Valaris Limited (VAL) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 02, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Entity Central Index Key	0000314808
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Shares, Shares Outstanding		72,895,164
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
OPERATING REVENUES	$ 455.1	$ 437.2	$ 1,300.4	$ 1,168.9
OPERATING EXPENSES
Cost of Goods and Services Sold	390.9	336.7	1,141.6	1,029.8
Asset Impairment Charges	0	0	0	34.5
Depreciation	25.8	22.6	73.6	67.4
General and Administrative Expense	24.2	19.2	75	57
Total operating expenses	440.9	378.5	1,290.2	1,188.7
Income (Loss) from Equity Method Investments	(2.4)	(2.9)	(5)	(15.9)
Operating Income (Loss), Total	16.6	61.6	15.2	(3.9)
OTHER INCOME (EXPENSE)
Other Interest and Dividend Income	26.6	27.9	74.2	50
Interest expense, net	(19.4)	(11.7)	(47.2)	(34.8)
Other Nonoperating Income (Expense)	3.9	13.7	3.7	172.7
OTHER INCOME (EXPENSE), NET	11.1	29.9	30.7	187.9
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	27.7	91.5	45.9	184
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current income tax expense	15.5	13.4	5.3	26.2
Deferred Income Tax Expense (Benefit)	(4.8)	0.4	2.3	7.1
Total provision for income taxes	10.7	13.8	7.6	33.3
Net income	17	77.7	38.3	150.7
Net Income (Loss) Attributable to Noncontrolling Interest	(4.1)	(3.4)	(8.1)	(3.4)
Net Income (Loss) Attributable to Parent, Total	$ 12.9	$ 74.3	$ 30.2	$ 147.3
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 0.18	$ 0.99	$ 0.40	$ 1.96
Diluted (in dollars per share)	$ 0.17	$ 0.98	$ 0.40	$ 1.95
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic (in shares)	73.7	75.1	74.6	75
Diluted (in shares)	74.8	75.6	75.7	75.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 17	$ 77.7	$ 38.3	$ 150.7
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net changes in pension and other postretirement benefits	(0.1)	0	(0.3)	(0.1)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	0.1	0.1	(0.2)	0.1
Other Comprehensive Income (Loss), Net of Tax, Total	0	0.1	(0.5)	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total	17	77.8	37.8	150.7
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	(4.1)	(3.4)	(8.1)	(3.4)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ 12.9	$ 74.4	$ 29.7	$ 147.3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 1,041.1	$ 724.1
Restricted Cash	16.2	24.4
Accounts receivable, net	492.4	449.1
Other current assets	178.7	148.6
Total current assets	1,728.4	1,346.2
PROPERTY AND EQUIPMENT, AT COST	1,388	1,134.5
Less accumulated depreciation	228.1	157.3
Property, Plant and Equipment, Net, Total	1,159.9	977.2
LONG-TERM NOTES RECEIVABLE FROM ARO	275.2	254
INVESTMENT IN ARO	116.1	111.1
OTHER ASSETS	205.3	171.8
Total assets	3,484.9	2,860.3
CURRENT LIABILITIES
Accounts payable - trade	376.4	256.5
Accrued liabilities and other	346.6	247.9
Total current liabilities	723	504.4
LONG-TERM DEBT	1,079.4	542.4
OTHER LIABILITIES	482.5	515.6
Total liabilities	2,284.9	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	1,112.2	1,097.9
Retained earnings	190.3	160.1
Accumulated other comprehensive income	14.2	14.7
Treasury shares, at cost, 2.3 shares as of September 30, 2023	(150)	0
Total Valaris shareholders' equity	1,183.9	1,289.9
NONCONTROLLING INTERESTS	16.1	8
Total equity	1,200	1,297.9
Total liabilities and shareholders' equity	$ 3,484.9	$ 2,860.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 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 Stock, Shares, Outstanding	73,100,000	75,200,000
Common shares, shares issued (in shares)	75,400,000	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
Treasury Stock, Common, Shares	2,300,000
Treasury Stock, Common, Value	$ 150	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income	$ 17	$ 77.7	$ 38.3	$ 150.7
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense	25.8	22.6	73.6	67.4
Amortization			0	6.1
Loss on extinguishment of debt	0	0	29.2	0
Gain on asset disposals			(27.9)	(137.7)
Accretion of discount on the Notes Receivable from ARO			(21.2)	(37.8)
Share-based compensation expense			19.5	11.5
Deferred income tax expense	(4.8)	0.4	2.3	7.1
Income (Loss) from Equity Method Investments	(2.4)	(2.9)	(5)	(15.9)
Net periodic pension and retiree medical income	(0.1)	(4)	(0.3)	(12.1)
Asset Impairment Charges	0	0	0	34.5
Other			5.5	1.8
Changes in contract liabilities			(3.9)	58.9
Changes in deferred costs			29.3	47.7
Changes in other operating assets and liabilities			90	(114.5)
Net cash provided by (used in) operating activities			170.8	(27.7)
INVESTING ACTIVITIES
Additions to property and equipment			(233.1)	(153.1)
Net proceeds from disposition of assets			29.2	146.8
Purchases of short-term investments			0	(220)
Repayments of note receivable from ARO			0	40
Net cash used in investing activities			(203.9)	(186.3)
FINANCING ACTIVITIES
Issuance of Second Lien Notes			1,103	0
Redemption of First Lien Notes			(571.8)	0
Payments for share repurchases			(147.4)	0
Debt issuance costs			36.7	0
Payments related to tax withholdings for share-based awards			(5.2)	(2.5)
Consent solicitation fees			0	(3.9)
Net cash provided by (used in) financing activities			341.9	(6.4)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH			308.8	(220.4)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD			748.5	644.6
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$ 1,057.3	$ 424.2	$ 1,057.3	$ 424.2

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Financial Statements	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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. Certain previously reported amounts have been reclassified to conform to the current year presentation. 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 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	9 Months Ended
	Sep. 30, 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 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 September 30, 2023 was between approximately 1 month and 5 years. Contract Termination - VALARIS DS-11 In 2021, a contract was awarded to VALARIS DS-11 for a project in the U.S. Gulf of Mexico that was expected to commence in mid-2024. In June 2022, the customer terminated the contract. As a result of the contract termination, we received an early termination fee of $51.0 million which is included in revenues on our Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022. 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): September 30, 2023 December 31, 2022 Current contract assets $ 0.5 $ 4.6 Noncurrent contract assets $ 3.0 $ 0.7 Current contract liabilities (deferred revenue) $ 103.4 $ 78.0 Noncurrent contract liabilities (deferred revenue) $ 43.3 $ 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 5.3 — Increase due to revenue deferred during the period — 119.4 Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance — (53.3) Decrease due to amortization of deferred revenue added during the period — (29.9) Decrease due to transfer to receivables and payables during the period (7.1) (8.5) Balance as of September 30, 2023 $ 3.5 $ 146.7 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 $84.9 million and $57.3 million as of September 30, 2023 and December 31, 2022, respectively. During the three and nine months ended September 30, 2023, amortization of such costs totaled $25.0 million and $62.7 million, respectively. During the three and nine months ended September 30, 2022, amortization of such costs totaled $18.8 million and $41.0 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 $17.9 million and $16.2 million as of September 30, 2023 and December 31, 2022, respectively. During the three and nine months ended September 30, 2023, amortization of such costs totaled $3.2 million and $9.4 million, respectively. During the three and nine months ended September 30, 2022, amortization of such costs totaled $1.4 million and $2.5 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 September 30, 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 $ 34.8 $ 95.3 $ 13.4 $ 3.2 $ 146.7 Amortization of deferred costs $ 32.9 $ 54.8 $ 10.8 $ 4.3 $ 102.8

Equity Method Investment In ARO

Equity Method Investment In ARO Equity Method Investment In ARO	9 Months Ended
	Sep. 30, 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 jackup drilling rigs in Saudi Arabia. As of September 30, 2023, ARO owns seven jackup rigs, has two newbuild jackup rigs on order, 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, the first of which was delivered in October 2023 and the second is expected to be delivered in the first quarter of 2024. 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. See additional discussion below regarding these related-party transactions. Summarized financial information for ARO is as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues $ 121.5 $ 111.4 $ 362.9 $ 339.1 Operating expenses Contract drilling (exclusive of depreciation) 92.0 90.0 277.9 256.3 Depreciation 15.8 15.4 46.4 47.3 General and administrative 5.6 4.7 15.9 13.1 Operating income 8.1 1.3 22.7 22.4 Other expense, net 9.0 2.7 28.2 9.3 Provision (benefit) for income taxes 0.4 (0.1) 2.3 3.1 Net income (loss) $ (1.3) $ (1.3) $ (7.8) $ 10.0 September 30, 2023 December 31, 2022 Cash and cash equivalents $ 110.3 $ 176.2 Other current assets 191.2 140.6 Non-current assets 915.3 818.1 Total assets $ 1,216.8 $ 1,134.9 Current liabilities $ 173.6 $ 86.3 Non-current liabilities 886.2 884.6 Total liabilities $ 1,059.8 $ 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, 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 in fresh start accounting upon emergence from the chapter 11 cases on April 30, 2021 (the "Effective Date") and also on 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 relative to market 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 50% interest in ARO net income (loss) $ (0.6) $ (0.7) $ (3.9) $ 5.0 Amortization of basis differences 3.0 3.6 8.9 10.9 Equity in earnings of ARO $ 2.4 $ 2.9 $ 5.0 $ 15.9 Related-Party Transactions During the three and nine months ended September 30, 2023, revenues recognized by us related to the Lease Agreements were $19.1 million and $54.7 million, respectively. During the three and nine months ended September 30, 2022, revenues recognized by us related to the Lease Agreements were $13.8 million and $42.6 million, respectively. Our balances related to the ARO lease agreements were as follows (in millions): September 30, 2023 December 31, 2022 Amounts receivable (1) $ 17.6 $ 12.0 Contract liabilities (2) $ 13.1 $ 16.7 Accounts payable (2) $ 54.9 $ 43.2 (1) Amounts receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets. (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 Notes Receivable from ARO were adjusted to the estimated fair value as of the Effective Date and the resulting discount to the principal amount is being amortized using the effective interest method to interest income over the remaining terms of the notes. The principal amount and discount of the Notes Receivable from ARO were as follows (in millions): September 30, 2023 December 31, 2022 Principal amount $ 402.7 $ 402.7 Discount (127.5) (148.7) Carrying value $ 275.2 $ 254.0 Interest receivable (1)(2) $ 22.8 $ — (1) Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets. (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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest income $ 7.7 $ 2.8 $ 22.8 $ 8.6 Non-cash amortization (1)(2) 7.2 22.4 21.2 37.8 Total interest income on the Notes Receivable from ARO $ 14.9 $ 25.2 $ 44.0 $ 46.4 (1) Represents the amortization of the discount on the Notes Receivable from ARO using the effective interest method to interest income over the term of the notes. (2) We recognized non-cash interest income of $14.8 million in the third quarter of 2022 attributable to a $40.0 million early principal repayment of the Notes Receivable from ARO received in September 2022.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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): September 30, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Second Lien Notes (1) $ 1,079.4 $ 1,102.7 $ — $ — First Lien Notes (1) $ — $ — $ 542.4 $ 545.9 Long-term debt $ 1,079.4 $ 1,102.7 $ 542.4 $ 545.9 Long-term notes receivable from ARO (2) $ 275.2 $ 429.9 $ 254.0 $ 336.7 (1) The estimated fair value of the 8.375% Senior Secured Second Lien Notes due 2030 (the "Second Lien Notes") and Senior Secured First Lien Notes due 2028 (the "First Lien Notes"), which were redeemed in full on April 3, 2023, were 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 September 30, 2023 and December 31, 2022.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following (in millions): September 30, 2023 December 31, 2022 Drilling rigs and equipment $ 1,217.6 $ 1,036.5 Work-in-progress 130.9 59.8 Other 39.5 38.2 $ 1,388.0 $ 1,134.5 Assets held-for-use In June 2022, the drilling contract previously awarded to VALARIS DS-11 was terminated. As of the date of termination, we had incurred costs to upgrade the rig pursuant to the requirements of the contract. Costs incurred related to these capital upgrades were included in work-in-progress and upon termination were determined to be impaired. We recorded a pre-tax, non-cash loss on impairment in the second quarter of 2022 of $34.5 million. Assets sold During the nine months ended September 30, 2023, we recognized a pre-tax gain of $27.3 million for the sale of VALARIS 54 in the second quarter. During the nine months ended September 30, 2022, we recognized an aggregate pre-tax gain of $128.5 million for the sales of VALARIS 113, VALARIS 114 and VALARIS 36. Additionally, we recognized a pre-tax gain of $7.0 million related to additional proceeds received for our 2020 sale of VALARIS 68, resulting from post-sale conditions of that sale agreement. Gains recognized on sales of assets are included in Other, net on the Condensed Consolidated Statements of Operations .

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest cost $ 7.9 $ 5.7 $ 23.4 $ 16.8 Expected return on plan assets (7.9) (9.7) (23.4) (28.8) Amortization of net gain (0.1) — (0.3) (0.1) Net periodic pension and retiree medical income (1) $ (0.1) $ (4.0) $ (0.3) $ (12.1) (1) Included in Other, net, in our Condensed Consolidated Statements of Operations.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income 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 and nine months ended September 30, 2023 and 2022 (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Income from continuing operations attributable to our shares $ 12.9 $ 74.3 $ 30.2 $ 147.3 Weighted average shares outstanding: Basic 73.7 75.1 74.6 75.0 Effect of stock equivalents 1.1 0.5 1.1 0.5 Diluted 74.8 75.6 75.7 75.5 Anti-dilutive share awards totaling 35,000 and 104,000 were excluded from the computation of diluted EPS for the three and nine months ended September 30, 2023, respectively. Anti-dilutive share awards totaling 38,000 and 103,000 were excluded from the computation of diluted EPS for the three and nine months ended September 30, 2022, respectively. We had 5,470,950 warrants outstanding (the "Warrants") as of September 30, 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	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt First Lien Notes On April 3, 2023, the Company issued a notice of conditional redemption to the holders of the Senior Secured First Lien Notes due 2028 (the "First Lien Notes") at a redemption price equal to 104.0% of the aggregate $550.0 million 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 Second Lien Notes, as 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 were redeemed on May 3, 2023 for an aggregate redemption price of $571.8 million (excluding accrued and unpaid interest). We accounted for the redemption as an extinguishment of debt and reported a corresponding loss of $29.2 million in the second quarter of 2023, which is included in our Condensed Consolidated Statements of Operations for the nine months ended September 30, 2023. Second Lien Notes 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 (the "Initial Second Lien Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Initial Second Lien Notes were issued at par for net proceeds of $681.4 million, after deducting the initial purchasers’ discount and offering expenses. A portion of the proceeds were used to fund the redemption of all of the outstanding First Lien Notes as discussed above. On August 21, 2023, the Company and Valaris Finance issued $400.0 million aggregate principal amount of additional Second Lien Notes (the "Additional Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act. The Additional Notes were issued at 100.75% of par, plus accrued interest from April 19, 2023. The net proceeds were approximately $396.9 million after deducting the initial purchasers’ discount and estimated offering expenses, and excluding accrued interest received of $11.4 million. The Initial Second Lien Notes and the Additional Notes were issued under the Indenture, dated as of April 19, 2023 (the "Indenture"), and mature on April 30, 2030. The Second Lien Notes bear an interest rate of 8.375% per annum with an effective interest rate of 8.76%. Interest is payable semi-annually in arrears on April 30 and October 30 of each year, beginning on October 30, 2023. The Second Lien Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by the Guarantors and by each of the Company’s future restricted subsidiaries (other than Valaris Finance) that guarantees any debt of the Issuers or any guarantor under certain future debt in an aggregate principal amount in excess of a certain amount. The Second Lien Notes and the related guarantees are secured on a second-priority basis by the Collateral (as defined below). On or after April 30, 2026, the Issuers may, at their option, redeem all or any portion of the Second Lien Notes, at once or over time, at the redemption prices set forth below, plus accrued and unpaid interest, if any, to, but not including, the redemption date. The following prices are for Second Lien Notes redeemed during the 12-month period commencing on April 30 of the years set forth below, and are expressed as percentages of principal amount: Redemption Year Price 2026 104.188% 2027 102.094% 2028 and thereafter 100.000% At any time prior to April 30, 2026, the Issuers may, on any one or more occasions, redeem up to 40.0% of the aggregate principal amount of the Second Lien Notes issued under the Indenture (including any additional Second Lien Notes issued in the future) with an amount equal to or less than the net cash proceeds of certain equity offerings, at a redemption price equal to 108.375% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to but not including, the redemption date. In addition, at any time prior to April 30, 2026, the Issuers may redeem up to 10.0% of the aggregate principal amount of the Second Lien Notes during any twelve-month period at a redemption price equal to 103.0% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date. At any time prior to April 30, 2026, the Issuers may redeem some or all of the Second Lien Notes at a price equal to 100.0% of the principal amount of the Second Lien Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make-whole” premium. The Indenture contains covenants that, among other things, restrict the Company’s ability and the ability of certain of its subsidiaries to: (i) incur additional debt and issue certain preferred stock; (ii) incur or create liens; (iii) make certain distributions, investments and other restricted payments; (iv) sell or otherwise dispose of certain assets; (v) engage in certain transactions with affiliates; and (vi) merge, consolidate, amalgamate or sell, transfer, lease or otherwise dispose of all or substantially all of the Company’s assets. These covenants are subject to important exceptions and qualifications. In addition, many of these covenants will be suspended with respect to the Second Lien Notes during any time that the Second Lien Notes have investment grade ratings from at least two rating agencies and no default with respect to the Second Lien Notes has occurred and is continuing. As of September 30, 2023, we were in compliance with our covenants under the Indenture. Upon the occurrence of certain Change of Control Triggering Event (as defined in the Indenture), the Issuers may be required to make an offer to repurchase all of the Second Lien Notes then outstanding at a price equal to 101.0% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the repurchase date. 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 (the "Availability Date"). The Credit Agreement and the related guarantees are secured on a first-priority basis, subject to permitted liens, by (a) first preferred ship mortgages over each vessel owned by us and the Guarantors as of the Availability Date, with certain exceptions (the “Collateral Vessels”); (b) first priority assignments of certain insurances and requisition compensation in respect of the Collateral Vessels; (c) first priority pledges of all equity interests in our subsidiaries that own Collateral Vessels and certain subsidiaries that hold equity interests in entities that own vessels (the “Collateral Rig Owners”); (d) first priority assignments of earnings of the Collateral Vessels from the Collateral Rig Owners; (e) any vessels and other assets of ours and the Guarantors that are pledged, at our option, to secure the Credit Agreement; and (f) all proceeds thereof (the "Collateral"). Amounts borrowed under the Credit Agreement are subject to an interest rate per annum equal to, at our option, either (a) a base rate determined as the greatest of (i) a prime rate, (ii) the federal funds rate plus 0.5% and (iii) Term SOFR (as defined in the Credit Agreement) for a one month interest period plus 1.1% (such base rate to be subject to a 1% floor) or (b) Term SOFR plus 0.10% (subject to a 0% floor), plus, in each case of clauses (a) and (b) above, an applicable margin ranging from 1.50% to 3.00% and 2.50% to 4.00%, respectively, based on the credit ratings that are one notch higher than the corporate family ratings provided by Standard & Poor’s Financial Services LLC (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”) with respect to Valaris Limited. In addition to paying interest on outstanding borrowings under the Credit Agreement, we are required to pay a quarterly commitment fee to the lenders under the Credit Agreement with respect to the average daily unutilized commitments thereunder at a rate ranging from 0.375% to 0.75% depending on the credit ratings that are one notch higher than the corporate family ratings provided by S&P and Moody’s with respect to Valaris Limited. With respect to each letter of credit issued pursuant to the Credit Agreement, we are required to pay a letter of credit fee equal to the applicable margin in effect for Term SOFR loans and a fronting fee in an amount to be mutually agreed between us and the issuer of such letter of credit. We are also required to pay customary agency fees in respect of the Credit Agreement. The Credit Agreement contains various covenants that limit, among other things, our and our restricted subsidiaries’ ability to: incur indebtedness; grant liens; dispose of certain assets; make certain acquisitions and investments; redeem or prepay other debt or make other restricted payments such as distributions to shareholders; enter into transactions with affiliates; enter into sale-leaseback transactions; and enter into a merger, amalgamation, consolidation or sale of assets. Further, the Credit Agreement contains financial covenants that require us to maintain (i) a minimum book value of equity to total assets ratio, (ii) a minimum interest coverage ratio and (iii) a minimum amount of liquidity.

Shareholders Equity

Shareholders Equity	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022 were as follows (in millions): Shares Par Value Additional Warrants Retained Earnings AOCI Treasury 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 Net income (loss) — — — — (29.4) — — 2.1 Share-based compensation cost — — 7.0 — — — — — Repurchase of Common Shares — — — — — — (65.0) — Net changes in pension and other postretirement benefits — — — — — (0.1) — — Shares withheld for taxes on vesting of share-based awards — — (0.3) — — — — — Net other comprehensive loss — — — — — (0.2) — — BALANCE, June 30, 2023 75.2 $ 0.8 $ 1,110.3 $ 16.4 $ 177.4 $ 14.2 $ (65.0) $ 12.0 Net income — — — — 12.9 — — 4.1 Share-based compensation cost — — 6.8 — — — — — Shares issued under share-based compensation plans, net 0.2 — — — — — — — Repurchase of Common Shares — — — — — — (85.0) — Net changes in pension and other postretirement benefits — — — — — (0.1) — — Shares withheld for taxes on vesting of share-based awards — — (4.9) — — — — — Net other comprehensive income — — — — — 0.1 — — BALANCE, September 30, 2023 75.4 $ 0.8 $ 1,112.2 $ 16.4 $ 190.3 $ 14.2 (150.0) $ 16.1 Shares Par Value Additional Warrants Retained Earnings (Deficit) 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 Net income — — — — 111.6 — 1.2 Net changes in pension and other postretirement benefits — — — — — (0.1) — Share-based compensation cost — — 3.5 — — — — Shares withheld for taxes on vesting of share-based awards — — (0.2) — — — — Net other comprehensive income — — — — — 0.3 — BALANCE, June 30, 2022 75.0 $ 0.8 $ 1,089.7 $ 16.4 $ 56.6 $ (9.2) $ 2.7 Net income — — — — 74.3 — 3.4 Share-based compensation cost — — 4.6 — — — — Shares withheld for taxes on vesting of share-based awards — — (2.3) — — — — Net other comprehensive income — — — — — 0.1 — BALANCE, September 30, 2022 75.0 $ 0.8 $ 1,092.0 $ 16.4 $ 130.9 $ (9.1) $ 6.1 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, may be modified, suspended or discontinued at any time and is subject to compliance with applicable covenants and restrictions under our financing agreements. During the three months ended September 30, 2023, we repurchased 1.2 million shares at an aggregate cost of $85.0 million at an average price of $73.30. During the nine months ended September 30, 2023, we repurchased 2.3 million shares at an aggregate cost of $150.0 million at an average price of $66.24.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 September 30, 2023 was $2.0 million and was primarily attributable to the resolution of prior period tax matters, partially offset by changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years. Discrete income tax benefit of $39.5 million for the nine months ended September 30, 2023 was primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years and the resolution of other prior period tax matters. Excluding the aforementioned discrete tax items, income tax expense for the three and nine months ended September 30, 2023 was $12.7 million and $47.1 million, respectively. A substantial portion of our deferred tax assets are subject to a valuation allowance. During the three months ended September 30, 2023, we recognized a $6.2 million deferred tax benefit from the reduction of valuation allowances on deferred tax assets for a change in estimated future taxable income in certain operating jurisdictions. We intend to continue maintaining a valuation allowance on a substantial portion of our deferred tax assets until there is sufficient evidence to support a reversal of such allowances. However, given the current operating environment and our anticipated future earnings, we believe there is a reasonable possibility that sufficient positive evidence may become available to allow us to reach a conclusion that a portion of the valuation allowance on deferred tax assets will no longer be needed. A reduction in our valuation allowance would result in the recognition of a deferred tax benefit during the period in which the reduction is recognized. The timing and amount of future valuation allowance reductions are subject to future levels of contracting and profitability achieved. Discrete income tax expense for the three months ended September 30, 2022 was $1.4 million and was primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years, partially offset by discrete tax benefits attributable to the resolution of other prior period tax matters. Discrete income tax benefit for the nine months ended September 30, 2022 was $6.9 million and was primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years and resolution of other prior period tax matters, partially offset by discrete tax expense attributable to income associated with a contract termination. Excluding the aforementioned discrete tax items, income tax expense for the three and nine months ended September 30, 2022 was $12.4 million and $40.2 million, respectively.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 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. In January 2020, ARO paid 25% of the purchase price from cash on hand for each of the two newbuilds, and in October 2023, entered into a $359.0 million term loan to finance the remaining payments due upon delivery and for general corporate purposes. The term loan matures in eight years following the related drawdown under the term loan and requires equal quarterly amortization payments during the term, with a 50% balloon payment due at maturity. The term loan bears interest based on the three-month Secured Overnight Financing Rate (SOFR) plus a margin ranging from 1.25% to 1.4%. Our Notes Receivable from ARO are subordinated and junior in right of payment to ARO’s term loan. 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. Beginning with the delivery of the second newbuild, each partner's commitment shall be reduced by the actual cost of each newbuild rig, as delivered, on a proportionate basis. Letters of Credit In the ordinary course of business with customers and others, we have entered into letters of credit to guarantee our performance as it relates to our drilling contracts, contract bidding, customs duties, tax appeals and other obligations in various jurisdictions. Letters of credit outstanding as of September 30, 2023 totaled $95.8 million and are issued under facilities provided by various banks and other financial institutions, but none were issued under the Credit Agreement. Obligations under these letters of credit are not normally called, as we typically comply with the underlying performance requirements. As of September 30, 2023, we had collateral deposits in the amount of $14.0 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. Brazil Administrative Proceeding In July 2023, we received notice of an administrative proceeding initiated against us in Brazil. Specifically, the Federal Court of Accounts ("TCU") is seeking from us, Samsung Heavy Industries (“SHI”) and others, on a joint and several basis, a total of approximately BRL 601 million (approximately $120.0 million at the current quarter-end exchange rates) in damages that TCU asserts arose from the overbilling to Petrobras in 2015 in relation to the drilling services agreement with Petrobras for VALARIS DS-5 (the “DSA”). As fully disclosed in our prior periodic reports, the DSA was previously the subject of (1) investigations by the SEC and the U.S Department of Justice, each of which closed their investigation of us in 2018 without any enforcement action, (2) an arbitration proceeding against SHI in which we prevailed resulting in SHI making a $200.0 million cash payment to us in December 2019, and (3) a settlement with Petrobras normalizing our business relations in August 2018. We plan to vigorously defend ourselves against the allegations made by the TCU. Because these proceedings are in their initial stages, we are unable to estimate our potential exposure, if any, at this time. Other Matters In addition to the foregoing, we are named defendants or parties in certain other lawsuits, claims or proceedings incidental to our business and are involved from time to time as parties to governmental investigations or proceedings, including matters related to taxation, arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results and cash flows.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022, respectively, are presented below (in millions): Three Months Ended September 30, 2023 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 243.3 $ 165.9 $ 121.5 $ 45.9 $ (121.5) $ 455.1 Operating expenses Contract drilling (exclusive of depreciation) 215.2 121.7 92.0 18.8 (56.8) 390.9 Depreciation 14.2 10.2 15.8 1.3 (15.7) 25.8 General and administrative — — 5.6 — 18.6 24.2 Equity in earnings of ARO — — — — 2.4 2.4 Operating income $ 13.9 $ 34.0 $ 8.1 $ 25.8 $ (65.2) $ 16.6 Property and equipment, net $ 609.1 $ 443.0 $ 873.4 $ 53.3 $ (818.9) $ 1,159.9 Three Months Ended September 30, 2022 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 201.7 $ 195.9 $ 111.4 $ 39.6 $ (111.4) $ 437.2 Operating expenses Contract drilling (exclusive of depreciation) 160.5 128.0 90.0 17.8 (59.6) 336.7 Depreciation 12.6 8.7 15.4 1.2 (15.3) 22.6 General and administrative — — 4.7 — 14.5 19.2 Equity in earnings of ARO — — — — 2.9 2.9 Operating income $ 28.6 $ 59.2 $ 1.3 $ 20.6 $ (48.1) $ 61.6 Property and equipment, net $ 473.4 $ 386.7 $ 757.7 $ 57.7 $ (721.9) $ 953.6 Nine Months Ended September 30, 2023 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 685.5 $ 480.3 $ 362.9 $ 134.6 $ (362.9) $ 1,300.4 Operating expenses Contract drilling (exclusive of depreciation) 586.0 394.1 277.9 57.2 (173.6) 1,141.6 Depreciation 40.8 28.8 46.4 3.8 (46.2) 73.6 General and administrative — — 15.9 — 59.1 75.0 Equity in earnings of ARO — — — — 5.0 5.0 Operating income $ 58.7 $ 57.4 $ 22.7 $ 73.6 $ (197.2) $ 15.2 Property and equipment, net $ 609.1 $ 443.0 $ 873.4 $ 53.3 $ (818.9) $ 1,159.9 Nine Months Ended September 30, 2022 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 489.5 $ 562.4 $ 339.1 $ 117.0 $ (339.1) $ 1,168.9 Operating expenses Contract drilling (exclusive of depreciation) 473.4 409.4 256.3 58.0 (167.3) 1,029.8 Loss on impairment 34.5 — — — — 34.5 Depreciation 37.1 26.5 47.3 3.4 (46.9) 67.4 General and administrative — — 13.1 — 43.9 57.0 Equity in earnings of ARO — — — — 15.9 15.9 Operating income (loss) $ (55.5) $ 126.5 $ 22.4 $ 55.6 $ (152.9) $ (3.9) Property and equipment, net $ 473.4 $ 386.7 $ 757.7 $ 57.7 $ (721.9) $ 953.6 Information about Geographic Areas As of September 30, 2023, the geographic distribution of our and ARO's drilling rigs was as follows: Floaters Jackups Other Total Valaris ARO Middle East & Africa 3 5 8 16 7 Europe & the Mediterranean 3 12 — 15 — North & South America 8 7 — 15 — Asia & Pacific Rim 2 3 — 5 — Total 16 27 8 51 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 VALARIS DS-13 and VALARIS DS-14, two recently constructed drillships, that are not included in the table above. ARO has ordered two newbuild jackups which are under construction in the Middle East that are not included in the table above.

Supplemental Financial Informat

Supplemental Financial Information	9 Months Ended
	Sep. 30, 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): September 30, 2023 December 31, 2022 Trade $ 435.5 $ 345.7 Income tax receivables 50.9 93.6 Other 21.7 24.6 508.1 463.9 Allowance for doubtful accounts (15.7) (14.8) $ 492.4 $ 449.1 Other current assets consisted of the following (in millions): September 30, 2023 December 31, 2022 Deferred costs $ 78.9 $ 59.1 Prepaid taxes 48.4 44.6 Prepaid expenses 23.9 17.5 Other 27.5 27.4 $ 178.7 $ 148.6 Accrued liabilities and other consisted of the following (in millions): September 30, 2023 December 31, 2022 Current contract liabilities (deferred revenues) $ 103.4 $ 78.0 Personnel costs 65.2 55.8 Income and other taxes payable 54.8 41.4 Accrued interest 41.6 7.6 Accrued claims 24.6 27.2 Lease liabilities 17.0 9.4 Other 40.0 28.5 $ 346.6 $ 247.9 Other liabilities consisted of the following (in millions): September 30, 2023 December 31, 2022 Unrecognized tax benefits (inclusive of interest and penalties) $ 234.5 $ 275.0 Pension and other post-retirement benefits 155.3 159.8 Noncurrent contract liabilities (deferred revenues) 43.3 41.0 Other 49.4 39.8 $ 482.5 $ 515.6 Condensed Consolidated Statements of Operations Information Other, net consisted of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net foreign currency exchange gains $ 3.6 $ 9.8 $ 3.4 $ 25.2 Net periodic pension income 0.1 4.0 0.3 12.1 Loss on debt extinguishment — — (29.2) — Net gain on sale of property — 0.1 27.9 137.7 Other income (expense) 0.2 (0.2) 1.3 (2.3) $ 3.9 $ 13.7 $ 3.7 $ 172.7 Condensed Consolidated Statement of Cash Flows Information Our restricted cash consists primarily of $14.0 million and $20.7 million of collateral on letters of credit at September 30, 2023 and December 31, 2022, respectively. 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 cash and cash equivalents and receivables from customers. Our cash and cash equivalents are primarily held by various well-capitalized and credit-worthy financial institutions. We monitor the credit ratings of these institutions and limit the amount of exposure to any one institution and therefore, do not believe a significant credit risk exists for these balances. 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 in either of the three or nine months ended September 30, 2023, and 2022 were as follows: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Floaters Jackups Other Total Floaters Jackups Other Total BP plc ("BP") — % 5 % 6 % 11 % 5 % 3 % 6 % 14 % Eni S.p.A ("Eni") 1 % 4 % — % 5 % — % 4 % — % 4 % Equinor ASA ("Equinor") 3 % — % — % 3 % — % 6 % — % 6 % Other customers 49 % 28 % 4 % 81 % 41 % 32 % 3 % 76 % 53 % 37 % 10 % 100 % 46 % 45 % 9 % 100 % Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Floaters Jackups Other Total Floaters Jackups Other Total BP 1 % 5 % 6 % 12 % 5 % 3 % 6 % 14 % Eni 5 % 6 % — % 11 % — % 6 % — % 6 % Equinor 1 % — % — % 1 % 4 % 6 % — % 10 % Other customers 46 % 26 % 4 % 76 % 33 % 33 % 4 % 70 % 53 % 37 % 10 % 100 % 42 % 48 % 10 % 100 % 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 September 30, 2023 Three Months Ended September 30, 2022 Floaters Jackups Other Total Floaters Jackups Other Total U.S. Gulf of Mexico $ 65.3 $ 8.5 $ 26.2 $ 100.0 $ 62.8 $ 6.7 $ 25.7 $ 95.2 United Kingdom — 71.0 — 71.0 — 71.4 — 71.4 Angola 62.8 — — 62.8 23.2 — — 23.2 Australia 40.2 6.8 — 47.0 40.2 11.6 — 51.8 Brazil 46.4 — — 46.4 33.4 — — 33.4 Other countries 28.6 79.6 19.7 127.9 42.1 106.2 13.9 162.2 $ 243.3 $ 165.9 $ 45.9 $ 455.1 $ 201.7 $ 195.9 $ 39.6 $ 437.2 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Floaters Jackups Other Total Floaters Jackups Other Total U.S. Gulf of Mexico $ 152.3 $ 22.5 $ 78.5 $ 253.3 $ 179.3 $ 19.0 $ 73.3 $ 271.6 United Kingdom — 192.6 — 192.6 — 200.1 — 200.1 Angola 160.1 — — 160.1 52.3 — — 52.3 Australia 118.0 30.3 — 148.3 72.7 18.2 — 90.9 Brazil 117.4 — — 117.4 75.5 — — 75.5 Other countries 137.7 234.9 56.1 428.7 109.7 325.1 43.7 478.5 $ 685.5 $ 480.3 $ 134.6 $ 1,300.4 $ 489.5 $ 562.4 $ 117.0 $ 1,168.9

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 12.9	$ 74.3	$ 30.2	$ 147.3

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Financial Statements (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 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)	9 Months Ended
	Sep. 30, 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): September 30, 2023 December 31, 2022 Current contract assets $ 0.5 $ 4.6 Noncurrent contract assets $ 3.0 $ 0.7 Current contract liabilities (deferred revenue) $ 103.4 $ 78.0 Noncurrent contract liabilities (deferred revenue) $ 43.3 $ 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 5.3 — Increase due to revenue deferred during the period — 119.4 Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance — (53.3) Decrease due to amortization of deferred revenue added during the period — (29.9) Decrease due to transfer to receivables and payables during the period (7.1) (8.5) Balance as of September 30, 2023 $ 3.5 $ 146.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]	The table below reflects the expected future amortization of our contract liabilities and deferred costs recorded as of September 30, 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 $ 34.8 $ 95.3 $ 13.4 $ 3.2 $ 146.7 Amortization of deferred costs $ 32.9 $ 54.8 $ 10.8 $ 4.3 $ 102.8

Equity Method Investment In A_2

Equity Method Investment In ARO (Tables)	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Summarized financial information for ARO is as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues $ 121.5 $ 111.4 $ 362.9 $ 339.1 Operating expenses Contract drilling (exclusive of depreciation) 92.0 90.0 277.9 256.3 Depreciation 15.8 15.4 46.4 47.3 General and administrative 5.6 4.7 15.9 13.1 Operating income 8.1 1.3 22.7 22.4 Other expense, net 9.0 2.7 28.2 9.3 Provision (benefit) for income taxes 0.4 (0.1) 2.3 3.1 Net income (loss) $ (1.3) $ (1.3) $ (7.8) $ 10.0 September 30, 2023 December 31, 2022 Cash and cash equivalents $ 110.3 $ 176.2 Other current assets 191.2 140.6 Non-current assets 915.3 818.1 Total assets $ 1,216.8 $ 1,134.9 Current liabilities $ 173.6 $ 86.3 Non-current liabilities 886.2 884.6 Total liabilities $ 1,059.8 $ 970.9 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 50% interest in ARO net income (loss) $ (0.6) $ (0.7) $ (3.9) $ 5.0 Amortization of basis differences 3.0 3.6 8.9 10.9 Equity in earnings of ARO $ 2.4 $ 2.9 $ 5.0 $ 15.9
Schedule of Related Party Transactions	Our balances related to the ARO lease agreements were as follows (in millions): September 30, 2023 December 31, 2022 Amounts receivable (1) $ 17.6 $ 12.0 Contract liabilities (2) $ 13.1 $ 16.7 Accounts payable (2) $ 54.9 $ 43.2 (1) Amounts receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets. (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): September 30, 2023 December 31, 2022 Principal amount $ 402.7 $ 402.7 Discount (127.5) (148.7) Carrying value $ 275.2 $ 254.0 Interest receivable (1)(2) $ 22.8 $ — (1) Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets. (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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest income $ 7.7 $ 2.8 $ 22.8 $ 8.6 Non-cash amortization (1)(2) 7.2 22.4 21.2 37.8 Total interest income on the Notes Receivable from ARO $ 14.9 $ 25.2 $ 44.0 $ 46.4 (1) Represents the amortization of the discount on the Notes Receivable from ARO using the effective interest method to interest income over the term of the notes. (2) We recognized non-cash interest income of $14.8 million in the third quarter of 2022 attributable to a $40.0 million early principal repayment of the Notes Receivable from ARO received in September 2022.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Second Lien Notes (1) $ 1,079.4 $ 1,102.7 $ — $ — First Lien Notes (1) $ — $ — $ 542.4 $ 545.9 Long-term debt $ 1,079.4 $ 1,102.7 $ 542.4 $ 545.9 Long-term notes receivable from ARO (2) $ 275.2 $ 429.9 $ 254.0 $ 336.7 (1) The estimated fair value of the 8.375% Senior Secured Second Lien Notes due 2030 (the "Second Lien Notes") and Senior Secured First Lien Notes due 2028 (the "First Lien Notes"), which were redeemed in full on April 3, 2023, were 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)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property And Equipment	Property and equipment consisted of the following (in millions): September 30, 2023 December 31, 2022 Drilling rigs and equipment $ 1,217.6 $ 1,036.5 Work-in-progress 130.9 59.8 Other 39.5 38.2 $ 1,388.0 $ 1,134.5

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest cost $ 7.9 $ 5.7 $ 23.4 $ 16.8 Expected return on plan assets (7.9) (9.7) (23.4) (28.8) Amortization of net gain (0.1) — (0.3) (0.1) Net periodic pension and retiree medical income (1) $ (0.1) $ (4.0) $ (0.3) $ (12.1) (1) Included in Other, net, in our Condensed Consolidated Statements of Operations.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022 (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Income from continuing operations attributable to our shares $ 12.9 $ 74.3 $ 30.2 $ 147.3 Weighted average shares outstanding: Basic 73.7 75.1 74.6 75.0 Effect of stock equivalents 1.1 0.5 1.1 0.5 Diluted 74.8 75.6 75.7 75.5

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt Instrument Redemption	The following prices are for Second Lien Notes redeemed during the 12-month period commencing on April 30 of the years set forth below, and are expressed as percentages of principal amount: Redemption Year Price 2026 104.188% 2027 102.094% 2028 and thereafter 100.000%

Shareholders Equity (Tables)

Shareholders Equity (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022 were as follows (in millions): Shares Par Value Additional Warrants Retained Earnings AOCI Treasury 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 Net income (loss) — — — — (29.4) — — 2.1 Share-based compensation cost — — 7.0 — — — — — Repurchase of Common Shares — — — — — — (65.0) — Net changes in pension and other postretirement benefits — — — — — (0.1) — — Shares withheld for taxes on vesting of share-based awards — — (0.3) — — — — — Net other comprehensive loss — — — — — (0.2) — — BALANCE, June 30, 2023 75.2 $ 0.8 $ 1,110.3 $ 16.4 $ 177.4 $ 14.2 $ (65.0) $ 12.0 Net income — — — — 12.9 — — 4.1 Share-based compensation cost — — 6.8 — — — — — Shares issued under share-based compensation plans, net 0.2 — — — — — — — Repurchase of Common Shares — — — — — — (85.0) — Net changes in pension and other postretirement benefits — — — — — (0.1) — — Shares withheld for taxes on vesting of share-based awards — — (4.9) — — — — — Net other comprehensive income — — — — — 0.1 — — BALANCE, September 30, 2023 75.4 $ 0.8 $ 1,112.2 $ 16.4 $ 190.3 $ 14.2 (150.0) $ 16.1 Shares Par Value Additional Warrants Retained Earnings (Deficit) 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 Net income — — — — 111.6 — 1.2 Net changes in pension and other postretirement benefits — — — — — (0.1) — Share-based compensation cost — — 3.5 — — — — Shares withheld for taxes on vesting of share-based awards — — (0.2) — — — — Net other comprehensive income — — — — — 0.3 — BALANCE, June 30, 2022 75.0 $ 0.8 $ 1,089.7 $ 16.4 $ 56.6 $ (9.2) $ 2.7 Net income — — — — 74.3 — 3.4 Share-based compensation cost — — 4.6 — — — — Shares withheld for taxes on vesting of share-based awards — — (2.3) — — — — Net other comprehensive income — — — — — 0.1 — BALANCE, September 30, 2022 75.0 $ 0.8 $ 1,092.0 $ 16.4 $ 130.9 $ (9.1) $ 6.1

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Schedule Of Segment Reporting Information	Segment information for the three and nine months ended September 30, 2023 and 2022, respectively, are presented below (in millions): Three Months Ended September 30, 2023 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 243.3 $ 165.9 $ 121.5 $ 45.9 $ (121.5) $ 455.1 Operating expenses Contract drilling (exclusive of depreciation) 215.2 121.7 92.0 18.8 (56.8) 390.9 Depreciation 14.2 10.2 15.8 1.3 (15.7) 25.8 General and administrative — — 5.6 — 18.6 24.2 Equity in earnings of ARO — — — — 2.4 2.4 Operating income $ 13.9 $ 34.0 $ 8.1 $ 25.8 $ (65.2) $ 16.6 Property and equipment, net $ 609.1 $ 443.0 $ 873.4 $ 53.3 $ (818.9) $ 1,159.9 Three Months Ended September 30, 2022 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 201.7 $ 195.9 $ 111.4 $ 39.6 $ (111.4) $ 437.2 Operating expenses Contract drilling (exclusive of depreciation) 160.5 128.0 90.0 17.8 (59.6) 336.7 Depreciation 12.6 8.7 15.4 1.2 (15.3) 22.6 General and administrative — — 4.7 — 14.5 19.2 Equity in earnings of ARO — — — — 2.9 2.9 Operating income $ 28.6 $ 59.2 $ 1.3 $ 20.6 $ (48.1) $ 61.6 Property and equipment, net $ 473.4 $ 386.7 $ 757.7 $ 57.7 $ (721.9) $ 953.6 Nine Months Ended September 30, 2023 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 685.5 $ 480.3 $ 362.9 $ 134.6 $ (362.9) $ 1,300.4 Operating expenses Contract drilling (exclusive of depreciation) 586.0 394.1 277.9 57.2 (173.6) 1,141.6 Depreciation 40.8 28.8 46.4 3.8 (46.2) 73.6 General and administrative — — 15.9 — 59.1 75.0 Equity in earnings of ARO — — — — 5.0 5.0 Operating income $ 58.7 $ 57.4 $ 22.7 $ 73.6 $ (197.2) $ 15.2 Property and equipment, net $ 609.1 $ 443.0 $ 873.4 $ 53.3 $ (818.9) $ 1,159.9 Nine Months Ended September 30, 2022 Floaters Jackups ARO Other Reconciling Items Consolidated Total Revenues $ 489.5 $ 562.4 $ 339.1 $ 117.0 $ (339.1) $ 1,168.9 Operating expenses Contract drilling (exclusive of depreciation) 473.4 409.4 256.3 58.0 (167.3) 1,029.8 Loss on impairment 34.5 — — — — 34.5 Depreciation 37.1 26.5 47.3 3.4 (46.9) 67.4 General and administrative — — 13.1 — 43.9 57.0 Equity in earnings of ARO — — — — 15.9 15.9 Operating income (loss) $ (55.5) $ 126.5 $ 22.4 $ 55.6 $ (152.9) $ (3.9) Property and equipment, net $ 473.4 $ 386.7 $ 757.7 $ 57.7 $ (721.9) $ 953.6
Schedule Of Geographic Distribution Of Rigs By Segment	As of September 30, 2023, the geographic distribution of our and ARO's drilling rigs was as follows: Floaters Jackups Other Total Valaris ARO Middle East & Africa 3 5 8 16 7 Europe & the Mediterranean 3 12 — 15 — North & South America 8 7 — 15 — Asia & Pacific Rim 2 3 — 5 — Total 16 27 8 51 7

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Supplemental Financial Information [Abstract]
Accounts Receivable, Net		Accounts receivable, net, consisted of the following (in millions): September 30, 2023 December 31, 2022 Trade $ 435.5 $ 345.7 Income tax receivables 50.9 93.6 Other 21.7 24.6 508.1 463.9 Allowance for doubtful accounts (15.7) (14.8) $ 492.4 $ 449.1
Other Current Assets		Other current assets consisted of the following (in millions): September 30, 2023 December 31, 2022 Deferred costs $ 78.9 $ 59.1 Prepaid taxes 48.4 44.6 Prepaid expenses 23.9 17.5 Other 27.5 27.4 $ 178.7 $ 148.6
Schedule of Accrued Liabilities		Accrued liabilities and other consisted of the following (in millions): September 30, 2023 December 31, 2022 Current contract liabilities (deferred revenues) $ 103.4 $ 78.0 Personnel costs 65.2 55.8 Income and other taxes payable 54.8 41.4 Accrued interest 41.6 7.6 Accrued claims 24.6 27.2 Lease liabilities 17.0 9.4 Other 40.0 28.5 $ 346.6 $ 247.9
Other Liabilities		Other liabilities consisted of the following (in millions): September 30, 2023 December 31, 2022 Unrecognized tax benefits (inclusive of interest and penalties) $ 234.5 $ 275.0 Pension and other post-retirement benefits 155.3 159.8 Noncurrent contract liabilities (deferred revenues) 43.3 41.0 Other 49.4 39.8 $ 482.5 $ 515.6
Schedule of Other Nonoperating Income, by Component	Other, net consisted of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net foreign currency exchange gains $ 3.6 $ 9.8 $ 3.4 $ 25.2 Net periodic pension income 0.1 4.0 0.3 12.1 Loss on debt extinguishment — — (29.2) — Net gain on sale of property — 0.1 27.9 137.7 Other income (expense) 0.2 (0.2) 1.3 (2.3) $ 3.9 $ 13.7 $ 3.7 $ 172.7
Schedule of Revenue by Major Customers by Reporting Segments		Consolidated revenues with customers that individually contributed 10% or more of revenue in either of the three or nine months ended September 30, 2023, and 2022 were as follows: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Floaters Jackups Other Total Floaters Jackups Other Total BP plc ("BP") — % 5 % 6 % 11 % 5 % 3 % 6 % 14 % Eni S.p.A ("Eni") 1 % 4 % — % 5 % — % 4 % — % 4 % Equinor ASA ("Equinor") 3 % — % — % 3 % — % 6 % — % 6 % Other customers 49 % 28 % 4 % 81 % 41 % 32 % 3 % 76 % 53 % 37 % 10 % 100 % 46 % 45 % 9 % 100 % Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Floaters Jackups Other Total Floaters Jackups Other Total BP 1 % 5 % 6 % 12 % 5 % 3 % 6 % 14 % Eni 5 % 6 % — % 11 % — % 6 % — % 6 % Equinor 1 % — % — % 1 % 4 % 6 % — % 10 % Other customers 46 % 26 % 4 % 76 % 33 % 33 % 4 % 70 % 53 % 37 % 10 % 100 % 42 % 48 % 10 % 100 %
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 September 30, 2023 Three Months Ended September 30, 2022 Floaters Jackups Other Total Floaters Jackups Other Total U.S. Gulf of Mexico $ 65.3 $ 8.5 $ 26.2 $ 100.0 $ 62.8 $ 6.7 $ 25.7 $ 95.2 United Kingdom — 71.0 — 71.0 — 71.4 — 71.4 Angola 62.8 — — 62.8 23.2 — — 23.2 Australia 40.2 6.8 — 47.0 40.2 11.6 — 51.8 Brazil 46.4 — — 46.4 33.4 — — 33.4 Other countries 28.6 79.6 19.7 127.9 42.1 106.2 13.9 162.2 $ 243.3 $ 165.9 $ 45.9 $ 455.1 $ 201.7 $ 195.9 $ 39.6 $ 437.2 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Floaters Jackups Other Total Floaters Jackups Other Total U.S. Gulf of Mexico $ 152.3 $ 22.5 $ 78.5 $ 253.3 $ 179.3 $ 19.0 $ 73.3 $ 271.6 United Kingdom — 192.6 — 192.6 — 200.1 — 200.1 Angola 160.1 — — 160.1 52.3 — — 52.3 Australia 118.0 30.3 — 148.3 72.7 18.2 — 90.9 Brazil 117.4 — — 117.4 75.5 — — 75.5 Other countries 137.7 234.9 56.1 428.7 109.7 325.1 43.7 478.5 $ 685.5 $ 480.3 $ 134.6 $ 1,300.4 $ 489.5 $ 562.4 $ 117.0 $ 1,168.9

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
EarlyTerminationFeeReceived	$ 51
Capitalized Contract Cost, Net		$ 102.8		$ 102.8
Upfront Rig Mobilizations And Certain Contract Preparation [Member]
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Net		84.9		84.9		$ 57.3
Capitalized Contract Cost, Amortization		25	$ 18.8	62.7	$ 41
Deferred Certification Costs
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Net		17.9		17.9		$ 16.2
Capitalized Contract Cost, Amortization		$ 3.2	$ 1.4	$ 9.4	$ 2.5
Minimum
Capitalized Contract Cost [Line Items]
Remaining duration of drilling contracts				1 month
Maximum
Capitalized Contract Cost [Line Items]
Remaining duration of drilling contracts				5 years

Revenue from Contracts with C_4

Revenue from Contracts with Customers Components of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Current contract assets	$ 0.5	$ 4.6
Noncurrent contract assets	3	0.7
Current contract liabilities (deferred revenue)	103.4	78
Noncurrent contract liabilities (deferred revenue)	$ 43.3	$ 41

Revenue from Contracts with C_5

Revenue from Contracts with Customers Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Contract Assets
Contract with Customer, Asset, after Allowance for Credit Loss	$ 3.5	$ 5.3
Revenue from Contract with Customer, Excluding Assessed Tax	5.3
Contract with Customer, Asset, Reclassified to Receivable	(7.1)
Contract Liabilities
Contract with Customer, Liability	146.7	$ 119
Contract with Customer, Liability, Increase from Cash Receipts	119.4
Contract with Customer, Liability, Revenue Recognized, Included In Beginning Balance	(53.3)
Contract with Customer, Liability, Revenue Recognized, Added During Period	29.9
Decrease due to transfer to receivables and payables during the period	$ (8.5)

Revenue from Contracts with C_6

Revenue from Contracts with Customers Future Amortization of Liabilities and Deferred Costs (Details) $ in Millions	Sep. 30, 2023 USD ($)
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 146.7
Capitalized Contract Cost, Net	$ 102.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Capitalized Contract Cost [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 months
Revenue, Remaining Performance Obligation, Amount	$ 34.8
Capitalized Contract Cost, Amortization Expense, Remainder Of Fiscal Year	$ 32.9
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	$ 95.3
Capitalized Contract Cost, Amortization Expense, Year Two	$ 54.8
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	$ 13.4
Capitalized Contract Cost, Amortization Expense, Year Three	$ 10.8
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	$ 3.2
Capitalized Contract Cost, Amortization Expense, Year Four and Thereafter	$ 4.3

Equity Method Investment In A_3

Equity Method Investment In ARO Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) jackup drillship	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) jackup drillship	Sep. 30, 2022 USD ($)	Jan. 31, 2020 drillship
Schedule of Equity Method Investments [Line Items]
Number of Rigs Owned by ARO | jackup	7		7
Total Number Of Contract Drilling Rigs	51		51
Number of Newbuild Jackup Rigs | jackup	20		20
Order Period			10 years
ARO Rigs Under Construction | drillship	2		2		2
Shareholder Notes Payable, Term			10 years
ARO
Schedule of Equity Method Investments [Line Items]
Early Repayment Of Principal From Joint Venture Non Current		$ 40,000
Equity Method Investment Summarized Financial Information Non Cash Interest Income		14,800
Other
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	8		8
ARO
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	7		7
ARO
Schedule of Equity Method Investments [Line Items]
Lease Revenue From Related Party	$ 19,100	$ 13,800	$ 54,700	$ 42,600
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	16		16
Middle East & Africa | Other
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	8		8
Middle East & Africa | ARO
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs	7		7
Middle East & Africa | Work-in-progress | ARO
Schedule of Equity Method Investments [Line Items]
Total Number Of Contract Drilling Rigs | drillship	2		2
ARO
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50%		50%

Equity Method Investment In A_4

Equity Method Investment In ARO - Summarized Financial Data (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
OPERATING REVENUES	$ 455.1	$ 437.2	$ 1,300.4	$ 1,168.9
Depreciation expense	25.8	22.6	73.6	67.4
General and Administrative Expense	24.2	19.2	75	57
Operating Income (Loss)	16.6	61.6	15.2	(3.9)
OTHER INCOME (EXPENSE), NET	11.1	29.9	30.7	187.9
INCOME TAX PROVISION	10.7	13.8	7.6	33.3
Net Income (Loss) Attributable to Parent, Total	12.9	74.3	30.2	147.3
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and cash equivalents	1,041.1		1,041.1		$ 724.1
Other current assets	178.7		178.7		148.6
Total assets	3,484.9		3,484.9		2,860.3
Liabilities, Current	723		723		504.4
Total liabilities	2,284.9		2,284.9		1,562.4
Investment Owned, Balance [Abstract]
Equity in earnings of ARO	2.4	2.9	5	15.9
ARO
Investment Owned, Balance [Abstract]
50% interest in ARO net income (loss)	(0.6)	(0.7)	(3.9)	5
Amortization of basis differences	3	3.6	8.9	10.9
Equity in earnings of ARO	2.4	2.9	5	15.9
ARO
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
OPERATING REVENUES	121.5	111.4	362.9	339.1
Contract drilling (exclusive of depreciation)	92	90	277.9	256.3
Depreciation expense	15.8	15.4	46.4	47.3
General and Administrative Expense	5.6	4.7	15.9	13.1
Operating Income (Loss)	8.1	1.3	22.7	22.4
OTHER INCOME (EXPENSE), NET	9	2.7	28.2	9.3
INCOME TAX PROVISION	0.4	(0.1)	2.3	3.1
Net Income (Loss) Attributable to Parent, Total	(1.3)	$ (1.3)	(7.8)	$ 10
Equity Method Investment, Summarized Financial Information [Abstract]
Cash and cash equivalents	110.3		110.3		176.2
Other current assets	191.2		191.2		140.6
Non-current assets	915.3		915.3		818.1
Total assets	1,216.8		1,216.8		1,134.9
Liabilities, Current	173.6		173.6		86.3
Liabilities, Noncurrent	886.2		886.2		884.6
Total liabilities	$ 1,059.8		$ 1,059.8		$ 970.9

Equity Method Investment in A_5

Equity Method Investment in ARO - Schedule of Related Parties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Amounts receivable (1)	$ 17.6		$ 17.6		$ 12
Contract liabilities(2)	13.1		13.1		16.7
Accounts payable(2)	54.9		54.9		43.2
Carrying value	275.2		275.2		254
Non-cash amortization (1)(2)			21.2	$ 37.8
ARO
Schedule of Equity Method Investments [Line Items]
Principal amount	402.7		402.7		402.7
Discount	(127.5)		(127.5)		(148.7)
Carrying value	275.2		275.2		254
Interest receivable	22.8		22.8		$ 0
Interest income	7.7	$ 2.8	22.8	8.6
Non-cash amortization (1)(2)	7.2	22.4	21.2	37.8
Total interest income on the Notes Receivable from ARO	$ 14.9	$ 25.2	$ 44	$ 46.4

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
LONG-TERM NOTES RECEIVABLE FROM ARO	$ 275.2	$ 254
Eight Point Three Seven Five Percent Senior Second Lien Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	8.375%
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
LONG-TERM NOTES RECEIVABLE FROM ARO	$ 275.2	254
Reported Value Measurement [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt	1,079.4	542.4
Reported Value Measurement [Member] | Eight Point Three Seven Five Percent Senior Second Lien Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt	1,079.4	0
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	0	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	429.9	336.7
Estimate of Fair Value Measurement [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt	1,102.7	545.9
Estimate of Fair Value Measurement [Member] | Eight Point Three Seven Five Percent Senior Second Lien Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt	1,102.7	0
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	$ 0	$ 545.9

Property and Equipment (Schedul

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	$ 1,388	$ 1,134.5
Drilling rigs and equipment
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	1,217.6	1,036.5
Work-in-progress
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	130.9	59.8
Other
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT, AT COST	$ 39.5	$ 38.2

Property and Equipment (Narrati

Property and Equipment (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Asset Impairment Charges	$ 0	$ 0	$ 34.5	$ 0	$ 34.5
Net proceeds from disposition of assets				29.2	146.8
Operating Segments [Member] | Jackups
Property, Plant and Equipment [Line Items]
Asset Impairment Charges					0
V54 | Operating Segments [Member] | Jackups
Property, Plant and Equipment [Line Items]
Gain (Loss) on Disposition of Other Assets				$ 27.3
V113, V114 & V36 | Operating Segments [Member] | Jackups
Property, Plant and Equipment [Line Items]
Gain (Loss) on Disposition of Other Assets					128.5
V68 | Operating Segments [Member] | Jackups
Property, Plant and Equipment [Line Items]
Net proceeds from disposition of assets					$ 7

Pension and other Postretirem_3

Pension and other Postretirement Benefits - Narrative (Schedule of Net Benefit Costs) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Retirement Benefits [Abstract]
Defined Benefit Plan, Interest Cost	$ 7.9	$ 5.7	$ 23.4	$ 16.8
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(7.9)	(9.7)	(23.4)	(28.8)
Defined Benefit Plan, Amortization of Gain (Loss)	0.1	0	0.3	0.1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (0.1)	$ (4)	$ (0.3)	$ (12.1)

Earnings (Loss) Per Share - Rec

Earnings (Loss) Per Share - Reconciliation of Weighted-Average Shares (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Net Income (Loss) Attributable to Parent	$ 12.9	$ 74.3	$ 30.2	$ 147.3
Basic (in shares)	73.7	75.1	74.6	75
Unvested restricted stock units	1.1	0.5	1.1	0.5
Diluted (in shares)	74.8	75.6	75.7	75.5

Earnings (Loss) Per Share (Narr

Earnings (Loss) Per Share (Narrative) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Antidilutive share options excluded from computation of diluted earnings per share (in shares)	35,000	38,000	104,000	103,000
Class of Warrant or Right, Outstanding	5,470,950		5,470,950
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 131.88		$ 131.88

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)					1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 21, 2023	May 03, 2023	Apr. 19, 2023	Apr. 03, 2023	Apr. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Apr. 30, 2021
Debt Instrument [Line Items]
Issuance of Second Lien Notes								$ 571,800,000	$ 0
Loss on extinguishment of debt						$ 0	$ 0	29,200,000	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 375,000,000
Line of Credit Facility, Additional Borrowing Capacity				$ 200,000,000
Line of Credit Facility, Fair Value of Amount Outstanding						$ 0		$ 0
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage				0.75%
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage				0.375%
Revolving Credit Facility | Federal Fund Rate Plus One Half Member | Federal Funds Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.50%
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Maximum | Standards & Poor's Financial Services LLC
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				3%
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Maximum | Moody's Investors Service, Inc.
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				4%
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Minimum | Standards & Poor's Financial Services LLC
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.50%
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Minimum | Moody's Investors Service, Inc.
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				2.50%
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.10%
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0%
Revolving Credit Facility | Term SOFR Plus One and One Tenth Member | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.10%
Revolving Credit Facility | Floor for Term SOFR and One and One Tenth Member | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1%
Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Additional Borrowing Capacity				$ 150,000,000
Senior Notes | First Lien Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount										$ 550,000,000
Issuance of Second Lien Notes		$ 571,800,000
Loss on extinguishment of debt		$ 29,200,000
Senior Notes | First Lien Notes | 2026
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed					104%
Senior Notes | Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 700,000,000
Proceeds from Issuance of Debt			$ 681,400,000
Debt Instrument, Triggering Event, Redemption Price Percentage				101%
Senior Notes | Second Lien Notes | Federal Fund Rate Plus One Half Member
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			108.375%
Principle redemption			40%
Senior Notes | Second Lien Notes | Term SOFR Plus One Tenth Member
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			103%
Principle redemption			10%
Senior Notes | Second Lien Notes | Any Percentages
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100%
Senior Notes | Second Lien Notes | 2026
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			104.188%
Senior Notes | Second Lien Notes | 2027
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			102.094%
Senior Notes | Second Lien Notes | 2028 Thereafter
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100%
Senior Notes | Additional Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 400,000,000
Proceeds from Issuance of Debt	396,900,000
Debt Instrument, Increase, Accrued Interest	$ 11,400,000
Debt Instrument, Issued, Percentage of Par	100.75%
Senior Notes | Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			8.375%
Debt Instrument, Interest Rate, Effective Percentage			8.76%

Shareholders Equity Shareholder

Shareholders Equity Shareholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance			$ 1,297,900				$ 1,297,900
Net income	$ 17,000			$ 77,700			38,300	$ 150,700
Payments for Repurchase of Common Stock	85,000						150,000
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	4,900	$ 300
Net other comprehensive income (loss)	0			100			(500)	0
Ending balance	1,200,000						1,200,000
Net changes in pension and other postretirement benefits	$ (100)	$ (100)		$ 0			$ (300)	$ (100)
Treasury Stock, Shares, Acquired	1,200						2,300
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance (in shares)	75,200	75,200	75,200	75,000	75,000	75,000	75,200	75,000
Beginning balance	$ 800	$ 800	$ 800	$ 800	$ 800	$ 800	$ 800	$ 800
Net changes in pension and other postretirement benefits	200
Ending balance (in shares)	75,400	75,200	75,200	75,000	75,000	75,000	75,400	75,000
Ending balance	$ 800	$ 800	$ 800	$ 800	$ 800	$ 800	$ 800	$ 800
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	1,110,300	1,103,600	1,097,900	1,089,700	1,086,400	1,083,000	1,097,900	1,083,000
Share-based compensation cost	6,800	7,000	5,700	4,600	3,500	3,400
Shares Issued Under Share Based Compensation Plans, Amount				(2,300)
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation					(200)
Ending balance	1,112,200	1,110,300	1,103,600	1,092,000	1,089,700	1,086,400	1,112,200	1,092,000
Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	16,400	16,400	16,400	16,400	16,400	16,400	16,400	16,400
Ending balance	16,400	16,400	16,400	16,400	16,400	16,400	16,400	16,400
Retained Earnings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	177,400	206,800	160,100	56,600	(55,000)	(16,400)	160,100	(16,400)
Net income	12,900	(29,400)	46,700	74,300	111,600	(38,600)
Ending balance	190,300	177,400	206,800	130,900	56,600	(55,000)	190,300	130,900
AOCI
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	14,200	14,500	14,700	(9,200)	(9,400)	(9,100)	14,700	(9,100)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax			(100)		(100)
Net other comprehensive income (loss)	100	(200)	(100)	100	300	(300)
Ending balance	14,200	14,200	14,500	(9,100)	(9,200)	(9,400)	14,200	(9,100)
Treasury Stock, Common
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	(65,000)	0	0				0
Payments for Repurchase of Common Stock	(85,000)	(65,000)
Ending balance	(150,000)	(65,000)	0				(150,000)
Non-controlling Interest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	12,000	9,900	8,000	2,700	1,500	2,700	8,000	2,700
Net income	4,100	2,100	1,900	3,400	1,200	(1,200)
Ending balance	$ 16,100	$ 12,000	$ 9,900	$ 6,100	$ 2,700	$ 1,500	$ 16,100	$ 6,100

Shareholders Equity Narrative (

Shareholders Equity Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Apr. 27, 2023	Sep. 08, 2022
Statement of Stockholders' Equity [Abstract]
Stock Repurchase Program, Authorized Amount			$ 300,000	$ 100,000
Shares Acquired, Average Cost Per Share	$ 73.30	$ 66.24
Payments for Repurchase of Common Stock	$ 85,000	$ 150,000
Treasury Stock, Shares, Acquired	1,200	2,300

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Discrete Income Tax Expense (Benefit)	$ 2	$ (1.4)	$ 39.5	$ 6.9
Income Tax Expense (Benefit) Excluding Discrete Items	12.7	$ 12.4	$ 47.1	$ 40.2
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 6.2

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) R$ in Millions, $ in Millions	1 Months Ended				9 Months Ended
	Oct. 31, 2023 USD ($) Rate	Jul. 31, 2023 USD ($)	Jul. 31, 2023 BRL (R$)	Dec. 31, 2019 USD ($)	Sep. 30, 2023 USD ($) jackup drillship	Dec. 31, 2022 USD ($)	Jan. 31, 2020 drillship
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		$ 120	R$ 601.0
Number of Newbuild Jackup Rigs | jackup					20
Order Period					10 years
Percentage of Down Payment Paid for ARO Newbuilds							25%
ARO Rigs Under Construction | drillship					2		2
Maximum Contingent Contributions To Joint Venture					$ 1,250
Letters of credit outstanding, amount					95.8
Deposit Liabilities, Collateral Issued, Financial Instruments					$ 14	$ 20.7
Litigation Settlement, Amount Awarded from Other Party				$ 200
Subsequent Event | Line of Credit | Newbuild Funding Obligation
Loss Contingencies [Line Items]
Debt Instrument, Face Amount	$ 359
Long Term Pecentage of Periodic PaymentTerms Balloon Payment To Be Paid	50%
Debt Instrument, Term	8 years
Subsequent Event | Minimum | Secured Overnight Financing Rate (SOFR) | Line of Credit | Newbuild Funding Obligation
Loss Contingencies [Line Items]
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate | Rate	1.25%
Subsequent Event | Maximum | Secured Overnight Financing Rate (SOFR) | Line of Credit | Newbuild Funding Obligation
Loss Contingencies [Line Items]
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate | Rate	1.40%

Segment Information (Narrative)

Segment Information (Narrative) (Details)	9 Months Ended
	Sep. 30, 2023 drillship Reportable_segment
Segment Reporting Information [Line Items]
Number of operating segments (in segments) | Reportable_segment	4
Number of Drilling Management Contracts	2
Number Of Contracts With Options To Take Delivery	2
Total Number Of Contract Drilling Rigs	51
Middle East & Africa
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	16

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 455.1	$ 437.2		$ 1,300.4	$ 1,168.9
Operating expenses
Cost of Goods and Services Sold	390.9	336.7		1,141.6	1,029.8
Asset Impairment Charges	0	0	$ 34.5	0	34.5
Depreciation expense	25.8	22.6		73.6	67.4
General and Administrative Expense	24.2	19.2		75	57
Income (Loss) from Equity Method Investments	(2.4)	(2.9)		(5)	(15.9)
Operating Income (Loss)	16.6	61.6		15.2	(3.9)
Property, Plant and Equipment, Net	(1,159.9)	(953.6)		(1,159.9)	(953.6)	$ (977.2)
Operating Segments [Member] | Floaters
Segment Reporting Information [Line Items]
Revenues	243.3	201.7		685.5	489.5
Operating expenses
Cost of Goods and Services Sold	215.2	160.5		586	473.4
Asset Impairment Charges					34.5
Depreciation expense	14.2	12.6		40.8	37.1
General and Administrative Expense	0	0		0	0
Income (Loss) from Equity Method Investments	0	0		0	0
Operating Income (Loss)	13.9	28.6		58.7	(55.5)
Property, Plant and Equipment, Net	(609.1)	(473.4)		(609.1)	(473.4)
Operating Segments [Member] | Jackups
Segment Reporting Information [Line Items]
Revenues	165.9	195.9		480.3	562.4
Operating expenses
Cost of Goods and Services Sold	121.7	128		394.1	409.4
Asset Impairment Charges					0
Depreciation expense	10.2	8.7		28.8	26.5
General and Administrative Expense	0	0		0	0
Income (Loss) from Equity Method Investments	0	0		0	0
Operating Income (Loss)	34	59.2		57.4	126.5
Property, Plant and Equipment, Net	(443)	(386.7)		(443)	(386.7)
Operating Segments [Member] | ARO
Segment Reporting Information [Line Items]
Revenues	121.5	111.4		362.9	339.1
Operating expenses
Cost of Goods and Services Sold	92	90		277.9	256.3
Asset Impairment Charges					0
Depreciation expense	15.8	15.4		46.4	47.3
General and Administrative Expense	5.6	4.7		15.9	13.1
Income (Loss) from Equity Method Investments	0	0		0	0
Operating Income (Loss)	8.1	1.3		22.7	22.4
Property, Plant and Equipment, Net	(873.4)	(757.7)		(873.4)	(757.7)
Operating Segments [Member] | Other
Segment Reporting Information [Line Items]
Revenues	45.9	39.6		134.6	117
Operating expenses
Cost of Goods and Services Sold	18.8	17.8		57.2	58
Asset Impairment Charges					0
Depreciation expense	1.3	1.2		3.8	3.4
General and Administrative Expense	0	0		0	0
Income (Loss) from Equity Method Investments	0	0		0	0
Operating Income (Loss)	25.8	20.6		73.6	55.6
Property, Plant and Equipment, Net	(53.3)	(57.7)		(53.3)	(57.7)
Corporate, Non-Segment [Member] | Reconciling Items
Segment Reporting Information [Line Items]
Revenues	(121.5)	(111.4)		(362.9)	(339.1)
Operating expenses
Cost of Goods and Services Sold	(56.8)	(59.6)		(173.6)	(167.3)
Asset Impairment Charges					0
Depreciation expense	(15.7)	(15.3)		(46.2)	(46.9)
General and Administrative Expense	18.6	14.5		59.1	43.9
Income (Loss) from Equity Method Investments	(2.4)	(2.9)		(5)	(15.9)
Operating Income (Loss)	(65.2)	(48.1)		(197.2)	(152.9)
Property, Plant and Equipment, Net	$ 818.9	$ 721.9		$ 818.9	$ 721.9

Segment Information (Schedule_2

Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	51
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	27
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
Middle East & Africa
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	16
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	5
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
Europe & the Mediterranean
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	15
Europe & the Mediterranean | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	3
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
North & South America
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	15
North & South America | Floaters
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	8
North & South America | Jackups
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	7
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
Asia & Pacific Rim
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	5
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	3
Asia & Pacific Rim | Other
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0
Asia & Pacific Rim | ARO
Segment Reporting Information [Line Items]
Total Number Of Contract Drilling Rigs	0

Supplemental Financial Inform_3

Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 508.1	$ 463.9
Income Taxes Receivable	50.9	93.6
Allowance for doubtful accounts	(15.7)	(14.8)
Accounts receivable, net	492.4	449.1
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	435.5	345.7
Other Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 21.7	$ 24.6

Supplemental Financial Inform_4

Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Supplemental Financial Information [Abstract]
Deferred costs	$ 78.9	$ 59.1
Prepaid taxes	48.4	44.6
Prepaid expenses	23.9	17.5
Other	27.5	27.4
Other current assets	$ 178.7	$ 148.6

Supplemental Financial Inform_5

Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Supplemental Financial Information [Abstract]
Current contract liabilities (deferred revenues)	$ 103.4	$ 78
Personnel costs	65.2	55.8
Income and other taxes payable	54.8	41.4
Accrued claims	24.6	27.2
Accrued interest	41.6	7.6
Lease liabilities	17	9.4
Other	40	28.5
Accrued liabilities and other	$ 346.6	$ 247.9

Supplemental Financial Inform_6

Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Supplemental Financial Information [Abstract]
Unrecognized tax benefits (inclusive of interest and penalties)	$ 234.5	$ 275
Pension and other post-retirement benefits	155.3	159.8
Noncurrent contract liabilities (deferred revenue)	43.3	41
Other	49.4	39.8
Other liabilities	$ 482.5	$ 515.6

Supplemental Financial Inform_7

Supplemental Financial Information (Other Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Supplemental Financial Information [Abstract]
Gain (Loss) on Extinguishment of Debt	$ 0	$ 0	$ (29.2)	$ 0
Gain (Loss) on Sale of Properties	0	0.1	27.9	137.7
Net foreign currency exchange gains	3.6	9.8	3.4	25.2
Net periodic pension income	0.1	4	0.3	12.1
Other income (expense)	0.2	(0.2)	1.3	(2.3)
Other Nonoperating Income (Expense)	$ 3.9	$ 13.7	$ 3.7	$ 172.7

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	100%	100%	100%	100%
Eni S.p.A
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	5%	4%	11%	6%
British Petroleum
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	11%	14%	12%	14%
Equinor A S A
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	3%	6%	1%	10%
Other Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	81%	76%	76%	70%
Floaters
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	53%	46%	53%	42%
Floaters | Eni S.p.A
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	1%	0%	5%	0%
Floaters | British Petroleum
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	0%	5%	1%	5%
Floaters | Equinor A S A
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	3%	0%	1%	4%
Floaters | Other Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	49%	41%	46%	33%
Jackups
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	37%	45%	37%	48%
Jackups | Eni S.p.A
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	4%	4%	6%	6%
Jackups | British Petroleum
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	5%	3%	5%	3%
Jackups | Equinor A S A
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	0%	6%	0%	6%
Jackups | Other Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	28%	32%	26%	33%
Managed Rigs
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	10%	9%	10%	10%
Managed Rigs | Eni S.p.A
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	0%	0%	0%	0%
Managed Rigs | British Petroleum
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	6%	6%	6%	6%
Managed Rigs | Equinor A S A
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	0%	0%	0%	0%
Managed Rigs | Other Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	4%	3%	4%	4%

Supplemental Financial Inform_9

Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	$ 455.1	$ 437.2	$ 1,300.4	$ 1,168.9
Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	455.1	437.2	1,300.4	1,168.9
US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	100	95.2	253.3	271.6
UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	71	71.4	192.6	200.1
AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	47	51.8	148.3	90.9
ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	62.8	23.2	160.1	52.3
Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	127.9	162.2	428.7	478.5
BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	46.4	33.4	117.4	75.5
Floaters | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	243.3	201.7	685.5	489.5
Floaters | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	65.3	62.8	152.3	179.3
Floaters | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	0	0	0	0
Floaters | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	40.2	40.2	118	72.7
Floaters | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	62.8	23.2	160.1	52.3
Floaters | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	28.6	106.2	137.7	325.1
Floaters | BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	46.4	0	117.4	0
Jackups | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	165.9	195.9	480.3	562.4
Jackups | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	8.5	6.7	22.5	19
Jackups | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	71	71.4	192.6	200.1
Jackups | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	6.8	11.6	30.3	18.2
Jackups | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	0	0	0	0
Jackups | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	79.6	42.1	234.9	109.7
Jackups | BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	0	33.4	0	75.5
Managed Rigs | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	45.9	39.6	134.6	117
Managed Rigs | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	26.2	25.7	78.5	73.3
Managed Rigs | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	0	0	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	0	0
Managed Rigs | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	0	0	0	0
Managed Rigs | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	19.7	13.9	56.1	43.7
Managed Rigs | BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
OPERATING REVENUES	$ 0	$ 0	$ 0	$ 0

Supplemental Financial Infor_10

Supplemental Financial Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deposit Liabilities, Collateral Issued, Financial Instruments		$ 14	$ 20.7
Proceeds from Income Tax Refunds	$ 45.9