Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 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:

	Year Ended
	December 31, 2025
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Other		Total
	(In thousands)
Lower 48	$	745,162	$	—	$	256,203	$	73,723	$	—	$	1,075,088
U.S. Offshore		113,979		—		9,357		—		—		123,336
Alaska		117,503		—		7,967		4		—		125,474
Canada		—		46,696		2,142		6,287		—		55,125
Middle East & Asia		—		1,060,497		122,474		68,528		—		1,251,499
Latin America		—		372,967		88,185		4,110		—		465,262
Europe, Africa & CIS		—		117,605		26,955		1,384		—		145,944
Eliminations & other		—		—		—		—		(57,035)		(57,035)
Total	$	976,644	$	1,597,765	$	513,283	$	154,036	$	(57,035)	$	3,184,693

	Year Ended
	December 31, 2024
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Other		Total
	(In thousands)
Lower 48	$	872,432	$	—	$	172,832	$	83,313	$	—	$	1,128,577
U.S. Offshore		107,253		—		9,943		—		—		117,196
Alaska		48,437		—		2,447		—		—		50,884
Canada		—		—		1,847		6,331		—		8,178
Middle East & Asia		—		1,002,350		51,222		91,344		—		1,144,916
Latin America		—		360,092		74,225		14,310		—		448,627
Europe, Africa & CIS		—		83,650		1,555		6,379		—		91,584
Eliminations & other		—		—		—		—		(59,836)		(59,836)
Total	$	1,028,122	$	1,446,092	$	314,071	$	201,677	$	(59,836)	$	2,930,126

	Year Ended
	December 31, 2023
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Other		Total
	(In thousands)
Lower 48	$	1,052,274	$	—	$	196,252	$	121,958	$	—	$	1,370,484
U.S. Offshore		118,218		—		11,147		—		—		129,365
Alaska		37,137		—		1,733		—		—		38,870
Canada		—		—		1,522		7,270		—		8,792
Middle East & Asia		—		943,285		44,896		93,032		—		1,081,213
Latin America		—		341,470		44,422		11,162		—		397,054
Europe, Africa & CIS		—		60,494		1,785		9,346		—		71,625
Eliminations & other		—		—		—		—		(91,422)		(91,422)
Total	$	1,207,629	$	1,345,249	$	301,757	$	242,768	$	(91,422)	$	3,005,981

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 December 31, 2025	$	446,310	$	19,335	$	12,053	$	41,927	$	28,646