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Supplemental Financial Information (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2022

Supplemental Financial Information [Abstract]

Accounts Receivable, Net

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

			September 30, 2022						December 31, 2021
Trade			$	379.3					$	296.8
Income tax receivable			148.4						151.1
Other			25.0						12.7
			552.7						460.6
Allowance for doubtful accounts			(17.2)						(16.4)
			$	535.5					$	444.2

Other Current Assets

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

			September 30, 2022						December 31, 2021
Deferred costs			$	62.1					$	26.9
Prepaid taxes			47.2						44.4
Prepaid expenses			26.5						23.1
Other			27.1						23.4
			$	162.9					$	117.8

Other Assets, Net

Other assets consisted of the following (in millions):

			September 30, 2022						December 31, 2021
Tax receivables			$	60.8					$	64.8
Deferred tax assets			51.3						59.7
Right-of-use assets			23.7						20.5
Other			39.7						31.0
			$	175.5					$	176.0

Schedule of Accrued Liabilities

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

			September 30, 2022						December 31, 2021
Deferred revenue			$	84.8					$	45.8
Income and other taxes payable			51.0						45.7
Personnel costs			48.3						47.3
Accrued claims			23.9						17.3
Accrued interest			18.9						7.6
Lease liabilities			9.7						10.0
Other			25.9						22.5
			$	262.5					$	196.2

Other Liabilities

Other liabilities consisted of the following (in millions):

			September 30, 2022						December 31, 2021
Unrecognized tax benefits (inclusive of interest and penalties)			$	271.0					$	320.2
Pension and other post-retirement benefits			189.8						204.0
Other			79.0						56.9
			$	539.8					$	581.1

Accumulated other comprehensive income

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

			September 30, 2022						December 31, 2021
Pension and other post-retirement benefits			$	(9.2)					$	(9.1)
Currency translation adjustment			0.1						—
			$	(9.1)					$	(9.1)

Schedule of Other Nonoperating Income, by Component

Other, net consisted of the following (in millions):

			Three Months Ended September 30,
			2022						2021
Net foreign currency exchange gains			$	9.8					$	1.7
Net periodic pension income			4.0						3.7
Net gain on sale of property			0.1						0.3
Other income (expense)			0.2						(0.2)
			$	14.1					$	5.5

			Successor															Predecessor
			Nine Months Ended September 30, 2022						Five Months Ended September 30, 2021									Four Months Ended April 30, 2021
Net gain on sale of property			$	137.7					$	0.2								$	6.0
Net foreign currency exchange gains			25.2						4.8									13.4
Net periodic pension income			12.1						6.1									5.4
Other income (expense)			(0.2)						—									1.1
			$	174.8					$	11.1								$	25.9

Schedule of Revenue by Major Customers by Reporting Segments

Consolidated revenues with customers that individually contributed 10% or more of revenue were as follows:

			Three Months Ended September 30,
			2022						2021
BP plc ("BP")(1)			14		%				9		%
Equinor ASA ("Equinor")(2)			6		%				6		%
TotalEnergies SE ("Total")(3)			4		%				14		%
Other			76		%				71		%
			100		%				100		%

			Successor															Predecessor
			Nine Months Ended September 30, 2022						Five Months Ended September 30, 2021									Four Months Ended April 30, 2021
BP(1)			14		%				9		%							14		%
Equinor(2)			10		%				6		%							6		%
Total(3)			5		%				9		%							—		%
Other			71		%				76		%							80		%
			100		%				100		%							100		%

(1)During the three months ended September 30, 2022 (Successor), 34% of the revenues provided by BP were attributable to our Floaters segment, 25% of the revenues were attributable to our Jackups segment and the remaining were attributable to our managed rigs.

During the nine months ended September 30, 2022 (Successor), 37% of the revenues provided by BP were attributable to our Floaters segment, 19% of the revenues were attributable to our Jackups segment and the remaining were attributable to our managed rigs.

During the three months ended September 30, 2021 (Successor), 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 (Successor), 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 (Predecessor), 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.

(2)During the three months ended September 30, 2022 (Successor), all revenues provided by Equinor were attributable to our Jackups segment.

During the nine months ended September 30, 2022 (Successor), 55% of the revenues provided by Equinor were attributable to our Jackups segment and 45% of the revenues were attributable to our Floaters segment.

During the three and five months ended September 30, 2021 (Successor) and four months ended April 30, 2021 (Predecessor), all revenues provided by Equinor were attributable to our Jackups segment.

(3)During the three and nine months ended September 30, 2022 (Successor) and three and five months ended September 30, 2021 (Successor), all revenues provided by Total were attributable to our Floaters segment.

Revenue from External Customers by Geographic Areas

Consolidated revenues for locations that individually had 10% or more of revenue are as follows (in millions):

			Three Months Ended September 30,
			2022						2021
U.S. Gulf of Mexico(1)			$	95.2					$	40.2
United Kingdom(2)			71.4						69.9
Australia(3)			51.8						33.4
Norway(2)			38.6						49.4
Saudi Arabia(4)			30.9						33.5
Mexico(5)			10.7						33.4
Other			138.6						66.9
			$	437.2					$	326.7

			Successor															Predecessor
			Nine Months Ended September 30, 2022						Five Months Ended September 30, 2021									Four Months Ended April 30, 2021
U.S. Gulf of Mexico(1)			$	271.6					$	71.1								$	74.4
United Kingdom(2)			200.1						111.0									75.7
Australia(3)			90.9						51.2									1.0
Norway(2)			91.0						89.9									73.3
Saudi Arabia(4)			104.1						58.7									53.6
Mexico(5)			53.4						52.3									44.3
Other			357.8						95.3									75.1
			$	1,168.9					$	529.5								$	397.4

(1)During the three months ended September 30, 2022 (Successor), 65% and 8% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment and Jackups segment, respectively. The remaining revenues were attributable to our managed rigs.

During the nine months ended September 30, 2022 (Successor), 66% and 7% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment and Jackups segment, respectively. The remaining revenues were primarily attributable to our managed rigs.

During the three and five months ended September 30, 2021 (Successor), 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 (Predecessor) 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.

(2)During the three and nine months ended September 30, 2022 (Successor), five months ended September 30, 2021 (Successor) and four months ended April 30, 2021 (Predecessor), all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment.

(3)During the three and nine months ended September 30, 2022 (Successor), 78% and 80%, respectively, of the revenues earned in Australia were attributable to our Floaters segment and the remaining revenues were attributable to our Jackups segment.

During the three and five months ended September 30, 2021 (Successor), 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 (Predecessor), 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.

(4)During the three and nine months ended September 30, 2022 (Successor), 54% and 58%, 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 primarily to our rigs leased to ARO.

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

(5)During the three months ended September 30, 2022 (Successor), all revenues earned in Mexico were attributable to our Jackups segment. During the nine months ended September 30, 2022 (Successor), 91% of the revenues earned in Mexico were attributable to our Jackups segment, and the remaining revenues were attributable to our Floaters segment.

During the three and five months ended September 30, 2021 (Successor), 52% and 54%, respectively, of the revenues earned in Mexico were attributable to our Jackups segment and the remaining revenues were attributable to our Floaters segment. During the four months ended April 30, 2021 (Predecessor), 51% of the revenues earned in Mexico were attributable to our Jackups segment and the remaining revenues were attributable to our Floaters segment.

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