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Supplemental Financial Information (Tables)

6 Months Ended

Jun. 30, 2021

Supplemental Financial Information [Abstract]

Accounts Receivable, Net

Accounts receivable, net, consisted of the following (in millions):

			Successor									Predecessor
			June 30, 2021									December 31, 2020
Trade			$	280.3								$	260.1
Income tax receivable			162.1									190.6
Other			10.0									14.7
			452.4									465.4
Allowance for doubtful accounts			(16.3)									(16.2)
			$	436.1								$	449.2

Other Current Assets

Other current assets consisted of the following (in millions):

			Successor									Predecessor
			June 30, 2021									December 31, 2020
Prepaid taxes			$	44.4								$	32.9
Prepaid expenses			29.1									43.4
Deferred costs			20.2									17.4
Materials and supplies			—									279.4
Other			26.0									13.4
			$	119.7								$	386.5

Other Assets, Net

Other assets consisted of the following (in millions):

			Successor									Predecessor
			June 30, 2021									December 31, 2020
Tax receivables			$	65.8								$	66.8
Deferred tax assets			42.7									21.9
Right-of-use assets			32.4									35.8
Supplemental executive retirement plan assets			—									22.6
Other			25.6									29.1
			$	166.5								$	176.2

Schedule of Accrued Liabilities

Accrued liabilities and other consisted of the following (in millions):

			Successor									Predecessor
			June 30, 2021									December 31, 2020
Personnel costs			$	75.2								$	95.6
Income and other taxes payable			51.5									50.8
Deferred revenue			35.2									57.6
Lease liabilities			15.1									15.7
Other			35.7									30.7
			$	212.7								$	250.4

Other Liabilities

Other liabilities consisted of the following (in millions):

			Successor									Predecessor
			June 30, 2021									December 31, 2020
Unrecognized tax benefits (inclusive of interest and penalties)			$	298.8								$	286.1
Pension and other post-retirement benefits			182.8									296.6
Intangible liabilities			—									50.4
Customer payable			—									35.5
Other			88.2									93.8
			$	569.8								$	762.4

Accumulated other comprehensive income

Accumulated other comprehensive income (loss) consisted of the following (in millions):

			Successor									Predecessor
			June 30, 2021									December 31, 2020
Currency translation adjustment			$	(.2)								$	6.5
Derivative instruments			—									5.6
Pension and other post-retirement benefits			—									(98.2)
Other			—									(1.8)
			$	(.2)								$	(87.9)

Schedule of Revenue by Major Customers by Reporting Segments

Consolidated revenues by customer were as follows:

			Successor									Predecessor
			Two Months Ended June 30, 2021									One Month Ended April 30, 2021						Three Months Ended June 30, 2020
BP(1)			9		%							11		%				11		%
Total(2)			—		%							—		%				5		%
Woodside Energy(3)			—		%							—		%				12		%
Other			91		%							89		%				72		%
			100		%							100		%				100		%

			Successor									Predecessor
			Two Months Ended June 30, 2021									Four Months Ended April 30, 2021						Six Months Ended June 30, 2020
BP(1)			9		%							14		%				9		%
Total(2)			—		%							—		%				11		%
Woodside Energy(3)			—		%							—		%				7		%
Other			91		%							86		%				73		%
			100		%							100		%				100		%

(1)During the two months ended June 30, 2021, 25% of the revenues were attributable to our Jackups segment, and the remaining were attributable to our managed rigs. During one month and four months ended April 30, 2021, 7% and 37% of the revenue provided by BP were attributable to our Floaters segment respectively, 28% and 17% of the revenue were attributable to our Jackup segment respectively, and the remaining were attributable to our managed rigs.

During the three months ended June 30, 2020, 17% of the revenues provided by BP were attributable to our Jackups segment, 39% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the six months ended June 30, 2020, 20% of the revenue provided by BP were attributable to our Jackup segment, 27% of the revenue were attributable to our Floater segment and the remaining were attributable to our managed rigs.

(2)During the three and six months ended June 30, 2020, 56% and 82% of revenues provided by Total were attributable to the Floaters segment and the remaining were attributable to the Jackups segment.

(3)During the three and six months ended June 30, 2020, all the revenue provided by Woodside Energy were attributable to our Floaters segment.

Revenue from External Customers by Geographic Areas

Consolidated revenues by region were as follows (in millions):

			Successor									Predecessor
			Two Months Ended June 30, 2021									One Month Ended April 30, 2021						Three Months Ended June 30, 2020
United Kingdom(1)			$	41.1								$	19.6					$	52.8
Norway(1)			40.5									19.3						46.5
U.S. Gulf of Mexico(2)			30.9									17.6						66.6
Saudi Arabia(3)			25.2									12.0						57.3
Mexico(4)			18.9									6.1						22.7
Australia(5)			17.8									0.9						72.3
Other			28.4									14.8						70.6
			$	202.8								$	90.3					$	388.8

			Successor									Predecessor
			Two Months Ended June 30, 2021									Four Months Ended April 30, 2021						Six Months Ended June 30, 2020
United Kingdom(1)			$	41.1								$	75.7					$	105.3
Norway(1)			40.5									73.3						87.5
U.S. Gulf of Mexico(2)			30.9									74.4						145.3
Saudi Arabia(3)			25.2									53.6						141.2
Mexico(4)			18.9									44.3						38.7
Australia(5)			17.8									1.0						98.3
Other			28.4									75.1						229.1
			$	202.8								$	397.4					$	845.4

(1)During the two months ended June 30, 2021, one month and four months ended April 30, 2021 and three and six months ended June 30, 2020, all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment.

(2)During the two months ended June 30, 2021, 56% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment. During the one month and four months ended April 30, 2021, 62% and 64% of the revenue earned in U.S. Gulf of Mexico were attributable to our Floaters segment respectively. The remaining revenues were attributable to our managed rigs.

During the three months ended June 30, 2020, 66% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment, 6% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. During the six months ended June 30, 2020, 61% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment, 12% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs

(3)During the two months ended June 30, 2021, 57% of the revenues earned in Saudi Arabia were attributable to our Jackups segment. During the one month and four months ended April 30, 2021, 55% and 57% of the revenues earned in Saudi Arabia were attributable to our Jackups segment respectively. During the three and six months ended June 30, 2020, 62% and 57% of the revenues earned in Saudi Arabia were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and

relates to our rigs leased to ARO and certain revenues related to our Transition Services Agreement and Secondment Agreement.

(4)During the two months ended June 30, 2021, 41% and 59% of the revenues earned in Mexico were attributable to our Floaters and Jackups segment respectively. During the one month and four months ended April 30, 2021, 4% and 49% of the revenues earned Mexico were attributable to our Floaters segment, respectively, and 96% and 51% of the revenue earned in Mexico were attributable to our Jackups segment respectively. During the three and six months ended June 30, 2020, 35% and 58% revenue earned in Mexico were attributable to our Floaters segment respectively, 65% and 42% revenue earned in Mexico were attributable to our Jackups segment respectively.

(5)During two months ended June 30, 2021, 58% and 42% revenues earned in Australia were attributable to our Floaters and Jackups segment respectively. During the one month and four months ended April 30, 2021, 78% and 77% revenues earned in Australia were attributable to Floaters segment respectively, 22% and 23% revenues earned in Australia were attributable to Jackups segment respectively. During the three and six months ended June 30, 2020, 100% and 89% of the revenue earned in Australia were attributable to our Floater segment, and the remaining revenues attributable to our Jackups segment.

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