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Supplemental Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2025
Supplemental Financial Information [Abstract] |
Accounts Receivable, Net | Accounts receivable, net, consisted of the following (in millions):
| December 31,
| 2025 |  | 2024
Trade | $ | 424.1 |  |  | $ | 502.4 |
Income tax receivables | 49.8 |  |  | 76.2 |
Other | 15.8 |  |  | 9.2 |
| 489.7 |  |  | 587.8 |
Allowance for doubtful accounts | (14.9) |  |  | (16.6) |
| $ | 474.8 |  |  | $ | 571.2 |
Other Current Assets | Other current assets consisted of the following (in millions):
| December 31,
| 2025 |  | 2024
Prepaid taxes | $ | 58.2 |  |  | $ | 48.5 |
Deferred costs | 37.7 |  |  | 38.6 |
Prepaid expenses | 13.3 |  |  | 13.0 |
Other | 35.5 |  |  | 39.2 |
| $ | 144.7 |  |  | $ | 139.3 |
Schedule of Accrued Liabilities | Accrued liabilities and other consisted of the following (in millions):
| December 31,
| 2025 |  | 2024
Current contract liabilities (deferred revenues) | $ | 87.7 |  |  | $ | 87.2 |
Personnel costs | 81.6 |  |  | 89.2 |
Income and other taxes payable | 73.9 |  |  | 57.2 |
Lease liabilities | 35.6 |  |  | 28.0 |
Accrued claims | 21.3 |  |  | 39.5 |
Accrued interest | 15.4 |  |  | 15.3 |
Other | 27.9 |  |  | 34.6 |
| $ | 343.4 |  |  | $ | 351.0 |
Other Liabilities | Other liabilities consisted of the following (in millions):
| December 31,
| 2025 |  | 2024
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 136.2 |  |  | $ | 128.3 |
Pension and other post-retirement benefits | 68.3 |  |  | 106.5 |
Noncurrent contract liabilities (deferred revenues) | 63.2 |  |  | 71.4 |
Lease liabilities | 37.3 |  |  | 56.9 |
Other | 20.8 |  |  | 20.1 |
| $ | 325.8 |  |  | $ | 383.2 |
Repair And Maintenance Expense Related To Continuing Operations | Repair and maintenance expense related to continuing operations was as follows (in millions):
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Repair and maintenance expense | $ | 236.2 |  |  | $ | 239.6 |  |  | $ | 203.3 |
Schedule of Other Nonoperating Income, by Component | Other, net, consisted of the following (in millions):
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Net gain (loss) on sale of property | $ | 118.6 |  |  | $ | (0.2) |  |  | $ | 28.6 |
Net foreign currency exchange gains (losses) | (14.3) |  |  | 13.8 |  |  | (3.5) |
Net periodic pension and retiree medical income (loss) | (0.9) |  |  | 2.4 |  |  | 0.9 |
Loss on extinguishment of debt | — |  |  | — |  |  | (29.2) |
Other income (expense) | (0.1) |  |  | 0.6 |  |  | 1.4 |
| $ | 103.3 |  |  | $ | 16.6 |  |  | $ | (1.8) |
Schedule of Cash Flows Information | The following table provides a reconciliation of the amount of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Consolidated Statements of Cash Flows (in millions):
| December 31,
| 2025 |  | 2024
Cash and cash equivalents | $ | 599.4 |  |  | $ | 368.2 |
Restricted cash—current (1) | 7.0 |  |  | 12.3 |
Restricted cash—non-current (1) | 11.1 |  |  | — |
| $ | 617.5 |  |  | $ | 380.5 |
(1)Restricted cash consists primarily of collateral on letters of credit of $16.3 million and $10.8 million as of December 31, 2025 and 2024, respectively. Restricted cash—current is included in Other current assets and restricted cash—non-current is included in Other assets in our Consolidated Balance Sheets. See "Note 11 - Commitments and Contingencies" for more information regarding our letters of credit. Net cash provided by operating activities attributable to the net change in operating assets and liabilities was as follows (in millions):
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
(Increase) decrease in accounts receivable | $ | 119.2 |  |  | $ | (64.9) |  |  | $ | 44.9 |
(Increase) decrease in other assets | 2.6 |  |  | 23.4 |  |  | (6.5) |
Increase (decrease) in liabilities | (42.9) |  |  | (91.7) |  |  | 82.8 |
| $ | 78.9 |  |  | $ | (133.2) |  |  | $ | 121.2 |
Cash paid (received) for income taxes, net, which includes taxes withheld by third parties on our behalf, for the year ended December 31, 2025 was as follows (in millions) (1):
Bermuda federal | $ | — |
Foreign |
Australia (2) | (23.7) |
Brazil | 18.6 |
United States | 16.8 |
Angola | 13.1 |
Malaysia | 8.0 |
Trinidad | 6.9 |
Saudi Arabia | 4.2 |
Other (3) | 17.6 |
Total foreign | 61.5 |
| $ | 61.5 |
(1)During the fourth quarter of 2025, we adopted Update 2023-09 (see "Note 1 - Description of the Business and Summary of Significant Accounting Policies" for further discussion on Update 2023-09) on a prospective basis. As such, we have updated the cash paid for income tax disclosure presentation for the year ended December 31, 2025 in order to comply with the new guidance, but have not retrospectively applied these presentational changes to any of the prior periods presented. (2)During 2025, we received income tax refunds of approximately $26.0 million from the Australian tax authorities in connection with a settlement agreement for previously issued tax assessments. Refer to "Note 10 - Income Taxes" for further information regarding this settlement agreement. (3)Other represents the aggregation of jurisdictions which did not individually exceed the 5% disaggregation threshold. Cash paid (refunded) for income taxes, net, which includes withholding taxes withheld by third parties on our behalf, for the years ended December 31, 2024 and 2023 were as follows (in millions):
| Years Ended December 31,
| 2024 |  | 2023
Income taxes paid (refunded), net (1) (2) | $ | 55.6 |  |  | $ | (8.3) |
(1)We received U.S. income tax refunds totaling $35.9 million in 2024 primarily related to an Internal Revenue Service examination of one of our subsidiaries' 2009-2012 tax returns. (2)We received an income tax refund of $45.9 million in 2023 related to the U.S. Coronavirus Aid, Relief, and Economic Security Act.
Cash Paid For Interest And Income Taxes | Additional cash flow information was as follows (in millions):
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Cash paid for interest |  |  |  |  |
Interest paid, net of amounts capitalized | $ | 90.5 |  |  | $ | 78.3 |  |  | $ | 32.3 |
Non-cash investing activities |  |  |  |  |
Accruals for capital expenditures as of period end (1) | $ | 52.0 |  |  | $ | 36.2 |  |  | $ | 71.5 |
(1)Accruals for capital expenditures were excluded from investing activities in our Consolidated Statements of Cash Flows.
Revenue from External Customers by Products and Services | Consolidated revenues with customers that individually contributed 10% or more of revenue in the years ended December 31, 2025, 2024 and 2023 were as follows: Year Ended December 31, 2025
| Floaters |  | Jackups |  | Other |  | Total
Petróleo Brasileiro S.A. ("Petrobras") | 13 | % |  | — | % |  | — | % |  | 13 | %
BP plc ("BP") | 3 | % |  | 3 | % |  | 6 | % |  | 12 | %
Azule Energy ("Azule") | 7 | % |  | 3 | % |  | — | % |  | 10 | %
Other customers (1) | 30 | % |  | 33 | % |  | 2 | % |  | 65 | %
| 53 | % |  | 39 | % |  | 8 | % |  | 100 | %
Year Ended December 31, 2024
| Floaters |  | Jackups |  | Other |  | Total |  |  |  |  |
BP | 9 | % |  | 3 | % |  | 5 | % |  | 17 | % |  |  |  |  |
Petrobras | 9 | % |  | — | % |  | — | % |  | 9 | % |  |  |  |  |
Azule | 4 | % |  | — | % |  | — | % |  | 4 | % |  |  |  |  |
Other customers (1) | 39 | % |  | 29 | % |  | 2 | % |  | 70 | % |  |  |  |  |
| 61 | % |  | 32 | % |  | 7 | % |  | 100 | % |  |  |  |  |
Year Ended December 31, 2023
| Floaters |  | Jackups |  | Other |  | Total |  |  |  |  |
BP | — | % |  | 5 | % |  | 6 | % |  | 11 | % |  |  |  |  |
Petrobras | 4 | % |  | — | % |  | — | % |  | 4 | % |  |  |  |  |
Other customers (1) | 49 | % |  | 32 | % |  | 4 | % |  | 85 | % |  |  |  |  |
| 53 | % |  | 37 | % |  | 10 | % |  | 100 | % |  |  |  |  |
(1)Other customers includes customers that individually contributed to less than 10% of our total revenues.
Revenue from External Customers by Geographic Areas | 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): Year Ended December 31, 2025
| Floaters |  | Jackups |  | Other |  | Total
Brazil | $ | 587.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 587.3 |
United Kingdom | — |  |  | 391.8 |  |  | — |  |  | 391.8 |
Gulf of America | 223.3 |  |  | — |  |  | 119.1 |  |  | 342.4 |
Angola | 219.5 |  |  | 74.0 |  |  | — |  |  | 293.5 |
Australia | 145.9 |  |  | 128.2 |  |  | — |  |  | 274.1 |
Other countries (1) | 84.6 |  |  | 318.8 |  |  | 76.5 |  |  | 479.9 |
| $ | 1,260.6 |  |  | $ | 912.8 |  |  | $ | 195.6 |  |  | $ | 2,369.0 |
Year Ended December 31, 2024
| Floaters |  | Jackups |  | Other |  | Total |  |  |  |  |
Brazil | $ | 497.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 497.9 |  |  |  |  |  |
United Kingdom | — |  |  | 375.2 |  |  | — |  |  | 375.2 |  |  |  |  |  |
Gulf of America | 245.4 |  |  | 10.3 |  |  | 111.7 |  |  | 367.4 |  |  |  |  |  |
Australia | 172.1 |  |  | 104.3 |  |  | — |  |  | 276.4 |  |  |  |  |  |
Angola | 196.7 |  |  | — |  |  | — |  |  | 196.7 |  |  |  |  |  |
Other countries (1) | 328.6 |  |  | 265.1 |  |  | 55.3 |  |  | 649.0 |  |  |  |  |  |
| $ | 1,440.7 |  |  | $ | 754.9 |  |  | $ | 167.0 |  |  | $ | 2,362.6 |  |  |  |  |  |
Year Ended December 31, 2023
| Floaters |  | Jackups |  | Other |  | Total |  |  |  |  |
Gulf of America | $ | 220.9 |  |  | $ | 27.2 |  |  | $ | 104.7 |  |  | $ | 352.8 |  |  |  |  |  |
United Kingdom | — |  |  | 267.2 |  |  | — |  |  | 267.2 |  |  |  |  |  |
Angola | 210.9 |  |  | — |  |  | — |  |  | 210.9 |  |  |  |  |  |
Brazil | 195.0 |  |  | — |  |  | — |  |  | 195.0 |  |  |  |  |  |
Australia | 157.0 |  |  | 29.9 |  |  | — |  |  | 186.9 |  |  |  |  |  |
Other countries (1) | 164.9 |  |  | 335.3 |  |  | 71.2 |  |  | 571.4 |  |  |  |  |  |
| $ | 948.7 |  |  | $ | 659.6 |  |  | $ | 175.9 |  |  | $ | 1,784.2 |  |  |  |  |  |
(1)Other countries includes locations that individually contributed to less than 10% of total revenues.

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