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Revenue and Customers (Tables)

9 Months Ended

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

X

- 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

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X

- 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

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- References

No definition available.

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