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v3.25.3

Supplemental Financial Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Supplemental Financial Information [Abstract] |
Accounts Receivable, Net | Accounts receivable, net, consisted of the following (in millions):
| September 30, 2025 |  | December 31, 2024
Trade | $ | 444.5 |  |  | $ | 502.4 |
Income tax receivables | 51.2 |  |  | 76.2 |
Other | 34.0 |  |  | 9.2 |
| 529.7 |  |  | 587.8 |
Allowance for doubtful accounts | (16.0) |  |  | (16.6) |
| $ | 513.7 |  |  | $ | 571.2 |
Other Current Assets | Other current assets consisted of the following (in millions):
| September 30, 2025 |  | December 31, 2024
Prepaid taxes | $ | 73.5 |  |  | $ | 48.5 |
Deferred costs | 38.6 |  |  | 38.6 |
Prepaid expenses | 15.3 |  |  | 13.0 |
Other | 27.0 |  |  | 26.9 |
| $ | 154.4 |  |  | $ | 127.0 |
Schedule of Accrued Liabilities | Accrued liabilities and other consisted of the following (in millions):
| September 30, 2025 |  | December 31, 2024
Income and other taxes payable | $ | 105.1 |  |  | $ | 57.2 |
Personnel costs | 90.0 |  |  | 89.2 |
Current contract liabilities (deferred revenues) | 79.0 |  |  | 87.2 |
Accrued interest | 38.4 |  |  | 15.3 |
Lease liabilities | 35.0 |  |  | 28.0 |
Accrued claims | 16.1 |  |  | 39.5 |
Other | 27.3 |  |  | 34.6 |
| $ | 390.9 |  |  | $ | 351.0 |
Other Liabilities | Other liabilities consisted of the following (in millions):
| September 30, 2025 |  | December 31, 2024
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 134.5 |  |  | $ | 128.3 |
Pension and other post-retirement benefits | 96.5 |  |  | 106.5 |
Noncurrent contract liabilities (deferred revenues) | 57.8 |  |  | 71.4 |
Lease liabilities | 43.5 |  |  | 56.9 |
Other | 24.9 |  |  | 20.1 |
| $ | 357.2 |  |  | $ | 383.2 |
Schedule of Other Nonoperating Income, by Component | Other, net consisted of the following (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net gain (loss) on sale of property | $ | 89.5 |  |  | $ | (0.2) |  |  | $ | 117.4 |  |  | $ | (0.3) |
Net foreign currency exchange gains (losses) | (1.8) |  |  | (3.5) |  |  | (16.1) |  |  | 4.4 |
Net periodic pension and retiree medical income (loss) | (0.2) |  |  | 0.6 |  |  | (0.7) |  |  | 2.0 |
Other income (expenses) | 0.2 |  |  | 0.3 |  |  | (0.4) |  |  | 0.4 |
| $ | 87.7 |  |  | $ | (2.8) |  |  | $ | 100.2 |  |  | $ | 6.5 |
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 and nine months ended September 30, 2025 and 2024 were as follows:
| Three Months Ended
| September 30, 2025 |  | September 30, 2024
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total
BP plc ("BP") | 5 | % |  | 3 | % |  | 6 | % |  | 14 | % |  | 12 | % |  | 2 | % |  | 5 | % |  | 19 | %
Petróleo Brasileiro S.A. ("Petrobras") | 13 | % |  | — | % |  | — | % |  | 13 | % |  | 8 | % |  | — | % |  | — | % |  | 8 | %
Azule Energy ("Azule") | 7 | % |  | 4 | % |  | — | % |  | 11 | % |  | 7 | % |  | — | % |  | — | % |  | 7 | %
Equinor ASA ("Equinor") | 6 | % |  | — | % |  | — | % |  | 6 | % |  | 9 | % |  | — | % |  | — | % |  | 9 | %
Other customers (1) | 20 | % |  | 33 | % |  | 3 | % |  | 56 | % |  | 24 | % |  | 31 | % |  | 2 | % |  | 57 | %
| 51 | % |  | 40 | % |  | 9 | % |  | 100 | % |  | 60 | % |  | 33 | % |  | 7 | % |  | 100 | %
| Nine Months Ended
| September 30, 2025 |  | September 30, 2024
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total
Petrobras | 13 | % |  | — | % |  | — | % |  | 13 | % |  | 9 | % |  | — | % |  | — | % |  | 9 | %
BP | 4 | % |  | 3 | % |  | 5 | % |  | 12 | % |  | 9 | % |  | 4 | % |  | 5 | % |  | 18 | %
Azule | 7 | % |  | 3 | % |  | — | % |  | 10 | % |  | 3 | % |  | — | % |  | — | % |  | 3 | %
Equinor | 6 | % |  | — | % |  | — | % |  | 6 | % |  | 10 | % |  | — | % |  | — | % |  | 10 | %
Other customers (1) | 24 | % |  | 32 | % |  | 3 | % |  | 59 | % |  | 31 | % |  | 27 | % |  | 2 | % |  | 60 | %
| 54 | % |  | 38 | % |  | 8 | % |  | 100 | % |  | 62 | % |  | 31 | % |  | 7 | % |  | 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
| September 30, 2025 |  | September 30, 2024
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total
Brazil | $ | 144.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 144.5 |  |  | $ | 151.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 151.4 |
United Kingdom | — |  |  | 99.4 |  |  | — |  |  | 99.4 |  |  | — |  |  | 105.3 |  |  | — |  |  | 105.3 |
Angola | 65.0 |  |  | 23.0 |  |  | — |  |  | 88.0 |  |  | 68.7 |  |  | — |  |  | — |  |  | 68.7 |
Gulf of America | 48.9 |  |  | — |  |  | 32.4 |  |  | 81.3 |  |  | 66.0 |  |  | 0.2 |  |  | 29.8 |  |  | 96.0 |
Australia | 40.0 |  |  | 25.9 |  |  | — |  |  | 65.9 |  |  | 42.4 |  |  | 46.5 |  |  | — |  |  | 88.9 |
Other countries (1) | 4.5 |  |  | 88.8 |  |  | 23.3 |  |  | 116.6 |  |  | 60.5 |  |  | 61.7 |  |  | 10.6 |  |  | 132.8 |
| $ | 302.9 |  |  | $ | 237.1 |  |  | $ | 55.7 |  |  | $ | 595.7 |  |  | $ | 389.0 |  |  | $ | 213.7 |  |  | $ | 40.4 |  |  | $ | 643.1 |
| Nine Months Ended
| September 30, 2025 |  | September 30, 2024
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total
Brazil | $ | 462.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 462.7 |  |  | $ | 380.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 380.5 |
United Kingdom | — |  |  | 297.9 |  |  | — |  |  | 297.9 |  |  | — |  |  | 273.1 |  |  | — |  |  | 273.1 |
Gulf of America | 180.0 |  |  | — |  |  | 93.2 |  |  | 273.2 |  |  | 178.9 |  |  | 10.3 |  |  | 84.5 |  |  | 273.7 |
Australia | 117.6 |  |  | 111.5 |  |  | — |  |  | 229.1 |  |  | 128.4 |  |  | 67.4 |  |  | — |  |  | 195.8 |
Angola | 149.5 |  |  | 48.6 |  |  | — |  |  | 198.1 |  |  | 141.3 |  |  | — |  |  | — |  |  | 141.3 |
Other countries (1) | 84.9 |  |  | 230.7 |  |  | 55.0 |  |  | 370.6 |  |  | 268.2 |  |  | 201.0 |  |  | 44.6 |  |  | 513.8 |
| $ | 994.7 |  |  | $ | 688.7 |  |  | $ | 148.2 |  |  | $ | 1,831.6 |  |  | $ | 1,097.3 |  |  | $ | 551.8 |  |  | $ | 129.1 |  |  | $ | 1,778.2 |
(1)Other countries includes locations that individually contributed to less than 10% of our total revenues.

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