Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 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
	June 30, 2026
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Other		Total
	(In thousands)
Lower 48	$	206,893	$	—	$	39,845	$	20,016	$	—	$	266,754
U.S. Offshore		17,960		—		1,727		—		—		19,687
Alaska		27,606		—		2,402		—		—		30,008
Canada		—		16,415		495		1,239		—		18,149
Middle East & Asia		—		282,069		34,000		15,425		—		331,494
Latin America		—		106,522		24,317		773		—		131,612
Europe, Africa & CIS		—		27,491		7,854		32		—		35,377
Eliminations & other		—		—		—		—		(18,286)		(18,286)
Total	$	252,459	$	432,497	$	110,640	$	37,485	$	(18,286)	$	814,795

	Six Months Ended
	June 30, 2026
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Other		Total
	(In thousands)
Lower 48	$	398,856	$	—	$	75,505	$	35,188	$	—	$	509,549
U.S. Offshore		38,888		—		3,430		—		—		42,318
Alaska		55,859		—		4,684		—		—		60,543
Canada		—		34,054		1,067		2,676		—		37,797
Middle East & Asia		—		556,518		66,476		24,963		—		647,957
Latin America		—		207,079		48,569		1,702		—		257,350
Europe, Africa & CIS		—		54,342		17,131		178		—		71,651
Eliminations & other		—		—		—		—		(28,822)		(28,822)
Total	$	493,603	$	851,993	$	216,862	$	64,707	$	(28,822)	$	1,598,343

	Three Months Ended
	June 30, 2025
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Other		Total
	(In thousands)
Lower 48	$	190,087	$	—	$	99,213	$	18,934	$	—	$	308,234
U.S. Offshore		31,380		—		1,326		—		—		32,706
Alaska		33,971		—		2,654		4		—		36,629
Canada		—		12,472		455		1,545		—		14,472
Middle East & Asia		—		252,011		34,823		14,798		—		301,632
Latin America		—		89,765		23,661		872		—		114,298
Europe, Africa & CIS		—		30,722		8,151		374		—		39,247
Eliminations & other		—		—		—		—		(14,430)		(14,430)
Total	$	255,438	$	384,970	$	170,283	$	36,527	$	(14,430)	$	832,788

	Six Months Ended
	June 30, 2025
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Other		Total
	(In thousands)
Lower 48	$	378,494	$	—	$	148,372	$	37,791	$	—	$	564,657
U.S. Offshore		55,187		—		4,059		—		—		59,246
Alaska		52,503		—		3,595		4		—		56,102
Canada		—		15,043		1,073		3,407		—		19,523
Middle East & Asia		—		510,426		52,458		35,966		—		598,850
Latin America		—		185,230		43,539		2,275		—		231,044
Europe, Africa & CIS		—		55,989		10,366		1,249		—		67,604
Eliminations & other		—		—		—		—		(28,052)		(28,052)
Total	$	486,184	$	766,688	$	263,462	$	80,692	$	(28,052)	$	1,568,974

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, 2025	$	446,310	$	19,335	$	12,053	$	41,927	$	28,646
As of June 30, 2026	$	487,924	$	24,449	$	19,412	$	43,150	$	30,242