Segment Information (Tables)

6 Months Ended

Jun. 30, 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
	June 30, 2026
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Total Reportable Segments		Other items (1)		Total
	(In thousands)
Operating revenues	$	252,459	$	432,497	$	110,640	$	37,485	$	833,081	$	(18,286)	$	814,795
Direct costs		(151,713)		(283,390)		(59,728)		(27,301)		(522,132)		14,581		(507,551)
Depreciation and amortization		(63,120)		(84,673)		(7,888)		(1,683)		(157,364)		(3,185)		(160,549)
Other segment expenses (2)		(6,665)		(18,574)		(10,899)		(7,004)		(43,142)		(42,442)		(85,584)
Total adjusted operating income (loss) (3)	$	30,961	$	45,860	$	32,125	$	1,497	$	110,443
Capital expenditures	$	61,818	$	93,487	$	3,820	$	373	$	159,498	$	(1,275)	$	158,223

	Six Months Ended
	June 30, 2026
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Total Reportable Segments		Other items (1)		Total
	(In thousands)
Operating revenues	$	493,603	$	851,993	$	216,862	$	64,707	$	1,627,165	$	(28,822)	$	1,598,343
Direct costs		(297,787)		(562,247)		(116,618)		(47,097)		(1,023,749)		22,729		(1,001,020)
Depreciation and amortization		(126,561)		(165,197)		(14,678)		(4,076)		(310,512)		(6,223)		(316,735)
Other segment expenses (2)		(13,670)		(37,932)		(21,569)		(13,925)		(87,096)		(83,754)		(170,850)
Total adjusted operating income (loss) (3)	$	55,585	$	86,617	$	63,997	$	(391)	$	205,808
Capital expenditures	$	99,812	$	211,043	$	5,964	$	805	$	317,624	$	(90)	$	317,534

	Three Months Ended
	June 30, 2025
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Total Reportable Segments		Other items (1)		Total
	(In thousands)
Operating revenues	$	255,438	$	384,970	$	170,283	$	36,527	$	847,218	$	(14,430)	$	832,788
Direct costs		(147,288)		(247,946)		(80,482)		(24,794)		(500,510)		11,629		(488,881)
Depreciation and amortization		(62,033)		(81,607)		(26,136)		(3,453)		(173,229)		(1,832)		(175,061)
Other segment expenses (2)		(6,329)		(19,366)		(13,300)		(6,559)		(45,554)		(49,894)		(95,448)
Total adjusted operating income (loss) (3)	$	39,788	$	36,051	$	50,365	$	1,721	$	127,925
Capital expenditures	$	35,499	$	127,383	$	34,414	$	468	$	197,764	$	772	$	198,536

	Six Months Ended
	June 30, 2025
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Total Reportable Segments		Other items (1)		Total
	(In thousands)
Operating revenues	$	486,184	$	766,688	$	263,462	$	80,692	$	1,597,026	$	(28,052)	$	1,568,974
Direct costs		(279,216)		(496,386)		(124,705)		(56,029)		(956,336)		20,155		(936,181)
Depreciation and amortization		(123,145)		(164,135)		(34,076)		(4,681)		(326,037)		(3,662)		(329,699)
Other segment expenses (2)		(12,436)		(37,158)		(21,403)		(13,926)		(84,923)		(93,066)		(177,989)
Total adjusted operating income (loss) (3)	$	71,387	$	69,009	$	83,278	$	6,056	$	229,730
Capital expenditures	$	67,899	$	235,511	$	41,586	$	751	$	345,747	$	3,298	$	349,045

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(In thousands)
Reconciliation of segment adjusted operating income (loss) to net income (loss):
Net income (loss)	$	(1,523)	$	(2,205)	$	2,739	$	54,974
Income tax expense (benefit)		16,405		23,077		33,289		38,084
Income (loss) before income taxes		14,882		20,872		36,028		93,058
Investment (income) loss		(2,131)		(6,129)		(5,018)		(12,725)
Interest expense		42,678		56,081		86,439		110,407
Gain on bargain purchase		—		(3,500)		—		(116,499)
Other, net		5,682		6,074		(7,711)		50,864
Other reconciling items (1)		49,332		54,527		96,070		104,625
Total segment adjusted operating income (loss) (3)	$	110,443	$	127,925	$	205,808	$	229,730

	June 30,		December 31,
	2026		2025
	(In thousands)
Total assets:
U.S. Drilling	$	940,153	$	967,478
International Drilling		2,504,274		2,434,728
Drilling Solutions		188,888		213,184
Rig Technologies		138,565		153,838
Total reportable segments		3,771,880		3,769,228
Other reconciling items (4)		648,065		1,020,429
Total	$	4,419,945	$	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.