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Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2025

Supplemental Financial Information [Abstract]

Accounts Receivable, Net

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

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

Schedule of Accrued Liabilities

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

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

Schedule of Other Nonoperating Income, by Component

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

Schedule of Revenue by Major Customers by Reporting Segments

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.

Revenue from External Customers by Geographic Areas

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.

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