Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2025

Revenue Recognition

Schedule of revenue, disaggregated by geographical region

In the following table, revenue is disaggregated by geographical region. The table also includes a reconciliation of the disaggregated revenue with the reportable segments:

	Three Months Ended
	September 30, 2025
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Other		Total
	(In thousands)
Lower 48	$	185,404	$	—	$	71,336	$	21,844	$	—	$	278,584
U.S. Offshore		30,802		—		2,843		—		—		33,645
Alaska		33,630		—		2,182		—		—		35,812
Canada		—		15,633		575		1,177		—		17,385
Middle East & Asia		—		270,003		34,549		12,207		—		316,759
Latin America		—		91,050		21,917		306		—		113,273
Europe, Africa & CIS		—		30,549		8,540		63		—		39,152
Eliminations & other		—		—		—		—		(16,420)		(16,420)
Total	$	249,836	$	407,235	$	141,942	$	35,597	$	(16,420)	$	818,190

	Nine Months Ended
	September 30, 2025
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Other		Total
	(In thousands)
Lower 48	$	563,898	$	—	$	219,707	$	59,633	$	—	$	843,238
U.S. Offshore		85,989		—		6,902		—		—		92,891
Alaska		86,133		—		5,778		4		—		91,915
Canada		—		30,676		1,648		4,584		—		36,908
Middle East & Asia		—		780,429		87,006		48,176		—		915,611
Latin America		—		276,279		65,458		2,580		—		344,317
Europe, Africa & CIS		—		86,539		18,905		1,312		—		106,756
Eliminations & other		—		—		—		—		(44,472)		(44,472)
Total	$	736,020	$	1,173,923	$	405,404	$	116,289	$	(44,472)	$	2,387,164

	Three Months Ended
	September 30, 2024
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Other		Total
	(In thousands)
Lower 48	$	217,138	$	—	$	42,161	$	20,661	$	—	$	279,960
U.S. Offshore		25,510		—		1,969		—		—		27,479
Alaska		12,125		—		501		—		—		12,626
Canada		—		—		416		936		—		1,352
Middle East & Asia		—		250,740		13,321		19,067		—		283,128
Latin America		—		94,140		20,735		3,361		—		118,236
Europe, Africa & CIS		—		23,714		441		1,784		—		25,939
Eliminations & other		—		—		—		—		(16,915)		(16,915)
Total	$	254,773	$	368,594	$	79,544	$	45,809	$	(16,915)	$	731,805

	Nine Months Ended
	September 30, 2024
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Other		Total
	(In thousands)
Lower 48	$	670,060	$	—	$	134,296	$	66,735	$	—	$	871,091
U.S. Offshore		82,555		—		7,429		—		—		89,984
Alaska		33,870		—		1,856		—		—		35,726
Canada		—		—		1,282		4,051		—		5,333
Middle East & Asia		—		751,271		37,363		57,748		—		846,382
Latin America		—		266,416		54,789		12,064		—		333,269
Europe, Africa & CIS		—		56,999		1,064		4,913		—		62,976
Eliminations & other		—		—		—		—		(44,454)		(44,454)
Total	$	786,485	$	1,074,686	$	238,079	$	145,511	$	(44,454)	$	2,200,307

Summary of receivables, contract assets, current and long-term contract liabilities

The opening and closing balances of our receivables, contract assets and current and long-term contract liabilities are as follows:

			Contract		Contract		Contract		Contract
	Contract		Assets		Assets		Liabilities		Liabilities
	Receivables		(Current)		(Long-term)		(Current)		(Long-term)
	(In thousands)
As of December 31, 2024	$	433,562	$	17,510	$	9,742	$	24,002	$	13,424
As of September 30, 2025	$	542,567	$	19,649	$	9,467	$	55,586	$	14,001