Supplemental Financial Information

9 Months Ended

Sep. 30, 2025

Supplemental Financial Information [Abstract]

Condensed Consolidated Balance Sheet Information

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 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

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 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

Condensed Consolidated Statements of Operations Information

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

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 September 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 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.

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
	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.