XML 35 R21.htm IDEA: XBRL DOCUMENT v3.25.4
Supplemental Financial Information
 12 Months Ended
Dec. 31, 2025
Supplemental Financial Information [Abstract]  
Supplemental Balance Sheet Disclosures [Text Block] SUPPLEMENTAL FINANCIAL INFORMATION
Consolidated Balance Sheet Information

Accounts receivable, net, consisted of the following (in millions):
December 31,
20252024
Trade$424.1 $502.4 
Income tax receivables 49.8 76.2 
Other15.8 9.2 
 489.7 587.8 
Allowance for doubtful accounts(14.9)(16.6)
 $474.8 $571.2 

Other current assets consisted of the following (in millions):
December 31,
20252024
Prepaid taxes
$58.2 $48.5 
Deferred costs37.7 38.6 
Prepaid expenses13.3 13.0 
Other35.5 39.2 
$144.7 $139.3 
    
Accrued liabilities and other consisted of the following (in millions):
December 31,
20252024
Current contract liabilities (deferred revenues)$87.7 $87.2 
Personnel costs
81.6 89.2 
Income and other taxes payable73.9 57.2 
Lease liabilities35.6 28.0 
Accrued claims21.3 39.5 
Accrued interest
15.4 15.3 
Other27.9 34.6 
 $343.4 $351.0 

Other liabilities consisted of the following (in millions):
December 31,
20252024
Unrecognized tax benefits (inclusive of interest and penalties)$136.2 $128.3 
Pension and other post-retirement benefits68.3 106.5 
Noncurrent contract liabilities (deferred revenues)
63.2 71.4 
Lease liabilities
37.3 56.9 
Other20.8 20.1 
 $325.8 $383.2 

Consolidated Statements of Operations Information

Repair and maintenance expense related to continuing operations was as follows (in millions):
Years Ended December 31,
202520242023
Repair and maintenance expense$236.2 $239.6 $203.3 

Other, net, consisted of the following (in millions):
Years Ended December 31,
202520242023
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)
Consolidated Statements 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,
20252024
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,
202520242023
(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)
Brazil18.6 
United States16.8 
Angola13.1 
Malaysia8.0 
Trinidad6.9 
Saudi Arabia4.2 
Other (3)
17.6 
Total foreign61.5 
$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,
20242023
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.
Additional cash flow information was as follows (in millions):
Years Ended December 31,
202520242023
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.

During the years ended December 31, 2025, 2024 and 2023, the capitalized interest totaled $1.9 million, $15.9 million and $5.6 million, respectively.

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 the years ended December 31, 2025, 2024 and 2023 were as follows:

Year Ended December 31, 2025
FloatersJackupsOtherTotal
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
FloatersJackupsOtherTotal
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
FloatersJackupsOtherTotal
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.

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
FloatersJackupsOtherTotal
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
FloatersJackupsOtherTotal
Brazil
$497.9 $— $— $497.9 
United Kingdom
— 375.2 — 375.2 
Gulf of America
245.4 10.3 111.7 367.4 
Australia172.1 104.3 — 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
FloatersJackupsOtherTotal
Gulf of America
$220.9 $27.2 $104.7 $352.8 
United Kingdom— 267.2 — 267.2 
Angola
210.9 — — 210.9 
Brazil195.0 — — 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.