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Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2021

Supplemental Financial Information [Abstract]

Accounts Receivable, Net

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

			Successor									Predecessor
			September 30, 2021									December 31, 2020
Trade			$	301.1								$	260.1
Income tax receivable			160.0									190.6
Other			11.1									14.7
			472.2									465.4
Allowance for doubtful accounts			(16.4)									(16.2)
			$	455.8								$	449.2

Other Current Assets

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

			Successor									Predecessor
			September 30, 2021									December 31, 2020
Prepaid taxes			$	45.4								$	32.9
Prepaid expenses			28.4									43.4
Deferred costs			17.3									17.4
Materials and supplies			—									279.4
Other			25.9									13.4
			$	117.0								$	386.5

Other Assets, Net

Other assets consisted of the following (in millions):

			Successor									Predecessor
			September 30, 2021									December 31, 2020
Tax receivables			$	64.6								$	66.8
Deferred tax assets			39.5									21.9
Right-of-use assets			23.9									35.8
Supplemental executive retirement plan assets			—									22.6
Other			25.5									29.1
			$	153.5								$	176.2

Schedule of Accrued Liabilities

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

			Successor									Predecessor
			September 30, 2021									December 31, 2020
Personnel costs			$	75.6								$	95.6
Income and other taxes payable			58.5									50.8
Deferred revenue			32.5									57.6
Accrued interest			18.9									—
Lease liabilities			11.6									15.7
Other			26.7									30.7
			$	223.8								$	250.4

Other Liabilities

Other liabilities consisted of the following (in millions):

			Successor									Predecessor
			September 30, 2021									December 31, 2020
Unrecognized tax benefits (inclusive of interest and penalties)			$	330.7								$	286.1
Pension and other post-retirement benefits			178.4									296.6
Intangible liabilities			—									50.4
Customer payable			—									35.5
Other			82.2									93.8
			$	591.3								$	762.4

Accumulated other comprehensive income

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

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

Schedule of Revenue by Major Customers by Reporting Segments

Consolidated revenues by customer were as follows:

			Successor															Predecessor
			Three Months Ended September 30, 2021															Three Months Ended September 30, 2020
Total(1)			14		%													5		%
BP(2)			9		%													11		%
Other			77		%													84		%
			100		%													100		%

			Successor									Predecessor
			Five Months Ended September 30, 2021									Four Months Ended April 30, 2021						Nine Months Ended September 30, 2020
Total(1)			9		%							—		%				10		%
BP(2)			9		%							14		%				9		%
Other			82		%							86		%				81		%
			100		%							100		%				100		%

(1)During the three and five months ended September 30, 2021, all revenues provided by Total were attributable to our Floaters segment.

During the three and nine months ended September 30, 2020, 32% and 75% of revenues provided by Total were attributable to the Floaters segment and the remaining were attributable to the Jackups segment.

(2)During the three months ended September 30, 2021, 24% of the revenues provided by BP were attributable to our Jackups segment, 3% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the five months ended September 30, 2021, 24% of the revenues were attributable to our Jackups segment, 2% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the four months ended April 30, 2021, 37% of the revenue provided by BP were attributable to our Floaters segment, 17% of the revenue were attributable to our Jackups segment and the remaining were attributable to our managed rigs.

During the three months ended September 30, 2020, 24% of the revenues provided by BP were attributable to our Jackups segment, 14% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the nine months ended September 30, 2020, 21% of the revenues provided by BP were attributable to our Jackups segment, 23% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs.

Revenue from External Customers by Geographic Areas

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

			Successor															Predecessor
			Three Months Ended September 30, 2021															Three Months Ended September 30, 2020
United Kingdom(1)			$	69.9														$	48.0
Norway(1)			49.4															53.5
U.S. Gulf of Mexico(2)			40.2															38.0
Saudi Arabia(3)			33.5															48.5
Mexico(4)			33.4															23.3
Australia(5)			33.4															18.6
Other			66.9															55.4
			$	326.7														$	285.3

			Successor									Predecessor
			Five Months Ended September 30, 2021									Four Months Ended April 30, 2021						Nine Months Ended September 30, 2020
United Kingdom(1)			$	111.0								$	75.7					$	153.3
Norway(1)			89.9									73.3						141.0
U.S. Gulf of Mexico(2)			71.1									74.4						183.3
Saudi Arabia(3)			58.7									53.6						189.7
Mexico(4)			52.3									44.3						62.0
Australia(5)			51.2									1.0						117.0
Other			95.3									75.1						284.4
			$	529.5								$	397.4					$	1,130.7

(1)During the three months ended September 30, 2021, five months ended September 30, 2021 and four months ended April 30, 2021 and three and nine months ended September 30, 2020, all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment.

(2)During the three and five months ended September 30, 2021, 46% and 50% of the revenues 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 four months ended April 30, 2021, 64% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment. The remaining revenues were attributable to our managed rigs.

During the three months ended September 30, 2020, 38% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment, 11% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. During the nine months ended September 30, 2020, 56% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment, 11% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs.

(3)During the three and five months ended September 30, 2021, 56% and 57%of the revenues earned in Saudi Arabia were attributable to our Jackups segment respectively. During the four months ended April 30, 2021, 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 Secondment Agreement.

During the three and nine months ended September 30, 2020, 55% and 56%, respectively, 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 three and five months ended September 30, 2021, 52% and 54% of the revenues earned in Mexico were attributable to our Jackups segment respectively and the remaining revenues were attributable to Floaters segment. During the four months ended April 30, 2021, 51% of the revenue earned in Mexico were attributable to our Jackups segment and the remaining revenues were attributable to our Floaters segment.

During the three and nine months ended September 30, 2020, 74% and 54% of the revenues earned in Mexico were attributable to our Jackups segment respectively and the remaining revenues were attributable to our Floaters segment.

(5)During the three and five months ended September 30, 2021, 64% and 62%, respectively, of the revenues earned in Australia were attributable to our Floaters segment and the remaining were attributable to Jackups segment. During the four months ended April 30, 2021, 77% of the revenues earned in Australia were attributable to our Floaters segment, and the remaining revenues earned in Australia were attributable to our Jackups segment.

During the three and nine months ended September 30, 2020, 100% and 91%, respectively, of the revenues earned in Australia were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment.

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