Valaris Limited (VAL) 10-Q 1 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Oct. 27, 2022
Document Information [Line Items]
Document Type		10-Q
Document Quarterly Report		true
Document Period End Date		Sep. 30, 2022
Document Transition Report		false
Entity File Number		1-8097
Entity Registrant Name		Valaris Limited
Entity Incorporation, State or Country Code		D0
Entity Tax Identification Number		98-1589854
Entity Address, Address Line One		Clarendon House, 2 Church Street
Entity Address, City or Town		Hamilton
Entity Address, State or Province		BM
Entity Address, Postal Zip Code		HM 11
City Area Code		44 (0) 20
Local Phone Number		7659 4660
Amendment Flag		false
Document Fiscal Year Focus		2022
Document Fiscal Period Focus		Q3
Entity Central Index Key		0000314808
Current Fiscal Year End Date		--12-31
Entity Current Reporting Status		Yes
Entity Interactive Data Current		Yes
Entity Filer Category		Large Accelerated Filer
Entity Small Business		false
Entity Emerging Growth Company		false
Entity Shell Company		false
Entity Common Shares, Shares Outstanding			75,178,676
Entity Bankruptcy Proceedings, Reporting Current	true
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security		Common Shares, $0.01 par value share
Trading Symbol		VAL
Security Exchange Name		NYSE
Warrants
Document Information [Line Items]
Title of 12(b) Security		Warrants to purchase Common Shares
Trading Symbol		VAL WS
Security Exchange Name		NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Income Statement [Abstract]
OPERATING REVENUES	$ 437.2	$ 326.7	$ 397.4	$ 529.5	$ 1,168.9
OPERATING EXPENSES
Contract drilling (exclusive of depreciation)	336.7	274.6	343.8	443.2	1,029.8
Loss on impairment			756.5	0	34.5
Depreciation expense	22.6	24.4	159.6	41	67.4
General and administrative	19.2	27.2	30.7	39.9	57
Total operating expenses	378.5	326.2	1,290.6	524.1	1,188.7
Equity in earnings of ARO	(2.9)	(2.6)	(3.1)	(7.4)	(15.9)
OPERATING INCOME	61.6	3.1	(890.1)	12.8	(3.9)
OTHER INCOME (EXPENSE)
Interest income	27.9	9.7	3.6	17.5	50
Interest expense, net	(11.7)	(11.3)	(2.4)	(19.3)	(34.8)
Reorganization items, net	(0.4)	(6.5)	(3,584.6)	(10.6)	(2.1)
Other, net	14.1	5.5	25.9	11.1	174.8
OTHER INCOME (EXPENSE), NET	29.9	(2.6)	(3,557.5)	(1.3)	187.9
INCOME BEFORE INCOME TAXES	91.5	0.5	(4,447.6)	11.5	184
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current income tax expense	13.4	53.2	34.4	67.2	26.2
Deferred income tax expense	0.4	0.1	(18.2)	1.2	7.1
Total provision for income taxes	13.8	53.3	16.2	68.4	33.3
Net income (loss)	77.7	(52.8)	(4,463.8)	(56.9)	150.7
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(3.4)	(1.7)	(3.2)	(3.8)	(3.4)
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS	$ 74.3	$ (54.5)	$ (4,467)	$ (60.7)	$ 147.3
EARNINGS (LOSS) PER SHARE
Basic (in dollars per share)	$ 0.99	$ (0.73)	$ (22.38)	$ (0.81)	$ 1.96
Diluted (in dollars per share)	$ 0.98	$ (0.73)	$ (22.38)	$ (0.81)	$ 1.95
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic (in shares)	75.1		199.6	75	75
Diluted (in shares)	75.6	75	199.6	75	75.5

Condensed Consolidated Statem_2

Condensed Consolidated Statement Of Operations (Parenthetical) $ in Millions	4 Months Ended
	Apr. 30, 2021 USD ($)
Income Statement [Abstract]
Contractual interest expense	$ 132.9

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 77.7	$ (52.8)	$ (4,463.8)	$ (56.9)	$ 150.7
OTHER COMPREHENSIVE INCOME, NET
Net reclassification adjustment for amounts recognized in net income as a component of net periodic benefit	0	(0.2)	0.1	(0.2)	(0.1)
Reclassification of net gains on derivative instruments from other comprehensive loss into net loss			5.6	0	0
Other	0.1	0.2	0	0	0.1
NET OTHER COMPREHENSIVE INCOME	0.1	0	(5.5)	(0.2)	0
COMPREHENSIVE INCOME (LOSS)	77.8	(52.8)	(4,469.3)	(57.1)	150.7
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(3.4)	(1.7)	(3.2)	(3.8)	(3.4)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS	$ 74.4	$ (54.5)	$ (4,472.5)	$ (60.9)	$ 147.3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 406	$ 608.7
Restricted Cash	18.2	35.9
Short-Term Investments	220	0
Accounts receivable, net	535.5	444.2
Other current assets	162.9	117.8
Total current assets	1,342.6	1,206.6
PROPERTY AND EQUIPMENT, AT COST	1,087.1	957
Less accumulated depreciation	133.5	66.1
Property, Plant and Equipment, Net, Total	953.6	890.9
Principal amount	246.9	249.1
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	102.6	86.6
OTHER ASSETS	175.5	176
Total assets	2,821.2	2,609.2
CURRENT LIABILITIES
Accounts payable - trade	256.6	225.8
Accrued liabilities and other	262.5	196.2
Total current liabilities	519.1	422
LONG-TERM DEBT	541.8	545.3
OTHER LIABILITIES	539.8	581.1
Total liabilities	1,600.7	1,548.4
Commitments and Contingencies
VALARIS SHAREHOLDERS' EQUITY
Common shares, $0.01 par value, 700.0 shares authorized, 75.2 and 75.0 shares issued as of September 30, 2022 and December 31, 2021, respectively	0.8	0.8
Preference shares, $0.01 par value, 150.0 shares authorized, no shares issued as of September 30, 2022 and December 31, 2021	0	0
Stock warrants	16.4	16.4
Additional paid-in capital	1,092	1,083
Retained earnings (deficit)	114.3	(33)
Accumulated other comprehensive loss	(9.1)	(9.1)
Total Valaris shareholders' equity	1,214.4	1,058.1
NONCONTROLLING INTERESTS	6.1	2.7
Total equity	1,220.5	1,060.8
Total liabilities and shareholders' equity	$ 2,821.2	$ 2,609.2

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value per share (in dollars per share or pounds sterling per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	700,000,000	700,000,000
Common shares, shares issued (in shares)	75,200,000	75,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	150,000,000	150,000,000
Preferred Stock, Value, Issued	0	0

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Cash Flows - USD ($)	4 Months Ended	5 Months Ended	9 Months Ended
	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
OPERATING ACTIVITIES
Net income (loss)	$ (4,463,800,000)	$ (56,900,000)	$ 150,700,000
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain on asset disposals	(6,000,000)	(200,000)	(137,700,000)
Depreciation expense	159,600,000	41,000,000	67,400,000
Accretion of discount on notes receivable	0	(12,900,000)	(37,800,000)
Loss on impairment	756,500,000	0	34,500,000
Equity in earnings of ARO	(3,100,000)	(7,400,000)	(15,900,000)
Net periodic pension and retiree medical income	(5,400,000)	(6,100,000)	(12,100,000)
Share-based compensation expense	4,800,000	1,600,000	11,500,000
Amortization, net	(4,800,000)	2,800,000	(7,000,000)
Deferred income tax expense (benefit)	(18,200,000)	1,200,000	7,100,000
Amortization of debt issuance cost	0	300,000	700,000
Non-cash reorganization items, net	3,487,300,000	0	0
Other	7,300,000	0	800,000
Changes in operating assets and liabilities	68,500,000	19,300,000	(85,900,000)
Contributions to pension plans and other post-retirement benefits	22,500,000	1,700,000	3,300,000
Net cash used in operating activities	(39,800,000)	(19,000,000)	(27,000,000)
INVESTING ACTIVITIES
Purchases of short-term investments	0	0	(220,000,000)
Additions to property and equipment	(8,700,000)	(23,700,000)	(153,100,000)
Net proceeds from disposition of assets	30,100,000	1,500,000	146,800,000
Repayments of note receivable from ARO	0	0	40,000,000
Net cash provided by (used in) investing activities	21,400,000	(22,200,000)	(186,300,000)
FINANCING ACTIVITIES
Consent solicitation fees	0	0	(3,900,000)
Payments for tax withholdings for share-based awards	0	0	2,500,000
Issuance of first lien notes	520,000,000	0	0
Payments to Predecessor creditors	129,900,000	0	0
Other	(1,400,000)	0	0
Net cash provided by (used in) financing activities	388,700,000	0	(6,400,000)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(100,000)	(100,000)	(700,000)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	370,200,000	(41,300,000)	(220,400,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	325,800,000	696,000,000	644,600,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$ 696,000,000	$ 654,700,000	$ 424,200,000

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Financial Statements	9 Months Ended
	Sep. 30, 2022
Unaudited Condensed Consolidated Financial Statements [Abstract]
Unaudited Condensed Consolidated Financial Statements	Unaudited Condensed Consolidated Financial Statements We prepared the accompanying condensed consolidated financial statements of Valaris Limited and its subsidiaries ("Valaris" or "Successor") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2021 Condensed Consolidated Balance Sheet data was derived from our 2021 audited consolidated financial statements but does not include all disclosures required by GAAP. The preparation of our condensed consolidated financial statements requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates. Results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2022, or for any future period. We recommend these condensed consolidated financial statements be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 22, 2022 (our "Annual Report"). Summary of Significant Accounting Policies Please refer to "Note 1. Description of the Business and Summary of Significant Accounting Policies" of our Consolidated Financial Statements from our Annual Report for the discussion of our significant accounting policies. Certain previously reported amounts have been reclassified to conform to the current year presentation. Emergence from Chapter 11 Bankruptcy and Fresh Start Accounting As described in "Note 1. Description of the Business and Summary of Significant Accounting Policies", "Note 2. Chapter 11 Proceedings" and "Note 3. Fresh Start Accounting" from our Annual Report, we filed voluntary petitions for bankruptcy on August 19, 2020 (the “Petition Date”) and on April 30, 2021 (the "Effective Date") emerged from bankruptcy. References to the financial position and results of operations of the "Successor" relate to the financial position and results of operations of Valaris Limited, together with its consolidated subsidiaries, after the Effective Date. References to the financial position and results of operations of the "Predecessor" refer to the financial position and results of operations of Valaris plc ("Legacy Valaris"), together with its consolidated subsidiaries, on and prior to the Effective Date. References to the “Company,” “we,” “us” or “our” in this Quarterly 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 the Effective Date. On the Effective Date, we qualified for and applied fresh start accounting. The application of fresh start accounting resulted in a new basis of accounting, and we 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. The condensed consolidated financial statements and notes have been presented with a black line division to delineate the lack of comparability between the Predecessor and Successor. Historical financial statements on or before the Effective Date are not a reliable indicator of the Company's financial condition and results of operations for any period after the adoption of fresh start accounting. New Accounting Pronouncements Recently adopted accounting pronouncements Leases - In July 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 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 adopted this update January 1, 2022 using a prospective method, with no material impact to our condensed consolidated financial statements. Accounting pronouncements to be adopted Reference Rate Reform - In March 2020, the FASB issued ASU No. 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 Saudi Aramco Rowan Offshore Drilling Company, our 50/50 joint venture with Saudi Aramco ("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 condensed consolidated financial statements. Business Combinations - In October 2021, the FASB issued ASU No. 2021-08, “ Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ” (“Update 2021-08”). ASU No. 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. Update 2021-08 is 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.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2022
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 generally for the mobilization, demobilization, and capital upgrades of our rigs. Our customers bear substantially all of the costs of constructing the well and supporting drilling operations, as well as the economic risk relative to the success of the well. Our drilling contracts contain a lease component and we have elected to apply the practical expedient provided under Accounting Standards Codification ("ASC") 842 to not separate the lease and non-lease components and apply the revenue recognition guidance in ASU No. 2014-09, " Revenue from Contracts with Customers (Topic 606) ." 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 September 30, 2022 was between approximately 1 month and 4 years. Contract Termination - VALARIS DS-11 In July 2021, a contract was awarded to VALARIS DS-11 for an eight-well deepwater project in the U.S. Gulf of Mexico that was expected to commence in mid-2024. In June 2022, the customer terminated the contract. As a result of the contract termination, we received an early termination fee of $51.0 million which is included in revenues on our Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022. As of the date of the termination, we had incurred costs to upgrade the rig pursuant to the requirements of the contract. Costs incurred for capital upgrades specific to the customer requirements were considered to be impaired and as such, we recorded a pre-tax, non-cash loss on impairment in the second quarter of 2022 of $34.5 million. See " Note 5 - Property and Equipment" for additional information on the impairment. Additional costs were recorded for penalties and other costs incurred upon cancellation of equipment ordered. 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 generally for requested capital upgrades to our drilling rigs or for other contract preparation work. Fees received for requested capital upgrades and other contract preparation work are recorded as a contract liability and amortized on a straight-line basis over the contract term to Operating revenues. 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. See “ Note – Equity Method Investment in ARO" for additional details regarding our balances with ARO. Contract assets and liabilities are presented net on our Condensed Consolidated Balance Sheets on a contract-by-contract basis. Current contract assets and liabilities are included in Other current assets and Accrued liabilities and other, respectively, and noncurrent contract assets and liabilities are included in Other assets and Other liabilities, respectively, on our Condensed Consolidated Balance Sheets. The following table summarizes our contract assets and contract liabilities (in millions): September 30, 2022 December 31, 2021 Current contract assets $ 3.0 $ 0.3 Noncurrent contract assets $ 0.8 $ — Current contract liabilities (deferred revenue) $ 84.8 $ 45.8 Noncurrent contract liabilities (deferred revenue) $ 30.6 $ 10.8 Changes in contract assets and liabilities during the period are as follows (in millions): Contract Assets Contract Liabilities Balance as of December 31, 2021 $ 0.3 $ 56.6 Revenue recognized in advance of right to bill customer 7.4 — Increase due to cash received — 119.5 Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance — (36.3) Decrease due to amortization of deferred revenue added during the period — (24.4) Decrease due to transfer to receivables during the period (3.9) — Balance as of September 30, 2022 $ 3.8 $ 115.4 Deferred Contract Costs Costs incurred for upfront rig mobilizations and certain contract preparations are attributable to our future performance obligation under each respective drilling contract. These costs are deferred and amortized on a straight-line basis over the contract term. Demobilization costs are recognized as incurred upon contract completion. Costs associated with the mobilization of equipment and personnel to more promising market areas without contracts are expensed as incurred. Deferred contract costs were included in Other current assets and Other assets on our Condensed Consolidated Balance Sheets and totaled $69.8 million and $31.4 million as of September 30, 2022 and December 31, 2021, respectively. For the Successor, during the three and nine months ended September 30, 2022, amortization of such costs totaled $18.8 million and $41.0 million, respectively. During three and five months ended September 30, 2021, amortization of such costs for the Successor totaled $11.4 million and $13.2 million, respectively. For the Predecessor, during the four months ended April 30, 2021, amortization of such costs totaled $7.6 million. Deferred Certification Costs We must obtain certifications from various regulatory bodies in order to operate our drilling rigs and must maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, as well as remedial structural work and other compliance costs, are deferred and amortized on a straight-line basis over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in Other current assets and Other assets on our Condensed Consolidated Balance Sheets and totaled $12.6 million and $3.3 million as of September 30, 2022 and December 31, 2021, respectively. For the Successor, during the three and nine months ended September 30, 2022, amortization of such costs totaled $1.4 million and $2.5 million, respectively. During the three and five months ended September 30, 2021, amortization of such costs for the Successor totaled $0.1 million and $0.2 million, respectively. For the Predecessor, during the four months ended April 30, 2021, amortization of such costs totaled $3.1 million. 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 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements. The table below reflects the expected future amortization of our contract liabilities and deferred costs recorded as of September 30, 2022. In the case of our contract liabilities related to our bareboat charter arrangements with ARO, the contract liability is not amortized and as such, the amount is reflected in the table below at the end of the current lease term. (In millions) Remaining 2022 2023 2024 2025 and Thereafter Total Amortization of contract liabilities $ 30.9 $ 64.2 $ 19.8 $ 0.5 $ 115.4 Amortization of deferred costs $ 20.2 $ 52.1 $ 10.1 $ — $ 82.4

Equity Method Investment In ARO

Equity Method Investment In ARO Equity Method Investment In ARO	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment In ARO	Equity Method Investment in ARO Background ARO is a 50/50 unconsolidated joint venture between the Company and Saudi Aramco that owns and operates offshore drilling rigs in Saudi Arabia. As of September 30, 2022, ARO owns seven jackup rigs, has ordered two newbuild jackup rigs, and leases eight rigs from us through bareboat charter arrangements (the "Lease Agreements") whereby substantially all operating costs are incurred by ARO. At September 30, 2022, each of the leased rigs were operating under three-year drilling contracts with Saudi Aramco. The seven rigs owned by ARO are currently operating under contracts with Saudi Aramco for an aggregate contract term of 15 years provided that the rigs meet the technical and operational requirements of Saudi Aramco. 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. While the shipyard contract contemplated delivery of these newbuild rigs in 2022, we expect delivery of these rigs to be delayed into 2023. ARO is expected to place orders for two additional newbuild jackups in the near term. In connection with these plans, we have a potential obligation to fund ARO for newbuild jackup rigs. See " Note 11 - Contingencies" for additional information. The joint venture partners agreed in the shareholders' agreement that Saudi Aramco, as a customer, will provide drilling contracts to ARO in connection with the acquisition of the newbuild rigs. The initial contracts provided by Saudi Aramco for each of the newbuild rigs will be for an eight-year term. The day rate for the initial contracts for each newbuild rig 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. Summarized Financial Information The operating revenues of ARO presented below reflect revenues earned under drilling contracts with Saudi Aramco for the ARO-owned jackup rigs as well as the rigs leased from us. Contract drilling expense is inclusive of the bareboat charter fees for the rigs leased from us. See additional discussion below regarding these related-party transactions. Summarized financial information for ARO is as follows (in millions): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Revenues $ 111.4 $ 117.7 $ 339.1 $ 365.2 Operating expenses Contract drilling (exclusive of depreciation) 90.0 94.4 256.3 273.4 Depreciation 15.4 16.8 47.3 47.5 General and administrative 4.7 5.4 13.1 12.7 Operating income 1.3 1.1 22.4 31.6 Other expense, net 2.7 3.4 9.3 11.0 Provision (benefit) for income taxes (0.1) 0.2 3.1 6.6 Net income (loss) $ (1.3) $ (2.5) $ 10.0 $ 14.0 September 30, 2022 December 31, 2021 Cash and cash equivalents $ 173.5 $ 270.8 Other current assets 145.6 135.0 Non-current assets 800.9 775.8 Total assets $ 1,120.0 $ 1,181.6 Current liabilities $ 87.3 $ 79.9 Non-current liabilities 879.5 956.7 Total liabilities $ 966.8 $ 1,036.6 Equity in Earnings of ARO We account for our interest in ARO using the equity method of accounting and only recognize our portion of ARO's net income, adjusted for basis differences as discussed below, which is included in Equity in earnings (losses) of ARO in our Condensed Consolidated Statements of Operations. ARO is a variable interest entity; however, we are not the primary beneficiary and therefore do not consolidate ARO. Judgments regarding our level of influence over ARO included considering key factors such as each partner's ownership interest, representation on the board of managers of ARO and ability to direct activities that most significantly impact ARO's economic performance, including the ability to influence policy-making decisions. Our investment in ARO would be assessed for impairment if there 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 at both the Effective Date and the date of our combination with our joint venture partner. 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 each of these dates. These basis differences primarily related to ARO's long-lived assets and the recognition of intangible assets associated with certain of ARO's drilling contracts that were determined to have favorable terms as of the measurement dates. 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 Condensed Consolidated Statements of Operations. The amortization of those basis differences is combined with our 50% interest in ARO's net income. A reconciliation of those components is presented below (in millions): Three Months Ended 2022 2021 50% interest in ARO net income $ (0.7) $ (1.3) Amortization of basis differences 3.6 3.9 Equity in earnings of ARO $ 2.9 $ 2.6 Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 50% interest in ARO net income $ 5.0 $ 1.0 $ 6.0 Amortization of basis differences 10.9 6.4 (2.9) Equity in earnings of ARO $ 15.9 $ 7.4 $ 3.1 Related-Party Transactions Revenues recognized by us related to the Lease Agreements are as follows (in millions): Three Months Ended 2022 2021 Lease revenue $ 13.8 $ 14.2 Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 Lease revenue $ 42.6 $ 24.5 $ 21.7 Amounts receivable from ARO related to the Lease Agreements totaled $8.2 million and $12.1 million as of September 30, 2022 and December 31, 2021, respectively, and are included in Accounts receivable, net, on our Condensed Consolidated Balance Sheets. We had $19.1 million and $36.3 million of Contract liabilities and Accounts payable, respectively, related to the Lease Agreements as of September 30, 2022. As of December 31, 2021, we had $10.8 million and $38.3 million of Contract liabilities and Accounts payable, respectively, related to the Lease Agreements. 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, the Company contributed cash to ARO in exchange for ten-year shareholder notes receivable with interest based on a one-year LIBOR rate, set as of the end of the year prior to the year applicable, plus two percent. The agreement entered into by us and Saudi Aramco to create ARO prohibits the sale or transfer of the shareholder note to a third party, except in certain limited circumstances. The principal amount, discount and interest receivable of the shareholder notes receivable from ARO were as follows (in millions): September 30, 2022 December 31, 2021 Principal amount $ 402.7 $ 442.7 Discount (155.8) (193.6) Carrying value $ 246.9 $ 249.1 Interest receivable (1)(2) $ 8.6 $ — (1) Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheet. (2) We collected our 2021 interest on our long-term notes receivable from ARO in cash prior to December 31, 2021, and as such, there was no interest receivable from ARO as of December 31, 2021. In September 2022, the Company received a principal payment of $40.0 million from ARO representing a partial early repayment of the shareholder notes receivable. In connection with this repayment, we recognized non-cash interest income of $14.8 million in the third quarter of 2022 for the discount attributable to this repayment. Interest income earned on the shareholder notes receivable were as follows (in millions): Three Months Ended 2022 2021 Interest income $ 2.8 $ 2.7 Non-cash amortization 22.4 6.9 Total interest income on the shareholder notes receivable $ 25.2 $ 9.6 Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 Interest income $ 8.6 $ 4.4 $ 3.5 Non-cash amortization 37.8 12.9 — Total interest income on the shareholder notes receivable $ 46.4 $ 17.3 $ 3.5 Maximum Exposure to Loss The following table summarizes the total assets and liabilities as reflected in our Condensed Consolidated Balance Sheets as well as our maximum exposure to loss related to ARO (in millions). Our maximum exposure to loss is limited to (1) our equity investment in ARO; (2) the 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. September 30, 2022 December 31, 2021 Total assets $ 366.9 $ 348.1 Less: total liabilities 55.4 49.1 Maximum exposure to loss $ 311.5 $ 299.0

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The carrying values and estimated fair values of our long-term debt instrument were as follows (in millions): September 30, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior secured first lien notes $ 541.8 $ 537.2 $ 545.3 $ 575.7 The estimated fair value of the Senior Secured First Lien Notes due 2028 (the "First Lien Notes") was determined using quoted market prices, which are level 1 inputs. As of September 30, 2022, the estimated fair value of our notes receivable from ARO was $268.1 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, short-term investments, accounts receivable and trade payables approximated their carrying values as of September 30, 2022 and December 31, 2021.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following (in millions): September 30, 2022 December 31, 2021 Drilling rigs and equipment $ 990.1 $ 886.9 Work-in-progress 58.9 35.6 Other 38.1 34.5 $ 1,087.1 $ 957.0 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. Successor In June 2022, the drilling contract previously awarded to VALARIS DS-11 was terminated. As of the date of termination, we had incurred costs to upgrade the rig pursuant to the requirements of the contract. Costs incurred related to these capital upgrades were included in work-in-progress and upon termination were determined to be impaired. We recorded a pre-tax, non-cash loss on impairment in the second quarter of 2022 of $34.5 million. See " Note 2 - Revenue from Contracts with Customers" for additional information regarding the termination. 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 of 2021 for certain floaters totaling $756.5 million, inclusive of $5.6 million of gains reclassified from accumulated other comprehensive income into loss on impairment associated with related cash flow hedges. 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 then current market conditions and our anticipated business outlook. 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 that governs our First Lien Notes (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 rig brokers to market certain rigs. See “ Note 8 – Debt" for additional information on restrictions on the sales of assets. On a quarterly basis, we assess whether any long-lived assets meet the criteria established for held-for-sale classification on our balance sheet. Assets 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. No assets were considered as held-for-sale on our Condensed Consolidated Balance Sheets as of September 30, 2022, or December 31, 2021. Successor In September 2022, we reached an agreement to sell VALARIS 54 to a third party, the closing of which is subject to customary closing conditions, after completion of its current contract in March 2023. We expect to recognize a pre-tax gain on the sale of approximately $28 million during the first half of 2023. During the second quarter of 2022, we sold VALARIS 113 and VALARIS 114 for an aggregate pre-tax gain of $120.0 million, VALARIS 36 for a pre-tax gain of $8.5 million and recognized a pre-tax gain of $7.0 million related to additional proceeds received for our 2020 sale of VALARIS 68 resulting from post-sale conditions of that sale agreement. In the first quarter of 2022, we sold VALARIS 67 for a pre-tax gain of $2.0 million. Gains on sales are included in Other, net on the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022. In August 2021, VALARIS 100 was sold resulting in an insignificant pre-tax gain, which is included in Other, net on the Condensed Consolidated Statements of Operations for the five months ended September 30, 2021 (Successor). Predecessor In April 2021, VALARIS 101 was sold resulting in a pre-tax gain of $5.3 million. In March 2021, our Australia office building was sold resulting in an insignificant pre-tax gain. Gains on sales are included in Other, net on the Condensed Consolidated Statements of Operations for the four months ended April 30, 2021 (Predecessor).

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
Retirement Benefits [Text Block]	Pension and Other Post-retirement Benefits We have defined-benefit pension plans and retiree medical plans that provide post-retirement health and life insurance benefits. The components of net periodic pension and retiree medical income were as follows (in millions): Three Months Ended 2022 2021 Interest cost $ 5.7 $ 5.8 Expected return on plan assets (9.7) (9.5) Net periodic pension and retiree medical income (1) $ (4.0) $ (3.7) Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 Interest cost $ 16.8 $ 9.6 $ 6.6 Expected return on plan assets (28.8) (15.7) (12.1) Amortization of net loss (0.1) — 0.1 Net periodic pension and retiree medical income (1) $ (12.1) $ (6.1) $ (5.4) (1) Included in Other, net, in our Condensed Consolidated Statements of Operations.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period. 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 stock equivalents, including warrants, restricted stock unit awards and performance stock unit awards and for the Predecessor included the effect of all potentially dilutive stock options and excluded non-vested shares. The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three and nine months ended September 30, 2022 (Successor), three and five months ended September 30, 2021 (Successor) and four months ended April 30, 2021 (Predecessor) (in millions): Three Months Ended 2022 2021 Income (loss) from continuing operations attributable to our shares $ 74.3 $ (54.5) Weighted average shares outstanding: Basic 75.1 75.0 Effect of stock equivalents 0.5 — Diluted 75.6 75.0 Successor Predecessor (1) Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Month Ended April 30, 2021 Income (loss) from continuing operations attributable to our shares $ 147.3 $ (60.7) $ (4,467.0) Weighted average shares outstanding: Basic 75.0 75.0 199.6 Effect of stock equivalents 0.5 — — Diluted 75.5 75.0 199.6 (1) No amounts were allocated to non-vested share awards in these periods given that losses are not allocated to non-vested share awards. Anti-dilutive share awards totaling 38,000 and 103,000 were excluded from the computation of diluted EPS for the three and nine months ended September 30, 2022 (Successor), respectively. Due to the net loss position of the Successor during the three and five months ended September 30, 2021, 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. For the Successor, during the three and five months ended September 30, 2021, there were approximately 600,000 and 400,000 anti-dilutive shares, respectively. Due to the net loss position of the Predecessor, during the four months ended April 30, 2021, 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. For the Predecessor, during the four months ended April 30, 2021, anti-dilutive share awards totaling 300,000 were excluded from the computation of diluted EPS. We have 5,470,971 warrants outstanding (the "Warrants") as of September 30, 2022 to purchase common shares of Valaris Limited (the "Common Shares") which are exercisable for one Common Share per Warrant at an initial exercise price of $131.88 per Warrant, in each case as may be adjusted from time to time pursuant to the applicable warrant agreement. Upon issuance, the Warrants were 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. These warrants are anti-dilutive for all periods presented for the Successor.

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt First Lien Notes 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 Common Shares in an aggregate principal amount of $550 million. 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: (1) 8.25% per annum, payable in cash; (2) 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 (3) 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. 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% of the principal amount 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 (which are expressed as percentages of the principal amount) beginning at 104% on April 30, 2023 and declining each 12 month period thereafter to 100% on and after April 30, 2026, plus accrued and unpaid interest, if any, to, but excluding, the 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: (1) incur, assume or guarantee additional indebtedness; (2) pay dividends or distributions on equity interests or redeem or repurchase equity interests; (3) make investments; (4) repay or redeem junior debt; (5) transfer or sell assets; (6) enter into sale and lease back transactions; (7) create, incur or assume liens; and (8) 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. On August 19, 2022, the Company completed a consent solicitation pursuant to which the Company amended the Indenture to (1) implement a consolidated net income builder basket for restricted payments, increase the general basket for restricted payments from $100 million to $175 million and make other incremental changes to the Company’s restricted payments capacity and (2) increase the general basket for investments from the greater of $100 million and 4.0% of total assets to the greater of $175 million and 6.5% of total assets. The Company incurred $4.2 million of costs, of which $3.9 million had been paid as of September 30, 2022, in connection with the consent solicitation, comprised of a consent fee paid to consenting holders and professional fees. These costs are being amortized into interest expense over the expected term of the First Lien Notes using the effective interest method.

Shareholders Equity (Notes)

Shareholders Equity (Notes)	9 Months Ended
	Sep. 30, 2022
Shareholders' Equity [Abstract]
Shareholders' Equity and Share-based Payments [Text Block]	Shareholders' Equity Activity in our various shareholders' equity accounts for the three and nine months ended September 30, 2022 (Successor), the three and five months ended September 30, 2021 (Successor), and the four months ended April 30, 2021 (Predecessor) were as follows (in millions): Shares Par Value Additional Warrants Retained AOCI Non-controlling BALANCE, December 31, 2021 (Successor) 75.0 $ 0.8 $ 1,083.0 $ 16.4 $ (33.0) $ (9.1) $ 2.7 Net loss — — — — (38.6) — (1.2) Share-based compensation cost — — 3.4 — — — — Net other comprehensive loss — — — — — (0.3) — BALANCE, March 31, 2022 (Successor) 75.0 $ 0.8 $ 1,086.4 $ 16.4 $ (71.6) $ (9.4) $ 1.5 Net income — — — — 111.6 — 1.2 Net reclassification adjustment for amounts recognized in net income as a component of net periodic benefit — — — — — (0.1) — Share-based compensation cost — — 3.5 — — — — Shares withheld for taxes on vesting of share-based awards — — (0.2) — — — — Net other comprehensive income — — — — — 0.3 — BALANCE, June 30, 2022 (Successor) 75.0 $ 0.8 $ 1,089.7 $ 16.4 $ 40.0 $ (9.2) $ 2.7 Net income — — — — 74.3 — 3.4 Share-based compensation cost — — 4.6 — — — — Shares withheld for taxes on vesting of share-based awards — — (2.3) — — — — Net other comprehensive income — — — — — 0.1 — BALANCE, September 30, 2022 (Successor) 75.0 $ 0.8 $ 1,092.0 $ 16.4 $ 114.3 $ (9.1) $ 6.1 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 loss — — — — (910.0) — — 2.4 Shares issued under share-based compensation plans, net — — (0.2) — — — 0.2 — Net reclassification adjustment for amounts recognized in net loss as a component of net periodic benefit — — — — — 0.1 — — Share-based compensation cost — — 3.8 — — — — — Net other comprehensive loss — — — — — (5.4) — — BALANCE, March 31, 2021 (Predecessor) 206.1 $ 82.6 $ 8,643.5 $ — $ (5,093.8) $ (93.2) $ (76.0) $ (1.9) Net loss — — — — (3,557.0) — — 0.8 Shares issued under share-based compensation plans, net — — (0.5) — — — 0.5 — Share-based compensation cost — — 1.0 — — — — — Net other comprehensive loss — — — — — (0.2) — — 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 loss — — — — (6.2) — — 2.1 Net other comprehensive loss — — — — — (0.2) — — BALANCE, June 30, 2021 (Successor) 75.0 $ 0.8 $ 1,078.7 $ 16.4 $ (6.2) $ (0.2) $ — $ 1.0 Net loss — — — — (54.5) — — 1.7 Share-based compensation cost — — 1.6 — — — — — BALANCE, September 30, 2021 (Successor) 75.0 $ 0.8 $ 1,080.3 $ 16.4 $ (60.7) $ (0.2) $ — $ 2.7 Share Repurchase Program In September 2022, our Board of Directors authorized a share repurchase program under which we may purchase up to $100 million of our outstanding Common Shares. The share repurchase program does not have a fixed expiration, and may be modified, suspended or discontinued at any time. As of September 30, 2022 (Successor), there have been no share repurchases under this repurchase program.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	Income Taxes Valaris Limited 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. Legacy Valaris 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. Historically, we calculated our provision for income taxes during interim reporting periods by applying the estimated annual effective tax rate for the full fiscal year to pre-tax income or loss, excluding discrete items, for the reporting period. We determined that since small changes in estimated pre-tax income or loss would result in significant changes in the estimated annual effective tax rate, the historical method would not provide a reliable estimate of income taxes for the three and nine months ended September 30, 2022 (Successor), the three and five months ended September 30, 2021 (Successor), and the four months ended April 30, 2021 (Predecessor), and therefore, we used a discrete effective tax rate method to calculate income taxes for each of these periods. We will continue to evaluate income tax estimates under the historical method in subsequent quarters and employ a discrete effective tax rate method if warranted. Discrete income tax expense for the three months ended September 30, 2022 (Successor) was $1.4 million and was primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years, partially offset by discrete tax benefits attributable to the resolution of other prior period tax matters. Discrete income tax benefit for the nine months ended September 30, 2022 (Successor) was $6.9 million and was primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years and resolution of other prior period tax matters, partially offset by discrete tax expense attributable to income associated with a contract termination. Excluding the aforementioned discrete tax items, income tax expense for the three and nine months ended September 30, 2022 (Successor) was $12.4 million and $40.2 million, respectively. Discrete income tax expense for the three months ended September 30, 2021 (Successor) was $39.2 million and was primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years. Discrete income tax expense for the five months ended September 30, 2021 (Successor) was $44.8 million and was primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years and resolution of other prior period tax matters. Discrete income tax expense for the four months ended April 30, 2021 (Predecessor) was $2.2 million and was primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years and resolution of other prior period tax matters offset by discrete tax benefit related to fresh start accounting adjustments. Excluding the aforementioned discrete tax items, income tax expense for the three and five months ended September 30, 2021 (Successor), and the four months ended April 30, 2021 (Predecessor) was $14.1 million, $23.6 million and $14.0 million, respectively.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Indonesian Well-Control Event In July 2019, a well being drilled offshore Indonesia by one of our jackup rigs experienced a well-control event requiring the cessation of drilling activities. In February 2020, the rig resumed operations. Indonesian authorities initiated an investigation into the event and have contacted the customer, us and other parties involved in drilling the well for additional information. We 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 Newbuild Funding Obligations In connection with our 50/50 unconsolidated 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. 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 two 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, as delivered, on a proportionate basis. Letters of Credit In the ordinary course of business with customers and others, we have entered into letters of credit to guarantee our performance as it relates to our drilling contracts, contract bidding, customs duties, tax appeals and other obligations in various jurisdictions. Letters of credit outstanding as of September 30, 2022 (Successor) totaled $130.4 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 September 30, 2022 (Successor), we had collateral deposits in the amount of $15.7 million with respect to these agreements. Other Matters

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
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. Floaters, Jackups and ARO are also reportable segments. Our onshore support costs included within Contract drilling expenses are not allocated to our operating segments for purposes of measuring segment operating income (loss) and as such, those costs are included in “Reconciling Items.” Further, General and administrative 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." We measure segment assets as Property and equipment, net. The full operating results included below for ARO are not included within our consolidated results and thus deducted under "Reconciling Items" and replaced with our equity in earnings of ARO. See " Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements. Segment information for the three and nine months ended September 30, 2022 (Successor), the three and five months ended September 30, 2021 (Successor), and the four months ended April 30, 2021 (Predecessor), respectively, are presented below (in millions). Three Months Ended September 30, 2022 (Successor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 201.7 $ 195.9 $ 111.4 $ 39.6 $ (111.4) $ 437.2 Operating expenses Contract drilling (exclusive of depreciation) 160.5 128.0 90.0 17.8 (59.6) 336.7 Depreciation 12.6 8.7 15.4 1.2 (15.3) 22.6 General and administrative — — 4.7 — 14.5 19.2 Equity in earnings of ARO — — — — 2.9 2.9 Operating income (loss) $ 28.6 $ 59.2 $ 1.3 $ 20.6 $ (48.1) $ 61.6 Property and equipment, net $ 473.4 $ 386.7 $ 757.7 $ 57.7 $ (721.9) $ 953.6 Three Months Ended September 30, 2021 (Successor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 104.3 $ 186.3 $ 117.7 $ 36.1 $ (117.7) $ 326.7 Operating expenses Contract drilling (exclusive of depreciation) 91.6 141.7 94.4 14.2 (67.3) 274.6 Depreciation 11.4 12.1 16.8 0.9 (16.8) 24.4 General and administrative — — 5.4 — 21.8 27.2 Equity in earnings of ARO — — — — 2.6 2.6 Operating income (loss) $ 1.3 $ 32.5 $ 1.1 $ 21.0 $ (52.8) $ 3.1 Property and equipment, net $ 416.2 $ 394.2 $ 728.3 $ 47.3 $ (693.7) $ 892.3 Nine Months Ended September 30, 2022 (Successor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 489.5 $ 562.4 $ 339.1 $ 117.0 $ (339.1) $ 1,168.9 Operating expenses Contract drilling (exclusive of depreciation) 473.4 409.4 256.3 58.0 (167.3) 1,029.8 Loss on impairment 34.5 — — — — 34.5 Depreciation 37.1 26.5 47.3 3.4 (46.9) 67.4 General and administrative — — 13.1 — 43.9 57.0 Equity in earnings of ARO — — — — 15.9 15.9 Operating income (loss) $ (55.5) $ 126.5 $ 22.4 $ 55.6 $ (152.9) $ (3.9) Property and equipment, net $ 473.4 $ 386.7 $ 757.7 $ 57.7 $ (721.9) $ 953.6 Five Months Ended September 30, 2021 (Successor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 154.0 $ 314.8 $ 201.7 $ 60.7 $ (201.7) $ 529.5 Operating expenses Contract drilling (exclusive of depreciation) 136.9 237.1 157.3 23.4 (111.5) 443.2 Depreciation 19.3 19.9 26.5 1.7 (26.4) 41.0 General and administrative — — 8.5 — 31.4 39.9 Equity in earnings of ARO — — — — 7.4 7.4 Operating income (loss) $ (2.2) $ 57.8 $ 9.4 $ 35.6 $ (87.8) $ 12.8 Property and equipment, net $ 416.2 $ 394.2 $ 728.3 $ 47.3 $ (693.7) $ 892.3 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 Information about Geographic Areas As of September 30, 2022, the geographic distribution of our and ARO's drilling rigs was as follows: Floaters Jackups Other Total Valaris ARO North & South America 7 6 — 13 — Europe & the Mediterranean 4 12 — 16 — Middle East & Africa 3 6 8 17 7 Asia & Pacific Rim 2 4 — 6 — Total 16 28 8 52 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 recently constructed drillships that are not included in the table above. ARO has ordered two newbuild jackups which are under construction in the Middle East that are not included in the table above.

Supplemental Financial Informat

Supplemental Financial Information	9 Months Ended
	Sep. 30, 2022
Supplemental Financial Information [Abstract]
Supplemental Financial Information	Supplemental Financial Information Condensed Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions): September 30, December 31, Trade $ 379.3 $ 296.8 Income tax receivable 148.4 151.1 Other 25.0 12.7 552.7 460.6 Allowance for doubtful accounts (17.2) (16.4) $ 535.5 $ 444.2 Other current assets consisted of the following (in millions): September 30, December 31, Deferred costs $ 62.1 $ 26.9 Prepaid taxes 47.2 44.4 Prepaid expenses 26.5 23.1 Other 27.1 23.4 $ 162.9 $ 117.8 Other assets consisted of the following (in millions): September 30, December 31, Tax receivables $ 60.8 $ 64.8 Deferred tax assets 51.3 59.7 Right-of-use assets 23.7 20.5 Other 39.7 31.0 $ 175.5 $ 176.0 Accrued liabilities and other consisted of the following (in millions): September 30, December 31, Deferred revenue $ 84.8 $ 45.8 Income and other taxes payable 51.0 45.7 Personnel costs 48.3 47.3 Accrued claims 23.9 17.3 Accrued interest 18.9 7.6 Lease liabilities 9.7 10.0 Other 25.9 22.5 $ 262.5 $ 196.2 Other liabilities consisted of the following (in millions): September 30, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 271.0 $ 320.2 Pension and other post-retirement benefits 189.8 204.0 Other 79.0 56.9 $ 539.8 $ 581.1 Accumulated other comprehensive loss consisted of the following (in millions): September 30, December 31, Pension and other post-retirement benefits $ (9.2) $ (9.1) Currency translation adjustment 0.1 — $ (9.1) $ (9.1) Condensed Consolidated Statements of Operations Information Other, net consisted of the following (in millions): Three Months Ended 2022 2021 Net foreign currency exchange gains $ 9.8 $ 1.7 Net periodic pension income 4.0 3.7 Net gain on sale of property 0.1 0.3 Other income (expense) 0.2 (0.2) $ 14.1 $ 5.5 Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 Net gain on sale of property $ 137.7 $ 0.2 $ 6.0 Net foreign currency exchange gains 25.2 4.8 13.4 Net periodic pension income 12.1 6.1 5.4 Other income (expense) (0.2) — 1.1 $ 174.8 $ 11.1 $ 25.9 Condensed Consolidated Statement of Cash Flows Information Our restricted cash of $18.2 million and $35.9 million at September 30, 2022 and December 31, 2021, respectively, consists primarily of $15.7 million and $31.1 million of collateral on letters of credit for each respective period. See " Note 11 - Contingencies" for more information regarding our letters of credit. Concentration of Risk We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents and short-term investments. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within our expectations. We mitigate our credit risk relating to cash and investments by focusing on diversification and quality of instruments. Consolidated revenues with customers that individually contributed 10% or more of revenue were as follows: Three Months Ended 2022 2021 BP plc ("BP") (1) 14 % 9 % Equinor ASA ("Equinor") (2) 6 % 6 % TotalEnergies SE ("Total") (3) 4 % 14 % Other 76 % 71 % 100 % 100 % Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 BP (1) 14 % 9 % 14 % Equinor (2) 10 % 6 % 6 % Total (3) 5 % 9 % — % Other 71 % 76 % 80 % 100 % 100 % 100 % (1) During the three months ended September 30, 2022 (Successor), 34% of the revenues provided by BP were attributable to our Floaters segment, 25% of the revenues were attributable to our Jackups segment and the remaining were attributable to our managed rigs. During the nine months ended September 30, 2022 (Successor), 37% of the revenues provided by BP were attributable to our Floaters segment, 19% of the revenues were attributable to our Jackups segment and the remaining were attributable to our managed rigs. During the three months ended September 30, 2021 (Successor), 24% of the revenues provided by BP were attributable to our Jackups segment, 3% of the revenues were attributable to our Floaters segment, and the remaining were attributable to our managed rigs. During the five months ended September 30, 2021 (Successor), 24% of the revenues were attributable to our Jackups segment, 2% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the four months ended April 30, 2021 (Predecessor), 37% of the revenue provided by BP were attributable to our Floaters segment, 17% of the revenue were attributable to our Jackups segment and the remaining were attributable to our managed rigs. (2) During the three months ended September 30, 2022 (Successor), all revenues provided by Equinor were attributable to our Jackups segment. During the nine months ended September 30, 2022 (Successor), 55% of the revenues provided by Equinor were attributable to our Jackups segment and 45% of the revenues were attributable to our Floaters segment. During the three and five months ended September 30, 2021 (Successor) and four months ended April 30, 2021 (Predecessor), all revenues provided by Equinor were attributable to our Jackups segment. (3) During the three and nine months ended September 30, 2022 (Successor) and three and five months ended September 30, 2021 (Successor), all revenues provided by Total were attributable to our Floaters segment. For purposes of our geographic disclosure, we attribute revenues to the geographic location where such revenues are earned. Consolidated revenues for locations that individually had 10% or more of revenue are as follows (in millions): Three Months Ended 2022 2021 U.S. Gulf of Mexico (1) $ 95.2 $ 40.2 United Kingdom (2) 71.4 69.9 Australia (3) 51.8 33.4 Norway (2) 38.6 49.4 Saudi Arabia (4) 30.9 33.5 Mexico (5) 10.7 33.4 Other 138.6 66.9 $ 437.2 $ 326.7 Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 U.S. Gulf of Mexico (1) $ 271.6 $ 71.1 $ 74.4 United Kingdom (2) 200.1 111.0 75.7 Australia (3) 90.9 51.2 1.0 Norway (2) 91.0 89.9 73.3 Saudi Arabia (4) 104.1 58.7 53.6 Mexico (5) 53.4 52.3 44.3 Other 357.8 95.3 75.1 $ 1,168.9 $ 529.5 $ 397.4 (1) During the three months ended September 30, 2022 (Successor), 65% and 8% of the revenues earned in 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 nine months ended September 30, 2022 (Successor), 66% and 7% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment and Jackups segment, respectively. The remaining revenues were primarily attributable to our managed rigs. During the three and five months ended September 30, 2021 (Successor), 46% and 50% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters 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 U.S. Gulf of Mexico were attributable to our Floaters segment. The remaining revenues were attributable to our managed rigs. (2) During the three and nine months ended September 30, 2022 (Successor), five months ended September 30, 2021 (Successor) and four months ended April 30, 2021 (Predecessor), all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (3) During the three and nine months ended September 30, 2022 (Successor), 78% and 80%, respectively, of the revenues earned in Australia were attributable to our Floaters segment and the remaining revenues were attributable to our Jackups segment. During the three and five months ended September 30, 2021 (Successor), 64% and 62%, respectively, of the revenues earned in Australia were attributable to our Floaters segment and the remaining were attributable to Jackups segment. During the four months ended April 30, 2021 (Predecessor), 77% of the revenues earned in Australia were attributable to our Floaters segment, and the remaining revenues earned in Australia were attributable to our Jackups segment. (4) During the three and nine months ended September 30, 2022 (Successor), 54% and 58%, respectively, of the revenues earned in Saudi Arabia were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates primarily to our rigs leased to ARO. During the three and five months ended September 30, 2021 (Successor), 56% and 57%, respectively, of the revenues earned in Saudi Arabia were attributable to our Jackups segment. During the four months ended April 30, 2021 (Predecessor) 57% of the revenues earned in Saudi Arabia 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. (5) During the three months ended September 30, 2022 (Successor), all revenues earned in Mexico were attributable to our Jackups segment. During the nine months ended September 30, 2022 (Successor), 91% of the revenues earned in Mexico were attributable to our Jackups segment, and the remaining revenues were attributable to our Floaters segment. During the three and five months ended September 30, 2021 (Successor), 52% and 54%, respectively, 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.

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Financial Statements (Policies)	9 Months Ended
	Sep. 30, 2022
Unaudited Condensed Consolidated Financial Statements [Abstract]
Basis of Accounting, Policy	Unaudited Condensed Consolidated Financial Statements We prepared the accompanying condensed consolidated financial statements of Valaris Limited and its subsidiaries ("Valaris" or "Successor") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2021 Condensed Consolidated Balance Sheet data was derived from our 2021 audited consolidated financial statements but does not include all disclosures required by GAAP. The preparation of our condensed consolidated financial statements requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates. Results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2022, or for any future period. We recommend these condensed consolidated financial statements be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 22, 2022 (our "Annual Report").
New Accounting Pronouncements	New Accounting Pronouncements Recently adopted accounting pronouncements Leases - In July 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 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 adopted this update January 1, 2022 using a prospective method, with no material impact to our condensed consolidated financial statements. Accounting pronouncements to be adopted Reference Rate Reform - In March 2020, the FASB issued ASU No. 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 Saudi Aramco Rowan Offshore Drilling Company, our 50/50 joint venture with Saudi Aramco ("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 condensed consolidated financial statements. Business Combinations - In October 2021, the FASB issued ASU No. 2021-08, “ Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ” (“Update 2021-08”). ASU No. 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. Update 2021-08 is 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.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	The following table summarizes our contract assets and contract liabilities (in millions): September 30, 2022 December 31, 2021 Current contract assets $ 3.0 $ 0.3 Noncurrent contract assets $ 0.8 $ — Current contract liabilities (deferred revenue) $ 84.8 $ 45.8 Noncurrent contract liabilities (deferred revenue) $ 30.6 $ 10.8 Changes in contract assets and liabilities during the period are as follows (in millions): Contract Assets Contract Liabilities Balance as of December 31, 2021 $ 0.3 $ 56.6 Revenue recognized in advance of right to bill customer 7.4 — Increase due to cash received — 119.5 Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance — (36.3) Decrease due to amortization of deferred revenue added during the period — (24.4) Decrease due to transfer to receivables during the period (3.9) — Balance as of September 30, 2022 $ 3.8 $ 115.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]	The table below reflects the expected future amortization of our contract liabilities and deferred costs recorded as of September 30, 2022. In the case of our contract liabilities related to our bareboat charter arrangements with ARO, the contract liability is not amortized and as such, the amount is reflected in the table below at the end of the current lease term. (In millions) Remaining 2022 2023 2024 2025 and Thereafter Total Amortization of contract liabilities $ 30.9 $ 64.2 $ 19.8 $ 0.5 $ 115.4 Amortization of deferred costs $ 20.2 $ 52.1 $ 10.1 $ — $ 82.4

Equity Method Investment In A_2

Equity Method Investment In ARO (Tables)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	A reconciliation of those components is presented below (in millions): Three Months Ended 2022 2021 50% interest in ARO net income $ (0.7) $ (1.3) Amortization of basis differences 3.6 3.9 Equity in earnings of ARO $ 2.9 $ 2.6 Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 50% interest in ARO net income $ 5.0 $ 1.0 $ 6.0 Amortization of basis differences 10.9 6.4 (2.9) Equity in earnings of ARO $ 15.9 $ 7.4 $ 3.1	Summarized financial information for ARO is as follows (in millions): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Revenues $ 111.4 $ 117.7 $ 339.1 $ 365.2 Operating expenses Contract drilling (exclusive of depreciation) 90.0 94.4 256.3 273.4 Depreciation 15.4 16.8 47.3 47.5 General and administrative 4.7 5.4 13.1 12.7 Operating income 1.3 1.1 22.4 31.6 Other expense, net 2.7 3.4 9.3 11.0 Provision (benefit) for income taxes (0.1) 0.2 3.1 6.6 Net income (loss) $ (1.3) $ (2.5) $ 10.0 $ 14.0 September 30, 2022 December 31, 2021 Cash and cash equivalents $ 173.5 $ 270.8 Other current assets 145.6 135.0 Non-current assets 800.9 775.8 Total assets $ 1,120.0 $ 1,181.6 Current liabilities $ 87.3 $ 79.9 Non-current liabilities 879.5 956.7 Total liabilities $ 966.8 $ 1,036.6 The following table summarizes the total assets and liabilities as reflected in our Condensed Consolidated Balance Sheets as well as our maximum exposure to loss related to ARO (in millions). Our maximum exposure to loss is limited to (1) our equity investment in ARO; (2) the 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. September 30, 2022 December 31, 2021 Total assets $ 366.9 $ 348.1 Less: total liabilities 55.4 49.1 Maximum exposure to loss $ 311.5 $ 299.0
Schedule of Related Party Transactions		Revenues recognized by us related to the Lease Agreements are as follows (in millions): Three Months Ended 2022 2021 Lease revenue $ 13.8 $ 14.2 Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 Lease revenue $ 42.6 $ 24.5 $ 21.7 The principal amount, discount and interest receivable of the shareholder notes receivable from ARO were as follows (in millions): September 30, 2022 December 31, 2021 Principal amount $ 402.7 $ 442.7 Discount (155.8) (193.6) Carrying value $ 246.9 $ 249.1 Interest receivable (1)(2) $ 8.6 $ — (1) Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheet. (2) We collected our 2021 interest on our long-term notes receivable from ARO in cash prior to December 31, 2021, and as such, there was no interest receivable from ARO as of December 31, 2021. Interest income earned on the shareholder notes receivable were as follows (in millions): Three Months Ended 2022 2021 Interest income $ 2.8 $ 2.7 Non-cash amortization 22.4 6.9 Total interest income on the shareholder notes receivable $ 25.2 $ 9.6 Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 Interest income $ 8.6 $ 4.4 $ 3.5 Non-cash amortization 37.8 12.9 — Total interest income on the shareholder notes receivable $ 46.4 $ 17.3 $ 3.5

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments	The carrying values and estimated fair values of our long-term debt instrument were as follows (in millions): September 30, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior secured first lien notes $ 541.8 $ 537.2 $ 545.3 $ 575.7

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property And Equipment	Property and equipment consisted of the following (in millions): September 30, 2022 December 31, 2021 Drilling rigs and equipment $ 990.1 $ 886.9 Work-in-progress 58.9 35.6 Other 38.1 34.5 $ 1,087.1 $ 957.0

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs [Table Text Block]	The components of net periodic pension and retiree medical income were as follows (in millions): Three Months Ended 2022 2021 Interest cost $ 5.7 $ 5.8 Expected return on plan assets (9.7) (9.5) Net periodic pension and retiree medical income (1) $ (4.0) $ (3.7) Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 Interest cost $ 16.8 $ 9.6 $ 6.6 Expected return on plan assets (28.8) (15.7) (12.1) Amortization of net loss (0.1) — 0.1 Net periodic pension and retiree medical income (1) $ (12.1) $ (6.1) $ (5.4) (1) Included in Other, net, in our Condensed Consolidated Statements of Operations.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share - Reconciliation of Weighted Average Shares	The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three and nine months ended September 30, 2022 (Successor), three and five months ended September 30, 2021 (Successor) and four months ended April 30, 2021 (Predecessor) (in millions): Three Months Ended 2022 2021 Income (loss) from continuing operations attributable to our shares $ 74.3 $ (54.5) Weighted average shares outstanding: Basic 75.1 75.0 Effect of stock equivalents 0.5 — Diluted 75.6 75.0 Successor Predecessor (1) Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Month Ended April 30, 2021 Income (loss) from continuing operations attributable to our shares $ 147.3 $ (60.7) $ (4,467.0) Weighted average shares outstanding: Basic 75.0 75.0 199.6 Effect of stock equivalents 0.5 — — Diluted 75.5 75.0 199.6 (1) No amounts were allocated to non-vested share awards in these periods given that losses are not allocated to non-vested share awards.

Shareholders Equity (Tables)

Shareholders Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Shareholders' Equity [Abstract]
Schedule Of Activity In Our Various Shareholders Equity [Table Text Block]	Activity in our various shareholders' equity accounts for the three and nine months ended September 30, 2022 (Successor), the three and five months ended September 30, 2021 (Successor), and the four months ended April 30, 2021 (Predecessor) were as follows (in millions): Shares Par Value Additional Warrants Retained AOCI Non-controlling BALANCE, December 31, 2021 (Successor) 75.0 $ 0.8 $ 1,083.0 $ 16.4 $ (33.0) $ (9.1) $ 2.7 Net loss — — — — (38.6) — (1.2) Share-based compensation cost — — 3.4 — — — — Net other comprehensive loss — — — — — (0.3) — BALANCE, March 31, 2022 (Successor) 75.0 $ 0.8 $ 1,086.4 $ 16.4 $ (71.6) $ (9.4) $ 1.5 Net income — — — — 111.6 — 1.2 Net reclassification adjustment for amounts recognized in net income as a component of net periodic benefit — — — — — (0.1) — Share-based compensation cost — — 3.5 — — — — Shares withheld for taxes on vesting of share-based awards — — (0.2) — — — — Net other comprehensive income — — — — — 0.3 — BALANCE, June 30, 2022 (Successor) 75.0 $ 0.8 $ 1,089.7 $ 16.4 $ 40.0 $ (9.2) $ 2.7 Net income — — — — 74.3 — 3.4 Share-based compensation cost — — 4.6 — — — — Shares withheld for taxes on vesting of share-based awards — — (2.3) — — — — Net other comprehensive income — — — — — 0.1 — BALANCE, September 30, 2022 (Successor) 75.0 $ 0.8 $ 1,092.0 $ 16.4 $ 114.3 $ (9.1) $ 6.1 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 loss — — — — (910.0) — — 2.4 Shares issued under share-based compensation plans, net — — (0.2) — — — 0.2 — Net reclassification adjustment for amounts recognized in net loss as a component of net periodic benefit — — — — — 0.1 — — Share-based compensation cost — — 3.8 — — — — — Net other comprehensive loss — — — — — (5.4) — — BALANCE, March 31, 2021 (Predecessor) 206.1 $ 82.6 $ 8,643.5 $ — $ (5,093.8) $ (93.2) $ (76.0) $ (1.9) Net loss — — — — (3,557.0) — — 0.8 Shares issued under share-based compensation plans, net — — (0.5) — — — 0.5 — Share-based compensation cost — — 1.0 — — — — — Net other comprehensive loss — — — — — (0.2) — — 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 loss — — — — (6.2) — — 2.1 Net other comprehensive loss — — — — — (0.2) — — BALANCE, June 30, 2021 (Successor) 75.0 $ 0.8 $ 1,078.7 $ 16.4 $ (6.2) $ (0.2) $ — $ 1.0 Net loss — — — — (54.5) — — 1.7 Share-based compensation cost — — 1.6 — — — — — BALANCE, September 30, 2021 (Successor) 75.0 $ 0.8 $ 1,080.3 $ 16.4 $ (60.7) $ (0.2) $ — $ 2.7

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Schedule Of Segment Reporting Information	Three Months Ended September 30, 2022 (Successor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 201.7 $ 195.9 $ 111.4 $ 39.6 $ (111.4) $ 437.2 Operating expenses Contract drilling (exclusive of depreciation) 160.5 128.0 90.0 17.8 (59.6) 336.7 Depreciation 12.6 8.7 15.4 1.2 (15.3) 22.6 General and administrative — — 4.7 — 14.5 19.2 Equity in earnings of ARO — — — — 2.9 2.9 Operating income (loss) $ 28.6 $ 59.2 $ 1.3 $ 20.6 $ (48.1) $ 61.6 Property and equipment, net $ 473.4 $ 386.7 $ 757.7 $ 57.7 $ (721.9) $ 953.6 Three Months Ended September 30, 2021 (Successor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 104.3 $ 186.3 $ 117.7 $ 36.1 $ (117.7) $ 326.7 Operating expenses Contract drilling (exclusive of depreciation) 91.6 141.7 94.4 14.2 (67.3) 274.6 Depreciation 11.4 12.1 16.8 0.9 (16.8) 24.4 General and administrative — — 5.4 — 21.8 27.2 Equity in earnings of ARO — — — — 2.6 2.6 Operating income (loss) $ 1.3 $ 32.5 $ 1.1 $ 21.0 $ (52.8) $ 3.1 Property and equipment, net $ 416.2 $ 394.2 $ 728.3 $ 47.3 $ (693.7) $ 892.3 Nine Months Ended September 30, 2022 (Successor) Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 489.5 $ 562.4 $ 339.1 $ 117.0 $ (339.1) $ 1,168.9 Operating expenses Contract drilling (exclusive of depreciation) 473.4 409.4 256.3 58.0 (167.3) 1,029.8 Loss on impairment 34.5 — — — — 34.5 Depreciation 37.1 26.5 47.3 3.4 (46.9) 67.4 General and administrative — — 13.1 — 43.9 57.0 Equity in earnings of ARO — — — — 15.9 15.9 Operating income (loss) $ (55.5) $ 126.5 $ 22.4 $ 55.6 $ (152.9) $ (3.9) Property and equipment, net $ 473.4 $ 386.7 $ 757.7 $ 57.7 $ (721.9) $ 953.6
Schedule Of Geographic Distribution Of Rigs By Segment	As of September 30, 2022, the geographic distribution of our and ARO's drilling rigs was as follows: Floaters Jackups Other Total Valaris ARO North & South America 7 6 — 13 — Europe & the Mediterranean 4 12 — 16 — Middle East & Africa 3 6 8 17 7 Asia & Pacific Rim 2 4 — 6 — Total 16 28 8 52 7

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Supplemental Financial Information [Abstract]
Accounts Receivable, Net		Accounts receivable, net, consisted of the following (in millions): September 30, December 31, Trade $ 379.3 $ 296.8 Income tax receivable 148.4 151.1 Other 25.0 12.7 552.7 460.6 Allowance for doubtful accounts (17.2) (16.4) $ 535.5 $ 444.2
Other Current Assets		Other current assets consisted of the following (in millions): September 30, December 31, Deferred costs $ 62.1 $ 26.9 Prepaid taxes 47.2 44.4 Prepaid expenses 26.5 23.1 Other 27.1 23.4 $ 162.9 $ 117.8
Other Assets, Net		Other assets consisted of the following (in millions): September 30, December 31, Tax receivables $ 60.8 $ 64.8 Deferred tax assets 51.3 59.7 Right-of-use assets 23.7 20.5 Other 39.7 31.0 $ 175.5 $ 176.0
Schedule of Accrued Liabilities		Accrued liabilities and other consisted of the following (in millions): September 30, December 31, Deferred revenue $ 84.8 $ 45.8 Income and other taxes payable 51.0 45.7 Personnel costs 48.3 47.3 Accrued claims 23.9 17.3 Accrued interest 18.9 7.6 Lease liabilities 9.7 10.0 Other 25.9 22.5 $ 262.5 $ 196.2
Other Liabilities		Other liabilities consisted of the following (in millions): September 30, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 271.0 $ 320.2 Pension and other post-retirement benefits 189.8 204.0 Other 79.0 56.9 $ 539.8 $ 581.1
Accumulated other comprehensive income		Accumulated other comprehensive loss consisted of the following (in millions): September 30, December 31, Pension and other post-retirement benefits $ (9.2) $ (9.1) Currency translation adjustment 0.1 — $ (9.1) $ (9.1)
Schedule of Other Nonoperating Income, by Component	Other, net consisted of the following (in millions): Three Months Ended 2022 2021 Net foreign currency exchange gains $ 9.8 $ 1.7 Net periodic pension income 4.0 3.7 Net gain on sale of property 0.1 0.3 Other income (expense) 0.2 (0.2) $ 14.1 $ 5.5 Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 Net gain on sale of property $ 137.7 $ 0.2 $ 6.0 Net foreign currency exchange gains 25.2 4.8 13.4 Net periodic pension income 12.1 6.1 5.4 Other income (expense) (0.2) — 1.1 $ 174.8 $ 11.1 $ 25.9
Schedule of Revenue by Major Customers by Reporting Segments		Consolidated revenues with customers that individually contributed 10% or more of revenue were as follows: Three Months Ended 2022 2021 BP plc ("BP") (1) 14 % 9 % Equinor ASA ("Equinor") (2) 6 % 6 % TotalEnergies SE ("Total") (3) 4 % 14 % Other 76 % 71 % 100 % 100 % Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 BP (1) 14 % 9 % 14 % Equinor (2) 10 % 6 % 6 % Total (3) 5 % 9 % — % Other 71 % 76 % 80 % 100 % 100 % 100 % (1) During the three months ended September 30, 2022 (Successor), 34% of the revenues provided by BP were attributable to our Floaters segment, 25% of the revenues were attributable to our Jackups segment and the remaining were attributable to our managed rigs. During the nine months ended September 30, 2022 (Successor), 37% of the revenues provided by BP were attributable to our Floaters segment, 19% of the revenues were attributable to our Jackups segment and the remaining were attributable to our managed rigs. During the three months ended September 30, 2021 (Successor), 24% of the revenues provided by BP were attributable to our Jackups segment, 3% of the revenues were attributable to our Floaters segment, and the remaining were attributable to our managed rigs. During the five months ended September 30, 2021 (Successor), 24% of the revenues were attributable to our Jackups segment, 2% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the four months ended April 30, 2021 (Predecessor), 37% of the revenue provided by BP were attributable to our Floaters segment, 17% of the revenue were attributable to our Jackups segment and the remaining were attributable to our managed rigs. (2) During the three months ended September 30, 2022 (Successor), all revenues provided by Equinor were attributable to our Jackups segment. During the nine months ended September 30, 2022 (Successor), 55% of the revenues provided by Equinor were attributable to our Jackups segment and 45% of the revenues were attributable to our Floaters segment. During the three and five months ended September 30, 2021 (Successor) and four months ended April 30, 2021 (Predecessor), all revenues provided by Equinor were attributable to our Jackups segment. (3) During the three and nine months ended September 30, 2022 (Successor) and three and five months ended September 30, 2021 (Successor), all revenues provided by Total were attributable to our Floaters segment.
Revenue from External Customers by Geographic Areas		Consolidated revenues for locations that individually had 10% or more of revenue are as follows (in millions): Three Months Ended 2022 2021 U.S. Gulf of Mexico (1) $ 95.2 $ 40.2 United Kingdom (2) 71.4 69.9 Australia (3) 51.8 33.4 Norway (2) 38.6 49.4 Saudi Arabia (4) 30.9 33.5 Mexico (5) 10.7 33.4 Other 138.6 66.9 $ 437.2 $ 326.7 Successor Predecessor Nine Months Ended September 30, 2022 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021 U.S. Gulf of Mexico (1) $ 271.6 $ 71.1 $ 74.4 United Kingdom (2) 200.1 111.0 75.7 Australia (3) 90.9 51.2 1.0 Norway (2) 91.0 89.9 73.3 Saudi Arabia (4) 104.1 58.7 53.6 Mexico (5) 53.4 52.3 44.3 Other 357.8 95.3 75.1 $ 1,168.9 $ 529.5 $ 397.4 (1) During the three months ended September 30, 2022 (Successor), 65% and 8% of the revenues earned in 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 nine months ended September 30, 2022 (Successor), 66% and 7% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment and Jackups segment, respectively. The remaining revenues were primarily attributable to our managed rigs. During the three and five months ended September 30, 2021 (Successor), 46% and 50% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters 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 U.S. Gulf of Mexico were attributable to our Floaters segment. The remaining revenues were attributable to our managed rigs. (2) During the three and nine months ended September 30, 2022 (Successor), five months ended September 30, 2021 (Successor) and four months ended April 30, 2021 (Predecessor), all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (3) During the three and nine months ended September 30, 2022 (Successor), 78% and 80%, respectively, of the revenues earned in Australia were attributable to our Floaters segment and the remaining revenues were attributable to our Jackups segment. During the three and five months ended September 30, 2021 (Successor), 64% and 62%, respectively, of the revenues earned in Australia were attributable to our Floaters segment and the remaining were attributable to Jackups segment. During the four months ended April 30, 2021 (Predecessor), 77% of the revenues earned in Australia were attributable to our Floaters segment, and the remaining revenues earned in Australia were attributable to our Jackups segment. (4) During the three and nine months ended September 30, 2022 (Successor), 54% and 58%, respectively, of the revenues earned in Saudi Arabia were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates primarily to our rigs leased to ARO. During the three and five months ended September 30, 2021 (Successor), 56% and 57%, respectively, of the revenues earned in Saudi Arabia were attributable to our Jackups segment. During the four months ended April 30, 2021 (Predecessor) 57% of the revenues earned in Saudi Arabia 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. (5) During the three months ended September 30, 2022 (Successor), all revenues earned in Mexico were attributable to our Jackups segment. During the nine months ended September 30, 2022 (Successor), 91% of the revenues earned in Mexico were attributable to our Jackups segment, and the remaining revenues were attributable to our Floaters segment. During the three and five months ended September 30, 2021 (Successor), 52% and 54%, respectively, 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.

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended			4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Capitalized Contract Cost [Line Items]
Early termination fee received						$ 51
Loss on impairment		$ 34.5		$ 756.5	$ 0	34.5
Capitalized Contract Cost, Net	$ 82.4					$ 82.4
Contract With Customers, Invoice Term						30 days
Upfront Rig Mobilizations And Certain Contract Preparation [Member]
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Net	69.8					$ 69.8	$ 31.4
Capitalized Contract Cost, Amortization	18.8		$ 11.4	7.6	13.2	41
Deferred Certification Costs
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Net	12.6					12.6	$ 3.3
Capitalized Contract Cost, Amortization	$ 1.4		$ 0.1	$ 3.1	$ 0.2	$ 2.5
Minimum
Capitalized Contract Cost [Line Items]
Remaining duration of drilling contracts						1 month
Maximum
Capitalized Contract Cost [Line Items]
Remaining duration of drilling contracts						4 years

Revenue from Contracts with C_4

Revenue from Contracts with Customers Components of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Current contract assets	$ 3	$ 0.3
Noncurrent contract assets	0.8	0
Current contract liabilities (deferred revenue)	84.8	45.8
Noncurrent contract liabilities (deferred revenue)	$ 30.6	$ 10.8

Revenue from Contracts with C_5

Revenue from Contracts with Customers Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Contract Assets
Contract with Customer, Asset, after Allowance for Credit Loss	$ 3.8	$ 0.3
Revenue recognized in advance of right to bill customer	7.4
Contract Liabilities
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance	(36.3)
Contract with Customer, Liability	115.4	$ 56.6
Contract with Customer, Liability, Increase from Cash Receipts	119.5
Contract with Customer, Liability, Revenue Recognized, Added During Period	(24.4)
Decrease due to transfer to receivables during the period	(3.9)
Increase (Decrease) in Contract with Customer, Liability	$ 0

Revenue from Contracts with C_6

Revenue from Contracts with Customers Future Amortization of Liabilities and Deferred Costs (Details) $ in Millions	Sep. 30, 2022 USD ($)
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 115.4
Capitalized Contract Cost, Net	$ 82.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 months
Revenue, Remaining Performance Obligation, Amount	$ 30.9
Capitalized Contract Cost, Amortization Expense, Remainder Of Fiscal Year	$ 20.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Amount	$ 64.2
Capitalized Contract Cost, Amortization Expense, Year Two	$ 52.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Amount	$ 19.8
Capitalized Contract Cost, Amortization Expense, Year Three	$ 10.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Amount	$ 0.5
Capitalized Contract Cost, Amortization Expense, Year Four and Thereafter	$ 0

Equity Method Investment In A_3

Equity Method Investment In ARO - Summarized Financial Data (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and cash equivalents	$ 406				$ 406		$ 608.7
Other current assets	162.9				162.9		117.8
Total assets	2,821.2				2,821.2		2,609.2
Liabilities, Current	519.1				519.1		422
Investment Owned, Balance [Abstract]
Equity in earnings of ARO	2.9	$ 2.6	$ 3.1	$ 7.4	15.9
ARO
Investment Owned, Balance [Abstract]
50% interest in ARO net income	(0.7)	(1.3)	6	1	5
Amortization of basis differences	3.6	3.9	(2.9)	6.4	10.9
Equity in earnings of ARO	2.9	2.6	$ 3.1	$ 7.4	15.9
ARO
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Equity Method Investment Summarized Fin Information Revenue	111.4	117.7			339.1	$ 365.2
Contract drilling (exclusive of depreciation)	90	94.4			256.3	273.4
Depreciation	15.4	16.8			47.3	47.5
General and administrative	4.7	5.4			13.1	12.7
Operating income	1.3	1.1			22.4	31.6
Other expense, net	2.7	3.4			9.3	11
Provision (benefit) for income taxes	(0.1)	0.2			3.1	6.6
Equity Method Investment Summarized Fin Information Net Income Loss	(1.3)	$ (2.5)			10	$ 14
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and cash equivalents	173.5				173.5		270.8
Other current assets	145.6				145.6		135
Non-current assets	800.9				800.9		775.8
Total assets	1,120				1,120		1,181.6
Liabilities, Current	87.3				87.3		79.9
Liabilities, Noncurrent	879.5				879.5		956.7
Total liabilities	966.8				966.8		1,036.6
Total assets	366.9				366.9		348.1
Less: total liabilities	55.4				55.4		49.1
Maximum exposure to loss	$ 311.5				$ 311.5		$ 299

Equity Method Investment in A_4

Equity Method Investment in ARO - Schedule of Related Parties (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Principal amount	$ 246.9				$ 246.9	$ 249.1
Non-cash amortization			$ 0	$ 12.9	37.8
ARO
Schedule of Equity Method Investments [Line Items]
Lease revenue	13.8	$ 14.2	21.7	24.5	42.6
Principal amount	402.7				402.7	442.7
Discount	(155.8)				(155.8)	(193.6)
Carrying value	246.9				246.9	249.1
Equity Method Investment Summarized Financial Information Interest Receivable	8.6				8.6	$ 0
Interest income	2.8	2.7	3.5	4.4	8.6
Non-cash amortization	22.4	6.9	0	12.9	37.8
Total interest income on the shareholder notes receivable	$ 25.2	$ 9.6	$ 3.5	$ 17.3	$ 46.4

Equity Method Investment In A_5

Equity Method Investment In ARO Narrative (Details) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) jackup drillship	Sep. 30, 2021 USD ($)	Apr. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) jackup drillship	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Rigs Owned by ARO | jackup	7				7
Total Number Of Contract Drilling Rigs	52				52
Contracts Terms On Purchased Rigs					15 years
Number of Newbuild Jackup Rigs | jackup	20				20
Order Period					10 years
ARO Rigs Under Construction | drillship	2				2
Cost of ARO newbuild jackups, each	$ 176				$ 176
Minimum Renewal Contract Terms For NewBuild Rigs					8 years
Equity Method Investment Summarized Financial Information Accounts Receivable	8.2				$ 8.2	$ 12.1
Equity Method Investment Summarized Financial Information Contract Liabilities	19.1				19.1	10.8
Equity Method Investment Summarized Financial Information Accounts Payable	36.3				36.3	38.3
Principal amount	246.9				$ 246.9	249.1
Shareholder Notes Payable, Term					10 years
Non-cash amortization			$ 0	$ 12.9	$ 37.8
Equity Method Investment Summarized Financial Information Non Cash Interest Income	$ 14.8
Other
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	8				8
ARO
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	7				7
ARO
Schedule of Equity Method Investments [Line Items]
Principal amount	$ 402.7				$ 402.7	442.7
Equity Method Investment Summarized Financial Information Interest Income	25.2	$ 9.6	3.5	17.3	46.4
Equity Method Investment Summarized Financial Information Interest Receivable	8.6				8.6	$ 0
Non-cash amortization	22.4	$ 6.9	$ 0	$ 12.9	37.8
Early Repayment of Principal from Joint Venture Non Current	$ 40				$ 40
London Interbank Offered Rate (LIBOR)
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Basis Spread on Variable Rate					2%
Middle East & Africa
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	17				17
Middle East & Africa | Other
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	8				8
Middle East & Africa | ARO
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	7				7
Middle East & Africa | Work-in-progress | ARO
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs | drillship	2				2
ARO
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50%				50%

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Reported Value Measurement [Member] | Eight Point Two Five Percent Senior Lien Notes Due Two Thousand Twenty Eight Member | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt	$ 541.8	$ 545.3
Estimate of Fair Value Measurement [Member] | Notes Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	268.1
Estimate of Fair Value Measurement [Member] | Eight Point Two Five Percent Senior Lien Notes Due Two Thousand Twenty Eight Member | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 537.2	$ 575.7

Property and Equipment (Schedul

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	$ 1,087.1	$ 957
Drilling rigs and equipment
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	990.1	886.9
Work-in-progress
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	58.9	35.6
Other
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	$ 38.1	$ 34.5

Property and Equipment (Narrati

Property and Equipment (Narratives) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			4 Months Ended	5 Months Ended	6 Months Ended	9 Months Ended
	Apr. 30, 2021	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Apr. 30, 2021	Sep. 30, 2021	Jun. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Loss on impairment		$ 34.5			$ 756.5	$ 0		$ 34.5
Gain (Loss) on Disposition of Other Assets	$ 5.3		$ 2
Net proceeds from disposition of assets		7			30.1	$ 1.5		146.8
Operating Segments [Member] | Jackups
Property, Plant and Equipment [Line Items]
Loss on impairment					$ 0			$ 0
Operating Segments [Member] | Jackups | V54 | Forecast
Property, Plant and Equipment [Line Items]
Gain (Loss) on Disposition of Other Assets							$ 28
Operating Segments [Member] | Jackups | V113 & V114
Property, Plant and Equipment [Line Items]
Gain (Loss) on Disposition of Other Assets		120
Operating Segments [Member] | Jackups | V36
Property, Plant and Equipment [Line Items]
Gain (Loss) on Disposition of Other Assets		$ 8.5
Foreign Exchange Forward
Property, Plant and Equipment [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)				$ 5.6
Floaters
Property, Plant and Equipment [Line Items]
Loss on impairment				756.5
Property, Plant, and Equipment, Fair Value Disclosure				$ 26

Pension and other Postretirem_3

Pension and other Postretirement Benefits - Narrative (Schedule of Net Benefit Costs) (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Retirement Benefits [Abstract]
Defined Benefit Plan, Plan Assets, Amount	$ 3.3				$ 3.3
Defined Benefit Plan, Interest Cost	5.7	$ 5.8	$ 6.6	$ 9.6	16.8
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(9.7)	(9.5)	(12.1)	(15.7)	(28.8)
Defined Benefit Plan, Amortization of Gain (Loss)			(0.1)	0	0.1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (4)	$ (3.7)	$ (5.4)	$ (6.1)	$ (12.1)

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension and retiree medical income	$ (4)	$ (3.7)	$ (5.4)	$ (6.1)	$ (12.1)
Defined Benefit Plan, Interest Cost	5.7	5.8	6.6	9.6	16.8
Defined Benefit Plan, Amortization of Gain (Loss)			0.1	0	(0.1)
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(9.7)	$ (9.5)	$ (12.1)	$ (15.7)	(28.8)
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 1.7				$ 1.7

Earnings (Loss) Per Share - Rec

Earnings (Loss) Per Share - Reconciliation of Weighted-Average Shares (Details) - shares shares in Thousands	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Basic (in shares)	75,100		199,600	75,000	75,000
Unvested restricted stock units	500	0	0	0	500
Diluted (in shares)	75,600	75,000	199,600	75,000	75,500

Earnings (Loss) Per Share (Narr

Earnings (Loss) Per Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 74.3	$ (54.5)	$ (4,467)	$ (60.7)	$ 147.3
Antidilutive share options excluded from computation of diluted earnings per share (in shares)	38,000	600,000	300,000	400,000,000,000	103,000
Class of Warrant or Right, Outstanding	5,470,971				5,470,971
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 131.88				$ 131.88
Warranted, Period Exercisable					7 years
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent			$ (4,467)

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)			4 Months Ended	5 Months Ended	9 Months Ended
	Aug. 19, 2022	Apr. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Aug. 18, 2022
Debt Instrument [Line Items]
Payments of Financing Costs			$ 0	$ 0	$ 3,900,000
Debt Instrument, Covenant, Restricted Cash	$ 175,000,000					$ 100,000,000
Senior Notes | First Lien Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 550,000,000	$ 550,000,000
Debt Instrument, Percent Secured, Equity Interest		100%
Debt Instrument, Allowable Redemption Percent, Prior To Maturity		35%	35%
Debt Instrument, Redemption Price, Percent Of Net Cash Proceeds From Equity Offering		104%
Debt Instrument, Percent Of Note Remaining Outstanding		65%
Debt Instrument, Redemption Period Timing		12,000%
Debt Issuance Costs, Gross					$ 5,200,000
Debt Instrument, Covenant, Investment Maximum	$ 175,000,000					$ 100,000,000
Debt Instrument, Covenant, Investment Maximum, Percent Of Total Assets	6.50%					4%
Debt Instrument, Consent Solicitation Costs	$ 4,200,000
Senior Notes | First Lien Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percent Of Net Cash Proceeds From Equity Offering		104%
Senior Notes | First Lien Notes | Debt Instrument, Redemption, Period One | Maximum
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percent Of Net Cash Proceeds From Equity Offering		104%
Senior Notes | First Lien Notes | Debt Instrument, Redemption, Period Three | Minimum
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percent Of Net Cash Proceeds From Equity Offering					10,000%
Senior Notes | First Lien Notes | Debt Instrument, Redemption Period, Change of control
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percent Of Net Cash Proceeds From Equity Offering		101%
Senior Notes | First Lien Notes | Debt Instrument, Interest Rate Payout Option One
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Annual Payment Percent		8.25%
Senior Notes | First Lien Notes | Debt Instrument, Interest Rate Payout Option Two
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Annual Payment Percent		10.25%
Debt Instrument, Annual Interest Payout Percent In Cash		50%
Debt Instrument, Annual interest Payout Percent Paid In Kind		50%
Senior Notes | First Lien Notes | Debt Instrument, Interest Rate Payout Option Three
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Annual Payment Percent Paid In Kind		12%

Shareholders Equity Shareholder

Shareholders Equity Shareholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended					4 Months Ended	5 Months Ended	9 Months Ended
	Apr. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance					$ 1,060.8					$ 1,060.8
Net income (loss)			$ 77.7			$ (52.8)		$ (4,463.8)	$ (56.9)	150.7
Net reclassification adjustment for amounts recognized in net income as a component of net periodic benefit			0	$ (0.1)		(0.2)		0.1	(0.2)	(0.1)
Shares withheld for taxes on vesting of share-based awards			(2.3)	$ (0.2)
Net other comprehensive income (loss)			0.1			$ 0		$ (5.5)	$ (0.2)	0
Ending balance			$ 1,220.5							$ 1,220.5
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance (in shares)	206.1	75	75	75	75	75	206.1	206.1	75	75
Beginning balance	$ 82.6	$ 0.8	$ 0.8	$ 0.8	$ 0.8	$ 0.8	$ 82.6	$ 82.6	$ 0.8	$ 0.8
Cancellation of predecessor equity (in shares)	(206.1)
Cancellation of Predecessor equity	$ (82.6)
Shares issued upon emergence (in shares)	75
Issuance of Successor Common Shares and Warrants	$ 0.8
Ending balance (in shares)	75	75	75	75	75	75	206.1	75	75	75
Ending balance	$ 0.8	$ 0.8	$ 0.8	$ 0.8	$ 0.8	$ 0.8	$ 82.6	$ 0.8	$ 0.8	$ 0.8
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	8,643.5	1,078.7	1,089.7	1,086.4	1,083	1,078.7	8,639.9	8,639.9	1,078.7	1,083
Shares issued under share-based compensation plans, net	(0.5)						(0.2)
Share-based compensation cost	1		4.6	3.5	3.4	1.6	3.8
Cancellation of Predecessor equity	(8,644)
Issuance of Successor Common Shares and Warrants	1,078.7
Ending balance	1,078.7	1,078.7	1,092	1,089.7	1,086.4	1,080.3	8,643.5	1,078.7	1,080.3	1,092
Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	0	16.4	16.4	16.4	16.4	16.4	0	0	16.4	16.4
Issuance of Successor Common Shares and Warrants	16.4
Ending balance	16.4	16.4	16.4	16.4	16.4	16.4	0	16.4	16.4	16.4
Retained Earnings (Deficit)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	(5,093.8)	0	40	(71.6)	(33)	(6.2)	(4,183.8)	(4,183.8)	0	(33)
Net income (loss)	(3,557)	(6.2)	74.3	111.6	(38.6)	(54.5)	(910)
Cancellation of Predecessor equity	8,650.8
Ending balance	0	(6.2)	114.3	40	(71.6)	(60.7)	(5,093.8)	0	(60.7)	114.3
AOCI
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	(93.2)	0	(9.2)	(9.4)	(9.1)	(0.2)	(87.9)	(87.9)	0	(9.1)
Net reclassification adjustment for amounts recognized in net loss as a component of net periodic benefit							0.1
Net other comprehensive income (loss)	(0.2)	(0.2)	0.1	0.3	(0.3)		(5.4)
Cancellation of Predecessor equity	93.4
Ending balance	0	(0.2)	(9.1)	(9.2)	(9.4)	(0.2)	(93.2)	0	(0.2)	(9.1)
Treasury Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	(76)	0				0	(76.2)	(76.2)	0
Shares issued under share-based compensation plans, net	0.5						0.2
Cancellation of Predecessor equity	75.5
Ending balance	0	0				0	(76)	0	0
Non-controlling Interest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	(1.9)	(1.1)	2.7	1.5	2.7	1	(4.3)	(4.3)	(1.1)	2.7
Net income (loss)	0.8	2.1	3.4	1.2	(1.2)	1.7	2.4
Ending balance	$ (1.1)	$ 1	$ 6.1	$ 2.7	$ 1.5	$ 2.7	$ (1.9)	$ (1.1)	$ 2.7	$ 6.1

Shareholders Equity Narrative (

Shareholders Equity Narrative (Details) shares in Millions	9 Months Ended
	Sep. 30, 2022 shares
Shareholders' Equity [Abstract]
Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation	100

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Discrete Income Tax Expense (Benefit)	$ (1.4)	$ (39.2)	$ (2.2)	$ (44.8)	$ 6.9
Income Tax Expense (Benefit) Excluding Discrete Items	$ 12.4	$ 14.1	$ 14	$ 23.6	$ 40.2

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) drillship jackup	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of Newbuild Jackup Rigs | jackup	20
Order Period	10 years
ARO Rigs Under Construction | drillship	2
Cost of ARO newbuild jackups, each	$ 176
Percentage of Down Payment Paid for ARO Newbuilds	25%
Maximum Contingent Contributions To Joint Venture	$ 1,250
Minimum Renewal Contract Terms For NewBuild Rigs	8 years
Letters of credit outstanding, amount	$ 130.4
Deposit Liabilities, Collateral Issued, Financial Instruments	$ 15.7	$ 31.1

Segment Information (Narrative)

Segment Information (Narrative) (Details)	9 Months Ended
	Sep. 30, 2022 drillship Reportable_segment
Segment Reporting Information [Line Items]
Number of operating segments (in segments) | Reportable_segment	4
Total Number Of Contract Drilling Rigs	52
Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	8
ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	7
Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	16
Asia & Pacific Rim
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	6
Asia & Pacific Rim | Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
Asia & Pacific Rim | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
Asia & Pacific Rim | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	2
Asia & Pacific Rim | Work-in-progress | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	2
North & South America
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	13
North & South America | Other
Segment Reporting Information [Line Items]
Number of Drilling Management Contracts	2
Total Number Of Contract Drilling Rigs	0
North & South America | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
North & South America | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	7
Middle East & Africa
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	17
Middle East & Africa | Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	8
Middle East & Africa | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	7
Middle East & Africa | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	3
Middle East & Africa | Work-in-progress | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	2

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Millions	3 Months Ended			4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 437.2		$ 326.7	$ 397.4	$ 529.5	$ 1,168.9
Operating expenses
Contract drilling (exclusive of depreciation)	336.7		274.6	343.8	443.2	1,029.8
Loss on impairment		$ 34.5		756.5	0	34.5
Depreciation expense	22.6		24.4	159.6	41	67.4
General and administrative	19.2		27.2	30.7	39.9	57
Equity in earnings of ARO	(2.9)		(2.6)	(3.1)	(7.4)	(15.9)
Operating Income (Loss)	61.6		3.1	(890.1)	12.8	(3.9)
Property, Plant and Equipment, Net	(953.6)		(892.3)	(909.1)	(892.3)	(953.6)	$ (890.9)
Operating Segments [Member] | Floaters
Segment Reporting Information [Line Items]
Revenues	201.7		104.3	115.7	154	489.5
Operating expenses
Contract drilling (exclusive of depreciation)	160.5		91.6	106.5	136.9	473.4
Loss on impairment				756.5		34.5
Depreciation expense	12.6		11.4	72.1	19.3	37.1
General and administrative	0		0	0	0	0
Equity in earnings of ARO	0		0	0	0	0
Operating Income (Loss)	28.6		1.3	(819.4)	(2.2)	(55.5)
Property, Plant and Equipment, Net	(473.4)		(416.2)	(419.3)	(416.2)	(473.4)
Operating Segments [Member] | Jackups
Segment Reporting Information [Line Items]
Revenues	195.9		186.3	232.4	314.8	562.4
Operating expenses
Contract drilling (exclusive of depreciation)	128		141.7	175	237.1	409.4
Loss on impairment				0		0
Depreciation expense	8.7		12.1	69.7	19.9	26.5
General and administrative	0		0	0	0	0
Equity in earnings of ARO	0		0	0	0	0
Operating Income (Loss)	59.2		32.5	(12.3)	57.8	126.5
Property, Plant and Equipment, Net	(386.7)		(394.2)	(401.4)	(394.2)	(386.7)
Operating Segments [Member] | ARO
Segment Reporting Information [Line Items]
Revenues	111.4		117.7	163.5	201.7	339.1
Operating expenses
Contract drilling (exclusive of depreciation)	90		94.4	116.1	157.3	256.3
Loss on impairment				0		0
Depreciation expense	15.4		16.8	21	26.5	47.3
General and administrative	4.7		5.4	4.2	8.5	13.1
Equity in earnings of ARO	0		0	0	0	0
Operating Income (Loss)	1.3		1.1	22.2	9.4	22.4
Property, Plant and Equipment, Net	(757.7)		(728.3)	(730.7)	(728.3)	(757.7)
Operating Segments [Member] | Other
Segment Reporting Information [Line Items]
Revenues	39.6		36.1	49.3	60.7	117
Operating expenses
Contract drilling (exclusive of depreciation)	17.8		14.2	19.9	23.4	58
Loss on impairment				0		0
Depreciation expense	1.2		0.9	14.8	1.7	3.4
General and administrative	0		0	0	0	0
Equity in earnings of ARO	0		0	0	0	0
Operating Income (Loss)	20.6		21	14.6	35.6	55.6
Property, Plant and Equipment, Net	(57.7)		(47.3)	(50.5)	(47.3)	(57.7)
Corporate, Non-Segment [Member] | Reconciling Items
Segment Reporting Information [Line Items]
Revenues	(111.4)		(117.7)	(163.5)	(201.7)	(339.1)
Operating expenses
Contract drilling (exclusive of depreciation)	(59.6)		(67.3)	(73.7)	(111.5)	(167.3)
Loss on impairment				0		0
Depreciation expense	(15.3)		(16.8)	(18)	(26.4)	(46.9)
General and administrative	14.5		21.8	26.5	31.4	43.9
Equity in earnings of ARO	(2.9)		(2.6)	(3.1)	(7.4)	(15.9)
Operating Income (Loss)	(48.1)		(52.8)	(95.2)	(87.8)	(152.9)
Property, Plant and Equipment, Net	$ 721.9		$ 693.7	$ 692.8	$ 693.7	$ 721.9

Segment Information (Schedule_2

Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	52
Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	16
Jackups
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	28
Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	8
ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	7
North & South America
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	13
North & South America | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	7
North & South America | Jackups
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	6
North & South America | Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
North & South America | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
Europe & the Mediterranean
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	16
Europe & the Mediterranean | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	4
Europe & the Mediterranean | Jackups
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	12
Europe & the Mediterranean | Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
Europe & the Mediterranean | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
Middle East & Africa
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	17
Middle East & Africa | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	3
Middle East & Africa | Jackups
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	6
Middle East & Africa | Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	8
Middle East & Africa | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	7
Asia & Pacific Rim
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	6
Asia & Pacific Rim | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	2
Asia & Pacific Rim | Jackups
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	4
Asia & Pacific Rim | Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
Asia & Pacific Rim | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0

Supplemental Financial Inform_3

Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 552.7	$ 460.6
Allowance for doubtful accounts	(17.2)	(16.4)
Accounts receivable, net	535.5	444.2
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	379.3	296.8
Income Tax Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	148.4	151.1
Other Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 25	$ 12.7

Supplemental Financial Inform_4

Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Supplemental Financial Information [Abstract]
Other Deferred Costs, Net	$ 62.1	$ 26.9
Prepaid taxes	47.2	44.4
Prepaid expenses	26.5	23.1
Other	27.1	23.4
Other current assets	$ 162.9	$ 117.8

Supplemental Financial Inform_5

Supplemental Financial Information (Other Assets, Net) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Supplemental Financial Information [Abstract]
Tax receivables	$ 60.8	$ 64.8
Deferred Income Tax Assets, Net	51.3	59.7
Right-of-use assets	23.7	20.5
Other	39.7	31
Other assets, net	$ 175.5	$ 176

Supplemental Financial Inform_6

Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Supplemental Financial Information [Abstract]
Deferred revenue	$ 84.8	$ 45.8
Personnel costs	48.3	47.3
Income and other taxes payable	51	45.7
Accrued interest	18.9	7.6
Accrued claims	23.9	17.3
Lease liabilities	9.7	10
Other	25.9	22.5
Accrued liabilities and other	$ 262.5	$ 196.2

Supplemental Financial Inform_7

Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Supplemental Financial Information [Abstract]
Unrecognized tax benefits (inclusive of interest and penalties)	$ 271	$ 320.2
Pension and other post-retirement benefits	189.8	204
Other	79	56.9
Other liabilities	$ 539.8	$ 581.1

Supplemental Financial Inform_8

Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Supplemental Financial Information [Abstract]
Pension and other post-retirement benefits	$ (9.2)	$ (9.1)
Currency translation adjustment	0.1	0
Accumulated other comprehensive loss	$ (9.1)	$ (9.1)

Supplemental Financial Inform_9

Supplemental Financial Information (Other Income) (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Supplemental Financial Information [Abstract]
Gain (Loss) on Sale of Properties	$ 0.1	$ 0.3	$ 6	$ 0.2	$ 137.7
Foreign Currency Transaction Gain (Loss), before Tax	9.8	1.7	13.4	4.8	25.2
Net periodic pension income	(4)	3.7	5.4	6.1	12.1
Other Nonoperating Expense	(0.2)	(0.2)	(1.1)	0	(0.2)
Other, net	$ 14.1	$ 5.5	$ 25.9	$ 11.1	$ 174.8

Supplemental Financial Infor_10

Supplemental Financial Information Schedule of Revenue by Major Customers, by Reporting Segments (Details) - Revenue Benchmark [Member] - Customer Concentration Risk	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	100%	100%	100%	100%	100%
Equinor ASA
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	6%	6%	6%	6%	10%
British Petroleum
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	14%	9%	14%	9%	14%
Total S.A.
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	4%	14%	0%	9%	5%
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	76%	71%	80%	76%	71%
Floaters | Equinor ASA
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage					45%
Floaters | British Petroleum
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	34%	3%	37%	200%	37%
Jackups | Equinor ASA
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage					55%
Jackups | British Petroleum
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	25%	24%	17%	24%	19%

Supplemental Financial Infor_11

Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Apr. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES			$ 437.2	$ 326.7	$ 397.4	$ 529.5	$ 1,168.9
Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES		$ 529.5	437.2	326.7	397.4		1,168.9
UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	$ 111		71.4	69.9	75.7		200.1
NORWAY | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	89.9		38.6	49.4	73.3		91
US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	71.1		95.2	40.2	74.4		271.6
SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	58.7		30.9	33.5	53.6		104.1
MEXICO | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	52.3		10.7	33.4	44.3		53.4
Other | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	$ 95.3		138.6	66.9	75.1		357.8
AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES			$ 51.8	$ 33.4	$ 1	$ 51.2	$ 90.9
Floaters | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage			65%	46%	64%	50%	66%
Floaters | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage			78%	64%	77%	62%	80%
Jackups | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage			8%				7%
Jackups | SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage			54%	56%	57%	57%	58%
Jackups | MEXICO | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage				52%	51%	54%	91%

Supplemental Financial Infor_12

Supplemental Financial Information - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted Cash	$ 18.2	$ 35.9
Deposit Liabilities, Collateral Issued, Financial Instruments	$ 15.7	$ 31.1