CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Feb. 05, 2021 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2020 |
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Operating revenues | ||||
Operating revenues | $ 77,481,000 | $ 770,325,000 | $ 1,413,847,000 | $ 964,272,000 |
Operating costs and expenses | ||||
Depreciation and amortization | 20,622,000 | 89,535,000 | 146,879,000 | 374,129,000 |
General and administrative | 5,727,000 | 62,476,000 | 82,177,000 | 121,196,000 |
Merger and integration costs | 0 | 24,792,000 | 84,668,000 | 0 |
Gain on sale of operating assets, net | 0 | (185,934,000) | (90,230,000) | 0 |
Hurricane losses and (recoveries), net | 0 | 23,350,000 | 60,000 | 0 |
Prepetition and restructuring costs | 0 | 0 | 0 | 14,409,000 |
Loss on impairment | 0 | 0 | 0 | 3,915,408,000 |
Total operating costs and expenses | 76,051,000 | 709,493,000 | 1,185,077,000 | 5,040,817,000 |
Operating income (loss) | 1,430,000 | 60,832,000 | 228,770,000 | (4,076,545,000) |
Other income (expense) | ||||
Interest expense, net of amount capitalized | (229,000) | (31,735,000) | (42,722,000) | (164,653,000) |
Gain (loss) on extinguishment of debt, net | 0 | 0 | (8,912,000) | 17,254,000 |
Interest income and other, net | 399,000 | 10,945,000 | 14,365,000 | 9,012,000 |
Bargain purchase gain | 0 | 62,305,000 | 0 | 0 |
Reorganization items, net | 252,051,000 | 0 | 0 | (23,930,000) |
Income (loss) before income taxes | 253,651,000 | 102,347,000 | 191,501,000 | (4,238,862,000) |
Income tax benefit (provision) | (3,423,000) | (365,000) | (22,553,000) | 260,403,000 |
Net income (loss) | $ 250,228,000 | $ 101,982,000 | $ 168,948,000 | $ (3,978,459,000) |
Basic earnings (loss) per share (usd per share) | $ 1.00 | $ 1.61 | $ 1.99 | $ (15.86) |
Diluted earnings (loss) per share (usd per share) | $ 0.98 | $ 1.51 | $ 1.73 | $ (15.86) |
Weighted- Average Shares Outstanding | ||||
Basic (in shares) | 251,115 | 63,186 | 85,055 | 250,792 |
Diluted (in shares) | 256,571 | 67,628 | 97,607 | 250,792 |
Contract drilling services | ||||
Operating revenues | ||||
Operating revenues | $ 74,051,000 | $ 708,131,000 | $ 1,332,841,000 | $ 909,236,000 |
Operating costs and expenses | ||||
Cost of services | 46,965,000 | 639,442,000 | 897,096,000 | 567,487,000 |
Reimbursables and other | ||||
Operating revenues | ||||
Operating revenues | 3,430,000 | 62,194,000 | 81,006,000 | 55,036,000 |
Operating costs and expenses | ||||
Cost of services | $ 2,737,000 | $ 55,832,000 | $ 64,427,000 | $ 48,188,000 |
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- Definition Gain (Loss) On Sale Of Operating Assets, Net Of Transaction Costs No definition available.
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- Definition Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition In a business combination in which the amount of net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred or to be transferred (as defined), this element represents the amount of gain recognized by the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Cost of product sold and service rendered, excluding depreciation, depletion, and amortization. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of expense for allocation of cost of tangible and intangible assets over their useful lives directly used in production of good and rendering of service. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The difference between the reacquisition price and the net carrying amount of the extinguished debt recognized currently as a component of income in the period of extinguishment, net of tax. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business). No definition available.
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Total amount of reorganization items. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of (gain) loss for an event or transaction that is unusual in nature or occurs infrequently, or both. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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