CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
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| Operating revenues | ||||||
| Contract revenues | $ 355 | $ 288 | $ 632 | $ 536 | ||
| Management contract revenues | [1] | 67 | 65 | 130 | 126 | |
| Leasing revenues | [1] | 8 | 8 | 16 | 16 | |
| Total operating revenues | 449 | 377 | 807 | 712 | ||
| Operating expenses | ||||||
| Depreciation and amortization | (72) | (56) | (143) | (111) | ||
| Management contract expenses | (42) | (93) | (88) | (138) | ||
| Selling, general and administrative expenses | (29) | (26) | (54) | (49) | ||
| Merger and integration related expenses | 0 | 0 | (1) | 0 | ||
| Total operating expenses | (377) | (371) | (711) | (688) | ||
| Operating profit | 72 | 6 | 96 | 24 | ||
| Financial and other non-operating items | ||||||
| Interest income | 4 | 3 | 6 | 7 | ||
| Interest expense | (16) | (15) | (31) | (30) | ||
| Equity in earnings of equity method investment (net of tax) | 4 | 6 | 8 | 14 | ||
| Other financial and non-operating items | (23) | (13) | (22) | (27) | ||
| Total financial and other non-operating items, net | (31) | (19) | (39) | (36) | ||
| Profit/(loss) before income taxes | 41 | (13) | 57 | (12) | ||
| Income tax expense | (12) | (29) | (35) | (44) | ||
| Net income/(loss) | $ 29 | $ (42) | $ 22 | $ (56) | ||
| Basic EPS/(LPS) (in dollars per share) | $ 0.47 | $ (0.68) | $ 0.36 | $ (0.91) | ||
| Diluted EPS/(LPS) (in dollars per share) | $ 0.47 | $ (0.68) | $ 0.36 | $ (0.91) | ||
| Reimbursable revenues and expenses | ||||||
| Operating revenues | ||||||
| Revenue | [1] | $ 19 | $ 16 | $ 29 | $ 31 | |
| Operating expenses | ||||||
| Cost of goods and services sold | (19) | (16) | (29) | (31) | ||
| Other revenues | ||||||
| Operating revenues | ||||||
| Revenue | 0 | 0 | 0 | 3 | ||
| Vessel and rig operating expenses | ||||||
| Operating expenses | ||||||
| Cost of goods and services sold | $ (215) | $ (180) | $ (396) | $ (359) | ||
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- Definition Management Contract Expenses No definition available.
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- Definition Management Contract Revenues No definition available.
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- Definition Amount of expense for acquisition-related cost incurred to effect business combination. Includes, but is not limited to, finder's fee; advisory, legal, accounting, valuation, and other professional and consulting fees; and general administrative cost, including cost of maintaining internal acquisition department. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest expense classified as nonoperating. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount after accretion (amortization) of discount (premium), and investment expense, of interest income and dividend income on nonoperating securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of operating lease income from lease payments and variable lease payments paid and payable to lessor. Includes, but is not limited to, variable lease payments not included in measurement of lease receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue that is not accounted for under Topic 606. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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