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Supplemental Financial Information | 12 Months Ended
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Dec. 31, 2023
Supplemental Financial Information [Abstract] |
Supplemental Balance Sheet Disclosures [Text Block] | SUPPLEMENTAL FINANCIAL INFORMATION Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions):
| December 31, 2023 |  | December 31, 2022
Trade | $ | 375.2 |  |  | $ | 345.7 |
Income tax receivables | 83.2 |  |  | 93.6 |
Other | 16.2 |  |  | 24.6 |
| 474.6 |  |  | 463.9 |
Allowance for doubtful accounts | (15.3) |  |  | (14.8) |
| $ | 459.3 |  |  | $ | 449.1 |
Other current assets consisted of the following (in millions):
| December 31, 2023 |  | December 31, 2022
Deferred costs | $ | 75.3 |  |  | $ | 59.1 |
Prepaid taxes | 49.1 |  |  | 44.6 |
Prepaid expenses | 23.6 |  |  | 17.5 |
Other | 29.2 |  |  | 27.4 |
| $ | 177.2 |  |  | $ | 148.6 |
Accrued liabilities and other consisted of the following (in millions):
| December 31, 2023 |  | December 31, 2022
Current contract liabilities (deferred revenues) | $ | 116.2 |  |  | $ | 78.0 |
Personnel costs | 76.6 |  |  | 55.8 |
Income and other taxes payable | 52.9 |  |  | 41.4 |
Lease liabilities | 27.2 |  |  | 9.4 |
Accrued claims | 20.4 |  |  | 27.2 |
Accrued interest | 15.4 |  |  | 7.6 |
Other | 35.5 |  |  | 28.5 |
| $ | 344.2 |  |  | $ | 247.9 |
Other liabilities consisted of the following (in millions):
| December 31, 2023 |  | December 31, 2022
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 224.0 |  |  | $ | 275.0 |
Pension and other post-retirement benefits | 141.6 |  |  | 159.8 |
Lease liabilities | 48.9 |  |  | 13.8 |
Noncurrent contract liabilities (deferred revenues) | 37.6 |  |  | 41.0 |
Other | 19.6 |  |  | 9.9 |
| $ | 471.7 |  |  | $ | 499.5 |
Consolidated Statements of Operations Information Repair and maintenance expense related to continuing operations was as follows (in millions):
| Successor |  |  | Predecessor
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021
Repair and maintenance expense | $ | 203.3 |  |  | $ | 175.2 |  |  | $ | 76.3 |  |  |  | $ | 48.4 |
Other, net, consisted of the following (in millions):
| Successor |  |  | Predecessor
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021
Loss on extinguishment of debt | $ | (29.2) |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Net gain on sale of property | 28.6 |  |  | 141.2 |  |  | 21.2 |  |  |  | 6.0 |
Net foreign currency exchange gains (losses) | (3.5) |  |  | 12.2 |  |  | 8.1 |  |  |  | 13.4 |
Net periodic pension and retiree medical income | 0.9 |  |  | 16.4 |  |  | 8.7 |  |  |  | 5.4 |
Other income | 1.4 |  |  | 0.1 |  |  | 0.1 |  |  |  | 1.1 |
| $ | (1.8) |  |  | $ | 169.9 |  |  | $ | 38.1 |  |  |  | $ | 25.9 |
Consolidated Statements of Cash Flows Information Our restricted cash consists primarily of $12.6 million and $24.4 million of collateral on letters of credit as of December 31, 2023 and 2022, respectively. See "Note 1 3 - Commitments and Contingencies" for more information regarding our letters of credit. Net cash used in operating activities attributable to the net change in operating assets and liabilities was as follows (in millions):
| Successor |  |  | Predecessor
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021
(Increase) decrease in accounts receivable | $ | 44.9 |  |  | $ | (6.9) |  |  | $ | (18.3) |  |  |  | $ | 23.2 |
(Increase) decrease in other assets | (5.9) |  |  | 0.5 |  |  | 9.0 |  |  |  | 15.7 |
Increase (decrease) in liabilities | 82.8 |  |  | (0.2) |  |  | 29.3 |  |  |  | 38.2 |
| $ | 121.8 |  |  | $ | (6.6) |  |  | $ | 20.0 |  |  |  | $ | 77.1 |
Additional cash flow information was as follows (in millions):
| Successor |  |  | Predecessor
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021
Cash paid for interest and taxes |  |  |  |  |  |  |  |
Interest paid, net of amounts capitalized | $ | 32.3 |  |  | $ | 44.2 |  |  | $ | 22.8 |  |  |  | $ | — |
Income taxes paid (refunded), net | $ | (8.3) |  |  | $ | 5.6 |  |  | $ | 23.5 |  |  |  | $ | (16.9) |
Non-cash investing activities |  |  |  |  |  |  |  |
Accruals for capital expenditures as of period end (1) | $ | 71.5 |  |  | $ | 22.1 |  |  | $ | 9.3 |  |  |  | $ | 6.5 |
(1)Accruals for capital expenditures were excluded from investing activities in our Consolidated Statements of Cash Flows. We received an income tax refund of $45.9 million during the first quarter of 2023 related to the U.S. Coronavirus Aid, Relief, and Economic Security Act. Capitalized interest totaled $5.6 million and $1.2 million during the year ended December 31, 2023 and 2022 (Successor), respectively. During the eight months ended December 31, 2021 (Successor) and during the four months ended April 30, 2021 (Predecessor), there was no capitalized interest. Concentration of Risk Credit Risk - We are exposed to credit risk relating to our cash and cash equivalents and receivables from customers. Our cash and cash equivalents are primarily held by various well-capitalized and credit-worthy financial institutions. We monitor the credit ratings of these institutions and limit the amount of exposure to any one institution and therefore, do not believe a significant credit risk exists for these balances. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within our expectations. Customer Concentration - Consolidated revenues with customers that individually contributed 10% or more of revenue in the years ended December 31, 2023 and 2022, eight months ended December 31, 2021 (Successor), and four months ended April 30, 2021 (Predecessor) were as follows:
| Successor |  |  |
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  |  |  |  |
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total |  |  |  |  |
BP plc ("BP") | — | % |  | 5 | % |  | 6 | % |  | 11 | % |  | 6 | % |  | 3 | % |  | 6 | % |  | 15 | % |  |  |  |  |
Other customers | 53 | % |  | 32 | % |  | 4 | % |  | 89 | % |  | 38 | % |  | 43 | % |  | 4 | % |  | 85 | % |  |  |  |  |
| 53 | % |  | 37 | % |  | 10 | % |  | 100 | % |  | 44 | % |  | 46 | % |  | 10 | % |  | 100 | % |  |  |  |  |
| Successor |  |  | Predecessor |  |  |
| Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 |  |  |  |  |
| Floaters |  | Jackups |  | Other |  | Total |  |  | Floaters |  | Jackups |  | Other |  | Total |  |  |  |  |
BP | 2 | % |  | 2 | % |  | 7 | % |  | 11 | % |  |  | 5 | % |  | 2 | % |  | 7 | % |  | 14 | % |  |  |  |  |
Other customers | 29 | % |  | 56 | % |  | 4 | % |  | 89 | % |  |  | 24 | % |  | 57 | % |  | 5 | % |  | 86 | % |  |  |  |  |
| 31 | % |  | 58 | % |  | 11 | % |  | 100 | % |  |  | 29 | % |  | 59 | % |  | 12 | % |  | 100 | % |  |  |  |  |
Geographic Concentration - For purposes of our geographic disclosure, we attribute revenues to the geographic location where such revenues are earned. Consolidated revenues for locations that individually had 10% or more of revenue were as follows (in millions):
| Successor |  |  |
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  |  |  |  |
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total |  |  |  |  |
U.S. Gulf of Mexico | $ | 220.9 |  |  | $ | 27.2 |  |  | $ | 104.7 |  |  | $ | 352.8 |  |  | $ | 230.9 |  |  | $ | 21.3 |  |  | $ | 99.0 |  |  | $ | 351.2 |  |  |  |  |  |
United Kingdom | — |  |  | 267.2 |  |  | — |  |  | 267.2 |  |  | — |  |  | 264.5 |  |  | — |  |  | 264.5 |  |  |  |  |  |
Angola | 210.9 |  |  | — |  |  | — |  |  | 210.9 |  |  | 78.5 |  |  | — |  |  | — |  |  | 78.5 |  |  |  |  |  |
Brazil | 195.0 |  |  | — |  |  | — |  |  | 195.0 |  |  | 111.5 |  |  | — |  |  | — |  |  | 111.5 |  |  |  |  |  |
Australia | 157.0 |  |  | 29.9 |  |  | — |  |  | 186.9 |  |  | 113.0 |  |  | 30.0 |  |  | — |  |  | 143.0 |  |  |  |  |  |
Saudi Arabia | — |  |  | 41.2 |  |  | 71.2 |  |  | 112.4 |  |  | — |  |  | 78.3 |  |  | 58.8 |  |  | 137.1 |  |  |  |  |  |
Mexico | 65.9 |  |  | 38.7 |  |  | — |  |  | 104.6 |  |  | 13.9 |  |  | 58.1 |  |  | — |  |  | 72.0 |  |  |  |  |  |
Norway | — |  |  | 2.4 |  |  | — |  |  | 2.4 |  |  | — |  |  | 114.6 |  |  | — |  |  | 114.6 |  |  |  |  |  |
Other countries | 99.0 |  |  | 253.0 |  |  | — |  |  | 352.0 |  |  | 152.7 |  |  | 177.4 |  |  | — |  |  | 330.1 |  |  |  |  |  |
| $ | 948.7 |  |  | $ | 659.6 |  |  | $ | 175.9 |  |  | $ | 1,784.2 |  |  | $ | 700.5 |  |  | $ | 744.2 |  |  | $ | 157.8 |  |  | $ | 1,602.5 |  |  |  |  |  |
| Successor |  | Predecessor |  |  |
| Eight Months Ended December 31, 2021 |  | Four Months Ended April 30, 2021 |  |  |  |  |
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total |  |  |  |  |
U.S. Gulf of Mexico | $ | 52.8 |  |  | $ | 0.7 |  |  | $ | 56.4 |  |  | $ | 109.9 |  |  | $ | 47.9 |  |  | $ | 0.2 |  |  | $ | 26.3 |  |  | $ | 74.4 |  |  |  |  |  |
United Kingdom | — |  |  | 185.2 |  |  | — |  |  | 185.2 |  |  | — |  |  | 75.7 |  |  | — |  |  | 75.7 |  |  |  |  |  |
Angola | 19.4 |  |  | — |  |  | — |  |  | 19.4 |  |  | 20.5 |  |  | — |  |  | — |  |  | 20.5 |  |  |  |  |  |
Brazil | 38.6 |  |  | — |  |  | — |  |  | 38.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |
Australia | 46.2 |  |  | 29.3 |  |  | — |  |  | 75.5 |  |  | 0.8 |  |  | 0.2 |  |  | — |  |  | 1.0 |  |  |  |  |  |
Saudi Arabia | — |  |  | 55.3 |  |  | 37.0 |  |  | 92.3 |  |  | — |  |  | 30.5 |  |  | 23.0 |  |  | 53.5 |  |  |  |  |  |
Mexico | 37.0 |  |  | 40.8 |  |  | — |  |  | 77.8 |  |  | 21.6 |  |  | 22.7 |  |  | — |  |  | 44.3 |  |  |  |  |  |
Norway | — |  |  | 123.9 |  |  | — |  |  | 123.9 |  |  | — |  |  | 73.3 |  |  | — |  |  | 73.3 |  |  |  |  |  |
Other countries | 60.5 |  |  | 51.9 |  |  | — |  |  | 112.4 |  |  | 24.9 |  |  | 29.8 |  |  | — |  |  | 54.7 |  |  |  |  |  |
| $ | 254.5 |  |  | $ | 487.1 |  |  | $ | 93.4 |  |  | $ | 835.0 |  |  | $ | 115.7 |  |  | $ | 232.4 |  |  | $ | 49.3 |  |  | $ | 397.4 |  |  |  |  |  |
(1)Other countries includes locations that individually contributed to less than 10% of total revenues.

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