| Schedule Of Segment Reporting Information |
Segment information for the three and nine months ended September 30, 2026 and 2025 are presented below (in millions): Three Months Ended September 30, 2026
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Floaters | | Jackups | | ARO | | Other | | Reconciling Items | | Consolidated Total | | Operating revenues: | | | | | | | | | | | | Revenues (exclusive of reimbursable revenues) | $ | 346.0 | | | $ | 171.2 | | | $ | 144.9 | | | $ | 38.4 | | | $ | (144.9) | | | $ | 555.6 | | | Reimbursable revenues | 13.3 | | | 17.6 | | | — | | | 7.1 | | | — | | | 38.0 | | | Total operating revenues | 359.3 | | | 188.8 | | | 144.9 | | | 45.5 | | | (144.9) | | | 593.6 | | | Operating expenses: | | | | | | | | | | | | Contract drilling expenses (exclusive of depreciation and reimbursable expenses) | 188.8 | | | 129.2 | | | 91.7 | | | 20.8 | | | (50.6) | | | 379.9 | | | Reimbursable expenses | 12.9 | | | 16.5 | | | — | | | 8.0 | | | — | | | 37.4 | | Total contract drilling expenses (exclusive of depreciation) | 201.7 | | | 145.7 | | | 91.7 | | | 28.8 | | | (50.6) | | | 417.3 | | | Depreciation | 17.7 | | | 16.2 | | | 28.8 | | | 8.1 | | | (23.5) | | | 47.3 | | | General and administrative | — | | | — | | | 7.7 | | | — | | | 18.0 | | | 25.7 | | | Merger and integration expenses | — | | | — | | | — | | | — | | | 15.5 | | | 15.5 | | | Other operating loss | 3.0 | | | — | | | — | | | — | | | — | | | 3.0 | | Total operating expenses | 222.4 | | | 161.9 | | | 128.2 | | | 36.9 | | | (40.6) | | | 508.8 | | | Equity in losses of ARO | — | | | — | | | — | | | — | | | (3.5) | | | (3.5) | | | Operating income | $ | 136.9 | | | $ | 26.9 | | | $ | 16.7 | | | $ | 8.6 | | | $ | (107.8) | | | $ | 81.3 | | | Property and equipment, net | $ | 1,346.4 | | | $ | 641.9 | | | $ | 1,311.3 | | | $ | 217.5 | | | $ | (1,257.9) | | | $ | 2,259.2 | | | Capital expenditures | $ | 60.3 | | | $ | 35.1 | | | $ | 69.5 | | | $ | 25.7 | | | $ | (69.0) | | | $ | 121.6 | |
Three Months Ended September 30, 2025
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Floaters | | Jackups | | ARO | | Other | | Reconciling Items | | Consolidated Total | | | Operating revenues: | | | | | | | | | | | | | Revenues (exclusive of reimbursable revenues) | $ | 293.0 | | | $ | 216.7 | | | $ | 156.8 | | | $ | 45.9 | | | $ | (156.8) | | | $ | 555.6 | | | Reimbursable revenues | 9.9 | | | 20.4 | | | — | | | 9.8 | | | — | | | 40.1 | | | Total operating revenues | 302.9 | | | 237.1 | | | 156.8 | | | 55.7 | | | (156.8) | | | 595.7 | | | | Operating expenses: | | | | | | | | | | | | | Contract drilling expenses (exclusive of depreciation and reimbursable expenses) | 187.7 | | | 124.8 | | | 91.6 | | | 16.3 | | | (52.8) | | | 367.6 | | | Reimbursable expenses | 9.4 | | | 18.9 | | | — | | | 9.7 | | | — | | | 38.0 | | | Total contract drilling expenses (exclusive of depreciation) | 197.1 | | | 143.7 | | | 91.6 | | | 26.0 | | | (52.8) | | | 405.6 | | | | Depreciation | 15.5 | | | 15.3 | | | 28.4 | | | 3.0 | | | (25.1) | | | 37.1 | | | | General and administrative | — | | | — | | | 5.5 | | | — | | | 21.4 | | | 26.9 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total operating expenses | 212.6 | | | 159.0 | | | 125.5 | | | 29.0 | | | (56.5) | | | 469.6 | | | | Equity in earnings of ARO | — | | | — | | | — | | | — | | | 4.4 | | | 4.4 | | | | Operating income | $ | 90.3 | | | $ | 78.1 | | | $ | 31.3 | | | $ | 26.7 | | | $ | (95.9) | | | $ | 130.5 | | | | Property and equipment, net | $ | 1,201.3 | | | $ | 628.9 | | | $ | 1,199.7 | | | $ | 145.4 | | | $ | (1,140.9) | | | $ | 2,034.4 | | | Capital expenditures | $ | 37.6 | | | $ | 28.9 | | | $ | 10.9 | | | $ | — | | | $ | (7.6) | | | $ | 69.8 | | |
Nine Months Ended September 30, 2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Floaters | | Jackups | | ARO | | Other | | Reconciling Items | | Consolidated Total | | | Operating revenues: | | | | | | | | | | | | | Revenues (exclusive of reimbursable revenues) | $ | 817.6 | | | $ | 550.4 | | | $ | 399.2 | | | $ | 120.0 | | | $ | (399.2) | | | $ | 1,488.0 | | | | Reimbursable revenues | 29.3 | | | 45.8 | | | — | | | 35.1 | | | — | | | 110.2 | | | | Total operating revenues | 846.9 | | | 596.2 | | | 399.2 | | | 155.1 | | | (399.2) | | | 1,598.2 | | | | Operating expenses: | | | | | | | | | | | | | Contract drilling expenses (exclusive of depreciation and reimbursable expenses) | 507.3 | | | 401.9 | | | 238.4 | | | 70.9 | | | (117.8) | | | 1,100.7 | | | | Reimbursable expenses | 28.3 | | | 42.4 | | | — | | | 34.8 | | | — | | | 105.5 | | | Total contract drilling expenses (exclusive of depreciation) | 535.6 | | | 444.3 | | | 238.4 | | | 105.7 | | | (117.8) | | | 1,206.2 | | | | Depreciation | 50.6 | | | 48.9 | | | 75.7 | | | 20.4 | | | (61.0) | | | 134.6 | | | | General and administrative | — | | | — | | | 25.4 | | | — | | | 52.8 | | | 78.2 | | | | Merger and integration expenses | — | | | — | | | — | | | — | | | 40.5 | | | 40.5 | | | | Other operating loss, net | 0.2 | | | — | | | — | | | — | | | — | | | 0.2 | | | Total operating expenses | 586.4 | | | 493.2 | | | 339.5 | | | 126.1 | | | (85.5) | | | 1,459.7 | | | | Equity in earnings of ARO | — | | | — | | | — | | | — | | | 13.9 | | | 13.9 | | | | Operating income | $ | 260.5 | | | $ | 103.0 | | | $ | 59.7 | | | $ | 29.0 | | | $ | (299.8) | | | $ | 152.4 | | | | Property and equipment, net | $ | 1,346.4 | | | $ | 641.9 | | | $ | 1,311.3 | | | $ | 217.5 | | | $ | (1,257.9) | | | $ | 2,259.2 | | | | Capital expenditures | $ | 174.0 | | | $ | 79.7 | | | $ | 141.1 | | | $ | 72.3 | | | $ | (139.1) | | | $ | 328.0 | | |
Nine Months Ended September 30, 2025
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Floaters | | Jackups | | ARO | | Other | | Reconciling Items | | Consolidated Total | | | Operating revenues: | | | | | | | | | | | | | Revenues (exclusive of reimbursable revenues) | $ | 968.7 | | | $ | 614.6 | | | $ | 431.4 | | | $ | 122.4 | | | $ | (431.4) | | | $ | 1,705.7 | | | Reimbursable revenues | 26.0 | | | 74.1 | | | — | | | 25.8 | | | — | | | 125.9 | | | Total operating revenues | 994.7 | | | 688.7 | | | 431.4 | | | 148.2 | | | (431.4) | | | 1,831.6 | | | | Operating expenses: | | | | | | | | | | | | | Contract drilling expenses (exclusive of depreciation and reimbursable expenses) | 568.0 | | | 365.8 | | | 273.6 | | | 49.7 | | | (160.3) | | | 1,096.8 | | | Reimbursable expenses | 24.4 | | | 69.6 | | | — | | | 25.5 | | | — | | | 119.5 | | | Total contract drilling expenses (exclusive of depreciation) | 592.4 | | | 435.4 | | | 273.6 | | | 75.2 | | | (160.3) | | | 1,216.3 | | | | Depreciation | 44.3 | | | 42.6 | | | 86.6 | | | 8.6 | | | (76.4) | | | 105.7 | | | | General and administrative | — | | | — | | | 18.4 | | | — | | | 51.7 | | | 70.1 | | | | | | | | | | | | | | | | Other operating loss | 7.8 | | | — | | | — | | | — | | | — | | | 7.8 | | | | Total operating expenses | 644.5 | | | 478.0 | | | 378.6 | | | 83.8 | | | (185.0) | | | 1,399.9 | | | | Equity in earnings of ARO | — | | | — | | | — | | | — | | | 5.9 | | | 5.9 | | | | Operating income | $ | 350.2 | | | $ | 210.7 | | | $ | 52.8 | | | $ | 64.4 | | | $ | (240.5) | | | $ | 437.6 | | | | Property and equipment, net | $ | 1,201.3 | | | $ | 628.9 | | | $ | 1,199.7 | | | $ | 145.4 | | | $ | (1,140.9) | | | $ | 2,034.4 | | | Capital expenditures | $ | 89.8 | | | $ | 138.9 | | | $ | 33.0 | | | $ | — | | | $ | (24.5) | | | $ | 237.2 | | |
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| Schedule Of Geographic Distribution Of Rigs By Segment |
As of September 30, 2026, the geographic distribution of our and ARO's drilling rigs was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Floaters | | Jackups | | Other | | Total Valaris (1) | | ARO | | Middle East & Africa | 5 | | | 5 | | | 7 | | | 17 | | | 9 | | Europe | 3 | | | 10 | | | — | | | 13 | | | — | | North & South America | 5 | | | 3 | | | — | | | 8 | | | — | | | Asia & Pacific Rim | — | | | 3 | | | — | | | 3 | | | — | | | | | | | | | | | | | | | | | | | | | | | Total | 13 | | | 21 | | | 7 | | | 41 | | | 9 | |
(1)In September 2026, we sold VALARIS 111 for recycling and transferred possession of the rig to the buyer. Accordingly, the rig is excluded from the fleet table above as of September 30, 2026. However, due to a termination right stipulated within the sale agreement, the rig remained on our balance sheet and was classified as held for sale as of September 30, 2026. See "Note 5 - Property and Equipment" for additional information regarding the sale of VALARIS 111.
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