v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Revenue [Abstract]  
Schedule Of Segment Reporting Information
Segment information for the three and six months ended June 30, 2026 and 2025 are presented below (in millions):
Three Months Ended June 30, 2026

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$279.0 $183.4 $126.9 $39.9 $(126.9)$502.3 
Reimbursable revenues11.0 13.8 — 12.1 — 36.9 
Total operating revenues290.0 197.2 126.9 52.0 (126.9)539.2 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
167.9 143.9 71.6 27.4 (30.4)380.4 
Reimbursable expenses10.5 12.7 — 11.9 — 35.1 
Total contract drilling expenses (exclusive of depreciation)
178.4 156.6 71.6 39.3 (30.4)415.5 
Depreciation17.2 16.2 22.0 6.1 (16.9)44.6 
General and administrative— — 10.6 — 16.6 27.2 
Merger and integration expenses— — — — 11.4 11.4 
Total operating expenses
195.6 172.8 104.2 45.4 (19.3)498.7 
Equity in earnings of ARO— — — — 10.6 10.6 
Operating income$94.4 $24.4 $22.7 $6.6 $(97.0)$51.1 
Property and equipment, net$1,320.2 $636.3 $1,270.4 $224.1 $(1,217.2)$2,233.8 
Capital expenditures$58.4 $21.6 $39.3 $24.1 $(37.9)$105.5 
Three Months Ended June 30, 2025

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$319.7 $212.0 $139.9 $40.6 $(139.9)$572.3 
Reimbursable revenues
7.2 26.0 — 9.7 — 42.9 
Total operating revenues
326.9 238.0 139.9 50.3 (139.9)615.2 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
176.3 124.3 96.4 17.4 (59.2)355.2 
Reimbursable expenses
6.7 24.3 — 9.5 — 40.5 
Total contract drilling expenses (exclusive of depreciation)
183.0 148.6 96.4 26.9 (59.2)395.7 
Depreciation14.6 14.6 28.7 2.8 (25.2)35.5 
General and administrative— — 6.6 — 12.2 18.8 
Total operating expenses197.6 163.2 131.7 29.7 (72.2)450.0 
Equity in losses of ARO— — — — (1.1)(1.1)
Operating income$129.3 $74.8 $8.2 $20.6 $(68.8)$164.1 
Property and equipment, net$1,183.3 $643.4 $1,214.9 $133.6 $(1,153.6)$2,021.6 
Capital expenditures
$25.2 $39.8 $14.1 $— $(11.9)$67.2 

Six Months Ended June 30, 2026

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$471.6 $379.2 $254.3 $81.6 $(254.3)$932.4 
Reimbursable revenues16.0 28.2 — 28.0 — 72.2 
Total operating revenues487.6 407.4 254.3 109.6 (254.3)1,004.6 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
318.5 272.7 146.7 50.1 (67.2)720.8 
Reimbursable expenses15.4 25.9 — 26.8 — 68.1 
Total contract drilling expenses (exclusive of depreciation)
333.9 298.6 146.7 76.9 (67.2)788.9 
Depreciation32.9 32.7 46.9 12.3 (37.5)87.3 
General and administrative— — 17.7 — 34.8 52.5 
Merger and integration expenses— — — — 25.0 25.0 
Other operating income(2.8)— — — — (2.8)
Total operating expenses
364.0 331.3 211.3 89.2 (44.9)950.9 
Equity in earnings of ARO— — — — 17.4 17.4 
Operating income$123.6 $76.1 $43.0 $20.4 $(192.0)$71.1 
Property and equipment, net$1,320.2 $636.3 $1,270.4 $224.1 $(1,217.2)$2,233.8 
Capital expenditures$113.7 $44.6 $71.6 $46.6 $(70.1)$206.4 
Six Months Ended June 30, 2025

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$675.7 $397.9 $274.6 $76.5 $(274.6)$1,150.1 
Reimbursable revenues
16.1 53.7 — 16.0 — 85.8 
Total operating revenues
691.8 451.6 274.6 92.5 (274.6)1,235.9 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
380.3 241.0 182.0 33.4 (107.5)729.2 
Reimbursable expenses
15.0 50.7 — 15.8 — 81.5 
Total contract drilling expenses (exclusive of depreciation)
395.3 291.7 182.0 49.2 (107.5)810.7 
Depreciation28.8 27.3 58.2 5.6 (51.3)68.6 
General and administrative— — 12.9 — 30.3 43.2 
Other operating loss
7.8 — — — — 7.8 
Total operating expenses431.9 319.0 253.1 54.8 (128.5)930.3 
Equity in earnings of ARO— — — — 1.5 1.5 
Operating income$259.9 $132.6 $21.5 $37.7 $(144.6)$307.1 
Property and equipment, net$1,183.3 $643.4 $1,214.9 $133.6 $(1,153.6)$2,021.6 
Capital expenditures
$52.2 $110.0 $22.1 $— $(16.9)$167.4 
Schedule Of Geographic Distribution Of Rigs By Segment
As of June 30, 2026, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
Middle East & Africa4 5 7 16 9 
Europe
4 11 — 15 — 
North & South America
5 3 — 8 — 
Asia & Pacific Rim1 3 — 4 — 
Held for sale(1)
— 1 — 1 — 
Total14 23 7 44 9 
(1)VALARIS 109 was classified as held for sale and is preservation stacked in Africa as of June 30, 2026. See "Note 5 - Property and Equipment" for more information.