.07%, or 49,500 of Common Shares and approximately $1.2 million in First Lien Notes as a backstop premium; • Senior noteholders, solely with respect to Pride International LLC's 6.875% senior notes due 2020 and 7.875% senior notes due 2040, Ensco International 7.20% Debentures due 2027, and the 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, received an aggregate cash payment of $26.0 million in connection with settlement of certain alleged claims against the Company; • The two RCF Lenders who chose to participate in the Rights Offering received their pro rata share of (1) 5.3%, or 4,005,000 of Common Shares (2) approximately 2.427% of the First Lien Notes (and associated Common Shares), (3) $7.8 million in cash, and (4) their pro rata share of the backstop premium. The RCF Lenders who entered into the amended restructuring support agreement and elected not to participate in the Rights Offering received their pro rata share of (1) 22.980%, or 17,235,000 of Common Shares and (2) $96.1 million in cash; • Holders of general unsecured claims are entitled to receive payment in full within ninety days after the later of (a) the Effective Date and (b) the date such claim comes due; • 375,000 Common Shares were issued and $5.0 million was paid to Daewoo Shipbuilding & Marine Engineering Co., Ltd (the "Shipyard"); • Legacy Valaris Class A ordinary shares were cancelled and holders received 5,645,161 in Warrants exercisable for one Common Share per Warrant at initial exercise price of $131.88 per Warrant, in each case as may be adjusted from time to time pursuant to the applicable warrant agreement. The Warrants are exercisable for a period of seven years and will expire on April 29, 2028; • All equity-based awards of Legacy Valaris that were outstanding were cancelled; • On the Effective Date, Valaris Limited entered into a registration rights agreement with certain parties who received Common Shares; • On the Effective Date, Valaris Limited entered into a registration rights agreement with certain parties who received First Lien Notes; and • There were no borrowings outstanding against our debtor-in-possession ("DIP") facility and there were no DIP claims that were not due and payable on, or that otherwise survived, the Effective Date. The DIP Credit Agreement terminated on the Effective Date. Management Incentive Plan In accordance with the plan of reorganization, Valaris Limited adopted the 2021 Management Incentive Plan (the “MIP”) as of the Effective Date and authorized and reserved 8,960,573 Common Shares for issuance pursuant to equity incentive awards to be granted under the MIP, which may be in the form of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, dividend equivalents and cash awards or any combination thereof. See " Note 12 - Share Based Compensation" for more information on awards granted under the MIP after the Effective date. Liabilities Subject to Compromise The Debtors' pre-petition Senior Notes and related unpaid accrued interest as of the Petition Date were classified as Liabilities Subject to Compromise on our Consolidated Balance Sheets as of December 31, 2020 (Predecessor). The liabilities were reported at the amounts that were expected to be allowed as claims by the Bankruptcy Court. Liabilities subject to compromise at December 31, 2020 (Predecessor) consisted 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 the Revolving Credit Facility 581.0 Accrued Interest on Senior Notes 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. The contractual interest expense on the outstanding Senior Notes and the Revolving Credit Facility was in excess of recorded interest expense by $132.9 million and $140.7 million for the four months ended April 30, 2021 (Predecessor) and for the year ended December 31, 2020 (Predecessor), respectively. This excess contractual interest was not included as interest expense on our Consolidated Statements of Operations as we had discontinued accruing interest on the Predecessor's Senior Notes and Revolving Credit Facility subsequent to the Petition Date. The Predecessor discontinued making interest payments on the Senior Notes beginning in June 2020. Pre-petition Charges We have reported the backstop commitment fee and legal and other professional advisor fees incurred in relation to the Chapter 11 Cases, but prior to the Petition Date, as General and administrative expenses in our Consolidated Statements of Operations for the year ended December 31, 2020 (Predecessor) in the amount of $64.7 million. 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 Consolidated Statements of Operations for the eight months ended December 31, 2021 (Successor), four months ended April 30, 2021 (Predecessor) and the year ended December 31, 2020 (Predecessor). These costs include legal and other professional advisory service fees pertaining to the Chapter 11 Cases, contract items related to rejecting and amending certain operating leases ("Contract items") and the effects of the emergence from bankruptcy, including the application of fresh start accounting. Additionally, Reorganization items, net for the year ended December 31, 2020 (Predecessor) included all adjustments made to the carrying amount of certain pre-petition liabilities reflecting claims that were expected to be allowed by the Bankruptcy Court and DIP facility fees. The components of reorganization items, net were as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 DIP facility fees $ — $ — $ 20.0 Professional fees 17.2 93.4 66.8 Contract items (1.7) 3.9 4.4 Reorganization items (fees) 15.5 97.3 91.2 Write-off of unamortized debt — — 447.9 Contract items — 0.5 (11.5) Backstop premium — 30.0 — Gain on settlement of liabilities subject to compromise — (6,139.0) — Issuance of Common Shares for — 29.1 — Issuance of Common Shares to the Shipyard — 5.4 — Write-off of unrecognized share-based compensation expense — 16.0 — Impact of newbuild contract amendments — 350.7 — Loss on fresh start adjustments — 9,194.6 — Reorganization items (non-cash) — 3,487.3 436.4 Total reorganization items, net $ 15.5 $ 3,584.6 $ 527.6 Reorganization items (fees) unpaid $ 0.8 $ 38.3 $ 61.2 Reorganization items (fees) paid $ 14.7 $ 59.0 $ 30.0 Applicability of Fresh Start Accounting Upon emergence from bankruptcy, we qualified for and applied fresh start accounting, which resulted in the Company becoming a new entity for financial reporting purposes because (1) the holders of the then existing Class A ordinary shares of the Predecessor received less than 50 percent of the Common Shares of the Successor outstanding upon emergence and (2) the reorganization value of the Company’s assets immediately prior to confirmation of the plan of reorganization was less than the total of all post-petition liabilities and allowed claims. The reorganization value derived from the range of enterprise values associated with the plan of reorganization was allocated to the Company’s identifiable tangible and intangible assets and liabilities based on their fair values (except for deferred income taxes). The amount of deferred income taxes recorded was determined in accordance with the applicable income tax accounting standard. The April 30, 2021 fair values of the Company’s assets and liabilities differ materially from their recorded values as reflected on the historical balance sheets. Reorganization Value The reorganization value represents the fair value of the Successor's total assets and was derived from the enterprise value associated with the plan of reorganization, which represents the estimated fair value of an entity's long-term debt and equity less unrestricted cash upon emergence from chapter 11. As set forth in the disclosure statement and approved by the Bankruptcy Court, third-party valuation advisors estimated the enterprise value to be between $1,860.0 million and $3,145.0 million. The enterprise value range of the reorganized Debtors was determined primarily by using a discounted cash flow analysis. The value agreed in the plan of reorganization is indicative of an enterprise value at the low end of this range, or $1,860.0 million. The following table reconciles the enterprise value to the estimated fair value of Successor Common Shares as of the Effective Date (in millions, except per share value): April 30, 2021 Enterprise Value $ 1,860.0 Plus: Cash and cash equivalents 607.6 Less: Fair value of debt (544.8) Less: Warrants (16.4) Less: Noncontrolling interest 1.1 Less: Pension and other post retirement benefits liabilities (189.0) Less: Adjustments not contemplated in Enterprise Value (639.0) Fair value of Successor Common Shares $ 1,079.5 Shares issued upon emergence 75.0 Per share value $ 14.39 The following table reconciles the enterprise value to the reorganization value as of the Effective Date (in millions): April 30, 2021 Enterprise Value $ 1,860.0 Plus: Cash and cash equivalents 607.6 Plus: Non-interest bearing current liabilities 346.0 Less: Adjustments not contemplated in Enterprise Value (218.0) Reorganization value of Successor assets $ 2,595.6 Adjustments not contemplated in Enterprise Value represent certain obligations of the Successor that were either not contemplated or contemplated in a different amount in the forecasted cash flows of the enterprise valuation performed by third-party valuation advisors that, had they incorporated those anticipated cash flows into their analysis, the resulting valuation would have been different. For the reconciliation of Reorganization value of Successor assets, this item includes certain tax balances, contract liabilities, as well as an adjustment for the fair value of pension obligations. The reconciliation to Successor Common Share value includes these same reconciling items as well as other current and non-current liabilities of the Successor at the emergence. The enterprise value and corresponding implied equity value are dependent upon achieving the future financial results set forth in the valuation utilizing assumptions regarding future day rates, utilization, operating costs and capital requirements as of the emergence date. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, there is no assurance that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially. Valuation Process The fair values of the Company's principal assets and liabilities including property, plant and equipment as well as our 50% equity interest in ARO and our notes receivable from ARO, options to purchase Newbuild Rigs, the First Lien Notes, pensions and Warrants were estimated with the assistance of third-party valuation advisors. Property, Plant and Equipment The valuation of the Company’s drilling rigs was estimated by using an income approach 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, reactivation costs and capital requirements. In developing these assumptions, forecasted day rates and utilization took into account current market conditions and our anticipated business outlook. The cash flows were discounted at our weighted average cost of capital ("WACC"), which was derived from a blend of our after-tax cost of debt and our cost of equity, and computed using public share price information for similar offshore drilling market participants, certain U.S. Treasury rates and certain risk premiums specific to the Company. Our remaining property and equipment, including owned real estate and other equipment, was valued using a cost approach, in which the estimated replacement cost of the assets was adjusted for physical depreciation and obsolescence, where applicable, to arrive at estimated fair value. The estimated fair value of our property and equipment includes an adjustment to reconcile to our reorganization value. Notes Receivable from ARO The fair value of the long-term notes receivable from ARO was estimated using an income approach to value the forecasted cash flows attributed to the note receivable using a discount rate based on a comparable yield with a country-specific risk premium. Investment in ARO We estimated the fair value of the equity investment in ARO primarily by applying an income approach, using projected discounted cash flows of the underlying assets, a risk-adjusted discount rate and an estimated effective income tax rate. Options to Purchase Newbuild Rigs The fair value of the options to purchase Newbuild Rigs was estimated using an option pricing model utilizing the estimated fair value of a newbuild rig, estimated purchase price upon exercise of the options, the holding period, equity volatility and the risk-free rate. First Lien Notes The fair value of the First Lien Notes was determined to approximate the par value based on third-party valuation advisors’ analysis of the Company’s collateral coverage, financial metrics, and interest rate for the First Lien Notes relative to market rates of recent placements of a similar term for industry participants with similar credit risk. Pensions Our pension and other postretirement benefit liabilities and costs are based upon actuarial computations that reflect our assumptions about future events, including long-term asset returns, interest rates, annual compensation increases, mortality rates and other factors. Upon emergence, our pension and other post retirement plans were remeasured as of the Effective Date. Key assumptions at the Effective Date included (1) a weighted average discount rate of 2.81% to determine pension benefit obligations and (2) an expected long-term rate of return on pension plan assets of 6.03% to determine net periodic pension cost. Warrants The fair value of the Warrants was determined using an option pricing model considering the contractual terms of the Warrant issuance. The key market data assumptions for the option pricing model are the estimated volatility and the risk-free rate. The volatility assumption was estimated using market data for offshore drilling market participants with consideration for differences in leverage. The risk-free rate assumption was based on U.S. Treasury Constant Maturity rates with a comparable term. Condensed Consolidated Balance Sheet The adjustments included in the following Condensed Consolidated Balance Sheet reflect the effects of the transactions contemplated by the plan of reorganization and executed by the Company on the Effective Date (reflected in the column “Reorganization Adjustments”), and fair value and other required accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column “Fresh Start Accounting Adjustments”). The explanatory notes provide additional information with regard to the adjustments recorded. As of April 30, 2021 Predecessor Reorganization Adjustments Fresh Start Accounting Adjustments Successor ASSETS CURRENT ASSETS Cash and cash equivalents $ 280.2 $ 327.4 (a) $ — $ 607.6 Restricted cash 45.7 42.7 (b) — 88.4 Accounts receivable, net 425.9 — — 425.9 Other current assets 370.1 1.5 (c) (281.1) (o) 90.5 Total current assets 1,121.9 371.6 (281.1) 1,212.4 PROPERTY AND EQUIPMENT, NET 10,026.4 (417.6) (d) (8,699.7) (p) 909.1 LONG-TERM NOTES RECEIVABLE FROM ARO 442.7 — (214.4) (q) 228.3 INVESTMENT IN ARO 123.9 — (43.4) (r) 80.5 OTHER ASSETS 166.4 (10.0) (e) 8.9 (s) 165.3 $ 11,881.3 $ (56.0) $ (9,229.7) $ 2,595.6 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable - trade $ 161.5 $ 13.1 (f) $ (.5) (t) $ 174.1 Accrued liabilities and other 290.7 (12.4) (g) (61.8) (u) 216.5 Total current liabilities 452.2 0.7 (62.3) 390.6 LONG-TERM DEBT — 544.8 (h) — 544.8 OTHER LIABILITIES 706.2 (55.2) (i) (85.6) (v) 565.4 Total liabilities not subject to compromise 1,158.4 490.3 (147.9) 1,500.8 LIABILITIES SUBJECT TO COMPROMISE 7,313.7 (7,313.7) (j) — — COMMITMENTS AND CONTINGENCIES VALARIS SHAREHOLDERS' EQUITY Predecessor Class A ordinary shares 82.5 (82.5) (k) — — Predecessor Class B ordinary shares 0.1 (0.1) (k) — — Successor common shares — 0.8 (l) — 0.8 Successor stock warrants — 16.4 (m) — 16.4 Predecessor additional paid-in capital 8,644.0 (8,644.0) (k) — — Successor additional paid-in capital — 1,078.7 (l) — 1,078.7 Retained deficit (5,147.4) 14,322.6 (n) (9,175.2) (w) — Accumulated other comprehensive loss (93.4) — 93.4 (x) — Predecessor treasury shares (75.5) 75.5 (k) — — Total Valaris shareholders' equity 3,410.3 6,767.4 (9,081.8) 1,095.9 NONCONTROLLING INTERESTS (1.1) — — (1.1) Total equity 3,409.2 6,767.4 (9,081.8) 1,094.8 $ 11,881.3 $ (56.0) $ (9,229.7) $ 2,595.6 Reorganization Adjustments (a) Cash Represents the reorganization adjustments (in millions): Receipt of cash for First Lien Notes $ 500.0 Loan proceeds from backstop lenders 20.0 Funds received for liquidation of rabbi trust related to certain employee benefits 17.6 Payments to Predecessor creditors (129.9) Transfer of funds for payment of certain professional fees to escrow account (42.7) Payment for certain professional services fees (29.0) Various other (8.6) $ 327.4 (b) Restricted cash Reflects the reorganization adjustment to record the transfer of cash for payment of certain professional fees to restricted cash, which will be held in escrow until billings from professionals have been received and reconciled at which time the funds in the account will be released. (c) Other current asset Reflects certain prepayments incurred upon emergence. (d) Property and Equipment, net Reflects the reorganization adjustment to remove $417.6 million of work-in-process related to the Newbuild Rigs. These values have been removed from property and equipment, net, based on the terms of the amended agreements with the Shipyard. As a result of the option to take delivery, we removed the historical work-in-process balances from the balance sheet. (e) Other assets Represents the reorganization adjustments (in millions): Liquidation of rabbi trust related to certain employee benefits $ (17.6) Elimination of right-of-use asset associated with Newbuild Rigs (5.5) Fair value of options to purchase Newbuild Rigs 13.1 $ (10.0) Our 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 was frozen to the entry of new participants in November 2019 and to future compensation deferrals as of January 1, 2020. Upon emergence, assets previously held in a rabbi trust maintained for the SERP were liquidated and the SERP was amended. In accordance with the amended agreement with the Shipyard, our leases were terminated and we have eliminated the historical right-of-use asset associated with the berthing locations of VALARIS DS-13 and VALARIS DS-14. Additionally, upon effectiveness of the plan of reorganization, the amended agreement with the Shipyard provides the Company with the option to purchase the Newbuild Rigs. The reorganization adjustments include an asset that reflects the fair value of the option to purchase the Newbuild Rigs and embedded feature related to the ability, under the amended agreements with the Shipyard, for the equity issued pursuant to this arrangement to be put to the Company for $8.0 million of consideration for each rig, should we choose to take delivery. (f) Accounts payable - trade Reflects the following reorganization adjustments (in millions): Professional fees incurred upon emergence $ 26.1 Payment of professional fees incurred prior to emergence (12.6) Payment of certain accounts payable incurred prior to emergence (0.4) $ 13.1 (g) Accrued liabilities and other Reflects the following reorganization adjustments (in millions): Elimination of lease liabilities associated with Newbuild Rigs $ (5.0) Elimination of accrued post-petition holding costs associated with Newbuild Rigs (4.1) Payment of certain accrued liabilities incurred prior to emergence (3.3) $ (12.4) In accordance with the amended agreement with the Shipyard, our leases were terminated and we have eliminated the historical lease liability associated with the berthing locations of VALARIS DS-13 and VALARIS DS-14. Accrued post-petition holding costs have also been eliminated as a result of the amendments made effective upon emergence. Additionally, reorganization adjustments to accrued liabilities and other includes an amount primarily related to payment of professional fees incurred prior to emergence. (h) Long-term debt Reflects the reorganization adjustment to record the issuance of the $550.0 million aggregate principal amount of First Lien Notes and debt issuance costs of $5.2 million. (i) Other liabilities Reflects the following reorganization adjustments (in millions): Elimination of construction contract intangible liabilities associated with Newbuild Rigs $ (49.9) Elimination of accrued post-petition holding costs associated with Newbuild Rigs (4.7) Elimination of lease liabilities associated with Newbuild Rigs (0.6) $ (55.2) The reorganization adjustments to other liabilities primarily relate to the elimination of construction contract intangible liabilities associated with the Newbuild Rigs. These construction contract intangible liabilities were recorded in purchase accounting for the original contracting entity. As the amended contract is structured as an option whereby we have the right, not the obligation to take delivery of the rigs, there is no longer an intangible liability associated with the contracts. We have eliminated the historical lease liability associated with the berthing locations of VALARIS DS-13 and VALARIS DS-14 and accrued post-petition holding costs as described in (g) above. (j) Liabilities subject to compromise Reflects the following reorganization adjustments (in millions): Settlement of liabilities subject to compromise $ 7,313.7 Issuance of common stock to Predecessor creditors (721.0) Issuance of common stock to backstop parties (323.8) Payments to Predecessor creditors (129.9) Gain on settlement of liabilities subject to compromise $ 6,139.0 (k) Predecessor ordinary shares, additional paid-in capital and treasury shares Represents the cancellation of the Predecessor's ordinary shares of $82.6 million, additional paid-in capital of $8,644.0 million and treasury stock of $75.5 million. (l) Successor common shares and additional paid-in capital Represents par value of 75 million new Common Shares of $0.8 million and capital in excess of par value of $1,078.7 million. (m) Successor stock warrants On the Effective Date and pursuant to the plan of reorganization, Valaris Limited issued an aggregate of 5.6 million Warrants exercisable for up to an aggregate of 5.6 million Common Shares to former holders of Legacy Valaris's equity interests. The fair value of the Warrants as of the Effective Date was $16.4 million. (n) Retained deficit Represents the reorganization adjustments to total equity as follows (in millions): Gain on settlement of liabilities subject to compromise $ (6,139.0) Issuance of Common Shares for backstop premium 29.1 Issuance of Common Shares to the Shipyard 5.4 Write-off of unrecognized share-based compensation expense 16.0 Professional fees and success fees 35.9 Backstop premium 30.0 Impact of newbuild contract amendments 350.7 Reorganization items, net (5,671.9) Cancellation of Predecessor common shares (82.6) Cancellation of Predecessor treasury shares 75.5 Cancellation of Predecessor additional paid in capital (7,856.4) Cancellation of equity component of Predecessor convertible notes (220.0) Cancellation of Predecessor cash and equity compensation plans (583.6) Fair value of Warrants 16.4 $ (14,322.6) Fresh Start Adjustments (o) Other current assets Reflects the fresh start adjustments to record the estimated fair value of other current assets as follows (in millions): Elimination of materials and supplies $ (260.8) Elimination of historical deferred contract drilling expenses (20.3) $ (281.1) Primarily reflects the fresh start adjustment to eliminate the historical balance for materials and supplies as the result of a change in accounting policies upon emergence. The fresh start adjustment for the elimination of historical deferred contract drilling expenses primarily relates to deferred mobilization costs, deferred contract preparation costs and deferred certification costs. Costs incurred for mobilization and contract preparation prior to the commencement of drilling services are deferred and subsequently amortized over the term of the related drilling contract. Additionally, 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. These deferred costs have no future economic benefit and are eliminated from the fresh start financial statements. (p) Property and equipment, net Reflects the fresh start adjustments to historical amounts to record the estimated fair value of property and equipment. (q) Long-term notes receivable from ARO Reflects the fresh start adjustment to record the estimated fair value of the long-term notes receivable from ARO. The fair value of the long-term notes receivable from ARO was estimated using an income approach to value the forecasted cash flows attributed to the note receivable using a discount rate based on comparable yield with a country-specific risk premium. (r) Investment in ARO Reflects the fresh start adjustment to record the estimated fair value of the equity investment in ARO. (s) Other assets Reflects the fresh start adjustments to record the estimated fair value of other assets as follows (in millions): Deferred tax impacts of certain fresh start adjustments $ 21.1 Fair value of contracts with customers 8.5 Fair value adjustments to right-of-use assets 0.4 Elimination of historical deferred contract drilling expenses (16.5) Elimination of other deferred costs (4.6) $ 8.9 The fresh start adjustment for deferred income tax assets represents the estimated incremental deferred income taxes, which reflects the tax effect of the differences between the estimated fair value of certain assets and liabilities recorded under fresh start accounting and the carryover tax basis of those assets and liabilities. The fresh start adjustment to record the estimated fair value of contracts with customers represents the intangible assets recognized for firm customer contracts in place at the Effective Date that have favorable contract terms as compared to current market day rates for comparable drilling rigs. The various factors considered in the adjustment are (1) the contracted day rate for each contract, (2) the remaining term of each contract, (3) the rig class and (4) the market conditions for each respective rig class at the emergence date. The intangible assets are computed based on the present value of the difference in cash inflows over the remaining contract term as compared to a hypothetical contract with the same remaining term at an estimated current market day rate using a risk-adjusted discount rate and an estimated effective income tax rate. This balance will be amortized to operating revenues over the respective remaining contract terms on a straight-line basis. The fresh start adjustment to right-of-use assets reflects the remeasuring of our operating leases as of the emergence date. Certain operating leases had unfavorable terms as of the emergence date, and as a result the right-of-use asset for such leases does not equal the lease liability upon emergence. The fresh start adjustment to eliminate historical deferred contract drilling expenses reflects the noncurrent portion of historical deferred contract drilling expenses described in (o) above as well as the elimination of customer contract intangibles previo

Fresh Start Accounting

Fresh Start Accounting	12 Months Ended
	Dec. 31, 2021
Reorganizations [Abstract]
Chapter 11 Proceedings and Ability to Continue as Going Concern	CHAPTER 11 PROCEEDINGS Chapter 11 Cases and Emergence from Chapter 11 On the Petition Date, 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. On the Effective Date, we successfully completed our financial restructuring and together with the Debtors emerged from the Chapter 11 Cases. Upon emergence from the Chapter 11 Cases, we eliminated $7.1 billion of debt and obtained a $520 million capital injection by issuing the first lien secured notes (the "First Lien Notes"). See “ Note 9 - Debt" for additional information on the First Lien Notes. On the Effective Date, the Legacy Valaris Class A ordinary shares were cancelled and common shares of Valaris with a nominal value of $0.01 per share (the “Common Shares”) were issued. Also, former holders of Legacy Valaris' equity were issued warrants (the "Warrants") to purchase Common Shares. Below is a summary of the terms of the plan of reorganization: • Appointed six new members to the Company's Board of Directors to replace all of the directors of Legacy Valaris, other than the director also serving as President and Chief Executive Officer at the Effective Date, who was re-appointed pursuant to the plan of reorganization. All but one of the seven directors became directors as of the Effective Date and one became a director on July 1, 2021. • Obligations under Legacy Valaris's outstanding senior notes (the "Senior Notes") were cancelled and the related indentures were cancelled, except to the limited extent expressly set forth in the plan of reorganization and the holders thereunder received the treatment as set forth in the plan of reorganization; • The Legacy Valaris revolving credit facility (the "Revolving Credit Facility") was terminated and the holders thereunder received the treatment as set forth in the plan of reorganization; • Holders of the Senior Notes received their pro rata share of (1) 38.48%, or 28,859,900, of Common Shares and (2) approximately 97.6% of the subscription rights to participate in the rights offering (the "Rights Offering") through which the Company offered $550 million of the First Lien Notes, which includes the backstop premium; • Holders of the Senior Notes who participated in the Rights Offering received their pro rata share of approximately 29.3%, or 21,975,000, of Common Shares, and senior noteholders who agreed to backstop the Rights Offering received their pro rata share of approximately 2.63%, or 1,975,500 of Common Shares and approximately $48.8 million in First Lien Notes as a backstop premium; • Certain Revolving Credit Facility lenders ("RCF Lenders") who participated in the Rights Offering received their pro rata share of approximately 0.7%, or 525,000 Common Shares, RCF Lenders who agreed to backstop the Rights Offering received their pro rata share of 0.07%, or 49,500 of Common Shares and approximately $1.2 million in First Lien Notes as a backstop premium; • Senior noteholders, solely with respect to Pride International LLC's 6.875% senior notes due 2020 and 7.875% senior notes due 2040, Ensco International 7.20% Debentures due 2027, and the 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, received an aggregate cash payment of $26.0 million in connection with settlement of certain alleged claims against the Company; • The two RCF Lenders who chose to participate in the Rights Offering received their pro rata share of (1) 5.3%, or 4,005,000 of Common Shares (2) approximately 2.427% of the First Lien Notes (and associated Common Shares), (3) $7.8 million in cash, and (4) their pro rata share of the backstop premium. The RCF Lenders who entered into the amended restructuring support agreement and elected not to participate in the Rights Offering received their pro rata share of (1) 22.980%, or 17,235,000 of Common Shares and (2) $96.1 million in cash; • Holders of general unsecured claims are entitled to receive payment in full within ninety days after the later of (a) the Effective Date and (b) the date such claim comes due; • 375,000 Common Shares were issued and $5.0 million was paid to Daewoo Shipbuilding & Marine Engineering Co., Ltd (the "Shipyard"); • Legacy Valaris Class A ordinary shares were cancelled and holders received 5,645,161 in Warrants exercisable for one Common Share per Warrant at initial exercise price of $131.88 per Warrant, in each case as may be adjusted from time to time pursuant to the applicable warrant agreement. The Warrants are exercisable for a period of seven years and will expire on April 29, 2028; • All equity-based awards of Legacy Valaris that were outstanding were cancelled; • On the Effective Date, Valaris Limited entered into a registration rights agreement with certain parties who received Common Shares; • On the Effective Date, Valaris Limited entered into a registration rights agreement with certain parties who received First Lien Notes; and • There were no borrowings outstanding against our debtor-in-possession ("DIP") facility and there were no DIP claims that were not due and payable on, or that otherwise survived, the Effective Date. The DIP Credit Agreement terminated on the Effective Date. Management Incentive Plan In accordance with the plan of reorganization, Valaris Limited adopted the 2021 Management Incentive Plan (the “MIP”) as of the Effective Date and authorized and reserved 8,960,573 Common Shares for issuance pursuant to equity incentive awards to be granted under the MIP, which may be in the form of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, dividend equivalents and cash awards or any combination thereof. See " Note 12 - Share Based Compensation" for more information on awards granted under the MIP after the Effective date. Liabilities Subject to Compromise The Debtors' pre-petition Senior Notes and related unpaid accrued interest as of the Petition Date were classified as Liabilities Subject to Compromise on our Consolidated Balance Sheets as of December 31, 2020 (Predecessor). The liabilities were reported at the amounts that were expected to be allowed as claims by the Bankruptcy Court. Liabilities subject to compromise at December 31, 2020 (Predecessor) consisted 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 the Revolving Credit Facility 581.0 Accrued Interest on Senior Notes 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. The contractual interest expense on the outstanding Senior Notes and the Revolving Credit Facility was in excess of recorded interest expense by $132.9 million and $140.7 million for the four months ended April 30, 2021 (Predecessor) and for the year ended December 31, 2020 (Predecessor), respectively. This excess contractual interest was not included as interest expense on our Consolidated Statements of Operations as we had discontinued accruing interest on the Predecessor's Senior Notes and Revolving Credit Facility subsequent to the Petition Date. The Predecessor discontinued making interest payments on the Senior Notes beginning in June 2020. Pre-petition Charges We have reported the backstop commitment fee and legal and other professional advisor fees incurred in relation to the Chapter 11 Cases, but prior to the Petition Date, as General and administrative expenses in our Consolidated Statements of Operations for the year ended December 31, 2020 (Predecessor) in the amount of $64.7 million. 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 Consolidated Statements of Operations for the eight months ended December 31, 2021 (Successor), four months ended April 30, 2021 (Predecessor) and the year ended December 31, 2020 (Predecessor). These costs include legal and other professional advisory service fees pertaining to the Chapter 11 Cases, contract items related to rejecting and amending certain operating leases ("Contract items") and the effects of the emergence from bankruptcy, including the application of fresh start accounting. Additionally, Reorganization items, net for the year ended December 31, 2020 (Predecessor) included all adjustments made to the carrying amount of certain pre-petition liabilities reflecting claims that were expected to be allowed by the Bankruptcy Court and DIP facility fees. The components of reorganization items, net were as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 DIP facility fees $ — $ — $ 20.0 Professional fees 17.2 93.4 66.8 Contract items (1.7) 3.9 4.4 Reorganization items (fees) 15.5 97.3 91.2 Write-off of unamortized debt — — 447.9 Contract items — 0.5 (11.5) Backstop premium — 30.0 — Gain on settlement of liabilities subject to compromise — (6,139.0) — Issuance of Common Shares for — 29.1 — Issuance of Common Shares to the Shipyard — 5.4 — Write-off of unrecognized share-based compensation expense — 16.0 — Impact of newbuild contract amendments — 350.7 — Loss on fresh start adjustments — 9,194.6 — Reorganization items (non-cash) — 3,487.3 436.4 Total reorganization items, net $ 15.5 $ 3,584.6 $ 527.6 Reorganization items (fees) unpaid $ 0.8 $ 38.3 $ 61.2 Reorganization items (fees) paid $ 14.7 $ 59.0 $ 30.0 Applicability of Fresh Start Accounting Upon emergence from bankruptcy, we qualified for and applied fresh start accounting, which resulted in the Company becoming a new entity for financial reporting purposes because (1) the holders of the then existing Class A ordinary shares of the Predecessor received less than 50 percent of the Common Shares of the Successor outstanding upon emergence and (2) the reorganization value of the Company’s assets immediately prior to confirmation of the plan of reorganization was less than the total of all post-petition liabilities and allowed claims. The reorganization value derived from the range of enterprise values associated with the plan of reorganization was allocated to the Company’s identifiable tangible and intangible assets and liabilities based on their fair values (except for deferred income taxes). The amount of deferred income taxes recorded was determined in accordance with the applicable income tax accounting standard. The April 30, 2021 fair values of the Company’s assets and liabilities differ materially from their recorded values as reflected on the historical balance sheets. Reorganization Value The reorganization value represents the fair value of the Successor's total assets and was derived from the enterprise value associated with the plan of reorganization, which represents the estimated fair value of an entity's long-term debt and equity less unrestricted cash upon emergence from chapter 11. As set forth in the disclosure statement and approved by the Bankruptcy Court, third-party valuation advisors estimated the enterprise value to be between $1,860.0 million and $3,145.0 million. The enterprise value range of the reorganized Debtors was determined primarily by using a discounted cash flow analysis. The value agreed in the plan of reorganization is indicative of an enterprise value at the low end of this range, or $1,860.0 million. The following table reconciles the enterprise value to the estimated fair value of Successor Common Shares as of the Effective Date (in millions, except per share value): April 30, 2021 Enterprise Value $ 1,860.0 Plus: Cash and cash equivalents 607.6 Less: Fair value of debt (544.8) Less: Warrants (16.4) Less: Noncontrolling interest 1.1 Less: Pension and other post retirement benefits liabilities (189.0) Less: Adjustments not contemplated in Enterprise Value (639.0) Fair value of Successor Common Shares $ 1,079.5 Shares issued upon emergence 75.0 Per share value $ 14.39 The following table reconciles the enterprise value to the reorganization value as of the Effective Date (in millions): April 30, 2021 Enterprise Value $ 1,860.0 Plus: Cash and cash equivalents 607.6 Plus: Non-interest bearing current liabilities 346.0 Less: Adjustments not contemplated in Enterprise Value (218.0) Reorganization value of Successor assets $ 2,595.6 Adjustments not contemplated in Enterprise Value represent certain obligations of the Successor that were either not contemplated or contemplated in a different amount in the forecasted cash flows of the enterprise valuation performed by third-party valuation advisors that, had they incorporated those anticipated cash flows into their analysis, the resulting valuation would have been different. For the reconciliation of Reorganization value of Successor assets, this item includes certain tax balances, contract liabilities, as well as an adjustment for the fair value of pension obligations. The reconciliation to Successor Common Share value includes these same reconciling items as well as other current and non-current liabilities of the Successor at the emergence. The enterprise value and corresponding implied equity value are dependent upon achieving the future financial results set forth in the valuation utilizing assumptions regarding future day rates, utilization, operating costs and capital requirements as of the emergence date. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, there is no assurance that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially. Valuation Process The fair values of the Company's principal assets and liabilities including property, plant and equipment as well as our 50% equity interest in ARO and our notes receivable from ARO, options to purchase Newbuild Rigs, the First Lien Notes, pensions and Warrants were estimated with the assistance of third-party valuation advisors. Property, Plant and Equipment The valuation of the Company’s drilling rigs was estimated by using an income approach 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, reactivation costs and capital requirements. In developing these assumptions, forecasted day rates and utilization took into account current market conditions and our anticipated business outlook. The cash flows were discounted at our weighted average cost of capital ("WACC"), which was derived from a blend of our after-tax cost of debt and our cost of equity, and computed using public share price information for similar offshore drilling market participants, certain U.S. Treasury rates and certain risk premiums specific to the Company. Our remaining property and equipment, including owned real estate and other equipment, was valued using a cost approach, in which the estimated replacement cost of the assets was adjusted for physical depreciation and obsolescence, where applicable, to arrive at estimated fair value. The estimated fair value of our property and equipment includes an adjustment to reconcile to our reorganization value. Notes Receivable from ARO The fair value of the long-term notes receivable from ARO was estimated using an income approach to value the forecasted cash flows attributed to the note receivable using a discount rate based on a comparable yield with a country-specific risk premium. Investment in ARO We estimated the fair value of the equity investment in ARO primarily by applying an income approach, using projected discounted cash flows of the underlying assets, a risk-adjusted discount rate and an estimated effective income tax rate. Options to Purchase Newbuild Rigs The fair value of the options to purchase Newbuild Rigs was estimated using an option pricing model utilizing the estimated fair value of a newbuild rig, estimated purchase price upon exercise of the options, the holding period, equity volatility and the risk-free rate. First Lien Notes The fair value of the First Lien Notes was determined to approximate the par value based on third-party valuation advisors’ analysis of the Company’s collateral coverage, financial metrics, and interest rate for the First Lien Notes relative to market rates of recent placements of a similar term for industry participants with similar credit risk. Pensions Our pension and other postretirement benefit liabilities and costs are based upon actuarial computations that reflect our assumptions about future events, including long-term asset returns, interest rates, annual compensation increases, mortality rates and other factors. Upon emergence, our pension and other post retirement plans were remeasured as of the Effective Date. Key assumptions at the Effective Date included (1) a weighted average discount rate of 2.81% to determine pension benefit obligations and (2) an expected long-term rate of return on pension plan assets of 6.03% to determine net periodic pension cost. Warrants The fair value of the Warrants was determined using an option pricing model considering the contractual terms of the Warrant issuance. The key market data assumptions for the option pricing model are the estimated volatility and the risk-free rate. The volatility assumption was estimated using market data for offshore drilling market participants with consideration for differences in leverage. The risk-free rate assumption was based on U.S. Treasury Constant Maturity rates with a comparable term. Condensed Consolidated Balance Sheet The adjustments included in the following Condensed Consolidated Balance Sheet reflect the effects of the transactions contemplated by the plan of reorganization and executed by the Company on the Effective Date (reflected in the column “Reorganization Adjustments”), and fair value and other required accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column “Fresh Start Accounting Adjustments”). The explanatory notes provide additional information with regard to the adjustments recorded. As of April 30, 2021 Predecessor Reorganization Adjustments Fresh Start Accounting Adjustments Successor ASSETS CURRENT ASSETS Cash and cash equivalents $ 280.2 $ 327.4 (a) $ — $ 607.6 Restricted cash 45.7 42.7 (b) — 88.4 Accounts receivable, net 425.9 — — 425.9 Other current assets 370.1 1.5 (c) (281.1) (o) 90.5 Total current assets 1,121.9 371.6 (281.1) 1,212.4 PROPERTY AND EQUIPMENT, NET 10,026.4 (417.6) (d) (8,699.7) (p) 909.1 LONG-TERM NOTES RECEIVABLE FROM ARO 442.7 — (214.4) (q) 228.3 INVESTMENT IN ARO 123.9 — (43.4) (r) 80.5 OTHER ASSETS 166.4 (10.0) (e) 8.9 (s) 165.3 $ 11,881.3 $ (56.0) $ (9,229.7) $ 2,595.6 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable - trade $ 161.5 $ 13.1 (f) $ (.5) (t) $ 174.1 Accrued liabilities and other 290.7 (12.4) (g) (61.8) (u) 216.5 Total current liabilities 452.2 0.7 (62.3) 390.6 LONG-TERM DEBT — 544.8 (h) — 544.8 OTHER LIABILITIES 706.2 (55.2) (i) (85.6) (v) 565.4 Total liabilities not subject to compromise 1,158.4 490.3 (147.9) 1,500.8 LIABILITIES SUBJECT TO COMPROMISE 7,313.7 (7,313.7) (j) — — COMMITMENTS AND CONTINGENCIES VALARIS SHAREHOLDERS' EQUITY Predecessor Class A ordinary shares 82.5 (82.5) (k) — — Predecessor Class B ordinary shares 0.1 (0.1) (k) — — Successor common shares — 0.8 (l) — 0.8 Successor stock warrants — 16.4 (m) — 16.4 Predecessor additional paid-in capital 8,644.0 (8,644.0) (k) — — Successor additional paid-in capital — 1,078.7 (l) — 1,078.7 Retained deficit (5,147.4) 14,322.6 (n) (9,175.2) (w) — Accumulated other comprehensive loss (93.4) — 93.4 (x) — Predecessor treasury shares (75.5) 75.5 (k) — — Total Valaris shareholders' equity 3,410.3 6,767.4 (9,081.8) 1,095.9 NONCONTROLLING INTERESTS (1.1) — — (1.1) Total equity 3,409.2 6,767.4 (9,081.8) 1,094.8 $ 11,881.3 $ (56.0) $ (9,229.7) $ 2,595.6 Reorganization Adjustments (a) Cash Represents the reorganization adjustments (in millions): Receipt of cash for First Lien Notes $ 500.0 Loan proceeds from backstop lenders 20.0 Funds received for liquidation of rabbi trust related to certain employee benefits 17.6 Payments to Predecessor creditors (129.9) Transfer of funds for payment of certain professional fees to escrow account (42.7) Payment for certain professional services fees (29.0) Various other (8.6) $ 327.4 (b) Restricted cash Reflects the reorganization adjustment to record the transfer of cash for payment of certain professional fees to restricted cash, which will be held in escrow until billings from professionals have been received and reconciled at which time the funds in the account will be released. (c) Other current asset Reflects certain prepayments incurred upon emergence. (d) Property and Equipment, net Reflects the reorganization adjustment to remove $417.6 million of work-in-process related to the Newbuild Rigs. These values have been removed from property and equipment, net, based on the terms of the amended agreements with the Shipyard. As a result of the option to take delivery, we removed the historical work-in-process balances from the balance sheet. (e) Other assets Represents the reorganization adjustments (in millions): Liquidation of rabbi trust related to certain employee benefits $ (17.6) Elimination of right-of-use asset associated with Newbuild Rigs (5.5) Fair value of options to purchase Newbuild Rigs 13.1 $ (10.0) Our 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 was frozen to the entry of new participants in November 2019 and to future compensation deferrals as of January 1, 2020. Upon emergence, assets previously held in a rabbi trust maintained for the SERP were liquidated and the SERP was amended. In accordance with the amended agreement with the Shipyard, our leases were terminated and we have eliminated the historical right-of-use asset associated with the berthing locations of VALARIS DS-13 and VALARIS DS-14. Additionally, upon effectiveness of the plan of reorganization, the amended agreement with the Shipyard provides the Company with the option to purchase the Newbuild Rigs. The reorganization adjustments include an asset that reflects the fair value of the option to purchase the Newbuild Rigs and embedded feature related to the ability, under the amended agreements with the Shipyard, for the equity issued pursuant to this arrangement to be put to the Company for $8.0 million of consideration for each rig, should we choose to take delivery. (f) Accounts payable - trade Reflects the following reorganization adjustments (in millions): Professional fees incurred upon emergence $ 26.1 Payment of professional fees incurred prior to emergence (12.6) Payment of certain accounts payable incurred prior to emergence (0.4) $ 13.1 (g) Accrued liabilities and other Reflects the following reorganization adjustments (in millions): Elimination of lease liabilities associated with Newbuild Rigs $ (5.0) Elimination of accrued post-petition holding costs associated with Newbuild Rigs (4.1) Payment of certain accrued liabilities incurred prior to emergence (3.3) $ (12.4) In accordance with the amended agreement with the Shipyard, our leases were terminated and we have eliminated the historical lease liability associated with the berthing locations of VALARIS DS-13 and VALARIS DS-14. Accrued post-petition holding costs have also been eliminated as a result of the amendments made effective upon emergence. Additionally, reorganization adjustments to accrued liabilities and other includes an amount primarily related to payment of professional fees incurred prior to emergence. (h) Long-term debt Reflects the reorganization adjustment to record the issuance of the $550.0 million aggregate principal amount of First Lien Notes and debt issuance costs of $5.2 million. (i) Other liabilities Reflects the following reorganization adjustments (in millions): Elimination of construction contract intangible liabilities associated with Newbuild Rigs $ (49.9) Elimination of accrued post-petition holding costs associated with Newbuild Rigs (4.7) Elimination of lease liabilities associated with Newbuild Rigs (0.6) $ (55.2) The reorganization adjustments to other liabilities primarily relate to the elimination of construction contract intangible liabilities associated with the Newbuild Rigs. These construction contract intangible liabilities were recorded in purchase accounting for the original contracting entity. As the amended contract is structured as an option whereby we have the right, not the obligation to take delivery of the rigs, there is no longer an intangible liability associated with the contracts. We have eliminated the historical lease liability associated with the berthing locations of VALARIS DS-13 and VALARIS DS-14 and accrued post-petition holding costs as described in (g) above. (j) Liabilities subject to compromise Reflects the following reorganization adjustments (in millions): Settlement of liabilities subject to compromise $ 7,313.7 Issuance of common stock to Predecessor creditors (721.0) Issuance of common stock to backstop parties (323.8) Payments to Predecessor creditors (129.9) Gain on settlement of liabilities subject to compromise $ 6,139.0 (k) Predecessor ordinary shares, additional paid-in capital and treasury shares Represents the cancellation of the Predecessor's ordinary shares of $82.6 million, additional paid-in capital of $8,644.0 million and treasury stock of $75.5 million. (l) Successor common shares and additional paid-in capital Represents par value of 75 million new Common Shares of $0.8 million and capital in excess of par value of $1,078.7 million. (m) Successor stock warrants On the Effective Date and pursuant to the plan of reorganization, Valaris Limited issued an aggregate of 5.6 million Warrants exercisable for up to an aggregate of 5.6 million Common Shares to former holders of Legacy Valaris's equity interests. The fair value of the Warrants as of the Effective Date was $16.4 million. (n) Retained deficit Represents the reorganization adjustments to total equity as follows (in millions): Gain on settlement of liabilities subject to compromise $ (6,139.0) Issuance of Common Shares for backstop premium 29.1 Issuance of Common Shares to the Shipyard 5.4 Write-off of unrecognized share-based compensation expense 16.0 Professional fees and success fees 35.9 Backstop premium 30.0 Impact of newbuild contract amendments 350.7 Reorganization items, net (5,671.9) Cancellation of Predecessor common shares (82.6) Cancellation of Predecessor treasury shares 75.5 Cancellation of Predecessor additional paid in capital (7,856.4) Cancellation of equity component of Predecessor convertible notes (220.0) Cancellation of Predecessor cash and equity compensation plans (583.6) Fair value of Warrants 16.4 $ (14,322.6) Fresh Start Adjustments (o) Other current assets Reflects the fresh start adjustments to record the estimated fair value of other current assets as follows (in millions): Elimination of materials and supplies $ (260.8) Elimination of historical deferred contract drilling expenses (20.3) $ (281.1) Primarily reflects the fresh start adjustment to eliminate the historical balance for materials and supplies as the result of a change in accounting policies upon emergence. The fresh start adjustment for the elimination of historical deferred contract drilling expenses primarily relates to deferred mobilization costs, deferred contract preparation costs and deferred certification costs. Costs incurred for mobilization and contract preparation prior to the commencement of drilling services are deferred and subsequently amortized over the term of the related drilling contract. Additionally, 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. These deferred costs have no future economic benefit and are eliminated from the fresh start financial statements. (p) Property and equipment, net Reflects the fresh start adjustments to historical amounts to record the estimated fair value of property and equipment. (q) Long-term notes receivable from ARO Reflects the fresh start adjustment to record the estimated fair value of the long-term notes receivable from ARO. The fair value of the long-term notes receivable from ARO was estimated using an income approach to value the forecasted cash flows attributed to the note receivable using a discount rate based on comparable yield with a country-specific risk premium. (r) Investment in ARO Reflects the fresh start adjustment to record the estimated fair value of the equity investment in ARO. (s) Other assets Reflects the fresh start adjustments to record the estimated fair value of other assets as follows (in millions): Deferred tax impacts of certain fresh start adjustments $ 21.1 Fair value of contracts with customers 8.5 Fair value adjustments to right-of-use assets 0.4 Elimination of historical deferred contract drilling expenses (16.5) Elimination of other deferred costs (4.6) $ 8.9 The fresh start adjustment for deferred income tax assets represents the estimated incremental deferred income taxes, which reflects the tax effect of the differences between the estimated fair value of certain assets and liabilities recorded under fresh start accounting and the carryover tax basis of those assets and liabilities. The fresh start adjustment to record the estimated fair value of contracts with customers represents the intangible assets recognized for firm customer contracts in place at the Effective Date that have favorable contract terms as compared to current market day rates for comparable drilling rigs. The various factors considered in the adjustment are (1) the contracted day rate for each contract, (2) the remaining term of each contract, (3) the rig class and (4) the market conditions for each respective rig class at the emergence date. The intangible assets are computed based on the present value of the difference in cash inflows over the remaining contract term as compared to a hypothetical contract with the same remaining term at an estimated current market day rate using a risk-adjusted discount rate and an estimated effective income tax rate. This balance will be amortized to operating revenues over the respective remaining contract terms on a straight-line basis. The fresh start adjustment to right-of-use assets reflects the remeasuring of our operating leases as of the emergence date. Certain operating leases had unfavorable terms as of the emergence date, and as a result the right-of-use asset for such leases does not equal the lease liability upon emergence. The fresh start adjustment to eliminate historical deferred contract drilling expenses reflects the noncurrent portion of historical deferred contract drilling expenses described in (o) above as well as the elimination of customer contract intangibles previo

Revenues from Contracts with Cu

Revenues from Contracts with Customers	12 Months Ended
	Dec. 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 contracts contain a lease component and we have elected to apply the practical expedient provided under ASC 842 to not separate the lease and non-lease components and apply the revenue recognition guidance in ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). 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 December 31, 2021 was between approximately 1 month and 3.5 years. Day Rate Drilling Revenue Our drilling contracts provide for payment on a day rate basis and include a rate schedule with higher rates for periods when the drilling rig is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The day rate invoiced to the customer is determined based on the varying rates applicable to specific activities performed on an hourly or other time increment basis. Day rate consideration is allocated to the distinct hourly or other time increment to which it relates within the contract term and is generally recognized consistent with the contractual rate invoiced for the services provided during the respective period. Invoices are typically issued to our customers on a monthly basis and payment terms on customer invoices are typically 30 days. Certain of our contracts contain performance incentives whereby we may earn a bonus based on pre-established performance criteria. Such incentives are generally based on our performance over individual monthly time periods or individual wells. Consideration related to 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, capital upgrades or in the case of our 50/50 joint venture with Saudi Aramco, represent the difference between the amounts billed under the bareboat charter arrangements and lease revenues earned up to the respective period end. See “ No te 6 – Equity Method Investment in ARO" for additional details regarding our balances with ARO. Contract assets and liabilities are presented net on our Consolidated Balance Sheets on a contract-by-contract basis. Current contract assets and liabilities are included in Other current assets and Accrued liabilities and other, respectively, and noncurrent contract assets and liabilities are included in Other assets and Other liabilities, respectively, on our Consolidated Balance Sheets. The following table summarizes our contract assets and contract liabilities (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Current contract assets $ 0.3 $ 1.4 Noncurrent contract assets $ — $ 0.4 Current contract liabilities (deferred revenue) $ 45.8 $ 57.6 Noncurrent contract liabilities (deferred revenue) $ 10.8 $ 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 (Predecessor) $ 1.8 $ 71.9 Revenue recognized in advance of right to bill customer 2.3 — Increase due to cash received — 10.2 Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance — (14.8) Decrease due to transfer to receivables during the period (1.6) — Fresh start accounting revaluation (0.3) (31.6) Balance as of April 30, 2021 (Predecessor) 2.2 35.7 Balance as of May 1, 2021 (Successor) 2.2 35.7 Revenue recognized in advance of right to bill customer 2.5 — Increase due to cash received — 80.1 Decrease due to amortization of deferred revenue that was added during the period — (21.5) Decrease due to transfer to receivables and payables during the period (4.4) (37.7) Balance as of December 31, 2021 (Successor) $ 0.3 $ 56.6 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 Consolidated Balance Sheets and totaled $31.4 million and $13.8 million as of December 31, 2021 (Successor) and December 31, 2020 (Predecessor), respectively. For the Successor, during the eight months ended December 31, 2021, amortization of such costs totaled $22.0 million. For the Predecessor, during the four months ended April 30, 2021, the year ended December 31, 2020 and the year ended December 31, 2019, amortization of such costs totaled $7.6 million, $42.1 million and $42.1 million respectively. Deferred Certification Costs We must obtain certifications from various regulatory bodies in order to operate our drilling rigs and must maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, as well as remedial structural work and other compliance costs, are deferred and amortized on a straight-line basis over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in Other current assets and Other assets on our Consolidated Balance Sheets and totaled $3.3 million and $8.4 million as of December 31, 2021 (Successor) and December 31, 2020 (Predecessor), respectively. For the Successor, during the eight months ended December 31, 2021, amortization of such costs totaled $0.7 million. For the Predecessor, during the four months ended April 30, 2021, the year ended December 31, 2020 and the year ended December 31, 2019, amortization of these costs totaled $3.1 million, $8.9 million and $10.3 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 bareboat charter arrangements with ARO which would not be contractually payable until the end of the lease term or termination, if sooner. See " Note 6 - Equity Method Investment in ARO" for additional information on ARO and related arrangements. For the Successor, expected future amortization of our contract liabilities, or in the case of our contract liabilities related to our bareboat charter arrangements with ARO, the amount is reflected at the end of the lease term, and deferred costs recorded as of December 31, 2021 is set forth in the table below (in millions): 2022 2023 2024 2025 & Thereafter Total Amortization of contract liabilities $ 45.8 $ 7.8 $ 1.2 $ 1.8 $ 56.6 Amortization of deferred costs $ 26.9 $ 6.9 $ 0.9 $ — $ 34.7

Rowan Transaction

Rowan Transaction	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Business Combination Disclosure	ROWAN TRANSACTION On April 11, 2019 (the "Transaction Date"), we completed our combination with Rowan Companies Limited (formerly Rowan Companies plc) ("Rowan") pursuant to the Transaction Agreement (the "Rowan Transaction"). We were considered to be the acquirer for accounting purposes. As a result, Rowan's assets acquired and liabilities assumed in the Rowan Transaction were recorded at their estimated fair values as of the Transaction Date under the acquisition method of accounting. When the fair value of the net assets acquired exceeds the consideration transferred in an acquisition, the difference is recorded as a bargain purchase gain in the period in which the transaction occurs. As of March 31, 2020, we completed our fair value assessments of assets acquired and liabilities assumed. The provisional amounts recorded for assets and liabilities acquired were based on preliminary estimates of their fair values as of the Transaction Date and measurement period adjustments were recorded throughout the measurement period as provisional amounts were finalized. Consideration As a result of the Rowan Transaction, Rowan shareholders received 2.75 Legacy Valaris Class A Ordinary shares for each share of Rowan Class A ordinary share, representing a value of $43.67 per Rowan share based on a closing price of $15.88 per Legacy Valaris share on April 10, 2019, the last trading day before the Transaction Date. Total consideration delivered in the Rowan Transaction consisted of 88.3 million Legacy Valaris shares with an aggregate value of $1.4 billion, inclusive of $2.6 million for the estimated fair value of replacement employee equity awards. Upon closing of the Rowan Transaction, we effected a consolidation (being a reverse stock split under English law) where every four existing Class A ordinary shares, each with a nominal value of $0.10, were consolidated into one Class A ordinary share, each with a nominal value of $0.40 (the "Reverse Stock Split"). All Legacy Valaris share and per share data included in this report have been retroactively adjusted to reflect the Reverse Stock Split. Bargain Purchase Gain (Predecessor) The estimated fair values assigned to assets acquired net of liabilities assumed exceeded the consideration transferred, resulting in a bargain purchase gain at the Transaction date of $712.8 million primarily driven by the decline in our Legacy Valaris share price from $33.92 to $15.88 between the last trading day prior to the announcement of the Rowan Transaction and the Transaction Date. Measurement period adjustments were recorded to reflect new information obtained about facts and circumstances existing as of the Transaction Date and did not result from subsequent intervening events. The measurement period adjustments reflect changes in the estimated fair values of certain assets and liabilities, primarily related to long-lived assets, deferred income taxes and uncertain tax positions. The adjustments recorded resulted in a $75.8 million decline to the bargain purchase gain during 2019, resulting in a net bargain purchase gain of $637.0 million included in Other, net, in our Consolidated Statements of Operations for the year ended December 31, 2019 (Predecessor). Additionally, adjustments resulted in a $6.3 million decline to the bargain purchase gain during the first quarter of 2020, which is included in Other, net, in our Consolidated Statements of Operations for the year ended December 31, 2020 (Predecessor). Transaction-related costs (Predecessor) Transaction-related costs were expensed as incurred and consisted of various advisory, legal, accounting, valuation and other professional or consulting fees totaling $18.0 million for the year ended December 31, 2019 (Predecessor). These costs were included in General and administrative expense in our Consolidated Statements of Operations. Revenues and Losses of Rowan The amount of revenues and net losses of Rowan that are included from the Transaction Date to December 31, 2019 in the Company's Consolidated Statements of Operations for the Year ended December 31, 2019 (Predecessor) were $448.0 million and $122.7 million, respectively. Unaudited Pro Forma Impact of the Rowan Transaction (Predecessor) The following unaudited supplemental pro forma results present consolidated information as if the Rowan Transaction was completed on January 1, 2019. The pro forma results include, among others, (1) the amortization associated with acquired intangible assets and liabilities, (2) a reduction in depreciation expense for adjustments to property and equipment, (3) the amortization of premiums and discounts recorded on Rowan's debt, (iv) removal of the historical amortization of unrealized gains and losses related to Rowan's pension plans and (v) the amortization of basis differences in assets and liabilities of ARO. The pro forma results do not include any potential synergies or non-recurring charges that may result directly from the Rowan Transaction. (unaudited) Twelve Months Ended December 31, 2019 (1) Revenues $ 2,240.5 Net loss $ (997.8) Earnings per share - basic and diluted $ (3.82) (1) Pro forma net loss and loss per share were adjusted to exclude an aggregate $108.1 million of transaction related and integration costs incurred during the year ended December 31, 2019. Additionally, pro forma net loss and loss per share exclude the measurement period adjustments and estimated gain on bargain purchase of $637.0 million recognized during the year ended December 31, 2019 (Predecessor).

Equity Method Investment in ARO

Equity Method Investment in ARO	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments in ARO	Background ARO, a company that owns and operates offshore drilling rigs in Saudi Arabia, was formed and commenced operations in 2017 pursuant to the terms of an agreement entered into by Rowan and Saudi Aramco to create a 50/50 joint venture ("Shareholder Agreement"). Pursuant to the Rowan Transaction, Valaris acquired Rowan's interest in ARO making Valaris a 50% partner. As of December 31, 2021, ARO owns seven jackup rigs, has ordered two newbuild jackup rigs and leases seven rigs from us through bareboat charter arrangements (the "Lease Agreements") whereby substantially all operating costs are incurred by ARO. At December 31, 2021, all of the leased rigs were operating under three-year drilling contracts, or related extensions, 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. The Lease Agreements with ARO originally provided for a fixed per day bareboat charter amount over the term of the lease, calculated based on a split of projected earnings over the lease term. However, in December 2020, the Shareholder Agreement was amended ("December Amendment") such that the per day bareboat charter amount in the associated lease agreements is subject to adjustment based on actual performance of the respective rig and that a cash payment based on actual results will be due at the end of the lease term or, if sooner, termination. The Company, as lessor, accounts for these arrangements as operating leases. The December Amendment resulted in a modification of the leases and as a result we began accounting for lease revenue using the variable rate as opposed to a fixed rental amount. Our results of operations for the year ended December 31, 2020 (Predecessor) reflect the impact of the lease modification on our rental revenues to reflect cumulative results through that period. In connection with our 50/50 joint venture, we have a potential obligation to fund ARO for newbuild jackup rigs. ARO has plans to purchase 20 newbuild jackup rigs over an approximate 10-year period. In January 2020, ARO ordered the first two newbuild jackups, each with a shipyard price of $176.0 million. The first rig is expected to be delivered in the fourth quarter of 2022 and the second rig is expected either late in the fourth quarter of 2022 or in the first quarter of 2023. ARO is expected to place orders for two additional newbuild jackups 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. ARO paid a 25% down payment from cash on hand for each of the newbuilds ordered in January 2020 and is actively exploring financing options for remaining payments due upon delivery. In the event ARO has insufficient cash from operations or is unable to obtain third-party financing, each partner may periodically be required to make additional capital contributions to ARO, up to a maximum aggregate contribution of $1.25 billion from each partner to fund the newbuild program. Each partner's commitment shall be reduced by the actual cost of each newbuild rig, on a proportionate basis. The 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): Year Ended December 31, 2021 Year Ended December 31, 2020 April 11, 2019 - December 31, 2019 Revenues $ 470.6 $ 549.4 $ 410.5 Operating expenses Contract drilling (exclusive of depreciation) 362.3 388.2 280.2 Depreciation 65.2 54.8 40.3 General and administrative 17.8 24.2 27.1 Operating income 25.3 82.2 62.9 Other expense, net 13.4 26.7 28.6 Provision for income taxes 7.9 14.2 9.7 Net income $ 4.0 $ 41.3 $ 24.6 December 31, 2021 December 31, 2020 Cash and cash equivalents $ 270.8 $ 237.7 Other current assets 135.0 120.9 Non-current assets 775.8 804.0 Total assets $ 1,181.6 $ 1,162.6 Current liabilities $ 79.9 $ 70.8 Non-current liabilities 956.7 950.8 Total liabilities $ 1,036.6 $ 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 Consolidated Statements of Operations. ARO is a variable interest entity; however, we are not the primary beneficiary and therefore do not consolidate ARO. Judgments regarding our level of influence over ARO included considering key factors such as each partner's ownership interest, representation on the board of managers of ARO and ability to direct activities that most significantly impact ARO's economic performance, including the ability to influence policy-making decisions. Our investment in ARO would be assessed for impairment if there are changes in facts and circumstances that indicate a loss in value may have occurred. If a loss were deemed to have occurred and this loss was determined to be other than temporary, the carrying value of our investment would be written down to fair value and an impairment recorded. We have an equity method investment in ARO that was recorded at its estimated fair value as of the Transaction 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. These basis differences primarily relate to ARO's long-lived assets and the recognition of intangible assets associated with certain of ARO's drilling contracts that were determined to have favorable terms as of the Transaction Date. Additionally, in fresh start accounting, we have recorded our investment in ARO at its estimated fair value as of the Effective Date. Basis differences on that date primarily related to ARO's long-lived assets. Basis differences are amortized over the remaining life of the assets or liabilities to which they relate and are recognized as an adjustment to the equity in earnings (losses) of ARO in our Consolidated Statements of Operations. The amortization of those basis differences are combined with our 50% interest in ARO's net income. A reconciliation of those components is presented below (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 April 11, 2019 - December 31, 2019 50% interest in ARO net income (loss) $ (4.0) $ 6.0 $ 20.7 $ 12.3 Amortization of basis differences 10.1 (2.9) (28.5) (24.9) Equity in earnings (losses) of ARO $ 6.1 $ 3.1 $ (7.8) $ (12.6) Related-Party Transactions Revenues recognized by us related to the Lease Agreements, Transition Services Agreement and Secondment Agreement are as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 April 11, 2019 - December 31, 2019 Lease revenue $ 35.4 $ 21.7 $ 52.2 $ 58.2 Secondment revenue 1.5 1.1 21.6 49.9 Transition Services revenue — — 1.3 17.3 Total revenue from ARO (1) $ 36.9 $ 22.8 $ 75.1 $ 125.4 (1) All of the revenues presented above are included in our Other segment in our segment disclosures. See " Note 1 7 - Segment Information" for additional information. Amounts receivable from ARO related to the items above totaled $12.1 million and $21.6 million as of December 31, 2021 (Successor) and December 31, 2020 (Predecessor), respectively, and are included in Accounts receivable, net, on our Consolidated Balance Sheets. We had $10.8 million and $38.3 million of contract liabilities and Accounts payable, respectively, related to the Lease Agreements as of December 31, 2021 (Successor). As of December 31, 2020 (Predecessor), we had $30.9 million of contract liabilities related to the Lease Agreements and no Accounts payable to ARO. The per day bareboat charter amount in the Lease Agreements is subject to adjustment based on actual performance of the respective rig and as such contract liabilities related to the Lease Agreements are subject to adjustment during the lease term. Upon completion of the lease term, such amount becomes a payable to or a receivable from ARO. During 2017 and 2018, Rowan contributed cash to ARO in exchange for 10-year shareholder notes receivable based on a one-year LIBOR rate, set as of the end of the year prior to the year applicable, plus two percent. As of December 31, 2021 (Successor) and December 31, 2020 (Predecessor) the carrying amount of the long-term notes receivable from ARO was $249.1 million and $442.7 million respectively. The notes receivable were adjusted to fair value as of the Effective Date. The discount to the principal amount of $442.7 million is being amortized using the effective interest method to interest income over the remaining terms of the notes. The Shareholders’ Agreement prohibits the sale or transfer of the shareholder note to a third-party, except in certain limited circumstances. During the year ended December 31, 2020 (Predecessor), we recorded $10.2 million of employee benefit obligations against our long-term notes receivable from ARO. Interest is recognized as interest income in our Consolidated Statements of Operations. During the eight months ended December 31, 2021 (Successor), interest totaled $27.8 million of which $20.8 million pertains to non-cash amortization of discount on the shareholder notes. During the four months ended April 30, 2021 (Predecessor), interest totaled $3.5 million. Interest totaled $18.3 million for the year ended December 31, 2020 (Predecessor) and $16.8 million for the period from April 11, 2019 - December 31, 2019 (Predecessor). Interest amounts due were collected prior to the end of the year and we had no interest receivable from ARO as of December 31, 2021 (Successor) and December 31, 2020 (Predecessor). Maximum Exposure to Loss The following table summarizes the total assets and liabilities as reflected in our Consolidated Balance Sheets as well as our maximum exposure to loss related to ARO (in millions). Our maximum exposure to loss is limited to (1) our equity investment in ARO; (2) the carrying amount of our shareholder notes receivable; and (3) other receivables and contract assets from ARO, partially offset by contract liabilities as well as payables to ARO. Successor Predecessor December 31, 2021 December 31, 2020 Total assets $ 348.1 $ 585.2 Less: total liabilities 49.1 30.9 Maximum exposure to loss $ 299.0 $ 554.3

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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 Significant Significant Total As of December 31, 2020 (Predecessor) Supplemental executive retirement plan assets $ 22.6 $ — $ — $ 22.6 Total financial assets $ 22.6 $ — $ — $ 22.6 Supplemental Executive Retirement Plan Assets Our 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 was 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 were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in Other assets, net, on our Consolidated Balance Sheet as of December 31, 2020 (Predecessor). The fair value measurements of assets held in the SERP were based on quoted market prices. Pursuant to the plan of reorganization, the assets held in the rabbi trust maintained for the SERP were liquidated upon the Effective Date and used to satisfy the claims of creditors. Effective July 1, 2021, we amended the SERP to provide for quarterly credits of an interest equivalent based upon the rate of interest paid on ten-year United States treasury notes in November of the immediately preceding calendar year and the participant plan balances as of the first day of such quarter. Net unrealized gains of $1.2 million, $3.2 million and $5.0 million from marketable securities held in our SERP were included in Other, net, in our Consolidated Statements of Operations for the four months ended April 30, 2021 (Predecessor), the year ended December 31, 2020 (Predecessor) and the year ended December 31, 2019 (Predecessor), respectively. Other Financial Instruments The carrying values and estimated fair values of our debt instruments were as follows (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Carrying Estimated Carrying Value (1) Estimated Secured first lien notes due 2028 $ 545.3 $ 575.7 $ — $ — 6.875% Senior notes due 2020 — — 122.9 8.6 4.70% Senior notes due 2021 — — 100.7 4.5 4.875% Senior notes due 2022 — — 620.8 32.9 3.00% Exchangeable senior notes due 2024 (2) — — 849.5 76.5 4.50% Senior notes due 2024 — — 303.4 13.7 4.75% Senior notes due 2024 — — 318.6 18.8 8.00% Senior notes due 2024 — — 292.3 12.9 5.20% Senior notes due 2025 — — 333.7 12.7 7.375% Senior notes due 2025 — — 360.8 20.9 7.75% Senior notes due 2026 — — 1,000.0 44.0 7.20% Debentures due 2027 — — 112.1 5.7 7.875% Senior notes due 2040 — — 300.0 21.0 5.40% Senior notes due 2042 — — 400.0 23.6 5.75% Senior notes due 2044 — — 1,000.5 38.0 5.85% Senior notes due 2044 — — 400.0 26.0 Amounts borrowed under Revolving Credit Facility (3) — — 581.0 581.0 Total debt $ 545.3 $ 575.7 $ 7,096.3 $ 940.8 Less : Liabilities Subject to Compromise (4) — — 7,096.3 940.8 Total long-term debt $ 545.3 $ 575.7 $ — $ — (1) The carrying amount of debt instruments at December 31, 2020 represents the Predecessor's outstanding borrowings as of the Petition Date and are classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020. (2) For the Predecessor, the 3% exchangeable senior notes due 2024 (the "2024 Convertible Notes") were 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 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. The carrying amount at December 31, 2020 represented the aggregate principal amount of these notes as of the Petition Date and was classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020. The Predecessor discontinued accruing interest on these notes as of the Petition Date. The equity component was $220.0 million and was classified as Additional Paid-in Capital as of December 31, 2020. On the Effective Date, in accordance with the plan of reorganization, all outstanding obligations under the 2024 Convertible Notes were cancelled and the equity component was written off to retained earnings. (3) In addition to the amount borrowed above, the Predecessor had $27.0 million in undrawn letters of credit issued under the Revolving Credit Facility as of December 31, 2020 . On the Effective Date, in accordance with the plan of reorganization, all undrawn letters of credit issued under the Revolving Credit Facility were collateralized pursuant to the terms of the Revolving Credit Facility. (4) As discussed in “ Note 2 - Chapter 11 Proceedings” and “ Note 3 - Fresh Start Accounting,” since the Petition Date and through the Effective Date, the Company operated as a debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the provisions of the Bankruptcy Code. Accordingly, all of our long-term debt obligations were presented as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020 (Predecessor). All unamortized debt discounts, premiums or issuance costs related to our long-term debt obligations were written off to reorganization items as of the Petition Date in 2020. Additionally, we discontinued accruing interest on our indebtedness as of the Petition Date. The estimated fair values of the Successor's First Lien Notes and the Predecessor's Senior Notes were determined using quoted market prices, which are level 1 inputs. As of December 31, 2021 (Successor), the estimated fair value of our long-term notes receivable from ARO was $266.7 million and was estimated by using an income approach to value the forecasted cash flows attributed to the notes receivable using a discount rate based on comparable yield with a country-specific risk premium. The estimated fair values of our cash and cash equivalents, restricted cash, accounts receivable and trade payables approximated their carrying values as of December 31, 2021 (Successor) and December 31, 2020 (Predecessor).

Property And Equipment

Property And Equipment	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property And Equipment	PROPERTY AND EQUIPMENT Property and equipment consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Drilling rigs and equipment $ 886.9 $ 12,584.4 Work-in-progress 35.6 446.1 Other 34.5 178.8 $ 957.0 $ 13,209.3 Concurrent with our emergence from bankruptcy, we adopted fresh start accounting and adjusted the carrying value of our property and equipment to estimated fair value which included an adjustment to reconcile to our reorganization value. See " Note 3 - Fresh Start Accounting" for more information. Work-in-progress as of December 31, 2020 (Predecessor) primarily consisted of approximately $418 million related to the construction of ultra-deepwater drillships VALARIS DS-13 and VALARIS DS-14. Impairment of Long-Lived Assets Predecessor During the four months ended April 30, 2021, we recorded an aggregate pre-tax, non-cash impairment with respect to certain floaters of $756.5 million. During the year ended December 31, 2020 and the year ended December 31, 2019, we recorded an aggregate pre-tax, non-cash impairment with respect to certain floaters, jackups and spare equipment of $3.6 billion and $98.4 million, respectively. These pre-tax non-cash impairments are included in Loss on impairment in our Consolidated Statements 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 are determined not to be recoverable, we record an impairment for the difference between their fair values and carrying values. Predecessor During the first quarter of 2021, as a result of challenging market conditions for certain of our floaters, we revised our near-term operating assumptions which 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 they 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. During the second quarter of 2020, given the anticipated sustained market impacts arising from the decline in oil price and demand late in the first quarter, we revised our long-term operating assumptions which resulted in a triggering event for purposes of evaluating impairment and we performed a fleet-wide recoverability test. As a result, we recorded a pre-tax, non-cash impairment with respect to two floaters and spare equipment totaling $817.3 million. We measured the fair value of these assets to be $69.0 million at the time of impairment by applying an income approach or estimated scrap value. These valuations were based on unobservable inputs that require significant judgments for which there is limited information including, in the case of the income approach, assumptions regarding future day rates, utilization, operating costs and capital requirements. During 2019, together with the Rowan Transaction, and as a result of the evaluation of the strategy of the combined fleet, we determined that a triggering event occurred resulting in the performance of a fleet-wide recoverability test. We determined that estimated undiscounted cash flows were sufficient to cover the rigs carrying values and concluded that no impairments were necessary. Assets held-for-sale and Assets sold 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 Indenture dated April 30, 2021 (the “Indenture”), 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 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. See “ Note 9 – Debt" for additional details on restrictions on the sales of assets. 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. Successor In accordance with our business strategy described above, we sold VALARIS 22, VALARIS 37, VALARIS 100 and VALARIS 142, resulting in a pre-tax gain of $20.7 million during the eight months ending December 31, 2021 (Successor). Predecessor During the second quarter of 2020, we classified the following rigs as held-for-sale: VALARIS 8500, VALARIS 8501, VALARIS 8502, VALARIS DS-3, VALARIS DS-5, VALARIS DS-6 and VALARIS 105. The carrying value of these rigs was reduced to fair value, less costs to sell, based on their estimated sales price, and we recorded a pre-tax, non-cash loss on impairment totaling $15.0 million. These rigs were subsequently sold during the third quarter of 2020. During the third quarter of 2020, we classified VALARIS 8504, VALARIS 84 and VALARIS 88 as held-for-sale. The fair value, less costs to sell, based on each rig's estimated sales price, was in excess of the respective carrying value. As a result, we concluded that there was no impairment of these rigs. These rigs were sold during the fourth quarter of 2020. During the fourth quarter of 2020, we classified our Australia office building as held-for-sale. The fair value, less cost to sale, of this asset was determined to be in excess of the carrying value and we concluded that there was no impairment for the asset. Our Australia office building had a remaining aggregate carrying value of $2.3 million and is included in Other current assets, on our Consolidated Balance Sheet as of December 31, 2020. The office was subsequently sold in the first quarter of 2021 and we recognized an immaterial pre-tax gain during the four months ended April 30, 2021 (Predecessor). During the third quarter of 2019, we decided to retire VALARIS 5006 and classified the rig as held-for-sale. We recognized a pre-tax, non-cash loss on impairment of $88.2 million, which represented the difference between the carrying value of the rig and related assets and their estimated fair value, less costs to sell. We subsequently sold the rig during the fourth quarter of 2019. During the fourth quarter of 2019, we classified VALARIS 6002, VALARIS 68 and VALARIS 70 as held-for-sale. With the exception of VALARIS 70, we determined that the fair value, less costs to sell, based on each rig's estimated sales price, was in excess of the respective carrying value. Therefore, we concluded that there was no impairment for VALARIS 6002 and VALARIS 68. For VALARIS 70, we recognized a pre-tax impairment charge of $10.2 million. VALARIS 6002 and VALARIS 68 were subsequently sold in the first quarter of 2020 and VALARIS 70 was sold in the second quarter of 2020. VALARIS 101 was sold and resulted in a gain of $5.3 million during the four months ended April 30, 2021 (Predecessor).

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	DEBT The carrying value of our debt as of December 31, 2021 (Successor) and 2020 (Predecessor) consisted of the following (in millions): Successor Predecessor 2021 2020 (1) Secured first lien notes due 2028 $ 545.3 $ — 6.875% Senior notes due 2020 — 122.9 4.70% Senior notes due 2021 — 100.7 4.875% Senior notes due 2022 (2) — 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 (2) — 318.6 8.00% Senior notes due 2024 — 292.3 5.20% Senior notes due 2025 — 333.7 7.375% Senior notes due 2025 (2) — 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 (2) — 400.0 5.75% Senior notes due 2044 — 1,000.5 5.85% Senior notes due 2044 (2) — 400.0 Amounts drawn under the Revolving Credit Facility (3) — 581.0 Total debt $ 545.3 $ 7,096.3 Less: Liabilities Subject to Compromise — 7,096.3 Less: current maturities — — Total long-term debt $ 545.3 $ — (1) 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 Consolidated Balance Sheet as of December 31, 2020 (Predecessor). We discontinued accruing interest on our indebtedness following the Petition Date and all accrued interest as of the Petition Date is classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020 (Predecessor). Additionally, we incurred a net non-cash charge of $447.9 million to write off any unamortized debt discounts, premiums and issuance costs, including the amounts related to the 2024 Convertible Notes discussed below, which is included in Reorganization items, net on our Consolidated Statements of Operations for the year ended December 31, 2020 (Predecessor). On the Effective Date, in accordance with the plan of reorganization, all outstanding obligations under the Predecessor's Senior Notes, including the 2024 Convertible Notes, and the Revolving Credit Facility were cancelled and the holders thereunder received their pro rata share of certain Common Shares issued on the Effective Date. See below and " Note 2 - Chapter 11 Proceedings" for additional information. (2) These senior notes were acquired in the Rowan Transaction. (3) In addition to the amount borrowed above, we had $27.0 million in undrawn letters of credit issued under the Revolving Credit Facility. Indenture On the Effective Date, in accordance with the plan of reorganization and Backstop Commitment Agreement, dated August 18, 2020 (as amended, the "BCA"), the Company consummated the rights offering of the First Lien Notes and associated shares in an aggregate principal amount of $550.0 million. In accordance with the BCA, certain holders of senior notes claims and certain holders of claims under the Revolving Credit Facility who provided backstop commitments received the backstop premium in an aggregate amount equal to $50.0 million in First Lien Notes and 2.7%of the Common Shares on the Effective Date. T he Debtors paid a commitment fee of $20.0 million, in cash prior to the Petition Date, which was loaned back to the reorganized company upon emergence. Therefore, upon emergence the Debtors received $520 million in cash in exchange for a $550 million note, which includes the backstop premium. See “ Note 2 – Chapter 11 Proceedings” for additional information. The First Lien Notes were issued pursuant to the Indenture, among Valaris Limited, certain direct and indirect subsidiaries of Valaris Limited as guarantors, and Wilmington Savings Fund Society, FSB, as collateral agent and trustee (in such capacities, the “Collateral Agent”). The First Lien Notes are guaranteed, jointly and severally, on a senior basis, by certain of the direct and indirect subsidiaries of the Company. The First Lien Notes and such guarantees are secured by first-priority perfected liens on 100% of the equity interests of each Restricted Subsidiary directly owned by the Company or any guarantor and a first-priority perfected lien on substantially all assets of the Company and each guarantor of the First Lien Notes, in each case subject to certain exceptions and limitations. The following is a brief description of the material provisions of the Indenture and the First Lien Notes. The First Lien Notes are scheduled to mature on April 30, 2028. Interest on the First Lien Notes accrues, at our option, at a rate of: (i) 8.25% per annum, payable in cash; (ii) 10.25% per annum, with 50% of such interest to be payable in cash and 50% of such interest to be paid in kind; or (iii) 12% per annum, with the entirety of such interest to be paid in kind. Interest is due semi-annually in arrears on May 1 and November 1 of each year and shall be computed on the basis of a 360-day year of twelve 30-day months. The first cash interest payment was made on November 1, 2021. At any time prior to April 30, 2023, the Company may redeem up to 35% of the aggregate principal amount of the First Lien Notes at a redemption price of 104% up to the net cash proceeds received by the Company from equity offerings provided that at least 65% of the aggregate principal amount of the First Lien Notes remains outstanding and provided that the redemption occurs within 120 days after such equity offering of the Company. At any time prior to April 30, 2023, the Company may redeem the First Lien Notes at a redemption price of 104% plus a “make-whole” premium. On or after April 30, 2023, the Company may redeem all or part of the First Lien Notes at fixed redemption prices (expressed as percentages of the principal amount), plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Company may also redeem the First Lien Notes, in whole or in part, at any time and from time to time on or after April 30, 2026 at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Notwithstanding the foregoing, if a Change of Control (as defined in the Indenture, with certain exclusions as provided therein) occurs, the Company will be required to make an offer to repurchase all or any part of each note holder’s notes at a purchase price equal to 101% of the aggregate principal amount of First Lien Notes repurchased, plus accrued and unpaid interest to, but excluding, the applicable date. The Indenture contains covenants that limit, among other things, the Company’s ability and the ability of the guarantors and other restricted subsidiaries, to: (i) incur, assume or guarantee additional indebtedness; (ii) pay dividends or distributions on equity interests or redeem or repurchase equity interests; (iii) make investments; (iv) repay or redeem junior debt; (v) transfer or sell assets; (vi) enter into sale and lease back transactions; (vii) create, incur or assume liens; and (viii) enter into transactions with certain affiliates. These covenants are subject to a number of important limitations and exceptions. The Indenture also provides for certain customary events of default, including, among other things, nonpayment of principal or interest, breach of covenants, failure to pay final judgments in excess of a specified threshold, failure of a guarantee to remain in effect, failure of a collateral document to create an effective security interest in collateral, with a fair market value in excess of a specified threshold, bankruptcy and insolvency events, cross payment default and cross acceleration, which could permit the principal, premium, if any, interest and other monetary obligations on all the then outstanding First Lien Notes to be declared due and payable immediately. The Company incurred $5.2 million in issuance costs in association with the First Lien Notes that are being amortized into interest expense over the expected life of the notes using the effective interest method. Predecessor Debtor in Possession Financing On September 25, 2020, following approval by the Bankruptcy Court, the Debtors entered into the Debtor-in-Possession ("DIP") 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 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. As of the Effective Date, there were no borrowings outstanding against our DIP facility and there were no DIP claims payable subsequent to, or that otherwise survived, the Effective Date. The DIP Credit Agreement terminated on the Effective Date. As of December 31, 2020 (Predecessor), we had no borrowings outstanding against our DIP Facility. Predecessor Senior Notes The commencement of the Chapter 11 Cases was considered 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 were automatically stayed as a result of the filing of the Chapter 11 Cases. 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 were classified as Liabilities Subject to Compromise in our Consolidated Balance Sheets as of December 31, 2020 (Predecessor). On the Effective Date, pursuant to the plan of reorganization, each series of our senior notes were cancelled and the holders thereunder received the treatment as set forth in the plan of reorganization. The below paragraphs in this section contain further details about the inception or purchase of each of the Predecessor Senior Notes that were cancelled. As a result of the Rowan Transaction, we acquired the following senior notes issued by Rowan Companies, LLC (formerly Rowan Companies, Inc.) ("RCI") and guaranteed by Rowan: (1) $201.4 million in aggregate principal amount of 7.875% unsecured senior notes due 2019, which were repaid at maturity in August 2019, (2) $620.8 million in aggregate principal amount of 4.875% 2022 Notes (the "4.875% 2022 Notes"), (3) $398.1 million in aggregate principal amount of 4.75% 2024 Notes (the "4.75% 2024 Notes"), (4) $500.0 million in aggregate principal amount of 7.375% 2025 Notes (the "7.375% 2025 Notes"), (5) $400.0 million in aggregate principal amount of 2042 Notes (the "2042 Notes"), and (6) $400.0 million in aggregate principal amount of 5.85% 2044 Notes (the "5.85% 2044 Notes"). On February 3, 2020, Rowan and RCI transferred substantially all their assets on a consolidated basis to Valaris plc, Valaris plc became the obligor on the notes and Rowan and RCI were relieved of their obligations under the notes and the related indenture. On January 26, 2018, we issued $1.0 billion aggregate principal amount of unsecured 7.75% senior notes due 2026 (the "2026 Notes") at par, net of $16.5 million in debt issuance costs. Interest on the 2026 Notes was payable semiannually on February 1 and August 1 of each year. During 2017, we exchanged $332.0 million aggregate principal amount of unsecured 8.00% senior notes due 2024 (the “8 % 2024 Notes”) for certain amounts of our outstanding senior notes due 2019, 2020 and 2021. Interest on the 8% 2024 Notes was payable semiannually on January 31 and July 31 of each year. During 2015, we issued $700.0 million aggregate principal amount of unsecured 5.20% senior notes due 2025 (the “2025 Notes”) at a discount of $2.6 million and $400.0 million aggregate principal amount of unsecured 5.75% senior notes due 2044 (the “New 2044 Notes”) at a discount of $18.7 million in a public offering. Interest on the 2025 Notes was payable semiannually on March 15 and September 15 of each year. Interest on the New 2044 Notes was payable semiannually on April 1 and October 1 of each year. During 2014, we issued $625.0 million aggregate principal amount of unsecured 4.50% senior notes due 2024 (the "2024 Notes") at a discount of $0.9 million and $625.0 million aggregate principal amount of unsecured 5.75% senior notes due 2044 (the "Existing 2044 Notes") at a discount of $2.8 million. Interest on the 2024 Notes and the Existing 2044 Notes was payable semiannually on April 1 and October 1 of each year. The Existing 2044 Notes together with the New 2044 Notes, the "2044 Notes", were treated as a single series of debt securities under the indenture governing the notes. During 2011, we issued $1.5 billion aggregate principal amount of unsecured 4.70% senior notes due 2021 (the “2021 Notes”) at a discount of $29.6 million in a public offering. Interest on the 2021 Notes was payable semiannually on March 15 and September 15 of each year. Upon consummation of our acquisition of Pride International LLC ("Pride") during 2011, we assumed outstanding debt comprised of $900.0 million aggregate principal amount of unsecured 6.875% senior notes due 2020, $300.0 million aggregate principal amount of unsecured 7.875% senior notes due 2040 (collectively, the "Pride Notes"), and $500.0 million aggregate principal amount of unsecured 8.5% senior notes due 2019 (collectively, with the Pride Notes, the "Acquired Notes"). Valaris plc fully and unconditionally guaranteed the performance of all Pride obligations with respect to the Acquired Notes. Certain of these senior notes allowed us to redeem these senior notes, either in whole in part, subject to the payment of certain “make whole” premiums. The indentures governing these senior notes contained customary events of default, including failure to pay principal or interest on such notes when due, among others. The indenture also contained certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create or incur secured indebtedness, enter into certain sale/leaseback transactions and enter into certain merger or consolidation transactions. Predecessor Debentures Due 2027 During 1997, Ensco International Incorporated issued $150.0 million of unsecured 7.20% Debentures due 2027 (the "Debentures"). Interest on the Debentures was payable semiannually on May 15 and November 15 of each year. We may redeem the Debentures, in whole or in part, at any time prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest and a "make-whole" premium. During 2009, Valaris plc entered into a supplemental indenture to unconditionally guarantee the principal and interest payments on the Debentures. The Debentures and the indenture pursuant to which the Debentures were issued also contained customary events of default, including failure to pay principal or interest on the Debentures when due, among others. The indenture also contained certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create or incur secured indebtedness, enter into certain sale/leaseback transactions and enter into certain merger or consolidation transactions. Predecessor 2024 Convertible Notes In December 2016, Ensco Jersey Finance Limited, a wholly-owned subsidiary of Valaris plc, issued $849.5 million aggregate principal amount of 3.00% convertible senior notes due 2024 (the "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 the agreement, we had 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, were automatically stayed as a result of the filing of the Chapter 11 Cases. Accordingly, the aggregate principal amount of 2024 Convertible Notes outstanding as well as associated accrued interest as of the Petition Date were classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020 (Predecessor). On the Effective Date, pursuant to the plan of reorganization, all outstanding obligations under the 2024 Convertible Notes, were cancelled and the holders thereunder received the treatment as set forth in the plan of reorganization. If our average share price had exceeded the exchange price during a respective Predecessor reporting period, an assumed number of shares required to settle the conversion obligation in excess of the principal amount would have been included in our denominator for the computation of diluted EPS using the treasury stock method. See " Note 1 - Description of the Business and Summary of Significant Accounting Policies" for additional information regarding the impact to our EPS. Interest on the 2024 Convertible Notes was payable semiannually on January 31 and July 31 of each year. The 2024 Convertible Notes will mature on January 31, 2024, unless exchanged, redeemed or repurchased in accordance with their terms prior to such date. Holders may exchange their 2024 Convertible Notes at their option any time prior to July 31, 2023 only under certain circumstances set forth in the indenture governing the 2024 Convertible Notes. On or after July 31, 2023, holders may exchange their 2024 Convertible Notes at any time. The exchange rate was 17.8336 shares per $1,000 principal amount of notes, representing an exchange price of $56.08 per share, and was subject to adjustment upon certain events. The 2024 Convertible Notes may not be redeemed by us except in the event of certain tax law changes. The 2024 Convertible Notes were separated, at issuance, into their liability and equity components on our 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. The carrying amount of the liability component was initially calculated by measuring the estimated fair value of a similar liability that did not include an associated conversion feature. The carrying amount of the equity component representing the conversion feature was initially determined by deducting the fair value of the liability component from the principal amount of the 2024 Convertible Notes. The difference between the carrying amount of the liability and the principal amount has been amortized to interest expense over the term of the 2024 Convertible Notes, together with the coupon interest, resulting in an effective interest rate of approximately 8.00% per annum. The carrying amount of the 2024 Convertible Notes at December 31, 2020 (Predecessor) represented the aggregate principal amount of these notes as of the Petition Date and are classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020 (Predecessor). The equity component was $220.0 million at December 31, 2020 (Predecessor) and remained in Additional paid-in capital. The equity component was not remeasured if we continued to meet certain conditions for equity classification. On the Effective Date, in accordance with the plan of reorganization, all outstanding obligations under the 2024 Convertible Notes were cancelled and the equity component was written off to retained earnings. The costs related to the issuance of the 2024 Convertible Notes were initially allocated to the liability and equity components based on their relative fair values. Issuance costs attributable to the liability component were amortized to interest expense over the term of the notes and the issuance costs attributable to the equity component were recorded to Additional paid-in capital on our Consolidated Balance Sheet. During the years ended December 31, 2020 and 2019 (Predecessor), we recognized $16.1 million and $25.5 million, respectively, associated with coupon interest. Amortization of debt discount and issuance costs were $21.4 million and $32.5 million for the years ended December 31, 2020 and 2019 (Predecessor), respectively. We discontinued accruing interest on these notes as of the Petition Date. Additionally, we incurred a net non-cash charge of $128.8 million to write off $119.5 million of unamortized debt discount and $9.3 million of unamortized debt issuance costs related to these notes, which is included in Reorganization items, net on our Consolidated Statements of Operations the year ended December 31, 2020 (Predecessor). The indenture governing the 2024 Convertible Notes contained customary events of default, including failure to pay principal or interest on such notes when due, among others. The indenture also contained certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create or incur secured indebtedness, enter into certain sale/leaseback transactions and enter into certain merger or consolidation transactions. The 2021 Notes, 4.875% 2022 Notes, 4.75% 2024 Notes, 8.00% 2024 Notes, 2024 Notes, 2025 Notes, 7.375% 2025 Notes, 2026 Notes, 2042 Notes, 5.85% 2044 Notes, Existing 2044 Notes, the Pride Notes, the Debentures and 2024 Convertible Notes" together are the "Senior Notes". Tender Offers and Open Market Repurchases (Predecessor) In early March 2020, we repurchased $12.8 million of the 2021 Notes outstanding on the open market for an aggregate purchase price of $9.7 million, excluding accrued interest, with cash on hand. As a result of the transaction, we recognized a pre-tax gain of $3.1 million, net of discounts in Other, net, in the Consolidated Statements of Operations. On June 25, 2019, we commenced cash tender offers for certain series of our senior notes. The tender offers expired on July 23, 2019, and we repurchased $951.8 million of our outstanding senior notes for an aggregate purchase price of $724.1 million. As a result of the transaction, we recognized a pre-tax gain from debt extinguishment of $194.1 million, net of discounts, premiums and debt issuance costs in other, net, in the Consolidated Statements of Operations. Our tender offers and open market repurchases are summarized in the following table (in millions): Predecessor Aggregate Principal Amount Repurchased Aggregate Repurchase Price (1) Year Ended December 31, 2020 4.70% Senior notes due 2021 $ 12.8 $ 9.7 Year Ended December 31, 2019 4.50% Senior notes due 2024 $ 320.0 $ 240.0 4.75% Senior notes due 2024 79.5 61.2 8.00% Senior notes due 2024 39.7 33.8 5.20% Senior notes due 2025 335.5 250.0 7.375% Senior notes due 2025 139.2 109.2 7.20% Senior notes due 2027 37.9 29.9 $ 951.8 $ 724.1 (1) Excludes accrued interest paid to holders of the repurchased senior notes. Predecessor Revolving Credit Facility Effective upon closing of the Rowan Transaction, our revolving credit facility was $1.6 billion. The commencement of the Chapter 11 Cases resulted in an event of default under our Revolving Credit Facility. However, the ability of the lenders to exercise remedies in respect of the Revolving Credit Facility was stayed upon commencement of the Chapter 11 Cases. Accordingly, the $581.0 million of outstanding borrowing as well as accrued interest as of the Petition Date were classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020 (Predecessor). On the Effective Date, pursuant to the plan of reorganization, the Revolving Credit Facility was cancelled and the holders thereunder received the treatment as set forth in the plan of reorganization. Prior to the Effective Date, pursuant to the plan of reorganization, all undrawn letters of credit issued under the Revolving Credit Facility were collateralized pursuant to the terms of the Revolving Credit Facility. Interest Expense Interest expense totaled $31.0 million and $2.4 million for the eight months ended December 31, 2021 (Successor) and the four months ended April 30, 2021 (Predecessor), respectively. Interest expense totaled $290.6 million and $428.3 million for the years ended December 31, 2020 and 2019 (

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 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 for an aggregate settlement of $3.6 million which was recorded as a gain in Contract drilling expense in our Consolidated Statements of Operations for the year ended December 31, 2020 (Predecessor). As a result, we no longer had derivative assets or liabilities on our Consolidated Balance Sheet as of December 31, 2020 (Predecessor). During the four months ended April 30, 2021 (Predecessor) and eight months ended December 31, 2021 (Successor), we did not enter into derivative contracts; therefore, we do not have derivative assets or liabilities on our Consolidated Balance Sheet as of December 31, 2021(Successor). Historically we have 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 expenses and capital expenditures denominated in various currencies. Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our Consolidated Statements of Operations and comprehensive loss were as follows (in millions): Gain (Loss) Recognized in Other Comprehensive Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Foreign currency forward contracts — — (5.4) 1.6 Total $ — $ — $ (5.4) $ 1.6 (Gain) Loss Reclassified from AOCI into Income (Effective Portion) (1) Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Interest rate lock contracts (2) $ — $ — $ — $ 1.9 Foreign currency forward contracts (3) — (5.6) (11.6) 6.4 Total $ — $ (5.6) $ (11.6) $ 8.3 (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 expense, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. (2) Losses on interest rate lock derivatives reclassified from AOCI into income were included in Interest expense, net, in our Consolidated Statements of Operations. (3) During the four months ended April 30, 2021 (Predecessor), $5.6 million of gains were reclassified from AOCI into Loss on impairment in our Consolidated Statements of Operations in connection with the impairment of certain rigs. During the year ended December 31, 2020 (Predecessor), $2.0 million of losses were reclassified from AOCI into Contract drilling expense and $13.6 million of gains were reclassified from AOCI into Depreciation expense in our Consolidated Statements of Operations. During the year ended December 31, 2019 (Predecessor), $7.3 million of losses were reclassified from AOCI into Contract drilling expense and $0.9 million of gains were reclassified from AOCI into Depreciation expense in our Consolidated Statements 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 hedged 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. As of December 31, 2021 (Successor) and December 31, 2020 (Predecessor) we did not have open derivative contracts to hedge against this risk. Net losses of $0.2 million and $6.4 million associated with our derivatives not designated as hedging instruments were included in Other, net, in our Consolidated Statements of Operations for the years ended December 31, 2020 and 2019 (Predecessor), respectively.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Shareholders' Equity	SHAREHOLDERS' EQUITY Activity in our various shareholders' equity accounts for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor) and the years ended December 31, 2020 (Predecessor) and 2019 (Predecessor) were as follows (in millions, except per share amounts): Shares Par Value Additional Warrants Retained AOCI Treasury Non-controlling BALANCE, December 31, 2018 (Predecessor) 115.2 $ 46.2 $ 7,225.0 $ — $ 874.2 $ 18.2 $ (72.2) $ (2.6) Net income (loss) — — — — (198.0) — — 5.8 Dividends paid ($0.04 per share) — — — — (4.5) — — — Equity issuance in connection with the Rowan Transaction 88.0 35.2 1,367.5 — — — 0.1 — Net changes in pension and other postretirement benefits — — — — — (21.7) — — Distributions to noncontrolling interests — — — — — — — (4.5) Equity issuance cost — — (0.6) — — — — — Shares issued under share-based compensation plans, net 2.7 1.1 (1.3) — — — (0.7) — Repurchase of shares — — — — — — (4.5) — Share-based compensation cost — — 37.2 — — — — — Net other comprehensive income — — — — — 9.7 — — BALANCE, December 31, 2019 (Predecessor) 205.9 82.5 8,627.8 — 671.7 6.2 (77.3) (1.3) Net loss — — — — (4,855.5) — — (2.1) Net changes in pension and other postretirement benefits — — — — — (76.5) — — Purchase of noncontrolling interests — — (7.2) — — — — — Distributions to noncontrolling interests — — — — — — — (0.9) Shares issued under share-based compensation plans, net 0.2 0.1 (1.9) — — — 2.0 — Repurchase of shares — — — — — — (0.9) — Share-based compensation cost — — 21.2 — — — — — Net other comprehensive loss — — — — — (17.6) — — Shares Par Value Additional Warrants Retained AOCI Treasury Non-controlling BALANCE, December 31, 2020 (Predecessor) 206.1 82.6 8,639.9 — (4,183.8) (87.9) (76.2) (4.3) Net income (loss) — — — — (4,467.0) — — 3.2 Shares issued under share-based compensation plans, net — — (0.7) — — — 0.7 — Net changes in pension and other postretirement benefits — — — — — 0.1 — — Share-based compensation cost — — 4.8 — — — — — Net other comprehensive loss — — — — — (5.6) — — Cancellation of Predecessor equity (206.1) (82.6) (8,644.0) — 8,650.8 93.4 75.5 — Issuance of Successor Common Shares and Warrants 75.0 0.8 1,078.7 16.4 — — — — BALANCE, April 30, 2021 (Predecessor) 75.0 0.8 1,078.7 16.4 — — — (1.1) BALANCE, May 1, 2021 (Successor) 75.0 0.8 1,078.7 16.4 — — — (1.1) Net income (loss) — — — — (33.0) — — 3.8 Net changes in pension and other postretirement benefits — — — — — (9.1) — — Share-based compensation cost — — 4.3 — — — — BALANCE, December 31, 2021 (Successor) 75.0 $ 0.8 $ 1,083.0 $ 16.4 $ (33.0) $ (9.1) $ — $ 2.7 In connection with the Rowan Transaction on April 11, 2019, we issued 88.3 million Class A ordinary shares with an aggregate value of $1.4 billion. See " Note 5 - Rowan Transaction" for additional information. Valaris Limited Share Capital As of the Effective Date, the authorized share capital of Valaris Limited is $8.5 million divided into 700 million Common Shares of a par value of $0.01 each and 150 million preference shares of a par value of $0.01. Issuance of Common Shares On the Effective Date, pursuant to the plan of reorganization, we issued 75 million Common Shares. Cancellation of Predecessor Equity and Issuance of Warrants On the Effective Date and pursuant to the plan of reorganization, the Legacy Valaris Class A ordinary shares were cancelled and the Company issued 5,645,161 Warrants to the former holders of the Company's equity interests outstanding prior to the Effective Date. The Warrants are exercisable for one Common Share per Warrant at an initial exercise price of $131.88 per Warrant, in each case as may be adjusted from time to time pursuant to the applicable warrant agreement. The Warrants are exercisable for a period of seven years and will expire on April 29, 2028. The exercise of these Warrants into Common Shares would have a dilutive effect to the holdings of Valaris Limited's existing shareholders. Management Incentive Plan In accordance with the plan of reorganization, Valaris Limited adopted the MIP as of the Effective Date and authorized and reserved 8,960,573 Common Shares for issuance pursuant to equity incentive awards to be granted under the MIP, which may be in the form of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, dividend equivalents and cash awards or any combination thereof. See " Note 12 - Share Based Compensation" for information on equity awards granted under the MIP subsequent to the Effective Date.

Share Based Compensation

Share Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share Based Compensation	SHARE BASED COMPENSATION On the Effective Date and pursuant to the plan of reorganization, all of the Predecessor's ordinary shares were cancelled. In accordance with the plan of reorganization, all agreements, instruments and other documents evidencing, relating or otherwise connected with any of Legacy Valaris' equity interests outstanding prior to the Effective Date, including all equity-based awards, were cancelled. Therefore, any Predecessor remaining long-term incentive plans were cancelled, including Legacy Valaris's 2018 Long-Term Incentive Plan (the "2018 LTIP") as well as plans assumed in the Rowan Transaction ("Rowan LTIP") and in connection with the Atwood Merger (the “Atwood LTIP”, and together with the 2018 LTIP and the Rowan LTIP, the "Legacy LTIPs"). See " Note 2 - Chapter 11 Proceedings" for additional information. In accordance with the plan of reorganization, Valaris Limited adopted the MIP as of the Effective Date and authorized and reserved 8,960,573 Common Shares for issuance pursuant to equity incentive awards to be granted under the MIP, which may be in the form of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, dividend equivalents and cash awards or any combination thereof. As of December 31, 2021, there were 7,493,135 shares available for issuance under the MIP. Non-Vested Share Awards, Cash-Settled Awards and Non-employee Director Awards Successor Awards Under the Company's MIP, time-based restricted stock unit awards were granted to certain employees and senior officers which vest ratably over a three year period from the date of grant. The grant-date fair value per share for these time-based restricted stock awards was equal to the closing price of the Company's stock on the grant date. For senior officers, delivery of the shares underlying vested restricted stock awards is deferred until the third anniversary of the date of grant. Non-employee directors received a one-time grant of time-based restricted awards upon our emergence from the Chapter 11 Cases which vest ratably over a three year period from the date of grant. Additionally, non-employee directors received an annual grant of time-based restricted awards which vest in full on the earlier of the first anniversary of the grant date or the next annual meeting of shareholders following the grant. Non-employee directors are permitted to elect to receive deferred share awards which can be settled and delivered at the vesting date, six-month anniversary following the termination of the director's service or a specific pre-determined date. During the eight months ended December 31, 2021 (Successor), 1.1 million share unit awards were granted to our employees and non-employee directors pursuant to the MIP. No cash-settled awards were granted during this period under the MIP. Our non-vested share awards do not have voting or participating rights as the dividend equivalent provided for in the award agreement is forfeitable (except in certain limited circumstances) and further our debt agreements limit our ability to pay dividends and none have been declared. Compensation expense for share awards is measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period). Our compensation cost is reduced for forfeited awards in the period in which the forfeitures occur. Predecessor Awards The Predecessor granted share awards and share units (collectively "share awards") and share units to be settled in cash ("cash-settled awards"), which generally vested at a rate of 33% per year, as determined by the compensation committee of Legacy Valaris' Board of Directors at the time of grant. Additionally, non-employee directors were permitted to elect to receive deferred share awards. Deferred share awards vested at the earlier of the first anniversary of the grant date or the next annual meeting of shareholders following the grant but were not to be settled until the director terminated service from the Board. Deferred share awards were to be settled in cash, shares or a combination thereof at the discretion of the compensation committee. During the four months ended April 30, 2021 (Predecessor), no share unit awards or cash-settled awards were granted. Predecessor's non-vested share awards had voting and dividend rights effective on the date of grant, and the non-vested share units had dividend rights effective on the date of grant. Compensation expense for share awards was measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period). Compensation expense for cash-settled awards was remeasured each quarter with a cumulative adjustment to compensation cost during the period based on changes in the Legacy Valaris share price. Compensation cost was also reduced for forfeited awards in the period in which the forfeitures occurred. As discussed above, in accordance with the plan of reorganization, the unvested awards of employees, senior executive officers and non-employee directors remaining on the Effective Date were cancelled for no consideration. The following table summarizes share award and cash-settled award compensation expense recognized (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Contract drilling $ 1.6 $ 2.4 $ 10.7 $ 22.1 General and administrative 2.0 2.4 9.2 17.4 3.6 4.8 19.9 39.5 Tax benefit (0.2) (0.5) (1.8) (2.5) Total $ 3.4 $ 4.3 $ 18.1 $ 37.0 As of December 31, 2021, there was $19.9 million of total estimated unrecognized compensation cost related to Successor share awards, which has a weighted-average remaining vesting period of 1.7 years. The following tables summarizes the value of share awards and cash-settled awards granted and vested: Share Awards Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Weighted-average grant-date fair value of share awards granted (per share) (1) $ 26.07 $ — $ 3.07 $ 11.50 Total fair value of share awards vested during the period (in millions) (2) $ — $ 0.02 $ 3.26 $ 17.70 (1) During the four months ended April 30, 2021 (Predecessor), no share unit awards were granted. (2) No share awards vested during the eight months ended December 31, 2021 (Successor). Cash-Settled Awards Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Weighted-average grant-date fair value of share awards granted (per share) (1) $ — $ — $ 0.75 $ — Total fair value of share awards vested during the period (in millions) (2) $ — $ — $ 0.22 $ 3.50 (1) During the eight months ended December 31, 2021 (Successor), four months ended April 30, 2021 (Predecessor) and year ended December 31, 2019 (Predecessor) no cash-settled awards were granted. (2) During the eight months ended December 31, 2021 (Successor), no cash-settled awards were vested. The following table summarizes share awards and cash-settled awards activity for the four months ended April 30, 2021 (Predecessor) and eight months ended December 31, 2021 (Successor) (shares in thousands): Share Awards Cash-settled Awards Awards Weighted-Average Awards Weighted-Average Share awards and cash-settled awards as of December 31, 2020 (Predecessor) 2,982 $ 16.40 311 $ 22.74 Vested (195) 16.93 (25) 11.35 Forfeited (295) 32.98 (5) 29.18 Cancelled (2,492) 14.25 (281) 23.65 Share awards and cash-settled awards as of April 30, 2021 (Predecessor) — $ — — $ — Share awards and cash-settled awards as of May 1, 2021 (Successor) — $ — — $ — Granted 1,050 26.07 — — Forfeited (192) 25.02 — — Share awards and cash-settled awards as of December 31, 2021 (Successor) 858 $ 26.30 — $ — Performance Awards Successor Awards Under the Company's MIP, performance awards may be issued to our senior executive officers. The 2021 performance awards are allocated based on three performance goals and subject to achievement of those performance goals based on (a) designated share price hurdles whereby our closing stock price must equal or exceed certain market price targets for ninety consecutive trading days (the "Market-Based Objectives"); (b) relative return on capital employed ("ROCE") as compared to a specified peer group, all as defined in the award agreements (the "ROCE Objective"), and (c) specified strategic goals as established by a committee of the Board of Directors (the "Strategic Goal Objective" and together with the ROCE Objective, the "Performance-Based Objectives"). Awards are payable in equity following a three-year performance period and subject to attainment of relative Market-Based Objectives and Performance-Based Objectives ranging from 0% to 150% of target performance under such objectives. Performance awards generally vest at the end of a three-year measurement period based on attainment of performance goals. The estimated probable outcome of attainment of the specified performance goals is based primarily on relative performance over the requisite performance period. Any subsequent changes in this estimate as it relates to the Performance-Based Objectives are recognized as a cumulative adjustment to compensation cost in the period in which the change in estimate occurs. Compensation cost for the Market-Based Objectives is recognized as long as the requisite service period is completed and will not be reversed even if the Market-Based Objectives are never satisfied. Compensation expense for performance awards is recognized over the requisite service period using the accelerated method and is reduced for forfeited awards in the period in which the forfeitures occur. The fair value of the 2021 performance awards granted during the eight months ended December 31, 2021 (Successor) are measured on the date of grant. The grant-date fair value per unit for the portion of the performance awards related to Performance-Based Objectives was equal to the closing price of the Company's stock on the grant date. The portion of these awards that were based on the Company's achievement of Market-based Objectives were valued at the date of grant using a Monte Carlo simulation with the following weighted average assumptions for the grants made over the eight months ended December 31, 2021: Expected price volatility 61 % Expected dividend yield — Risk-free interest rate 0.73 % The expected price volatility assumption is estimated using market data for certain peer companies during periods in which our own trading history is limited. As our trading history increases, it will bear greater weight in determining our expected price volatility assumption. The following table summarizes the performance award activity for the eight months ended December 31, 2021 (Successor) (shares in thousands): Awards Weighted Average Grant Date Fair Value Price Balance as of May 1, 2021 (Successor) — — Granted - Market-Based Objectives (1) 984 12.09 Granted - Performance-Based Objectives (1) 328 27.44 Total Granted 1,312 15.93 Forfeited - Market-Based Objectives (527) 11.04 Forfeited - Performance-Based Objectives (176) 25.02 Total Forfeited (703) 14.54 Balance as of December 31, 2021 (Successor) 609 17.53 (1) The number of awards granted reflects the shares that would be granted if the target level of performance were to be achieved. The number of shares actually issued after considering forfeitures may range from zero to 913,585. During the eight months ended December 31, 2021 (Successor), we recognized of $0.7 million of compensation expense for performance awards, which was included in General and administrative expense in our Consolidated Statements of Operations. As of December 31, 2021, there was $13.0 million of total estimated unrecognized compensation cost related to share awards, which has a weighted-average remaining vesting period of 2.6 years. Predecessor Awards Under the 2018 LTIP, performance awards were permitted to be issued to senior executive officers. The 2019 performance awards were subject to achievement of specified performance goals based on both relative and absolute total shareholder return ("TSR"). The 2020 performance awards were forfeited in exchange for cash-based incentive and retention awards. The performance goals were determined by a committee of the Board of Directors and the awards were payable in cash upon attainment of relative performance goals. Performance awards generally vest at the end of a three-year measurement period based on attainment of performance goals. Performance awards granted during 2019 were classified as liability awards, all with compensation expense recognized over the requisite service period. The estimated probable outcome of attainment of the specified performance goals was based primarily on relative performance over the requisite performance period. Any subsequent changes in this estimate were recognized as a cumulative adjustment to compensation cost in the period in which the change in estimate occurred. The aggregate grant-date fair value of performance awards granted during 2019 was $6.7 million. Subsequent to issuance, the 2020 performance awards were forfeited. The aggregate fair value of performance awards vested during 2020 and 2019 (Predecessor) totaled $5.2 million and $2.2 million, respectively. During the years ended December 31, 2020 and 2019 (Predecessor) we recognized $1.0 million and $3.2 million of compensation expense for performance awards, respectively, which was included in General and administrative expense in our Consolidated Statements of Operations. No compensation expense was recognized in connection with these awards during the four months ended April 30, 2021 (Predecessor), or the eight months ended December 31, 2021 (Successor) as per the terms of these awards no amount could be or can be earned due to the TSR provisions of the award. While this award was not cancelled in accordance with the plan of reorganization, it has no value. Share Appreciation Rights Predecessor Awards Share Appreciation Rights ("SARs") granted to employees generally became exercisable in 33% increments over a three-year period and, to the extent not exercised, expired on the tenth anniversary of the date of grant. The exercise price of SARs granted under the Rowan LTIP equals the excess of the market value of the underlying shares on the date of exercise over the market value of the shares on date of grant multiplied by the number of shares covered by the SAR. The Predecessor had accounted for SARs as equity awards. No SARs had been granted since 2013 under the Rowan LTIP. As of December 31, 2020, SARs granted to purchase 426,049 shares were outstanding under the Rowan LTIP. During the four months ended April 30, 2021 (Predecessor), 106,408 of SARs expired unexercised, and as discussed above, in accordance with the plan of reorganization, the remaining outstanding SARs were cancelled. Share Option Awards Predecessor Awards

Pension and Other Post-retireme

Pension and Other Post-retirement Benefits	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Pension and Other Post-retirement Benefits	PENSION AND OTHER POST-RETIREMENT BENEFITS Prior to the Rowan Transaction, Rowan established various defined-benefit pension plans and a post-retirement health and life insurance plan that provide benefits upon retirement for certain full-time employees. The defined-benefit pension plans include: (1) the Rowan Pension Plan; (2) Restoration Plan of Rowan Companies, Inc. (the “Rowan SERP”); (3) the Norway Onshore Plan; and (4) the Norway Offshore Plan. The Retiree Life & Medical Supplemental Plan of Rowan Companies, Inc. (the “Retiree Medical Plan”) provides post-retirement health and life insurance benefits. On November 27, 2017, Rowan purchased annuities to cover post-65 retiree medical benefits for current retirees as of the purchase date. The annuity purchase settled post-65 medical benefits (i.e., Health Reimbursement Account, or “HRA”, amounts) for affected participants, with the insurer taking responsibility for all benefit payments on and after January 1, 2019. As a result of the Rowan Transaction, we assumed these plans and obligations, which were remeasured as of the Transaction Date. Each of the plans has a benefit obligation that exceeds the fair value of plan assets. The most significant of the assumed plans is the Rowan Pension Plan. Prior to the Transaction Date, Rowan amended the Rowan Pension Plan to freeze the plan as to any future benefit accruals. As a result, eligible employees no longer receive pay credits in the pension plan and newly hired employees are not eligible to participate in the pension plan. Effective July 1, 2021, we amended the SERP to provide for quarterly credits of an interest equivalent based upon the rate of interest paid on ten-year United States treasury notes in November of the immediately preceding calendar year and the participant plan balances as of the first day of such quarter and began accounting for this plan as a defined benefit plan. The following table presents the changes in benefit obligations and plan assets for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor) and the year ended December 31, 2020 (Predecessor) and the funded status and weighted-average assumptions used to determine the benefit obligation at the measurement date (dollars in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Pension Benefits Other Benefits Total Pension Benefits Other Benefits Total Pension Benefits Other Benefits Total Projected benefit obligation: BALANCE at the beginning of the period $ 826.1 $ 14.8 $ 840.9 $ 886.7 $ 15.9 $ 902.6 $ 832.4 $ 16.1 $ 848.5 Interest cost 15.3 0.3 15.6 6.5 0.1 6.6 24.9 0.5 25.4 Service cost — — — — — — .1 — 0.1 Actuarial loss (gain) 20.6 (4.2) 16.4 (55.0) (1.0) (56.0) 97.8 (0.1) 97.7 Plan settlements (25.9) — (25.9) — — — (6.6) — (6.6) Plan curtailments — — — — — — (3.3) — (3.3) Plan amendments 0.2 — 0.2 — — — — — — Benefits paid (25.7) (0.3) (26.0) (12.1) (0.2) (12.3) (58.6) (0.6) (59.2) Net transfer in/(out) (including the effect of any business combinations/divestitures) 17.3 5.0 22.3 — — — — — — BALANCE at the end of the period $ 827.9 $ 15.6 $ 843.5 $ 826.1 $ 14.8 $ 840.9 $ 886.7 $ 15.9 $ 902.6 Plan assets Fair value, at the beginning of the period $ 652.0 $ — $ 652.0 $ 603.1 $ — $ 603.1 $ 598.9 $ — $ 598.9 Actual return 31.8 — 31.8 38.5 — 38.5 57.9 — 57.9 Employer contributions 2.4 — 2.4 22.5 — 22.5 11.5 — 11.5 Plan settlements (25.9) — (25.9) — — — (6.6) — (6.6) Benefits paid (25.7) — (25.7) (12.1) — (12.1) (58.6) — (58.6) Fair value, at the end of the period $ 634.6 $ — $ 634.6 $ 652.0 $ — $ 652.0 $ 603.1 $ — $ 603.1 Net benefit liabilities $ 193.3 $ 15.6 $ 208.9 $ 174.1 $ 14.8 $ 188.9 $ 283.6 $ 15.9 $ 299.5 Amounts recognized in Consolidated Balance Sheet: Accrued liabilities $ (3.8) $ (1.1) $ (4.9) $ (1.4) $ (1.4) $ (2.8) $ (1.5) $ (1.4) $ (2.9) Other liabilities (long-term) (189.5) (14.5) (204.0) (172.7) (13.4) (186.1) (282.1) (14.5) (296.6) Net benefit liabilities $ (193.3) $ (15.6) $ (208.9) $ (174.1) $ (14.8) $ (188.9) $ (283.6) $ (15.9) $ (299.5) Accumulated contributions in excess of (less than) net periodic benefit cost $ (180.0) $ (19.8) $ (199.8) $ (174.1) $ (14.8) $ (188.9) $ (179.6) $ (15.8) $ (195.4) Amounts not yet reflected in net periodic benefit cost: Actuarial gain (loss) (13.1) 4.2 (8.9) — — — (104.0) $ (0.1) (104.1) Prior service credit (cost) (0.2) — (0.2) — — — — — — Total accumulated other comprehensive income (loss) $ (13.3) $ 4.2 $ (9.1) $ — $ — $ — $ (104.0) $ (0.1) $ (104.1) Net benefit liabilities $ (193.3) $ (15.6) $ (208.9) $ (174.1) $ (14.8) $ (188.9) $ (283.6) $ (15.9) $ (299.5) Weighted-average assumptions: Discount rate 2.73 % 2.72 % 2.84 % 2.73 % 2.30 % 2.19 % Cash balance interest credit rate 3.05 % N/A 2.94 % N/A 2.94 % N/A The unfunded obligation increased by $20.0 million as of December 31, 2021 when compared to the unfunded obligation as of April 30, 2021. The increase was primarily attributable to the unfunded obligation under the SERP, having a balance of $16.2 million at December 31, 2021, which was transferred in as of July 1, 2021. Additionally, a decline in the discount rate and the impact of updated census data contributed to the increase in the unfunded obligation in the amount of $9.2 million and $13.2 million, respectively. This was partially offset by higher than expected return on plan assets of $7.1 million, and employer contributions of $2.4 million during the eight months ended December 31, 2021. The unfunded obligation decreased by $110.6 million as of April 30, 2021 when compared to the unfunded obligation as of December 31, 2020. The decrease was primarily attributable to the remeasurement of the pension and other post-retirement benefit plans at the Effective Date in fresh start accounting of $82.7 million due to an increase in the discount rate and higher than expected return on plan assets of approximately$56 million and $26 million, respectively. See " Note 3 - Fresh Start Accounting" for more information on the remeasurement of the pension and other post-retirement benefit plans. Additionally, employer contributions of $22.5 million made during the four months ended April 30, 2021 (Predecessor) drove a further decline in the unfunded obligation. The projected benefit obligations for pension benefits in the preceding table reflect the actuarial present value of benefits accrued based on services rendered to date assuming the actual or assumed expected date of separation for retirement. The accumulated benefit obligations, which are presented below for all plans in the aggregate at December 31, 2021 and 2020, are based on services rendered to date, but exclude the effect of future salary increases (in millions): Successor Predecessor 2021 2020 Accumulated benefit obligation $ 843.5 $ 902.6 The components of net periodic pension, retiree medical cost and the weighted-average assumptions used to determine net periodic pension and retiree medical cost were as follows (dollars in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 April 11, 2019 - December 31, 2019 Service cost (1) $ — $ — 0.1 1.5 Interest cost (2) 15.6 6.6 25.4 21.3 Expected return on plan assets (2) (24.7) (12.1) (36.5) (27.1) Curtailment gain recognized (2) — — (3.3) — Settlement (gain) loss recognized (2) 0.4 — (0.3) — Amortization of net loss (2) — 0.1 — — Net periodic pension and retiree medical cost (income) $ (8.7) $ (5.4) $ (14.6) $ (4.3) Discount rate 2.84 % 2.30 % 3.16 % 3.82 % Expected return on assets 6.03 % 6.03 % 6.48 % 6.70 % Cash balance interest credit rate 2.94 % 2.94 % 3.29 % 3.29 % (1) Included in Contract drilling and General and administrative expense in our Consolidated Statements of Operations. (2) Included in Other, net, in our Consolidated Statements of Operations. Settlement accounting is necessary when actual lump sums paid during a fiscal year exceed the sum of the service cost and interest cost for the year. The settlement threshold was reached for the Rowan Pension Plan and we recognized a settlement charge of $0.4 million in our Consolidated Statements of Operations during the eight months ended December 31, 2021 (Successor). In March 2021, the American Rescue Plan Act of 2021 ("ARPA-21") was passed. ARPA-21 provides funding relief for U.S. qualified pension plans which should lower pension contribution requirements over the next few years. As a result, we did not make contributions to certain plans in 2021. However, we currently expect to contribute approximately $3.8 million to our pension plans and to directly pay other post-retirement benefits of approximately $1.2 million in 2022. These amounts represent the minimum contributions we are required to make under relevant statutes. We do not expect to make contributions in excess of the minimum required amounts. The pension plans' investment objectives for fund assets are: to achieve over the life of the plans a return equal to the plans' expected investment return or the inflation rate plus 3%, whichever is greater, to invest assets in a manner such that contributions are minimized and future assets are available to fund liabilities, to maintain liquidity sufficient to pay benefits when due, and to diversify among asset classes so that assets earn a reasonable return with an acceptable level of risk. The plans employ several active managers with proven long-term records in their specific investment discipline. Target allocations among asset categories and the fair value of each category of plan assets as of December 31, 2021 and 2020, classified by level within the fair value hierarchy are presented below. The plans will reallocate assets in accordance with the allocation targets, after giving consideration to the expected level of cash required to pay current benefits and plan expenses (dollars in millions): Target range Total Quoted prices in active markets for identical assets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) December 31, 2021 (Successor) Equities: 53% to 69% U.S. large cap 22% to 28% $ 173.7 $ — $ 173.7 $ — U.S. small cap 4% to 10% 44.7 — 44.7 — International all cap 21% to 29% 159.1 — 159.1 — International small cap 2% to 8% 41.7 — 41.7 — Real estate equities 0% to 13% 63.5 — 63.5 — Fixed income: 25% to 35% Aggregate 9% to 19% 73.1 — 73.1 — Core plus 9% to 19% 74.3 74.3 — — Cash and equivalents 0% to 10% 4.5 4.5 — — Group annuity contracts — — — — Total $ 634.6 $ 78.8 $ 555.8 $ — December 31, 2020 (Predecessor) Equities: 53% to 69% U.S. large cap 22% to 28% $ 151.9 $ — $ 151.9 $ — U.S. small cap 4% to 10% 48.1 — 48.1 — International all cap 21% to 29% 158.5 — 158.5 — International small cap 2% to 8% 37.0 — 37.0 — Real estate equities 0% to 13% 53.5 — 53.5 — Fixed income: 25% to 35% Aggregate 9% to 19% 74.3 — 74.3 — Core plus 9% to 19% 75.8 75.8 — — Cash and equivalents 0% to 10% 4.0 4.0 — — Group annuity contracts — — — — Total $ 603.1 $ 79.8 $ 523.3 $ — Assets in the U.S. equities category include investments in common and preferred stocks (and equivalents such as American Depository Receipts and convertible bonds) and may be held through separate accounts, commingled funds or an institutional mutual fund. Assets in the international equities category include investments in a broad range of international equity securities, including both developed and emerging markets, and may be held through a commingled or institutional mutual fund. The real estate category includes investments in pooled and commingled funds whose objectives are diversified equity investments in income-producing properties. Each real estate fund is intended to provide broad exposure to the real estate market by property type, geographic location and size and may invest internationally. Securities in both the aggregate and core plus fixed income categories include U.S. government, corporate, mortgage- and asset-backed securities and Yankee bonds, and both categories target an average credit rating of “A” or better at all times. Individual securities in the aggregate fixed income category must be investment grade or above at the time of purchase, whereas securities in the core plus category may have a rating of “B” or above. Additionally, the core plus category may invest in non-U.S. securities. Assets in the aggregate and core plus fixed income categories are held primarily through a commingled fund and an institutional mutual fund, respectively. Group annuity contracts are invested in a combination of equity, real estate, bond and other investments in connection with a pension plan in Norway. The following is a description of the valuation methodologies used for the pension plan assets as of December 31, 2021: • Fair values of all U.S. equity securities, the international all cap equity securities and aggregate fixed income securities categorized as Level 2 were held in commingled funds which were valued daily based on a net asset value. • Fair value of international small cap equity securities categorized as Level 2 were held in a limited partnership fund which was valued monthly based on a net asset value. • The real estate equities categorized as Level 2 were held in two accounts (a commingled fund and a limited partnership). The assets in the commingled fund were valued monthly based on a net asset value and the assets in the limited partnership were valued quarterly based on a net asset value. • Cash and equivalents categorized as Level 1 were valued at cost, which approximates fair value. • Fair value of mutual fund investments in core plus fixed income securities categorized as Level 1 were based on quoted market prices which represent the net asset value of shares held. To develop the expected long-term rate of return on assets assumption, we considered the current level of expected returns on risk-free investments (primarily government bonds), the historical level of the risk premium associated with the plan's other asset classes and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based upon the current asset allocation to develop the expected long-term rate of return on assets assumption for the plan, which increased to 6.26% at December 31, 2021 (Successor) from 6.03% at December 31, 2020 (Predecessor). Estimated future annual benefit payments from plan assets are presented below. Such amounts are based on existing benefit formulas and include the effect of future service (in millions): Pension Benefits Other Post-Retirement Benefits Year ended December 31, 2022 $ 42.7 $ 1.2 2023 42.3 1.2 2024 42.3 1.2 2025 41.8 1.1 2026 41.2 1.0 2027 through 2030 200.2 4.2 Savings Plans We have savings plans, (the Ensco Savings Plan, the Valaris Multinational Savings Plan, the Valaris Limited Retirement Plan and the frozen RDIS International Savings Plan), which cover eligible employees as defined within each plan. During 2020, the plan assets of the legacy Rowan savings plans (the Rowan Companies, Inc. Savings & Investment Plan and the Rowan Drilling UK Pension Scheme) were transferred to the Ensco Savings Plan and the Valaris Limited Retirement Plan, respectively. The Ensco Savings Plan includes a 401(k) savings plan feature, which allows eligible employees to make tax-deferred contributions to the plans. The Valaris Limited Retirement Plan allows eligible employees to make tax-deferred contributions to the plan. Contributions made to the Valaris Multinational Savings Plan may or may not qualify for tax deferral based on each plan participant's local tax requirements. Historically, we made matching cash contributions to the plans. The legacy Ensco plans previously matched 100% of the amount contributed by the employee up to a maximum of 5% of eligible salary, where the legacy Rowan plans also provided up to a 5% match of eligible salary; however, depending on the plan and the tier, the match percentage could vary. Matching contributions totaled $8.8 million and $18.7 million for the years ended December 31, 2020 and 2019 (Predecessor), respectively. Effective August 1, 2020, in light of the then current economic environment, we suspended employer matching contributions for the Ensco Savings Plan and the Valaris Multinational Savings Plan. In addition, effective December 1, 2020, the matching contributions in the Valaris Limited Retirement Plan were reduced. Employer contributions were reinstated effective January 1, 2022 whereby 100% of the amount contributed by the employee is matched up to a maximum of 4% of eligible salary.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	INCOME TAXESWe generated profits of $253.4 million and $373.1 million, losses of $51.0 million and profits of $39.0 million before income taxes in the U.S. for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the years ended December 31, 2020 and 2019 (Predecessor), respectively. We generated losses of $245.2 million, $4.8 billion, $5.1 billion and $102.8 million before income taxes in non-U.S. jurisdictions for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the years ended December 31, 2020 and 2019 (Predecessor), respectively. The components of our provision for income taxes are summarized as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Current income tax expense (benefit): U.S. $ 5.5 $ — $ (135.3) $ 31.3 Non-U.S. 53.2 34.4 (18.4) 73.2 58.7 34.4 (153.7) 104.5 Deferred income tax expense (benefit): U.S. (6.6) — (92.9) 19.7 Non-U.S. (14.7) (18.2) (12.8) 4.2 (21.3) (18.2) (105.7) 23.9 Total income tax expense (benefit) $ 37.4 $ 16.2 $ (259.4) $ 128.4 U.S. Tax Reform and CARES Act The U.S. Tax Cuts and Jobs Act ("U.S. tax reform") was enacted on December 22, 2017 and introduced significant changes to U.S. income tax law, effective January 1, 2018. Due to the timing of the enactment of U.S. tax reform and the complexity involved in applying its provisions, t he U.S. Treasury Department continued finalizing rules associated with U.S. tax reform during 2018 and 2019. During 2019, we recognized a tax expense of $13.8 million associated with final rules issued related to U.S. tax reform. The U.S. Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was enacted on March 27, 2020 and introduced various corporate tax relief measures into law. Among other things, the CARES Act allows net operating losses ("NOLs") generated in 2019 and 2020 to be carried back to each of the five preceding years. During 2020, we recognized a tax benefit of $122.1 million associated with the carryback of NOLs to recover taxes paid in prior years. Deferred Taxes The components of deferred income tax assets and liabilities are summarized as follows (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Deferred tax assets : Net operating loss carryforwards $ 2,293.5 $ 2,272.2 Property and equipment 1,361.6 — Foreign tax credits 105.7 171.2 Interest limitation carryforwards 74.8 221.2 Employee benefits, including share-based compensation 51.2 81.6 Premiums on long-term debt 9.7 115.7 Other 15.4 6.8 Total deferred tax assets 3,911.9 2,868.7 Valuation allowance (3,829.0) (2,787.7) Net deferred tax assets 82.9 81.0 Deferred tax liabilities : Property and equipment — (40.9) Other (14.5) (11.2) Total deferred tax liabilities (14.5) (52.1) Net deferred tax asset $ 68.4 $ 28.9 The realization of substantially all of our deferred tax assets is dependent upon generating sufficient taxable income during future periods in various jurisdictions in which we operate. Realization of certain of our deferred tax assets is not assured. We recognize a valuation allowance for deferred tax assets when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. The amount of deferred tax assets considered realizable could increase or decrease in the near-term if our estimates of future taxable income change. As of December 31, 2021 (Successor), we had gross deferred tax assets of $2.3 billion relating to $10.0 billion of NOL carryforwards, $105.7 million of U.S. foreign tax credits (“FTCs”), and $74.8 million of U.S. and Luxembourg interest limitation carryforwards, which can be used to reduce our income taxes payable in future years. NOL carryforwards, which were generated in various jurisdictions worldwide, include $9.1 billion that do not expire and $807.5 million that will expire, if not utilized, between 2022 and 2040. Deferred tax assets for NOL carryforwards as of December 31, 2021 (Successor) include $1.4 billion, $599.2 million, $76.4 million, and $56.4 million pertaining to NOL carryforwards in Luxembourg, the United States, Switzerland, and the U.K., respectively. The U.S. FTCs expire between 2022 and 2026. Interest limitation carryforwards generally do not expire. Additionally, as a result of our emergence from bankruptcy, the utilization of certain U.S. deferred tax assets including, but not limited to, NOL carryforwards, FTCs, and interest limitation carryforwards is limited to $0.5 million annually. We have recognized a $3.8 billion valuation allowance as of December 31, 2021 on deferred tax assets relating to those assets for which we are not more likely than not to realize due to the inability to generate sufficient taxable income in the period and/or of the character necessary to use the benefit of the deferred tax assets. Certain components of deferred tax assets and liabilities as of December 31, 2021 (Successor) have changed significantly from December 31, 2020 (Predecessor) due to the impacts of fresh start accounting, Switzerland tax reform, and other tax attribute reductions resulting from restructurings due to and in connection with the emergence from bankruptcy. During the eight months ended December 31, 2021, we recognized a $9.8 million deferred tax benefit associated with changes in deferred tax asset valuation allowances. Given current industry conditions and recent historical losses, we do not project reliable future income other than from existing drilling contracts and other known sources of future income. If industry conditions improve, which is generally evidenced by increased contract backlog and increased contract day rates, we may rely on projected taxable income from future drilling contracts for the recognition of deferred tax assets. Effective Tax Rate Valaris Limited, the Successor Company and our parent company, is domiciled and resident in Bermuda. Our subsidiaries conduct operations and earn income in numerous countries and are subject to the laws of taxing jurisdictions within those countries. The income of our non-Bermuda subsidiaries is not subject to Bermuda taxation as there is not an income tax regime in Bermuda. Valaris plc, the Predecessor Company and our former parent company, was domiciled and resident in the U.K. The income of our non-U.K. subsidiaries was generally not subject to U.K. taxation. Income tax rates and taxation systems in the jurisdictions in which our subsidiaries conduct operations vary and our subsidiaries are frequently subjected to minimum taxation regimes. In some jurisdictions, tax liabilities are based on gross revenues, statutory deemed profits or other factors, rather than on net income, and our subsidiaries are frequently unable to realize tax benefits when they operate at a loss. Accordingly, during periods of declining profitability, our income tax expense may not decline proportionally with income, which could result in higher effective income tax rates. Furthermore, we will continue to incur income tax expense in periods in which we operate at a loss. Our drilling rigs frequently move from one taxing jurisdiction to another to perform contract drilling services. In some instances, the movement of drilling rigs among taxing jurisdictions will involve the transfer of ownership of the drilling rigs among our subsidiaries. As a result of frequent changes in the taxing jurisdictions in which our drilling rigs are operated and/or owned, changes in profitability levels and changes in tax laws, our annual effective income tax rate may vary substantially from one reporting period to another. Our consolidated effective income tax rate for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the year ended December 31, 2020 (Predecessor) and the year ended December 31, 2019 (Predecessor), respectively, differs from the Bermuda and U.K. statutory income tax rates as follows: Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Bermuda (Successor)/ U.K. (Predecessor) statutory income tax rate — % 19.0 % 19.0 % 19.0 % Asset impairments — (3.2) (12.5) (31.0) Non-Bermuda (Successor) taxes 376.0 — — — Non-U.K. (Predecessor) taxes — 1.0 (2.8) (280.9) Resolution of prior year items 387.9 (0.4) 1.8 12.3 Switzerland Tax Reform (188.3) — — — Valuation allowance (119.5) (1.8) (1.5) (145.1) U.S. tax reform and U.S. CARES Act — — 2.4 (21.6) Bargain purchase gain — — — 189.7 Debt repurchases — — — 48.7 Other — (15.0) (1.3) 7.6 Effective income tax rate 456.1 % (0.4) % 5.1 % (201.3) % Our eight months ended December 31, 2021 (Successor) consolidated effective income tax rate includes $15.3 million associated with the impact of various discrete items, including $30.7 million income tax expense associated with changes in liabilities for unrecognized tax benefits and resolution of other prior period tax matters, offset by $15.4 million of tax benefit related to deferred taxes associated with Switzerland tax reform. Our four months ended April 30, 2021 (Predecessor) consolidated effective income tax rate included $2.2 million associated with the impact of various discrete items, including $21.5 million of income tax expense associated with changes in liabilities for unrecognized tax benefits and resolution of other prior period tax matters, offset by $19.3 million of tax benefit related to fresh start accounting adjustments. Our 2020 consolidated effective income tax rate includes a $322.4 million tax benefit associated with the impact of various discrete tax items, including restructuring transactions, impairments of rigs and other assets, implementation of the U.S. CARES Act, changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years, rig sales, reorganization items and the resolution of other prior period tax matters. Our 2019 consolidated effective income tax rate includes $2.3 million associated with the impact of various discrete tax items, including $28.3 million of tax expense associated with final rules related to U.S. tax reform, gains on repurchase of debt and settlement proceeds, partially offset by $26.0 million of tax benefit related to restructuring transactions, changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years and other resolutions of prior year tax matters and rig sales. Excluding the impact of the aforementioned discrete tax items, our consolidated effective income rates for the eight months ended December 31, 2021 (Successor) and the four months ended April 30, 2021 (Predecessor) were 387.7% and (12.9)%, respectively. Excluding the impact of the aforementioned discrete tax items, our consolidated effective income tax rates for the years ended December 31, 2020 and 2019 (Predecessor) were (7.6)% and (14.6)%, respectively. The changes in our consolidated effective income tax rate excluding discrete tax items during the three-year period result primarily from changes in the relative components of our earnings from the various taxing jurisdictions in which our drilling rigs are operated and/or owned and differences in tax rates in such taxing jurisdictions. As discussed in " Note 9 - Debt", on February 3, 2020, Rowan and RCI transferred substantially all their assets and liabilities to Valaris plc and Valaris plc became the obligor on the 4.875% 2022 Notes, 2042 Notes, 7.375% 2025 Notes, 4.75% 2024 Notes and 5.85% 2044 Notes. We recognized a tax benefit of $66.0 million during the year ended December 31, 2020 in connection with this transaction. Unrecognized Tax Benefits Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. As of December 31, 2021 (Successor), we had $234.3 million of unrecognized tax benefits, of which $212.2 million was included in Other liabilities on our Consolidated Balance Sheet, $21.1 million, which is associated with tax positions taken in tax years with NOL carryforwards, was presented as a reduction of deferred tax assets and $1.0 million was presented as a reduction of long-term income tax receivable. As of December 31, 2020 (Predecessor), we had $237.7 million of unrecognized tax benefits, of which $213.0 million was included in Other liabilities on our Consolidated Balance Sheet, $20.7 million, which is associated with tax positions taken in tax years with NOL carryforwards, was presented as a reduction of deferred tax assets and $4.0 million was presented as a reduction of long-term income tax receivable. If recognized, $208.9 million of the $234.3 million unrecognized tax benefits as of December 31, 2021 (Successor) would impact our consolidated effective income tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor) and the year ended December 31, 2020 (Predecessor), respectively (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Balance, beginning of period $ 235.4 $ 237.7 $ 296.7 Increase in unrecognized tax benefits as a result of tax positions taken during prior years 33.8 2.9 22.4 Lapse of applicable statutes of limitations (20.2) (0.2) (13.2) Impact of foreign currency exchange rates (10.5) (17.6) 9.0 Increases in unrecognized tax benefits as a result of tax positions taken during the current year 6.9 12.6 12.8 Settlements with taxing authorities (6.6) — (0.7) Decreases in unrecognized tax benefits as a result of tax positions taken during prior years (4.5) — (89.3) Balance, end of period $ 234.3 $ 235.4 $ 237.7 Accrued interest and penalties totaled $108.0 million and $73.1 million as of December 31, 2021 (Successor) and 2020 (Predecessor), respectively, and were included in Other liabilities on our Consolidated Balance Sheets. We recognized a net expense of $21.3 million, $13.5 million, $13.8 million and $5.7 million associated with interest and penalties during the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the years ended December 31, 2020 and 2019 (Predecessor), respectively. Interest and penalties are included in Current income tax expense in our Consolidated Statements of Operations. Three of our subsidiaries file U.S. tax returns and the tax returns of one or more of these subsidiaries is under exam for years 2009 to 2012 and for 2015, 2017 and subsequent years. None of these examinations are expected to have an impact on the Company's consolidated results of operations and cash flows. Tax years as early as 2005 remain subject to examination in the other major tax jurisdictions in which we operated. Statutes of limitations applicable to certain of our tax positions lapsed during the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the years ended December 31, 2020 and 2019 (Predecessor), resulting in net income tax benefits, inclusive of interest and penalties, of $17.9 million, $0.2 million, $4.3 million and $5.3 million, respectively. Absent the commencement of examinations by tax authorities, statutes of limitations applicable to certain of our tax positions will lapse during 2022. Therefore, it is reasonably possible that our unrecognized tax benefits will decline during the next 12 months by $4.0 million, inclusive of $1.4 million of accrued interest and penalties, all of which would impact our consolidated effective income tax rate if recognized. Tax Assessments Predecessor During 2019, the Luxembourg tax authorities issued aggregate tax assessments totaling approximately €142.0 million (approximately $161.5 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 a liability for uncertain tax positions of €93.0 million (approximately $105.7 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 $161.5 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 $89.8 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 Consolidated Statements of Cash Flows for the year ended December 31, 2020 (Predecessor). On December 31, 2021, we de-recognized the remaining liability for uncertain tax position balance of €14.0 million (approximately $15.9 million converted using the current period-end exchange rates) upon the lapse of the applicable statute of limitations. During 2019, the Australian tax authorities issued aggregate tax assessments totaling approximately A$101 million (approximately $73.4 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 an $18.0 million liability for unrecognized tax benefits relating to these assessments as of December 31, 2021 (Successor). 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. Undistributed Earnings

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	COMMITMENTS AND CONTINGENCIES Prior to our chapter 11 filing, we had contractual commitments for the construction of VALARIS DS-13 and VALARIS DS-14. On February 26, 2021, we entered into amended agreements with the shipyard that became effective upon our emergence from bankruptcy. The amendments provide for, among other things, an option construct whereby the Company has the right, but not the obligation, to take delivery of either or both rigs on or before December 31, 2023. Under the amended agreements, the purchase price for the rigs are estimated to be approximately $119.1 million for the VALARIS DS-13 and $218.3 million for the VALARIS DS-14, assuming a December 31, 2023 delivery date. Delivery can be requested any time prior to December 31, 2023 with a downward purchase price adjustment based on predetermined terms. If the Company elects not to purchase the rigs, the Company has no further obligations to the shipyard. The amended agreements removed any parent company guarantee. 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 cooperated 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 Funding Obligations In connection with our 50/50 joint venture, we have a potential obligation to fund ARO for newbuild jackup rigs. ARO has plans to purchase 20 newbuild jackup rigs over an approximate 10-year period. In January 2020, ARO ordered the first two newbuild jackups, each with a shipyard price of $176.0 million. The first rig is expected to be delivered in the fourth quarter of 2022 and the second rig is expected either late in the fourth quarter of 2022 or in the first quarter of 2023. ARO is expected to place orders for two additional newbuild jackups 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. ARO paid a 25% down payment from cash on hand for each of the newbuilds ordered in January 2020 and is actively exploring financing options for remaining payments due upon delivery. In the event ARO has insufficient cash from operations or is unable to obtain third-party financing, each partner may periodically be required to make additional capital contributions to ARO, up to a maximum aggregate contribution of $1.25 billion from each partner to fund the newbuild program. Each partner's commitment shall be reduced by the actual cost of each newbuild rig, on a proportionate basis. The 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. Other Matters In addition to the foregoing, we are named defendants or parties in certain other lawsuits, claims or proceedings incidental to our business and are involved from time to time as parties to governmental investigations or proceedings, including matters related to taxation, arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results and cash flows. In the ordinary course of business with customers and others, we have entered into letters of credit to guarantee our performance as it relates to our drilling contracts, contract bidding, customs duties, tax appeals and other obligations in various jurisdictions. Letters of credit outstanding as of December 31, 2021 (Successor) totaled $36.5 million and are issued under facilities provided by various banks and other financial institutions. Obligations under these letters of credit are not normally called, as we typically comply with the underlying performance requirement. As of December 31, 2021 (Successor), we had collateral deposits in the amount of $31.1 million with respect to these agreements.

Leases Leases

Leases Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	LEASES We have operating leases for office space, facilities, equipment, employee housing and certain rig berthing facilities. For all asset classes, except office space, we account for the lease component and the non-lease component as a single lease component. Our leases have remaining lease terms of less than one year to nine years, some of which include options to extend. We evaluate the carrying value of our right-of-use assets on a periodic basis to identify events or changes in circumstances, such as lease abandonment, that indicate that the carrying value of such right-of-use assets may be impaired. The components of lease expense are as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Long-term operating lease cost $ 12.9 $ 9.1 $ 23.3 $ 29.5 Short-term operating lease cost 15.3 7.0 19.2 12.2 Sublease income (0.3) (0.1) (2.3) (2.4) Total operating lease cost $ 27.9 $ 16.0 $ 40.2 $ 39.3 Supplemental balance sheet information related to our operating leases is as follows (in millions, except lease term and discount rate): Successor Predecessor December 31, 2021 December 31, 2020 Operating lease right-of-use assets $ 20.5 $ 35.8 Current lease liability $ 10.0 $ 15.7 Long-term lease liability 12.5 21.6 Total operating lease liabilities $ 22.5 $ 37.3 Weighted-average remaining lease term (in years) 4.8 4.3 Weighted-average discount rate (1) 7.27 % 8.24 % (1) Represents our estimated incremental borrowing cost on a secured basis for similar terms as the underlying leases. During the eight months ended December 31, 2021 (Successor) and during the four months ended April 30, 2021 (Predecessor), cash paid for amounts included in the measurement of our operating lease liabilities were $11.7 million and $7.1 million, respectively. For the years ended December 31, 2020 and 2019 (Predecessor), cash paid for amounts included in the measurement of our operating lease liabilities were $23.5 million and $29.9 million, respectively. Maturities of lease liabilities as of December 31, 2021 (Successor) were as follows (in millions): 2022 $ 11.3 2023 3.1 2024 2.2 2025 2.0 2026 2.0 Thereafter 6.8 Total lease payments $ 27.4 Less imputed interest (4.9) Total $ 22.5 Predecessor On October 28, 2020, the Bankruptcy Court approved the rejection of certain unexpired office leases and related subleases. The various lease rejections were effective as of September 30, 2020 and October 31, 2020. We recorded an estimated allowed claim of $4.4 million and recognized an expense in Reorganization items, net on our Consolidated Statements of Operations for the year ended December 31, 2020 (Predecessor). Also, during the year ended December 31, 2020 (Predecessor), in connection with the office lease rejections, we reduced our right-of-use asset by a total of $10.5 million and lease liability by a total of $20.4 million and recognized a net gain in Reorganization items of $9.8 million which includes the write off of associated leasehold improvements. Additionally, in connection with the lease rejections, during the year ended December 31, 2020 (Predecessor), we amended the terms of the lease for our corporate headquarters in Houston, Texas. The amendment reduced the associated right-of-use asset by $6.4 million and lease liability by $10.4 million and we recognized a net gain in Reorganization items of $1.7 million which includes the write-off of associated leasehold improvements during the year ended December 31, 2020 (Predecessor). During the year ended December 31, 2019 (Predecessor), we recorded lease impairments of $5.6 million related to the impairment of the right-of-use assets associated with an office space and a leased yard facility that were abandoned due to the consolidation of certain corporate offices and leased facilities.

Segment Information

Segment Information	12 Months Ended
	Dec. 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 Lease Agreements, the Secondment Agreement and the Transition Services Agreement. Floaters, Jackups and ARO are also reportable segments. Upon emergence, we ceased allocation of our onshore support costs included within Contract drilling expenses to our operating segments for purposes of measuring segment operating income (loss) and as such, those costs are included in “Reconciling Items”. We have adjusted the historical periods to conform with current period presentation . Further, General and administrative expense and Depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income (loss) and are included in "Reconciling Items." 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, net. The full operating results included below for ARO are not included within our consolidated results and thus deducted under "Reconciling Items" and replaced with our equity in earnings of ARO. See " Note 6 - Equity Method Investment in ARO" for additional information on ARO and related arrangements. Segment information for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the years ended December 31, 2020 and 2019 (Predecessor), respectively are presented below (in millions). Eight Months Ended December 31, 2021 (Successor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 254.5 $ 487.1 $ 307.1 $ 93.4 $ (307.1) $ 835.0 Operating expenses Contract drilling (exclusive of depreciation) 250.7 365.2 246.2 38.9 (172.3) 728.7 Depreciation 31.0 32.0 44.2 2.8 (43.9) 66.1 General and administrative — — 13.6 — 44.6 58.2 Equity in earnings of ARO — — — — 6.1 6.1 Operating income (loss) $ (27.2) $ 89.9 $ 3.1 $ 51.7 $ (129.4) $ (11.9) Property and equipment, net $ 408.2 $ 401.9 $ 730.6 $ 46.0 $ (695.8) $ 890.9 Capital expenditures $ 26.0 $ 23.7 $ 41.8 $ — $ (41.3) $ 50.2 Four Months Ended April 30, 2021 (Predecessor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 115.7 $ 232.4 $ 163.5 $ 49.3 $ (163.5) $ 397.4 Operating expenses Contract drilling (exclusive of depreciation) 106.5 175.0 116.1 19.9 (73.7) 343.8 Loss on impairment 756.5 — — — — 756.5 Depreciation 72.1 69.7 21.0 14.8 (18.0) 159.6 General and administrative — — 4.2 — 26.5 30.7 Equity in earnings of ARO — — — — 3.1 3.1 Operating income (loss) $ (819.4) $ (12.3) $ 22.2 $ 14.6 $ (95.2) $ (890.1) Property and equipment, net $ 419.3 $ 401.4 $ 730.7 $ 50.5 $ (692.8) $ 909.1 Capital expenditures $ 3.3 $ 5.4 $ 14.9 $ — $ (14.9) $ 8.7 Year Ended December 31, 2020 (Predecessor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 505.8 $ 765.3 $ 549.4 $ 156.1 $ (549.4) $ 1,427.2 Operating expenses Contract drilling (exclusive of depreciation) 566.1 659.5 388.2 82.8 (226.2) 1,470.4 Loss on impairment 3,386.2 254.3 — 5.7 — 3,646.2 Depreciation 262.8 217.2 54.8 44.8 (38.8) 540.8 General and administrative — — 24.2 — 190.4 214.6 Other operating income 118.1 — — — — 118.1 Equity in losses of ARO — — — — (7.8) (7.8) Operating income (loss) $ (3,591.2) $ (365.7) $ 82.2 $ 22.8 $ (482.6) $ (4,334.5) Property and equipment, net $ 6,413.4 $ 3,912.6 $ 736.2 $ 577.9 $ (679.6) $ 10,960.5 Capital expenditures $ 25.1 $ 58.9 $ 136.1 $ — $ (126.3) $ 93.8 Year Ended December 31, 2019 (Predecessor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 1,014.4 $ 834.6 $ 410.5 $ 204.2 $ (410.5) $ 2,053.2 Operating expenses Contract drilling (exclusive of depreciation) 785.0 711.3 280.2 111.0 (79.7) 1,807.8 Loss on impairment 88.2 10.2 — — 5.6 104.0 Depreciation 362.3 203.3 40.3 25.5 (21.7) 609.7 General and administrative — — 27.1 — 161.8 188.9 Equity in losses of ARO — — — — (12.6) (12.6) Operating income (loss) $ (221.1) $ (90.2) $ 62.9 $ 67.7 $ (489.1) $ (669.8) Property and equipment, net $ 10,073.1 $ 4,322.7 $ 650.7 $ 620.9 $ (570.5) $ 15,096.9 Capital expenditures $ 31.4 $ 184.6 $ 27.5 $ — $ (16.5) $ 227.0 Information about Geographic Areas As of December 31, 2021 (Successor), our Floaters segment consisted of 11 drillships, four dynamically positioned semisubmersible rigs and one moored semisubmersible rig deployed in various locations. Our Jackups segment consisted of 33 jackup rigs which were deployed in various locations and our Other segment consisted of seven jackup rigs which are leased to our 50/50 joint venture with Saudi Aramco. As of December 31, 2021 (Successor), the geographic distribution of our and ARO's drilling rigs was as follows: Floaters Jackups Other Total Valaris ARO North & South America 6 6 — 12 — Europe & the Mediterranean 6 12 — 18 — Middle East & Africa 2 8 7 17 7 Asia & Pacific Rim 2 7 — 9 — Total 16 33 7 56 7 We provide management services in the U.S. Gulf of Mexico on two rigs owned by a third party not included in the table above. We are a party to contracts whereby we have the option to take delivery of two drillships, 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. For purposes of our long-lived asset geographic disclosure, we attribute assets to the geographic location of the drilling rig or operating lease, in the case of our right-of-use assets, as of the end of the applicable year. For new construction projects, assets are attributed to the location of future operation if known or to the location of construction if the ultimate location of operation is undetermined. Information by country for those countries that account for more than 10% of our long-lived assets, was as follows (in millions): Long-lived Assets Successor Predecessor December 31, 2021 December 31, 2020 December 31, 2019 United States $ 152.1 $ 1,811.9 $ 2,972.4 Spain 145.8 2,122.6 3,012.4 United Kingdom 142.4 2,584.0 1,210.5 Saudi Arabia 75.2 1,183.7 1,259.3 Other countries (1) 395.9 3,294.1 6,700.4 Total $ 911.4 $ 10,996.3 $ 15,155.0 (1) Other countries includes countries where individually we had long-lived assets representing less than 10% of total long-lived assets

Supplemental Financial Informat

Supplemental Financial Information	12 Months Ended
	Dec. 31, 2021
Supplemental Financial Information [Abstract]
Supplemental Balance Sheet Disclosures [Text Block]	SUPPLEMENTAL FINANCIAL INFORMATION Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Trade $ 296.8 $ 260.1 Income tax receivables 151.1 190.6 Other 12.7 14.7 460.6 465.4 Allowance for doubtful accounts (16.4) (16.2) $ 444.2 $ 449.2 Other current assets consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Prepaid taxes $ 44.4 $ 32.9 Deferred costs 26.9 17.4 Prepaid expenses 23.1 43.4 Materials and supplies — 279.4 Other 23.4 13.4 $ 117.8 $ 386.5 Other assets consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Tax receivables $ 64.8 $ 66.8 Deferred tax assets 59.7 21.9 Right-of-use assets 20.5 35.8 Supplemental executive retirement plan assets — 22.6 Other 31.0 29.1 $ 176.0 $ 176.2 Accrued liabilities and other consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Personnel costs $ 64.6 $ 95.6 Income and other taxes payable 45.7 50.8 Deferred revenue 45.8 57.6 Lease liabilities 10.0 15.7 Accrued interest 7.6 — Other 22.5 30.7 $ 196.2 $ 250.4 Other liabilities consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Unrecognized tax benefits (inclusive of interest and penalties) $ 320.2 $ 286.1 Pension and other post-retirement benefits 204.0 296.6 Intangible liabilities — 50.4 Customer payable — 35.5 Other 56.9 93.8 $ 581.1 $ 762.4 Accumulated other comprehensive income (loss) consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Pension and other post-retirement benefits $ (9.1) $ (98.2) Currency translation adjustment — 6.5 Derivative instruments — 5.6 Other — (1.8) $ (9.1) $ (87.9) Consolidated Statements of Operations Information Repair and maintenance expense related to continuing operations was as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Repair and maintenance expense $ 76.3 $ 48.4 $ 200.4 $ 303.7 Other, net, consisted of the following (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Net gain on sale of property $ 21.2 $ 6.0 $ 11.8 $ 1.8 Net periodic pension income, excluding service cost 8.7 5.4 14.6 5.8 Currency transaction adjustments 8.1 13.4 (11.0) (7.4) Gain on bargain purchase and measurement period adjustments — — (6.3) 637.0 Gain on extinguishment of debt — — 3.1 194.1 SHI settlement — — — 200.0 Settlement of legal dispute — — — (20.3) Other income (expense) 0.1 1.1 3.8 (4.8) $ 38.1 $ 25.9 $ 16.0 $ 1,006.2 Consolidated Statements of Cash Flows Information Our restricted cash of $35.9 million at December 31, 2021 (Successor) consists primarily of $31.1 million of collateral on letters of credit. See " Note 1 5 - Commitments and Contingencies" for more information regarding our letters of credit. Net cash used in operating activities attributable to the net change in operating assets and liabilities was as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 (Increase) decrease in accounts receivable $ (18.3) $ 23.2 $ 53.3 $ 29.5 (Increase) decrease in other assets (48.4) 27.3 (63.8) (56.6) Increase (decrease) in liabilities 77.0 18.0 (11.5) (25.4) $ 10.3 $ 68.5 $ (22.0) $ (52.5) Cash paid for interest and income taxes was as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Interest, net of amounts capitalized $ 22.8 $ — $ 190.0 $ 410.0 Income taxes 29.1 12.8 78.9 107.6 During the eight months ended December 31, 2021 (Successor) and during the four months ended April 30, 2021 (Predecessor), there was no capitalized interest. Capitalized interest totaled $1.3 million and $20.9 million during the years ended December 31, 2020 and 2019 (Predecessor), respectively. Accruals for capital expenditures totaling $9.3 million and $6.5 million as of December 31, 2021 (Successor) and April 30, 2021 (Predecessor), respectively, were excluded from Investing activities in our Consolidated Statements of Cash Flows. Additionally, accruals for capital expenditures totaling $5.4 million and $16.3 million as of December 31, 2020 and 2019 (Predecessor), respectively, were excluded from Investing activities in our Consolidated Statements of Cash Flows. Amortization, net, includes amortization of deferred mobilization revenues and costs, deferred capital upgrade revenues, intangible amortization and other amortization. Other adjustments to reconcile net loss to net cash used in operating activities includes provisions for inventory reserves, bad debt expense, and other items. Concentration of Risk We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents, and at times, investments. Previously, our use of derivatives in connection with the management of foreign currency exchange rate risk also subjected us to credit risk. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within our expectations. We mitigate our credit risk relating to cash and investments by focusing on diversification and quality of instruments. We mitigated our credit risk relating to counterparties of our previous derivatives through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and by entering into International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements, which included provisions for a legally enforceable master netting agreement, with our derivative counterparties. The terms of the ISDA agreements may also have included credit support requirements, cross default provisions, termination events or set-off provisions. Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. See " Note 10 - Derivative Instruments" for additional information on our previous derivative activity. Consolidated revenues by customer were as follows: Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 BP (1) 11 % 14 % 11 % 9 % Total (2) 9 % — % 8 % 16 % Other 80 % 86 % 81 % 75 % 100 % 100 % 100 % 100 % (1) During the eight months ended December 31, 2021(Successor), 21% of the revenues provided by BP were attributable to our Floaters segment, 20% of the revenues provided by BP were attributable to our Jackups segment and the remaining were attributable to our managed rigs. During the four months ended April 30, 2021 (Predecessor), 37% of the revenues provided by BP were attributable to our Floaters segment, 17% of the revenues provided by BP were attributable to our Jackups segment and the remaining were attributable to our managed rigs. For the year ended December 31, 2020 (Predecessor), 30% of the revenues provided by BP were attributable to our Floaters segment, 19% were attributable to our Jackups segment, and 51% of the revenues were attributable to our managed rigs. For the year ended December 31, 2019 (Predecessor), 41% of the revenues provided by BP were attributable to our Jackups segment, 16% of the revenues were attributable to our Floaters segment and 43% of the revenues were attributable to our managed rigs. (2) During the eight months ended December 31, 2021 (Successor), all of the revenues provided by Total were attributable to the Floaters segment. For the years ended December 31, 2020 and 2019 (Predecessor), 71% and 93% of the revenues provided by Total were attributable to the Floaters segment and the remainder was attributable to the Jackup segment. For purposes of our geographic disclosure, we attribute revenues to the geographic location where such revenues are earned. Consolidated revenues by region were as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 United Kingdom (1) $ 185.2 $ 75.7 $ 211.3 $ 213.1 Norway (1) 123.9 73.3 188.5 39.2 U.S. Gulf of Mexico (2) 109.9 74.4 241.4 301.0 Saudi Arabia (3) 92.3 53.6 200.8 313.4 Mexico (4) 77.8 44.3 112.1 73.0 Angola (5) 19.4 20.5 86.3 284.0 Other 226.5 55.6 386.8 829.5 $ 835.0 $ 397.4 $ 1,427.2 $ 2,053.2 (1) During the eight months ended December 31, 2021 (Successor), four months ended April 30, 2021 (Predecessor) and for the years ended December 31, 2020 and 2019 (Predecessor) all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (2) During the eight months ended December 31, 2021 (Successor), 48% and 1% of the revenues earned in the U.S. Gulf of Mexico, were attributable to our Floaters segment and Jackups segment, respectively. The remaining revenues were attributable to our managed rigs. During the four months ended April 30, 2021 (Predecessor), 64% of the revenues earned in the U.S. Gulf of Mexico, were attributable to our Floaters segment. The remaining revenues were attributable to our managed rigs. For the years ended December 31, 2020 and 2019 (Predecessor), 55% and 46% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment, 11% and 28% of the revenues were attributable to our Jackups segment, for the respective periods, and the remaining revenues were attributable to our managed rigs. (3) During the eight months ended December 31, 2021(Successor) and four months ended April 30, 2021 (Predecessor), 60% and 57% of the revenues earned in Saudi Arabia, respectively were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates to our rigs leased to ARO and certain revenues related to our Secondment Agreement. For the years ended December 31, 2020 and 2019 (Predecessor), 63% and 65% of the revenues earned in Saudi Arabia, respectively, 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 eight months ended December 31, 2021 (Successor), 52% of the revenues earned in Mexico were attributable to our Jackups segment and the remaining revenues were attributable to our Floaters segment. During the four months ended April 30, 2021 (Predecessor), 51% of the revenues earned in Mexico were attributable to our Jackups segment and the remaining revenues were attributable to our Floaters segment. For the year ended December 31, 2020 (Predecessor), 54% of the revenues earned in Mexico were attributable to our Floaters segment and the remaining revenues were attributable to our Jackups segment. For the year ended December 31, 2019 (Predecessor), all revenues earned in Mexico were attributable to our Floaters segment. (5) During the eight months ended December 31, 2021 (Successor) and the four months ended April 30, 2021 (Predecessor), all the revenues earned in Angola were attributable to our Floaters Segment. For the years ended December 31, 2020 and 2019 (Predecessor), 84% and 87% of the revenues earned in Angola, respectively, were attributable to our Floaters segment and the remaining revenues were attributable to our Jackups segment.

Related Party Disclosures

Related Party Disclosures	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	RELATED PARTIES See " Note 6 - Equity Method Investment in ARO" for information in our equity method investment in ARO and associated related party transactions. Mr. Joseph Goldschmid is a director of the Company and an employee of T. Rowe Price as of December 29, 2021 when his employer, Oakhill Advisors, was acquired by T. Rowe Price. T. Rowe Price provides administrative services for the Company's 401(k) Plan. As the employer matching contributions to the Company's 401(k) Plan were suspended during the Successor Period and the administrative fees are borne by the participants of the plan, no amounts were included in the Company's expenses during the eight months ended December 31, 2021 or payables as of December 31, 2021.

Description Of The Business A_2

Description Of The Business And Summary Of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy	Business We are a leading provider of offshore contract drilling services to the international oil and gas industry. We currently own an offshore drilling rig fleet of 56 rigs, with drilling operations in almost every major offshore market across six continents. Our rig fleet includes 11 drillships, four dynamically positioned semisubmersible rigs, one moored semisubmersible rig, 40 jackup rigs and a 50% equity interest in Saudi Aramco Rowan Offshore Drilling Company ("ARO"), our 50/50 joint venture with Saudi Aramco, which owns an additional seven rigs. We operate the world's largest fleet amongst competitive rigs, including one of the newest ultra-deepwater fleets in the industry and a leading premium jackup fleet. Our customers include many of the leading national and international oil companies, in addition to many independent operators. We are among the most geographically diverse offshore drilling companies, with current operations spanning 14 countries. The markets in which we operate include the Gulf of Mexico, South America, North Sea, the Middle East, Africa, Australia and Southeast Asia. We provide 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.
Chapter 11 Cases and Restructuring Support Agreement	Chapter 11 Cases On August 19, 2020 (the “Petition Date”), Valaris plc (“Legacy Valaris” or “Predecessor”) 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”). In connection with the Chapter 11 Cases, on and prior to April 30, 2021 (the "Effective Date"), Legacy Valaris effectuated certain restructuring transactions, pursuant to which the successor company, Valaris, was formed and, through a series of transactions, Legacy Valaris transferred to a subsidiary of Valaris substantially all of the subsidiaries, and other assets, of Legacy Valaris. References to the financial position and results of operations of the "Successor" or "Successor Company" relate to the financial position and results of operations of the Company after the Effective Date. References to the financial position and results of operations of the "Predecessor" or "Predecessor Company" refer to the financial position and results of operations of Legacy Valaris on and prior to the Effective Date. References to the “Company,” “we,” “us” or “our” in this Annual Report are to Valaris Limited, together with its consolidated subsidiaries, when referring to periods following the Effective Date, and to Legacy Valaris, together with its consolidated subsidiaries, when referring to periods prior to and including Effective Date. See “ Note 2 – Chapter 11 Proceedings” for additional details regarding the Chapter 11 Cases.
Bankruptcy and Fresh Start Accounting Policy	Fresh Start Accounting On the Effective Date, the Debtors emerged from the Chapter 11 Cases. Upon emergence from the Chapter 11 Cases, we qualified for and adopted fresh start accounting. The application of fresh start accounting resulted in a new basis of accounting, and the Company became a new entity for financial reporting purposes. Accordingly, our financial statements and notes after the Effective Date are not comparable to our financial statements and notes on and prior to that date. Furthermore, the consolidated financial statements and notes have been presented with a black line division to delineate the lack of comparability between the Predecessor and Successor. See “ Note 2 – Chapter 11 Proceedings” and “ Note 3 - Fresh Start Accounting” for additional details regarding the Chapter 11 Cases and fresh start accounting.
Principles Of Consolidation	Principles of ConsolidationThe accompanying consolidated financial statements include the accounts of Valaris Limited, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. All intercompany accounts and transactions have been eliminated. Investments in operating entities in which we have the ability to exercise significant influence, but where we do not control operating and financial policies are accounted for using the equity method. Significant influence generally exists if we have an ownership interest representing between 20% and 50% of the voting stock of the investee. We account for our interest in ARO using the equity method of accounting and only recognize our portion of equity in earnings in our consolidated financial statements. ARO is a variable interest entity; however, we are not the primary beneficiary and therefore do not consolidate ARO.
Pervasiveness Of Estimates	Pervasiveness of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates.
Foreign Currency Remeasurement And Translation	Foreign Currency Remeasurement and TranslationOur functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues and expenses are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar. These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. Most transaction gains and losses, including certain gains and losses on our prior derivative instruments, are included in Other, net, in our Consolidated Statements of Operations.  Certain gains and losses from the translation of foreign currency balances of our non-U.S. dollar functional currency subsidiaries are included in Accumulated other comprehensive income on our Consolidated Balance Sheet. Net foreign currency exchange gains were $8.1 million and $13.4 million, and were included in Other, net, in our Consolidated Statements of Operations for the eight months ended December 31, 2021 (Successor) and four months ended April 30, 2021 (Predecessor), respectively. Net foreign currency exchange losses, inclusive of offsetting fair value derivatives were $11.0 million and $7.4 million, and were included in Other, net, in our Consolidated Statements of Operations for the year ended December 31, 2020 (Predecessor) and 2019 (Predecessor), respectively.
Cash Equivalents And Short-Term Investments	Cash Equivalents and Short-Term Investments Highly liquid investments with maturities of three months or less at the date of purchase are considered cash equivalents. Highly liquid investments with maturities of greater than three months but less than one year at the date of purchase are classified as short-term investments. There were no short-term investments as of December 31, 2021 (Successor) and 2020 (Predecessor). Cash flows from purchases and maturities of short-term investments were classified as investing activities in our Consolidated Statements of Cash Flows for the year ended December 31, 2019. To mitigate our credit risk, our investments in time deposits have historically been diversified across multiple, high-quality financial institutions.
Property And Equipment	Property and Equipment All costs incurred in connection with the acquisition, construction, major enhancement and improvement of assets are capitalized, including allocations of interest incurred during periods that our drilling rigs are under construction or undergoing major enhancements and improvements. Costs incurred to place an asset into service are capitalized, including costs related to the initial mobilization of a newbuild drilling rig. Repair and maintenance costs are charged to contract drilling expense in the period in which they are incurred. Upon the sale or retirement of assets, the related cost and accumulated depreciation are removed from the balance sheet, and the resulting gain or loss is included in Other, net in our Consolidated Statements of Operations. See "Changes in Accounting Policies" above for a discussion of the change in our accounting policy for property and equipment upon emergence from bankruptcy. Our property and equipment is depreciated on a straight-line basis, after allowing for salvage values, over the estimated useful lives of our assets. Drilling rigs and related equipment are depreciated over estimated useful lives ranging from five two We evaluate the carrying value of our property and equipment, primarily our drilling rigs, on a quarterly basis to identify events or changes in circumstances ("triggering events") that indicate that the carrying value of such rigs may not be recoverable. For property and equipment used in our operations, recoverability generally is determined by comparing the carrying value of an asset to the expected undiscounted future cash flows of the asset. If the carrying value of an asset is not recoverable, the amount of impairment loss is measured as the difference between the carrying value of the asset and its estimated fair value. Property and equipment held-for-sale is recorded at the lower of net book value or fair value less cost to sell. We recorded pre-tax, non-cash impairment losses related to long-lived assets of $756.5 million, $3.6 billion and $104.0 million, in the four months ended April 30, 2021 (Predecessor), the year ended December 31, 2020 (Predecessor) and the year ended December 31, 2019 (Predecessor), respectively. See " Note 8
Operating Revenues And Expenses	Operating Revenues and Expenses See " Note 4 - Revenue from Contracts with Customers" for information on our accounting policies for revenue recognition and certain operating costs that are deferred and amortized over future periods.
Derivative Instruments	Derivative Instruments We did not have any open derivative instruments as of December 31, 2021 (Successor) or 2020 (Predecessor). However, we have historically used derivatives to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. See " Note 10 - Derivative Instruments" for additional information on how and why we used derivatives and the impact of the Chapter 11 Cases. Derivatives are recorded on our Consolidated Balance Sheet at fair value. Derivatives subject to legally enforceable master netting agreements are not offset on our Consolidated Balance Sheet. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. Derivatives qualify for hedge accounting when they are formally designated as hedges and are effective in reducing the risk exposure that they are designated to hedge. Changes in the fair value of derivatives that are designated as hedges of the variability in expected future cash flows associated with existing recognized assets or liabilities or forecasted transactions ("cash flow hedges") are recorded in accumulated other comprehensive income ("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 transactions. Gains and losses on a cash flow hedge, or a portion of a cash flow hedge, that no longer qualifies as effective due to an unanticipated change in the forecasted transaction are recognized currently in earnings and included in Other, net, in our Consolidated Statements of Operations based on the change in the fair value of the derivative. When a forecasted transaction becomes probable of not occurring, gains and losses on the derivative previously recorded in AOCI are reclassified currently into earnings and included in Other, net, in our Consolidated Statements of Operations. Historically, we would enter into derivatives that hedge the fair value of recognized assets or liabilities but do not designate such derivatives as hedges or the derivatives otherwise do not qualify for hedge accounting. In these situations, a natural hedging relationship generally exists where changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. Changes in the fair value of these derivatives are recognized currently in earnings in other, net, in our Consolidated Statements of Operations. Derivatives with asset fair values are reported in other current assets or other assets, net, on our Consolidated Balance Sheet depending on maturity date. Derivatives with liability fair values are reported in accrued liabilities and other, or other liabilities on our Consolidated Balance Sheet depending on maturity date.
Income Taxes	Income Taxes We conduct operations and earn income in numerous countries. Current income taxes are recognized for the amount of taxes payable or refundable based on the laws and income tax rates in the taxing jurisdictions in which operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the enacted tax rates in effect at year-end. A valuation allowance for deferred tax assets is recorded when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. We do not offset deferred tax assets and deferred tax liabilities attributable to different tax paying jurisdictions. We operate in certain jurisdictions where tax laws relating to the offshore drilling industry are not well developed and change frequently. Furthermore, we may enter into transactions with affiliates or employ other tax planning strategies that generally are subject to complex tax regulations. As a result of the foregoing, the tax liabilities and assets we recognize in our financial statements may differ from the tax positions taken, or expected to be taken, in our tax returns. Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties relating to income taxes are included in Current income tax expense in our Consolidated Statements of Operations. Our drilling rigs frequently move from one taxing jurisdiction to another based on where they are contracted to perform drilling services. The movement of drilling rigs among taxing jurisdictions may involve a transfer of drilling rig ownership among our subsidiaries through an intercompany rig sale. The pre-tax profit resulting from an intercompany rig sale is eliminated from our consolidated financial statements, and the carrying value of a rig sold in an intercompany transaction remains at historical net depreciated cost prior to the transaction. Our consolidated financial statements do not reflect the asset disposition transaction of the selling subsidiary or the asset acquisition transaction of the acquiring subsidiary. The income tax effects resulting from intercompany rig sales are recognized in earnings in the period in which the sale occurs. In some instances, we may determine that certain temporary differences will not result in a taxable or deductible amount in future years, as it is more-likely-than-not we will commence operations and depart from a given taxing jurisdiction without such temporary differences being recovered or settled. Under these circumstances, no future tax consequences are expected and no deferred taxes are recognized in connection with such operations. We evaluate these determinations on a periodic basis and, in the event our expectations relative to future tax consequences change, the applicable deferred taxes are recognized or derecognized.
Share-Based Compensation	Share-Based Compensation We sponsor share-based compensation plans that provide equity compensation to our key employees, officers and non-employee directors. Our Management Incentive Plan (the “MIP”) allows our Board of Directors to authorize share grants to be settled in cash, shares or a combination of shares and cash. Compensation expense for time-based share awards to be settled in shares is measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period). Compensation expense for performance awards is recognized over the requisite service period using the accelerated method and is reduced for forfeited awards in the period in which the forfeitures occur. For our performance awards that cliff vest and require the employee to render service through the vesting date, even though attainment of performance objectives might be earlier, our expense under the accelerated method would be a ratable expense over the vesting period. Equity settled performance awards generally vest at the end of a three-year measurement period based on attainment of performance goals. The estimated probable outcome of attainment of the specified performance goals is based primarily on relative performance over the requisite performance period. Any subsequent changes in this estimate as it relates to performance objectives are recognized as a cumulative adjustment to compensation cost in the period in which the change in estimate occurs, except in the case of objectives based on a market condition, such as our stock price. Compensation cost for awards based on a market performance objective is recognized as long as the requisite service period is completed and will not be reversed even if the market-based objective is never satisfied. Compensation expense for share awards to be settled in cash are recognized as liabilities and remeasured each quarter with a cumulative adjustment to compensation cost during the period based on changes in our share price. Any adjustments to the compensation cost recognized in our Consolidated Statements of Operations for awards that are forfeited are recognized in the period in which the forfeitures occur. See " Note 1 2 - Share Based Compensation" for additional information on our share-based compensation.
Pension and Other Postretirement Benefit Plans	Pension and Other Post-retirement benefit plans We measure our actuarially determined obligations and related costs for our defined benefit pension and other post-retirement plans, retiree life and medical supplemental plan benefits by applying assumptions, the most significant of which include long-term rate of return on plan assets, discount rates and mortality rates. For the long-term rate of return, we develop our assumptions regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, and we weight the assumptions based on each plan's asset allocation. For the discount rate, we base our assumptions on a yield curve approach. Actual results may differ from the assumptions included in these calculations. If gains or losses exceed 10% of the greater of the plan assets or plan liabilities, we amortize such gains or losses into income over either the period of expected future service of active participants, or over the expected average remaining lifetime of all participants. We recognize gains or losses related to plan curtailments at the date the plan amendment or termination is adopted which may precede the effective date.
Fair Value Measurements	Fair Value Measurements We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ("Level 1") and the lowest priority to unobservable inputs ("Level 3"). Level 2 measurements represent inputs that are observable for similar assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1. See " Note 7 - Fair Value Measurements" for additional information on the fair value measurement of certain of our assets and liabilities.
Noncontrolling Interests	Noncontrolling Interests Third-parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our Consolidated Balance Sheet, and net income attributable to noncontrolling interests is presented separately in our Consolidated Statements of Operations. For the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the year ended December 31, 2020 (Predecessor) and the year ended December 31, 2019 (Predecessor), all income attributable to noncontrolling interest was from continuing operations.
Earnings Per Share	Earnings Per Share Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period. Basic and diluted earnings per share ("EPS") for the Predecessor was calculated in accordance with the two-class method. Predecessor net loss attributable to Legacy Valaris used in our computations of basic and diluted EPS was 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 for the Successor includes the effect of all potentially dilutive warrants, restricted stock unit awards and performance stock unit awards and for the Predecessor includes the effect of all potentially dilutive stock options and excludes non-vested shares. In the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the year ended December 31, 2020 (Predecessor) and the year ended December 31, 2019 (Predecessor), our potentially dilutive instruments were not included in the computation of diluted EPS as the effect of including these shares in the calculation would have been anti-dilutive. The following table is a reconciliation of loss from continuing operations attributable to our shares, or Legacy Valaris shares in the case of the Predecessor periods, used in our basic and diluted EPS computations (in millions). Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Loss from continuing operations attributable to Valaris $ (33.0) $ (4,467.0) $ (4,855.5) $ (198.0) Income from continuing operations allocated to non-vested share awards (1) — — — (0.1) Loss from continuing operations attributable to Valaris shares $ (33.0) $ (4,467.0) $ (4,855.5) $ (198.1) (1) Losses are not allocated to non-vested share awards. Due to the net loss position, potentially dilutive share awards are excluded from the computation of diluted EPS. Anti-dilutive share awards totaling 600,000, 300,000, 400,000 and 300,000 for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the year ended December 31, 2020 (Predecessor) and the year ended December 31, 2019 (Predecessor), respectively, were excluded from the computation of diluted EPS. The Predecessor previously had the 2024 Convertible Notes (as defined and more fully described in Note 9 "Debt") for which we had the option to settle in cash, shares or a combination thereof for the aggregate amount due upon conversion. On the Effective Date, pursuant to the plan of reorganization, all outstanding obligations under the 2024 Convertible Notes, were cancelled and the holders thereunder received the treatment as set forth in the plan of reorganization. However, if the Legacy Valaris average share price had exceeded the exchange price during a respective predecessor reporting period, an assumed number of shares required to settle the conversion obligation in excess of the principal amount would have been included in our denominator for the computation of diluted EPS using the treasury stock method. The Legacy Valaris average share price did not exceed the exchange price during the four months ended April 30, 2021 (Predecessor) or the years ended December 31, 2020 (Predecessor) or 2019 (Predecessor). Cancellation of Predecessor Equity and Issuance of Warrants
New Accounting Pronouncements	New Accounting Pronouncements Recently adopted accounting pronouncements Income Taxes - In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("Update 2019-12"), which removes certain exceptions for investments, intraperiod allocations and interim tax calculations and adds guidance to reduce complexity in accounting for income taxes. We were required to adopt the amended guidance in annual and interim periods beginning after December 15, 2020. 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. Our notes receivable with ARO, from which we generate interest income on a LIBOR-based rate, are impacted by the application of this standard. As the notes bear interest on the LIBOR rate determined at the end of the preceding year, the rate governing our interest income in 2022 has already been determined. We expect to be able to modify the terms of our notes receivable to a comparable interest rate before the applicable LIBOR rate is no longer available and as such, do not expect this standard to have a material impact to our consolidated financial statements. Leases - In July 2021, the FASB issued ASU 2021-05, “Leases (Topic 842); Lessors - Certain Leases with Variable Lease Payments ”, ( “ Update 2021-05”) which requires a lessor to classify a lease with entirely or partially variable payments that do not depend on an index or rate as an operating lease if another classification (i.e. sales-type or direct financing) would trigger a day-one loss. Update 2021-05 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. We are in the process of evaluating the impact this amendment will have on our consolidated financial statements. Business Combinations - In October 2021, the FASB issued ASU 2021-08, “Accounting for Contracts Assets and Contract Liabilities from Contracts with Customers ” ( “ Update 2021-08”). ASU 2021-08 requires an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 and provides practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply, such as contract liabilities for the sale of nonfinancial assets within the scope of Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets . The FASB issued the update to improve the accounting for acquired revenue contracts with customers in a business combination. The ASU’s amendments are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. We will adopt Update 2021-08 in the period required and will apply it to any business combination completed subsequent to the adoption.

Description Of The Business A_3

Description Of The Business And Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Reconciliation Of Net Income Attributable To Valaris Shares Used In Basic And Diluted EPS Computations	The following table is a reconciliation of loss from continuing operations attributable to our shares, or Legacy Valaris shares in the case of the Predecessor periods, used in our basic and diluted EPS computations (in millions). Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Loss from continuing operations attributable to Valaris $ (33.0) $ (4,467.0) $ (4,855.5) $ (198.0) Income from continuing operations allocated to non-vested share awards (1) — — — (0.1) Loss from continuing operations attributable to Valaris shares $ (33.0) $ (4,467.0) $ (4,855.5) $ (198.1)

Chapter 11 Proceedings and Ab_2

Chapter 11 Proceedings and Ability to Continue as a Going Concern (Tables)	12 Months Ended
	Dec. 31, 2021
Reorganizations [Abstract]
Schedule Of Liabilities Subject to Compromise	Liabilities subject to compromise at December 31, 2020 (Predecessor) consisted 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 the Revolving Credit Facility 581.0 Accrued Interest on Senior Notes 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.
Schedule Of Reorganization Items In Consolidated Statement of Operations And Cash Flow	Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 DIP facility fees $ — $ — $ 20.0 Professional fees 17.2 93.4 66.8 Contract items (1.7) 3.9 4.4 Reorganization items (fees) 15.5 97.3 91.2 Write-off of unamortized debt — — 447.9 Contract items — 0.5 (11.5) Backstop premium — 30.0 — Gain on settlement of liabilities subject to compromise — (6,139.0) — Issuance of Common Shares for — 29.1 — Issuance of Common Shares to the Shipyard — 5.4 — Write-off of unrecognized share-based compensation expense — 16.0 — Impact of newbuild contract amendments — 350.7 — Loss on fresh start adjustments — 9,194.6 — Reorganization items (non-cash) — 3,487.3 436.4 Total reorganization items, net $ 15.5 $ 3,584.6 $ 527.6 Reorganization items (fees) unpaid $ 0.8 $ 38.3 $ 61.2 Reorganization items (fees) paid $ 14.7 $ 59.0 $ 30.0

Fresh Start Accounting (Tables)

Fresh Start Accounting (Tables)	12 Months Ended
	Dec. 31, 2021
Reorganizations [Abstract]
Schedule of Reconciles Enterprise Value to Estimated Fair Value of Successors Equity	The following table reconciles the enterprise value to the estimated fair value of Successor Common Shares as of the Effective Date (in millions, except per share value): April 30, 2021 Enterprise Value $ 1,860.0 Plus: Cash and cash equivalents 607.6 Less: Fair value of debt (544.8) Less: Warrants (16.4) Less: Noncontrolling interest 1.1 Less: Pension and other post retirement benefits liabilities (189.0) Less: Adjustments not contemplated in Enterprise Value (639.0) Fair value of Successor Common Shares $ 1,079.5 Shares issued upon emergence 75.0 Per share value $ 14.39
Schedule of Reconciles Enterprise Value to Reorganization Value of Successors Equity	The following table reconciles the enterprise value to the reorganization value as of the Effective Date (in millions): April 30, 2021 Enterprise Value $ 1,860.0 Plus: Cash and cash equivalents 607.6 Plus: Non-interest bearing current liabilities 346.0 Less: Adjustments not contemplated in Enterprise Value (218.0) Reorganization value of Successor assets $ 2,595.6
Schedule of Effects on Consolidated Balance Sheet due to Reorganization and Fresh Start Accounting Adjustments	As of April 30, 2021 Predecessor Reorganization Adjustments Fresh Start Accounting Adjustments Successor ASSETS CURRENT ASSETS Cash and cash equivalents $ 280.2 $ 327.4 (a) $ — $ 607.6 Restricted cash 45.7 42.7 (b) — 88.4 Accounts receivable, net 425.9 — — 425.9 Other current assets 370.1 1.5 (c) (281.1) (o) 90.5 Total current assets 1,121.9 371.6 (281.1) 1,212.4 PROPERTY AND EQUIPMENT, NET 10,026.4 (417.6) (d) (8,699.7) (p) 909.1 LONG-TERM NOTES RECEIVABLE FROM ARO 442.7 — (214.4) (q) 228.3 INVESTMENT IN ARO 123.9 — (43.4) (r) 80.5 OTHER ASSETS 166.4 (10.0) (e) 8.9 (s) 165.3 $ 11,881.3 $ (56.0) $ (9,229.7) $ 2,595.6 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable - trade $ 161.5 $ 13.1 (f) $ (.5) (t) $ 174.1 Accrued liabilities and other 290.7 (12.4) (g) (61.8) (u) 216.5 Total current liabilities 452.2 0.7 (62.3) 390.6 LONG-TERM DEBT — 544.8 (h) — 544.8 OTHER LIABILITIES 706.2 (55.2) (i) (85.6) (v) 565.4 Total liabilities not subject to compromise 1,158.4 490.3 (147.9) 1,500.8 LIABILITIES SUBJECT TO COMPROMISE 7,313.7 (7,313.7) (j) — — COMMITMENTS AND CONTINGENCIES VALARIS SHAREHOLDERS' EQUITY Predecessor Class A ordinary shares 82.5 (82.5) (k) — — Predecessor Class B ordinary shares 0.1 (0.1) (k) — — Successor common shares — 0.8 (l) — 0.8 Successor stock warrants — 16.4 (m) — 16.4 Predecessor additional paid-in capital 8,644.0 (8,644.0) (k) — — Successor additional paid-in capital — 1,078.7 (l) — 1,078.7 Retained deficit (5,147.4) 14,322.6 (n) (9,175.2) (w) — Accumulated other comprehensive loss (93.4) — 93.4 (x) — Predecessor treasury shares (75.5) 75.5 (k) — — Total Valaris shareholders' equity 3,410.3 6,767.4 (9,081.8) 1,095.9 NONCONTROLLING INTERESTS (1.1) — — (1.1) Total equity 3,409.2 6,767.4 (9,081.8) 1,094.8 $ 11,881.3 $ (56.0) $ (9,229.7) $ 2,595.6
Schedule of Fresh Start Accounting	Cash Represents the reorganization adjustments (in millions): Receipt of cash for First Lien Notes $ 500.0 Loan proceeds from backstop lenders 20.0 Funds received for liquidation of rabbi trust related to certain employee benefits 17.6 Payments to Predecessor creditors (129.9) Transfer of funds for payment of certain professional fees to escrow account (42.7) Payment for certain professional services fees (29.0) Various other (8.6) $ 327.4 Represents the reorganization adjustments (in millions): Liquidation of rabbi trust related to certain employee benefits $ (17.6) Elimination of right-of-use asset associated with Newbuild Rigs (5.5) Fair value of options to purchase Newbuild Rigs 13.1 $ (10.0) Reflects the following reorganization adjustments (in millions): Professional fees incurred upon emergence $ 26.1 Payment of professional fees incurred prior to emergence (12.6) Payment of certain accounts payable incurred prior to emergence (0.4) $ 13.1 Reflects the following reorganization adjustments (in millions): Elimination of lease liabilities associated with Newbuild Rigs $ (5.0) Elimination of accrued post-petition holding costs associated with Newbuild Rigs (4.1) Payment of certain accrued liabilities incurred prior to emergence (3.3) $ (12.4) Reflects the following reorganization adjustments (in millions): Elimination of construction contract intangible liabilities associated with Newbuild Rigs $ (49.9) Elimination of accrued post-petition holding costs associated with Newbuild Rigs (4.7) Elimination of lease liabilities associated with Newbuild Rigs (0.6) $ (55.2) Reflects the following reorganization adjustments (in millions): Settlement of liabilities subject to compromise $ 7,313.7 Issuance of common stock to Predecessor creditors (721.0) Issuance of common stock to backstop parties (323.8) Payments to Predecessor creditors (129.9) Gain on settlement of liabilities subject to compromise $ 6,139.0 Represents the reorganization adjustments to total equity as follows (in millions): Gain on settlement of liabilities subject to compromise $ (6,139.0) Issuance of Common Shares for backstop premium 29.1 Issuance of Common Shares to the Shipyard 5.4 Write-off of unrecognized share-based compensation expense 16.0 Professional fees and success fees 35.9 Backstop premium 30.0 Impact of newbuild contract amendments 350.7 Reorganization items, net (5,671.9) Cancellation of Predecessor common shares (82.6) Cancellation of Predecessor treasury shares 75.5 Cancellation of Predecessor additional paid in capital (7,856.4) Cancellation of equity component of Predecessor convertible notes (220.0) Cancellation of Predecessor cash and equity compensation plans (583.6) Fair value of Warrants 16.4 $ (14,322.6) Reflects the fresh start adjustments to record the estimated fair value of other current assets as follows (in millions): Elimination of materials and supplies $ (260.8) Elimination of historical deferred contract drilling expenses (20.3) $ (281.1) Reflects the fresh start adjustments to record the estimated fair value of other assets as follows (in millions): Deferred tax impacts of certain fresh start adjustments $ 21.1 Fair value of contracts with customers 8.5 Fair value adjustments to right-of-use assets 0.4 Elimination of historical deferred contract drilling expenses (16.5) Elimination of other deferred costs (4.6) $ 8.9 Reflects the fresh start adjustments to record the estimated fair value of current liabilities as follows (in millions): Elimination of customer payable balance $ (36.8) Elimination of historical deferred revenues (25.9) Fair value of contracts with customers 0.5 Fair value adjustment to lease liabilities 0.4 $ (61.8) Reflects the fresh start adjustments to record the estimated fair value of other liabilities as follows (in millions): Adjustment to fair value of pension and other post-retirement plan liabilities $ (82.7) Elimination of historical deferred revenue (5.9) Deferred tax impacts of certain fresh start adjustments 1.7 Fair value adjustments to lease liabilities 1.1 Fair value adjustments to other liabilities 0.2 $ (85.6) Reflects the fresh start adjustments to retained deficit as follows (in millions): Fair value adjustments to prepaid and other current assets $ (281.1) Fair value adjustments to property (8,699.7) Fair value of intangible assets 8.5 Fair value adjustment to investment in ARO (43.4) Fair value adjustment to note receivable from ARO (214.4) Fair value adjustments to other assets (20.7) Fair value adjustments to other current liability 62.8 Fair value of intangible liabilities (0.5) Fair value adjustment to other liabilities 87.3 Elimination of Predecessor accumulated other comprehensive loss (93.4) Total fresh start adjustments included in reorganization items, net $ (9,194.6) Tax impact of fresh start adjustments 19.4 $ (9,175.2)

Revenue from Contracts with Cus

Revenue from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability [Table Text Block]	The following table summarizes our contract assets and contract liabilities (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Current contract assets $ 0.3 $ 1.4 Noncurrent contract assets $ — $ 0.4 Current contract liabilities (deferred revenue) $ 45.8 $ 57.6 Noncurrent contract liabilities (deferred revenue) $ 10.8 $ 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 (Predecessor) $ 1.8 $ 71.9 Revenue recognized in advance of right to bill customer 2.3 — Increase due to cash received — 10.2 Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance — (14.8) Decrease due to transfer to receivables during the period (1.6) — Fresh start accounting revaluation (0.3) (31.6) Balance as of April 30, 2021 (Predecessor) 2.2 35.7 Balance as of May 1, 2021 (Successor) 2.2 35.7 Revenue recognized in advance of right to bill customer 2.5 — Increase due to cash received — 80.1 Decrease due to amortization of deferred revenue that was added during the period — (21.5) Decrease due to transfer to receivables and payables during the period (4.4) (37.7) Balance as of December 31, 2021 (Successor) $ 0.3 $ 56.6
Expected Future Amortization of Contract Liabilities	December 31, 2021 is set forth in the table below (in millions): 2022 2023 2024 2025 & Thereafter Total Amortization of contract liabilities $ 45.8 $ 7.8 $ 1.2 $ 1.8 $ 56.6 Amortization of deferred costs $ 26.9 $ 6.9 $ 0.9 $ — $ 34.7

Rowan Transaction (Tables)

Rowan Transaction (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Business Acquisition, Pro Forma Information	The pro forma results do not include any potential synergies or non-recurring charges that may result directly from the Rowan Transaction. (unaudited) Twelve Months Ended December 31, 2019 (1) Revenues $ 2,240.5 Net loss $ (997.8) Earnings per share - basic and diluted $ (3.82) (1) Pro forma net loss and loss per share were adjusted to exclude an aggregate $108.1 million of transaction related and integration costs incurred during the year ended December 31, 2019. Additionally, pro forma net loss and loss per share exclude the measurement period adjustments and estimated gain on bargain purchase of $637.0 million recognized during the year ended December 31, 2019 (Predecessor).

Equity Method Investment in A_2

Equity Method Investment in ARO (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Summarized financial information for ARO is as follows (in millions): Year Ended December 31, 2021 Year Ended December 31, 2020 April 11, 2019 - December 31, 2019 Revenues $ 470.6 $ 549.4 $ 410.5 Operating expenses Contract drilling (exclusive of depreciation) 362.3 388.2 280.2 Depreciation 65.2 54.8 40.3 General and administrative 17.8 24.2 27.1 Operating income 25.3 82.2 62.9 Other expense, net 13.4 26.7 28.6 Provision for income taxes 7.9 14.2 9.7 Net income $ 4.0 $ 41.3 $ 24.6 December 31, 2021 December 31, 2020 Cash and cash equivalents $ 270.8 $ 237.7 Other current assets 135.0 120.9 Non-current assets 775.8 804.0 Total assets $ 1,181.6 $ 1,162.6 Current liabilities $ 79.9 $ 70.8 Non-current liabilities 956.7 950.8 Total liabilities $ 1,036.6 $ 1,021.6 Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 April 11, 2019 - December 31, 2019 50% interest in ARO net income (loss) $ (4.0) $ 6.0 $ 20.7 $ 12.3 Amortization of basis differences 10.1 (2.9) (28.5) (24.9) Equity in earnings (losses) of ARO $ 6.1 $ 3.1 $ (7.8) $ (12.6) The following table summarizes the total assets and liabilities as reflected in our Consolidated Balance Sheets as well as our maximum exposure to loss related to ARO (in millions). Our maximum exposure to loss is limited to (1) our equity investment in ARO; (2) the carrying amount of our shareholder notes receivable; and (3) other receivables and contract assets from ARO, partially offset by contract liabilities as well as payables to ARO. Successor Predecessor December 31, 2021 December 31, 2020 Total assets $ 348.1 $ 585.2 Less: total liabilities 49.1 30.9 Maximum exposure to loss $ 299.0 $ 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): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 April 11, 2019 - December 31, 2019 Lease revenue $ 35.4 $ 21.7 $ 52.2 $ 58.2 Secondment revenue 1.5 1.1 21.6 49.9 Transition Services revenue — — 1.3 17.3 Total revenue from ARO (1) $ 36.9 $ 22.8 $ 75.1 $ 125.4 (1) All of the revenues presented above are included in our Other segment in our segment disclosures. See " Note 1 7 - Segment Information" for additional information.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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 Significant Significant Total As of December 31, 2020 (Predecessor) Supplemental executive retirement plan assets $ 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): Successor Predecessor December 31, 2021 December 31, 2020 Carrying Estimated Carrying Value (1) Estimated Secured first lien notes due 2028 $ 545.3 $ 575.7 $ — $ — 6.875% Senior notes due 2020 — — 122.9 8.6 4.70% Senior notes due 2021 — — 100.7 4.5 4.875% Senior notes due 2022 — — 620.8 32.9 3.00% Exchangeable senior notes due 2024 (2) — — 849.5 76.5 4.50% Senior notes due 2024 — — 303.4 13.7 4.75% Senior notes due 2024 — — 318.6 18.8 8.00% Senior notes due 2024 — — 292.3 12.9 5.20% Senior notes due 2025 — — 333.7 12.7 7.375% Senior notes due 2025 — — 360.8 20.9 7.75% Senior notes due 2026 — — 1,000.0 44.0 7.20% Debentures due 2027 — — 112.1 5.7 7.875% Senior notes due 2040 — — 300.0 21.0 5.40% Senior notes due 2042 — — 400.0 23.6 5.75% Senior notes due 2044 — — 1,000.5 38.0 5.85% Senior notes due 2044 — — 400.0 26.0 Amounts borrowed under Revolving Credit Facility (3) — — 581.0 581.0 Total debt $ 545.3 $ 575.7 $ 7,096.3 $ 940.8 Less : Liabilities Subject to Compromise (4) — — 7,096.3 940.8 Total long-term debt $ 545.3 $ 575.7 $ — $ — (1) The carrying amount of debt instruments at December 31, 2020 represents the Predecessor's outstanding borrowings as of the Petition Date and are classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020. (2) For the Predecessor, the 3% exchangeable senior notes due 2024 (the "2024 Convertible Notes") were 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 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. The carrying amount at December 31, 2020 represented the aggregate principal amount of these notes as of the Petition Date and was classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020. The Predecessor discontinued accruing interest on these notes as of the Petition Date. The equity component was $220.0 million and was classified as Additional Paid-in Capital as of December 31, 2020. On the Effective Date, in accordance with the plan of reorganization, all outstanding obligations under the 2024 Convertible Notes were cancelled and the equity component was written off to retained earnings. (3) In addition to the amount borrowed above, the Predecessor had $27.0 million in undrawn letters of credit issued under the Revolving Credit Facility as of December 31, 2020 . On the Effective Date, in accordance with the plan of reorganization, all undrawn letters of credit issued under the Revolving Credit Facility were collateralized pursuant to the terms of the Revolving Credit Facility. (4) As discussed in “ Note 2 - Chapter 11 Proceedings” and “ Note 3 - Fresh Start Accounting,” since the Petition Date and through the Effective Date, the Company operated as a debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the provisions of the Bankruptcy Code. Accordingly, all of our long-term debt obligations were presented as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020 (Predecessor). All unamortized debt discounts, premiums or issuance costs related to our long-term debt obligations were written off to reorganization items as of the Petition Date in 2020. Additionally, we discontinued accruing interest on our indebtedness as of the Petition Date.

Property And Equipment (Tables)

Property And Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule Of Property And Equipment	Property and equipment consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Drilling rigs and equipment $ 886.9 $ 12,584.4 Work-in-progress 35.6 446.1 Other 34.5 178.8 $ 957.0 $ 13,209.3

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt Instruments	The carrying value of our debt as of December 31, 2021 (Successor) and 2020 (Predecessor) consisted of the following (in millions): Successor Predecessor 2021 2020 (1) Secured first lien notes due 2028 $ 545.3 $ — 6.875% Senior notes due 2020 — 122.9 4.70% Senior notes due 2021 — 100.7 4.875% Senior notes due 2022 (2) — 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 (2) — 318.6 8.00% Senior notes due 2024 — 292.3 5.20% Senior notes due 2025 — 333.7 7.375% Senior notes due 2025 (2) — 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 (2) — 400.0 5.75% Senior notes due 2044 — 1,000.5 5.85% Senior notes due 2044 (2) — 400.0 Amounts drawn under the Revolving Credit Facility (3) — 581.0 Total debt $ 545.3 $ 7,096.3 Less: Liabilities Subject to Compromise — 7,096.3 Less: current maturities — — Total long-term debt $ 545.3 $ — (1) 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 Consolidated Balance Sheet as of December 31, 2020 (Predecessor). We discontinued accruing interest on our indebtedness following the Petition Date and all accrued interest as of the Petition Date is classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020 (Predecessor). Additionally, we incurred a net non-cash charge of $447.9 million to write off any unamortized debt discounts, premiums and issuance costs, including the amounts related to the 2024 Convertible Notes discussed below, which is included in Reorganization items, net on our Consolidated Statements of Operations for the year ended December 31, 2020 (Predecessor). On the Effective Date, in accordance with the plan of reorganization, all outstanding obligations under the Predecessor's Senior Notes, including the 2024 Convertible Notes, and the Revolving Credit Facility were cancelled and the holders thereunder received their pro rata share of certain Common Shares issued on the Effective Date. See below and " Note 2 - Chapter 11 Proceedings" for additional information. (2) These senior notes were acquired in the Rowan Transaction. (3) In addition to the amount borrowed above, we had $27.0 million in undrawn letters of credit issued under the Revolving Credit Facility. Indenture On the Effective Date, in accordance with the plan of reorganization and Backstop Commitment Agreement, dated August 18, 2020 (as amended, the "BCA"), the Company consummated the rights offering of the First Lien Notes and associated shares in an aggregate principal amount of $550.0 million. In accordance with the BCA, certain holders of senior notes claims and certain holders of claims under the Revolving Credit Facility who provided backstop commitments received the backstop premium in an aggregate amount equal to $50.0 million in First Lien Notes and 2.7%of the Common Shares on the Effective Date. T he Debtors paid a commitment fee of $20.0 million, in cash prior to the Petition Date, which was loaned back to the reorganized company upon emergence. Therefore, upon emergence the Debtors received $520 million in cash in exchange for a $550 million note, which includes the backstop premium. See “ Note 2 – Chapter 11 Proceedings” for additional information. The First Lien Notes were issued pursuant to the Indenture, among Valaris Limited, certain direct and indirect subsidiaries of Valaris Limited as guarantors, and Wilmington Savings Fund Society, FSB, as collateral agent and trustee (in such capacities, the “Collateral Agent”). The First Lien Notes are guaranteed, jointly and severally, on a senior basis, by certain of the direct and indirect subsidiaries of the Company. The First Lien Notes and such guarantees are secured by first-priority perfected liens on 100% of the equity interests of each Restricted Subsidiary directly owned by the Company or any guarantor and a first-priority perfected lien on substantially all assets of the Company and each guarantor of the First Lien Notes, in each case subject to certain exceptions and limitations. The following is a brief description of the material provisions of the Indenture and the First Lien Notes. The First Lien Notes are scheduled to mature on April 30, 2028. Interest on the First Lien Notes accrues, at our option, at a rate of: (i) 8.25% per annum, payable in cash; (ii) 10.25% per annum, with 50% of such interest to be payable in cash and 50% of such interest to be paid in kind; or (iii) 12% per annum, with the entirety of such interest to be paid in kind. Interest is due semi-annually in arrears on May 1 and November 1 of each year and shall be computed on the basis of a 360-day year of twelve 30-day months. The first cash interest payment was made on November 1, 2021. At any time prior to April 30, 2023, the Company may redeem up to 35% of the aggregate principal amount of the First Lien Notes at a redemption price of 104% up to the net cash proceeds received by the Company from equity offerings provided that at least 65% of the aggregate principal amount of the First Lien Notes remains outstanding and provided that the redemption occurs within 120 days after such equity offering of the Company. At any time prior to April 30, 2023, the Company may redeem the First Lien Notes at a redemption price of 104% plus a “make-whole” premium. On or after April 30, 2023, the Company may redeem all or part of the First Lien Notes at fixed redemption prices (expressed as percentages of the principal amount), plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Company may also redeem the First Lien Notes, in whole or in part, at any time and from time to time on or after April 30, 2026 at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Notwithstanding the foregoing, if a Change of Control (as defined in the Indenture, with certain exclusions as provided therein) occurs, the Company will be required to make an offer to repurchase all or any part of each note holder’s notes at a purchase price equal to 101% of the aggregate principal amount of First Lien Notes repurchased, plus accrued and unpaid interest to, but excluding, the applicable date. The Indenture contains covenants that limit, among other things, the Company’s ability and the ability of the guarantors and other restricted subsidiaries, to: (i) incur, assume or guarantee additional indebtedness; (ii) pay dividends or distributions on equity interests or redeem or repurchase equity interests; (iii) make investments; (iv) repay or redeem junior debt; (v) transfer or sell assets; (vi) enter into sale and lease back transactions; (vii) create, incur or assume liens; and (viii) enter into transactions with certain affiliates. These covenants are subject to a number of important limitations and exceptions. The Indenture also provides for certain customary events of default, including, among other things, nonpayment of principal or interest, breach of covenants, failure to pay final judgments in excess of a specified threshold, failure of a guarantee to remain in effect, failure of a collateral document to create an effective security interest in collateral, with a fair market value in excess of a specified threshold, bankruptcy and insolvency events, cross payment default and cross acceleration, which could permit the principal, premium, if any, interest and other monetary obligations on all the then outstanding First Lien Notes to be declared due and payable immediately. The Company incurred $5.2 million in issuance costs in association with the First Lien Notes that are being amortized into interest expense over the expected life of the notes using the effective interest method.
Schedule of Extinguishment of Debt	Our tender offers and open market repurchases are summarized in the following table (in millions): Predecessor Aggregate Principal Amount Repurchased Aggregate Repurchase Price (1) Year Ended December 31, 2020 4.70% Senior notes due 2021 $ 12.8 $ 9.7 Year Ended December 31, 2019 4.50% Senior notes due 2024 $ 320.0 $ 240.0 4.75% Senior notes due 2024 79.5 61.2 8.00% Senior notes due 2024 39.7 33.8 5.20% Senior notes due 2025 335.5 250.0 7.375% Senior notes due 2025 139.2 109.2 7.20% Senior notes due 2027 37.9 29.9 $ 951.8 $ 724.1 (1) Excludes accrued interest paid to holders of the repurchased senior notes.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 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 Consolidated Statements of Operations and comprehensive loss were as follows (in millions): Gain (Loss) Recognized in Other Comprehensive Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Foreign currency forward contracts — — (5.4) 1.6 Total $ — $ — $ (5.4) $ 1.6 (Gain) Loss Reclassified from AOCI into Income (Effective Portion) (1) Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Interest rate lock contracts (2) $ — $ — $ — $ 1.9 Foreign currency forward contracts (3) — (5.6) (11.6) 6.4 Total $ — $ (5.6) $ (11.6) $ 8.3 (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 expense, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. (2) Losses on interest rate lock derivatives reclassified from AOCI into income were included in Interest expense, net, in our Consolidated Statements of Operations. (3) During the four months ended April 30, 2021 (Predecessor), $5.6 million of gains were reclassified from AOCI into Loss on impairment in our Consolidated Statements of Operations in connection with the impairment of certain rigs. During the year ended December 31, 2020 (Predecessor), $2.0 million of losses were reclassified from AOCI into Contract drilling expense and $13.6 million of gains were reclassified from AOCI into Depreciation expense in our Consolidated Statements of Operations. During the year ended December 31, 2019 (Predecessor), $7.3 million of losses were reclassified from AOCI into Contract drilling expense and $0.9 million of gains were reclassified from AOCI into Depreciation expense in our Consolidated Statements of Operations.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Schedule Of Activity In Our Various Shareholders' Equity	Activity in our various shareholders' equity accounts for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor) and the years ended December 31, 2020 (Predecessor) and 2019 (Predecessor) were as follows (in millions, except per share amounts): Shares Par Value Additional Warrants Retained AOCI Treasury Non-controlling BALANCE, December 31, 2018 (Predecessor) 115.2 $ 46.2 $ 7,225.0 $ — $ 874.2 $ 18.2 $ (72.2) $ (2.6) Net income (loss) — — — — (198.0) — — 5.8 Dividends paid ($0.04 per share) — — — — (4.5) — — — Equity issuance in connection with the Rowan Transaction 88.0 35.2 1,367.5 — — — 0.1 — Net changes in pension and other postretirement benefits — — — — — (21.7) — — Distributions to noncontrolling interests — — — — — — — (4.5) Equity issuance cost — — (0.6) — — — — — Shares issued under share-based compensation plans, net 2.7 1.1 (1.3) — — — (0.7) — Repurchase of shares — — — — — — (4.5) — Share-based compensation cost — — 37.2 — — — — — Net other comprehensive income — — — — — 9.7 — — BALANCE, December 31, 2019 (Predecessor) 205.9 82.5 8,627.8 — 671.7 6.2 (77.3) (1.3) Net loss — — — — (4,855.5) — — (2.1) Net changes in pension and other postretirement benefits — — — — — (76.5) — — Purchase of noncontrolling interests — — (7.2) — — — — — Distributions to noncontrolling interests — — — — — — — (0.9) Shares issued under share-based compensation plans, net 0.2 0.1 (1.9) — — — 2.0 — Repurchase of shares — — — — — — (0.9) — Share-based compensation cost — — 21.2 — — — — — Net other comprehensive loss — — — — — (17.6) — — Shares Par Value Additional Warrants Retained AOCI Treasury Non-controlling BALANCE, December 31, 2020 (Predecessor) 206.1 82.6 8,639.9 — (4,183.8) (87.9) (76.2) (4.3) Net income (loss) — — — — (4,467.0) — — 3.2 Shares issued under share-based compensation plans, net — — (0.7) — — — 0.7 — Net changes in pension and other postretirement benefits — — — — — 0.1 — — Share-based compensation cost — — 4.8 — — — — — Net other comprehensive loss — — — — — (5.6) — — Cancellation of Predecessor equity (206.1) (82.6) (8,644.0) — 8,650.8 93.4 75.5 — Issuance of Successor Common Shares and Warrants 75.0 0.8 1,078.7 16.4 — — — — BALANCE, April 30, 2021 (Predecessor) 75.0 0.8 1,078.7 16.4 — — — (1.1) BALANCE, May 1, 2021 (Successor) 75.0 0.8 1,078.7 16.4 — — — (1.1) Net income (loss) — — — — (33.0) — — 3.8 Net changes in pension and other postretirement benefits — — — — — (9.1) — — Share-based compensation cost — — 4.3 — — — — BALANCE, December 31, 2021 (Successor) 75.0 $ 0.8 $ 1,083.0 $ 16.4 $ (33.0) $ (9.1) $ — $ 2.7

Share Based Compensation (Table

Share Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary Of Non-Vested Share Award Related Compensation Expense Recognized	The following table summarizes share award and cash-settled award compensation expense recognized (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Contract drilling $ 1.6 $ 2.4 $ 10.7 $ 22.1 General and administrative 2.0 2.4 9.2 17.4 3.6 4.8 19.9 39.5 Tax benefit (0.2) (0.5) (1.8) (2.5) Total $ 3.4 $ 4.3 $ 18.1 $ 37.0
Summary Of Value Of Non-Vested Share Awards Granted And Vested	The following tables summarizes the value of share awards and cash-settled awards granted and vested: Share Awards Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Weighted-average grant-date fair value of share awards granted (per share) (1) $ 26.07 $ — $ 3.07 $ 11.50 Total fair value of share awards vested during the period (in millions) (2) $ — $ 0.02 $ 3.26 $ 17.70 (1) During the four months ended April 30, 2021 (Predecessor), no share unit awards were granted. (2) No share awards vested during the eight months ended December 31, 2021 (Successor). Cash-Settled Awards Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Weighted-average grant-date fair value of share awards granted (per share) (1) $ — $ — $ 0.75 $ — Total fair value of share awards vested during the period (in millions) (2) $ — $ — $ 0.22 $ 3.50 (1) During the eight months ended December 31, 2021 (Successor), four months ended April 30, 2021 (Predecessor) and year ended December 31, 2019 (Predecessor) no cash-settled awards were granted.
Summary Of Non-Vested Share Award Activity	The following table summarizes share awards and cash-settled awards activity for the four months ended April 30, 2021 (Predecessor) and eight months ended December 31, 2021 (Successor) (shares in thousands): Share Awards Cash-settled Awards Awards Weighted-Average Awards Weighted-Average Share awards and cash-settled awards as of December 31, 2020 (Predecessor) 2,982 $ 16.40 311 $ 22.74 Vested (195) 16.93 (25) 11.35 Forfeited (295) 32.98 (5) 29.18 Cancelled (2,492) 14.25 (281) 23.65 Share awards and cash-settled awards as of April 30, 2021 (Predecessor) — $ — — $ — Share awards and cash-settled awards as of May 1, 2021 (Successor) — $ — — $ — Granted 1,050 26.07 — — Forfeited (192) 25.02 — — Share awards and cash-settled awards as of December 31, 2021 (Successor) 858 $ 26.30 — $ —
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions	The fair value of the 2021 performance awards granted during the eight months ended December 31, 2021 (Successor) are measured on the date of grant. The grant-date fair value per unit for the portion of the performance awards related to Performance-Based Objectives was equal to the closing price of the Company's stock on the grant date. The portion of these awards that were based on the Company's achievement of Market-based Objectives were valued at the date of grant using a Monte Carlo simulation with the following weighted average assumptions for the grants made over the eight months ended December 31, 2021: Expected price volatility 61 % Expected dividend yield — Risk-free interest rate 0.73 %
Schedule Of Summary Of Performance Award Activity	The following table summarizes the performance award activity for the eight months ended December 31, 2021 (Successor) (shares in thousands): Awards Weighted Average Grant Date Fair Value Price Balance as of May 1, 2021 (Successor) — — Granted - Market-Based Objectives (1) 984 12.09 Granted - Performance-Based Objectives (1) 328 27.44 Total Granted 1,312 15.93 Forfeited - Market-Based Objectives (527) 11.04 Forfeited - Performance-Based Objectives (176) 25.02 Total Forfeited (703) 14.54 Balance as of December 31, 2021 (Successor) 609 17.53

Pension and Other Post-retire_2

Pension and Other Post-retirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Schedule of Changes in Benefit Obligations and Plan Assets	The following table presents the changes in benefit obligations and plan assets for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor) and the year ended December 31, 2020 (Predecessor) and the funded status and weighted-average assumptions used to determine the benefit obligation at the measurement date (dollars in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Pension Benefits Other Benefits Total Pension Benefits Other Benefits Total Pension Benefits Other Benefits Total Projected benefit obligation: BALANCE at the beginning of the period $ 826.1 $ 14.8 $ 840.9 $ 886.7 $ 15.9 $ 902.6 $ 832.4 $ 16.1 $ 848.5 Interest cost 15.3 0.3 15.6 6.5 0.1 6.6 24.9 0.5 25.4 Service cost — — — — — — .1 — 0.1 Actuarial loss (gain) 20.6 (4.2) 16.4 (55.0) (1.0) (56.0) 97.8 (0.1) 97.7 Plan settlements (25.9) — (25.9) — — — (6.6) — (6.6) Plan curtailments — — — — — — (3.3) — (3.3) Plan amendments 0.2 — 0.2 — — — — — — Benefits paid (25.7) (0.3) (26.0) (12.1) (0.2) (12.3) (58.6) (0.6) (59.2) Net transfer in/(out) (including the effect of any business combinations/divestitures) 17.3 5.0 22.3 — — — — — — BALANCE at the end of the period $ 827.9 $ 15.6 $ 843.5 $ 826.1 $ 14.8 $ 840.9 $ 886.7 $ 15.9 $ 902.6 Plan assets Fair value, at the beginning of the period $ 652.0 $ — $ 652.0 $ 603.1 $ — $ 603.1 $ 598.9 $ — $ 598.9 Actual return 31.8 — 31.8 38.5 — 38.5 57.9 — 57.9 Employer contributions 2.4 — 2.4 22.5 — 22.5 11.5 — 11.5 Plan settlements (25.9) — (25.9) — — — (6.6) — (6.6) Benefits paid (25.7) — (25.7) (12.1) — (12.1) (58.6) — (58.6) Fair value, at the end of the period $ 634.6 $ — $ 634.6 $ 652.0 $ — $ 652.0 $ 603.1 $ — $ 603.1 Net benefit liabilities $ 193.3 $ 15.6 $ 208.9 $ 174.1 $ 14.8 $ 188.9 $ 283.6 $ 15.9 $ 299.5 Amounts recognized in Consolidated Balance Sheet: Accrued liabilities $ (3.8) $ (1.1) $ (4.9) $ (1.4) $ (1.4) $ (2.8) $ (1.5) $ (1.4) $ (2.9) Other liabilities (long-term) (189.5) (14.5) (204.0) (172.7) (13.4) (186.1) (282.1) (14.5) (296.6) Net benefit liabilities $ (193.3) $ (15.6) $ (208.9) $ (174.1) $ (14.8) $ (188.9) $ (283.6) $ (15.9) $ (299.5) Accumulated contributions in excess of (less than) net periodic benefit cost $ (180.0) $ (19.8) $ (199.8) $ (174.1) $ (14.8) $ (188.9) $ (179.6) $ (15.8) $ (195.4) Amounts not yet reflected in net periodic benefit cost: Actuarial gain (loss) (13.1) 4.2 (8.9) — — — (104.0) $ (0.1) (104.1) Prior service credit (cost) (0.2) — (0.2) — — — — — — Total accumulated other comprehensive income (loss) $ (13.3) $ 4.2 $ (9.1) $ — $ — $ — $ (104.0) $ (0.1) $ (104.1) Net benefit liabilities $ (193.3) $ (15.6) $ (208.9) $ (174.1) $ (14.8) $ (188.9) $ (283.6) $ (15.9) $ (299.5) Weighted-average assumptions: Discount rate 2.73 % 2.72 % 2.84 % 2.73 % 2.30 % 2.19 % Cash balance interest credit rate 3.05 % N/A 2.94 % N/A 2.94 % N/A
Schedule of Accumulated and Projected Benefit Obligations	The accumulated benefit obligations, which are presented below for all plans in the aggregate at December 31, 2021 and 2020, are based on services rendered to date, but exclude the effect of future salary increases (in millions): Successor Predecessor 2021 2020 Accumulated benefit obligation $ 843.5 $ 902.6
Schedule of Net Periodic Pension Costs and Weighted Average Assumptions	The components of net periodic pension, retiree medical cost and the weighted-average assumptions used to determine net periodic pension and retiree medical cost were as follows (dollars in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 April 11, 2019 - December 31, 2019 Service cost (1) $ — $ — 0.1 1.5 Interest cost (2) 15.6 6.6 25.4 21.3 Expected return on plan assets (2) (24.7) (12.1) (36.5) (27.1) Curtailment gain recognized (2) — — (3.3) — Settlement (gain) loss recognized (2) 0.4 — (0.3) — Amortization of net loss (2) — 0.1 — — Net periodic pension and retiree medical cost (income) $ (8.7) $ (5.4) $ (14.6) $ (4.3) Discount rate 2.84 % 2.30 % 3.16 % 3.82 % Expected return on assets 6.03 % 6.03 % 6.48 % 6.70 % Cash balance interest credit rate 2.94 % 2.94 % 3.29 % 3.29 % (1) Included in Contract drilling and General and administrative expense in our Consolidated Statements of Operations. (2) Included in Other, net, in our Consolidated Statements of Operations.
Schedule of Allocation of Plan Assets	Target allocations among asset categories and the fair value of each category of plan assets as of December 31, 2021 and 2020, classified by level within the fair value hierarchy are presented below. The plans will reallocate assets in accordance with the allocation targets, after giving consideration to the expected level of cash required to pay current benefits and plan expenses (dollars in millions): Target range Total Quoted prices in active markets for identical assets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) December 31, 2021 (Successor) Equities: 53% to 69% U.S. large cap 22% to 28% $ 173.7 $ — $ 173.7 $ — U.S. small cap 4% to 10% 44.7 — 44.7 — International all cap 21% to 29% 159.1 — 159.1 — International small cap 2% to 8% 41.7 — 41.7 — Real estate equities 0% to 13% 63.5 — 63.5 — Fixed income: 25% to 35% Aggregate 9% to 19% 73.1 — 73.1 — Core plus 9% to 19% 74.3 74.3 — — Cash and equivalents 0% to 10% 4.5 4.5 — — Group annuity contracts — — — — Total $ 634.6 $ 78.8 $ 555.8 $ — December 31, 2020 (Predecessor) Equities: 53% to 69% U.S. large cap 22% to 28% $ 151.9 $ — $ 151.9 $ — U.S. small cap 4% to 10% 48.1 — 48.1 — International all cap 21% to 29% 158.5 — 158.5 — International small cap 2% to 8% 37.0 — 37.0 — Real estate equities 0% to 13% 53.5 — 53.5 — Fixed income: 25% to 35% Aggregate 9% to 19% 74.3 — 74.3 — Core plus 9% to 19% 75.8 75.8 — — Cash and equivalents 0% to 10% 4.0 4.0 — — Group annuity contracts — — — — Total $ 603.1 $ 79.8 $ 523.3 $ —
Schedule of Expected Benefit Payments	Estimated future annual benefit payments from plan assets are presented below. Such amounts are based on existing benefit formulas and include the effect of future service (in millions): Pension Benefits Other Post-Retirement Benefits Year ended December 31, 2022 $ 42.7 $ 1.2 2023 42.3 1.2 2024 42.3 1.2 2025 41.8 1.1 2026 41.2 1.0 2027 through 2030 200.2 4.2

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Summary Of Components Of Provision For Income Taxes From Continuing Operations	The components of our provision for income taxes are summarized as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Current income tax expense (benefit): U.S. $ 5.5 $ — $ (135.3) $ 31.3 Non-U.S. 53.2 34.4 (18.4) 73.2 58.7 34.4 (153.7) 104.5 Deferred income tax expense (benefit): U.S. (6.6) — (92.9) 19.7 Non-U.S. (14.7) (18.2) (12.8) 4.2 (21.3) (18.2) (105.7) 23.9 Total income tax expense (benefit) $ 37.4 $ 16.2 $ (259.4) $ 128.4
Summary Of Significant Components Of Deferred Income Tax Assets (Liabilities)	The components of deferred income tax assets and liabilities are summarized as follows (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Deferred tax assets : Net operating loss carryforwards $ 2,293.5 $ 2,272.2 Property and equipment 1,361.6 — Foreign tax credits 105.7 171.2 Interest limitation carryforwards 74.8 221.2 Employee benefits, including share-based compensation 51.2 81.6 Premiums on long-term debt 9.7 115.7 Other 15.4 6.8 Total deferred tax assets 3,911.9 2,868.7 Valuation allowance (3,829.0) (2,787.7) Net deferred tax assets 82.9 81.0 Deferred tax liabilities : Property and equipment — (40.9) Other (14.5) (11.2) Total deferred tax liabilities (14.5) (52.1) Net deferred tax asset $ 68.4 $ 28.9
Summary Of Effective Income Tax Rate On Continuing Operations	Our consolidated effective income tax rate for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the year ended December 31, 2020 (Predecessor) and the year ended December 31, 2019 (Predecessor), respectively, differs from the Bermuda and U.K. statutory income tax rates as follows: Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Bermuda (Successor)/ U.K. (Predecessor) statutory income tax rate — % 19.0 % 19.0 % 19.0 % Asset impairments — (3.2) (12.5) (31.0) Non-Bermuda (Successor) taxes 376.0 — — — Non-U.K. (Predecessor) taxes — 1.0 (2.8) (280.9) Resolution of prior year items 387.9 (0.4) 1.8 12.3 Switzerland Tax Reform (188.3) — — — Valuation allowance (119.5) (1.8) (1.5) (145.1) U.S. tax reform and U.S. CARES Act — — 2.4 (21.6) Bargain purchase gain — — — 189.7 Debt repurchases — — — 48.7 Other — (15.0) (1.3) 7.6 Effective income tax rate 456.1 % (0.4) % 5.1 % (201.3) %
Summary Of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor) and the year ended December 31, 2020 (Predecessor), respectively (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Balance, beginning of period $ 235.4 $ 237.7 $ 296.7 Increase in unrecognized tax benefits as a result of tax positions taken during prior years 33.8 2.9 22.4 Lapse of applicable statutes of limitations (20.2) (0.2) (13.2) Impact of foreign currency exchange rates (10.5) (17.6) 9.0 Increases in unrecognized tax benefits as a result of tax positions taken during the current year 6.9 12.6 12.8 Settlements with taxing authorities (6.6) — (0.7) Decreases in unrecognized tax benefits as a result of tax positions taken during prior years (4.5) — (89.3) Balance, end of period $ 234.3 $ 235.4 $ 237.7

Leases Leases (Tables)

Leases Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Components of Lease Expense	The components of lease expense are as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Long-term operating lease cost $ 12.9 $ 9.1 $ 23.3 $ 29.5 Short-term operating lease cost 15.3 7.0 19.2 12.2 Sublease income (0.3) (0.1) (2.3) (2.4) Total operating lease cost $ 27.9 $ 16.0 $ 40.2 $ 39.3
Supplemental Balance Sheet Information	Supplemental balance sheet information related to our operating leases is as follows (in millions, except lease term and discount rate): Successor Predecessor December 31, 2021 December 31, 2020 Operating lease right-of-use assets $ 20.5 $ 35.8 Current lease liability $ 10.0 $ 15.7 Long-term lease liability 12.5 21.6 Total operating lease liabilities $ 22.5 $ 37.3 Weighted-average remaining lease term (in years) 4.8 4.3 Weighted-average discount rate (1) 7.27 % 8.24 % (1) Represents our estimated incremental borrowing cost on a secured basis for similar terms as the underlying leases.
Maturities of Lease Liabilities	Maturities of lease liabilities as of December 31, 2021 (Successor) were as follows (in millions): 2022 $ 11.3 2023 3.1 2024 2.2 2025 2.0 2026 2.0 Thereafter 6.8 Total lease payments $ 27.4 Less imputed interest (4.9) Total $ 22.5 Predecessor On October 28, 2020, the Bankruptcy Court approved the rejection of certain unexpired office leases and related subleases. The various lease rejections were effective as of September 30, 2020 and October 31, 2020. We recorded an estimated allowed claim of $4.4 million and recognized an expense in Reorganization items, net on our Consolidated Statements of Operations for the year ended December 31, 2020 (Predecessor). Also, during the year ended December 31, 2020 (Predecessor), in connection with the office lease rejections, we reduced our right-of-use asset by a total of $10.5 million and lease liability by a total of $20.4 million and recognized a net gain in Reorganization items of $9.8 million which includes the write off of associated leasehold improvements. Additionally, in connection with the lease rejections, during the year ended December 31, 2020 (Predecessor), we amended the terms of the lease for our corporate headquarters in Houston, Texas. The amendment reduced the associated right-of-use asset by $6.4 million and lease liability by $10.4 million and we recognized a net gain in Reorganization items of $1.7 million which includes the write-off of associated leasehold improvements during the year ended December 31, 2020 (Predecessor). During the year ended December 31, 2019 (Predecessor), we recorded lease impairments of $5.6 million related to the impairment of the right-of-use assets associated with an office space and a leased yard facility that were abandoned due to the consolidation of certain corporate offices and leased facilities.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Schedule Of Segment Reporting Information	Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 254.5 $ 487.1 $ 307.1 $ 93.4 $ (307.1) $ 835.0 Operating expenses Contract drilling (exclusive of depreciation) 250.7 365.2 246.2 38.9 (172.3) 728.7 Depreciation 31.0 32.0 44.2 2.8 (43.9) 66.1 General and administrative — — 13.6 — 44.6 58.2 Equity in earnings of ARO — — — — 6.1 6.1 Operating income (loss) $ (27.2) $ 89.9 $ 3.1 $ 51.7 $ (129.4) $ (11.9) Property and equipment, net $ 408.2 $ 401.9 $ 730.6 $ 46.0 $ (695.8) $ 890.9 Capital expenditures $ 26.0 $ 23.7 $ 41.8 $ — $ (41.3) $ 50.2 Four Months Ended April 30, 2021 (Predecessor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 115.7 $ 232.4 $ 163.5 $ 49.3 $ (163.5) $ 397.4 Operating expenses Contract drilling (exclusive of depreciation) 106.5 175.0 116.1 19.9 (73.7) 343.8 Loss on impairment 756.5 — — — — 756.5 Depreciation 72.1 69.7 21.0 14.8 (18.0) 159.6 General and administrative — — 4.2 — 26.5 30.7 Equity in earnings of ARO — — — — 3.1 3.1 Operating income (loss) $ (819.4) $ (12.3) $ 22.2 $ 14.6 $ (95.2) $ (890.1) Property and equipment, net $ 419.3 $ 401.4 $ 730.7 $ 50.5 $ (692.8) $ 909.1 Capital expenditures $ 3.3 $ 5.4 $ 14.9 $ — $ (14.9) $ 8.7 Year Ended December 31, 2020 (Predecessor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 505.8 $ 765.3 $ 549.4 $ 156.1 $ (549.4) $ 1,427.2 Operating expenses Contract drilling (exclusive of depreciation) 566.1 659.5 388.2 82.8 (226.2) 1,470.4 Loss on impairment 3,386.2 254.3 — 5.7 — 3,646.2 Depreciation 262.8 217.2 54.8 44.8 (38.8) 540.8 General and administrative — — 24.2 — 190.4 214.6 Other operating income 118.1 — — — — 118.1 Equity in losses of ARO — — — — (7.8) (7.8) Operating income (loss) $ (3,591.2) $ (365.7) $ 82.2 $ 22.8 $ (482.6) $ (4,334.5) Property and equipment, net $ 6,413.4 $ 3,912.6 $ 736.2 $ 577.9 $ (679.6) $ 10,960.5 Capital expenditures $ 25.1 $ 58.9 $ 136.1 $ — $ (126.3) $ 93.8 Year Ended December 31, 2019 (Predecessor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 1,014.4 $ 834.6 $ 410.5 $ 204.2 $ (410.5) $ 2,053.2 Operating expenses Contract drilling (exclusive of depreciation) 785.0 711.3 280.2 111.0 (79.7) 1,807.8 Loss on impairment 88.2 10.2 — — 5.6 104.0 Depreciation 362.3 203.3 40.3 25.5 (21.7) 609.7 General and administrative — — 27.1 — 161.8 188.9 Equity in losses of ARO — — — — (12.6) (12.6) Operating income (loss) $ (221.1) $ (90.2) $ 62.9 $ 67.7 $ (489.1) $ (669.8) Property and equipment, net $ 10,073.1 $ 4,322.7 $ 650.7 $ 620.9 $ (570.5) $ 15,096.9 Capital expenditures $ 31.4 $ 184.6 $ 27.5 $ — $ (16.5) $ 227.0
Schedule Of Geographic Distribution Of Rigs By Segment	As of December 31, 2021 (Successor), the geographic distribution of our and ARO's drilling rigs was as follows: Floaters Jackups Other Total Valaris ARO North & South America 6 6 — 12 — Europe & the Mediterranean 6 12 — 18 — Middle East & Africa 2 8 7 17 7 Asia & Pacific Rim 2 7 — 9 — Total 16 33 7 56 7
Schedule Of Revenues And Long-Lived Assets By Geographical Segment	Information by country for those countries that account for more than 10% of our long-lived assets, was as follows (in millions): Long-lived Assets Successor Predecessor December 31, 2021 December 31, 2020 December 31, 2019 United States $ 152.1 $ 1,811.9 $ 2,972.4 Spain 145.8 2,122.6 3,012.4 United Kingdom 142.4 2,584.0 1,210.5 Saudi Arabia 75.2 1,183.7 1,259.3 Other countries (1) 395.9 3,294.1 6,700.4 Total $ 911.4 $ 10,996.3 $ 15,155.0 (1) Other countries includes countries where individually we had long-lived assets representing less than 10% of total long-lived assets

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Financial Information [Abstract]
Accounts Receivable, Net	Accounts receivable, net, consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Trade $ 296.8 $ 260.1 Income tax receivables 151.1 190.6 Other 12.7 14.7 460.6 465.4 Allowance for doubtful accounts (16.4) (16.2) $ 444.2 $ 449.2
Other Current Assets	Other current assets consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Prepaid taxes $ 44.4 $ 32.9 Deferred costs 26.9 17.4 Prepaid expenses 23.1 43.4 Materials and supplies — 279.4 Other 23.4 13.4 $ 117.8 $ 386.5
Other Assets, Net	Other assets consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Tax receivables $ 64.8 $ 66.8 Deferred tax assets 59.7 21.9 Right-of-use assets 20.5 35.8 Supplemental executive retirement plan assets — 22.6 Other 31.0 29.1 $ 176.0 $ 176.2
Accrued Liabilities And Other	Accrued liabilities and other consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Personnel costs $ 64.6 $ 95.6 Income and other taxes payable 45.7 50.8 Deferred revenue 45.8 57.6 Lease liabilities 10.0 15.7 Accrued interest 7.6 — Other 22.5 30.7 $ 196.2 $ 250.4
Other Liabilities	Other liabilities consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Unrecognized tax benefits (inclusive of interest and penalties) $ 320.2 $ 286.1 Pension and other post-retirement benefits 204.0 296.6 Intangible liabilities — 50.4 Customer payable — 35.5 Other 56.9 93.8 $ 581.1 $ 762.4
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive income (loss) consisted of the following (in millions): Successor Predecessor December 31, 2021 December 31, 2020 Pension and other post-retirement benefits $ (9.1) $ (98.2) Currency translation adjustment — 6.5 Derivative instruments — 5.6 Other — (1.8) $ (9.1) $ (87.9)
Repair And Maintenance Expense Related To Continuing Operations	Repair and maintenance expense related to continuing operations was as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Repair and maintenance expense $ 76.3 $ 48.4 $ 200.4 $ 303.7
Schedule of Other Nonoperating Income, by Component	Other, net, consisted of the following (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Net gain on sale of property $ 21.2 $ 6.0 $ 11.8 $ 1.8 Net periodic pension income, excluding service cost 8.7 5.4 14.6 5.8 Currency transaction adjustments 8.1 13.4 (11.0) (7.4) Gain on bargain purchase and measurement period adjustments — — (6.3) 637.0 Gain on extinguishment of debt — — 3.1 194.1 SHI settlement — — — 200.0 Settlement of legal dispute — — — (20.3) Other income (expense) 0.1 1.1 3.8 (4.8) $ 38.1 $ 25.9 $ 16.0 $ 1,006.2
Schedule of Cash Flows Information	Net cash used in operating activities attributable to the net change in operating assets and liabilities was as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 (Increase) decrease in accounts receivable $ (18.3) $ 23.2 $ 53.3 $ 29.5 (Increase) decrease in other assets (48.4) 27.3 (63.8) (56.6) Increase (decrease) in liabilities 77.0 18.0 (11.5) (25.4) $ 10.3 $ 68.5 $ (22.0) $ (52.5)
Cash Paid For Interest And Income Taxes	Cash paid for interest and income taxes was as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Interest, net of amounts capitalized $ 22.8 $ — $ 190.0 $ 410.0 Income taxes 29.1 12.8 78.9 107.6
Revenue from External Customers by Products and Services	Consolidated revenues by customer were as follows: Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 BP (1) 11 % 14 % 11 % 9 % Total (2) 9 % — % 8 % 16 % Other 80 % 86 % 81 % 75 % 100 % 100 % 100 % 100 % (1) During the eight months ended December 31, 2021(Successor), 21% of the revenues provided by BP were attributable to our Floaters segment, 20% of the revenues provided by BP were attributable to our Jackups segment and the remaining were attributable to our managed rigs. During the four months ended April 30, 2021 (Predecessor), 37% of the revenues provided by BP were attributable to our Floaters segment, 17% of the revenues provided by BP were attributable to our Jackups segment and the remaining were attributable to our managed rigs. For the year ended December 31, 2020 (Predecessor), 30% of the revenues provided by BP were attributable to our Floaters segment, 19% were attributable to our Jackups segment, and 51% of the revenues were attributable to our managed rigs. For the year ended December 31, 2019 (Predecessor), 41% of the revenues provided by BP were attributable to our Jackups segment, 16% of the revenues were attributable to our Floaters segment and 43% of the revenues were attributable to our managed rigs. (2) During the eight months ended December 31, 2021 (Successor), all of the revenues provided by Total were attributable to the Floaters segment. For the years ended December 31, 2020 and 2019 (Predecessor), 71% and 93% of the revenues provided by Total were attributable to the Floaters segment and the remainder was attributable to the Jackup segment.
Revenue from External Customers by Geographic Areas	For purposes of our geographic disclosure, we attribute revenues to the geographic location where such revenues are earned. Consolidated revenues by region were as follows (in millions): Successor Predecessor Eight Months Ended December 31, 2021 Four Months Ended April 30, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 United Kingdom (1) $ 185.2 $ 75.7 $ 211.3 $ 213.1 Norway (1) 123.9 73.3 188.5 39.2 U.S. Gulf of Mexico (2) 109.9 74.4 241.4 301.0 Saudi Arabia (3) 92.3 53.6 200.8 313.4 Mexico (4) 77.8 44.3 112.1 73.0 Angola (5) 19.4 20.5 86.3 284.0 Other 226.5 55.6 386.8 829.5 $ 835.0 $ 397.4 $ 1,427.2 $ 2,053.2 (1) During the eight months ended December 31, 2021 (Successor), four months ended April 30, 2021 (Predecessor) and for the years ended December 31, 2020 and 2019 (Predecessor) all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (2) During the eight months ended December 31, 2021 (Successor), 48% and 1% of the revenues earned in the U.S. Gulf of Mexico, were attributable to our Floaters segment and Jackups segment, respectively. The remaining revenues were attributable to our managed rigs. During the four months ended April 30, 2021 (Predecessor), 64% of the revenues earned in the U.S. Gulf of Mexico, were attributable to our Floaters segment. The remaining revenues were attributable to our managed rigs. For the years ended December 31, 2020 and 2019 (Predecessor), 55% and 46% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment, 11% and 28% of the revenues were attributable to our Jackups segment, for the respective periods, and the remaining revenues were attributable to our managed rigs. (3) During the eight months ended December 31, 2021(Successor) and four months ended April 30, 2021 (Predecessor), 60% and 57% of the revenues earned in Saudi Arabia, respectively were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates to our rigs leased to ARO and certain revenues related to our Secondment Agreement. For the years ended December 31, 2020 and 2019 (Predecessor), 63% and 65% of the revenues earned in Saudi Arabia, respectively, 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 eight months ended December 31, 2021 (Successor), 52% of the revenues earned in Mexico were attributable to our Jackups segment and the remaining revenues were attributable to our Floaters segment. During the four months ended April 30, 2021 (Predecessor), 51% of the revenues earned in Mexico were attributable to our Jackups segment and the remaining revenues were attributable to our Floaters segment. For the year ended December 31, 2020 (Predecessor), 54% of the revenues earned in Mexico were attributable to our Floaters segment and the remaining revenues were attributable to our Jackups segment. For the year ended December 31, 2019 (Predecessor), all revenues earned in Mexico were attributable to our Floaters segment. (5) During the eight months ended December 31, 2021 (Successor) and the four months ended April 30, 2021 (Predecessor), all the revenues earned in Angola were attributable to our Floaters Segment. For the years ended December 31, 2020 and 2019 (Predecessor), 84% and 87% of the revenues earned in Angola, respectively, were attributable to our Floaters segment and the remaining revenues were attributable to our Jackups segment.

Description Of The Business A_4

Description Of The Business And Summary Of Significant Accounting Policies (Narrative) (Details) shares in Millions, $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021USD ($)shares	Dec. 31, 2021USD ($)continentcountryshares	Dec. 31, 2021floatercountrycontinentjackuprigs	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
Number of contract drilling rigs | rigs			56
Number of different countries having drilling contracts spanning | country		14	14
Number of different continents having drilling contracts | continent		6	6
Net foreign currency exchange gains (losses) | $	$ 13.4	$ 8.1		$ (11)	$ (7.4)
Asset Impairment Charges | $	$ 756.5	$ 0		$ 3,646.2	$ 104
Antidilutive share options excluded from computation of diluted earnings per share | shares	0.3	0.6		0.4	0.3
Drilling rigs and equipment [Member] | Minimum
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			5 years
Drilling rigs and equipment [Member] | Maximum
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			35 years
Building and Building Improvements [Member] | Minimum
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			10 years
Building and Building Improvements [Member] | Maximum
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			30 years
Equipment [Member] | Minimum
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			2 years
Equipment [Member] | Maximum
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			6 years
Other Rigs [Member]
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
Asset Impairment Charges | $	$ 756.5			$ 3,600	$ 98.4
Floaters [Member] | Ultra Deepwater Drillships [Member]
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
Number of contract drilling rigs			11
Floaters [Member] | Dynamically Positioned Semisubmersible [Member]
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
Number of contract drilling rigs			4
Floaters [Member] | Moored Semisubmersible Rigs [Member]
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
Number of contract drilling rigs			1
Jackups [Member]
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
Number of contract drilling rigs | jackup			40
ARO
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
Number of contract drilling rigs			7

Description Of The Business A_5

Description Of The Business And Summary Of Significant Accounting Policies (Schedule Of Income From Continuing Operations Attributable To Valaris) (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Income (loss) from continuing operations attributable to Ensco	$ (4,467)	$ (33)	$ (4,855.5)	$ (198)
Income from continuing operations allocated to non-vested share awards	0	0	0	(0.1)
Income (loss) from continuing operations attributable to Ensco shares	$ (4,467)	$ (33)	$ (4,855.5)	$ (198.1)

Chapter 11 Proceedings and Ab_3

Chapter 11 Proceedings and Ability to Continue as a Going Concern - Narrative (Details) - USD ($)	Apr. 30, 2021	Aug. 18, 2020	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Sep. 25, 2020	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Debtor-in-Possession Financing, Amount Arranged						$ 500,000,000
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations			$ 132,900,000		$ 140,700,000
Plan Of Reorganization, Legal And Other Professional Advisor Fees					64,700,000
Debtor Reorganization Items, Discharge of Claims and Liabilities	$ 7,100,000,000
Common Stock, Par or Stated Value Per Share	$ 14.39		$ 14.39	$ 0.01
Plan Of Reorganization, Percent Of Subscription Rights	97.60%
Class of Warrant or Right, Outstanding				5,645,161
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 131.88
Warranted, Period Exercisable				7 years
Debtor-in-Possession Financing, Borrowings Outstanding				$ 0	$ 0
Management Incentive Plan
Restructuring Cost and Reserve [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	8,960,573		8,960,573
Class A Ordinary Shares, U.S. [Member]
Restructuring Cost and Reserve [Line Items]
Common Stock, Par or Stated Value Per Share	$ 0.01		$ 0.01		$ 0.40
Senior Noteholders [Member]
Restructuring Cost and Reserve [Line Items]
Plan Of Reorganization, Pro Rata Share Percentage		38.48%
Plan Of Reorganization, Securities Issued	28,859,900
Lenders under Revolving Credit Facility Participating in Rights Offering [Member]
Restructuring Cost and Reserve [Line Items]
Plan Of Reorganization, Pro Rata Share Percentage		0.70%
Plan Of Reorganization, Securities Issued	525,000
Lenders Under Revolving Credit Facility Not Participating in Rights Offering [Member]
Restructuring Cost and Reserve [Line Items]
Plan Of Reorganization, Pro Rata Share Percentage		22.98%
Debtor-in-Possession Financing, Amount Arranged	$ 96,100,000		$ 96,100,000
Plan Of Reorganization, Securities Issued	17,235,000
Senior Noteholders Who Agreed To Backstop The Rights Offering [Member]
Restructuring Cost and Reserve [Line Items]
Plan Of Reorganization, Pro Rata Share Percentage		2.63%
Debtor-in-Possession Financing, Amount Arranged	$ 48,800,000		48,800,000
Plan Of Reorganization, Securities Issued	1,975,500
Senior Noteholders Participating In Rights Offering [Member]
Restructuring Cost and Reserve [Line Items]
Plan Of Reorganization, Pro Rata Share Percentage		29.30%
Plan Of Reorganization, Securities Issued	21,975,000
Lenders Under Revolving Credit Facility Who Agreed to Backstop The Rights Offering [Member]
Restructuring Cost and Reserve [Line Items]
Plan Of Reorganization, Pro Rata Share Percentage		0.07%
Debtor-in-Possession Financing, Amount Arranged	$ 1,200,000		1,200,000
Plan Of Reorganization, Securities Issued	49,500
Two RCF Lendors Participating In The Rights Offering
Restructuring Cost and Reserve [Line Items]
Plan Of Reorganization, Pro Rata Share Percentage		5.30%
Debtor-in-Possession Financing, Amount Arranged	$ 7,800,000		7,800,000
Plan Of Reorganization, Securities Issued	4,005,000
Daewoo Shipbuilding & Marine Engineering Co., Ltd.
Restructuring Cost and Reserve [Line Items]
Debtor-in-Possession Financing, Amount Arranged	$ 5,000,000		5,000,000
Plan Of Reorganization, Securities Issued	375,000
First Lien Notes | Two RCF Lendors Participating In The Rights Offering
Restructuring Cost and Reserve [Line Items]
Plan Of Reorganization, Pro Rata Share Percentage		2.427%
Senior Notes [Member]
Restructuring Cost and Reserve [Line Items]
Debtor-in-Possession Financing, Cash Payment		$ 26,000,000
Senior Notes [Member] | 6.875% Senior notes due 2020
Restructuring Cost and Reserve [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding		6.875%
Debt Instrument, Face Amount							$ 900,000,000
Senior Notes [Member] | Seven Point Eight Seven Five Percent Senior Notes Due Twenty Forty [Member]
Restructuring Cost and Reserve [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding		7.875%
Senior Notes [Member] | Seven Point Two Zero Percent Debentures Due Twenty Twenty Seven [Member]
Restructuring Cost and Reserve [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding		7.20%
Senior Notes [Member] | Four Point Eight Seven Five Percent Senior Notes Due Twenty Twenty Two [Member]
Restructuring Cost and Reserve [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding		4.875%
Senior Notes [Member] | Four Point Seven Five Percent Senior Notes Due Twenty Twenty Four [Member]
Restructuring Cost and Reserve [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding		4.75%
Senior Notes [Member] | Seven Point Three Seven Five Senior Notes Due Twenty Twenty Five [Member]
Restructuring Cost and Reserve [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding		7.375%
Senior Notes [Member] | Five Point Four Zero Percent Senior Notes Due Twenty Forty Two [Member]
Restructuring Cost and Reserve [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding		5.40%
Senior Notes [Member] | Five Point Eight Five Percent Senior Notes Due Twenty Forty Four [Member]
Restructuring Cost and Reserve [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding		5.85%
Senior Notes [Member] | First Lien Notes
Restructuring Cost and Reserve [Line Items]
Debtor-in-Possession Financing, Amount Arranged	$ 520,000,000		520,000,000
Debt Instrument, Face Amount	$ 550,000,000		$ 550,000,000
Senior Notes [Member] | Seven Point Two Zero Debenture Due Twenty Twenty Seven
Restructuring Cost and Reserve [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding		7.20%

Chapter 11 Proceedings and Ab_4

Chapter 11 Proceedings and Ability to Continue as Going Concern - Schedule of Liabilities Subject to Compromise (Details) - USD ($) $ in Millions	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020	Aug. 18, 2020
Debt Instrument [Line Items]
Liabilities Subject To Compromise, Accrued Interest On Notes	$ 203.5		$ 201.9
Liabilities Subject To Compromise, Holding Cost, Inclusive Of Interest	13.9
Liabilities Subject to Compromise	0	$ 0	$ 7,313.7
Senior Notes [Member] | 6.875% Senior notes due 2020
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				6.875%
Liabilities Subject To Compromise, Long-term Debt	122.9
Senior Notes [Member] | Four Point Seven Zero Percent Senior Notes Due Twenty Twenty One [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				4.70%
Liabilities Subject To Compromise, Long-term Debt	100.7
Senior Notes [Member] | Four Point Eight Seven Five Percent Senior Notes Due Twenty Twenty Two [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				4.875%
Liabilities Subject To Compromise, Long-term Debt	620.8
Senior Notes [Member] | Three Point Zero Percent Exchangeable Senior Notes Due Twenty Twenty Four [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				3.00%
Liabilities Subject To Compromise, Long-term Debt	849.5
Senior Notes [Member] | Four Point Five Percent Senior Notes Due Twenty Twenty Four [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				4.50%
Liabilities Subject To Compromise, Long-term Debt	303.4
Senior Notes [Member] | Four Point Seven Five Percent Senior Notes Due Twenty Twenty Four [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				4.75%
Liabilities Subject To Compromise, Long-term Debt	318.6
Senior Notes [Member] | Eight Point Zero Percent Senior Notes Due Twenty Twenty Four [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				8.00%
Liabilities Subject To Compromise, Long-term Debt	292.3
Senior Notes [Member] | Five Point Two Zero Percent Senior Notes Due Twenty Twenty Five [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				5.20%
Liabilities Subject To Compromise, Long-term Debt	333.7
Senior Notes [Member] | Seven Point Three Seven Five Senior Notes Due Twenty Twenty Five [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				7.375%
Liabilities Subject To Compromise, Long-term Debt	360.8
Senior Notes [Member] | Seven Point Seven Five Percent Senior Notes Due Twenty Twenty Six [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				7.75%
Liabilities Subject To Compromise, Long-term Debt	1,000
Senior Notes [Member] | Seven Point Two Zero Percent Debentures Due Twenty Twenty Seven [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				7.20%
Liabilities Subject To Compromise, Long-term Debt	112.1
Senior Notes [Member] | Seven Point Eight Seven Five Percent Senior Notes Due Twenty Forty [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				7.875%
Liabilities Subject To Compromise, Long-term Debt	300
Senior Notes [Member] | Five Point Four Zero Percent Senior Notes Due Twenty Forty Two [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				5.40%
Liabilities Subject To Compromise, Long-term Debt	400
Senior Notes [Member] | Five Point Seven Five Percent Senior Notes Due Twenty Forty Four [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				5.75%
Liabilities Subject To Compromise, Long-term Debt	1,000.5
Senior Notes [Member] | Five Point Eight Five Percent Senior Notes Due Twenty Forty Four [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding				5.85%
Liabilities Subject To Compromise, Long-term Debt	400
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Liabilities Subject To Compromise, Long-term Debt	$ 581

Chapter 11 Proceedings and Ab_5

Chapter 11 Proceedings and Ability to Continue as Going Concern - Schedule of Reorganization Items (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reorganizations [Abstract]
DIP facility fees	$ 0	$ 0	$ 20
Professional fees	93.4	17.2	66.8
Contract items	3.9	(1.7)	4.4
Reorganization items (fees)	97.3	15.5	91.2
Backstop Commitment Fees	0	0	447.9
Contract items	0.5	0	(11.5)
Backstop premium	30	0	0
Debtor Reorganization Items, Gain (Loss) on Settlement of Other Claims, Net	(6,139)	0	0
Debtor Reorganization items, Issuance Of Equity Backstop Premium	29.1	0	0
Debtor Reorganization Items, Issuance Of Common Shares To The Shipyard	5.4	0	0
Debtor Reorganization items, Share-Based Compensation Expense	16	0	0
Debtor Reorganization items, Contract For Property, Plant And Equipment	350.7	0	0
Debtor Reorganization items, Loss On Fresh-Start Adjustments	9,194.6	0	0
Debtor Reorganization Items, Non-cash	3,487.3	0	436.4	$ 0
Reorganization Items, Total	3,584.6	15.5	527.6	$ 0
Debtor Reorganization Items, Items (Fees), Unpaid	38.3	0.8	61.2
Debtor Reorganization Items, Items (Fees), Paid	$ 59	$ 14.7	$ 30

Fresh Start Accounting - Narrat

Fresh Start Accounting - Narrative (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Enterprise Value	$ 1,860,000,000	$ 1,860,000,000
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	2.81%	2.81%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	6.03%	6.03%	6.03%	6.70%		6.48%
Property and equipment, net	$ 909,100,000	$ 909,100,000	$ 890,900,000	$ 15,096,900,000	$ 890,900,000	$ 10,960,500,000
Prepaid Rent, Per Rig	8,000,000	8,000,000
Predecessor, Additional Paid In Capital	0	0
Treasury Stock, Value	0	0	$ 0		$ 0	(76,200,000)
Common shares, shares issued			75,000,000		75,000,000
Additional paid-in capital	$ 1,078,700,000	1,078,700,000	$ 1,083,000,000		$ 1,083,000,000	8,639,900,000
Class Of Warrant, Exercisable	5,600,000
Warrants and Rights Outstanding	$ 16,400,000	16,400,000	$ 16,400,000		$ 16,400,000	$ 0
Reorganization, Chapter 11, Plan Effect Adjustment
Reorganization, Chapter 11 [Line Items]
Property and equipment, net	(417,600,000)	(417,600,000)
Debt Instrument, Face Amount	550,000,000	550,000,000
Debt Issuance Costs, Net	(5,200,000)	(5,200,000)
Common Stock, Value, Issued	(800,000)	(800,000)
Predecessor, Additional Paid In Capital	8,644,000,000	8,644,000,000
Treasury Stock, Value	$ 75,500,000	$ 75,500,000
Common shares, shares issued	75,000,000	75,000,000
Additional paid-in capital	$ 1,078,700,000	$ 1,078,700,000
Warrants and Rights Outstanding	16,400,000	16,400,000
Reorganization, Chapter 11, Plan Effect Adjustment | Common Class A And B Shares
Reorganization, Chapter 11 [Line Items]
Common Stock, Value, Issued	82,600,000	82,600,000
Reorganization, Chapter 11, Plan Effect Adjustment | Work in progress
Reorganization, Chapter 11 [Line Items]
Property and equipment, net	(417,600,000)	(417,600,000)
Minimum
Reorganization, Chapter 11 [Line Items]
Enterprise Value	1,860,000,000	1,860,000,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets						6.03%
Maximum
Reorganization, Chapter 11 [Line Items]
Enterprise Value	$ 3,145,000,000	$ 3,145,000,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets					6.26%

Fresh Start Accounting - Schedu

Fresh Start Accounting - Schedule of Enterprise Value (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Enterprise Value	$ 1,860
Cash and cash equivalents	607.6	$ 608.7	$ 325.8
Long-term Debt, Fair Value	(544.8)
Warrants and Rights Outstanding	(16.4)	(16.4)	0
Stockholders' Equity Attributable to Noncontrolling Interest	1.1	$ (2.7)	$ 4.3
Liability, Other Postretirement Defined Benefit Plan, Noncurrent	(189)
Other Liabilities	(639)
Stockholders' Equity Attributable To Parent, Successor	$ (1,079.5)
Stock Issued During Period, Shares, New Issues	75
Common Stock, Par or Stated Value Per Share	$ 14.39	$ 0.01

Fresh Start Accounting - Sche_2

Fresh Start Accounting - Schedule of Reorganization Value (Details) - USD ($) $ in Millions	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Enterprise Value		$ 1,860
Cash and cash equivalents	$ 608.7	607.6	$ 325.8
Non-Interest Bearing Liabilities, Current		346
Adjustments Not Contemplated In The Enterprise Value		(218)
TOTAL ASSETS	$ 2,609.2	$ 2,595.6	$ 12,873.2

Fresh Start Accounting - Conden

Fresh Start Accounting - Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Reorganization, Chapter 11 [Line Items]
Cash and cash equivalents	$ 608,700	$ 607,600	$ 325,800
Restricted Cash	35,900	88,400	11,400
Accounts receivable, net	444,200	425,900	449,200
Other	117,800	90,500	386,500
Total current assets	1,206,600	1,212,400	1,172,900
Property and equipment, net	890,900	909,100	10,960,500	$ 15,096,900
LONG-TERM NOTES RECEIVABLE FROM ARO	249,100	228,300	442,700
INVESTMENT IN ARO	86,600	80,500	120,900
OTHER ASSETS	(176,000)	(165,300)	(176,200)
TOTAL ASSETS	2,609,200	2,595,600	12,873,200
Accounts payable - trade	225,800	174,100	176,400
Accrued Liabilities and Other Liabilities		216,500
Liabilities, Current	422,000	390,600	426,800
Long-term Debt		544,800
Other Liabilities, Noncurrent	(581,100)	(565,400)	(762,400)
Liabilities Not Subject to Compromise	1,548,400	1,500,800	1,189,200
Liabilities Subject to Compromise	0	0	7,313,700
Warrants and Rights Outstanding	16,400	16,400	0
Predecessor, Additional Paid In Capital		0
Additional paid-in capital	1,083,000	1,078,700	8,639,900
Retained earnings	(33,000)	0	(4,183,800)
Accumulated other comprehensive income	(9,100)	0	(87,900)
Treasury Stock, Value	0	0	(76,200)
Total Valaris shareholders' equity	1,058,100	1,095,900	4,374,600
NONCONTROLLING INTERESTS	2,700	(1,100)	(4,300)
Total equity	1,060,800	1,094,800	4,370,300
Liabilities and Equity	2,609,200	2,595,600	12,873,200
Class A Ordinary Shares, U.S. [Member]
Reorganization, Chapter 11 [Line Items]
Common shares, value	0	0	82,500
Common Class B, Par Value In GBP [Member]
Reorganization, Chapter 11 [Line Items]
Common shares, value	0	0	100
Common Stock [Member]
Reorganization, Chapter 11 [Line Items]
Common shares, value	$ 800	800	$ 0
Reorganization, Chapter 11, Predecessor, before Adjustment
Reorganization, Chapter 11 [Line Items]
Cash and cash equivalents		280,200
Restricted Cash		45,700
Accounts receivable, net		425,900
Other		370,100
Total current assets		1,121,900
Property and equipment, net		10,026,400
LONG-TERM NOTES RECEIVABLE FROM ARO		442,700
INVESTMENT IN ARO		123,900
OTHER ASSETS		(166,400)
TOTAL ASSETS		11,881,300
Accounts payable - trade		161,500
Accrued Liabilities and Other Liabilities		290,700
Liabilities, Current		452,200
Long-term Debt		0
Other Liabilities, Noncurrent		(706,200)
Liabilities Not Subject to Compromise		1,158,400
Liabilities Subject to Compromise		7,313,700
Common shares, value		0
Warrants and Rights Outstanding		0
Predecessor, Additional Paid In Capital		8,644,000
Additional paid-in capital		0
Retained earnings		(5,147,400)
Accumulated other comprehensive income		(93,400)
Treasury Stock, Value		(75,500)
Total Valaris shareholders' equity		3,410,300
NONCONTROLLING INTERESTS		(1,100)
Total equity		3,409,200
Liabilities and Equity		11,881,300
Reorganization, Chapter 11, Predecessor, before Adjustment | Class A Ordinary Shares, U.S. [Member]
Reorganization, Chapter 11 [Line Items]
Common shares, value		82,500
Reorganization, Chapter 11, Predecessor, before Adjustment | Common Class B, Par Value In GBP [Member]
Reorganization, Chapter 11 [Line Items]
Common shares, value		100
Reorganization, Chapter 11, Plan Effect Adjustment
Reorganization, Chapter 11 [Line Items]
Cash and cash equivalents		327,400
Restricted Cash		42,700
Accounts receivable, net		0
Other		1,500
Total current assets		371,600
Property and equipment, net		(417,600)
LONG-TERM NOTES RECEIVABLE FROM ARO		0
INVESTMENT IN ARO		0
OTHER ASSETS		(10,000)
TOTAL ASSETS		(56,000)
Accounts payable - trade		13,100
Accrued Liabilities and Other Liabilities		(12,400)
Liabilities, Current		700
Long-term Debt		544,800
Other Liabilities, Noncurrent		(55,200)
Liabilities Not Subject to Compromise		490,300
Liabilities Subject to Compromise		(7,313,700)
Common shares, value		800
Warrants and Rights Outstanding		16,400
Predecessor, Additional Paid In Capital		(8,644,000)
Additional paid-in capital		1,078,700
Retained earnings		14,322,600
Accumulated other comprehensive income		0
Treasury Stock, Value		75,500
Total Valaris shareholders' equity		6,767,400
NONCONTROLLING INTERESTS		0
Total equity		6,767,400
Liabilities and Equity		(56,000)
Reorganization, Chapter 11, Plan Effect Adjustment | Class A Ordinary Shares, U.S. [Member]
Reorganization, Chapter 11 [Line Items]
Common shares, value		(82,500)
Reorganization, Chapter 11, Plan Effect Adjustment | Common Class B, Par Value In GBP [Member]
Reorganization, Chapter 11 [Line Items]
Common shares, value		(100)
Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization, Chapter 11 [Line Items]
Cash and cash equivalents		0
Restricted Cash		0
Accounts receivable, net		0
Other		(281,100)
Total current assets		(281,100)
Property and equipment, net		(8,699,700)
LONG-TERM NOTES RECEIVABLE FROM ARO		(214,400)
INVESTMENT IN ARO		(43,400)
OTHER ASSETS		(8,900)
TOTAL ASSETS		(9,229,700)
Accounts payable - trade		(500)
Accrued Liabilities and Other Liabilities		(61,800)
Liabilities, Current		(62,300)
Long-term Debt		0
Other Liabilities, Noncurrent		85,600
Liabilities Not Subject to Compromise		(147,900)
Liabilities Subject to Compromise		0
Common shares, value		0
Warrants and Rights Outstanding		0
Predecessor, Additional Paid In Capital		0
Additional paid-in capital		0
Retained earnings		(9,175,200)
Accumulated other comprehensive income		93,400
Treasury Stock, Value		0
Total Valaris shareholders' equity		(9,081,800)
NONCONTROLLING INTERESTS		0
Total equity		(9,081,800)
Liabilities and Equity		(9,229,700)
Reorganization, Chapter 11, Fresh-Start Adjustment | Class A Ordinary Shares, U.S. [Member]
Reorganization, Chapter 11 [Line Items]
Common shares, value		0
Reorganization, Chapter 11, Fresh-Start Adjustment | Common Class B, Par Value In GBP [Member]
Reorganization, Chapter 11 [Line Items]
Common shares, value		$ 0

Fresh Start Accounting - Sche_3

Fresh Start Accounting - Schedule of Fresh Start Accounting Adjustments (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reorganization, Chapter 11 [Line Items]
Repayments of Lines of Credit		$ 0	$ 0	$ (15,000)	$ (215,000)
Operating Lease, Right-of-Use Asset			(20,500)	(35,800)
Operating Lease, Liability			22,500	37,300
Accrued Liabilities and Other Liabilities	$ 216,500	216,500
Other Liabilities, Noncurrent	(565,400)	(565,400)	(581,100)	(762,400)
Liabilities Subject to Compromise	0	0	0	(7,313,700)
Treasury Stock, Value	0	0	0	(76,200)
Warrants and Rights Outstanding	16,400	16,400	16,400	0
Retained Earnings (Accumulated Deficit)	0	0	33,000	4,183,800
Inventory			0	279,400
Other	90,500	90,500	117,800	386,500
Contract with Customer, Asset, after Allowance for Credit Loss	2,200	2,200	300	1,800
Other Deferred Costs, Net			26,900	17,400
OTHER ASSETS	165,300	165,300	176,000	176,200
Contract with Customer, Liability, Current			45,800	57,600
Operating Lease, Liability, Current			10,000	15,700
Other liabilities (long-term)	(186,100)	(186,100)	(204,000)	(296,600)
Property and equipment, net	909,100	909,100	890,900	10,960,500	$ 15,096,900
Accrued liabilities and other			196,200	250,400
Intangible Liabilities Noncurrent			$ 0	$ 50,400
Reorganization, Chapter 11, Plan Effect Adjustment
Reorganization, Chapter 11 [Line Items]
Proceeds from Issuance of Debt	500,000
Proceeds from Loans	20,000
Proceeds from Decommissioning Trust Fund Assets	17,600
Repayments of Lines of Credit	(129,900)
Transfer Of Funds To Escrow	(42,700)
Professional Fees	(29,000)
Other Cash	(8,600)
Cash and Cash Equivalents, Period Increase (Decrease)	327,400
Compensation and Benefits Trust	(17,600)	(17,600)
Operating Lease, Right-of-Use Asset	(5,500)	(5,500)
Other Assets, Fair Value Disclosure	13,100	13,100
Other Assets	(10,000)	(10,000)
Accounts Payable, Professional Fees	26,100	26,100
Accounts Payable, Pre-Emergence Professional Fees	(12,600)	(12,600)
Accounts Payable, Other	(400)	(400)
Accounts Payable, Trade	13,100	13,100
Operating Lease, Liability	(5,000)	(5,000)
Accrued Liabilities, Holding Costs	(4,100)	(4,100)
Accrued Liabilities, Restructuring Payments	(3,300)	(3,300)
Accrued Liabilities and Other Liabilities	(12,400)	(12,400)
Liabilities, Construction Contract Intangible Liabilities	(49,900)	(49,900)
Liabilities, Accrued Holding Costs	(4,700)	(4,700)
Liabilities, Lease Liabilities	(600)	(600)
Other Liabilities, Noncurrent	(55,200)	(55,200)
Liabilities Subject to Compromise	7,313,700	7,313,700
Liabilities Subject to Compromise, Payments under Bankruptcy Court Order for Resolutions of Contingencies Subject to Chapter 11	(129,900)
Liabilities Subject to Compromise, Period Increase (Decrease)	6,139,000
Settlement On Liabilities Subject To Compromise	(6,139,000)	(6,139,000)
Issuance of Common Shares for backstop premium	29,100	29,100
Issuance of Common Shares to the Shipyard	5,400	5,400
Write-off of unrecognized share-based compensation expense	16,000	16,000
Professional fees and success fees	35,900	35,900
Backstop Commitment Agreement, Backstop Premium For Retained Deficit	30,000	30,000
Impact of newbuild contract amendments	350,700	350,700
Reorganization Items, Net	(5,671,900)	(5,671,900)
Common shares, value	800	800
Treasury Stock, Value	75,500	75,500
Predecessor Additional Paid In Capital, Adjustment	(7,856,400)	(7,856,400)
Equity Component Of Convertible Notes	(220,000)	(220,000)
Cash And Equity Compensation Plans	(583,600)	(583,600)
Warrants and Rights Outstanding	16,400	16,400
Retained Earnings (Accumulated Deficit)	(14,322,600)	(14,322,600)
Other	1,500	1,500
OTHER ASSETS	10,000	10,000
Property and equipment, net	(417,600)	(417,600)
Reorganization, Chapter 11, Plan Effect Adjustment | Common Class A And B Shares
Reorganization, Chapter 11 [Line Items]
Common shares, value	(82,600)	(82,600)
Reorganization, Chapter 11, Plan Effect Adjustment | Predecessor Creditors And The Shipyard
Reorganization, Chapter 11 [Line Items]
Liabilities Subject To Compromise, Stock Issued	(721,000)
Reorganization, Chapter 11, Plan Effect Adjustment | Backstop Parties
Reorganization, Chapter 11 [Line Items]
Liabilities Subject To Compromise, Stock Issued	(323,800)
Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization, Chapter 11 [Line Items]
Operating Lease, Right-of-Use Asset	(400)	(400)
Other Assets	(20,700)	(20,700)
Accounts Payable, Trade	(36,800)	(36,800)
Accrued Liabilities and Other Liabilities	(61,800)	(61,800)
Liabilities, Lease Liabilities	(1,100)	(1,100)
Other Liabilities, Noncurrent	85,600	85,600
Liabilities Subject to Compromise	0	0
Common shares, value	0	0
Treasury Stock, Value	0	0
Warrants and Rights Outstanding	0	0
Retained Earnings (Accumulated Deficit)	9,175,200	9,175,200
Inventory	(260,800)	(260,800)
Other Asset, Other, Current	(20,300)	(20,300)
Other	(281,100)	(281,100)
Deferred Income Taxes and Other Assets, Noncurrent	21,100	21,100
Contract with Customer, Asset, after Allowance for Credit Loss	8,500	8,500
Deferred Contract Drilling	(16,500)	(16,500)
Other Deferred Costs, Net	(4,600)	(4,600)
OTHER ASSETS	8,900	8,900
Historical Deferred Revenues	(25,900)	(25,900)
Contract with Customer, Liability, Current	500	500
Operating Lease, Liability, Current	400	400
Other liabilities (long-term)	(82,700)	(82,700)
Historical Deferred Revenues, Noncurrent	(5,900)	(5,900)
Deferred Tax Impacts Of Certain Fresh Start Adjustments	1,700	1,700
Other Sundry Liabilities	200	200
Prepaid Expense and Other Assets, Current	(281,100)	(281,100)
Property and equipment, net	(8,699,700)	(8,699,700)
Intangible Assets, Net (Excluding Goodwill)	8,500	8,500
Equity Method Investments	(43,400)	(43,400)
Accounts and Financing Receivable, after Allowance for Credit Loss	(214,400)	(214,400)
Accrued liabilities and other	62,800	62,800
Intangible Liabilities Noncurrent	(500)	(500)
Other Sundry Liabilities, Noncurrent	87,300	87,300
Predecessor, Accumulated Other Comprehensive Loss	(93,400)	(93,400)
Loss On Fresh-Start Adjustments	(9,194,600)	(9,194,600)
Tax Impact Of Fresh Start Adjustments	$ 19,400	$ 19,400

Revenue from Contracts with C_2

Revenue from Contracts with Customers Narrative (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Capitalized Contract Cost, Net		$ 34.7	$ 34.7
Minimum
Disaggregation of Revenue [Line Items]
Drilling Contracts, Term			1 month
Maximum
Disaggregation of Revenue [Line Items]
Drilling Contracts, Term			3 years 6 months
Upfront Rig Mobilizations And Certain Contract Preparation [Member]
Disaggregation of Revenue [Line Items]
Capitalized Contract Cost, Net		31.4	$ 31.4	$ 13.8
Capitalized Contract Cost, Amortization	$ 7.6	22		42.1	$ 42.1
Deferred Certification Costs [Member]
Disaggregation of Revenue [Line Items]
Capitalized Contract Cost, Net		3.3	$ 3.3	8.4
Capitalized Contract Cost, Amortization	$ 3.1	$ 0.7		$ 8.9	$ 10.3

Revenue from Contracts with C_3

Revenue from Contracts with Customers Components of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset, Net, Current		$ 0.3	$ 1.4
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent		0	0.4
Contract with Customer, Liability, Current		45.8	57.6
Contract with Customer, Liability, Noncurrent		10.8	$ 14.3
Change in Contract With Customer, Asset [Roll Forward]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 1.8	2.2
Revenue from Contract with Customer, Excluding Assessed Tax	2.3	2.5
Contract with Customer, Asset, Reclassified to Receivable	(1.6)	(4.4)
Fresh Start Accounting Revaluation, Contract Assets	(0.3)
Change in Contract With Customer, Liability [Roll Forward]
Contract with Customer, Liability	71.9	35.7
Contract with Customer, Liability, Increase from Cash Receipts	10.2	80.1
Contract with Customer, Liability, Revenue Recognized, Included In Beginning Balance	(14.8)
Contract with Customer, Liability, Revenue Recognized, Added During Period		(21.5)
Fresh Start Accounting Revaluation, Contract Liabilities	(31.6)
Contract with Customer, Liability	$ 35.7	56.6
Increase (Decrease) in Contract with Customer, Liability		$ (37.7)

Revenue from Contracts with C_4

Revenue from Contracts with Customers Future Amortization of Contract Liabilities and Deferred Costs (Details) $ in Millions	Dec. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 56.6
Deferred contract costs	34.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	45.8
Capitalized Contract Cost, Amortization Expense, Next Fiscal Year	$ 26.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 7.8
Capitalized Contract Cost, Amortization Expense, Year Two	$ 6.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 1.2
Capitalized Contract Cost, Amortization Expense, Year Three	$ 0.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 1.8
Capitalized Contract Cost, Amortization Expense, Year Four and Thereafter	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

Rowan Transaction Narrative (De

Rowan Transaction Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions	Apr. 11, 2019USD ($)$ / sharesshares	Apr. 30, 2021USD ($)$ / shares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2021USD ($)rigs$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Apr. 10, 2019$ / shares	Oct. 05, 2018$ / shares
Business Acquisition [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares		$ 14.39	$ 0.01	$ 0.01
Total operating revenues		$ 397.4	$ 835		$ 1,427.2	$ 2,053.2
NET LOSS ATTRIBUTABLE TO VALARIS		$ (4,467)	(33)		(4,855.5)	(198)
Number of contract drilling rigs | rigs				56
Deferred Tax Assets, Net			$ 68.4	$ 68.4	28.9
Business Combination, Bargain Purchase, Adjustment (Gain) Loss	$ 712.8				$ 6.3	$ 75.8
Drilling rigs and equipment [Member] | Minimum
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life				5 years
Drilling rigs and equipment [Member] | Maximum
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life				35 years
Class A Ordinary Shares, U.S. [Member]
Business Acquisition [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares		$ 0.01			$ 0.40
Rowan Companies [Member]
Business Acquisition [Line Items]
Common stock, value (in usd per share) | $ / shares	$ 43.67
Consideration transferred	$ 1,400
Fair Value of Employee Equity awards	$ 2.6
Merger related costs					$ 18
Total operating revenues				$ 448
NET LOSS ATTRIBUTABLE TO VALARIS				$ 122.7
Rowan Companies [Member] | Class A Ordinary Shares, U.S. [Member]
Business Acquisition [Line Items]
Common stock, value (in usd per share) | $ / shares	$ 2.75
Shares Issued, Price Per Share | $ / shares	$ 15.88
Number of ordinary shares | shares	88.3
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.40						$ 0.10
Share Price | $ / shares								$ 33.92

Rowan Transaction Assets Acquir

Rowan Transaction Assets Acquired Liabilities Assumed (Details) - USD ($) $ in Millions	Apr. 11, 2019	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Business Combination, Bargain Purchase, Adjustment (Gain) Loss	$ 712.8	$ 6.3	$ 75.8

Rowan Transaction Pro Forma (De

Rowan Transaction Pro Forma (Details) - Rowan Companies [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)$ / shares
Business Acquisition [Line Items]
Revenues	$ 2,240.5
Net loss	$ (997.8)
Earnings per share - basic and diluted (in usd per share) | $ / shares	$ (3.82)
Merger-related costs, excluded from revenue and EPS	$ 108.1
Business Combination, Bargain Purchase, Gain Recognized, Amount	$ 637

Equity Method Investment in A_3

Equity Method Investment in ARO Equity Method Investment In ARO Narrative (Details) $ in Millions	4 Months Ended	8 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021drillship	Dec. 31, 2021jackup	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
LONG-TERM NOTES RECEIVABLE FROM ARO	$ 228.3	$ 249.1		$ 249.1	$ 442.7
Contract terms on purchased rigs				15 years
Number of Rigs Owned by ARO							7	7
Number of jackups leased by ARO							7	7
Number of newbuild jackup rigs | jackup								20
Order Period				10 years
Maximum contingent contributions to joint venture		1,250		$ 1,250
Minimum renewal contract terms for newbuild rigs				8 years
Accounts receivable		12.1		$ 12.1	21.6
Accounts payable		49.1		49.1	30.9
Interest income	3.5	27.8	$ 16.8		18.3
ARO Rigs Under Construction | drillship							2
Amortization Of Debt Issuance Costs, Notes Receivable	$ 0	(20.8)			0	$ 0
ARO
Schedule of Equity Method Investments [Line Items]
Ownership percentage									50.00%
Accounts payable		$ 10.8		10.8	$ 38.3
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits				$ 10.2
Notes Receivable | LIBOR
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate				2.00%

Equity Method Investment in A_4

Equity Method Investment in ARO Equity Method Investment In ARO - Summarized Financial Data (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets [Abstract]
Cash and cash equivalents	$ 607.6	$ 608.7		$ 608.7	$ 325.8
Other	90.5	117.8		117.8	386.5
TOTAL ASSETS	2,595.6	2,609.2		2,609.2	12,873.2
Total current assets	1,212.4	1,206.6		1,206.6	1,172.9
Liabilities [Abstract]
Liabilities, Current	390.6	422		422	426.8
Investment Owned, Balance [Abstract]
EQUITY IN EARNINGS (LOSSES) OF ARO	3.1	6.1			(7.8)	$ (12.6)
Related Party Transactions [Abstract]
Accounts payable		49.1		49.1	30.9
ARO
Related Party Transactions [Abstract]
Lease revenue	21.7	35.4	$ 58.2		52.2
Secondment revenue	1.1	1.5	49.9		21.6
Transition Services revenue	0	0	17.3		1.3
Total revenue from ARO (1)	22.8	36.9	125.4		75.1
ARO
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Equity Method Investment Summarized Fin Information Revenue			410.5	470.6	549.4
Equity Method Investment Summarized Financial Information Contract Drilling			280.2	362.3	388.2
Equity Method Investment Summarized Financial Information Depreciation			40.3	65.2	54.8
Equity Method Investment Summarized Financial Information General And Administrative Expense			27.1	17.8	24.2
Equity Method Investment Summarized Financial Information Operating Income			62.9	25.3	82.2
Equity Method Investment Summarized Financial Information Other Expense, Net			28.6	13.4	26.7
Equity Method Investment Summarized Financial Information Provision For Income Taxes			9.7	7.9	14.2
Equity Method Investment Summarized Fin Information Net Income Loss			24.6	4	41.3
Assets [Abstract]
Cash and cash equivalents		270.8		270.8	237.7
Other		135		135	120.9
Assets, Noncurrent		775.8		775.8	804
TOTAL ASSETS		1,181.6		1,181.6	1,162.6
Liabilities [Abstract]
Liabilities, Current		79.9		79.9	70.8
Liabilities, Noncurrent		956.7		956.7	950.8
Liabilities		1,036.6		1,036.6	1,021.6
ARO
Assets [Abstract]
Total current assets		348.1		348.1	585.2
Liabilities [Abstract]
Maximum exposure to loss		299		299	554.3
Investment Owned, Balance [Abstract]
50% interest in ARO net income (loss)	6	(4)	12.3		20.7
Amortization of basis differences	(2.9)	10.1	(24.9)		(28.5)
EQUITY IN EARNINGS (LOSSES) OF ARO	$ 3.1	6.1	$ (12.6)		(7.8)
Related Party Transactions [Abstract]
Accounts payable		$ 10.8		$ 10.8	$ 38.3

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	4 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Convertible, Carrying Amount of Equity Component		$ 220
Letters of Credit Outstanding, Amount				$ 36.5
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, Fair Value Disclosure		940.8		575.7
Line of Credit [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, Fair Value Disclosure		581		0
Notes Receivable | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, Fair Value Disclosure				$ 266.7
Revolving Credit Facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Letters of Credit Outstanding, Amount		27
Supplemental Executive Retirement Plans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in unrealized gains (losses) included in other income	$ 1.2	$ 3.2	$ 5

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	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets Held-in-trust, Noncurrent	$ 0	$ 22.6
Assets, Fair Value Disclosure		22.6
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets Held-in-trust, Noncurrent		22.6
Assets, Fair Value Disclosure		22.6
Significant observable inputs (Level 2)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets Held-in-trust, Noncurrent		0
Assets, Fair Value Disclosure		0
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets Held-in-trust, Noncurrent		0
Assets, Fair Value Disclosure		$ 0

Fair Value Measurements (Sche_2

Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2012
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt		$ 544.8
Long-term Debt, Excluding Current Maturities	$ 545.3		$ 0
Liabilities Subject to Compromise	$ 0	0	7,313.7
Long-term Debt, Fair Value		$ 544.8
Debt Instrument, Convertible, Carrying Amount of Equity Component			$ 220
6.875% Senior notes due 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	6.875%
6.875% Senior notes due 2020 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage								6.875%
4.70% Senior notes due 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	4.70%
4.70% Senior notes due 2021 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage									4.70%
4.875%SeniorNotesDue2022Member [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	4.875%
4.875%SeniorNotesDue2022Member [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	4.875%
3.00% Exchangeable senior notes due 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	3.00%
4.50% Senior notes due 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	4.50%
4.50% Senior notes due 2024 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage							4.50%
4.75%SeniorNotesDue2024Member [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	4.75%
4.75%SeniorNotesDue2024Member [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	4.75%
8.00% Senior notes due 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	8.00%
8.00% Senior notes due 2024 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage				8.00%
5.20% Senior notes due 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	5.20%
5.20% Senior notes due 2025 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage						5.20%
7.38%SeniorNotesDue2025 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	7.375%
7.38%SeniorNotesDue2025 [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	7.375%
7.75% Senior notes due 2026
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	7.75%
7.75% Senior notes due 2026 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage					7.75%
7.20% Senior notes due 2027
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	7.20%
7.20% Senior notes due 2027 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage			7.20%
7.875% Senior notes due 2040
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	7.875%
5.40%SeniorNotesDue2042 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	5.40%
5.75% Senior notes due 2044
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	5.75%
5.75% Senior notes due 2044 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage						5.75%	5.75%
5.85%SeniorNotesDue2044 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	5.85%
5.85%SeniorNotesDue2044 [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, interest rate, stated percentage	5.85%
Reported Value Measurement [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	$ 545.3		$ 7,096.3
Long-term Debt, Excluding Current Maturities	545.3		0
Liabilities Subject to Compromise	0		7,096.3
Reported Value Measurement [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities Subject to Compromise			6,500
Reported Value Measurement [Member] | Line of Credit [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		581
Reported Value Measurement [Member] | Eight Point Two Five Percent Senior Lien Notes Due Two Thousand Twenty Eight Member | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	545.3		0
Reported Value Measurement [Member] | 6.875% Senior notes due 2020 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		122.9
Reported Value Measurement [Member] | 4.70% Senior notes due 2021 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		100.7
Reported Value Measurement [Member] | 4.875%SeniorNotesDue2022Member [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		620.8
Reported Value Measurement [Member] | 3.00% Exchangeable senior notes due 2024 | Convertible Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		849.5
Reported Value Measurement [Member] | 4.50% Senior notes due 2024 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		303.4
Reported Value Measurement [Member] | 4.75%SeniorNotesDue2024Member [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		318.6
Reported Value Measurement [Member] | 8.00% Senior notes due 2024 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		292.3
Reported Value Measurement [Member] | 5.20% Senior notes due 2025 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		333.7
Reported Value Measurement [Member] | 7.38%SeniorNotesDue2025 [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		360.8
Reported Value Measurement [Member] | 7.75% Senior notes due 2026 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		1,000
Reported Value Measurement [Member] | 7.20% Senior notes due 2027 | Debentures Due 2027
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		112.1
Reported Value Measurement [Member] | 7.875% Senior notes due 2040 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		300
Reported Value Measurement [Member] | 5.40%SeniorNotesDue2042 [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		400
Reported Value Measurement [Member] | 5.75% Senior notes due 2044 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		1,000.5
Reported Value Measurement [Member] | 5.85%SeniorNotesDue2044 [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term Debt	0		400
Estimate of Fair Value Measurement [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	575.7		940.8
Liabilities Subject to Compromise	0		940.8
Long-term Debt, Fair Value	575.7		0
Estimate of Fair Value Measurement [Member] | Line of Credit [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		581
Estimate of Fair Value Measurement [Member] | Eight Point Two Five Percent Senior Lien Notes Due Two Thousand Twenty Eight Member | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	575.7		0
Estimate of Fair Value Measurement [Member] | 6.875% Senior notes due 2020 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		8.6
Estimate of Fair Value Measurement [Member] | 4.70% Senior notes due 2021 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		4.5
Estimate of Fair Value Measurement [Member] | 4.875%SeniorNotesDue2022Member [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		32.9
Estimate of Fair Value Measurement [Member] | 3.00% Exchangeable senior notes due 2024 | Convertible Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		76.5
Estimate of Fair Value Measurement [Member] | 4.50% Senior notes due 2024 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		13.7
Estimate of Fair Value Measurement [Member] | 4.75%SeniorNotesDue2024Member [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		18.8
Estimate of Fair Value Measurement [Member] | 8.00% Senior notes due 2024 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		12.9
Estimate of Fair Value Measurement [Member] | 5.20% Senior notes due 2025 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		12.7
Estimate of Fair Value Measurement [Member] | 7.38%SeniorNotesDue2025 [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		20.9
Estimate of Fair Value Measurement [Member] | 7.75% Senior notes due 2026 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		44
Estimate of Fair Value Measurement [Member] | 7.20% Senior notes due 2027 | Debentures Due 2027
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		5.7
Estimate of Fair Value Measurement [Member] | 7.875% Senior notes due 2040 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		21
Estimate of Fair Value Measurement [Member] | 5.40%SeniorNotesDue2042 [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		23.6
Estimate of Fair Value Measurement [Member] | 5.75% Senior notes due 2044 | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	0		38
Estimate of Fair Value Measurement [Member] | 5.85%SeniorNotesDue2044 [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, Fair Value Disclosure	$ 0		$ 26

Property And Equipment (Schedul

Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment	$ 957	$ 13,209.3
Upstream Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	886.9	12,584.4
Work in progress
Property, Plant and Equipment [Line Items]
Property and equipment	35.6	446.1
Other Capitalized Property Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 34.5	$ 178.8

Property And Equipment (Narrati

Property And Equipment (Narrative) (Details) $ in Millions	3 Months Ended							4 Months Ended	8 Months Ended	12 Months Ended
	Jun. 30, 2021$ / bbl	Dec. 31, 2020USD ($)$ / bbl	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)drillship	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Apr. 30, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2021USD ($)
Property, Plant and Equipment [Line Items]
Property and equipment		$ 13,209.3							$ 957	$ 13,209.3
Asset Impairment Charges								$ 756.5	0	3,646.2	$ 104
Impairment of Long-Lived Assets to be Disposed of		0	$ 0	$ 15		$ 10.2	$ 88.2
Impairment of Long-Lived Assets Held-for-use											0
Assets Held-for-sale, Not Part of Disposal Group		$ 2.3								2.3
Oil and Gas, Average Sale Price | $ / bbl	20	60
Number of rigs impaired | drillship				2
Gain (Loss) on Disposition of Other Assets								5.3	20.7
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment		$ 446.1							$ 35.6	446.1
Construction in Progress [Member] | Ultra Deepwater Drillships [Member]
Property, Plant and Equipment [Line Items]
Property and equipment		$ 418								418
Other Rigs [Member]
Property, Plant and Equipment [Line Items]
Asset Impairment Charges								$ 756.5		$ 3,600	$ 98.4
Floaters, Jackups And Spare Equipment [Member]
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use				$ 817.3	$ 2,800
Property, Plant, and Equipment, Fair Value Disclosure				$ 69	$ 72.3
Floaters [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure												$ 26

Debt (Schedule Of Long-Term Deb

Debt (Schedule Of Long-Term Debt Instruments) (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2012	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2018
Debt Instrument [Line Items]
Long-term Debt			$ 544.8
Liabilities Subject to Compromise			0	$ 0	$ 0	$ 7,313.7
Current maturities of long-term debt				0	0	0
Long-term Debt, Excluding Current Maturities				545.3	545.3	0
Backstop Commitment Fees			$ 0	0		447.9
Letters of Credit Outstanding, Amount				$ 36.5	$ 36.5
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount						$ 27
6.875% Senior notes due 2020
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				6.875%	6.875%
6.875% Senior notes due 2020 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.875%
Senior Note Maturity Year	2020
4.70% Senior notes due 2021
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				4.70%	4.70%
4.70% Senior notes due 2021 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		4.70%
Senior Note Maturity Year		2021
4.875%SeniorNotesDue2022Member [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				4.875%	4.875%
4.875%SeniorNotesDue2022Member [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				4.875%	4.875%
3.00% Exchangeable senior notes due 2024
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				3.00%	3.00%
4.50% Senior notes due 2024
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				4.50%	4.50%
4.50% Senior notes due 2024 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage									4.50%
Senior Note Maturity Year									2024
4.75%SeniorNotesDue2024Member [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				4.75%	4.75%
4.75%SeniorNotesDue2024Member [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				4.75%	4.75%
8.00% Senior notes due 2024
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				8.00%	8.00%
8.00% Senior notes due 2024 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							8.00%
Senior Note Maturity Year							2024
5.20% Senior notes due 2025
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				5.20%	5.20%
5.20% Senior notes due 2025 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								5.20%
Senior Note Maturity Year								2025
7.38%SeniorNotesDue2025 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				7.375%	7.375%
7.38%SeniorNotesDue2025 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				7.375%	7.375%
7.75% Senior notes due 2026
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				7.75%	7.75%
7.75% Senior notes due 2026 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage										7.75%
7.20% Senior notes due 2027
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				7.20%	7.20%
7.20% Senior notes due 2027 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage						7.20%
7.875% Senior notes due 2040
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				7.875%	7.875%
5.40%SeniorNotesDue2042 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				5.40%	5.40%
5.75% Senior notes due 2044
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				5.75%	5.75%
5.75% Senior notes due 2044 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								5.75%	5.75%
Senior Note Maturity Year								2044	2044
5.85%SeniorNotesDue2044 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				5.85%	5.85%
5.85%SeniorNotesDue2044 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				5.85%	5.85%
Three percent exchangeable senior notes due twenty twenty four [Member]
Debt Instrument [Line Items]
Backstop Commitment Fees					$ 128.8
Debt Instrument, Unamortized Discount				$ 119.5	119.5
Debt Issuance Costs, Net				9.3	9.3
Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt				545.3	545.3	$ 7,096.3
Liabilities Subject to Compromise				0	0	7,096.3
Long-term Debt, Excluding Current Maturities				545.3	545.3	0
Reported Value Measurement [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Liabilities Subject to Compromise						6,500
Reported Value Measurement [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	581
Reported Value Measurement [Member] | 6.875% Senior notes due 2020 | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	122.9
Reported Value Measurement [Member] | 4.70% Senior notes due 2021 | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	100.7
Reported Value Measurement [Member] | 4.875%SeniorNotesDue2022Member [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	620.8
Reported Value Measurement [Member] | 3.00% Exchangeable senior notes due 2024 | Convertible Debt [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	849.5
Reported Value Measurement [Member] | 4.50% Senior notes due 2024 | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	303.4
Reported Value Measurement [Member] | 4.75%SeniorNotesDue2024Member [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	318.6
Reported Value Measurement [Member] | 8.00% Senior notes due 2024 | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	292.3
Reported Value Measurement [Member] | 5.20% Senior notes due 2025 | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	333.7
Reported Value Measurement [Member] | 7.38%SeniorNotesDue2025 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	360.8
Reported Value Measurement [Member] | 7.75% Senior notes due 2026 | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	1,000
Reported Value Measurement [Member] | 7.20% Senior notes due 2027 | Debentures Due 2027
Debt Instrument [Line Items]
Long-term Debt				0	0	112.1
Reported Value Measurement [Member] | 7.875% Senior notes due 2040 | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	300
Reported Value Measurement [Member] | 5.40%SeniorNotesDue2042 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	400
Reported Value Measurement [Member] | 5.75% Senior notes due 2044 | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt				0	0	1,000.5
Reported Value Measurement [Member] | 5.85%SeniorNotesDue2044 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt				$ 0	$ 0	400
Reported Value Measurement [Member] | Line of Credit [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Long-term Debt						581
Reported Value Measurement [Member] | Three percent exchangeable senior notes due twenty twenty four [Member] | Convertible Debt [Member]
Debt Instrument [Line Items]
Long-term Debt						$ 849.5

Senior Notes (Narrative) (Detai

Senior Notes (Narrative) (Details)	Apr. 30, 2021USD ($)	Feb. 05, 2021	Aug. 18, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2012USD ($)	Apr. 30, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 25, 2020USD ($)	Mar. 04, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018
Debt Instrument [Line Items]
Long-term Debt	$ 544,800,000						$ 544,800,000
Debtor-in-Possession Financing, Amount Arranged															$ 500,000,000
Debtor-in-Possession Financing, Borrowings Outstanding								$ 0	$ 0	$ 0
Liabilities Subject to Compromise	0						0	0	0	7,313,700,000
Backstop Commitment Agreement, Backstop Premium							(30,000,000)	0		0
BackstopCommitmentAgreementCashSettlement			$ 520,000,000
BackstopCommitmentAgreementNoteIssued			550,000,000
BackstopCommitmentAgreementSharesToBeAllocated		2.70%
Liabilities Subject To Compromise, Accrued Interest On Notes								203,500,000	203,500,000	201,900,000
Debt Instrument, Convertible, Carrying Amount of Equity Component										220,000,000
Debt Instrument, Repurchased Face Amount				$ 12,800,000				951,800,000	951,800,000	951,800,000
Debt Instrument, Repurchase Amount				9,700,000				724,100,000	$ 724,100,000	724,100,000
Gain (Loss) on Extinguishment of Debt				$ 3,100,000			0	0		3,100,000	$ 194,100,000
Debentures Due 2027
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage									100.00%
Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								545,300,000	$ 545,300,000	7,096,300,000
Liabilities Subject to Compromise								$ 0	$ 0	$ 7,096,300,000
7.38%SeniorNotesDue2025 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								7.375%	7.375%
5.40%SeniorNotesDue2042 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								5.40%	5.40%
5.85%SeniorNotesDue2044 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								5.85%	5.85%
3.00% Exchangeable senior notes due 2024
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								3.00%	3.00%
4.875%SeniorNotesDue2022Member [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								4.875%	4.875%
4.75%SeniorNotesDue2024Member [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								4.75%	4.75%
7.75% Senior notes due 2026
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								7.75%	7.75%
5.20% Senior notes due 2025
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								5.20%	5.20%
5.75% Senior notes due 2044
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								5.75%	5.75%
4.50% Senior notes due 2024
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								4.50%	4.50%
4.70% Senior notes due 2021
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								4.70%	4.70%
6.875% Senior notes due 2020
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								6.875%	6.875%
7.875% Senior notes due 2040
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								7.875%	7.875%
7.20% Senior notes due 2027
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								7.20%	7.20%
8.00% Senior notes due 2024
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								8.00%	8.00%
Convertible Debt [Member] | 3.00% Exchangeable senior notes due 2024
Debt Instrument [Line Items]
Conversion rate per $1,000 principal amount of shares										17.8336
Debt Instrument, Convertible, Conversion Price | $ / shares										$ 56.08
Interest Expense, Debt, Excluding Amortization									$ 16,100,000		25,500,000
Amortization of Debt Issuance Costs and Discounts									21,400,000	$ 32,500,000
Convertible Debt [Member] | 3.00% Exchangeable senior notes due 2024 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								$ 0	$ 0	849,500,000
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
Senior Notes [Member]
Debt Instrument [Line Items]
Backstop Commitment Agreement, Backstop Premium			50,000,000
BackstopCommitmentAgreementCommitmentFee			$ 20,000,000
Senior Notes [Member] | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Liabilities Subject to Compromise										6,500,000,000
Senior Notes [Member] | 7.38%SeniorNotesDue2025 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								7.375%	7.375%
Debt Instrument, Face Amount								$ 500,000,000	$ 500,000,000
Debt Instrument, Repurchased Face Amount								139,200,000	139,200,000
Debt Instrument, Repurchase Amount								109,200,000	109,200,000
Senior Notes [Member] | 7.38%SeniorNotesDue2025 [Member] | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								0	0	360,800,000
Senior Notes [Member] | 5.40%SeniorNotesDue2042 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount								400,000,000	400,000,000
Senior Notes [Member] | 5.40%SeniorNotesDue2042 [Member] | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								$ 0	$ 0	400,000,000
Senior Notes [Member] | 5.85%SeniorNotesDue2044 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								5.85%	5.85%
Debt Instrument, Face Amount								$ 400,000,000	$ 400,000,000
Senior Notes [Member] | 5.85%SeniorNotesDue2044 [Member] | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								$ 0	$ 0	400,000,000
Senior Notes [Member] | 7.875% Senior Notes Due 2040 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								7.875%	7.875%
Debt Instrument, Face Amount								$ 201,400,000	$ 201,400,000
Senior Notes [Member] | 4.875%SeniorNotesDue2022Member [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								4.875%	4.875%
Debt Instrument, Face Amount								$ 620,800,000	$ 620,800,000
Senior Notes [Member] | 4.875%SeniorNotesDue2022Member [Member] | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								$ 0	$ 0	620,800,000
Senior Notes [Member] | 4.75%SeniorNotesDue2024Member [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								4.75%	4.75%
Debt Instrument, Face Amount								$ 398,100,000	$ 398,100,000
Debt Instrument, Repurchased Face Amount								79,500,000	79,500,000
Debt Instrument, Repurchase Amount								61,200,000	61,200,000
Senior Notes [Member] | 4.75%SeniorNotesDue2024Member [Member] | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								0	0	318,600,000
Senior Notes [Member] | 7.75% Senior notes due 2026
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage																		7.75%
Debt Issuance Costs, Gross																	$ 16,500,000
Debt Instrument, Face Amount											$ 1,000,000,000
Senior Notes [Member] | 7.75% Senior notes due 2026 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								0	0	1,000,000,000
Senior Notes [Member] | 5.20% Senior notes due 2025
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage													5.20%
Debt Instrument, Face Amount													$ 700,000,000
Senior Note Maturity Year													2025
Debt Instrument, Unamortized Discount (Premium), Net													$ 2,600,000
Debt Instrument, Repurchased Face Amount								335,500,000	335,500,000
Debt Instrument, Repurchase Amount								250,000,000	250,000,000
Senior Notes [Member] | 5.20% Senior notes due 2025 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								0	0	333,700,000
Senior Notes [Member] | 5.75% Senior notes due 2044
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage													5.75%	5.75%
Debt Instrument, Face Amount													$ 400,000,000	$ 625,000,000
Senior Note Maturity Year													2044	2044
Debt Instrument, Unamortized Discount (Premium), Net													$ 18,700,000	$ 2,800,000
Senior Notes [Member] | 5.75% Senior notes due 2044 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								0	0	1,000,500,000
Senior Notes [Member] | 4.50% Senior notes due 2024
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage														4.50%
Debt Instrument, Face Amount														$ 625,000,000
Senior Note Maturity Year														2024
Debt Instrument, Unamortized Discount (Premium), Net														$ 900,000
Debt Instrument, Repurchased Face Amount								320,000,000	320,000,000
Debt Instrument, Repurchase Amount								240,000,000	240,000,000
Senior Notes [Member] | 4.50% Senior notes due 2024 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								0	0	303,400,000
Senior Notes [Member] | 4.70% Senior notes due 2021
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage						4.70%
Debt Instrument, Face Amount						$ 1,500,000,000
Senior Note Maturity Year						2021
Debt Instrument, Unamortized Discount (Premium), Net						$ 29,600,000
Debt Instrument, Repurchased Face Amount																$ 12,800,000
Debt Instrument, Repurchase Amount																$ 9,700,000
Senior Notes [Member] | 4.70% Senior notes due 2021 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								0	0	100,700,000
Senior Notes [Member] | 6.875% Senior notes due 2020
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					6.875%
Debt Instrument, Face Amount					$ 900,000,000
Senior Note Maturity Year					2020
Senior Notes [Member] | 6.875% Senior notes due 2020 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								0	0	122,900,000
Senior Notes [Member] | 8.50% Senior notes due 2019(1)
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					8.50%
Debt Instrument, Face Amount					$ 500,000,000
Senior Note Maturity Year					2019
Senior Notes [Member] | 7.875% Senior notes due 2040
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 300,000,000
Senior Notes [Member] | 7.875% Senior notes due 2040 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								0	0	$ 300,000,000
Senior Notes [Member] | 7.20% Senior notes due 2027
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage										7.20%
Debt Instrument, Face Amount										$ 150,000,000
Debt Instrument, Repurchased Face Amount								37,900,000	37,900,000
Debt Instrument, Repurchase Amount								29,900,000	29,900,000
Senior Notes [Member] | 8.00% Senior notes due 2024
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage												8.00%
Debt Instrument, Face Amount												$ 332,000,000
Senior Note Maturity Year												2024
Debt Instrument, Repurchased Face Amount								39,700,000	39,700,000
Debt Instrument, Repurchase Amount								33,800,000	33,800,000
Senior Notes [Member] | 8.00% Senior notes due 2024 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt								$ 0	$ 0	$ 292,300,000
Senior Notes [Member] | First Lien Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	550,000,000						550,000,000
Debtor-in-Possession Financing, Amount Arranged	$ 520,000,000						$ 520,000,000
DebtInstrumentPercentSecuredEquityInterest	100.00%
DebtInstrumentInterestRateAnnualPaymentPercent	10.25%
DebtInstrumentAllowableRedemptionPercentPriorToMaturity	35.00%						35.00%
DebtInstrumentRedemptionPricePercentOfNetCashProceedsFromEquityOffering	104.00%
DebtInstrumentPercentOfNoteRemainingOutstanding	65.00%
DebtInstrumentRedemptionPeriodTiming	12000.00%
Senior Notes [Member] | First Lien Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
DebtInstrumentRedemptionPricePercentOfNetCashProceedsFromEquityOffering	104.00%
Senior Notes [Member] | First Lien Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
DebtInstrumentRedemptionPricePercentOfNetCashProceedsFromEquityOffering	100.00%
Senior Notes [Member] | First Lien Notes | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
DebtInstrumentRedemptionPricePercentOfNetCashProceedsFromEquityOffering	101.00%
Senior Notes [Member] | First Lien Notes | Debt Instrument Interest Rate Payout Option One Member
Debt Instrument [Line Items]
DebtInstrumentInterestRateAnnualPaymentPercent	8.25%
Senior Notes [Member] | First Lien Notes | Debt Instrument Interest Rate Payout Option Two Member
Debt Instrument [Line Items]
DebtInstrumentAnnualInterestPayoutPercentInCash	50.00%
DebtInstrumentAnnualInterestPayoutPercentPaidInKind	50.00%
DebtInstrumentInterestRateAnnualPaymentPercentPaidInKind	12.00%

Debt (Schedule of Convertible D

Debt (Schedule of Convertible Debt) (Details) $ in Millions	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Debt Instrument, Convertible, Carrying Amount of Equity Component	$ 220

Tender Offers and Open Market R

Tender Offers and Open Market Repurchases (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		4 Months Ended	8 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2014	Dec. 31, 2012	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 04, 2020
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	$ 12.8				$ 951.8	$ 951.8
Debt Instrument, Repurchase Amount	9.7				724.1	724.1
Gain (Loss) on Extinguishment of Debt	$ 3.1			$ 0	$ 0	$ 3.1	$ 194.1
Long-term Debt				$ 544.8
4.70% Senior notes due 2021
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage					4.70%
4.70% Senior notes due 2021 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount								$ 12.8
Debt Instrument, Repurchase Amount								$ 9.7
Debt instrument interest rate stated percentage			4.70%
Senior Note Maturity Year			2021
8.50% Senior notes due 2019(1) | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage		8.50%
Senior Note Maturity Year		2019

Debt (Schedule of Extinguishmen

Debt (Schedule of Extinguishment of Debt - Tender and OMR) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Mar. 04, 2020	Dec. 31, 2018	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2012
Extinguishment of Debt [Line Items]
Debt Instrument, Repurchased Face Amount	$ 951.8	$ 951.8	$ 12.8
Debt Instrument, Repurchase Amount	$ 724.1	$ 724.1	$ 9.7
4.70% Senior notes due 2021
Extinguishment of Debt [Line Items]
Debt instrument interest rate stated percentage	4.70%
4.50% Senior notes due 2024
Extinguishment of Debt [Line Items]
Debt instrument interest rate stated percentage	4.50%
4.75%SeniorNotesDue2024Member [Member]
Extinguishment of Debt [Line Items]
Debt instrument interest rate stated percentage	4.75%
8.00% Senior notes due 2024
Extinguishment of Debt [Line Items]
Debt instrument interest rate stated percentage	8.00%
5.20% Senior notes due 2025
Extinguishment of Debt [Line Items]
Debt instrument interest rate stated percentage	5.20%
7.38%SeniorNotesDue2025 [Member]
Extinguishment of Debt [Line Items]
Debt instrument interest rate stated percentage	7.375%
7.20% Senior notes due 2027
Extinguishment of Debt [Line Items]
Debt instrument interest rate stated percentage	7.20%
Senior Notes [Member] | 4.70% Senior notes due 2021
Extinguishment of Debt [Line Items]
Debt Instrument, Repurchased Face Amount				$ 12.8
Debt Instrument, Repurchase Amount				$ 9.7
Debt instrument interest rate stated percentage									4.70%
Senior Notes [Member] | 4.50% Senior notes due 2024
Extinguishment of Debt [Line Items]
Debt Instrument, Repurchased Face Amount	$ 320
Debt Instrument, Repurchase Amount	240
Debt instrument interest rate stated percentage							4.50%
Senior Notes [Member] | 4.75%SeniorNotesDue2024Member [Member]
Extinguishment of Debt [Line Items]
Debt Instrument, Repurchased Face Amount	79.5
Debt Instrument, Repurchase Amount	$ 61.2
Debt instrument interest rate stated percentage	4.75%
Senior Notes [Member] | 8.00% Senior notes due 2024
Extinguishment of Debt [Line Items]
Debt Instrument, Repurchased Face Amount	$ 39.7
Debt Instrument, Repurchase Amount	33.8
Debt instrument interest rate stated percentage					8.00%
Senior Notes [Member] | 5.20% Senior notes due 2025
Extinguishment of Debt [Line Items]
Debt Instrument, Repurchased Face Amount	335.5
Debt Instrument, Repurchase Amount	250
Debt instrument interest rate stated percentage						5.20%
Senior Notes [Member] | 7.38%SeniorNotesDue2025 [Member]
Extinguishment of Debt [Line Items]
Debt Instrument, Repurchased Face Amount	139.2
Debt Instrument, Repurchase Amount	$ 109.2
Debt instrument interest rate stated percentage	7.375%
Senior Notes [Member] | 7.20% Senior notes due 2027
Extinguishment of Debt [Line Items]
Debt Instrument, Repurchased Face Amount	$ 37.9
Debt Instrument, Repurchase Amount	$ 29.9
Debt instrument interest rate stated percentage		7.20%
Senior Notes [Member] | 8.50% Senior notes due 2019(1)
Extinguishment of Debt [Line Items]
Debt instrument interest rate stated percentage								8.50%

Revolving Credit Facility and D

Revolving Credit Facility and DIP Facility (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020	Sep. 25, 2020
Debt Instrument [Line Items]
Long-term Debt		$ 544.8
Letters of Credit Outstanding, Amount	$ 36.5
Debtor-in-Possession Financing, Amount Arranged				$ 500
Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term Debt	545.3		$ 7,096.3
Reported Value Measurement [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 0		581
Line of Credit [Member] | Reported Value Measurement [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Long-term Debt			581
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount			27
Portion Identified as binding [Member] | Credit Facility due 2019 [Member]
Debt Instrument [Line Items]
Current borrowing capacity			$ 1,600

Interest Expense (Details) (Nar

Interest Expense (Details) (Narratives) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Interest Expense	$ (2.4)	$ (31)	$ (290.6)	$ (428.3)
Interest Costs Capitalized			1.3	$ 20.9
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations	$ 132.9		$ 140.7

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount			$ 3.6
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net loss on derivatives not designated as hedging instruments			(0.2)	$ (6.4)
Cash Flow Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (5.6)	$ 0	(11.6)	8.3
Foreign Exchange Forward [Member] | Contract Drilling [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net			(2)	(7.3)
Foreign Exchange Forward [Member] | Loss on Impairment
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	5.6
Foreign Exchange Forward [Member] | Cash Flow Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (5.6)	$ 0	$ (11.6)	$ 6.4

Derivative Instruments (Gains A

Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) - USD ($)	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Net change in fair value of derivatives	$ 0	$ 0	$ (5,400,000)	$ 1,600,000
Cash Flow Hedges [Member]
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(5,600,000)	0	(11,600,000)	8,300,000
Net change in fair value of derivatives	0	0	5,400,000	(1,600,000)
Cash Flow Hedges [Member] | Interest Rate Lock Contracts [Member]
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	0	0	0	1,900,000
Cash Flow Hedges [Member] | Foreign Currency Forward Contracts [Member]
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(5,600,000)	0	(11,600,000)	6,400,000
Net change in fair value of derivatives	$ 0	$ 0	(5,400,000)	1,600,000
Contract Drilling [Member] | Foreign Currency Forward Contracts [Member]
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			(2,000,000)	(7,300,000)
Depreciation Expense [Member] | Foreign Currency Forward Contracts [Member]
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			$ 13,600,000	$ 900,000

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule Of Activity In Our Various Shareholders' Equity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Apr. 30, 2021	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
BALANCE		$ 4,370.3	$ 1,094.8
Net loss		(4,463.8)	(29.2)	$ (4,857.6)	$ (192.2)
Common Stock, Dividends, Per Share, Cash Paid					$ 40,000
Stock Issued During Period, Value, New Issues					$ 0.1
Payments of Stock Issuance Costs					(0.6)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		4.8	4.3	7.2
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits		(0.1)	9.1	76.3	21.7
Net other comprehensive income (loss)		(5.5)	(9.1)	(94.1)	$ (12)
BALANCE	$ 1,094.8	$ 1,094.8	$ 1,060.8	$ 4,370.3
Stock Issued During Period, Shares, New Issues	75
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
BALANCE, shares		206.1	75	205.9	115.2
BALANCE		$ 82.6	$ 0.8	$ 82.5	$ 46.2
Stock Issued During Period, Value, New Issues		$ 0.8			$ 35.2
Shares Issued Under Share Based Compensation Plans, Shares				0.2	2.7
Shares issued under share-based compensation plans, net					$ 1.1
BALANCE, shares	75	75	75	206.1	205.9
BALANCE	$ 0.8	$ 0.8	$ 0.8	$ 82.6	$ 82.5
Shares Issued Under Share Based Compensation Plans, Amount				(0.1)
Cancellation Of Predecessor Equity, Shares		(206.1)
Cancellation Of Predecessor Equity, Value		$ (82.6)
Stock Issued During Period, Shares, New Issues		75			88
Additional Paid-In Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
BALANCE		$ 8,639.9	1,078.7	8,627.8	$ 7,225
Stock Issued During Period, Value, New Issues		1,078.7			1,367.5
Shares issued under share-based compensation plans, net					(1.3)
Share-based compensation cost				21.2	37.2
BALANCE	1,078.7	1,078.7	1,083	8,639.9	8,627.8
Shares Issued Under Share Based Compensation Plans, Amount		(0.7)		(1.9)
Cancellation Of Predecessor Equity, Value		(8,644)
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
BALANCE		(4,183.8)	0	671.7	874.2
Net loss		(4,467)	(33)	(4,855.5)	(198)
Cash dividends paid					(4.5)
BALANCE	0	0	(33)	(4,183.8)	671.7
Cancellation Of Predecessor Equity, Value		8,650.8
AOCI [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
BALANCE		(87.9)	0	6.2	18.2
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits		0.1		(76.5)	(21.7)
Net other comprehensive income (loss)		(5.6)	(9.1)	(17.6)	9.7
BALANCE	0	0	(9.1)	(87.9)	6.2
Cancellation Of Predecessor Equity, Value		93.4
Treasury Shares [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
BALANCE		(76.2)	0	(77.3)	(72.2)
Shares issued under share-based compensation plans, net					(0.7)
Repurchase of shares				(0.9)	(4.5)
BALANCE	0	0	0	(76.2)	(77.3)
Shares Issued Under Share Based Compensation Plans, Amount		(0.7)		(2)
Cancellation Of Predecessor Equity, Value		75.5
Noncontrolling Interest [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
BALANCE		(4.3)	(1.1)	(1.3)	(2.6)
Net loss		3.2	3.8	(2.1)	5.8
Distributions to noncontrolling interests				(0.9)
BALANCE	(1.1)	(1.1)	2.7	(4.3)	(1.3)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders					(4.5)
Warrant
Increase (Decrease) in Stockholders' Equity [Roll Forward]
BALANCE		0	16.4	0	0
Stock Issued During Period, Value, New Issues		16.4
BALANCE	$ 16.4	$ 16.4	$ 16.4	$ 0	$ 0

Shareholders' Equity (Share Iss

Shareholders' Equity (Share Issuance Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 30, 2021	Apr. 11, 2019	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2020
Shares Issuance [Line Items]
Stock Issued During Period, Shares, New Issues	75,000,000
Common Stock, Value, Outstanding	$ 8.5		$ 8.5
Common shares, shares issued				75,000,000
Class of Warrant or Right, Outstanding				5,645,161
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 131.88
Warranted, Period Exercisable				7 years
Management Incentive Plan
Shares Issuance [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	8,960,573		8,960,573
Rowan Companies [Member]
Shares Issuance [Line Items]
Business Combination, Consideration Transferred		$ 1,400
Class A Ordinary Shares, U.S. [Member]
Shares Issuance [Line Items]
Common shares, shares issued						206,100,000
Class A Ordinary Shares, U.S. [Member] | Rowan Companies [Member]
Shares Issuance [Line Items]
Number of ordinary shares		88,300,000
Shares Issued, Price Per Share		$ 15.88
Common Stock [Member]
Shares Issuance [Line Items]
Stock Issued During Period, Shares, New Issues	75,000,000
Common shares, shares issued	700,000,000		700,000,000
Common Stock, No Par Value	$ 0.01		$ 0.01
Preferred Stock
Shares Issuance [Line Items]
Common shares, shares issued	150,000,000		150,000,000	0
Common Stock, No Par Value	$ 0.01		$ 0.01
Common Stock [Member]
Shares Issuance [Line Items]
Stock Issued During Period, Shares, New Issues			75,000,000		88,000,000

Share Based Compensation (Narra

Share Based Compensation (Narrative) (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized compensation expense		$ 0.7
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				318,377
Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	8,960,573
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		7,493,135	7,493,135
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share awards, vest rate				33.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period	106,408			426,049
Maximum | Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Awards, Performance Targets			150.00%
Minimum | Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Awards, Performance Targets			0.00%
Exercisable In Increments Over Three-Year Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share awards, vest rate				33.00%
Exercisable In Increments Over Four-Year Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share awards, vest rate				25.00%
Performance Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share option awards, exercisable, increment			3 years
Performance awards, granted, aggregate grant-date fair value				$ 6.7
Performance awards, vested, aggregate fair value				5.2	$ 2.2
Recognized compensation expense				$ 1	$ 3.2
Long-Term Incentive Plan (LTIP) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period		1,100,000
Non-Vested Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost on awards		$ 19.9	$ 19.9
Recognized compensation cost, weighted-average period, years			1 year 8 months 12 days
Non-Vested Share Awards [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share awards, vest rate			33.00%
Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period		1,312,000
Share option awards, exercisable, increment			2 years 7 months 6 days
Share-Based Compensation Arrangement By Share-Based Payment Award, Unrecognized Compensation Expense			$ 13
Performance Based Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period		913,585
Performance Based Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period		0

Share Based Compensation (Summa

Share Based Compensation (Summary Of Non-Vested Share Award Related Compensation Expense Recognized) (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-vested share award related compensation expense		$ 0.7
Tax benefit	$ (0.5)	(0.2)	$ (1.8)	$ (2.5)
Total non-vested share award related compensation expense included in net income	4.3	3.4	18.1	37
Contract Drilling [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-vested share award related compensation expense	2.4	1.6	10.7	22.1
General And Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-vested share award related compensation expense	2.4	2	9.2	17.4
Operating Expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-vested share award related compensation expense	$ 4.8	$ 3.6	$ 19.9	$ 39.5

Share Based Compensation (Sum_2

Share Based Compensation (Summary Of Value Of Non-Vested Share Awards Granted And Vested) (Details) - USD ($) $ / shares in Units, $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non Vested Share Awards, Equity Classified [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value of non-vested share awards granted (per share)	$ 0	$ 26,070,000		$ 3.07	$ 11.50
Total fair value of non-vested share awards vested during the period (in millions)	$ 20	$ 0		$ 3,260	$ 17,700
Non-Vested Share Awards, Liability Classified [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value of non-vested share awards granted (per share)	$ 0	$ 0	$ 0	$ 750,000	$ 0
Total fair value of non-vested share awards vested during the period (in millions)	$ 0	$ 0	$ 0	$ 220	$ 3,500

Share Based Compensation (Sum_3

Share Based Compensation (Summary Of Non-Vested Share Award Activity) (Details) - $ / shares	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non Vested Share Awards, Equity Classified [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance	2,982,000,000	0	2,982,000,000
Non-vested Granted, Shares		1,050,000,000
Non-vested Vested, Shares	(195,000,000)
Non-vested Forfeited, Shares	(295,000,000)	(192,000,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	0	858,000,000	858,000,000	2,982,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted-Average Grant-Date Fair Value	$ 16,400,000	$ 0	$ 16,400,000
Non-vested Granted, Weighted-Average Grant-Date Fair Value	0	26,070,000		$ 3.07	$ 11.50
Non-vested Vested, Weighted-Average Grant-Date Fair Value	$ 16,930,000
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsCancelledInPeriod	(2,492,000,000)
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsCancelledWeightedAverageGrantDateFairValue	$ 14,250,000
Non-vested Forfeited, Weighted-Average Grant-Date Fair Value	32,980,000	25,020,000
Weighted-Average Grant-Date Fair Value	$ 0	$ 26,300,000	$ 26,300,000	$ 16,400,000
Non-Vested Share Awards, Liability Classified [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance	311,000,000	0	311,000,000
Non-vested Granted, Shares		0
Non-vested Vested, Shares	(25,000,000)
Non-vested Forfeited, Shares	(5,000,000)	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	0	0	0	311,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted-Average Grant-Date Fair Value	$ 22,740,000	$ 0	$ 22,740,000
Non-vested Granted, Weighted-Average Grant-Date Fair Value	0	0	0	$ 750,000	$ 0
Non-vested Vested, Weighted-Average Grant-Date Fair Value	$ 11,350,000
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsCancelledInPeriod	(281,000,000)
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsCancelledWeightedAverageGrantDateFairValue	$ 23,650,000
Non-vested Forfeited, Weighted-Average Grant-Date Fair Value	29,180,000	0
Weighted-Average Grant-Date Fair Value	$ 0	$ 0	$ 0	$ 22,740,000
Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance	609,000	0	609,000
Non-vested Granted, Shares		1,312,000
Non-vested Forfeited, Shares		(703,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	0			609,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted-Average Grant-Date Fair Value	$ 17.53	$ 0	$ 17.53
Non-vested Granted, Weighted-Average Grant-Date Fair Value		15.93
Non-vested Forfeited, Weighted-Average Grant-Date Fair Value		$ 14.54
Weighted-Average Grant-Date Fair Value	$ 0			$ 17.53
Performance Based Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Granted, Shares		0
Performance Based Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Granted, Shares		913,585
Market-Based Objectives
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Granted, Shares		984,000
Non-vested Forfeited, Shares		(527,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested Granted, Weighted-Average Grant-Date Fair Value		$ 12.09
Non-vested Forfeited, Weighted-Average Grant-Date Fair Value		$ 11.04
Performance-Based Objectives
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Granted, Shares		328,000
Non-vested Forfeited, Shares		(176,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested Granted, Weighted-Average Grant-Date Fair Value		$ 27.44
Non-vested Forfeited, Weighted-Average Grant-Date Fair Value		$ 25.02

Share Based Compensation (Sum_4

Share Based Compensation (Summary of Purchase Plan Valuation Assumptions) (Details)	8 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Expected price volatility	61.00%
Expected dividend yield	0.00%
Risk-free interest rate	0.73%

Pension and Other Postretiremen

Pension and Other Postretirement Benefits Pension Narrative (Details) - USD ($) $ in Millions	Apr. 30, 2021	Apr. 30, 2021	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Net benefit liabilities	$ 188.9	$ 188.9	$ 188.9	$ 208.9		$ 208.9	$ 299.5
Net projected benefit obligations, current	$ 2.8	2.8	$ 2.8	$ 4.9		4.9	$ 2.9
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	6.03%		6.03%	6.03%	6.70%		6.48%
Unfunded obligation increase		(110.6)	$ 9.2	$ 13.2
Liability, Defined Benefit Plan, Noncurrent	$ 186.1	186.1	186.1	204		$ 204	$ 296.6
Employer contributions			22.5	2.4			11.5
Defined Benefit Plan, Increase (Decrease) Due To Increase In Discount Rate	56
Defined Benefit Plan, Increase (Decrease) Due To Return On Plan Assets	26
Defined Benefit Plan, Expected Return (Loss) on Plan Assets			12.1	24.7	$ 27.1		36.5
Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer contributions							$ 8.8	$ 18.7
Employee match						100.00%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets						6.26%
Maximum | Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Maximum percentage of eligible employee compensation to be matched by employer						5.00%
Minimum
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets							6.03%
Defined Benefit Plan, Underfunded Plan
Defined Benefit Plan Disclosure [Line Items]
Unfunded obligation increase						$ 20
Defined Benefit Plan, Expected Return (Loss) on Plan Assets				7.1
Reorganization, Chapter 11, Fresh-Start Adjustment
Defined Benefit Plan Disclosure [Line Items]
Liability, Defined Benefit Plan, Noncurrent	82.7	82.7	82.7
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net benefit liabilities	174.1	174.1	174.1	193.3		193.3	$ 283.6
Net projected benefit obligations, current	1.4	1.4	1.4	3.8		3.8	1.5
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year				3.8		3.8
Liability, Defined Benefit Plan, Noncurrent	$ 172.7	$ 172.7	172.7	189.5		189.5	282.1
Employer contributions			$ 22.5	2.4			$ 11.5
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year				1.2		$ 1.2
Supplemental Executive Retirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Unfunded obligation increase				$ 16.2

Pension and Other Post-retire_3

Pension and Other Post-retirement Benefits Changes in Benefit Obligations and Plan Assets (Details) - USD ($)	4 Months Ended	8 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Projected benefit obligation:
BALANCE at the beginning of the period	$ 902,600,000	$ 840,900,000		$ 848,500,000
Interest cost	6,600,000	15,600,000	$ 21,300,000	25,400,000
Service cost	0	0	1,500,000	100,000
Actuarial loss (gain)	(56,000,000)	16,400,000		97,700,000
Plan settlements	0	(25,900,000)		(6,600,000)
Curtailment gain recognized (2)	0	0	0	(3,300,000)
Plan amendments		200,000
Benefits paid	(12,300,000)	(26,000,000)		(59,200,000)
Net transfer in/(out) (including the effect of any business combinations/divestitures)		22,300,000
BALANCE at the end of the period	840,900,000	843,500,000	848,500,000	902,600,000	$ 848,500,000
Plan assets
Fair value, at the beginning of the period	603,100,000	652,000,000		598,900,000
Actual return	38,500,000	31,800,000		57,900,000
Employer contributions	22,500,000	2,400,000		11,500,000
Foreign currency adjustments	12,100,000	25,700,000		58,600,000
Fair value, at the end of the period	652,000,000	634,600,000	598,900,000	603,100,000	598,900,000
Accumulated contributions in excess of (less than) net periodic benefit cost	(188,900,000)	(199,800,000)		(195,400,000)
Amounts recognized in Consolidated Balance Sheet:
Accrued liabilities	(2,800,000)	(4,900,000)		(2,900,000)
Other liabilities (long-term)	(186,100,000)	(204,000,000)		(296,600,000)
Net benefit liabilities	(188,900,000)	(208,900,000)		(299,500,000)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Actuarial gain (loss)	0	(8,900,000)		(104,100,000)
Prior service credit (cost)		(200,000)
Total accumulated other comprehensive income (loss)	$ 0	$ (9,100,000)		$ (104,100,000)
Weighted-average assumptions:
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	2.81%
Cash balance interest credit rate	2.94%	3.05%		2.94%
Savings Plan [Member]
Plan assets
Employer contributions				$ 8,800,000	18,700,000
Pension Benefits
Projected benefit obligation:
BALANCE at the beginning of the period	$ 886,700,000	$ 826,100,000		832,400,000
Interest cost	6,500,000	15,300,000		24,900,000
Service cost	0	0		100,000
Actuarial loss (gain)	(55,000,000)	20,600,000		97,800,000
Plan settlements	0	(25,900,000)		(6,600,000)
Curtailment gain recognized (2)	0	0		(3,300,000)
Plan amendments		200,000
Foreign currency adjustments	(12,100,000)	(25,700,000)		(58,600,000)
Net transfer in/(out) (including the effect of any business combinations/divestitures)		17,300,000
BALANCE at the end of the period	826,100,000	827,900,000	832,400,000	886,700,000	832,400,000
Plan assets
Fair value, at the beginning of the period	603,100,000	652,000,000		598,900,000
Actual return	38,500,000	31,800,000		57,900,000
Employer contributions	22,500,000	2,400,000		11,500,000
Foreign currency adjustments	12,100,000	25,700,000		58,600,000
Fair value, at the end of the period	652,000,000	634,600,000	598,900,000	603,100,000	598,900,000
Accumulated contributions in excess of (less than) net periodic benefit cost	(174,100,000)	(180,000,000)		(179,600,000)
Amounts recognized in Consolidated Balance Sheet:
Accrued liabilities	(1,400,000)	(3,800,000)		(1,500,000)
Other liabilities (long-term)	(172,700,000)	(189,500,000)		(282,100,000)
Net benefit liabilities	(174,100,000)	(193,300,000)		(283,600,000)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Actuarial gain (loss)	0	(13,100,000)		(104,000,000)
Prior service credit (cost)		(200,000)
Total accumulated other comprehensive income (loss)	$ 0	$ (13,300,000)		$ (104,000,000)
Weighted-average assumptions:
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	2.84%	2.73%		2.30%
Other Benefits
Projected benefit obligation:
BALANCE at the beginning of the period	$ 15,900,000	$ 14,800,000		$ 16,100,000
Interest cost	100,000	300,000		500,000
Service cost	0	0		0
Actuarial loss (gain)	(1,000,000)	(4,200,000)		(100,000)
Foreign currency adjustments	(200,000)	(300,000)		(600,000)
Net transfer in/(out) (including the effect of any business combinations/divestitures)		5,000,000
BALANCE at the end of the period	14,800,000	15,600,000	16,100,000	15,900,000	16,100,000
Plan assets
Fair value, at the beginning of the period	0	0		0
Actual return	0	0		0
Employer contributions	0	0		0
Foreign currency adjustments	0	0		0
Fair value, at the end of the period	0	0	$ 0	0	$ 0
Accumulated contributions in excess of (less than) net periodic benefit cost	(14,800,000)	(19,800,000)		(15,800,000)
Amounts recognized in Consolidated Balance Sheet:
Accrued liabilities	(1,400,000)	(1,100,000)		(1,400,000)
Other liabilities (long-term)	(13,400,000)	(14,500,000)		(14,500,000)
Net benefit liabilities	(14,800,000)	(15,600,000)		(15,900,000)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Actuarial gain (loss)	0	4,200,000		(100,000)
Prior service credit (cost)		0
Total accumulated other comprehensive income (loss)	$ 0	$ 4,200,000		$ (100,000)
Weighted-average assumptions:
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	2.73%	2.72%		2.19%

Pension and Other Post-retire_4

Pension and Other Post-retirement Benefits Accumulated Benefit Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Defined Benefit Plan, Accumulated Benefit Obligation	$ 843.5	$ 902.6

Pension and Other Post-retire_5

Pension and Other Post-retirement Benefits Net Periodic Pension Costs and Weighted Average Assumptions (Details) - USD ($) $ in Millions	Apr. 30, 2021	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost		$ 0	$ 0	$ 1.5	$ 0.1
Interest cost		6.6	15.6	21.3	25.4
Expected return on plan assets		(12.1)	(24.7)	(27.1)	(36.5)
Curtailment gain recognized (2)		0	0	0	(3.3)
Settlement (gain) loss recognized (2)		0	0.4	0	(0.3)
Defined Benefit Plan, Amortization of Gain (Loss)		0.1	0	0	0
Net periodic pension costs		$ (5.4)	$ (8.7)	$ (4.3)	$ (14.6)	$ (4.3)
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	6.03%	6.03%	6.03%	6.70%	6.48%
Cash balance interest credit rate		2.94%	2.94%	3.29%	3.29%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost		$ 0	$ 0		$ 0.1
Interest cost		6.5	15.3		24.9
Curtailment gain recognized (2)		$ 0	$ 0		$ (3.3)
Discount rate		2.30%	2.84%	3.82%	3.16%

Pension and Other Post-retire_6

Pension and Other Post-retirement Benefits Schedule of Allocation of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 634.6	$ 652	$ 603.1	$ 598.9
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	634.6	$ 652	603.1	$ 598.9
Pension Benefits | Total
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	634.6		603.1
Pension Benefits | Quoted prices in active markets for identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	78.8		79.8
Pension Benefits | Significant observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 555.8		$ 523.3
Pension Benefits | Equities: | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target range	53.00%		53.00%
Pension Benefits | Equities: | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target range	69.00%		69.00%
Pension Benefits | U.S. large cap | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target range	22.00%		22.00%
Pension Benefits | U.S. large cap | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target range	28.00%		28.00%
Pension Benefits | U.S. large cap | Total
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 173.7		$ 151.9
Pension Benefits | U.S. large cap | Quoted prices in active markets for identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	0		0
Pension Benefits | U.S. large cap | Significant observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 173.7		$ 151.9
Pension Benefits | U.S. small cap | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target range	4.00%		4.00%
Pension Benefits | U.S. small cap | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target range	10.00%		10.00%
Pension Benefits | U.S. small cap | Total
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 44.7		$ 48.1
Pension Benefits | U.S. small cap | Quoted prices in active markets for identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	0		0
Pension Benefits | U.S. small cap | Significant observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 44.7		$ 48.1
Pension Benefits | International all cap | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target range	21.00%		21.00%
Pension Benefits | International all cap | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target range	29.00%		29.00%
Pension Benefits | International all cap | Total
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 159.1		$ 158.5
Pension Benefits | International all cap | Quoted prices in active markets for identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	0		0
Pension Benefits | International all cap | Significant observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 159.1		$ 158.5
Pension Benefits | International small cap | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target range	2.00%		2.00%
Pension Benefits | International small cap | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target range	8.00%		8.00%
Pension Benefits | International small cap | Total
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 41.7		$ 37
Pension Benefits | International small cap | Quoted prices in active markets for identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	0		0
Pension Benefits | International small cap | Significant observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 41.7		$ 37
Pension Benefits | Real estate equities | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target range	0.00%		0.00%
Pension Benefits | Real estate equities | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target range	13.00%		13.00%
Pension Benefits | Real estate equities | Total
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 63.5		$ 53.5
Pension Benefits | Real estate equities | Quoted prices in active markets for identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	0		0
Pension Benefits | Real estate equities | Significant observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 63.5		$ 53.5
Pension Benefits | Fixed income: | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target range	25.00%		25.00%
Pension Benefits | Fixed income: | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target range	35.00%		35.00%
Pension Benefits | Cash and equivalents | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target range	0.00%		0.00%
Pension Benefits | Cash and equivalents | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target range	10.00%		10.00%
Pension Benefits | Cash and equivalents | Total
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 4.5		$ 4
Pension Benefits | Cash and equivalents | Quoted prices in active markets for identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	4.5		4
Pension Benefits | Cash and equivalents | Significant observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 0		$ 0
Pension Benefits | Aggregate | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target range	9.00%		9.00%
Pension Benefits | Aggregate | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target range	19.00%		19.00%
Pension Benefits | Aggregate | Total
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 73.1		$ 74.3
Pension Benefits | Aggregate | Quoted prices in active markets for identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	0		0
Pension Benefits | Aggregate | Significant observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 73.1		$ 74.3
Pension Benefits | Core plus | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target range	9.00%		9.00%
Pension Benefits | Core plus | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target range	19.00%		19.00%
Pension Benefits | Core plus | Total
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 74.3		$ 75.8
Pension Benefits | Core plus | Quoted prices in active markets for identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	74.3		75.8
Pension Benefits | Core plus | Significant observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets			0
Pension Benefits | Group annuity contracts | Total
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	0		0
Pension Benefits | Group annuity contracts | Quoted prices in active markets for identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	0		0
Pension Benefits | Group annuity contracts | Significant observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets	$ 0		$ 0

Pension and Other Post-retire_7

Pension and Other Post-retirement Benefits Estimated Future Annual Benefit Payments From Plan Assets (Details) $ in Millions	Dec. 31, 2021USD ($)
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2020	$ 42.7
2021	42.3
2022	42.3
2023	41.8
2024	41.2
2027 through 2030	200.2
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2020	1.2
2021	1.2
2022	1.2
2023	1.1
2024	1
2027 through 2030	$ 4.2

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) $ in Thousands, € in Millions, $ in Millions	3 Months Ended				4 Months Ended	8 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2020EUR (€)	Sep. 30, 2019USD ($)	Sep. 30, 2019AUD ($)	Apr. 30, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019AUD ($)	Aug. 18, 2020	Apr. 11, 2019USD ($)	Apr. 11, 2019EUR (€)
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Cuts and Jobs Act, Measurement Period Adjustment, Income Tax Expense (Benefit)											$ 13,800
Income from continuing operations before income taxes in the U.S. countries					$ 373,100	$ 253,400			$ (51,000)		39,000
Income from continuing operations before income taxes in the non-U.S. countries					4,800,000	245,200			5,100,000		(102,800)
Deferred tax assets related to U.S. foreign tax credits						105,700	$ 105,700		171,200
Deferred tax assets related to net operating loss carryforwards						2,293,500	2,293,500		2,272,200
Net operating loss carryforwards						10,000,000	10,000,000
Operating Loss Carryforwards, Limitations on Use						74,800	74,800
Operating loss carryforwards, Not subject to expiration						9,100,000	9,100,000
Operating loss carryforwards, Subject to expiration						807,500	807,500
Valuation allowance on NOL carryforwards and FTC						3,800,000	3,800,000
Income Tax Expense (Benefit), Discrete Item					2,200	15,300			$ 322,400		2,300
Effective Income Tax Rate Reconciliation, Debt and Settlement Proceeds											28,300
Other discrete income tax expenses											$ 26,000
Consilidated effective income tax rate excluding discrete items									(7.60%)	(7.60%)	(14.60%)	(14.60%)	(14.60%)
Total unrecognized tax benefits					235,400	234,300	234,300		$ 237,700		$ 296,700
Amount of unrecognized tax benefits affecting the consolidated effective income tax rate if recognized						208,900	208,900
Amount of accrued interest and penalties included in other liabilities						108,000	108,000		73,100
Amount of interest and penalties recognized in net tax expense					13,500	21,300			13,800		5,700
Income tax benefits, inclusive of interest and penalties due to lapses in statute of limitations					200	17,900	17,900		4,300		5,300
Decline in unrecognized tax benefits during next twelve months						4,000	4,000
Accrued interest and penalty assessments related to the decline in unrecognized tax benefits						1,400	1,400
Aggregate Undistributed Earnings of Subsidiaries to be Continually Reinvested						279,500	279,500
Deferred Tax Assets, Gross						3,911,900	3,911,900		2,868,700
Unrecognized Tax Benefits, Period Increase (Decrease)									122,100
Deferred Tax Assets, Net of Valuation Allowance						82,900	82,900		81,000
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions					0	4,500			89,300
Effective Income Tax Rate Reconciliation, Switzerland Tax Reform, Amount						15,400
Income Tax Examination, Increase (Decrease) in Liability from Prior Year						30,700	30,700
Income Tax Benefit, Fresh Start Accounting Adjustments					19,300
Change In Liabilities For Unrecognized Tax Benefits					$ 21,500
Four Point Eight Seven Five Percent Senior Notes Due Twenty Twenty Two [Member] | Senior Notes [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding														4.875%
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding														4.875%
Seven Point Three Seven Five Senior Notes Due Twenty Twenty Five [Member] | Senior Notes [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding														7.375%
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding														7.375%
Rowan Companies [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Deferred Tax Assets, Gross						66,000	66,000
Rowan Companies [Member] | United States [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Net operating loss carryforwards						599,200	599,200
Rowan Companies [Member] | LUXEMBOURG
Investments, Owned, Federal Income Tax Note [Line Items]
Net operating loss carryforwards						1,400,000	1,400,000
Rowan Companies [Member] | SWITZERLAND
Investments, Owned, Federal Income Tax Note [Line Items]
Net operating loss carryforwards						56,400	$ 56,400
Minimum
Investments, Owned, Federal Income Tax Note [Line Items]
Deferred Tax Assets, Foreign, Expiration Date							2022	2022
Maximum
Investments, Owned, Federal Income Tax Note [Line Items]
Deferred Tax Assets, Foreign, Expiration Date							2026	2026
Operating loss carryforwards tax credits expiration year							2040	2040
Other Liabilities [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Total unrecognized tax benefits						212,200	$ 212,200		213,000
Other Noncurrent Assets [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Total unrecognized tax benefits						1,000	1,000		4,000
Other Current Assets [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Total unrecognized tax benefits						21,100	21,100		20,700
Australian Taxation Office [Member] | Rowan Companies [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Unrecognized tax benefit, maximum exposure			$ 29,000								73,400
Tax Assessment Liability						$ 18,000	18,000
Tax Assessment				$ 42									$ 101
Luxembourg Inland Revenue [Member] | Rowan Companies [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Income Tax Examination, Estimate of Possible Loss	$ 161,500	€ 142									161,500	€ 142
Income Tax Examination, Penalties Accrued															$ 105,700	€ 93
Luxembourg Inland Revenue [Member] | Rowan Companies [Member] | Uncertain Tax Positions Member
Investments, Owned, Federal Income Tax Note [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions							$ 15,900	€ 14	$ 2,300	€ 2	$ 89,800	€ 79

Income Taxes (Summary Of Compon

Income Taxes (Summary Of Components Of Provision For Income Taxes From Continuing Operations) (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current income tax expense, U.S.	$ 0	$ 5.5	$ (135.3)	$ 31.3
Current income tax expense, Non-U.S.	34.4	53.2	(18.4)	73.2
Current Income Tax Expense, Total	34.4	58.7	(153.7)	104.5
Deferred income tax expense (benefit), U.S.	0	(6.6)	(92.9)	19.7
Deferred income tax expense (benefit), Non-U.S.	(18.2)	(14.7)	(12.8)	4.2
Deferred income tax expense	(18.2)	(21.3)	(105.7)	23.9
Total provision for income taxes	$ 16.2	$ 37.4	$ (259.4)	$ 128.4

Income Taxes (Summary Of Signif

Income Taxes (Summary Of Significant Components Of Deferred Income Tax Assets (Liabilities)) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Net operating loss carryforwards	$ 2,293.5	$ 2,272.2
Deferred Tax Assets, Property, Plant and Equipment	1,361.6	0
Interest limitation carryforwards	74.8	221.2
Foreign tax credits	105.7	171.2
Premiums on long-term debt	9.7	115.7
Employee benefits, including share-based compensation	51.2	81.6
Other	15.4	6.8
Total deferred tax assets	3,911.9	2,868.7
Valuation allowance	(3,829)	(2,787.7)
Net deferred tax assets	82.9	81
Property and equipment	0	(40.9)
Other	(14.5)	(11.2)
Total deferred tax liabilities	14.5	52.1
Deferred Tax Assets, Net	$ 68.4	$ 28.9

Income Taxes (Summary Of Effect

Income Taxes (Summary Of Effective Income Tax Rate On Continuing Operations) (Details)	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Bermuda (Successor)/ U.K. (Predecessor) statutory income tax rate	19.00%	0.00%	19.00%	19.00%
Non-U.K. (Predecessor) taxes	1.00%	0.00%	(2.80%)	(280.90%)
Resolution of prior year items	(0.40%)	387.90%	1.80%	12.30%
Bargain purchase gain	0.00%	0.00%	0.00%	189.70%
Valuation allowance	(1.80%)	(119.50%)	(1.50%)	(145.10%)
Switzerland Tax Reform	0.00%	(188.30%)	0.00%	0.00%
Debt repurchases	0.00%	0.00%	0.00%	48.70%
Asset impairments	(3.20%)	0.00%	(12.50%)	(31.00%)
U.S. tax reform and U.S. CARES Act	0.00%	0.00%	2.40%	(21.60%)
Other	(15.00%)	0.00%	(1.30%)	7.60%
Effective income tax rate	(0.40%)	456.10%	5.10%	(201.30%)
Non-Bermuda (Successor) taxes	0.00%	(376.00%)	0.00%	0.00%

Income Taxes (Summary Of Reconc

Income Taxes (Summary Of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Balance, beginning of year	$ 237.7	$ 235.4	$ 237.7	$ 296.7
Decreases in unrecognized tax benefits as a result of tax positions taken during prior years	0	(4.5)		(89.3)
Increases in unrecognized tax benefits as a result of tax positions taken during prior years	2.9	33.8		22.4
Lapse of applicable statutes of limitations	(0.2)	(20.2)		(13.2)
Increases in unrecognized tax benefits as a result of tax positions taken during the current year	12.6	6.9		12.8
Impact of foreign currency exchange rates	(17.6)	(10.5)		9
Settlements with taxing authorities	0	(6.6)		(0.7)
Balance, end of year	$ 235.4	$ 234.3	$ 234.3	$ 237.7

Commitments And Contingencies (

Commitments And Contingencies (Capital Commitments) (Details)	12 Months Ended
	Dec. 31, 2021
ENSCO DS-13 [Member]
Property, Plant and Equipment [Line Items]
Long-term Purchase Commitment, Description	119.1 million
ENSCO DS-14 [Member]
Property, Plant and Equipment [Line Items]
Long-term Purchase Commitment, Description	218.3 million

Commitments And Contingencies_2

Commitments And Contingencies (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)drillshipjackup
Commitments and Contingencies Disclosure [Abstract]
ARO Rigs Under Construction | drillship	2
Order Period	10 years
Number of newbuild jackup rigs | jackup	20
Letters of Credit Outstanding, Amount	$ 36.5
Cost of ARO newbuild jackups, each	176
Maximum contingent contributions to joint venture	$ 1,250
Minimum renewal contract terms for newbuild rigs	8 years
Deposit Liabilities, Collateral Issued, Financial Instruments	$ 31.1

Leases Lease Narrative (Details

Leases Lease Narrative (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Leased Assets [Line Items]
Impairment of Leasehold					$ 5.6
Contract items	$ 3.9	$ (1.7)		$ 4.4
Change in Right of use asset				10.5
Change in Lease Liabilities				20.4
Change in Right of use asset for Corporate Headquarters in Houston, Texas				6.4
Change in lease liability for Corporate Headquarters in Houston, Texas				10.4
DIP facility fees	(0.5)	0		11.5
Cash paid for lease liabilities	$ 7.1	$ 11.7		$ 23.5	$ 29.9
Certain rejected office leases [Member]
Operating Leased Assets [Line Items]
DIP facility fees			$ (9.8)
Corporate Office [Member]
Operating Leased Assets [Line Items]
DIP facility fees			$ (1.7)
Minimum
Operating Leased Assets [Line Items]
Remaining lease terms			1 year
Maximum
Operating Leased Assets [Line Items]
Remaining lease terms			9 years

Leases Lease Components of Leas

Leases Lease Components of Lease Expense (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Long-term operating lease cost	$ 9.1	$ 12.9	$ 23.3	$ 29.5
Short-term operating lease cost	7	15.3	19.2	12.2
Sublease income	0.1	0.3	2.3	2.4
Lease, Cost	$ 16	$ 27.9	$ 40.2	$ 39.3

Leases Leases Supplemental Bala

Leases Leases Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Right-of-Use Asset	$ 20.5	$ 35.8
Current lease liability	$ 10	$ 15.7
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities and other	Accrued liabilities and other
Long-term lease liability	$ 12.5	$ 21.6
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 22.5	$ 37.3
Weighted-average remaining lease term (in years)	4 years 9 months 18 days	4 years 3 months 18 days
Weighted-average discount rate (1)	7.27%	8.24%

Leases Leases Maturities of Lea

Leases Leases Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 11.3
2023	3.1
2024	2.2
2025	2
2026	2
Thereafter	6.8
Total lease payments	27.4
Less imputed interest	(4.9)
Total operating lease liabilities	$ 22.5	$ 37.3

Segment Information (Narrative)

Segment Information (Narrative) (Details) - 12 months ended Dec. 31, 2021	floaterrigsReportable_segmentdrillship	jackup	drillship	Total	contract
Segment Reporting Information [Line Items]
Number of operating segments | Reportable_segment	4
Number of contract drilling rigs	56
Number of jackups leased by ARO		7	7
Number of drilling management contracts | contract					2
Total number of contract drilling rigs	56
Middle East & Africa [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	17
Floaters [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	16
Floaters [Member] | Middle East & Africa [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	2
Floaters [Member] | Ultra Deepwater Drillships [Member]
Segment Reporting Information [Line Items]
Number of contract drilling rigs | floater	11
Floaters [Member] | Dynamically Positioned Semisubmersible [Member]
Segment Reporting Information [Line Items]
Number of contract drilling rigs | floater	4
Floaters [Member] | Moored Semisubmersible Rigs [Member]
Segment Reporting Information [Line Items]
Number of contract drilling rigs | floater	1
Jackups [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	33
Jackups [Member] | Middle East & Africa [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	8
ARO
Segment Reporting Information [Line Items]
Number of contract drilling rigs | floater	7
Total number of contract drilling rigs	7
ARO | Middle East & Africa [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	7
ARO | Work in progress | Middle East & Africa [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs | drillship			2
Jackup Rigs Member [Member] | Jackups [Member]
Segment Reporting Information [Line Items]
Number of contract drilling rigs | drillship	33
Other [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs				7
Other [Member] | Middle East & Africa [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	7

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 397.4	$ 835	$ 1,427.2	$ 2,053.2
Operating expenses - Contract drilling (exclusive of depreciation)	343.8	728.7	1,470.4	1,807.8
Asset Impairment Charges	756.5	0	3,646.2	104
Debtor in possession financing fees and payments on Backstop Commitment Agreement	159.6	66.1	540.8	609.7
General and administrative	30.7	58.2	214.6	188.9
Income (Loss) from Equity Method Investments	(3.1)	(6.1)	7.8	12.6
OPERATING LOSS	(890.1)	(11.9)	(4,334.5)	(669.8)
Property and equipment, net	909.1	890.9	10,960.5	15,096.9
Capital expenditures	8.7	50.2	93.8	227
Other Operating Income	0	0	118.1	0
Floaters [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	115.7	254.5	505.8	1,014.4
Operating expenses - Contract drilling (exclusive of depreciation)	106.5	250.7	566.1	785
Asset Impairment Charges	756.5		3,386.2	88.2
Debtor in possession financing fees and payments on Backstop Commitment Agreement	72.1	31	262.8	362.3
General and administrative	0	0	0	0
Income (Loss) from Equity Method Investments	0	0	0	0
OPERATING LOSS	(819.4)	(27.2)	(3,591.2)	(221.1)
Property and equipment, net	419.3	408.2	6,413.4	10,073.1
Capital expenditures	3.3	26	25.1	31.4
Other Operating Income			118.1
Jackups [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	232.4	487.1	765.3	834.6
Operating expenses - Contract drilling (exclusive of depreciation)	175	365.2	659.5	711.3
Asset Impairment Charges	0		254.3	10.2
Debtor in possession financing fees and payments on Backstop Commitment Agreement	69.7	32	217.2	203.3
General and administrative	0	0	0	0
Income (Loss) from Equity Method Investments	0	0	0	0
OPERATING LOSS	(12.3)	89.9	(365.7)	(90.2)
Property and equipment, net	401.4	401.9	3,912.6	4,322.7
Capital expenditures	5.4	23.7	58.9	184.6
Other Operating Income			0
ARO | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	163.5	307.1	549.4	410.5
Operating expenses - Contract drilling (exclusive of depreciation)	116.1	246.2	388.2	280.2
Asset Impairment Charges	0		0	0
Debtor in possession financing fees and payments on Backstop Commitment Agreement	21	44.2	54.8	40.3
General and administrative	4.2	13.6	24.2	27.1
Income (Loss) from Equity Method Investments	0	0	0	0
OPERATING LOSS	22.2	3.1	82.2	62.9
Property and equipment, net	730.7	730.6	736.2	650.7
Capital expenditures	14.9	41.8	136.1	27.5
Other Operating Income			0
Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	49.3	93.4	156.1	204.2
Operating expenses - Contract drilling (exclusive of depreciation)	19.9	38.9	82.8	111
Asset Impairment Charges	0		5.7	0
Debtor in possession financing fees and payments on Backstop Commitment Agreement	14.8	2.8	44.8	25.5
General and administrative	0	0	0	0
Income (Loss) from Equity Method Investments	0	0	0	0
OPERATING LOSS	14.6	51.7	22.8	67.7
Property and equipment, net	50.5	46	577.9	620.9
Capital expenditures	0	0	0	0
Other Operating Income			0
Reconciling Items [Member] | Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Revenues	(163.5)	(307.1)	(549.4)	(410.5)
Operating expenses - Contract drilling (exclusive of depreciation)	(73.7)	(172.3)	(226.2)	(79.7)
Asset Impairment Charges	0		0	5.6
Debtor in possession financing fees and payments on Backstop Commitment Agreement	(18)	(43.9)	(38.8)	(21.7)
General and administrative	26.5	44.6	190.4	161.8
Income (Loss) from Equity Method Investments	(3.1)	(6.1)	7.8	12.6
OPERATING LOSS	(95.2)	(129.4)	(482.6)	(489.1)
Property and equipment, net	(692.8)	(695.8)	(679.6)	(570.5)
Capital expenditures	$ (14.9)	$ (41.3)	(126.3)	$ (16.5)
Other Operating Income			$ 0

Segment Information (Schedule_2

Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)	Dec. 31, 2021rigscontract
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	56
Number of drilling management contracts | contract	2
Floaters [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	16
Jackups [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	33
Other [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	7
ARO
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	7
North & South America (Excluding Brazil) [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	12
North & South America (Excluding Brazil) [Member] | Floaters [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	6
North & South America (Excluding Brazil) [Member] | Jackups [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	6
North & South America (Excluding Brazil) [Member] | Other [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	0
North & South America (Excluding Brazil) [Member] | ARO
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	0
Europe & Mediterranean [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	18
Europe & Mediterranean [Member] | Floaters [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	6
Europe & Mediterranean [Member] | Jackups [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	12
Europe & Mediterranean [Member] | Other [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	0
Europe & Mediterranean [Member] | ARO
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	0
Middle East & Africa [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	17
Middle East & Africa [Member] | Floaters [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	2
Middle East & Africa [Member] | Jackups [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	8
Middle East & Africa [Member] | Other [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	7
Middle East & Africa [Member] | ARO
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	7
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	9
Asia Pacific [Member] | Floaters [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	2
Asia Pacific [Member] | Jackups [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	7
Asia Pacific [Member] | Other [Member]
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	0
Asia Pacific [Member] | ARO
Segment Reporting Information [Line Items]
Total number of contract drilling rigs	0

Segment Information (Schedule_3

Segment Information (Schedule Of Long-Lived Assets By Geographical Segment) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Property and equipment, net	$ 890.9	$ 909.1	$ 10,960.5	$ 15,096.9
Geographic Areas [Member]
Segment Reporting Information [Line Items]
Property and equipment, net	911.4		10,996.3	15,155
Geographic Areas [Member] | United States [Member]
Segment Reporting Information [Line Items]
Property and equipment, net	152.1		1,811.9	2,972.4
Geographic Areas [Member] | SAUDI ARABIA
Segment Reporting Information [Line Items]
Property and equipment, net	75.2		1,183.7	1,259.3
Geographic Areas [Member] | United Kingdom [Member]
Segment Reporting Information [Line Items]
Property and equipment, net	142.4		2,584	1,210.5
Geographic Areas [Member] | SPAIN
Segment Reporting Information [Line Items]
Property and equipment, net	145.8		2,122.6	3,012.4
Geographic Areas [Member] | Other countries [Member]
Segment Reporting Information [Line Items]
Property and equipment, net	$ 395.9		$ 3,294.1	$ 6,700.4

Supplemental Financial Inform_3

Supplemental Financial Information (Narrative) (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Financial Information [Abstract]
Capitalized interest			$ 1.3	$ 20.9
Capital expenditure accruals	$ 6.5	$ 9.3	5.4	$ 16.3
Restricted Cash	$ 88.4	$ 35.9	$ 11.4

Supplemental Financial Inform_4

Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
Accounts receivable	$ 460.6		$ 465.4
Income Taxes Receivable, Current	151.1		190.6
Allowance for doubtful accounts	(16.4)		(16.2)
Accounts receivable, net	444.2	$ 425.9	449.2
Trade [Member]
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
Accounts receivable	296.8		260.1
Other Credit Derivatives [Member]
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
Accounts receivable	$ 12.7		$ 14.7

Supplemental Financial Inform_5

Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Inventory	$ 0		$ 279.4
Prepaid expenses	23.1		43.4
Prepaid taxes	44.4		32.9
Deferred mobilization costs	26.9		17.4
Other	23.4		13.4
Other	$ 117.8	$ 90.5	$ 386.5

Supplemental Financial Inform_6

Supplemental Financial Information (Other Assets, Net) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Income Taxes Receivable, Current	$ 64.8		$ 66.8
Deferred Income Tax Assets, Net	59.7		21.9
Operating Lease, Right-of-Use Asset	20.5		35.8
Supplemental executive retirement plan assets	0		22.6
Other	31		29.1
OTHER ASSETS	$ 176	$ 165.3	$ 176.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	OTHER ASSETS		OTHER ASSETS

Supplemental Financial Inform_7

Supplemental Financial Information (Accrued Liabilities And Other) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Personnel costs	$ 64.6	$ 95.6
Deferred revenue	45.8	57.6
Taxes	45.7	50.8
Operating Lease, Liability, Current	10	15.7
Accrued interest	7.6	0
Other	22.5	30.7
Accrued liabilities and other	$ 196.2	$ 250.4

Supplemental Financial Inform_8

Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Liability, Defined Benefit Plan, Noncurrent	$ 204	$ 186.1	$ 296.6
Unrecognized tax benefits (inclusive of interest and penalties)	320.2		286.1
Intangible Liabilities Noncurrent	0		50.4
Customer Payable Amount - Long Term			35.5
Operating Lease, Liability, Noncurrent	12.5		21.6
Other Accrued Liabilities, Noncurrent	56.9		93.8
Other Liabilities, Noncurrent	$ 581.1	$ 565.4	$ 762.4

Supplemental Financial Inform_9

Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits	$ (9.1)		$ (98.2)
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	0		6.5
AOCI, Derivative Qualifying as Hedge, Excluded Component, after Tax	0		5.6
Other	0		(1.8)
Accumulated other comprehensive income	$ (9.1)	$ 0	$ (87.9)

Supplemental Financial Infor_10

Supplemental Financial Information (Repair And Maintenance Expense Related To Continuing Operations) (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Financial Information [Abstract]
Repair and maintenance expense	$ 48.4	$ 76.3	$ 200.4	$ 303.7

Supplemental Financial Infor_11

Supplemental Financial Information Supplemental Financial Information (Other Income) (Details) - USD ($) $ in Millions	1 Months Ended	4 Months Ended	8 Months Ended	12 Months Ended
	Mar. 31, 2020	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Financial Information [Abstract]
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component		$ 5.4	$ 8.7	$ 14.6	$ 5.8
Net foreign currency exchange gains (losses)		13.4	8.1	(11)	(7.4)
Business Combination, Bargain Purchase, Gain Recognized And Adjustment		0	0	(6.3)	637
Gain (Loss) on Extinguishment of Debt	$ 3.1	0	0	3.1	194.1
Proceeds from Legal Settlements		0	0	0	200
Payments for Legal Settlements		0	0	0	(20.3)
Other Nonoperating Expense		1.1	0.1	3.8	4.8
Other, net		25.9	38.1	16	1,006.2
Gain (Loss) on Sale of Properties		$ 6	$ 21.2	$ 11.8	$ 1.8

Supplemental Financial Infor_12

Supplemental Financial Information (Cash Flows Information) (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Financial Information [Abstract]
(Increase) decrease in accounts receivable	$ 23.2	$ (18.3)	$ 53.3	$ 29.5
(Increase) decrease in other assets	27.3	(48.4)	(63.8)	(56.6)
(Decrease) increase in liabilities	18	77	(11.5)	(25.4)
Changes in operating assets and liabilities	$ 68.5	$ 10.3	$ (22)	$ (52.5)

Supplemental Financial Infor_13

Supplemental Financial Information (Cash Paid For Interest And Income Taxes) (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Financial Information [Abstract]
Interest, net of amounts capitalized	$ 0	$ 22.8	$ 190	$ 410
Income taxes	$ 12.8	$ 29.1	$ 78.9	$ 107.6

Supplemental Financial Infor_14

Supplemental Financial Information Supplemental Financial Information (Major Customers) (Details) - Customer Concentration Risk [Member] - Revenue	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from External Customer [Line Items]
Concentration Risk, Percentage	100.00%	100.00%	100.00%	100.00%
TOTAL [Member]
Revenue from External Customer [Line Items]
Concentration Risk, Percentage	0.00%	9.00%	8.00%	16.00%
BP [Member]
Revenue from External Customer [Line Items]
Concentration Risk, Percentage	14.00%	11.00%	11.00%	9.00%
Other Customers [Member]
Revenue from External Customer [Line Items]
Concentration Risk, Percentage	86.00%	80.00%	81.00%	75.00%
Floaters [Member] | TOTAL [Member]
Revenue from External Customer [Line Items]
Concentration Risk, Percentage			71.00%	93.00%
Floaters [Member] | BP [Member]
Revenue from External Customer [Line Items]
Concentration Risk, Percentage	37.00%	21.00%	30.00%	16.00%
Other Rigs [Member] | BP [Member]
Revenue from External Customer [Line Items]
Concentration Risk, Percentage			51.00%	43.00%
Jackups Member | BP [Member]
Revenue from External Customer [Line Items]
Concentration Risk, Percentage	17.00%	20.00%	19.00%	41.00%

Supplemental Financial Infor_15

Supplemental Financial Information Supplemental Financial Information (Revenue by region) (Details) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 397.4	$ 835		$ 1,427.2	$ 2,053.2
Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	397.4	835		1,427.2	2,053.2
Angola [Member] | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	20.5	19.4		$ 86.3	284
Angola [Member] | Floaters [Member] | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Concentration Risk, Percentage			84.00%	87.00%
Us Gulf Of Mexico [Member] | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 74.4	$ 109.9		$ 241.4	$ 301
Us Gulf Of Mexico [Member] | Floaters [Member] | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Concentration Risk, Percentage	64.00%	48.00%		55.00%	46.00%
Us Gulf Of Mexico [Member] | Jackups Member | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Concentration Risk, Percentage				11.00%	28.00%
Us Gulf Of Mexico [Member] | Jackups Member | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Concentration Risk, Percentage		1.00%
United Kingdom [Member] | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 75.7	$ 185.2		$ 211.3	$ 213.1
SAUDI ARABIA | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 53.6	$ 92.3		$ 200.8	$ 313.4
SAUDI ARABIA | Jackups Member | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Concentration Risk, Percentage	57.00%	60.00%		63.00%	65.00%
Other Geographic Areas [Member] | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 55.6	$ 226.5		$ 386.8	$ 829.5
NORWAY | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	73.3	123.9		188.5	39.2
MEXICO | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 44.3	$ 77.8		$ 112.1	$ 73
MEXICO | Floaters [Member] | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Concentration Risk, Percentage				54.00%
MEXICO | Jackups Member | Geographic Concentration Risk [Member] | Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Concentration Risk, Percentage	51.00%	52.00%

Related Party Disclosures (Deta

Related Party Disclosures (Details) - Mr. Deepak Munganahalli $ in Millions	8 Months Ended
	Dec. 31, 2021USD ($)
Related Party Transaction [Line Items]
Defined Benefit Plan, Plan Assets, Related Party	$ 8.8
Defined Benefit Plan, Plan Liabilities, Related Party	$ 2.5

Uncategorized Items - val-20211

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 275,100,000