v3.26.1
Supplemental Financial Information
 6 Months Ended
Jun. 30, 2026
Supplemental Financial Information [Abstract]  
Supplemental Financial Information Supplemental Financial Information
Condensed Consolidated Balance Sheet Information

Accounts receivable, net, consisted of the following (in millions):
June 30, 2026December 31, 2025
Trade$427.4 $424.1 
Income tax receivables(1)
6.4 49.8 
Other28.6 15.8 
462.4 489.7 
Allowance for doubtful accounts(2)
(4.3)(14.9)
$458.1 $474.8 

(1)We received U.S. income tax refunds totaling approximately $43.0 million during the six months ended June 30, 2026.
(2)During the second quarter of 2026, we recognized an $11.7 million reversal of previously recognized bad debt expense in connection with a favorable legal settlement resulting in the collection of outstanding customer invoices from 2020.


Other current assets consisted of the following (in millions):
June 30, 2026December 31, 2025
Prepaid taxes$75.2 $58.2 
Deferred costs54.5 37.7 
Prepaid expenses24.5 13.3 
Other43.2 35.5 
$197.4 $144.7 
        
Accrued liabilities and other consisted of the following (in millions):
June 30, 2026December 31, 2025
Current contract liabilities (deferred revenues)$117.5 $87.7 
Income and other taxes payable80.5 73.9 
Personnel costs67.5 81.6 
Lease liabilities30.7 35.6 
Accrued claims16.0 21.3 
Accrued interest15.4 15.4 
Other31.2 27.9 
$358.8 $343.4 
        
Other liabilities consisted of the following (in millions):
June 30, 2026December 31, 2025
Unrecognized tax benefits (inclusive of interest and penalties)$137.8 $136.2 
Noncurrent contract liabilities (deferred revenues)74.0 63.2 
Pension and other post-retirement benefits59.5 68.3 
Lease liabilities
47.2 37.3 
Other18.2 20.8 
$336.7 $325.8 

Condensed Consolidated Statements of Operations Information

Other, net consisted of the following (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net gain on sale of property$37.7 $0.8 $36.1 $27.9 
Net foreign currency exchange losses(1.7)(9.1)(3.4)(14.3)
Net periodic pension and retiree medical income (loss)0.9 (0.3)1.8 (0.5)
Other income (expense)0.3 (0.1)0.4 (0.6)
$37.2 $(8.7)$34.9 $12.5 

Condensed Consolidated Statement of Cash Flows Information

The following table provides a reconciliation of the amount of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Condensed Consolidated Statements of Cash Flows (in millions):

June 30,
2026		December 31,
2025
Cash and cash equivalents
$541.2 $599.4 
Restricted cash—current (1)
6.1 7.0 
Restricted cash—non-current (1)
10.7 11.1 
$558.0 $617.5 
(1)Restricted cash consists primarily of collateral on letters of credit of $15.1 million and $16.3 million as of June 30, 2026 and December 31, 2025, respectively. Restricted cash—current is included in Other current assets and Restricted cash—non-current is included in Other assets in our Condensed Consolidated Balance Sheets. See "Note 11 - Contingencies" for more information regarding our letters of credit.

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 either of the three and six months ended June 30, 2026 and 2025 were as follows:

Three Months Ended
June 30, 2026June 30, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
BP plc ("BP")5 %6 %7 %18 %3 %3 %5 %11 %
Petróleo Brasileiro S.A. ("Petrobras")16 %— %— %16 %13 %— %— %13 %
Azule Energy ("Azule")9 %4 %— %13 %7 %3 %— %10 %
Equinor ASA ("Equinor")10 %— %— %10 %6 %— %— %6 %
Other customers (1)
14 %26 %3 %43 %24 %33 %3 %60 %
54 %36 %10 %100 %53 %39 %8 %100 %

Six Months Ended
June 30, 2026June 30, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Petrobras16 %— %— %16 %13 %— %— %13 %
BP 3 %5 %6 %14 %4 %3 %5 %12 %
Azule9 %5 %— %14 %7 %2 %— %9 %
Equinor6 %— %— %6 %7 %— %— %7 %
Other customers (1)
15 %31 %4 %50 %25 %32 %2 %59 %
49 %41 %10 %100 %56 %37 %7 %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):
Three Months Ended
June 30, 2026June 30, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Brazil$138.3 $— $— $138.3 $154.2 $— $— $154.2 
Angola74.1 23.5 — 97.6 42.3 21.3 — 63.6 
United Kingdom— 93.6 — 93.6 — 97.8 — 97.8 
Gulf of America
40.6 1.0 33.2 74.8 65.7 — 32.8 98.5 
Australia
— 16.0 — 16.0 38.0 40.1 — 78.1 
Other countries (1)
37.0 63.1 18.8 118.9 26.7 78.8 17.5 123.0 
$290.0 $197.2 $52.0 $539.2 $326.9 $238.0 $50.3 $615.2 

Six Months Ended
June 30, 2026June 30, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Brazil$224.1 $— $— $224.1 $318.2 $— $— $318.2 
United Kingdom— 194.1 — 194.1 — 198.5 — 198.5 
Angola144.7 46.8 — 191.5 84.5 25.6 — 110.1 
Gulf of America
81.8 1.0 64.4 147.2 131.1 — 60.8 191.9 
Australia
— 32.2 — 32.2 77.6 85.6 — 163.2 
Other countries (1)
37.0 133.3 45.2 215.5 80.4 141.9 31.7 254.0 
$487.6 $407.4 $109.6 $1,004.6 $691.8 $451.6 $92.5 $1,235.9 
(1)Other countries includes locations that individually contributed to less than 10% of our total revenues.