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Revenue Recognition (Tables)
3 Months Ended
Mar. 31, 2026
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

​

  ​ ​ ​

March 31, 2026

​

​

​

U.S. Drilling

​

​

International Drilling

​

​

Drilling Solutions

​

​

Rig Technologies

​

​

Other

​

​

Total

​

​

(In thousands)

Lower 48

​

$

191,963

​

$

—

​

$

35,662

​

$

15,172

​

$

—

​

$

242,797

U.S. Offshore

​

 

20,928

​

 

—

​

 

1,703

​

 

—

​

 

—

​

​

22,631

Alaska

​

 

28,253

​

 

—

​

 

2,282

​

 

—

​

 

—

​

​

30,535

Canada

​

 

—

​

 

17,639

​

 

573

​

 

1,437

​

 

—

​

​

19,649

Middle East & Asia

​

 

—

​

 

274,448

​

 

32,475

​

 

9,539

​

 

—

​

​

316,462

Latin America

​

 

—

​

 

100,557

​

 

24,250

​

 

928

​

 

—

​

​

125,735

Europe, Africa & CIS

​

 

—

​

 

26,852

​

 

9,277

​

 

146

​

 

—

​

​

36,275

Eliminations & other

​

 

—

​

​

—

​

​

—

​

​

—

​

​

(10,536)

​

 

(10,536)

Total

​

$

241,144

​

$

419,496

​

$

106,222

​

$

27,222

​

$

(10,536)

​

$

783,548

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

  ​ ​ ​

March 31, 2025

​

​

​

U.S. Drilling

​

​

International Drilling

​

​

Drilling Solutions

​

​

Rig Technologies

​

​

Other

​

​

Total

​

​

(In thousands)

Lower 48

​

$

188,407

​

$

—

​

$

49,157

​

$

18,856

​

$

—

​

$

256,420

U.S. Offshore

​

 

23,807

​

 

—

​

 

2,733

​

 

—

​

 

—

​

​

26,540

Alaska

​

 

18,532

​

 

—

​

 

942

​

 

—

​

 

—

​

​

19,474

Canada

​

 

—

​

 

2,570

​

 

617

​

 

1,862

​

 

—

​

​

5,049

Middle East & Asia

​

 

—

​

 

258,418

​

 

17,634

​

 

21,170

​

 

—

​

​

297,222

Latin America

​

 

—

​

 

95,464

​

 

19,879

​

 

1,402

​

 

—

​

​

116,745

Europe, Africa & CIS

​

 

—

​

 

25,266

​

 

2,217

​

 

875

​

 

—

​

​

28,358

Eliminations & other

​

 

—

​

​

—

​

​

—

​

​

—

​

​

(13,622)

​

 

(13,622)

Total

​

$

230,746

​

$

381,718

​

$

93,179

​

$

44,165

​

$

(13,622)

​

$

736,186

​

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:

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​

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​

​

​

​

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​

​

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​

​

​

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​

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Contract

​

Contract

​

Contract

​

Contract

​

​

Contract

​

Assets

​

Assets

​

Liabilities

​

Liabilities

​

  ​ ​ ​

Receivables

  ​ ​ ​

(Current)

  ​ ​ ​

(Long-term)

  ​ ​ ​

(Current)

  ​ ​ ​

(Long-term)

​

​

(In thousands)

As of December 31, 2025

​

$

446,310

​

$

19,335

​

$

12,053

​

$

41,927

​

$

28,646

As of March 31, 2026

​

$

470,530

​

$

25,926

​

$

12,173

​

$

45,526

​

$

30,804

​