Valaris Limited (VAL) 10-Q 2 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 27, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000314808
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Shares, Shares Outstanding		75,181,200
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
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
OPERATING REVENUES	$ 430.1	$ 318.4
OPERATING EXPENSES
Contract drilling (exclusive of depreciation)	377.2	331.3
Depreciation expense	23.3	22.5
General and administrative	24.4	18.8
Total operating expenses	424.9	372.6
Income (Loss) from Equity Method Investments	(3.3)	(4.3)
OPERATING INCOME (LOSS)	8.5	(49.9)
OTHER INCOME (EXPENSE)
Interest income	23	10.9
Interest expense, net	(11.1)	(11.5)
Other, net	0.6	10
OTHER INCOME (EXPENSE), NET	12.5	9.4
INCOME (LOSS) BEFORE INCOME TAXES	21	(40.5)
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current income tax benefit	(32.2)	(0.1)
Deferred income tax expense (benefit)	4.6	(0.6)
Total provision for income taxes	(27.6)	(0.7)
Net income (loss)	48.6	(39.8)
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(1.9)	1.2
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS	$ 46.7	$ (38.6)
EARNINGS (LOSS) PER SHARE
Basic (in dollars per share)	$ 0.62	$ (0.51)
Diluted (in dollars per share)	$ 0.61	$ (0.51)
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic (in shares)	75.2	75
Diluted (in shares)	76.4	75

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 48.6	$ (39.8)
OTHER COMPREHENSIVE LOSS, NET
Net reclassification adjustment for amounts recognized in net income as a component of net periodic benefit	(0.1)	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(0.1)	(0.3)
NET OTHER COMPREHENSIVE LOSS	(0.2)	(0.3)
COMPREHENSIVE INCOME (LOSS)	48.4	(40.1)
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(1.9)	1.2
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS	$ 46.5	$ (38.9)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 822.5	$ 724.1
Restricted Cash	21.5	24.4
Accounts receivable, net	393.4	449.1
Other current assets	158.1	148.6
Total current assets	1,395.5	1,346.2
PROPERTY AND EQUIPMENT, AT COST	1,196.1	1,134.5
Less accumulated depreciation	180.6	157.3
Property, Plant and Equipment, Net, Total	1,015.5	977.2
LONG-TERM NOTES RECEIVABLE FROM ARO	261	254
INVESTMENT IN ARO	114.4	111.1
OTHER ASSETS	164.8	171.8
Total assets	2,951.2	2,860.3
CURRENT LIABILITIES
Accounts payable - trade	324.1	256.5
Accrued liabilities and other	267.7	247.9
Total current liabilities	591.8	504.4
LONG-TERM DEBT	542.8	542.4
OTHER LIABILITIES	464.6	515.6
Total liabilities	1,599.2	1,562.4
Commitments and Contingencies
VALARIS SHAREHOLDERS' EQUITY
Common Stock, Value, Outstanding	0.8	0.8
Preferred Stock, Value, Outstanding	0	0
Stock warrants	16.4	16.4
Additional paid-in capital	1,103.6	1,097.9
Retained earnings	206.8	160.1
Accumulated other comprehensive income	14.5	14.7
Total Valaris shareholders' equity	1,342.1	1,289.9
NONCONTROLLING INTERESTS	9.9	8
Total equity	1,352	1,297.9
Total liabilities and shareholders' equity	$ 2,951.2	$ 2,860.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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
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_3

Condensed Consolidated Statements Of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net income (loss)	$ 48,600,000	$ (39,800,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation expense	23,300,000	22,500,000
Accretion of discount on the Notes Receivable from ARO	(7,000,000)	(7,700,000)
Share-based compensation expense	5,700,000	3,400,000
Deferred Income Tax Expense (Benefit)	4,600,000	(600,000)
Amortization, Net	(4,200,000)	1,600,000
Income (Loss) from Equity Method Investments	(3,300,000)	(4,300,000)
Net periodic pension and retiree medical income	(100,000)	(4,000,000)
Gain on asset disposals	(100,000)	(2,500,000)
Other	100,000	500,000
Changes in operating assets and liabilities	85,100,000	32,500,000
Contributions to pension plans and other post-retirement benefits	1,000,000	800,000
Net cash provided by operating activities	151,700,000	800,000
INVESTING ACTIVITIES
Additions to property and equipment	(56,300,000)	(38,500,000)
Net proceeds from disposition of assets	100,000	1,300,000
Net cash used in investing activities	(56,200,000)	(37,200,000)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	95,500,000	(36,400,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	748,500,000	644,600,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$ 844,000,000	$ 608,200,000

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Financial Statements	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of 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 (the "Company," "Valaris," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2022 Condensed Consolidated Balance Sheet data was derived from our 2022 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 months ended March 31, 2023 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2023, 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, 2022, filed with the SEC on February 21, 2023 (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. New Accounting Pronouncements Recently adopted accounting pronouncements 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 adopted Update 2021-08 effective January 1, 2023 with no material impact to our condensed consolidated financial statements upon adoption. 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 U.S. 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. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to extend the temporary accounting rules under Topic 848 from December 31, 2022, to December 31, 2024. Our long-term notes receivable from Saudi Aramco Rowan Offshore Drilling Company, our 50/50 unconsolidated joint venture with Saudi Aramco ("ARO"), from which we generate interest income on a LIBOR-based rate (the "Notes Receivable from ARO"), are impacted by the application of this standard. As the Notes Receivable from ARO bear interest on the LIBOR rate determined at the end of the preceding year, the rate governing our interest income in 2023 has already been determined. We expect to be able to modify the terms of our Notes Receivable from ARO 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.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2023
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 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 remaining duration of our drilling contracts based on those in place as of March 31, 2023 was between approximately 1 month and 5 years. 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 unconsolidated 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): March 31, 2023 December 31, 2022 Current contract assets $ 1.3 $ 4.6 Noncurrent contract assets $ 1.2 $ 0.7 Current contract liabilities (deferred revenue) $ 65.8 $ 78.0 Noncurrent contract liabilities (deferred revenue) $ 32.4 $ 41.0 Changes in contract assets and liabilities during the period are as follows (in millions): Contract Assets Contract Liabilities Balance as of December 31, 2022 $ 5.3 $ 119.0 Revenue recognized in advance of right to bill customer 1.1 — Increase due to cash received — 15.2 Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance — (23.3) Decrease due to amortization of deferred revenue added during the period — (4.2) Decrease due to transfer to receivables and payables during the period (3.9) (8.5) Balance as of March 31, 2023 $ 2.5 $ 98.2 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. Deferred contract costs were included in Other current assets and Other assets on our Condensed Consolidated Balance Sheets and totaled $53.8 million and $57.3 million as of March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023 and 2022, amortization of such costs totaled $20.0 million and $11.7 million, respectively. Deferred Certification Costs We must obtain certifications from various regulatory bodies in order to operate our drilling rigs and must maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, as well as remedial structural work and other compliance costs, are deferred and amortized on a straight-line basis over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in Other current assets and Other assets on our Condensed Consolidated Balance Sheets and totaled $19.2 million and $16.2 million as of March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023 and 2022, amortization of such costs totaled $2.7 million and $0.3 million, respectively. Future Amortization of Contract Liabilities and Deferred Costs The table below reflects the expected future amortization of our contract liabilities and deferred costs recorded as of March 31, 2023. 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. See " Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements. (In millions) Remaining 2023 2024 2025 2026 and Thereafter Total Amortization of contract liabilities $ 53.3 $ 41.7 $ 2.0 $ 1.2 $ 98.2 Amortization of deferred costs $ 51.7 $ 19.2 $ 1.6 $ 0.5 $ 73.0

Equity Method Investment In ARO

Equity Method Investment In ARO Equity Method Investment In ARO	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, 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. 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, and the delivery of these rigs is expected in 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. 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. Cost incurred under the Secondment Agreement are included in Contract drilling expense and General and administrative, depending on the function to which the seconded employee's service related. See additional discussion below regarding these related-party transactions. Summarized financial information for ARO is as follows (in millions): Three Months Ended March 31, 2023 March 31, 2022 Revenues $ 123.6 $ 111.3 Operating expenses Contract drilling (exclusive of depreciation) 90.9 84.2 Depreciation 15.0 16.5 General and administrative 4.6 5.2 Operating income 13.1 5.4 Other expense, net 10.4 3.3 Provision for income taxes 1.9 0.7 Net income $ 0.8 $ 1.4 March 31, 2023 December 31, 2022 Cash and cash equivalents $ 101.2 $ 176.2 Other current assets 189.3 140.6 Non-current assets 830.2 818.1 Total assets $ 1,120.7 $ 1,134.9 Current liabilities $ 68.5 $ 86.3 Non-current liabilities 887.4 884.6 Total liabilities $ 955.9 $ 970.9 Equity in Earnings of ARO We account for our interest in ARO using the equity method of accounting and only recognize our portion of ARO's net income, adjusted for basis differences as discussed below, which is included in Equity in earnings of ARO in our Condensed Consolidated Statements of Operations. Our equity method investment in ARO was recorded at its estimated fair value at both the Effective Date and the date of our 2019 transaction where we acquired the subsidiary that held the joint venture interest. 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 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 2023 2022 50% interest in ARO net income $ 0.4 $ 0.7 Amortization of basis differences 2.9 3.6 Equity in earnings of ARO $ 3.3 $ 4.3 Related-Party Transactions Revenues recognized by us related to the Lease Agreements were $18.8 million and $14.2 million for the three months ended March 31, 2023 and 2022, respectively. Our balances related to the ARO lease agreements were as follows (in millions): March 31, 2023 December 31, 2022 Amounts receivable (1) $ 16.9 $ 12.0 Contract liabilities (2) 8.9 16.7 Accounts payable (2) $ 53.4 $ 43.2 (1) Amounts receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheet. (2) 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 the 10-year Notes Receivable from ARO based on a one-year LIBOR rate, set as of the end of the year prior to the year applicable, plus two percent. The principal amount and discount of the Notes Receivable from ARO were as follows (in millions): March 31, 2023 December 31, 2022 Principal amount $ 402.7 $ 402.7 Discount (141.7) (148.7) Carrying value $ 261.0 $ 254.0 Interest receivable (1)(2) $ 7.5 $ — (1) Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheet. (2) We collected our 2022 interest on the Notes Receivable from ARO in cash prior to December 31, 2022, and as such, there was no interest receivable from ARO as of December 31, 2022. Interest income earned on the Notes Receivable from ARO was as follows (in millions): Three Months Ended 2023 2022 Interest income $ 7.5 $ 2.8 Non-cash amortization 7.0 7.7 Total interest income on the Notes Receivable from ARO $ 14.5 $ 10.5

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The carrying values and estimated fair values of certain of our financial instruments were as follows (in millions): March 31, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value First Lien Notes (1) $ 542.8 $ 561.8 $ 542.4 $ 545.9 Long-term notes receivable from ARO (2) $ 261.0 $ 321.9 $ 254.0 $ 336.7 (1) 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. (2) The estimated fair value of our Notes Receivable from ARO was estimated using an income approach to value the forecasted cash flows attributed to the Notes Receivable from ARO using a discount rate based on a comparable yield with a country-specific risk premium, which are considered to be level 2 inputs. The estimated fair values of our cash and cash equivalents, restricted cash, accounts receivable and trade payables approximated their carrying values as of March 31, 2023 and December 31, 2022.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following (in millions): March 31, 2023 December 31, 2022 Drilling rigs and equipment $ 1,049.3 $ 1,036.5 Work-in-progress 108.0 59.8 Other 38.8 38.2 $ 1,196.1 $ 1,134.5 No assets were classified as held-for-sale on our Condensed Consolidated Balance Sheet as of March 31, 2023, or December 31, 2022. In April 2023, VALARIS 54 was sold resulting in a pre-tax gain on the sale of approximately $28.0 million in the second quarter of 2023. The rig had an immaterial net book value as of March 31, 2023.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Interest cost $ 7.7 $ 5.5 Expected return on plan assets (7.7) (9.5) Amortization of net gain (0.1) — Net periodic pension and retiree medical income (1) $ (0.1) $ (4.0) (1) Included in Other, net, in our Condensed Consolidated Statements of Operations.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2023
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. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and includes the effect of all potentially dilutive stock equivalents, including warrants, restricted stock unit awards and performance stock unit awards. The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three months ended March 31, 2023 and 2022 (in millions): Three Months Ended 2023 2022 Income (loss) from continuing operations attributable to our shares $ 46.7 $ (38.6) Weighted average shares outstanding: Basic 75.2 75.0 Effect of stock equivalents 1.2 — Diluted 76.4 75.0 Anti-dilutive share awards totaling 8,000 were excluded from the computation of diluted EPS for the three months ended March 31, 2023. Anti-dilutive share awards totaling 1.0 million were excluded from the computation of diluted EPS for the three months ended March 31, 2022. Due to the net loss position, our potentially dilutive share awards were not included in the computation of diluted EPS as the effect these shares would have been anti-dilutive. We had 5,470,950 warrants outstanding (the "Warrants") as of March 31, 2023 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 and 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.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt First Lien Notes Indenture On April 30, 2021, 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 $550.0 million. For a summary of the First Lien Notes, see “Note 8 – Debt” to our consolidated financial statements included in our Annual Report on Form 10-K. On April 3, 2023, the Company issued a notice of conditional redemption to the holders of the First Lien Notes at a redemption price equal to 104.0% of the principal amount of the First Lien Notes, plus accrued and unpaid interest to, but not including, the redemption date (the “Redemption Price”). On April 19, 2023, in connection with the issuance of our 8.375% Senior Secured Second Lien Notes due 2030 (the “Second Lien Notes”) discussed below, the Company discharged its obligations under the indenture governing the First Lien Notes and deposited the Redemption Price with Wilmington Savings Fund Society, as trustee under such indenture. The First Lien Notes will be redeemed on May 3, 2023. Second Lien Notes Indenture On April 19, 2023, the Company and Valaris Finance Company LLC (“Valaris Finance”), a wholly-owned subsidiary, issued and sold $700.0 million aggregate principal amount of Second Lien Notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The Second Lien Notes bear an interest rate of 8.375% per annum, will mature on April 30, 2030 and were issued at par for net proceeds of approximately $685.0 million, after deducting the initial purchasers’ discount and offering expenses. The Company is using a portion of the net proceeds to fund the redemption of its outstanding First Lien Notes as described above. Senior Secured Revolving Credit Facility On April 3, 2023, the Company entered into a senior secured revolving credit agreement (the “Credit Agreement”). The Credit Agreement provides for commitments permitting borrowings of up to $375.0 million (which may be increased, subject to the satisfaction of certain conditions and the agreement of lenders to provide such additional commitments, by an additional $200.0 million pursuant to the terms of the Credit Agreement) and includes a $150.0 million sublimit for the issuance of letters of credit. Valaris Finance and certain other subsidiaries of the Company (together with Valaris Finance, the “Guarantors”) guarantee the Company’s obligations under the Credit Agreement, and the lenders have a first priority lien on the assets securing the Credit Agreement. The commitments under the Credit Agreement became available to be borrowed on April 19, 2023.

Shareholders Equity

Shareholders Equity	3 Months Ended
	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Shareholders' Equity and Share-based Payments [Text Block]	Shareholders' Equity Activity in our various shareholders' equity accounts for the three months ended March 31, 2023 and 2022 were as follows (in millions): Shares Par Value Additional Warrants Retained Earnings AOCI Non-controlling BALANCE, December 31, 2022 75.2 $ 0.8 $ 1,097.9 $ 16.4 $ 160.1 $ 14.7 $ 8.0 Net income — — — — 46.7 — 1.9 Share-based compensation cost — — 5.7 — — — — Net changes in Pension and other postretirement benefits — — — — — (0.1) — Net other comprehensive loss — — — — — (0.1) — BALANCE, March 31, 2023 75.2 $ 0.8 $ 1,103.6 $ 16.4 $ 206.8 $ 14.5 $ 9.9 Shares Par Value Additional Warrants Retained AOCI Non-controlling BALANCE, December 31, 2021 75.0 $ 0.8 $ 1,083.0 $ 16.4 $ (16.4) $ (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 75.0 $ 0.8 $ 1,086.4 $ 16.4 $ (55.0) $ (9.4) $ 1.5 Share Repurchase Program In 2022, our board of directors authorized a share repurchase program under which we may purchase up to $100.0 million of our outstanding Common Shares. In April 2023, the board of directors authorized an increase of this amount to $300.0 million. The share repurchase program does not have a fixed expiration, and may be modified, suspended or discontinued at any time. We did not repurchase any Common Shares during the three months ended March 31, 2023 under the repurchase program.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	Income Taxes Historically, we calculated our provision for income taxes during interim reporting periods by applying the estimated annual effective tax rate for the full fiscal year to pre-tax income or loss, excluding discrete items, for the reporting period. We determined that since small changes in estimated pre-tax income or loss would result in significant changes in the estimated annual effective tax rate, the historical method would not provide a reliable estimate of income taxes for the three months ended March 31, 2023 and 2022, 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 benefit for the three months ended March 31, 2023 and 2022 was $43.8 million and $14.5 million, respectively, and was primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years. Excluding the aforementioned discrete tax items, income tax expense for the three months ended March 31, 2023 and 2022 was $16.2 million and $13.8 million, respectively.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies 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 March 31, 2023 totaled $140.9 million and are issued under facilities provided by various banks and other financial institutions. Obligations under these letters of credit are not normally called, as we typically comply with the underlying performance requirement. As of March 31, 2023, we had collateral deposits in the amount of $19.4 million with respect to these agreements. Patent Litigation In December 2022, a subsidiary of Transocean Ltd. commenced an arbitration proceeding against us alleging breach of a license agreement related to certain dual-activity drilling patents. We are unable to estimate our potential exposure, if any, to the proceeding at this time but do not believe that our ultimate liability, if any, resulting from this proceeding will have a material effect on our consolidated financial condition, results of operations or cash flows. We do not believe that we have breached the license agreement and intend to defend ourselves vigorously against this claim. Other Matters

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022, respectively, are presented below (in millions). Three Months Ended March 31, 2023 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 214.8 $ 169.8 $ 123.6 $ 45.5 $ (123.6) $ 430.1 Operating expenses Contract drilling (exclusive of depreciation) 174.6 148.9 90.9 20.2 (57.4) 377.2 Depreciation 13.0 9.0 15.0 1.3 (15.0) 23.3 General and administrative — — 4.6 — 19.8 24.4 Equity in earnings of ARO — — — — 3.3 3.3 Operating income $ 27.2 $ 11.9 $ 13.1 $ 24.0 $ (67.7) $ 8.5 Property and equipment, net $ 515.7 $ 404.1 $ 788.6 $ 55.6 $ (748.5) $ 1,015.5 Three Months Ended March 31, 2022 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 99.7 $ 180.7 $ 111.3 $ 38.0 $ (111.3) $ 318.4 Operating expenses Contract drilling (exclusive of depreciation) 147.6 139.2 84.2 15.5 (55.2) 331.3 Depreciation 12.2 9.1 16.5 0.9 (16.2) 22.5 General and administrative — — 5.2 — 13.6 18.8 Equity in earnings of ARO — — — — 4.3 4.3 Operating income (loss) $ (60.1) $ 32.4 $ 5.4 $ 21.6 $ (49.2) $ (49.9) Property and equipment, net $ 457.6 $ 387.1 $ 730.9 $ 51.7 $ (697.1) $ 930.2 Information about Geographic Areas As of March 31, 2023, 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	3 Months Ended
	Mar. 31, 2023
Supplemental Financial Information [Abstract]
Supplemental Financial Information	Supplemental Financial Information Condensed Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions): March 31, December 31, Trade $ 339.6 $ 345.7 Income tax receivables 47.9 93.6 Other 20.6 24.6 408.1 463.9 Allowance for doubtful accounts (14.7) (14.8) $ 393.4 $ 449.1 Other current assets consisted of the following (in millions): March 31, December 31, Deferred costs $ 63.4 $ 59.1 Prepaid taxes 47.3 44.6 Prepaid expenses 17.6 17.5 Other 29.8 27.4 $ 158.1 $ 148.6 Accrued liabilities and other consisted of the following (in millions): March 31, December 31, Deferred revenue $ 65.8 $ 78.0 Personnel costs 60.6 55.8 Income and other taxes payable 53.5 41.4 Accrued claims 25.6 27.2 Accrued interest 18.9 7.6 Lease liabilities 8.8 9.4 Other 34.5 28.5 $ 267.7 $ 247.9 Other liabilities consisted of the following (in millions): March 31, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 230.1 $ 275.0 Pension and other post-retirement benefits 158.7 159.8 Other 75.8 80.8 $ 464.6 $ 515.6 Condensed Consolidated Statements of Operations Information Other, net consisted of the following (in millions): Three Months Ended 2023 2022 Net foreign currency exchange gains $ 0.5 $ 4.7 Net periodic pension income 0.1 4.0 Net gain on sale of property 0.1 2.5 Other expense (0.1) (1.2) $ 0.6 $ 10.0 Condensed Consolidated Statement of Cash Flows Information Our restricted cash of $21.5 million and $24.4 million at March 31, 2023 and December 31, 2022, respectively, consists primarily of $19.4 million and $20.7 million of collateral on letters of credit for each respective period. See " Note 11 - Contingencies" for more information regarding our letters of credit. We received an income tax refund of $45.9 million during the first quarter of 2023 related to the U.S. Coronavirus Aid, Relief, and Economic Security Act. Concentration of Risk Credit Risk - We are exposed to credit risk relating to our receivables from customers and our cash and cash equivalents. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within our expectations. Customer Concentration - Consolidated revenues with customers that individually contributed 10% or more of revenue were as follows: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Floaters Jackups Other Total Floaters Jackups Other Total Eni S.p.A 7 % 7 % — % 14 % 4 % 6 % — % 10 % BP plc 2 % 5 % 6 % 13 % 7 % 2 % 7 % 16 % Shell plc 5 % 2 % — % 7 % 7 % 4 % — % 11 % Other customers (1) 36 % 25 % 5 % 66 % 13 % 45 % 5 % 63 % 50 % 39 % 11 % 100 % 31 % 57 % 12 % 100 % (1) Other customers includes customers that individually contributed to less than 10% of our total revenues. Geographic Concentration - 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 were as follows (in millions): Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Floaters Jackups Other Total Floaters Jackups Other Total U.S. Gulf of Mexico $ 41.7 $ 8.2 $ 26.1 $ 76.0 $ 20.6 $ 6.7 $ 23.3 $ 50.6 United Kingdom — 53.5 — 53.5 — 65.6 — 65.6 Australia 37.7 12.9 — 50.6 12.0 0.1 — 12.1 Saudi Arabia — 19.9 19.4 39.3 — 23.5 14.6 38.1 Other countries (1) 135.4 75.3 — 210.7 67.1 84.8 0.1 152.0 $ 214.8 $ 169.8 $ 45.5 $ 430.1 $ 99.7 $ 180.7 $ 38.0 $ 318.4

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of 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 (the "Company," "Valaris," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2022 Condensed Consolidated Balance Sheet data was derived from our 2022 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 months ended March 31, 2023 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2023, 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, 2022, filed with the SEC on February 21, 2023 (our "Annual Report").
New Accounting Pronouncements	New Accounting Pronouncements Recently adopted accounting pronouncements 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 adopted Update 2021-08 effective January 1, 2023 with no material impact to our condensed consolidated financial statements upon adoption. 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 U.S. 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. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to extend the temporary accounting rules under Topic 848 from December 31, 2022, to December 31, 2024. Our long-term notes receivable from Saudi Aramco Rowan Offshore Drilling Company, our 50/50 unconsolidated joint venture with Saudi Aramco ("ARO"), from which we generate interest income on a LIBOR-based rate (the "Notes Receivable from ARO"), are impacted by the application of this standard. As the Notes Receivable from ARO bear interest on the LIBOR rate determined at the end of the preceding year, the rate governing our interest income in 2023 has already been determined. We expect to be able to modify the terms of our Notes Receivable from ARO 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.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	The following table summarizes our contract assets and contract liabilities (in millions): March 31, 2023 December 31, 2022 Current contract assets $ 1.3 $ 4.6 Noncurrent contract assets $ 1.2 $ 0.7 Current contract liabilities (deferred revenue) $ 65.8 $ 78.0 Noncurrent contract liabilities (deferred revenue) $ 32.4 $ 41.0 Changes in contract assets and liabilities during the period are as follows (in millions): Contract Assets Contract Liabilities Balance as of December 31, 2022 $ 5.3 $ 119.0 Revenue recognized in advance of right to bill customer 1.1 — Increase due to cash received — 15.2 Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance — (23.3) Decrease due to amortization of deferred revenue added during the period — (4.2) Decrease due to transfer to receivables and payables during the period (3.9) (8.5) Balance as of March 31, 2023 $ 2.5 $ 98.2
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 March 31, 2023. 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. See " Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements. (In millions) Remaining 2023 2024 2025 2026 and Thereafter Total Amortization of contract liabilities $ 53.3 $ 41.7 $ 2.0 $ 1.2 $ 98.2 Amortization of deferred costs $ 51.7 $ 19.2 $ 1.6 $ 0.5 $ 73.0

Equity Method Investment In A_2

Equity Method Investment In ARO (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Summarized financial information for ARO is as follows (in millions): Three Months Ended March 31, 2023 March 31, 2022 Revenues $ 123.6 $ 111.3 Operating expenses Contract drilling (exclusive of depreciation) 90.9 84.2 Depreciation 15.0 16.5 General and administrative 4.6 5.2 Operating income 13.1 5.4 Other expense, net 10.4 3.3 Provision for income taxes 1.9 0.7 Net income $ 0.8 $ 1.4 March 31, 2023 December 31, 2022 Cash and cash equivalents $ 101.2 $ 176.2 Other current assets 189.3 140.6 Non-current assets 830.2 818.1 Total assets $ 1,120.7 $ 1,134.9 Current liabilities $ 68.5 $ 86.3 Non-current liabilities 887.4 884.6 Total liabilities $ 955.9 $ 970.9 Three Months Ended 2023 2022 50% interest in ARO net income $ 0.4 $ 0.7 Amortization of basis differences 2.9 3.6 Equity in earnings of ARO $ 3.3 $ 4.3
Schedule of Related Party Transactions	Our balances related to the ARO lease agreements were as follows (in millions): March 31, 2023 December 31, 2022 Amounts receivable (1) $ 16.9 $ 12.0 Contract liabilities (2) 8.9 16.7 Accounts payable (2) $ 53.4 $ 43.2 (1) Amounts receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheet. (2) 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. The principal amount and discount of the Notes Receivable from ARO were as follows (in millions): March 31, 2023 December 31, 2022 Principal amount $ 402.7 $ 402.7 Discount (141.7) (148.7) Carrying value $ 261.0 $ 254.0 Interest receivable (1)(2) $ 7.5 $ — (1) Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheet. (2) We collected our 2022 interest on the Notes Receivable from ARO in cash prior to December 31, 2022, and as such, there was no interest receivable from ARO as of December 31, 2022. Interest income earned on the Notes Receivable from ARO was as follows (in millions): Three Months Ended 2023 2022 Interest income $ 7.5 $ 2.8 Non-cash amortization 7.0 7.7 Total interest income on the Notes Receivable from ARO $ 14.5 $ 10.5

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments	The carrying values and estimated fair values of certain of our financial instruments were as follows (in millions): March 31, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value First Lien Notes (1) $ 542.8 $ 561.8 $ 542.4 $ 545.9 Long-term notes receivable from ARO (2) $ 261.0 $ 321.9 $ 254.0 $ 336.7 (1) 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. (2) The estimated fair value of our Notes Receivable from ARO was estimated using an income approach to value the forecasted cash flows attributed to the Notes Receivable from ARO using a discount rate based on a comparable yield with a country-specific risk premium, which are considered to be level 2 inputs.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property And Equipment	Property and equipment consisted of the following (in millions): March 31, 2023 December 31, 2022 Drilling rigs and equipment $ 1,049.3 $ 1,036.5 Work-in-progress 108.0 59.8 Other 38.8 38.2 $ 1,196.1 $ 1,134.5

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Interest cost $ 7.7 $ 5.5 Expected return on plan assets (7.7) (9.5) Amortization of net gain (0.1) — Net periodic pension and retiree medical income (1) $ (0.1) $ (4.0) (1) Included in Other, net, in our Condensed Consolidated Statements of Operations.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 (in millions): Three Months Ended 2023 2022 Income (loss) from continuing operations attributable to our shares $ 46.7 $ (38.6) Weighted average shares outstanding: Basic 75.2 75.0 Effect of stock equivalents 1.2 — Diluted 76.4 75.0

Shareholders Equity (Tables)

Shareholders Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Schedule Of Activity In Our Various Shareholders Equity [Table Text Block]	Activity in our various shareholders' equity accounts for the three months ended March 31, 2023 and 2022 were as follows (in millions): Shares Par Value Additional Warrants Retained Earnings AOCI Non-controlling BALANCE, December 31, 2022 75.2 $ 0.8 $ 1,097.9 $ 16.4 $ 160.1 $ 14.7 $ 8.0 Net income — — — — 46.7 — 1.9 Share-based compensation cost — — 5.7 — — — — Net changes in Pension and other postretirement benefits — — — — — (0.1) — Net other comprehensive loss — — — — — (0.1) — BALANCE, March 31, 2023 75.2 $ 0.8 $ 1,103.6 $ 16.4 $ 206.8 $ 14.5 $ 9.9 Shares Par Value Additional Warrants Retained AOCI Non-controlling BALANCE, December 31, 2021 75.0 $ 0.8 $ 1,083.0 $ 16.4 $ (16.4) $ (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 75.0 $ 0.8 $ 1,086.4 $ 16.4 $ (55.0) $ (9.4) $ 1.5

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Schedule Of Segment Reporting Information	Segment information for the three months ended March 31, 2023 and 2022, respectively, are presented below (in millions). Three Months Ended March 31, 2023 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 214.8 $ 169.8 $ 123.6 $ 45.5 $ (123.6) $ 430.1 Operating expenses Contract drilling (exclusive of depreciation) 174.6 148.9 90.9 20.2 (57.4) 377.2 Depreciation 13.0 9.0 15.0 1.3 (15.0) 23.3 General and administrative — — 4.6 — 19.8 24.4 Equity in earnings of ARO — — — — 3.3 3.3 Operating income $ 27.2 $ 11.9 $ 13.1 $ 24.0 $ (67.7) $ 8.5 Property and equipment, net $ 515.7 $ 404.1 $ 788.6 $ 55.6 $ (748.5) $ 1,015.5 Three Months Ended March 31, 2022 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 99.7 $ 180.7 $ 111.3 $ 38.0 $ (111.3) $ 318.4 Operating expenses Contract drilling (exclusive of depreciation) 147.6 139.2 84.2 15.5 (55.2) 331.3 Depreciation 12.2 9.1 16.5 0.9 (16.2) 22.5 General and administrative — — 5.2 — 13.6 18.8 Equity in earnings of ARO — — — — 4.3 4.3 Operating income (loss) $ (60.1) $ 32.4 $ 5.4 $ 21.6 $ (49.2) $ (49.9) Property and equipment, net $ 457.6 $ 387.1 $ 730.9 $ 51.7 $ (697.1) $ 930.2
Schedule Of Geographic Distribution Of Rigs By Segment	As of March 31, 2023, 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
	Mar. 31, 2023
Supplemental Financial Information [Abstract]
Accounts Receivable, Net	Accounts receivable, net, consisted of the following (in millions): March 31, December 31, Trade $ 339.6 $ 345.7 Income tax receivables 47.9 93.6 Other 20.6 24.6 408.1 463.9 Allowance for doubtful accounts (14.7) (14.8) $ 393.4 $ 449.1
Other Current Assets	Other current assets consisted of the following (in millions): March 31, December 31, Deferred costs $ 63.4 $ 59.1 Prepaid taxes 47.3 44.6 Prepaid expenses 17.6 17.5 Other 29.8 27.4 $ 158.1 $ 148.6
Schedule of Accrued Liabilities	Accrued liabilities and other consisted of the following (in millions): March 31, December 31, Deferred revenue $ 65.8 $ 78.0 Personnel costs 60.6 55.8 Income and other taxes payable 53.5 41.4 Accrued claims 25.6 27.2 Accrued interest 18.9 7.6 Lease liabilities 8.8 9.4 Other 34.5 28.5 $ 267.7 $ 247.9
Other Liabilities	Other liabilities consisted of the following (in millions): March 31, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 230.1 $ 275.0 Pension and other post-retirement benefits 158.7 159.8 Other 75.8 80.8 $ 464.6 $ 515.6
Schedule of Other Nonoperating Income, by Component	Other, net consisted of the following (in millions): Three Months Ended 2023 2022 Net foreign currency exchange gains $ 0.5 $ 4.7 Net periodic pension income 0.1 4.0 Net gain on sale of property 0.1 2.5 Other expense (0.1) (1.2) $ 0.6 $ 10.0
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 March 31, 2023 Three Months Ended March 31, 2022 Floaters Jackups Other Total Floaters Jackups Other Total Eni S.p.A 7 % 7 % — % 14 % 4 % 6 % — % 10 % BP plc 2 % 5 % 6 % 13 % 7 % 2 % 7 % 16 % Shell plc 5 % 2 % — % 7 % 7 % 4 % — % 11 % Other customers (1) 36 % 25 % 5 % 66 % 13 % 45 % 5 % 63 % 50 % 39 % 11 % 100 % 31 % 57 % 12 % 100 % (1) Other customers includes customers that individually contributed to less than 10% of our total revenues.
Revenue from External Customers by Geographic Areas	Consolidated revenues for locations that individually had 10% or more of revenue were as follows (in millions): Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Floaters Jackups Other Total Floaters Jackups Other Total U.S. Gulf of Mexico $ 41.7 $ 8.2 $ 26.1 $ 76.0 $ 20.6 $ 6.7 $ 23.3 $ 50.6 United Kingdom — 53.5 — 53.5 — 65.6 — 65.6 Australia 37.7 12.9 — 50.6 12.0 0.1 — 12.1 Saudi Arabia — 19.9 19.4 39.3 — 23.5 14.6 38.1 Other countries (1) 135.4 75.3 — 210.7 67.1 84.8 0.1 152.0 $ 214.8 $ 169.8 $ 45.5 $ 430.1 $ 99.7 $ 180.7 $ 38.0 $ 318.4 (1) Other countries includes locations that individually contributed to less than 10% of total revenues.

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Net	$ 73
Upfront Rig Mobilizations And Certain Contract Preparation [Member]
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Net	53.8		$ 57.3
Capitalized Contract Cost, Amortization	20	$ 11.7
Deferred Certification Costs
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Net	19.2		$ 16.2
Capitalized Contract Cost, Amortization	$ 2.7	$ 0.3
Minimum
Capitalized Contract Cost [Line Items]
Remaining duration of drilling contracts	1 month
Maximum
Capitalized Contract Cost [Line Items]
Remaining duration of drilling contracts	5 years

Revenue from Contracts with C_4

Revenue from Contracts with Customers Components of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Current contract assets	$ 1.3	$ 4.6
Noncurrent contract assets	1.2	0.7
Current contract liabilities (deferred revenue)	65.8	78
Noncurrent contract liabilities (deferred revenue)	$ 32.4	$ 41

Revenue from Contracts with C_5

Revenue from Contracts with Customers Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Contract Assets
Contract with Customer, Asset, after Allowance for Credit Loss	$ 2.5	$ 5.3
Revenue recognized in advance of right to bill customer	1.1
Decrease due to transfer to receivables during the period	(3.9)
Contract Liabilities
Contract with Customer, Liability	98.2	$ 119
Contract with Customer, Liability, Increase from Cash Receipts	15.2
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance	(23.3)
Contract with Customer, Liability, Revenue Recognized, Added During Period	(4.2)
Increase (Decrease) in Contract with Customer, Liability	$ (8.5)

Revenue from Contracts with C_6

Revenue from Contracts with Customers Future Amortization of Liabilities and Deferred Costs (Details) $ in Millions	Mar. 31, 2023 USD ($)
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 98.2
Capitalized Contract Cost, Net	$ 73
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Amount	$ 53.3
Capitalized Contract Cost, Amortization Expense, Remainder Of Fiscal Year	$ 51.7
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	$ 41.7
Capitalized Contract Cost, Amortization Expense, Year Two	$ 19.2
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	$ 2
Capitalized Contract Cost, Amortization Expense, Year Three	$ 1.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Amount	$ 1.2
Capitalized Contract Cost, Amortization Expense, Year Four and Thereafter	$ 0.5

Equity Method Investment In A_3

Equity Method Investment In ARO - Summarized Financial Data (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
OPERATING REVENUES	$ 430.1	$ 318.4
Contract drilling (exclusive of depreciation)	377.2	331.3
Depreciation expense	23.3	22.5
General and administrative	24.4	18.8
Operating Income (Loss)	8.5	(49.9)
OTHER INCOME (EXPENSE), NET	12.5	9.4
INCOME TAX PROVISION	(27.6)	(0.7)
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS	46.7	(38.6)
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and cash equivalents	822.5		$ 724.1
Other current assets	158.1		148.6
Total assets	2,951.2		2,860.3
Liabilities, Current	591.8		504.4
Total liabilities	1,599.2		1,562.4
Investment Owned, Balance [Abstract]
Equity in earnings of ARO	3.3	4.3
ARO
Investment Owned, Balance [Abstract]
50% interest in ARO net income	0.4	0.7
Amortization of basis differences	2.9	3.6
Equity in earnings of ARO	3.3	4.3
ARO
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
OPERATING REVENUES	123.6	111.3
Contract drilling (exclusive of depreciation)	90.9	84.2
Depreciation expense	15	16.5
General and administrative	4.6	5.2
Operating Income (Loss)	13.1	5.4
OTHER INCOME (EXPENSE), NET	10.4	3.3
INCOME TAX PROVISION	1.9	0.7
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS	0.8	$ 1.4
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and cash equivalents	101.2		176.2
Other current assets	189.3		140.6
Non-current assets	830.2		818.1
Total assets	1,120.7		1,134.9
Liabilities, Current	68.5		86.3
Liabilities, Noncurrent	887.4		884.6
Total liabilities	$ 955.9		$ 970.9

Equity Method Investment in A_4

Equity Method Investment in ARO - Schedule of Related Parties (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Amounts receivable (1)	$ 16.9		$ 12
Contract liabilities(2)	8.9		16.7
Accounts payable(2)	53.4		43.2
Carrying value	261		254
Non-cash amortization	7	$ 7.7
ARO
Schedule of Equity Method Investments [Line Items]
Principal amount	402.7		402.7
Discount	(141.7)		(148.7)
Carrying value	261		254
Interest receivable	7.5		$ 0
Interest income	7.5	2.8
Non-cash amortization	7	7.7
Total interest income on the Notes Receivable from ARO	$ 14.5	$ 10.5

Equity Method Investment In A_5

Equity Method Investment In ARO Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) jackup drillship	Mar. 31, 2022 USD ($)	Jan. 31, 2020 drillship
Schedule of Equity Method Investments [Line Items]
Number of Rigs Owned by ARO | jackup	7
Total Number Of Contract Drilling Rigs	52
Number of Newbuild Jackup Rigs | jackup	20
Order Period	10 years
ARO Rigs Under Construction | drillship	2		2
Shareholder Notes Payable, Term	10 years
Other
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	8
ARO
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	7
ARO
Schedule of Equity Method Investments [Line Items]
Lease Revenue From Related Party | $	$ 18.8	$ 14.2
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
Middle East & Africa | Other
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	8
Middle East & Africa | ARO
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	7
Middle East & Africa | Work-in-progress | ARO
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs | drillship	2
ARO
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50%

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
LONG-TERM NOTES RECEIVABLE FROM ARO	$ 261	$ 254
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
LONG-TERM NOTES RECEIVABLE FROM ARO	261	254
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	542.8	542.4
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
LONG-TERM NOTES RECEIVABLE FROM ARO	321.9	336.7
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]
Long-Term Debt	$ 561.8	$ 545.9

Property and Equipment (Schedul

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	$ 1,196.1	$ 1,134.5
Drilling rigs and equipment
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	1,049.3	1,036.5
Work-in-progress
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	108	59.8
Other
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	$ 38.8	$ 38.2

Property and Equipment (Narrati

Property and Equipment (Narratives) (Details) $ in Millions	1 Months Ended
	Apr. 30, 2023 USD ($)
V54 | Operating Segments [Member] | Jackups | Subsequent Event
Property, Plant and Equipment [Line Items]
Gain (Loss) on Disposition of Other Assets	$ 28

Pension and other Postretirem_3

Pension and other Postretirement Benefits - Narrative (Schedule of Net Benefit Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Defined Benefit Plan, Interest Cost	$ 7.7	$ 5.5
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(7.7)	(9.5)
Defined Benefit Plan, Amortization of Gain (Loss)	0.1	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (0.1)	$ (4)

Earnings (Loss) Per Share - Rec

Earnings (Loss) Per Share - Reconciliation of Weighted-Average Shares (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Net Income (Loss) Attributable to Parent	$ 46.7	$ (38.6)
Basic (in shares)	75.2	75
Unvested restricted stock units	1.2	0
Diluted (in shares)	76.4	75

Earnings (Loss) Per Share (Narr

Earnings (Loss) Per Share (Narrative) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Antidilutive share options excluded from computation of diluted earnings per share (in shares)	8,000	1,000,000
Class of Warrant or Right, Outstanding	5,470,950
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 131.88

Debt (Narrative) (Details)

Debt (Narrative) (Details) - Senior Notes - USD ($)		1 Months Ended
	Apr. 19, 2023	Apr. 30, 2023	Apr. 03, 2023	Apr. 30, 2021
Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 375,000,000
Line of Credit Facility, Additional Borrowing Capacity			200,000,000
Revolving Credit Facility | Letter of Credit | Subsequent Event
Debt Instrument [Line Items]
Line of Credit Facility, Additional Borrowing Capacity			$ 150,000,000
First Lien Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 550,000,000
First Lien Notes | Debt Instrument, Redemption, Period One | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		104%
Second Lien Notes | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 700,000,000
Proceeds from Issuance of Debt	$ 685,000,000
Second Lien Notes | Debt Instrument Interest Rate Payout Option One Member | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Annual Payment Percent	8.375%
Debt Instrument, Interest Rate, Stated Percentage	8.375%

Shareholders Equity Shareholder

Shareholders Equity Shareholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	$ 1,297.9
Net income (loss)	48.6	$ (39.8)
Net other comprehensive income (loss)	(0.2)	$ (0.3)
Ending balance	$ 1,352
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance (in shares)	75.2	75
Beginning balance	$ 0.8	$ 0.8
Ending balance (in shares)	75.2	75
Ending balance	$ 0.8	$ 0.8
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	1,097.9	1,083
Share-based compensation cost	5.7	3.4
Ending balance	1,103.6	1,086.4
Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	16.4	16.4
Ending balance	16.4	16.4
Retained Earnings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	160.1	(16.4)
Net income (loss)	46.7	(38.6)
Ending balance	206.8	(55)
AOCI
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	14.7	(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)	(0.1)	(0.3)
Ending balance	14.5	(9.4)
Non-controlling Interest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	8	2.7
Net income (loss)	1.9	(1.2)
Ending balance	$ 9.9	$ 1.5

Shareholders Equity Narrative (

Shareholders Equity Narrative (Details) - USD ($) $ in Millions	Apr. 27, 2023	Sep. 08, 2022
Statement [Line Items]
Stock Repurchase Program, Authorized Amount		$ 100
Subsequent Event
Statement [Line Items]
Stock Repurchase Program, Authorized Amount	$ 300

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Discrete Income Tax Expense (Benefit)	$ 43.8	$ 14.5
Income Tax Expense (Benefit) Excluding Discrete Items	$ 16.2	$ 13.8

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) drillship jackup	Dec. 31, 2022 USD ($)	Jan. 31, 2020 drillship
Commitments and Contingencies Disclosure [Abstract]
Number of Newbuild Jackup Rigs | jackup	20
Order Period	10 years
ARO Rigs Under Construction | drillship	2		2
Percentage of Down Payment Paid for ARO Newbuilds	25%
Maximum Contingent Contributions To Joint Venture	$ 1,250
Letters of credit outstanding, amount	140.9
Deposit Liabilities, Collateral Issued, Financial Instruments	$ 19.4	$ 20.7

Segment Information (Narrative)

Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2023 Reportable_segment drillship
Segment Reporting Information [Line Items]
Number of operating segments (in segments) | Reportable_segment	4
Number of Drilling Management Contracts | drillship	2
Total Number Of Contract Drilling Rigs	52
Middle East & Africa
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	17

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 430.1	$ 318.4
Operating expenses
Cost of Goods and Services Sold	377.2	331.3
Depreciation expense	23.3	22.5
General and administrative	24.4	18.8
Income (Loss) from Equity Method Investments	(3.3)	(4.3)
Operating Income (Loss)	8.5	(49.9)
Property, Plant and Equipment, Net	(1,015.5)	(930.2)	$ (977.2)
Operating Segments [Member] | Floaters
Segment Reporting Information [Line Items]
Revenues	214.8	99.7
Operating expenses
Cost of Goods and Services Sold	174.6	147.6
Depreciation expense	13	12.2
General and administrative	0	0
Income (Loss) from Equity Method Investments	0	0
Operating Income (Loss)	27.2	(60.1)
Property, Plant and Equipment, Net	(515.7)	(457.6)
Operating Segments [Member] | Jackups
Segment Reporting Information [Line Items]
Revenues	169.8	180.7
Operating expenses
Cost of Goods and Services Sold	148.9	139.2
Depreciation expense	9	9.1
General and administrative	0	0
Income (Loss) from Equity Method Investments	0	0
Operating Income (Loss)	11.9	32.4
Property, Plant and Equipment, Net	(404.1)	(387.1)
Operating Segments [Member] | ARO
Segment Reporting Information [Line Items]
Revenues	123.6	111.3
Operating expenses
Cost of Goods and Services Sold	90.9	84.2
Depreciation expense	15	16.5
General and administrative	4.6	5.2
Income (Loss) from Equity Method Investments	0	0
Operating Income (Loss)	13.1	5.4
Property, Plant and Equipment, Net	(788.6)	(730.9)
Operating Segments [Member] | Other
Segment Reporting Information [Line Items]
Revenues	45.5	38
Operating expenses
Cost of Goods and Services Sold	20.2	15.5
Depreciation expense	1.3	0.9
General and administrative	0	0
Income (Loss) from Equity Method Investments	0	0
Operating Income (Loss)	24	21.6
Property, Plant and Equipment, Net	(55.6)	(51.7)
Corporate, Non-Segment [Member] | Reconciling Items
Segment Reporting Information [Line Items]
Revenues	(123.6)	(111.3)
Operating expenses
Cost of Goods and Services Sold	(57.4)	(55.2)
Depreciation expense	(15)	(16.2)
General and administrative	19.8	13.6
Income (Loss) from Equity Method Investments	(3.3)	(4.3)
Operating Income (Loss)	(67.7)	(49.2)
Property, Plant and Equipment, Net	$ 748.5	$ 697.1

Segment Information (Schedule_2

Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)	Mar. 31, 2023
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	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 408.1	$ 463.9
Income Taxes Receivable	47.9	93.6
Allowance for doubtful accounts	(14.7)	(14.8)
Accounts receivable, net	393.4	449.1
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	339.6	345.7
Other Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 20.6	$ 24.6

Supplemental Financial Inform_4

Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Supplemental Financial Information [Abstract]
Deferred costs	$ 63.4	$ 59.1
Prepaid taxes	47.3	44.6
Prepaid expenses	17.6	17.5
Other	29.8	27.4
Other current assets	$ 158.1	$ 148.6

Supplemental Financial Inform_5

Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Supplemental Financial Information [Abstract]
Deferred revenue	$ 65.8	$ 78
Personnel costs	60.6	55.8
Income and other taxes payable	53.5	41.4
Accrued claims	25.6	27.2
Accrued interest	18.9	7.6
Lease liabilities	8.8	9.4
Other	34.5	28.5
Accrued liabilities and other	$ 267.7	$ 247.9

Supplemental Financial Inform_6

Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Supplemental Financial Information [Abstract]
Unrecognized tax benefits (inclusive of interest and penalties)	$ 230.1	$ 275
Pension and other post-retirement benefits	158.7	159.8
Other	75.8	80.8
Other liabilities	$ 464.6	$ 515.6

Supplemental Financial Inform_7

Supplemental Financial Information (Other Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Financial Information [Abstract]
Foreign Currency Transaction Gain (Loss), before Tax	$ 0.5	$ 4.7
Net periodic pension income	(0.1)	4
Gain (Loss) on Sale of Properties	0.1	2.5
Other Nonoperating Expense	(0.1)	(1.2)
Other, net	$ 0.6	$ 10

Supplemental Financial Inform_8

Supplemental Financial Information Schedule of Revenue by Major Customers, by Reporting Segments (Details) - Revenue Benchmark [Member] - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	100%	100%
British Petroleum
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	13%	16%
Shell
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	7%	11%
ENI
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	14%	10%
Other Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	66%	63%
Floaters
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	50%	31%
Floaters | British Petroleum
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	2%	7%
Floaters | Shell
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	5%	7%
Floaters | ENI
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	7%	4%
Floaters | Other Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	36%	13%
Jackups
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	39%	57%
Jackups | British Petroleum
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	5%	2%
Jackups | Shell
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	2%	4%
Jackups | ENI
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	7%	6%
Jackups | Other Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	25%	45%
Managed Rigs
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	11%	12%
Managed Rigs | British Petroleum
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	6%	7%
Managed Rigs | Shell
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	0%	0%
Managed Rigs | ENI
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	0%	0%
Managed Rigs | Other Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	5%	5%

Supplemental Financial Inform_9

Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	$ 430.1	$ 318.4
Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	430.1	318.4
US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	76	50.6
UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	53.5	65.6
AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	50.6	12.1
SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	39.3	38.1
Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	210.7	152
Floaters | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	214.8	99.7
Floaters | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	41.7	20.6
Floaters | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	0	0
Floaters | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	37.7	12
Floaters | SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	0	0
Floaters | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	135.4	67.1
Jackups | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	169.8	180.7
Jackups | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	8.2	6.7
Jackups | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	53.5	65.6
Jackups | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	12.9	0.1
Jackups | SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	19.9	23.5
Jackups | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	75.3	84.8
Managed Rigs | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	45.5	38
Managed Rigs | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	26.1	23.3
Managed Rigs | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	0	0
Managed Rigs | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	0	0
Managed Rigs | SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	19.4	14.6
Managed Rigs | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	$ 0	$ 0.1

Supplemental Financial Infor_10

Supplemental Financial Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted Cash	$ 21.5	$ 24.4
Deposit Liabilities, Collateral Issued, Financial Instruments	19.4	$ 20.7
Income Tax Refunds, Expected	$ 45.9