Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | Valaris Limited |
Entity Central Index Key | 0000314808 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Year Summary (1) Compensation (2) Summary (1) Compensation (2) Average (1)(3) Average compensation actually paid to non-PEO NEOs (3)(4) Value of initial fixed $100 investment based on: Net income (loss) (millions) (7) Stock Price (8) Total shareholder return (5) Peer group total shareholder return (6) 2022 2,312,047 29,557,102 — — 2,678,633 5,707,378 285.30 160.70 176.5 67.62 2021 15,419,099 18,405,019 18,487,913 7,600,866 4,949,709 3,779,743 151.90 96.50 (4,494.4) 36.00 2020 — — 7,567,090 2,677,182 4,339,194 3,744,156 N/A N/A (4,855.5) N/A | ||
Company Selected Measure Name | The company-selected measure is our stock price on the last trading day of each respective year. Valaris Limited's common shares began trading on NYSE on May 3, 2021, following our emergence from bankruptcy proceedings. | ||
Named Executive Officers, Footnote [Text Block] | The dollar amounts reported represent the amount of “compensation actually paid” to our PEO for each applicable year, as computed in accordance Non-PEO NEOs included for 2022 are Messrs. Weber, Luca, Lyne, Vukadin and Gibbins. Non-PEO NEOs included for 2021 are Messrs. Luca, Gibbins, Jonathan Baksht (our former Executive Vice President and Chief Financial Officer), and Alan Quintero (our Former Senior Vice President, Business Development). Non-PEO NEOs included for 2020 are Mr. Baksht, Michael McGuinty (our former Senior Vice President, General Counsel and Secretary) and Carl G. Trowell (our former Executive Chairman). | ||
Peer Group Issuers, Footnote [Text Block] | The peer group used for this purpose is the Dow Jones U.S. Select Oil Equipment & Services Index. | ||
Adjustment To PEO Compensation, Footnote [Text Block] | with Item 402(v) of Regulation S-K. In accordance with SEC rules, the following adjustments were made to total compensation to determine the compensation actually paid: Anton Dibowitz Thomas P. Burke 2022 2021 2021 2020 "Total" as reported in Summary Compensation Table ("SCT") 2,312,047 15,419,099 18,487,913 7,567,090 Less, fair value of equity awards granted during the year as reported in the "Share Awards" column in SCT (692,457) (14,683,726) (10,897,489) (1,423,447) Plus, fair value at year-end of equity awards granted in the year 1,097,608 17,669,646 — — Plus, change in fair value (whether positive or negative) from prior year-end to vesting date for awards granted in prior years that vested during the year (a) 296,563 — 15,062 (498,664) Plus, change in fair value (whether positive or negative) from prior fiscal year-end for awards granted in prior years that were unvested at end of year 26,543,341 — — (2,967,797) Less, prior year-end fair value of awards forfeited in year — — (4,620) — Compensation Actually Paid to PEO 29,557,102 18,405,019 7,600,866 2,677,182 (a) The change in fair value for awards that vested in 2021 for Mr. Burke reflects 327,679 RSUs that vested but were unsettled and ultimately cancelled upon emergence from Chapter 11. | ||
Non-PEO NEO Average Total Compensation Amount | $ 2,678,633 | $ 4,949,709 | $ 4,339,194 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 5,707,378 | 3,779,743 | 3,744,156 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | In accordance with SEC rules, the following adjustments were made to total compensation to determine the compensation actually paid: Average Non-PEO NEOs 2022 2021 2020 Average "Total" as reported in the (SCT) 2,678,633 4,949,709 4,339,194 Less, average fair value of equity awards granted during the year as reported in the "Share Awards" column in the SCT (1,859,646) (2,804,443) (344,070) Plus, average fair value at year-end of equity awards granted in the year 2,938,321 1,635,540 — Plus, average change in fair value (whether positive or negative) from prior year-end to vesting date for awards granted in prior years that vested during the year (a) 29,223 855 5,222 Plus, average fair value (whether positive or negative) of equity awards granted and vested in the year 4,564 — — Plus average change in fair value (whether positive or negative) from prior year-end to current year-end for awards granted in prior years that were unvested at end of current year 1,916,283 — (158,640) Less, average prior year-end fair value of awards forfeited in year — (1,918) (97,550) Average Compensation Actually Paid to Non-PEO NEOs 5,707,378 3,779,743 3,744,156 (a) The average change in fair value for awards that vested in 2021 reflects an aggregate 72,779 RSUs for Messrs. Luca, Gibbins, Baksht and Quintero that vested, but were unsettled and ultimately cancelled upon emergence from Chapter 11. | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Compensation Actually Paid and Cumulative Company TSR and Peer Group TSR | ||
Compensation Actually Paid vs. Net Income [Text Block] | Compensation Actually Paid and Net Income | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Compensation Actually Paid and Stock Price | ||
Total Shareholder Return Amount | $ 285.30 | 151.90 | |
Peer Group Total Shareholder Return Amount | 160.70 | 96.50 | |
Net Income (Loss) | $ 176,500,000 | $ (4,494,400,000) | (4,855,500,000) |
Company Selected Measure Amount | $ / shares | 67.62 | 36 | |
Additional 402(v) Disclosure [Text Block] | The dollar amounts reported represent the amount of net income (loss) attributable to Valaris reflected in the Company’s audited financial statements included in our annual report on Form 10-K filed with the SEC for each applicable year. The net loss reported for 2021 is comprised of a loss of $27.4 million for the eight months ended December 31, 2021 successor period and a loss of $4,467.0 million for the four months ended April 30, 2021 predecessor period. | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Stock Price | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted EBITDA | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Relative ROCE | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Personal and process safety | ||
Measure [Axis]: 5 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Downtime performance | ||
Measure [Axis]: 6 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Spill prevention | ||
Anton Dibowitz [Member] | |||
Pay vs Performance Disclosure [Table] | |||
PEO Total Compensation Amount | $ 2,312,047 | $ 15,419,099 | 0 |
PEO Actually Paid Compensation Amount | $ 29,557,102 | 18,405,019 | 0 |
PEO Name | Anton Dibowitz | ||
Tom Burke [Member] | |||
Pay vs Performance Disclosure [Table] | |||
PEO Total Compensation Amount | $ 0 | 18,487,913 | 7,567,090 |
PEO Actually Paid Compensation Amount | $ 0 | 7,600,866 | 2,677,182 |
PEO Name | Thomas P. Burke | ||
PEO [Member] | Anton Dibowitz [Member] | Fair Value of Equity Awards As of Grant Date [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (692,457) | (14,683,726) | |
PEO [Member] | Anton Dibowitz [Member] | Fair Value of Equity Awards As of Year End Date [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,097,608 | 17,669,646 | |
PEO [Member] | Anton Dibowitz [Member] | Changes in Fair Value of Awards Granted and Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 296,563 | 0 | |
PEO [Member] | Anton Dibowitz [Member] | Changes in Fair Value of Awards Granted and Unvested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 26,543,341 | 0 | |
PEO [Member] | Anton Dibowitz [Member] | Fair Value of Awards Forfeited [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | |
PEO [Member] | Tom Burke [Member] | Fair Value of Equity Awards As of Grant Date [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (10,897,489) | (1,423,447) | |
PEO [Member] | Tom Burke [Member] | Fair Value of Equity Awards As of Year End Date [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | |
PEO [Member] | Tom Burke [Member] | Changes in Fair Value of Awards Granted and Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 15,062 | (498,664) | |
PEO [Member] | Tom Burke [Member] | Changes in Fair Value of Awards Granted and Unvested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | (2,967,797) | |
PEO [Member] | Tom Burke [Member] | Fair Value of Awards Forfeited [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (4,620) | 0 | |
Non-PEO NEO [Member] | Fair Value of Equity Awards As of Grant Date [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,859,646) | (2,804,443) | (344,070) |
Non-PEO NEO [Member] | Fair Value of Equity Awards As of Year End Date [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 2,938,321 | 1,635,540 | 0 |
Non-PEO NEO [Member] | Changes in Fair Value of Awards Granted and Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 29,223 | 855 | 5,222 |
Non-PEO NEO [Member] | Changes in Fair Value of Awards Granted and Unvested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,916,283 | 0 | (158,640) |
Non-PEO NEO [Member] | Fair Value of Awards Forfeited [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | (1,918) | (97,550) |
Non-PEO NEO [Member] | Fair Value of Equity Awards Granted and Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 4,564 | $ 0 | $ 0 |