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Supplemental Financial Information (Tables)

12 Months Ended

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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