Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Information

Schedule of financial information with respect to operating segments

The following table sets forth financial information with respect to our reportable operating segments:

	Three Months Ended
	March 31, 2026
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Total Reportable Segments		Other items (1)		Total
	(In thousands)
Operating revenues	$	241,144	$	419,496	$	106,222	$	27,222	$	794,084	$	(10,536)	$	783,548
Direct costs		(146,074)		(278,857)		(56,890)		(19,796)		(501,617)		8,148		(493,469)
Depreciation and amortization		(63,441)		(80,524)		(6,790)		(2,393)		(153,148)		(3,038)		(156,186)
Other segment expenses (2)		(7,005)		(19,358)		(10,670)		(6,921)		(43,954)		(41,312)		(85,266)
Total adjusted operating income (loss) (3)	$	24,624	$	40,757	$	31,872	$	(1,888)	$	95,365
Capital expenditures	$	37,995	$	117,556	$	2,144	$	432	$	158,127	$	1,185	$	159,312

	Three Months Ended
	March 31, 2025
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Total Reportable Segments		Other items (1)		Total
	(In thousands)
Operating revenues	$	230,746	$	381,718	$	93,179	$	44,165	$	749,808	$	(13,622)	$	736,186
Direct costs		(131,928)		(248,440)		(44,223)		(31,235)		(455,826)		8,526		(447,300)
Depreciation and amortization		(61,112)		(82,528)		(7,940)		(1,228)		(152,808)		(1,830)		(154,638)
Other segment expenses (2)		(6,107)		(17,792)		(8,103)		(7,367)		(39,369)		(43,172)		(82,541)
Total adjusted operating income (loss) (3)	$	31,599	$	32,958	$	32,913	$	4,335	$	101,805
Capital expenditures	$	32,400	$	108,128	$	7,172	$	283	$	147,983	$	2,528	$	150,511

	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Reconciliation of segment adjusted operating income (loss) to net income (loss):
Net income (loss)	$	4,262	$	57,179
Income tax expense (benefit)		16,884		15,007
Income (loss) before income taxes		21,146		72,186
Investment (income) loss		(2,887)		(6,596)
Interest expense		43,761		54,326
Gain on bargain purchase		—		(112,999)
Other, net		(13,393)		44,790
Other reconciling items (1)		46,738		50,098
Total segment adjusted operating income (loss) (3)	$	95,365	$	101,805

	March 31,		December 31,
	2026		2025
	(In thousands)
Total assets:
U.S. Drilling	$	943,098	$	967,478
International Drilling		2,441,126		2,434,728
Drilling Solutions		196,783		213,184
Rig Technologies		142,543		153,838
Total reportable segments		3,723,550		3,769,228
Other reconciling items (4)		662,086		1,020,429
Total	$	4,385,636	$	4,789,657

(1) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment and unallocated corporate expenses, assets and capital expenditures.

(2) Other segment expenses represent general and administrative expenses and research and engineering expenses.

(3) Management evaluates the performance of our operating segments using adjusted operating income (loss), which is our segment performance measure, because it believes that this financial measure reflects our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. A reconciliation to income (loss) is provided in the above table.

(4) Represents corporate-related assets.