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Supplemental Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Supplemental Financial Information [Abstract] |
Accounts Receivable, Net | 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 | 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 |
Schedule of Accrued Liabilities | 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 | 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 |
Repair And Maintenance Expense Related To Continuing Operations | 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 |
Schedule of Other Nonoperating Income, by Component | 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 |
Schedule of Cash Flows Information | 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 |
Cash Paid For Interest And Income Taxes | 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.
Revenue from External Customers by Products and Services | 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 | % |  |  |  |  |
Revenue from External Customers by Geographic Areas | 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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