v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating revenues    
Contract revenues $ 277 $ 248
Management contract revenues [1] 63 61
Leasing revenues [1] 8 8
Total operating revenues 358 335
Operating expenses    
Depreciation and amortization (71) (55)
Management contract expenses (46) (45)
Selling, general and administrative expenses (25) (23)
Merger and integration related expenses (1) 0
Total operating expenses (334) (317)
Operating profit 24 18
Financial and other non-operating items    
Interest income 2 4
Interest expense (15) (15)
Equity in earnings of equity method investment (net of tax) 4 8
Other financial and non-operating items 1 (14)
Total financial and other non-operating items, net (8) (17)
Profit before income taxes 16 1
Income tax expense (23) (15)
Net loss $ (7) $ (14)
Basic (LPS)/EPS (in usd per share) $ (0.11) $ (0.23)
Diluted (LPS)/EPS (in usd per share) $ (0.11) $ (0.23)
Reimbursable revenues and expenses    
Operating revenues    
Revenue [1] $ 10 $ 15
Operating expenses    
Cost of goods and services sold (10) (15)
Other revenues    
Operating revenues    
Revenue 0 3
Vessel and rig operating expenses    
Operating expenses    
Cost of goods and services sold $ (181) $ (179)
[1] Includes revenue from related parties of $75 million and $79 million, for the three months ended March 31, 2026 and March 31, 2025, respectively. Refer to Note 10 - "Related party transactions" for further details.