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v3.25.2

Supplemental Financial Information | 6 Months Ended
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Jun. 30, 2025
Supplemental Financial Information [Abstract] |
Supplemental Financial Information | Supplemental Financial Information Condensed Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions):
| June 30, 2025 |  | December 31, 2024
Trade | $ | 489.2 |  |  | $ | 502.4 |
Income tax receivables | 51.5 |  |  | 76.2 |
Other | 30.0 |  |  | 9.2 |
| 570.7 |  |  | 587.8 |
Allowance for doubtful accounts | (16.5) |  |  | (16.6) |
| $ | 554.2 |  |  | $ | 571.2 |
Other current assets consisted of the following (in millions):
| June 30, 2025 |  | December 31, 2024
Prepaid taxes | $ | 71.6 |  |  | $ | 48.5 |
Deferred costs | 37.9 |  |  | 38.6 |
Prepaid expenses | 21.8 |  |  | 13.0 |
Other | 25.7 |  |  | 26.9 |
| $ | 157.0 |  |  | $ | 127.0 |
Accrued liabilities and other consisted of the following (in millions):
| June 30, 2025 |  | December 31, 2024
Income and other taxes payable | $ | 90.8 |  |  | $ | 57.2 |
Personnel costs | 81.1 |  |  | 89.2 |
Current contract liabilities (deferred revenues) | 73.7 |  |  | 87.2 |
Lease liabilities | 34.6 |  |  | 28.0 |
Accrued claims | 22.2 |  |  | 39.5 |
Accrued interest | 15.4 |  |  | 15.3 |
Other | 28.6 |  |  | 34.6 |
| $ | 346.4 |  |  | $ | 351.0 |
Other liabilities consisted of the following (in millions):
| June 30, 2025 |  | December 31, 2024
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 134.5 |  |  | $ | 128.3 |
Pension and other post-retirement benefits | 100.8 |  |  | 106.5 |
Noncurrent contract liabilities (deferred revenues) | 68.1 |  |  | 71.4 |
Lease liabilities | 50.9 |  |  | 56.9 |
Other | 23.3 |  |  | 20.1 |
| $ | 377.6 |  |  | $ | 383.2 |
Condensed Consolidated Statements of Operations Information Other, net consisted of the following (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net gain (loss) on sale of property | $ | 0.8 |  |  | $ | — |  |  | $ | 27.9 |  |  | $ | (0.1) |
Net foreign currency exchange gains (losses) | (9.1) |  |  | 2.5 |  |  | (14.3) |  |  | $ | 7.9 |
Net periodic pension and retiree medical income (loss) | (0.3) |  |  | 0.7 |  |  | (0.5) |  |  | 1.4 |
Other income (expenses) | (0.1) |  |  | 0.3 |  |  | (0.6) |  |  | 0.1 |
| $ | (8.7) |  |  | $ | 3.5 |  |  | $ | 12.5 |  |  | $ | 9.3 |
Condensed Consolidated Statement of Cash Flows Information Our restricted cash consists primarily of $11.2 million and $10.8 million of collateral on letters of credit at June 30, 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 six months ended June 30, 2025 and 2024 were as follows:
| Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total
Petróleo Brasileiro S.A. ("Petrobras") | 13 | % |  | — | % |  | — | % |  | 13 | % |  | 10 | % |  | — | % |  | — | % |  | 10 | %
BP plc ("BP") | 3 | % |  | 3 | % |  | 5 | % |  | 11 | % |  | 10 | % |  | 5 | % |  | 4 | % |  | 19 | %
Azule Energy ("Azule") | 7 | % |  | 3 | % |  | — | % |  | 10 | % |  | 2 | % |  | — | % |  | — | % |  | 2 | %
Equinor ASA ("Equinor") | 6 | % |  | — | % |  | — | % |  | 6 | % |  | 10 | % |  | — | % |  | — | % |  | 10 | %
Other customers (1) | 24 | % |  | 33 | % |  | 3 | % |  | 60 | % |  | 31 | % |  | 25 | % |  | 3 | % |  | 59 | %
| 53 | % |  | 39 | % |  | 8 | % |  | 100 | % |  | 63 | % |  | 30 | % |  | 7 | % |  | 100 | %
| Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total
Petrobras | 13 | % |  | — | % |  | — | % |  | 13 | % |  | 10 | % |  | — | % |  | — | % |  | 10 | %
BP | 4 | % |  | 3 | % |  | 5 | % |  | 12 | % |  | 8 | % |  | 4 | % |  | 5 | % |  | 17 | %
Azule | 7 | % |  | 2 | % |  | — | % |  | 9 | % |  | 1 | % |  | — | % |  | — | % |  | 1 | %
Equinor | 7 | % |  | — | % |  | — | % |  | 7 | % |  | 10 | % |  | — | % |  | — | % |  | 10 | %
Other customers (1) | 25 | % |  | 32 | % |  | 2 | % |  | 59 | % |  | 33 | % |  | 26 | % |  | 3 | % |  | 62 | %
| 56 | % |  | 37 | % |  | 7 | % |  | 100 | % |  | 62 | % |  | 30 | % |  | 8 | % |  | 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 June 30, 2025 |  | Three Months Ended June 30, 2024
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total
Brazil | $ | 154.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 154.2 |  |  | $ | 98.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 98.0 |
Gulf of America | 65.7 |  |  | — |  |  | 32.8 |  |  | 98.5 |  |  | 56.1 |  |  | 0.7 |  |  | 26.2 |  |  | 83.0 |
United Kingdom | — |  |  | 97.8 |  |  | — |  |  | 97.8 |  |  | — |  |  | 95.6 |  |  | — |  |  | 95.6 |
Australia | 38.0 |  |  | 40.1 |  |  | — |  |  | 78.1 |  |  | 43.0 |  |  | 16.2 |  |  | — |  |  | 59.2 |
Angola | 42.3 |  |  | 21.3 |  |  | — |  |  | 63.6 |  |  | 42.1 |  |  | — |  |  | — |  |  | 42.1 |
Other countries (1) | 26.7 |  |  | 78.8 |  |  | 17.5 |  |  | 123.0 |  |  | 144.7 |  |  | 73.3 |  |  | 14.2 |  |  | 232.2 |
| $ | 326.9 |  |  | $ | 238.0 |  |  | $ | 50.3 |  |  | $ | 615.2 |  |  | $ | 383.9 |  |  | $ | 185.8 |  |  | $ | 40.4 |  |  | $ | 610.1 |
| Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total
Brazil | $ | 318.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 318.2 |  |  | $ | 229.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 229.1 |
United Kingdom | — |  |  | 198.5 |  |  | — |  |  | 198.5 |  |  | — |  |  | 167.8 |  |  | — |  |  | 167.8 |
Gulf of America | 131.1 |  |  | — |  |  | 60.8 |  |  | 191.9 |  |  | 112.9 |  |  | 10.1 |  |  | 54.7 |  |  | 177.7 |
Australia | 77.6 |  |  | 85.6 |  |  | — |  |  | 163.2 |  |  | 86.0 |  |  | 20.9 |  |  | — |  |  | 106.9 |
Angola | 84.5 |  |  | 25.6 |  |  | — |  |  | 110.1 |  |  | 72.6 |  |  | — |  |  | — |  |  | 72.6 |
Other countries (1) | 80.4 |  |  | 141.9 |  |  | 31.7 |  |  | 254.0 |  |  | 207.7 |  |  | 139.3 |  |  | 34.0 |  |  | 381.0 |
| $ | 691.8 |  |  | $ | 451.6 |  |  | $ | 92.5 |  |  | $ | 1,235.9 |  |  | $ | 708.3 |  |  | $ | 338.1 |  |  | $ | 88.7 |  |  | $ | 1,135.1 |
(1)Other countries includes locations that individually contributed to less than 10% of our total revenues.

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