Supplemental Financial Information

3 Months Ended

Mar. 31, 2025

Supplemental Financial Information [Abstract]

Condensed Consolidated Balance Sheet Information

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


	March 31, 2025		December 31, 2024
Trade	$	503.8	$	502.4
Income tax receivables	50.8		76.2
Other	19.7		9.2
	574.3		587.8
Allowance for doubtful accounts	(16.6)		(16.6)
	$	557.7	$	571.2

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


	March 31, 2025		December 31, 2024
Prepaid taxes	$	55.8	$	48.5
Deferred costs	38.6		38.6
Prepaid expenses	16.0		13.0

Other	29.0		26.9
	$	139.4	$	127.0

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


	March 31, 2025		December 31, 2024
Income and other taxes payable	$	81.3	$	57.2
Current contract liabilities (deferred revenues)	78.0		87.2
Personnel costs	71.0		89.2
Accrued claims	39.3		39.5
Accrued interest	38.4		15.3
Lease liabilities	27.3		28.0
Other	30.0		34.6
	$	365.3	$	351.0

Other liabilities consisted of the following (in millions):


	March 31, 2025		December 31, 2024
Unrecognized tax benefits (inclusive of interest and penalties)	$	129.7	$	128.3
Pension and other post-retirement benefits	103.7		106.5
Noncurrent contract liabilities (deferred revenues)	61.2		71.4
Lease liabilities	51.9		56.9
Other	21.3		20.1
	$	367.8	$	383.2

Condensed Consolidated Statements of Operations Information

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


	Three Months Ended March 31,
	2025		2024
Net gain (loss) on sale of property	$	27.1	$	(0.1)
Net foreign currency exchange gains (losses)	(5.2)		5.4
Net periodic pension and retiree medical income (loss)	(0.2)		0.7

Other expense	(0.5)		(0.2)
	$	21.2	$	5.8

Condensed Consolidated Statement of Cash Flows Information

Our restricted cash consists primarily of $10.7 million and $10.8 million of collateral on letters of credit at March 31, 2025 and December 31, 2024, respectively. See "Note 11 - Contingencies" for more information regarding our letters of credit.

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 either of the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31, 2025								Three Months Ended March 31, 2024
	Floaters		Jackups		Other		Total		Floaters		Jackups		Other		Total
Petróleo Brasileiro S.A.	13	%	—	%	—	%	13	%	9	%	—	%	—	%	9	%
BP plc	5	%	3	%	4	%	12	%	6	%	4	%	6	%	16	%
Eni S.p.A	—	%	10	%	—	%	10	%	2	%	5	%	—	%	7	%
Equinor ASA	7	%	—	%	—	%	7	%	11	%	—	%	—	%	11	%
Other customers (1)	34	%	21	%	3	%	58	%	34	%	20	%	3	%	57	%
	59	%	34	%	7	%	100	%	62	%	29	%	9	%	100	%

(1)Other customers includes customers that individually contributed to less than 10% of our total revenues.

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):


	Three Months Ended March 31, 2025								Three Months Ended March 31, 2024
	Floaters		Jackups		Other		Total		Floaters		Jackups		Other		Total
Brazil	$	164.0	$	—	$	—	$	164.0	$	131.1	$	—	$	—	$	131.1
United Kingdom	—		100.7		—		100.7		—		72.2		—		72.2
U.S. Gulf of Mexico	65.4		—		28.0		93.4		56.8		9.4		28.5		94.7
Australia	39.6		45.5		—		85.1		43.0		4.7		—		47.7


Other countries (1)	95.9		67.4		14.2		177.5		93.5		66.0		19.8		179.3
	$	364.9	$	213.6	$	42.2	$	620.7	$	324.4	$	152.3	$	48.3	$	525.0

(1)Other countries includes locations that individually contributed to less than 10% of our total revenues.