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v3.25.3

Revenue and Customers (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue by Rig Types | The following table provides information about contract drilling services revenue by rig types:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Floaters |  | $ | 630,154 |  |  | $ | 605,327 |  |  | 2,007,925 |  |  | 1,617,538 |
Jackups |  | 127,251 |  |  | 158,216 |  |  | 393,985 |  |  | 419,140 |
Total |  | $ | 757,405 |  |  | $ | 763,543 |  |  | $ | 2,401,910 |  |  | $ | 2,036,678 |
Schedule of Contract Assets and Contract Liabilities | The following table provides information about contract assets and contract liabilities from contracts with customers:
|  | September 30, 2025 |  | December 31, 2024
Current customer contract assets |  | $ | 26,280 |  |  | $ | 26,049 |
Noncurrent customer contract assets |  | 3,907 |  |  | 11,042 |
Total customer contract assets |  | 30,187 |  |  | 37,091 |
Current deferred revenue |  | (47,053) |  |  | (61,506) |
Noncurrent deferred revenue |  | (36,013) |  |  | (40,439) |
Total deferred revenue |  | $ | (83,066) |  |  | $ | (101,945) |
Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the nine months ended September 30, 2025 and 2024, are as follows:
|  | Contract Assets |  | Contract Liabilities
Net balance at December 31, 2024 |  | $ | 37,091 |  |  | $ | (101,945) |
Additions to deferred costs |  | 33,833 |  |  | — |
Additions to deferred revenue |  | — |  |  | (103,678) |
Amortization of deferred costs |  | (40,737) |  |  | — |
Amortization of deferred revenue |  | — |  |  | 122,557 |
Total |  | (6,904) |  |  | 18,879 |
Net balance at September 30, 2025 |  | $ | 30,187 |  |  | $ | (83,066) |
Net balance at December 31, 2023 |  | $ | 4,416 |  |  | $ | (43,072) |
Additions to deferred costs |  | 43,597 |  |  | — |
Additions to deferred revenue |  | — |  |  | (97,208) |
Amortization of deferred costs |  | (17,088) |  |  | — |
Amortization of deferred revenue |  | — |  |  | 54,411 |
Total |  | 26,509 |  |  | (42,797) |
Net balance at September 30, 2024 |  | $ | 30,925 |  |  | $ | (85,869) |
|  | Unfavorable contacts |  | Favorable contracts |
Balance at December 31, 2024 |  | $ | (8,580) |  |  | $ | 214 |  |
Amortization |  | 8,580 |  |  | (214) |  |
Balance at September 30, 2025 |  | $ | — |  |  | $ | — |  |
Balance at December 31, 2023 |  | $ | (50,863) |  |  | $ | 10,128 |  |
Additions |  | (27,663) |  |  | — |  |
Amortization |  | 55,129 |  |  | (8,549) |  |
Balance at September 30, 2024 |  | $ | (23,397) |  |  | $ | 1,579 |  |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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