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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
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