Revenue Recognition (Tables)

3 Months Ended

Mar. 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:

	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 Gulf of Mexico		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

	Three Months Ended
	March 31, 2024
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Other		Total
	(In thousands)
Lower 48	$	232,124	$	—	$	44,704	$	24,060	$	—	$	300,888
U.S. Offshore Gulf of Mexico		28,694		—		2,857		—		—		31,551
Alaska		11,171		—		681		—		—		11,852
Canada		—		—		434		1,723		—		2,157
Middle East & Asia		—		251,240		10,955		19,173		—		281,368
Latin America		—		84,300		15,715		3,770		—		103,785
Europe, Africa & CIS		—		13,819		228		1,430		—		15,477
Eliminations & other		—		—		—		—		(13,374)		(13,374)
Total	$	271,989	$	349,359	$	75,574	$	50,156	$	(13,374)	$	733,704

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 March 31, 2025	$	599,427	$	29,174	$	9,616	$	28,871	$	12,859