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SUBSEQUENT EVENTS | 12 Months Ended
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Sep. 30, 2025
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS |
NOTE 19 SUBSEQUENT EVENTS
Subsequent to September 30, 2025, we committed to a plan to scrap 30 rigs and auxiliary equipment within our North America Solutions segment and three rigs within our Offshore Solutions segment as part of our strategy to right size our fleet and reduce expenses. Of the 30 North America Solutions rigs, 10 were previously decommissioned. In accordance with ASC 360, Property, Plant and Equipment, these assets will be classified as held-for-sale until disposal. We will continue to assess these assets for potential impairment until they are disposed of. Based on our preliminary assessment, we expect to record an impairment charge ranging from $90.0 million and $110.0 million during the three months ended December 31, 2025. Subsequent to September 30, 2025, we received notifications for seven rigs to resume operations in Saudi Arabia during the first half of calendar year 2026. With the rig resumptions, the total operating rig count in country will increase to 24 total rigs by the middle of calendar year 2026.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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