FALSE2021Q3000031480812/31P3MP1YP1Y00003148082021-01-012021-09-300000314808us-gaap:CommonClassAMember2021-01-012021-09-300000314808us-gaap:WarrantMember2021-01-012021-09-30xbrli:shares00003148082021-10-28iso4217:USD00003148082021-07-012021-09-3000003148082020-07-012020-09-30iso4217:USDxbrli:shares00003148082021-05-012021-09-3000003148082021-01-012021-04-3000003148082020-01-012020-09-3000003148082021-04-012021-04-3000003148082021-09-3000003148082020-12-310000314808us-gaap:CommonClassAMember2020-12-310000314808us-gaap:CommonClassAMember2021-09-30iso4217:GBPxbrli:shares0000314808us-gaap:CommonClassBMember2020-12-310000314808us-gaap:CommonClassBMember2021-09-300000314808us-gaap:CommonStockMember2021-09-300000314808us-gaap:CommonStockMember2020-12-310000314808us-gaap:PreferredStockMember2021-09-300000314808us-gaap:PreferredStockMember2020-12-3100003148082021-04-3000003148082019-12-3100003148082020-09-3000003148082021-04-302021-04-300000314808us-gaap:SeniorNotesMemberval:FirstLienNotesMember2021-04-300000314808us-gaap:CommonClassAMember2021-04-30xbrli:pure0000314808val:SeniorNoteholdersMember2020-08-182020-08-180000314808val:SeniorNoteholdersMember2021-04-302021-04-300000314808val:SeniorNoteholdersParticipatingInRightsOfferingMember2020-08-182020-08-180000314808val:SeniorNoteholdersParticipatingInRightsOfferingMember2021-04-302021-04-300000314808val:SeniorNoteholdersWhoAgreedToBackstopTheRightsOfferingMember2020-08-182020-08-180000314808val:SeniorNoteholdersWhoAgreedToBackstopTheRightsOfferingMember2021-04-302021-04-300000314808val:SeniorNoteholdersWhoAgreedToBackstopTheRightsOfferingMember2021-04-300000314808val:LendersUnderRevolvingCreditFacilityParticipatingInRightsOfferingMember2020-08-182020-08-180000314808val:LendersUnderRevolvingCreditFacilityParticipatingInRightsOfferingMember2021-04-302021-04-300000314808val:LendersUnderRevolvingCreditFacilityWhoAgreedToBackstopTheRightsOfferingMember2020-08-182020-08-180000314808val:LendersUnderRevolvingCreditFacilityWhoAgreedToBackstopTheRightsOfferingMember2021-04-302021-04-300000314808val:LendersUnderRevolvingCreditFacilityWhoAgreedToBackstopTheRightsOfferingMember2021-04-300000314808us-gaap:SeniorNotesMemberval:SixPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyMember2020-08-180000314808us-gaap:SeniorNotesMemberval:SevenPointEightSevenFivePercentSeniorNotesDueTwentyFortyMember2020-08-180000314808us-gaap:SeniorNotesMemberval:SevenPointTwoZeroDebentureDueTwentyTwentySevenMember2020-08-180000314808val:FourPointEightSevenFivePercentSeniorNotesDueTwentyTwentyTwoMemberus-gaap:SeniorNotesMember2020-08-180000314808val:FourPointSevenFivePercentSeniorNotesDueTwentyTwentyFourMemberus-gaap:SeniorNotesMember2020-08-180000314808us-gaap:SeniorNotesMemberval:SevenPointThreeSevenFiveSeniorNotesDueTwentyTwentyFiveMember2020-08-180000314808us-gaap:SeniorNotesMemberval:FivePointFourZeroPercentSeniorNotesDueTwentyFortyTwoMember2020-08-180000314808us-gaap:SeniorNotesMemberval:FivePointEightFivePercentSeniorNotesDueTwentyFortyFourMember2020-08-180000314808us-gaap:SeniorNotesMember2020-08-182020-08-180000314808val:TwoRCFLendorsParticipatingInTheRightsOfferingMember2020-08-182020-08-180000314808val:TwoRCFLendorsParticipatingInTheRightsOfferingMember2021-04-302021-04-300000314808val:TwoRCFLendorsParticipatingInTheRightsOfferingMemberval:FirstLienNotesMember2020-08-182020-08-180000314808val:TwoRCFLendorsParticipatingInTheRightsOfferingMember2021-04-300000314808val:LendersUnderRevolvingCreditFacilityNotParticipatingInRightsOfferingMember2020-08-182020-08-180000314808val:LendersUnderRevolvingCreditFacilityNotParticipatingInRightsOfferingMember2021-04-302021-04-300000314808val:LendersUnderRevolvingCreditFacilityNotParticipatingInRightsOfferingMember2021-04-300000314808val:DaewooShipbuildingMarineEngineeringCoLtdMember2021-04-302021-04-300000314808val:DaewooShipbuildingMarineEngineeringCoLtdMember2021-04-300000314808val:ManagementIncentivePlanMember2021-04-300000314808us-gaap:SeniorNotesMemberval:SixPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyMember2020-12-310000314808us-gaap:SeniorNotesMemberval:FourPointSevenZeroPercentSeniorNotesDueTwentyTwentyOneMember2020-08-180000314808us-gaap:SeniorNotesMemberval:FourPointSevenZeroPercentSeniorNotesDueTwentyTwentyOneMember2020-12-310000314808val:FourPointEightSevenFivePercentSeniorNotesDueTwentyTwentyTwoMemberus-gaap:SeniorNotesMember2020-12-310000314808us-gaap:SeniorNotesMemberval:ThreePointZeroPercentExchangeableSeniorNotesDueTwentyTwentyFourMember2020-08-180000314808us-gaap:SeniorNotesMemberval:ThreePointZeroPercentExchangeableSeniorNotesDueTwentyTwentyFourMember2020-12-310000314808us-gaap:SeniorNotesMemberval:FourPointFivePercentSeniorNotesDueTwentyTwentyFourMember2020-08-180000314808us-gaap:SeniorNotesMemberval:FourPointFivePercentSeniorNotesDueTwentyTwentyFourMember2020-12-310000314808val:FourPointSevenFivePercentSeniorNotesDueTwentyTwentyFourMemberus-gaap:SeniorNotesMember2020-12-310000314808val:EightPointZeroPercentSeniorNotesDueTwentyTwentyFourMemberus-gaap:SeniorNotesMember2020-08-180000314808val:EightPointZeroPercentSeniorNotesDueTwentyTwentyFourMemberus-gaap:SeniorNotesMember2020-12-310000314808us-gaap:SeniorNotesMemberval:FivePointTwoZeroPercentSeniorNotesDueTwentyTwentyFiveMember2020-08-180000314808us-gaap:SeniorNotesMemberval:FivePointTwoZeroPercentSeniorNotesDueTwentyTwentyFiveMember2020-12-310000314808us-gaap:SeniorNotesMemberval:SevenPointThreeSevenFiveSeniorNotesDueTwentyTwentyFiveMember2020-12-310000314808us-gaap:SeniorNotesMemberval:SevenPointSevenFivePercentSeniorNotesDueTwentyTwentySixMember2020-08-180000314808us-gaap:SeniorNotesMemberval:SevenPointSevenFivePercentSeniorNotesDueTwentyTwentySixMember2020-12-310000314808us-gaap:SeniorNotesMemberval:SevenPointTwoZeroPercentDebenturesDueTwentyTwentySevenMember2020-12-310000314808us-gaap:SeniorNotesMemberval:SevenPointEightSevenFivePercentSeniorNotesDueTwentyFortyMember2020-12-310000314808us-gaap:SeniorNotesMemberval:FivePointFourZeroPercentSeniorNotesDueTwentyFortyTwoMember2020-12-310000314808us-gaap:SeniorNotesMemberval:FivePointSevenFivePercentSeniorNotesDueTwentyFortyFourMember2020-08-180000314808us-gaap:SeniorNotesMemberval:FivePointSevenFivePercentSeniorNotesDueTwentyFortyFourMember2020-12-310000314808us-gaap:SeniorNotesMemberval:FivePointEightFivePercentSeniorNotesDueTwentyFortyFourMember2020-12-310000314808us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-12-310000314808srt:MinimumMember2021-04-300000314808srt:MaximumMember2021-04-300000314808us-gaap:ReorganizationChapter11PredecessorBeforeAdjustmentMember2021-04-300000314808us-gaap:ReorganizationChapter11PlanEffectAdjustmentMember2021-04-300000314808us-gaap:ReorganizationChapter11FreshStartAdjustmentMember2021-04-300000314808us-gaap:CommonClassAMemberus-gaap:ReorganizationChapter11PredecessorBeforeAdjustmentMember2021-04-300000314808us-gaap:CommonClassAMemberus-gaap:ReorganizationChapter11PlanEffectAdjustmentMember2021-04-300000314808us-gaap:ReorganizationChapter11FreshStartAdjustmentMemberus-gaap:CommonClassAMember2021-04-300000314808us-gaap:CommonClassBMemberus-gaap:ReorganizationChapter11PredecessorBeforeAdjustmentMember2021-04-300000314808us-gaap:CommonClassBMemberus-gaap:ReorganizationChapter11PlanEffectAdjustmentMember2021-04-300000314808us-gaap:ReorganizationChapter11FreshStartAdjustmentMemberus-gaap:CommonClassBMember2021-04-300000314808us-gaap:CommonClassBMember2021-04-300000314808us-gaap:CommonStockMember2021-04-300000314808us-gaap:ReorganizationChapter11PlanEffectAdjustmentMember2021-04-302021-04-300000314808us-gaap:ConstructionInProgressMemberus-gaap:ReorganizationChapter11PlanEffectAdjustmentMember2021-04-300000314808us-gaap:ReorganizationChapter11PlanEffectAdjustmentMemberval:PredecessorCreditorsAndTheShipyardMember2021-04-302021-04-300000314808val:BackstopPartiesMemberus-gaap:ReorganizationChapter11PlanEffectAdjustmentMember2021-04-302021-04-300000314808us-gaap:ReorganizationChapter11PlanEffectAdjustmentMemberval:CommonClassAAndBSharesMember2021-04-300000314808srt:MinimumMember2021-01-012021-09-300000314808srt:MaximumMember2021-01-012021-09-3000003148082021-05-010000314808val:UpfrontRigMobilizationsAndCertainContractPreparationMember2021-09-300000314808val:UpfrontRigMobilizationsAndCertainContractPreparationMember2020-12-310000314808val:UpfrontRigMobilizationsAndCertainContractPreparationMember2021-07-012021-09-300000314808val:UpfrontRigMobilizationsAndCertainContractPreparationMember2021-05-012021-09-300000314808val:UpfrontRigMobilizationsAndCertainContractPreparationMember2021-01-012021-04-300000314808val:UpfrontRigMobilizationsAndCertainContractPreparationMember2020-07-012020-09-300000314808val:UpfrontRigMobilizationsAndCertainContractPreparationMember2020-01-012020-09-300000314808val:DeferredCertificationCostsMember2021-09-300000314808val:DeferredCertificationCostsMember2020-12-310000314808val:DeferredCertificationCostsMember2021-07-012021-09-300000314808val:DeferredCertificationCostsMember2021-05-012021-09-300000314808val:DeferredCertificationCostsMember2021-01-012021-04-300000314808val:DeferredCertificationCostsMember2020-07-012020-09-300000314808val:DeferredCertificationCostsMember2020-01-012020-09-3000003148082021-10-012021-09-3000003148082022-01-012021-09-3000003148082023-01-012021-09-3000003148082024-01-012021-09-30val:jackupval:drillship0000314808us-gaap:ConstructionInProgressMemberval:AROMemberus-gaap:MiddleEastMember2021-09-300000314808val:AROMember2021-07-012021-09-300000314808val:AROMember2020-07-012020-09-300000314808val:AROMember2021-01-012021-09-300000314808val:AROMember2020-01-012020-09-300000314808val:AROMember2021-09-300000314808val:AROMember2020-12-310000314808val:AROMember2021-09-300000314808val:AROMember2021-07-012021-09-300000314808val:AROMember2020-07-012020-09-300000314808val:AROMember2021-05-012021-09-300000314808val:AROMember2021-01-012021-04-300000314808val:AROMember2020-01-012020-09-300000314808val:AROMember2021-07-012021-09-300000314808val:AROMember2020-07-012020-09-300000314808val:AROMember2021-05-012021-09-300000314808val:AROMember2021-01-012021-04-300000314808val:AROMember2020-01-012020-09-300000314808val:AROMember2020-12-310000314808us-gaap:FairValueInputsLevel1Member2020-12-310000314808us-gaap:FairValueInputsLevel2Member2020-12-310000314808us-gaap:FairValueInputsLevel3Member2020-12-310000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:EightPointTwoFivePercentSeniorLienNotesDueTwoThousandTwentyEightMemberMember2021-09-300000314808us-gaap:SeniorNotesMemberval:EightPointTwoFivePercentSeniorLienNotesDueTwoThousandTwentyEightMemberMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:EightPointTwoFivePercentSeniorLienNotesDueTwoThousandTwentyEightMemberMember2020-12-310000314808us-gaap:SeniorNotesMemberval:EightPointTwoFivePercentSeniorLienNotesDueTwoThousandTwentyEightMemberMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808val:SixPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyMember2021-09-300000314808us-gaap:SeniorNotesMemberval:SixPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberval:SixPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberval:SixPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000314808us-gaap:SeniorNotesMemberval:SixPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808val:FourPointSevenZeroPercentSeniorNotesMember2021-09-300000314808us-gaap:SeniorNotesMemberval:FourPointSevenZeroPercentSeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberval:FourPointSevenZeroPercentSeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberval:FourPointSevenZeroPercentSeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000314808us-gaap:SeniorNotesMemberval:FourPointSevenZeroPercentSeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808val:A4.875SeniorNotesDue2022MemberMember2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:A4.875SeniorNotesDue2022MemberMember2021-09-300000314808us-gaap:SeniorNotesMemberval:A4.875SeniorNotesDue2022MemberMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:A4.875SeniorNotesDue2022MemberMember2020-12-310000314808us-gaap:SeniorNotesMemberval:A4.875SeniorNotesDue2022MemberMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808val:ThreepercentexchangeableseniornotesduetwentytwentyfourMember2021-09-300000314808us-gaap:ConvertibleDebtMemberval:ThreepercentexchangeableseniornotesduetwentytwentyfourMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000314808us-gaap:ConvertibleDebtMemberval:ThreepercentexchangeableseniornotesduetwentytwentyfourMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:ConvertibleDebtMemberval:ThreepercentexchangeableseniornotesduetwentytwentyfourMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000314808us-gaap:ConvertibleDebtMemberval:ThreepercentexchangeableseniornotesduetwentytwentyfourMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808val:FourPointFivePercentSeniorNotesMemberMember2021-09-300000314808us-gaap:SeniorNotesMemberval:FourPointFivePercentSeniorNotesMemberMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberval:FourPointFivePercentSeniorNotesMemberMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberval:FourPointFivePercentSeniorNotesMemberMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000314808us-gaap:SeniorNotesMemberval:FourPointFivePercentSeniorNotesMemberMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808val:A4.75SeniorNotesDue2024MemberMember2021-09-300000314808us-gaap:SeniorNotesMemberval:A4.75SeniorNotesDue2024MemberMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberval:A4.75SeniorNotesDue2024MemberMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberval:A4.75SeniorNotesDue2024MemberMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000314808us-gaap:SeniorNotesMemberval:A4.75SeniorNotesDue2024MemberMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808val:A8.00seniornotesdue2024Member2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:A8.00seniornotesdue2024Member2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberval:A8.00seniornotesdue2024Member2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:A8.00seniornotesdue2024Member2020-12-310000314808us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberval:A8.00seniornotesdue2024Member2020-12-310000314808val:FivePointTwoPercentSeniorNotesMember2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:FivePointTwoPercentSeniorNotesMember2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberval:FivePointTwoPercentSeniorNotesMember2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:FivePointTwoPercentSeniorNotesMember2020-12-310000314808us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberval:FivePointTwoPercentSeniorNotesMember2020-12-310000314808val:A7.38SeniorNotesDue2025Member2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:A7.38SeniorNotesDue2025Member2021-09-300000314808us-gaap:SeniorNotesMemberval:A7.38SeniorNotesDue2025Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:A7.38SeniorNotesDue2025Member2020-12-310000314808us-gaap:SeniorNotesMemberval:A7.38SeniorNotesDue2025Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808val:SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember2021-09-300000314808us-gaap:SeniorNotesMemberval:SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember2020-12-310000314808us-gaap:SeniorNotesMemberval:SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808val:SevenPointTwoZeroPercentDebenturesMember2021-09-300000314808val:SevenPointTwoZeroPercentDebenturesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:DebenturesDue2027Member2021-09-300000314808val:SevenPointTwoZeroPercentDebenturesMemberval:DebenturesDue2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808val:SevenPointTwoZeroPercentDebenturesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:DebenturesDue2027Member2020-12-310000314808val:SevenPointTwoZeroPercentDebenturesMemberval:DebenturesDue2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808val:SevenPointEightSevenFivePercentSeniorNotesMember2021-09-300000314808us-gaap:SeniorNotesMemberval:SevenPointEightSevenFivePercentSeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberval:SevenPointEightSevenFivePercentSeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberval:SevenPointEightSevenFivePercentSeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000314808us-gaap:SeniorNotesMemberval:SevenPointEightSevenFivePercentSeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808val:A5.40SeniorNotesDue2042Member2021-09-300000314808us-gaap:SeniorNotesMemberval:A5.40SeniorNotesDue2042Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberval:A5.40SeniorNotesDue2042Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberval:A5.40SeniorNotesDue2042Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000314808us-gaap:SeniorNotesMemberval:A5.40SeniorNotesDue2042Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808val:FivePointSevenFivePercentSeniorNotesMember2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:FivePointSevenFivePercentSeniorNotesMember2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberval:FivePointSevenFivePercentSeniorNotesMember2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:FivePointSevenFivePercentSeniorNotesMember2020-12-310000314808us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberval:FivePointSevenFivePercentSeniorNotesMember2020-12-310000314808val:A5.85SeniorNotesDue2044Member2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:A5.85SeniorNotesDue2044Member2021-09-300000314808us-gaap:SeniorNotesMemberval:A5.85SeniorNotesDue2044Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberval:A5.85SeniorNotesDue2044Member2020-12-310000314808us-gaap:SeniorNotesMemberval:A5.85SeniorNotesDue2044Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808us-gaap:LineOfCreditMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000314808us-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:LineOfCreditMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000314808us-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000314808us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000314808us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000314808us-gaap:RevolvingCreditFacilityMember2020-12-310000314808us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-09-300000314808us-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2021-09-300000314808us-gaap:NotesReceivableMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000314808us-gaap:UpstreamEquipmentMember2021-09-300000314808us-gaap:UpstreamEquipmentMember2020-12-310000314808us-gaap:ConstructionInProgressMember2021-09-300000314808us-gaap:ConstructionInProgressMember2020-12-310000314808us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2021-09-300000314808us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2020-12-310000314808val:FloatersMember2021-01-012021-04-300000314808val:FloatersJackupsAndSpareEquipmentMember2021-01-012021-09-300000314808val:FloatersMember2021-04-012021-06-300000314808val:FloatersMember2021-06-30iso4217:USDutr:bbl00003148082021-01-012021-03-310000314808val:FloatersJackupsAndSpareEquipmentMember2020-01-012020-03-310000314808val:FloatersJackupsAndSpareEquipmentMember2020-03-3100003148082020-04-012020-06-300000314808val:FloatersJackupsAndSpareEquipmentMember2020-04-012020-06-300000314808val:FloatersJackupsAndSpareEquipmentMember2020-06-300000314808srt:OfficeBuildingMember2021-09-300000314808srt:OfficeBuildingMember2020-12-3100003148082019-01-012019-09-300000314808us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2021-07-012021-09-300000314808us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2020-07-012020-09-300000314808us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2021-01-012021-04-300000314808us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2020-01-012020-09-300000314808us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2021-05-012021-06-300000314808us-gaap:CashFlowHedgingMemberval:ContractDrillingMemberus-gaap:ForeignExchangeForwardMember2020-07-012020-09-300000314808val:LossOnImpairmentMemberus-gaap:ForeignExchangeForwardMember2021-01-012021-04-300000314808us-gaap:CashFlowHedgingMemberval:ContractDrillingMemberus-gaap:ForeignExchangeForwardMember2020-01-012020-09-300000314808val:DepreciationExpenseMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2020-01-012020-09-300000314808us-gaap:NondesignatedMember2020-07-012020-09-300000314808us-gaap:NondesignatedMember2020-01-012020-09-300000314808us-gaap:SeniorNotesMemberval:FirstLienNotesMember2021-04-302021-04-300000314808val:DebtInstrumentInterestRatePayoutOptionOneMemberus-gaap:SeniorNotesMemberval:FirstLienNotesMember2021-04-302021-04-300000314808us-gaap:SeniorNotesMemberval:DebtInstrumentInterestRatePayoutOptionTwoMemberval:FirstLienNotesMember2021-04-302021-04-300000314808us-gaap:SeniorNotesMemberval:DebtInstrumentInterestRatePayoutOptionThreeMemberval:FirstLienNotesMember2021-04-302021-04-300000314808us-gaap:DebtInstrumentRedemptionPeriodOneMemberus-gaap:SeniorNotesMemberval:FirstLienNotesMember2021-04-302021-04-300000314808us-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberval:FirstLienNotesMember2021-04-302021-04-300000314808us-gaap:DebtInstrumentRedemptionPeriodThreeMemberus-gaap:SeniorNotesMemberval:FirstLienNotesMember2021-04-302021-04-3000003148082020-09-250000314808us-gaap:CommonStockMember2020-12-310000314808us-gaap:AdditionalPaidInCapitalMember2020-12-310000314808us-gaap:WarrantMember2020-12-310000314808us-gaap:RetainedEarningsMember2020-12-310000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000314808us-gaap:TreasuryStockMember2020-12-310000314808us-gaap:NoncontrollingInterestMember2020-12-310000314808us-gaap:RetainedEarningsMember2021-01-012021-03-310000314808us-gaap:NoncontrollingInterestMember2021-01-012021-03-310000314808us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000314808us-gaap:TreasuryStockMember2021-01-012021-03-310000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000314808us-gaap:CommonStockMember2021-03-310000314808us-gaap:AdditionalPaidInCapitalMember2021-03-310000314808us-gaap:WarrantMember2021-03-310000314808us-gaap:RetainedEarningsMember2021-03-310000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000314808us-gaap:TreasuryStockMember2021-03-310000314808us-gaap:NoncontrollingInterestMember2021-03-310000314808us-gaap:RetainedEarningsMember2021-04-012021-04-300000314808us-gaap:NoncontrollingInterestMember2021-04-012021-04-300000314808us-gaap:CommonStockMember2021-04-012021-04-300000314808us-gaap:AdditionalPaidInCapitalMember2021-04-012021-04-300000314808us-gaap:TreasuryStockMember2021-04-012021-04-300000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-04-300000314808us-gaap:WarrantMember2021-04-012021-04-300000314808us-gaap:CommonStockMember2021-04-300000314808us-gaap:AdditionalPaidInCapitalMember2021-04-300000314808us-gaap:WarrantMember2021-04-300000314808us-gaap:RetainedEarningsMember2021-04-300000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-300000314808us-gaap:TreasuryStockMember2021-04-300000314808us-gaap:NoncontrollingInterestMember2021-04-300000314808us-gaap:RetainedEarningsMember2021-05-012021-06-300000314808us-gaap:NoncontrollingInterestMember2021-05-012021-06-300000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-05-012021-06-300000314808us-gaap:CommonStockMember2021-06-300000314808us-gaap:AdditionalPaidInCapitalMember2021-06-300000314808us-gaap:WarrantMember2021-06-300000314808us-gaap:RetainedEarningsMember2021-06-300000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000314808us-gaap:TreasuryStockMember2021-06-300000314808us-gaap:NoncontrollingInterestMember2021-06-300000314808us-gaap:RetainedEarningsMember2021-07-012021-09-300000314808us-gaap:NoncontrollingInterestMember2021-07-012021-09-300000314808us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300000314808us-gaap:CommonStockMember2021-09-300000314808us-gaap:AdditionalPaidInCapitalMember2021-09-300000314808us-gaap:WarrantMember2021-09-300000314808us-gaap:RetainedEarningsMember2021-09-300000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000314808us-gaap:TreasuryStockMember2021-09-300000314808us-gaap:NoncontrollingInterestMember2021-09-300000314808us-gaap:CommonStockMember2019-12-310000314808us-gaap:AdditionalPaidInCapitalMember2019-12-310000314808us-gaap:RetainedEarningsMember2019-12-310000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000314808us-gaap:TreasuryStockMember2019-12-310000314808us-gaap:NoncontrollingInterestMember2019-12-310000314808us-gaap:RetainedEarningsMember2020-01-012020-03-310000314808us-gaap:NoncontrollingInterestMember2020-01-012020-03-310000314808us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000314808us-gaap:TreasuryStockMember2020-01-012020-03-310000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000314808us-gaap:CommonStockMember2020-03-310000314808us-gaap:AdditionalPaidInCapitalMember2020-03-310000314808us-gaap:RetainedEarningsMember2020-03-310000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000314808us-gaap:TreasuryStockMember2020-03-310000314808us-gaap:NoncontrollingInterestMember2020-03-310000314808us-gaap:RetainedEarningsMember2020-04-012020-06-300000314808us-gaap:NoncontrollingInterestMember2020-04-012020-06-300000314808us-gaap:CommonStockMember2020-04-012020-06-300000314808us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300000314808us-gaap:TreasuryStockMember2020-04-012020-06-300000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000314808us-gaap:CommonStockMember2020-06-300000314808us-gaap:AdditionalPaidInCapitalMember2020-06-300000314808us-gaap:RetainedEarningsMember2020-06-300000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000314808us-gaap:TreasuryStockMember2020-06-300000314808us-gaap:NoncontrollingInterestMember2020-06-300000314808us-gaap:RetainedEarningsMember2020-07-012020-09-300000314808us-gaap:NoncontrollingInterestMember2020-07-012020-09-300000314808us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300000314808us-gaap:TreasuryStockMember2020-07-012020-09-300000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000314808us-gaap:CommonStockMember2020-09-300000314808us-gaap:AdditionalPaidInCapitalMember2020-09-300000314808us-gaap:RetainedEarningsMember2020-09-300000314808us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000314808us-gaap:TreasuryStockMember2020-09-300000314808us-gaap:NoncontrollingInterestMember2020-09-300000314808us-gaap:PreferredStockMember2021-04-300000314808us-gaap:CommonStockMember2021-04-302021-04-30iso4217:EUR0000314808us-gaap:LuxembourgInlandRevenueMemberval:RowanCompaniesMember2020-01-012020-03-310000314808us-gaap:LuxembourgInlandRevenueMemberval:RowanCompaniesMember2019-04-110000314808us-gaap:LuxembourgInlandRevenueMemberval:RowanCompaniesMember2020-04-012020-06-300000314808us-gaap:LuxembourgInlandRevenueMemberval:RowanCompaniesMemberval:UncertainTaxPositionsMember2020-04-012020-06-300000314808us-gaap:LuxembourgInlandRevenueMemberval:WealthTaxMemberval:RowanCompaniesMember2020-04-012020-06-30val:Reportable_segment0000314808val:FloatersMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000314808val:JackupsMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000314808val:AROMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000314808us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2021-07-012021-09-300000314808val:ReconcilingItemsMemberus-gaap:CorporateNonSegmentMember2021-07-012021-09-300000314808val:FloatersMemberus-gaap:OperatingSegmentsMember2021-09-300000314808val:JackupsMemberus-gaap:OperatingSegmentsMember2021-09-300000314808val:AROMemberus-gaap:OperatingSegmentsMember2021-09-300000314808us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2021-09-300000314808val:ReconcilingItemsMemberus-gaap:CorporateNonSegmentMember2021-09-300000314808val:FloatersMemberus-gaap:OperatingSegmentsMember2021-05-012021-09-300000314808val:JackupsMemberus-gaap:OperatingSegmentsMember2021-05-012021-09-300000314808val:AROMemberus-gaap:OperatingSegmentsMember2021-05-012021-09-300000314808us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2021-05-012021-09-300000314808val:ReconcilingItemsMemberus-gaap:CorporateNonSegmentMember2021-05-012021-09-300000314808val:FloatersMemberus-gaap:OperatingSegmentsMember2021-01-012021-04-300000314808val:JackupsMemberus-gaap:OperatingSegmentsMember2021-01-012021-04-300000314808val:AROMemberus-gaap:OperatingSegmentsMember2021-01-012021-04-300000314808us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2021-01-012021-04-300000314808val:ReconcilingItemsMemberus-gaap:CorporateNonSegmentMember2021-01-012021-04-300000314808val:FloatersMemberus-gaap:OperatingSegmentsMember2021-04-300000314808val:JackupsMemberus-gaap:OperatingSegmentsMember2021-04-300000314808val:AROMemberus-gaap:OperatingSegmentsMember2021-04-300000314808us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2021-04-300000314808val:ReconcilingItemsMemberus-gaap:CorporateNonSegmentMember2021-04-300000314808val:FloatersMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000314808val:JackupsMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000314808val:AROMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000314808us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2020-07-012020-09-300000314808val:ReconcilingItemsMemberus-gaap:CorporateNonSegmentMember2020-07-012020-09-300000314808val:FloatersMemberus-gaap:OperatingSegmentsMember2020-09-300000314808val:JackupsMemberus-gaap:OperatingSegmentsMember2020-09-300000314808val:AROMemberus-gaap:OperatingSegmentsMember2020-09-300000314808us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2020-09-300000314808val:ReconcilingItemsMemberus-gaap:CorporateNonSegmentMember2020-09-300000314808val:FloatersMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000314808val:JackupsMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000314808val:AROMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000314808us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2020-01-012020-09-300000314808val:ReconcilingItemsMemberus-gaap:CorporateNonSegmentMember2020-01-012020-09-300000314808srt:AmericasMemberval:FloatersMember2021-09-300000314808val:JackupsMembersrt:AmericasMember2021-09-300000314808srt:AmericasMemberus-gaap:AllOtherSegmentsMember2021-09-300000314808srt:AmericasMember2021-09-300000314808srt:AmericasMemberval:AROMember2021-09-300000314808srt:EuropeMemberval:FloatersMember2021-09-300000314808val:JackupsMembersrt:EuropeMember2021-09-300000314808srt:EuropeMemberus-gaap:AllOtherSegmentsMember2021-09-300000314808srt:EuropeMember2021-09-300000314808srt:EuropeMemberval:AROMember2021-09-300000314808us-gaap:MiddleEastMemberval:FloatersMember2021-09-300000314808val:JackupsMemberus-gaap:MiddleEastMember2021-09-30val:rigs0000314808us-gaap:MiddleEastMemberus-gaap:AllOtherSegmentsMember2021-09-300000314808us-gaap:MiddleEastMember2021-09-300000314808val:AROMemberus-gaap:MiddleEastMember2021-09-300000314808val:FloatersMembersrt:AsiaMember2021-09-300000314808val:JackupsMembersrt:AsiaMember2021-09-300000314808srt:AsiaMemberus-gaap:AllOtherSegmentsMember2021-09-300000314808srt:AsiaMember2021-09-300000314808val:AROMembersrt:AsiaMember2021-09-300000314808us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberval:FloatersMember2021-09-300000314808val:JackupsMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-09-300000314808us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberus-gaap:AllOtherSegmentsMember2021-09-300000314808us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-09-300000314808val:AROMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-09-300000314808val:FloatersMember2021-09-300000314808val:JackupsMember2021-09-300000314808us-gaap:AllOtherSegmentsMember2021-09-300000314808val:AROMember2021-09-300000314808us-gaap:ConstructionInProgressMemberval:FloatersMembersrt:AsiaMember2021-09-300000314808us-gaap:TradeAccountsReceivableMember2021-09-300000314808us-gaap:TradeAccountsReceivableMember2020-12-310000314808val:IncomeTaxReceivableMember2021-09-300000314808val:IncomeTaxReceivableMember2020-12-310000314808val:OtherAccountsReceivableMember2021-09-300000314808val:OtherAccountsReceivableMember2020-12-310000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:TotalS.A.Member2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:TotalS.A.Member2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:BritishPetroleumMember2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:BritishPetroleumMember2020-07-012020-09-300000314808val:OtherCustomersMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-07-012021-09-300000314808val:OtherCustomersMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:TotalS.A.Member2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:TotalS.A.Member2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:TotalS.A.Member2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:BritishPetroleumMember2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:BritishPetroleumMember2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:BritishPetroleumMember2020-01-012020-09-300000314808val:OtherCustomersMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-05-012021-09-300000314808val:OtherCustomersMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-04-300000314808val:OtherCustomersMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:TotalS.A.Memberval:FloatersMember2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:TotalS.A.Memberval:FloatersMember2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:JackupsMemberval:BritishPetroleumMember2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:BritishPetroleumMemberval:FloatersMember2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:JackupsMemberval:BritishPetroleumMember2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:BritishPetroleumMemberval:FloatersMember2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:BritishPetroleumMemberval:FloatersMember2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:JackupsMemberval:BritishPetroleumMember2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:JackupsMemberval:BritishPetroleumMember2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:BritishPetroleumMemberval:FloatersMember2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:JackupsMemberval:BritishPetroleumMember2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberval:BritishPetroleumMemberval:FloatersMember2020-01-012020-09-300000314808country:GBus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2021-07-012021-09-300000314808country:GBus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:NO2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:NO2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:UsGulfOfMexicoMember2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:UsGulfOfMexicoMember2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:SA2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:SA2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:MX2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:MX2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:AU2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:AU2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:OtherGeographicAreasMember2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:OtherGeographicAreasMember2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2020-07-012020-09-300000314808country:GBus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2021-05-012021-09-300000314808country:GBus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2021-01-012021-04-300000314808country:GBus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:NO2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:NO2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:NO2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:UsGulfOfMexicoMember2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:UsGulfOfMexicoMember2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:UsGulfOfMexicoMember2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:SA2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:SA2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:SA2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:MX2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:MX2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:MX2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:AU2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:AU2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:AU2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:OtherGeographicAreasMember2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:OtherGeographicAreasMember2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:OtherGeographicAreasMember2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:UsGulfOfMexicoMemberval:FloatersMember2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:UsGulfOfMexicoMemberval:FloatersMember2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:UsGulfOfMexicoMemberval:FloatersMember2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:UsGulfOfMexicoMemberval:FloatersMember2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:UsGulfOfMexicoMemberval:JackupsMember2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:UsGulfOfMexicoMemberval:FloatersMember2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:UsGulfOfMexicoMemberval:JackupsMember2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:SAval:JackupsMember2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:SAval:JackupsMember2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:SAval:JackupsMember2021-01-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:SAval:JackupsMember2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembercountry:SAval:JackupsMember2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:JackupsMembercountry:MX2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:JackupsMembercountry:MX2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:JackupsMembercountry:MX2021-04-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:JackupsMembercountry:MX2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:JackupsMembercountry:MX2020-01-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:FloatersMembercountry:AU2021-07-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:FloatersMembercountry:AU2021-05-012021-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:FloatersMembercountry:AU2021-04-012021-04-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:FloatersMembercountry:AU2020-07-012020-09-300000314808us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMemberval:FloatersMembercountry:AU2020-01-012020-09-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

     WASHINGTON, D.C. 20549    

 

FORM 10-Q

(Mark One)

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to__________

 

Registrant's telephone number, including area code:  +44 (0) 20 7659 4660

  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒        No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐ No  ☒

As of October 28, 2021, there were 75,000,045 Common Shares of the registrant issued and outstanding.

VALARIS LIMITED

INDEX TO FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2021

PART I      FINANCIAL INFORMATION
ITEM 1.   FINANCIAL STATEMENTS
Condensed Consolidated Statements of Operations Three Months Ended September 30, 2021 (Successor) and 2020 (Predecessor)			5
Condensed Consolidated Statements of Operations For the Period May 1, 2021 through September 30, 2021 (Successor), the Period January 1, 2021 through April 30, 2021 (Predecessor) and the Nine Months Ended September 30, 2020 (Predecessor)			6
Condensed Consolidated Statements of Comprehensive Loss Three Months Ended September 30, 2021 (Successor) and 2020 (Predecessor)			7
Condensed Consolidated Statements of Comprehensive Loss For the Period May 1, 2021 through September 30, 2021 (Successor), the Period January 1, 2021 through April 30, 2021 (Predecessor) and the Nine Months Ended September 30, 2020 (Predecessor)			8
Condensed Consolidated Balance Sheet          September 30, 2021 (Successor) and December 31, 2020 (Predecessor)			9
Condensed Consolidated Statements of Cash Flows For the Period May 1, 2021 through September 30, 2021 (Successor), the Period January 1, 2021 through April 30, 2021 (Predecessor) and the Nine Months Ended September 30, 2020 (Predecessor)			10
Notes to Condensed Consolidated Financial Statements			11
ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			56
ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			81
ITEM 4.   CONTROLS AND PROCEDURES			81
PART II     OTHER INFORMATION			82
ITEM 1.   LEGAL PROCEEDINGS			82
ITEM 1A. RISK FACTORS			82
ITEM 6.  EXHIBITS			83
SIGNATURES			84

FORWARD-LOOKING STATEMENTS

  

Statements contained in this report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; the impact of our emergence from bankruptcy; expected utilization, day rates, revenues, operating expenses, cash flows, contract terms, contract backlog, capital expenditures, insurance, financing and funding; the effect, impact, potential duration and other implications of the ongoing COVID-19 pandemic; the offshore drilling market, including supply and demand, customer drilling programs, stacking of rigs, effects of new rigs on the market and effects of declines in commodity prices; expected work commitments, awards and contracts; the timing of availability, delivery, mobilization, contract commencement or relocation or other movement of rigs and the timing thereof; future rig construction (including work in progress and completion thereof), enhancement, upgrade or repair and timing and cost thereof; the suitability of rigs for future contracts; performance of our joint venture with Saudi Arabian Oil Company ("Saudi Aramco"); expected divestitures of assets; general market, business and industry conditions, trends and outlook; future operations; the impact of increasing regulatory complexity; the outcome of tax disputes, assessments and settlements; dividends; expense management; and the likely outcome of litigation, legal proceedings, investigations or insurance or other claims or contract disputes and the timing thereof.

Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, particularly in light of uncertain market conditions, including:

•the ongoing COVID-19 pandemic, the related public health measures implemented by governments worldwide, the duration and severity of the outbreak and its impact on global oil demand, the volatility in prices for oil and natural gas and the extent of disruptions to our operations;

•downtime or temporary shutdown of operations of our rigs as a result of an outbreak of COVID-19 on one or more of our rigs;

•disruptions to the operations and business, as a result of the spread of COVID-19, of our key customers, suppliers and other counterparties, including impacts affecting our supply chain and logistics;

•disputes over production levels among members of the Organization of Petroleum Exporting Countries and other oil and gas producing nations (“OPEC+”), which could result in increased volatility in prices for oil and natural gas that could affect the markets for our services;

•decreases in levels of drilling activity and capital expenditures by our customers, whether as a result of the global capital markets and liquidity, prices of oil and natural gas or otherwise, which may cause us to idle or stack additional rigs;

•delays in contract commencement dates or cancellation, suspension, renegotiation or termination (with or without cause, including those due to impacts of the COVID-19 pandemic) of drilling contracts or drilling programs as a result of general and industry-specific economic conditions, mechanical difficulties, performance or other reasons;

•the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems;

•increased scrutiny from regulators, market and industry participants, stakeholders and others regarding our Environmental, Social and Governance (ESG) practices and reporting responsibilities;

•the costs, disruption and diversion of our management's attention associated with campaigns by activist securityholders;

•potential additional asset impairments;

•the adequacy of sources of liquidity for us and our customers;

•the impact of our emergence from bankruptcy on our business and relationships and comparability of our financial results, as well as the dilutive impacts of warrants issued pursuant to the plan of reorganization;

•the reaction of our customers, prospective customers, suppliers and service providers to our bankruptcy and our emergence from chapter 11;

•our customers, in response to reduced oil price expectations, cancelling or shortening the duration of our drilling contracts, cancelling future drilling programs and seeking pricing and other contract concessions from us;

•our ability to attract and retain skilled personnel on commercially reasonable terms, whether due to labor regulations, unionization, or otherwise, or to retain employees as a result of the imposition of further public health measures due to the COVID-19 pandemic, or as a result of our financial condition generally;

•internal control risk due to significant employee reductions and changes in management;

•changes in worldwide rig supply and demand, competition or technology, including as a result of delivery of newbuild drilling rigs and governmental policies that could reduce demand for hydrocarbons, including mandating or incentivizing the conversion from internal combustion engine powered vehicles to electric-powered vehicles;

•downtime and other risks associated with offshore rig operations, including rig or equipment failure, damage and other unplanned repairs, the limited availability of transport vessels, hazards, self-imposed drilling limitations and other delays due to severe storms and hurricanes and the limited availability or high cost of insurance coverage for certain offshore perils, such as hurricanes in the Gulf of Mexico or associated removal of wreckage or debris;

•governmental action, terrorism, cyber-attacks, piracy, military action and political and economic uncertainties, including civil unrest, political demonstrations, mass strikes, or an escalation or additional outbreak of armed hostilities or other crises in oil or natural gas producing areas of the Middle East, North Africa, West Africa or other geographic areas, which may result in expropriation, nationalization, confiscation or deprivation or destruction of our assets; or suspension and/or termination of contracts based on force majeure events or adverse environmental safety events;

•risks inherent to shipyard rig construction, repair, modification or upgrades, unexpected delays in equipment delivery, engineering, design or commissioning issues following delivery, or changes in the commencement, completion or service dates;

•our ability to enter into, and the terms of, future drilling contracts, including contracts for our newbuild rigs and acquired rigs, for rigs currently idled and for rigs whose contracts are expiring;

•any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments;

•the outcome of litigation, legal proceedings, investigations or other claims or contract disputes, including any inability to collect receivables or resolve significant contractual or day rate disputes, and any renegotiation, nullification, cancellation or breach of contracts with customers or other parties;

•governmental regulatory, legislative and permitting requirements affecting drilling operations, including limitations on drilling locations (such as the Gulf of Mexico during hurricane season), limitations on new oil and gas leasing in U.S. federal lands and waters, and regulatory measures to limit or reduce greenhouse gas emissions;

•potential impacts on our business resulting from climate-change or greenhouse gas legislation or regulations, and the impact on our business from climate-change related physical changes or changes in weather patterns;

•new and future regulatory, legislative or permitting requirements, future lease sales, changes in laws, rules and regulations that have or may impose increased financial responsibility, additional oil spill abatement contingency plan capability requirements and other governmental actions that may result in claims of force majeure or otherwise adversely affect our existing drilling contracts, operations or financial results;

•environmental or other liabilities, risks, damages or losses, whether related to storms, hurricanes or other weather-related events (including wreckage or debris removal), collisions, groundings, blowouts, fires, explosions, other accidents, terrorism, cyber-attacks or otherwise, for which insurance coverage and contractual indemnities may be insufficient, unenforceable or otherwise unavailable;

•tax matters, including our effective tax rates, tax positions, results of audits, changes in tax laws, treaties and regulations, tax assessments and liabilities for taxes;

•our ability to realize the expected benefits of our joint venture with Saudi Aramco, including our ability to fund any required capital contributions or to enforce any payment obligations of the joint venture pursuant to outstanding shareholder notes receivable;

•economic volatility and political, legal and tax uncertainties following the U.K. exit from the European Union; and

•adverse changes in foreign currency exchange rates, including their effect on the fair value measurement of any derivative instruments that we may enter into.

In addition to the numerous risks, uncertainties and assumptions described above, you should also carefully read and consider "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part I and "Item 1A. Risk Factors" in Part II of this report, "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part I of our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2021 and June 30, 2021, "Item 1A. Risk Factors" in Part I and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our annual report on Form 10-K for the year ended December 31, 2020, and Item 1A of Risk Factors in Part II of our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, which is available on the U.S. Securities and Exchange Commission website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward looking statements, except as required by law.