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BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION (Tables) | 9 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Schedule of Financial Information of Reportable Segments | Summarized financial information of our reportable segments for the three and nine months ended June 30, 2026 and 2025 is shown in the following tables:
| Three Months Ended June 30, 2026
(in thousands) | North America Solutions |  | International Solutions |  | Offshore Solutions |  | Total
Revenues from external customers | $ | 562,565 |  |  | $ | 249,907 |  |  | $ | 174,409 |  |  | $ | 986,881 |
Intersegment revenues | 337 |  |  | 210 |  |  | — |  |  | 547 |
Total revenues | 562,902 |  |  | 250,117 |  |  | 174,409 |  |  | 987,428 |
Reconciliation of revenues: |  |  |  |  |  |  |
All other revenues |  |  |  |  |  |  | 69,765 |
Elimination of intersegment revenues |  |  |  |  |  |  | (22,337) |
Total consolidated revenues |  |  |  |  |  |  | 1,034,856 |
Less 1: |  |  |  |  |  |  |
Direct operating expenses | 321,686 |  |  | 219,064 |  |  | 145,191 |  |  | 685,941 |
Depreciation & amortization | 83,214 |  |  | 74,547 |  |  | 11,023 |  |  | 168,784 |
Research and development | 6,015 |  |  | — |  |  | — |  |  | 6,015 |
Selling, general and administrative costs | 11,282 |  |  | 9,097 |  |  | 1,337 |  |  | 21,716 |
Acquisition transaction and integration costs | — |  |  | 186 |  |  | — |  |  | 186 |
Asset impairment charge | — |  |  | 1,153 |  |  | — |  |  | 1,153 |
Restructuring charges | 393 |  |  | 498 |  |  | 58 |  |  | 949 |
Segment operating income (loss) | 140,312 |  |  | (54,428) |  |  | 16,800 |  |  | 102,684 |
Reconciliation of segment operating income (loss): |  |  |  |  |  |  |
All other operating income |  |  |  |  |  |  | 1,344 |
Elimination of intersegment income |  |  |  |  |  |  | 1,528 |
Segment operating income |  |  |  |  |  |  | 105,556 |
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.
| Nine Months Ended June 30, 2026
(in thousands) | North America Solutions |  | International Solutions |  | Offshore Solutions |  | Total
Revenues from external customers | $ | 1,643,150 |  |  | $ | 697,222 |  |  | $ | 534,069 |  |  | $ | 2,874,441 |
Intersegment revenues | 935 |  |  | 5,504 |  |  | — |  |  | 6,439 |
Total revenues | 1,644,085 |  |  | 702,726 |  |  | 534,069 |  |  | 2,880,880 |
Reconciliation of revenues: |  |  |  |  |  |  |
All other revenues |  |  |  |  |  |  | 176,278 |
Elimination of intersegment revenues |  |  |  |  |  |  | (72,914) |
Total consolidated revenues |  |  |  |  |  |  | 2,984,244 |
Less 1: |  |  |  |  |  |  |
Direct operating expenses | 948,857 |  |  | 631,463 |  |  | 446,966 |  |  | 2,027,286 |
Depreciation & amortization | 250,413 |  |  | 231,925 |  |  | 31,705 |  |  | 514,043 |
Research and development | 19,538 |  |  | — |  |  | — |  |  | 19,538 |
Selling, general and administrative costs | 38,705 |  |  | 17,491 |  |  | 5,035 |  |  | 61,231 |
Acquisition transaction and integration costs | — |  |  | 1,820 |  |  | 925 |  |  | 2,745 |
Asset impairment charge | 97,922 |  |  | 27,254 |  |  | 2,128 |  |  | 127,304 |
Restructuring charges | 795 |  |  | 2,118 |  |  | 58 |  |  | 2,971 |
Segment operating income (loss) | 287,855 |  |  | (209,345) |  |  | 47,252 |  |  | 125,762 |
Reconciliation of segment operating income (loss): |  |  |  |  |  |  |
All other operating loss |  |  |  |  |  |  | (7,276) |
Elimination of intersegment loss |  |  |  |  |  |  | (1,774) |
Segment operating income |  |  |  |  |  |  | 116,712 |
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.
| Three Months Ended June 30, 2025
(in thousands) | North America Solutions |  | International Solutions |  | Offshore Solutions |  | Total
Revenues from external customers | $ | 591,976 |  |  | $ | 265,099 |  |  | $ | 161,777 |  |  | $ | 1,018,852 |
Intersegment revenues | 238 |  |  | 704 |  |  | — |  |  | 942 |
Total revenues | 592,214 |  |  | 265,803 |  |  | 161,777 |  |  | 1,019,794 |
Reconciliation of revenues: |  |  |  |  |  |  |
All other revenues |  |  |  |  |  |  | 42,898 |
Elimination of intersegment revenues |  |  |  |  |  |  | (21,768) |
Total consolidated revenues |  |  |  |  |  |  | 1,040,924 |
Less 1: |  |  |  |  |  |  |
Direct operating expenses | 326,042 |  |  | 231,695 |  |  | 139,004 |  |  | 696,741 |
Depreciation & amortization | 88,078 |  |  | 66,734 |  |  | 12,681 |  |  | 167,493 |
Research and development | 7,617 |  |  | — |  |  | — |  |  | 7,617 |
Selling, general and administrative costs | 10,972 |  |  | 5,014 |  |  | 1,294 |  |  | 17,280 |
Acquisition transaction and integration costs | 7 |  |  | 141 |  |  | — |  |  | 148 |
Asset impairment charge | — |  |  | 128,352 |  |  | — |  |  | 128,352 |
Restructuring charges | 1,849 |  |  | 380 |  |  | 29 |  |  | 2,258 |
Segment operating income (loss) | 157,649 |  |  | (166,513) |  |  | 8,769 |  |  | (95) |
Reconciliation of segment operating income (loss): |  |  |  |  |  |  |
All other operating loss |  |  |  |  |  |  | (70,004) |
Elimination of intersegment income |  |  |  |  |  |  | 6,114 |
Segment operating loss |  |  |  |  |  |  | (63,985) |
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.
| Nine Months Ended June 30, 2025
(in thousands) | North America Solutions |  | International Solutions |  | Offshore Solutions |  | Total
Revenues from external customers | $ | 1,789,350 |  |  | $ | 560,319 |  |  | $ | 340,067 |  |  | $ | 2,689,736 |
Intersegment revenues | 703 |  |  | 873 |  |  | — |  |  | 1,576 |
Total revenues | 1,790,053 |  |  | 561,192 |  |  | 340,067 |  |  | 2,691,312 |
Reconciliation of revenues: |  |  |  |  |  |  |
All other revenues |  |  |  |  |  |  | 107,704 |
Elimination of intersegment revenues |  |  |  |  |  |  | (64,751) |
Total consolidated revenues |  |  |  |  |  |  | 2,734,265 |
Less 1: |  |  |  |  |  |  |
Direct operating expenses | 992,462 |  |  | 507,106 |  |  | 284,569 |  |  | 1,784,137 |
Depreciation & amortization | 263,565 |  |  | 128,715 |  |  | 22,438 |  |  | 414,718 |
Research and development | 26,560 |  |  | — |  |  | — |  |  | 26,560 |
Selling, general and administrative costs | 42,266 |  |  | 12,268 |  |  | 3,322 |  |  | 57,856 |
Acquisition transaction and integration costs | 41 |  |  | 351 |  |  | 60 |  |  | 452 |
Asset impairment charge | 1,507 |  |  | 128,352 |  |  | — |  |  | 129,859 |
Restructuring charges | 1,849 |  |  | 380 |  |  | 29 |  |  | 2,258 |
Segment operating income (loss) | 461,803 |  |  | (215,980) |  |  | 29,649 |  |  | 275,472 |
Reconciliation of segment operating income (loss): |  |  |  |  |  |  |
All other operating loss |  |  |  |  |  |  | (70,605) |
Elimination of intersegment loss |  |  |  |  |  |  | (2,247) |
Segment operating income |  |  |  |  |  |  | 202,620 |
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.
Schedule of Reconciliation of Segment Operating Income (Loss) to Income from Continuing Operations Before Income Taxes | The following table reconciles segment operating income per the tables above to income (loss) before income taxes as reported on the Unaudited Condensed Consolidated Statements of Operations:
| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025
Segment operating income (loss) | $ | 105,556 |  |  | $ | (63,985) |  |  | $ | 116,712 |  |  | $ | 202,620 |
Gain on involuntary conversion | 13,581 |  |  | — |  |  | 13,581 |  |  | — |
Gain on reimbursement of drilling equipment | 6,036 |  |  | 6,773 |  |  | 18,099 |  |  | 26,149 |
Other gain (loss) on sale of assets | 120,044 |  |  | (1,347) |  |  | 119,423 |  |  | (2,136) |
Corporate selling, general and administrative costs, corporate depreciation, corporate acquisition transaction and integration costs, corporate asset impairment charges, and corporate restructuring charges | (57,006) |  |  | (69,710) |  |  | (176,435) |  |  | (221,853) |
Operating income (loss) | 188,211 |  |  | (128,269) |  |  | 91,380 |  |  | 4,780 |
Other income (expense) |  |  |  |  |  |  |
Interest and dividend income | 2,280 |  |  | 2,856 |  |  | 7,193 |  |  | 31,854 |
Interest expense | (24,439) |  |  | (29,200) |  |  | (75,860) |  |  | (79,836) |
Gain (loss) on investment securities | (16,007) |  |  | (337) |  |  | (687) |  |  | 14,084 |
Foreign currency exchange gain (loss) | 1,885 |  |  | (9,216) |  |  | 4,864 |  |  | (16,137) |
Other | (1,411) |  |  | 31,258 |  |  | (6,664) |  |  | 33,214 |
Total other income (expense) | (37,692) |  |  | (4,639) |  |  | (71,154) |  |  | (16,821) |
Income (loss) before income taxes | $ | 150,519 |  |  | $ | (132,908) |  |  | $ | 20,226 |  |  | $ | (12,041) |
Schedule of Total Assets by Reportable Segment | The following table reconciles segment total assets to total assets as reported on the Unaudited Condensed Consolidated Balance Sheets:
(in thousands) | June 30, 2026 |  | September 30, 2025
Total assets 1 |  |  |
North America Solutions | $ | 2,751,463 |  |  | $ | 2,957,139 |
International Solutions | 2,313,972 |  |  | 2,426,613 |
Offshore Solutions | 690,754 |  |  | 714,708 |
Other | 307,406 |  |  | 360,037 |
| 6,063,595 |  |  | 6,458,497 |
Investments and corporate operations | 223,179 |  |  | 247,241 |
| $ | 6,286,774 |  |  | $ | 6,705,738 |
(1)Assets by segment exclude investments in subsidiaries and intersegment activity.
Schedule of Revenues from External Customers by Country | The following table presents revenues from external customers by country based on the location of service provided:
| Three Months Ended June 30, |  | Nine months ended June 30,
(in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025
Operating revenues |  |  |  |  |  |  |
United States | $ | 592,664 |  |  | $ | 659,364 |  |  | $ | 1,738,869 |  |  | $ | 1,876,295 |
Norway | 90,058 |  |  | 82,854 |  |  | 264,771 |  |  | 161,159 |
Saudi Arabia | 74,258 |  |  | 103,752 |  |  | 206,140 |  |  | 201,673 |
Oman | 65,611 |  |  | 45,089 |  |  | 196,475 |  |  | 114,709 |
Azerbaijan | 44,758 |  |  | 38,922 |  |  | 143,390 |  |  | 81,681 |
Argentina | 50,240 |  |  | 39,634 |  |  | 121,767 |  |  | 119,245 |
Other foreign | 117,267 |  |  | 71,309 |  |  | 312,832 |  |  | 179,503 |
Total | $ | 1,034,856 |  |  | $ | 1,040,924 |  |  | $ | 2,984,244 |  |  | $ | 2,734,265 |
The following table presents property, plant and equipment by country based on the location of service provided:
(in thousands) | June 30, 2026 |  | September 30, 2025
Property, plant and equipment, net |  |  |
United States | $ | 2,240,325 |  |  | $ | 2,503,045 |
Saudi Arabia | 895,012 |  |  | 971,440 |
Oman | 389,332 |  |  | 445,706 |
Other Foreign | 340,663 |  |  | 392,883 |
Total | $ | 3,865,332 |  |  | $ | 4,313,074 |

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