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This tutorial was made by paufg#8578 on Discord and transcribed to the wiki. Thanks!
Please keep in mind some terminology may be a bit outdated. Ethereum = Valkyrium.
Make sure you have Minecraft Forge 1.12.2 and the latest version of Valkyrien Skies in your .minecraft/mods folder.
New Control Scheme
Set up Vertical movement
Set up Forward and Backwards Movement
1 - Build the Valkyrium Engine.
Do it by placing Valkyrium Engine parts in a 2x2x3 structure and right-clicking the the middle bottom block of one side with the wrench.
Place a Gearbox there.
Basically the gearbox has 1 input and 5 outputs. Each of the 5 outputs will always rotate at the same speed no matter what. They rotate with angular velocity proportional to that of the input side. The value of that proportion is 1 by default, but can be -4, -2, -1, 0, 1, 2, or 4. That value is controlled by the Speed Telegraph. Using the wrench sets a side to be the input.
2 - Place Giant Propeller parts in a square that can be from 3x3 from 7x7 with the one in the middle touching the Gearbox.
Right-click the one in the middle with a Wrench to construct it.
And your ship should start moving. To control the speed connect the Gearbox to a Speed Telegraph using Relays and Wires.
Set up the ship rotation
Build the Rudders by placing pillars made from Rudder Axles that can be from 2 to 6 blocks high (the can go over or under your ship but they must be in a vertical position in order to rotate your ship)
You know what to do...
2 - Connect them to a Ship Helm (wires can go through solid blocks)