Diamond Offshore Drilling (DODRW) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	DO
Entity Registrant Name	DIAMOND OFFSHORE DRILLING, INC.
Entity Central Index Key	0000949039
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		102,481,240
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Entity Current Reporting Status	Yes
Entity File Number	1-13926
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0321760
Entity Address, Address Line One	777 N. Eldridge Parkway, Suite 1100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	281
Local Phone Number	492-5300
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Bankruptcy Proceedings, Reporting Current	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 162,409	$ 124,457
Restricted cash		6,832	14,231
Accounts receivable		225,654	260,124
Less: allowance for credit losses	[1]	(5,731)	(5,801)
Accounts receivable, net		219,923	254,323
Prepaid expenses and other current assets		57,402	63,412
Asset held for sale		1,000	1,000
Total current assets		447,566	457,423
Drilling and other property and equipment, net of accumulated depreciation		1,153,040	1,156,368
Other assets		89,488	98,762
Total assets		1,690,094	1,712,553
Current liabilities:
Accounts payable		40,630	42,037
Accrued liabilities		185,132	203,336
Taxes payable		33,296	34,817
Current finance lease liabilities		16,286	15,960
Total current liabilities		275,344	296,150
Long-term debt		534,009	533,514
Noncurrent finance lease liabilities		108,537	113,201
Deferred tax liability		15,472	10,966
Other liabilities		97,421	113,871
Commitments and contingencies (Note 7)
Total liabilities		1,030,783	1,067,702
Stockholders’ equity:
Preferred stock (par value $0.0001, 50,000 shares authorized, none issued and outstanding at March 31, 2024 and December 31, 2023)		0	0
Common stock (par value $0.0001, 750,000 shares authorized; 103,399 shares issued and 102,479 shares outstanding at March 31, 2024 and 103,189 shares issued and 102,322 shares outstanding at December 31, 2023)		10	10
Additional paid-in capital		982,098	978,575
Treasury stock		(9,154)	(8,493)
Accumulated deficit		(313,649)	(325,261)
Accumulated other comprehensive income		6	20
Total stockholders’ equity		659,311	644,851
Total liabilities and stockholders’ equity		$ 1,690,094	$ 1,712,553
[1] The allowance for credit losses at March 31, 2024 and December 31, 2023 represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 4 “Financial Instruments and Fair Value Disclosures” for a discussion of our concentrations of credit risk and a llowance for credit losses.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000	50,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	750,000	750,000
Common stock, shares issued	103,399	103,189
Common stock, shares outstanding	102,479	102,322

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 274,610	$ 232,021
Operating expenses:
Depreciation	31,354	27,906
General and administrative	18,576	19,585
Loss (gain) on disposition of assets	3,396	(1,213)
Total operating expenses	252,797	236,981
Operating income (loss)	21,813	(4,960)
Other income (expense):
Interest income	1,774	7
Interest expense, net of amounts capitalized	(15,346)	(12,040)
Foreign currency transaction gain (loss)	231	(1,271)
Other, net	(71)	(152)
Income (loss) before income tax benefit	8,401	(18,416)
Income tax benefit	3,211	25,645
Net income	$ 11,612	$ 7,229
Earnings per share, Basic	$ 0.11	$ 0.07
Earnings per share, Diluted	$ 0.11	$ 0.07
Weighted-average shares outstanding, Basic	102,440	101,331
Weighted-average shares outstanding, Diluted	104,740	103,936
Contract Drilling [Member]
Revenues:
Total revenues	$ 258,770	$ 214,383
Operating expenses:
Contract drilling, excluding depreciation	184,205	173,490
Reimbursable Expenses [Member]
Revenues:
Total revenues	15,840	17,638
Operating expenses:
Contract drilling, excluding depreciation	$ 15,266	$ 17,213

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 11,612	$ 7,229
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized loss on marketable securities (net of tax of $1)	(14)	0
Comprehensive income	$ 11,598	$ 7,229

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized loss on marketable securities (net of tax)	$ 1	$ 1

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock [Member]
Beginning Balance at Dec. 31, 2022	$ 679,670	$ 10	$ 964,467	$ (280,555)		$ (4,252)
Beginning Balance, shares at Dec. 31, 2022		101,320				564
Net income	7,229			7,229
Stock-based compensation, net of tax	3,938		4,072			$ (134)
Stock-based compensation, net of tax, shares		38				11
Ending Balance at Mar. 31, 2023	690,837	$ 10	968,539	(273,326)		$ (4,386)
Ending Balance, shares at Mar. 31, 2023		101,358				575
Beginning Balance at Dec. 31, 2023	644,851	$ 10	978,575	(325,261)	$ 20	$ (8,493)
Beginning Balance, shares at Dec. 31, 2023		102,322				867
Net income	11,612			11,612
Stock-based compensation, net of tax	2,862		3,523			$ (661)
Stock-based compensation, net of tax, shares		157				53
Unrealized loss on marketable securities	(14)				(14)
Ending Balance at Mar. 31, 2024	$ 659,311	$ 10	$ 982,098	$ (313,649)	$ 6	$ (9,154)
Ending Balance, shares at Mar. 31, 2024		102,479				920

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 11,612	$ 7,229
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	31,354	27,906
Loss (gain) on disposition of assets	3,396	(1,213)
Deferred tax provision	(7,525)	(14,457)
Stock-based compensation expense	3,590	4,414
Contract liabilities, net	4,865	297
Contract assets, net	10	(270)
Deferred contract costs, net	5,867	(2,560)
Other assets, noncurrent	860	(400)
Other liabilities, noncurrent	(874)	1,883
Other	963	706
Changes in operating assets and liabilities:
Accounts receivable	34,400	(15,023)
Prepaid expenses and other current assets	(128)	(4,229)
Accounts payable and accrued liabilities	(29,300)	(7,796)
Taxes payable	(72)	(4,664)
Net cash provided by (used in) operating activities	59,018	(8,177)
Investing activities:
Capital expenditures	(27,935)	(29,413)
Proceeds from disposition of assets, net of disposal costs	3,805	663
Net cash used in investing activities	(24,130)	(28,750)
Financing activities:
Repayments under revolving credit facility	0	(15,000)
Principal payments of finance leases	(4,335)	(4,079)
Net cash used in financing activities	(4,335)	(19,079)
Net change in cash, cash equivalents and restricted cash	30,553	(56,006)
Cash, cash equivalents and restricted cash, beginning of period	138,688	97,334
Cash, cash equivalents and restricted cash, end of period	$ 169,241	$ 41,328

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 11,612	$ 7,229

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 4, 2024 , Bernie Wolford, Jr. , President and Chief Executive Officer , entered into a pre-arranged stock trading plan (the “Wolford 10b5-1 Plan”). The Wolford 10b5-1 Plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act and our policies regarding trading in our securities. The Wolford 10b5-1 Plan provides for the potential sale of up to 408,000 shares of the Company’s common stock between June 3, 2024 and May 30, 2025 , subject to the terms and conditions of the plan. On March 4, 2024 , Dominic A. Savarino , Senior Vice President and Chief Financial Officer , entered into a pre-arranged stock trading plan (the “Savarino 10b5-1 Plan”). The Savarino 10b5-1 Plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act and our policies regarding trading in our securities. The Savarino 10b5-1 Plan provides for the potential sale of up to 18,226 shares of the Company’s common stock between June 3, 2024 and December 31, 2024 , subject to the terms and conditions of the plan. On March 4, 2024 , David L. Roland , Senior Vice President, General Counsel and Secretary , entered into a pre-arranged stock trading plan (the “Roland 10b5-1 Plan”). The Roland 10b5-1 Plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act and our policies regarding trading in our securities. The Roland 10b5-1 Plan provides for the potential sale of up to 40,000 shares of the Company’s common stock between June 3, 2024 and April 4, 2025 , subject to the terms and conditions of the plan. During the quarter ended March 31, 2024, no other director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, in each case as such terms are defined in Item 408 of Regulation S-K.
Bernie Wolford, Jr. [Member]
Trading Arrangements, by Individual
Name	Bernie Wolford, Jr.
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 4, 2024
Termination Date	May 30, 2025
Arrangement Duration	361 days
Aggregate Available	408,000
Dominic A. Savarino [Member]
Trading Arrangements, by Individual
Name	Dominic A. Savarino
Title	Senior Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 4, 2024
Termination Date	December 31, 2024
Arrangement Duration	211 days
Aggregate Available	18,226
David L. Roland [Member]
Trading Arrangements, by Individual
Name	David L. Roland
Title	Senior Vice President, General Counsel and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 4, 2024
Termination Date	April 4, 2025
Arrangement Duration	305 days
Aggregate Available	40,000
Other Officers or Directors [Member]
Trading Arrangements, by Individual
Title	other director or officer
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General Information

General Information	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
General Information	1. General Information The unaudited condensed consolidated financial statements of Diamond Offshore Drilling, Inc. and subsidiaries, which we refer to as “Diamond Offshore,” “Company,” “we,” “us” or “our,” should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023. Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, pursuant to such rules and regulations, they do not include all disclosures required by GAAP for annual financial statements. The condensed consolidated financial information has not been audited but, in the opinion of management, includes all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of Diamond Offshore’s condensed consolidated balance sheets, statements of operations, statements of comprehensive income, statements of stockholders’ equity and statements of cash flows at the dates and for the periods indicated. Results of operations for interim periods are not necessarily indicative of results of operations for the respective full years. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated. Restricted Cash We maintain a restricted cash bank account which is subject to restrictions pursuant to a management services agreement with an offshore drilling company. See Note 2 “Revenue from Contracts with Customers.” We classify such restricted cash accounts in current assets if the restrictions are expected to expire or otherwise be resolved within one year or if such funds are considered to offset current liabilities. At March 31, 2024 and December 31, 2023, our restricted cash was considered to be current and was recorded in “Restricted cash” in our unaudited Condensed Consolidated Balance Sheets. Asset Held for Sale We reported the $ 1.0 million carrying value of the Ocean Monarch as “Asset held for sale” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2024. The rig was sold in April 2024 for aggregate proceeds of approximately $ 7.5 million. Accounting Principles Not Yet Adopted In December 2023, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update (or ASU) No. 2023-09, Income Tax (Topic 740): Improvements to Income Tax Disclosures (or ASU 2023-09). ASU 2023-09 requires business entities on an annual basis to (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet certain quantitative thresholds. The new guidance is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statement disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (or ASU 2023-07). ASU 2023-07 modifies the disclosure and presentation requirements of reportable segments and requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. In addition, the new guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statement disclosures.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	2. Revenue from Contracts with Customers Our contracts with customers provide for an offshore drilling rig and drilling services on a dayrate contract basis. The integrated services provided under our contracts primarily include (i) provision of an offshore drilling rig, the work crew and supplies of equipment and services necessary to operate the rig, (ii) mobilization and demobilization of the rig to and from the drill site and (iii) performance of rig preparation activities and/or modifications required for each contract. We account for the integrated services provided within our drilling contracts as a single performance obligation satisfied over time, comprised of a series of distinct time increments in which we provide drilling services. The total transaction price is recognized for each drilling contract by estimating both fixed and variable consideration expected to be earned over the contract term. Revenues Related to Managed Rigs In 2021, we entered into an arrangement with an offshore drilling company whereby we would provide management and marketing services (or the MMSA) for certain of their rigs. The MMSA provided for (i) a daily fixed fee, based on status of the drilling rig, (ii) marketing fees based on a percentage of the earned dayrate of a drilling contract secured by us on behalf of the rig owner, (iii) a variable management fee and (iv) reimbursement of direct cost incurred. The fixed and variable fees were recognized in “Contract drilling” revenue in our unaudited Condensed Consolidated Statements of Operations. Revenue related to the reimbursement of expenses incurred and billed to the rig owner were recorded as “Revenues related to reimbursable expenses” in our unaudited Condensed Consolidated Statements of Operations. We may enter into certain drilling contracts directly with a customer. We are considered principal or agent of these transactions and recognize revenue under the terms of the contract. Such amounts are reported as “Contract drilling” revenue in our unaudited Condensed Consolidated Statements of Operations. In addition, we charter the related drilling rig from the rig owner to satisfy our performance obligation under the contract. We have determined that the arrangement to charter the rig is an operating lease, and the related charter fee has been reported as lease expense within "Contract drilling, excluding depreciation" in our unaudited Condensed Consolidated Statements of Operations. The marketing arrangements for each of the managed rigs, the West Auriga and the West Vela, were terminated in 2023. Additionally, the management and charter agreements for the West Auriga were terminated in the first quarter of 2024, and the rig was returned to its owner at the end of February 2024. We also received notice of termination of the management agreement for the West Vela in April 2024, which will become effective after 90 days. The termination of the management agreement will have no effect on the bareboat charter agreement for the West Vela , which provides that it will continue in accordance with its terms until the completion of the rig’s existing drilling contract and any option periods. Contract Balances The following table provides information about receivables, contract assets and contract liabilities related to our contracts with customers (in thousands): March 31, December 31, 2024 2023 Trade receivables $ 206,830 $ 253,367 Current contract assets (1) 2,565 2,575 Current contract liabilities (deferred revenue) (1) ( 17,833 ) ( 12,634 ) Noncurrent contract liabilities (deferred revenue) (1) ( 3,613 ) ( 3,947 ) (1) Contract assets and contract liabilities may reflect balances which have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets. Changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands): Contract Contract Assets Liabilities Balance as of January 1, 2024 $ 2,575 $ ( 16,581 ) Decrease due to amortization of revenue included in the beginning contract liability balance — 3,185 Increase due to cash received, excluding amounts recognized as revenue during the period — ( 8,050 ) Increase due to revenue recognized during the period but contingent on future performance 391 — Decrease due to transfer to receivables during the period ( 323 ) — Adjustments ( 78 ) — Balance as of March 31, 2024 $ 2,565 $ ( 21,446 ) Transaction Price Allocated to Remaining Performance Obligations The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations as of March 31, 2024 (in thousands): For the Year Ending December 31, 2024 (1) 2025 2026 2027 Total Mobilization and contract preparation revenue $ ( 4,317 ) $ ( 1,365 ) $ ( 1,337 ) $ ( 1,271 ) $ ( 8,290 ) Capital modification revenue ( 2,954 ) ( 142 ) — — ( 3,096 ) Blended rate/other revenue ( 10,060 ) — — — ( 10,060 ) Total $ ( 17,331 ) $ ( 1,507 ) $ ( 1,337 ) $ ( 1,271 ) $ ( 21,446 ) (1) Represents the nine -month period beginning April 1, 2024. The revenue included above consists of expected fixed mobilization and upgrade revenue for both wholly and partially unsatisfied performance obligations, as well as expected variable mobilization and upgrade revenue for partially unsatisfied performance obligations, which has been estimated for purposes of allocating across the entire corresponding performance obligations. The actual timing of recognition of such amounts may vary due to factors outside of our control. We have applied the disclosure practical expedient in FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), and its related amendments and have excluded estimated variable consideration related to wholly unsatisfied performance obligations or to distinct future time increments within our contracts, including dayrate revenue.

Supplemental Financial Informat

Supplemental Financial Information	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Information	3. Supplemental Financial Information Unaudited Condensed Consolidated Balance Sheets Information Accounts receivable, net of allowance for credit losses, consist of the following (in thousands): March 31, December 31, 2024 2023 Trade receivables $ 206,830 $ 253,367 Insurance claim receivable (1) 11,688 — Value added tax receivables 6,167 5,256 Related party receivables 75 155 Other 894 1,346 225,654 260,124 Allowance for credit losses (2) ( 5,731 ) ( 5,801 ) Total $ 219,923 $ 254,323 (1) See Note 8 “ Ocean GreatWhite Insurance Claim” for a discussion of an insurance claim associated with an equipment incident on one of our rigs. (2) The allowance for credit losses at March 31, 2024 and December 31, 2023 represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 4 “Financial Instruments and Fair Value Disclosures” for a discussion of our concentrations of credit risk and a llowance for credit losses. Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2024 2023 Deferred contract costs $ 15,211 $ 20,552 Collateral deposit 11,857 11,857 Prepaid taxes 7,526 10,868 Rig spare parts and supplies 6,981 4,694 Current contract assets 2,565 2,575 Prepaid insurance 2,117 3,437 Prepaid rig costs 1,978 3,668 Software maintenance agreements and subscriptions 1,650 1,408 Deferred survey costs 1,386 1,418 Other 6,131 2,935 Total $ 57,402 $ 63,412 Accrued liabilities consist of the following (in thousands): March 31, December 31, 2024 2023 Rig operating costs $ 47,316 $ 42,893 Contract advances 33,225 63,618 Payroll and benefits 26,260 35,215 Interest payable 24,691 13,013 Deferred revenue 17,833 12,634 Personal injury and other claims 6,217 7,391 Current operating lease liability 8,171 8,436 Accrued capital project/upgrade costs 8,059 10,766 Deposit for equipment sale 5,902 1,977 Shorebase and administrative costs 4,967 5,699 Other 2,491 1,694 Total $ 185,132 $ 203,336 Unaudited Condensed Consolidated Statements of Cash Flows Information Noncash operating, investing and financing activities excluded from the unaudited Condensed Consolidated Statements of Cash Flows and other supplemental cash flow information are as follows (in thousands): Three Months Ended 2024 2023 Accrued but unpaid capital expenditures at period end $ 8,059 $ 11,697 Common stock withheld for payroll tax obligations (1) 661 134 Cash interest payments — 7,488 Cash income taxes paid, net of (refunds): Foreign 1,851 1,258 U.S. Federal 130 ( 8,966 ) (1) Represents the cost o f 302,833 and 10,946 s hares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock and restricted stock units during the three-month periods ended March 31, 2024 and March 31, 2023, re spectively, which is presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosures	4. Financial Instruments and Fair Value Disclosures Concentrations of Credit Risk and Allowance for Credit Losses Our credit risk arises primarily from trade receivables. The market for our services is the offshore oil and gas industry, and our customer base consists primarily of major and independent oil and gas companies, as well as government-owned oil companies. At March 31, 2024, we believed that we had potentially significant concentrations of credit risk due to the number of rigs we had contracted and our limited number of customers, as some of our customers have contracted for multiple rigs. In general, before working for a customer with whom we have not had a prior business relationship and/or whose financial stability may be uncertain, we perform a credit review on that customer, including a review of its credit ratings and financial statements. Based on our credit review, we may require that the customer have a bank issue a letter of credit on its behalf, prepay for the services in advance or provide other credit enhancements. We currently have one customer for which prepayments are required and full payment is due prior to commencement of the contract in the second half of 2024. At March 31, 2024, no amounts were owed by this customer. Pursuant to FASB ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and its related amendments (or ASU 2016-13), we have reviewed our historical credit loss experience over a look-back period of ten years, which we deem to be representative of both up-turns and down-cycles in the offshore drilling industry. Based on this review, we developed a credit loss factor using a weighted-average ratio of our actual credit losses to revenues during the look-back period. We also considered current and future anticipated economic conditions in determining our credit loss factor, including crude oil prices and liquidity of credit markets. In applying the requirements of ASU 2016-13 and its related amendments (or collectively, CECL), we determined that it would be appropriate to segregate our trade receivables into three credit loss risk pools based on customer credit ratings, each of which represents a tier of increasing credit risk. We calculated a credit loss factor based on historical loss rate information and applied a multiple of our credit loss factor to each of these risk pools, considering the impact of current and future economic information and the level of risk associated with these pools, to calculate our current estimate of credit losses. Trade receivables that are fully covered by allowances for credit losses are excluded from these risk pools for purposes of calculating our current estimate of credit losses. At March 31, 2024, $ 8.5 million in trade receivables were considered past due by 30 days or more, of which $ 5.4 million have been fully reserved. The remaining $ 3.1 million were less than a year past due and considered collectible. For purposes of calculating our current estimate of credit losses at March 31, 2024 and December 31, 2023, all trade receivables, except for those fully reserved, were deemed to be in a single risk pool based on their credit ratings at each respective period. Our total allowance for credit losses was $ 5.7 million and $ 5.8 million at March 31, 2024 and December 31, 2023, respectively, including $ 0.3 million for each period related to our current estimate of credit losses under CECL. See Note 3 “Supplemental Financial Information — Unaudited Condensed Consolidated Balance Sheets Information. ” Fair Values Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy prescribed by GAAP requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: Level 1 Quoted prices for identical instruments in active markets. Level 2 Quoted market prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Level 3 assets and liabilities generally include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation or for which there is a lack of transparency as to the inputs used. Certain of our assets and liabilities are required to be measured at fair value on a recurring basis in accordance with GAAP. In addition, certain assets and liabilities may be recorded at fair value on a nonrecurring basis. Generally, we record assets at fair value on a nonrecurring basis as a result of impairment charges. Assets and liabilities measured at fair value are summarized below (in thousands). March 31, 2024 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets (Liabilities) Total Losses for (2) Recurring fair value measurements: Short-term investments (1) $ 63,880 $ — $ — $ 63,880 $ — Liability-classified Director restricted stock units (2) $ ( 1,326 ) $ — $ — $ ( 1,326 ) $ ( 62 ) December 31, 2023 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets (Liabilities) Total Losses for Year Ended (2) Recurring fair value measurements: Short-term investments (1) $ 92,308 $ — $ — $ 92,308 $ — Liability-classified Director restricted stock units (2) $ ( 1,258 ) $ — $ — $ ( 1,258 ) $ ( 252 ) (1) Represents short-term investments, with original maturities of three months or less, in debt securities classified as available for sale. (2) The fair value of restricted stock units was estimated based on the quoted market price of our common stock at the respective balance sheet date. The total loss for the period or year includes an increase in stock compensation expense due to the “marking-to-market” of liability-classified restricted stock units granted to our non-employee directors on a recurring basis . We believe that the carrying amounts of our other financial assets and liabilities (excluding our long-term debt), which are not measured at fair value in our unaudited Condensed Consolidated Balance Sheets, approximate fair value based on the following assumptions: • Cash and cash equivalents and restricted cash – The carrying amounts approximate fair value because of the short maturity of these instruments. • Accounts receivable and accounts payable – The carrying amounts approximate fair value based on the nature of the instruments. Our long-term debt is not measured at fair value on a recurring basis; however, under the GAAP fair value hierarchy, such indebtedness would be considered Level 2 liabilities. The fair value of the instrument was derived using valuation specialists at March 31, 2024 and December 31, 2023. Fair values and related carrying values of our Second Lien Notes (as defined below in Note 6 “Long-Term Debt”) are shown below (in millions). March 31, 2024 December 31, 2023 Fair Value Carrying Value Fair Value Carrying Value Second Lien Notes $ 580.7 $ 550.0 $ 562.6 $ 550.0 We have estimated the fair value amounts by using appropriate valuation methodologies and information available to management. Certain inputs and value drivers are observed and obtained in active markets from similar assets or liabilities while developing these estimates, and accordingly, no assurance can be given that the estimated values are indicative of the amounts that would be realized in a free market exchange.

Drilling and Other Property and

Drilling and Other Property and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Drilling and Other Property and Equipment	5. Drilling and Other Property and Equipment Cost and accumulated depreciation of drilling and other property and equipment are summarized as follows (in thousands): March 31, December 31, 2024 2023 Drilling rigs and equipment $ 1,272,564 $ 1,244,798 Finance lease right of use asset 174,571 174,571 Land and buildings 10,064 10,040 Office equipment and other 5,317 5,180 Cost 1,462,516 1,434,589 Less: accumulated depreciation ( 309,476 ) ( 278,221 ) Drilling and other property and equipment, net $ 1,153,040 $ 1,156,368

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	6. Long-Term Debt At March 31, 2024 and December 31, 2023, the carrying value of our long-term debt, net of unamortized discount, premium and debt issuance costs, was comprised as follows (in thousands): March 31, December 31, 2024 2023 $ 550 Million Senior Secured Second Lien Notes due 2030 $ 534,009 $ 533,514 Second Lien Notes On September 21, 2023, Diamond Foreign Asset Company and Diamond Finance, LLC (collectively referred to as the Issuers) issued $ 550.0 million aggregate principal amount of 8.5 % Senior Secured Second Lien Notes due October 2030 (or the Second Lien Notes) with interest payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2024. The Second Lien Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by Diamond Offshore Drilling, Inc. (or DODI) and each of its existing restricted subsidiaries (other than the Issuers) and by certain of DODI’s future restricted subsidiaries (other than the Issuers). The Second Lien Notes obligate DODI and its specified subsidiaries to comply with an indenture dated as of September 21, 2023 (or the Indenture) entered into by the Issuers, DODI and certain of its subsidiaries named therein and HSBC Bank USA, National Association. The Indenture contains covenants that, among other things, restrict DODI’s ability and the ability of certain of its subsidiaries to: (i) incur additional debt and issue certain preferred stock; (ii) incur or create liens; (iii) make certain dividends, distributions, investments and other restricted payments; (iv) sell or otherwise dispose of certain assets; (v) engage in certain transactions with affiliates; and (vi) merge, consolidate, amalgamate or sell, transfer, lease or otherwise dispose of all or substantially all of DODI’s assets. These covenants are subject to important exceptions and qualifications. The Second Lien Notes were valued at par at issuance and were presented net of unamortized debt issuance costs of $ 16.0 million and $ 16.5 million, at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024, the effective interest rate on the Second Lien Notes was 9.10 %. Revolving Credit Agreement Our revolving credit agreement provides for a $ 300.0 million senior secured revolving credit facility (or RCF), which will mature on April 22, 2026. Borrowings under the RCF may be used to finance capital expenditures, pay fees, commissions and expenses in connection with the loan transactions, and for working capital and other general corporate purposes. Availability of borrowings under the RCF is subject to the satisfaction of certain conditions, including restrictions on borrowings if, after giving effect to any such borrowings and the application of the proceeds thereof, (i) the aggregate amount of Available Cash (as defined in the RCF) would exceed $ 125.0 million, (ii) the RCF Collateral Coverage Ratio (as defined in the RCF) would be less than 2.00 to 1.00 or (iii) the Total Collateral Coverage Ratio (as defined in the RCF) would be less than 1.30 to 1.00. At March 31, 2024 and May 6, 2024, we had no borrowings outstanding under the RCF and had utilized $ 1.9 million of available borrowing capacity for the issuance of a le tter of credit. The outstanding letter of credit will expire on maturity in May 2024, unless replaced. As of May 6, 2024, approximately $ 298.1 million was ava ilable for borrowings under the RCF subject to its terms and conditions. There is no capacity for the issuance of new letters of credit under the RCF, but the RCF permits us to obtain up to $ 50.0 million in letters of credit outside the RCF. We have obtained a separate $ 25.0 million letter of credit facility; however, letters of credit thereunder must be cash collateralized. At March 31, 2024, we were in compliance with all covenants under the Second Lien Notes and the RCF.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Various claims have been filed against us in the ordinary course of business, including claims by offshore workers alleging personal injuries. With respect to each claim or exposure, we have made an assessment, in accordance with GAAP, of the probability that the resolution of the matter would ultimately result in a loss. When we determine that an unfavorable resolution of a matter is probable and such amount of loss can be determined, we record a liability for the amount of the estimated loss at the time that both of these criteria are met. Our management believes that we have recorded adequate accruals for any liabilities that may reasonably be expected to result from these claims. Non-Income Tax and Related Claims. We have received assessments related to, or otherwise have exposure to, non-income tax items such as sales-and-use tax, value-added tax, ad valorem tax, custom duties, and other similar taxes in various taxing jurisdictions. We have determined that we have a probable loss for certain of these taxes and the related penalties and interest and, accordingly, have recorded a $ 12.4 million and $ 12.7 million liability at March 31, 2024 and December 31, 2023, respectively, in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets. We intend to defend these matters vigorously; however, the ultimate outcome of these assessments and exposures could result in additional taxes, interest and penalties for which the fully assessed amounts would have a material adverse effect on our financial condition, results of operations and cash flows. Other Litigation. We have been named in various other claims, lawsuits or threatened actions that are incidental to the ordinary course of our business. We intend to defend these matters vigorously; however, litigation is inherently unpredictable, and the ultimate outcome or effect of any claim, lawsuit or action cannot be predicted with certainty. As a result, there can be no assurance as to the ultimate outcome of any litigation matter. Any claims against us, whether meritorious or not, could cause us to incur significant costs and expenses and require significant amounts of management and operational time and resources. In the opinion of our management, no such pending or known threatened claims, actions or proceedings against us are expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows. Personal Injury Claims. Under our current insurance policies, which renewed effective May 1, 2024, we generally self-insure $ 1.0 million to $ 2.5 million per occurrence, depending on jurisdiction, with respect to personal injury claims not related to named windstorms in the U.S. Gulf of Mexico, which primarily result from Jones Act liability in the U.S. Gulf of Mexico. Depending on the nature, severity, and frequency of claims that might arise during the policy year, if the aggregate level of claims exceed certain thresholds, we may self-insure up to $ 100.0 million for each subsequent occurrence. The Jones Act is a federal law that permits seamen to seek compensation for certain injuries during the course of their employment on a vessel and governs the liability of vessel operators and marine employers for the work-related injury or death of an employee. We engage outside consultants to assist us in estimating our aggregate liability for personal injury claims based on our historical losses and utilizing various actuarial models. We allocate a portion of the aggregate liability to “Accrued liabilities” based on an estimate of claims expected to be paid within the next twelve months with the residual recorded as “Other liabilities.” At March 31, 2024 , our estimated liability for personal injury claims was $ 11.8 million, of which $ 6.2 million and $ 5.6 million were recorded in “Accrued liabilities” and “Other liabilities,” respectively, in our unaudited Condensed Consolidated Balance Sheets. At December 31, 2023 , our estimated liability for personal injury claims was $ 14.6 million, of which $ 7.4 million and $ 7.2 million were recorded in “Accrued liabilities” and “Other liabilities,” respectively, in our unaudited Condensed Consolidated Balance Sheets. The eventual settlement or adjudication of these claims could differ materially from our estimated amounts d ue to uncertainties such as: • the severity of personal injuries claimed; • significant changes in the volume of personal injury claims; • the unpredictability of legal jurisdictions where the claims will ultimately be litigated; • inconsistent court decisions; and • the risks and lack of predictability inherent in personal injury litigation. Purchase Obligations. At March 31, 2024 , we had no purchase obligations for major rig upgrades or any other significant obligations, except for those related to our direct rig operations, which arise during the normal course of business. Services Agreement. In February 2016, we entered into a ten-year agreement with a subsidiary of Baker Hughes Company (formerly named Baker Hughes, a GE company) to provide services with respect to certain blowout preventer and related well control equipment (or Well Control Equipment) on our drillships. Such services include management of maintenance, certification and reliability with respect to such equipment. Future commitments under the contractual services agreements are estimated to be approximately $ 25.6 million annually. Total future co mmitments are projected to be $ 88.1 million in the aggregate over the remaining term of the agreement, including a $ 37.0 m illion commitment for the purchase of consumables and capital spare parts owned and controlled by the vendor at the end of the service arrangement. In addition, we lease Well Control Equipment for our drillships under ten-year finance leases that commenced in 2016 that also include an option to purchase the leased equipment at the end of the respective lease term. Letters of Credit and Other. As of March 31, 2024, an aggregate of $ 14.0 million in bonds and letters of credit had been issued on our behalf in connection with certain customs, tax assessment and tenant security deposit requirements. Of this amount, approximately $ 12.1 million had been cash collateralized as of March 31, 2024. An additional $ 1.9 million was collateralized by a letter of credit issued under our RCF, which cannot require additional collateral except in events of default, or until its maturity in May 2024, if not replaced.

Ocean GreatWhite Insurance Clai

Ocean GreatWhite Insurance Claim	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
Ocean GreatWhite Insurance Claim	8. Ocean GreatWhite Insurance Claim On February 1, 2024, the Ocean GreatWhite reported an equipment incident while located in the North Sea west of the Shetland Islands. The rig’s lower marine riser package (or LMRP) and deployed riser string unintentionally separated from the rig at the slip joint tensioner ring, and the LMRP and riser dropped to the seabed. Since the incident, we have been working closely with our customer and local authorities in response and have pursued efforts to recover the equipment and replace missing or damaged equipment. We have safely recovered the LMRP from the seabed and are in a repair facility in Kishorn port, where repairs to the LMRP and any related work are underway. As of the date of this report, $ 19.1 million of incremental recovery and repair and maintenance costs have been incurred, as well as $ 2.6 million in capital expenditures. At March 31, 2024, we had retired assets with an aggregate net book value of $ 3.3 million. We anticipate that the repairs and equipment replacement will be covered by our hull and machinery insurance policy and that all incremental costs, less our $ 10.0 million deductible, will be reimbursable under that policy. At March 31, 2024, we had recorded an insurance receivable in the amount of $ 11.7 million for the aggregate expenditures, less the deductible, as of that date. However, we cannot fully predict the extent of such insurance coverage or the timing of such claims. We had not received any proceeds from insurance as of March 31, 2024. In addition, we will be required to pay an additional loss premium of up to 3.5 % of net insurance proceeds received, payable after the claim is closed and all proceeds known.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	9. Earnings Per Share We compute basic earnings per share by dividing net income available to holders of our common stock by the weighted-average number of shares of our common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue our common stock (common stock equivalents) were exercised or converted into common stock. Basic and diluted earnings per share (or EPS) was calculated in accordance with the treasury stock method, and includes all potentially dilutive stock equivalents, including warrants, restricted stock unit awards and performance stock unit awards. A reconciliation of the numerators and denominators of our basic and diluted EPS computations is summarized as follows (in thousands). Three Months Ended 2024 2023 Net income – basic and diluted (numerator) $ 11,612 $ 7,229 Weighted average shares – basic (denominator): 102,440 101,331 Dilutive effect of stock-based awards 2,300 2,605 Weighted average shares including conversions – diluted (denominator) 104,740 103,936 The computation of EPS for the three-month periods ended March 31, 2024 and March 31, 2023 excluded non-vested stock-based awards of 283,981 shares and 349,784 shares, respectively, as the inclusion of such would have been antidilutive for the periods. As of March 31, 2024 , we had 7.5 million stock warrants outstanding (or Warrants) to purchase shares of our common stock that were exercisable for one share of common stock per Warrant at an exercise price of $ 29.22 (subject to adjustment). Th e Warrants are exercisable until they expire on April 23, 2026 . The presumed exercise of these Warrants into shares of our common stock would have an antidilutive effect as the exercise price per warrant exceeded the average price of our common stock and they have been excluded from the computation of EPS for all periods presented.

Segments and Geographic Area An

Segments and Geographic Area Analysis	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segments and Geographic Area Analysis	10. Segments and Geographic Area Analysis We provide contract drilling services with different types of offshore drilling rigs and also provide such services in many geographic locations. However, we have aggregated these operations into one reportable segment based on the similarity of economic characteristics due to the nature of the revenue-earning process as it relates to the offshore drilling industry over the operating lives of our drilling rigs and other qualitative factors such as (i) the nature of services provided (contract drilling), (ii) similarity in operations (interchangeable rig crews and shared management and marketing, engineering, marine and maintenance support), (iii) similar regulatory environment (depending on customer and/or location) and (iv) similar contractual arrangements with customers. Our drilling rigs are highly mobile and may be moved to other markets throughout the world in response to market conditions or customer needs. At March 31, 2024 , our active drilling rigs were located offshore four countries in addition to the United States. Revenues by geographic area are presented by attributing revenues to the individual country where the services were performed during the periods presented, which may not be indicative of where the rigs are currently located. The following tables provide information about disaggregated revenue by country (in thousands): Three Months Ended March 31, 2024 Total Revenues Total United States $ 146,475 $ 7,328 $ 153,803 United Kingdom 32,568 4,233 36,801 Australia 27,360 2,463 29,823 Brazil 26,570 — 26,570 Senegal 25,797 1,816 27,613 Total $ 258,770 $ 15,840 $ 274,610 Three Months Ended March 31, 2023 Total Revenues Total United States $ 104,581 $ 12,557 $ 117,138 United Kingdom 17,702 1,060 18,762 Australia 19,309 840 20,149 Brazil 20,660 — 20,660 Senegal 52,131 3,181 55,312 Total $ 214,383 $ 17,638 $ 232,021

General Information (Policies)

General Information (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated.
Restricted Cash	Restricted Cash We maintain a restricted cash bank account which is subject to restrictions pursuant to a management services agreement with an offshore drilling company. See Note 2 “Revenue from Contracts with Customers.” We classify such restricted cash accounts in current assets if the restrictions are expected to expire or otherwise be resolved within one year or if such funds are considered to offset current liabilities. At March 31, 2024 and December 31, 2023, our restricted cash was considered to be current and was recorded in “Restricted cash” in our unaudited Condensed Consolidated Balance Sheets.
Assets Held for Sale	Asset Held for Sale We reported the $ 1.0 million carrying value of the Ocean Monarch as “Asset held for sale” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2024. The rig was sold in April 2024 for aggregate proceeds of approximately $ 7.5 million.
Accounting Principles Not Yet Adopted	Accounting Principles Not Yet Adopted In December 2023, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update (or ASU) No. 2023-09, Income Tax (Topic 740): Improvements to Income Tax Disclosures (or ASU 2023-09). ASU 2023-09 requires business entities on an annual basis to (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet certain quantitative thresholds. The new guidance is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statement disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (or ASU 2023-07). ASU 2023-07 modifies the disclosure and presentation requirements of reportable segments and requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. In addition, the new guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statement disclosures.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Summary of Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers	The following table provides information about receivables, contract assets and contract liabilities related to our contracts with customers (in thousands): March 31, December 31, 2024 2023 Trade receivables $ 206,830 $ 253,367 Current contract assets (1) 2,565 2,575 Current contract liabilities (deferred revenue) (1) ( 17,833 ) ( 12,634 ) Noncurrent contract liabilities (deferred revenue) (1) ( 3,613 ) ( 3,947 ) (1) Contract assets and contract liabilities may reflect balances which have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets.
Summary of Changes in Contract Assets and Contract Liabilities Balances	Changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands): Contract Contract Assets Liabilities Balance as of January 1, 2024 $ 2,575 $ ( 16,581 ) Decrease due to amortization of revenue included in the beginning contract liability balance — 3,185 Increase due to cash received, excluding amounts recognized as revenue during the period — ( 8,050 ) Increase due to revenue recognized during the period but contingent on future performance 391 — Decrease due to transfer to receivables during the period ( 323 ) — Adjustments ( 78 ) — Balance as of March 31, 2024 $ 2,565 $ ( 21,446 )
Summary of Specified Types Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations	The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations as of March 31, 2024 (in thousands): For the Year Ending December 31, 2024 (1) 2025 2026 2027 Total Mobilization and contract preparation revenue $ ( 4,317 ) $ ( 1,365 ) $ ( 1,337 ) $ ( 1,271 ) $ ( 8,290 ) Capital modification revenue ( 2,954 ) ( 142 ) — — ( 3,096 ) Blended rate/other revenue ( 10,060 ) — — — ( 10,060 ) Total $ ( 17,331 ) $ ( 1,507 ) $ ( 1,337 ) $ ( 1,271 ) $ ( 21,446 ) (1) Represents the nine -month period beginning April 1, 2024.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Net of Allowance for Credit Losses	Accounts receivable, net of allowance for credit losses, consist of the following (in thousands): March 31, December 31, 2024 2023 Trade receivables $ 206,830 $ 253,367 Insurance claim receivable (1) 11,688 — Value added tax receivables 6,167 5,256 Related party receivables 75 155 Other 894 1,346 225,654 260,124 Allowance for credit losses (2) ( 5,731 ) ( 5,801 ) Total $ 219,923 $ 254,323 (1) See Note 8 “ Ocean GreatWhite Insurance Claim” for a discussion of an insurance claim associated with an equipment incident on one of our rigs. (2) The allowance for credit losses at March 31, 2024 and December 31, 2023 represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 4 “Financial Instruments and Fair Value Disclosures” for a discussion of our concentrations of credit risk and a llowance for credit losses.
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2024 2023 Deferred contract costs $ 15,211 $ 20,552 Collateral deposit 11,857 11,857 Prepaid taxes 7,526 10,868 Rig spare parts and supplies 6,981 4,694 Current contract assets 2,565 2,575 Prepaid insurance 2,117 3,437 Prepaid rig costs 1,978 3,668 Software maintenance agreements and subscriptions 1,650 1,408 Deferred survey costs 1,386 1,418 Other 6,131 2,935 Total $ 57,402 $ 63,412
Accrued Liabilities	Accrued liabilities consist of the following (in thousands): March 31, December 31, 2024 2023 Rig operating costs $ 47,316 $ 42,893 Contract advances 33,225 63,618 Payroll and benefits 26,260 35,215 Interest payable 24,691 13,013 Deferred revenue 17,833 12,634 Personal injury and other claims 6,217 7,391 Current operating lease liability 8,171 8,436 Accrued capital project/upgrade costs 8,059 10,766 Deposit for equipment sale 5,902 1,977 Shorebase and administrative costs 4,967 5,699 Other 2,491 1,694 Total $ 185,132 $ 203,336
Noncash Operating, Investing and Financing Activities	Noncash operating, investing and financing activities excluded from the unaudited Condensed Consolidated Statements of Cash Flows and other supplemental cash flow information are as follows (in thousands): Three Months Ended 2024 2023 Accrued but unpaid capital expenditures at period end $ 8,059 $ 11,697 Common stock withheld for payroll tax obligations (1) 661 134 Cash interest payments — 7,488 Cash income taxes paid, net of (refunds): Foreign 1,851 1,258 U.S. Federal 130 ( 8,966 ) (1) Represents the cost o f 302,833 and 10,946 s hares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock and restricted stock units during the three-month periods ended March 31, 2024 and March 31, 2023, re spectively, which is presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value are summarized below (in thousands). March 31, 2024 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets (Liabilities) Total Losses for (2) Recurring fair value measurements: Short-term investments (1) $ 63,880 $ — $ — $ 63,880 $ — Liability-classified Director restricted stock units (2) $ ( 1,326 ) $ — $ — $ ( 1,326 ) $ ( 62 ) December 31, 2023 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets (Liabilities) Total Losses for Year Ended (2) Recurring fair value measurements: Short-term investments (1) $ 92,308 $ — $ — $ 92,308 $ — Liability-classified Director restricted stock units (2) $ ( 1,258 ) $ — $ — $ ( 1,258 ) $ ( 252 ) (1) Represents short-term investments, with original maturities of three months or less, in debt securities classified as available for sale. (2) The fair value of restricted stock units was estimated based on the quoted market price of our common stock at the respective balance sheet date. The total loss for the period or year includes an increase in stock compensation expense due to the “marking-to-market” of liability-classified restricted stock units granted to our non-employee directors on a recurring basis .
Fair Values and Related Carrying Values of Our Debt Instruments	Fair values and related carrying values of our Second Lien Notes (as defined below in Note 6 “Long-Term Debt”) are shown below (in millions). March 31, 2024 December 31, 2023 Fair Value Carrying Value Fair Value Carrying Value Second Lien Notes $ 580.7 $ 550.0 $ 562.6 $ 550.0

Drilling and Other Property a_2

Drilling and Other Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Summary of Cost and Accumulated Depreciation of Drilling and Other Property and Equipment	Cost and accumulated depreciation of drilling and other property and equipment are summarized as follows (in thousands): March 31, December 31, 2024 2023 Drilling rigs and equipment $ 1,272,564 $ 1,244,798 Finance lease right of use asset 174,571 174,571 Land and buildings 10,064 10,040 Office equipment and other 5,317 5,180 Cost 1,462,516 1,434,589 Less: accumulated depreciation ( 309,476 ) ( 278,221 ) Drilling and other property and equipment, net $ 1,153,040 $ 1,156,368

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of Carrying Value of Long-term Debt, Net of Unamortized Discount, Premium and Debt Issuance Costs	At March 31, 2024 and December 31, 2023, the carrying value of our long-term debt, net of unamortized discount, premium and debt issuance costs, was comprised as follows (in thousands): March 31, December 31, 2024 2023 $ 550 Million Senior Secured Second Lien Notes due 2030 $ 534,009 $ 533,514

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerators and Denominators of Basic and Diluted EPS	A reconciliation of the numerators and denominators of our basic and diluted EPS computations is summarized as follows (in thousands). Three Months Ended 2024 2023 Net income – basic and diluted (numerator) $ 11,612 $ 7,229 Weighted average shares – basic (denominator): 102,440 101,331 Dilutive effect of stock-based awards 2,300 2,605 Weighted average shares including conversions – diluted (denominator) 104,740 103,936

Segments and Geographic Area _2

Segments and Geographic Area Analysis (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Summary of Information About Disaggregated Revenue by Country	The following tables provide information about disaggregated revenue by country (in thousands): Three Months Ended March 31, 2024 Total Revenues Total United States $ 146,475 $ 7,328 $ 153,803 United Kingdom 32,568 4,233 36,801 Australia 27,360 2,463 29,823 Brazil 26,570 — 26,570 Senegal 25,797 1,816 27,613 Total $ 258,770 $ 15,840 $ 274,610 Three Months Ended March 31, 2023 Total Revenues Total United States $ 104,581 $ 12,557 $ 117,138 United Kingdom 17,702 1,060 18,762 Australia 19,309 840 20,149 Brazil 20,660 — 20,660 Senegal 52,131 3,181 55,312 Total $ 214,383 $ 17,638 $ 232,021

General Information - Additiona

General Information - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2024	Mar. 31, 2024
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash, nature of restriction, description		We maintain a restricted cash bank account which is subject to restrictions pursuant to a management services agreement with an offshore drilling company.
Aggregate proceeds from asset held for sale	$ 7.5
Ocean Monarch [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Net book value of assets		$ 1

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Summary of Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade receivables		$ 206,830	$ 253,367
Current contract assets	[1]	2,565	2,575
Current contract liabilities (deferred revenue)	[1]	(17,833)	(12,634)
Noncurrent contract liabilities (deferred revenue)	[1]	$ (3,613)	$ (3,947)
[1] Contract assets and contract liabilities may reflect balances which have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets.

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Summary of Changes in Contract Assets and Contract Liabilities Balances (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Contract assets, beginning of period	$ 2,575
Contract liabilities, beginning of period	(16,581)
Decrease due to amortization of revenue included in the beginning contract liability balance	3,185
Increase due to cash received, excluding amounts recognized as revenue during the period	(8,050)
Increase due to revenue recognized during the period but contingent on future performance	391
Decrease due to transfer to receivables during the period	(323)
Adjustments	(78)
Contract assets at end of period	2,565
Contract liabilities at end of period	$ (21,446)

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Summary of Specified Types of Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ (21,446)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue remaining performance obligation	$ (17,331)	[1]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue remaining performance obligation	$ (1,507)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue remaining performance obligation	$ (1,337)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue remaining performance obligation	$ (1,271)
Mobilization And Contract Preparation Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(8,290)
Mobilization And Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(4,317)	[1]
Mobilization And Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(1,365)
Mobilization And Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(1,337)
Mobilization And Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(1,271)
Capital Modification Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(3,096)
Capital Modification Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(2,954)	[1]
Capital Modification Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(142)
Blended rate/other revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(10,060)
Blended rate/other revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ (10,060)	[1]
[1] Represents the nine -month period beginning April 1, 2024.

Supplemental Financial Inform_3

Supplemental Financial Information - Accounts Receivable, Net of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Trade receivables		$ 206,830	$ 253,367
Insurance claim receivable	[1]	11,688	0
Value added tax receivables		6,167	5,256
Other		894	1,346
Receivables Gross Current, Total		225,654	260,124
Allowance for credit losses	[2]	(5,731)	(5,801)
Accounts receivable, net		219,923	254,323
Related Party [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Related party receivables		$ 75	$ 155
[1] See Note 8 “ Ocean GreatWhite Insurance Claim” for a discussion of an insurance claim associated with an equipment incident on one of our rigs. The allowance for credit losses at March 31, 2024 and December 31, 2023 represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 4 “Financial Instruments and Fair Value Disclosures” for a discussion of our concentrations of credit risk and a llowance for credit losses.

Supplemental Financial Inform_4

Supplemental Financial Information - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred contract costs		$ 15,211	$ 20,552
Collateral deposit		11,857	11,857
Prepaid taxes		7,526	10,868
Rig spare parts and supplies		6,981	4,694
Current contract assets	[1]	2,565	2,575
Prepaid Insurance		2,117	3,437
Prepaid rig costs		1,978	3,668
Software maintenance agreements and subscriptions		1,650	1,408
Deferred survey costs		1,386	1,418
Other		6,131	2,935
Total		$ 57,402	$ 63,412
[1] Contract assets and contract liabilities may reflect balances which have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets.

Supplemental Financial Inform_5

Supplemental Financial Information - Accrued Liabilities (Detail) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Rig operating costs		$ 47,316	$ 42,893
Contract advances		33,225	63,618
Payroll and benefits		26,260	35,215
Interest payable		24,691	13,013
Deferred revenue	[1]	17,833	12,634
Personal injury and other claims		6,217	7,391
Current operating lease liability		8,171	8,436
Accrued capital project/upgrade costs		8,059	10,766
Deposit for equipment sale		5,902	1,977
Shorebase and administrative costs		4,967	5,699
Other		2,491	1,694
Total		$ 185,132	$ 203,336
[1] Contract assets and contract liabilities may reflect balances which have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets.

Supplemental Financial Inform_6

Supplemental Financial Information - Noncash Operating, Investing and Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Financial Statements, Captions [Line Items]
Accrued but unpaid capital expenditures at period end	$ 8,059	$ 11,697
Common stock withheld for payroll tax obligations	661	134
Cash interest payments	0	7,488
Foreign [Member]
Cash income taxes paid, net of (refunds):
Cash income taxes paid, net of refunds	1,851	1,258
Domestic [Member]
Cash income taxes paid, net of (refunds):
Cash income taxes paid, net of refunds	$ 130	$ (8,966)

Supplemental Financial Inform_7

Supplemental Financial Information - Noncash Operating, Investing and Financing Activities (Detail) (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock [Member]
Condensed Financial Statements, Captions [Line Items]
Number of shares of common stock withheld	302,833	10,946

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Trade receivables past due		$ 8,500
Trade receivables reserved for previous years		5,400
Trade receivables remaining past due		3,100
Estimate of credit losses		300	$ 300
Allowance for credit losses	[1]	$ 5,731	$ 5,801
[1] The allowance for credit losses at March 31, 2024 and December 31, 2023 represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 4 “Financial Instruments and Fair Value Disclosures” for a discussion of our concentrations of credit risk and a llowance for credit losses.

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Costs and Expenses	Costs and Expenses
Recurring Fair Value Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-Term Investments	$ 63,880	$ 92,308
Director [Member] | Recurring Fair Value Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability-classified Director restricted stock units	(1,326)	(1,258)
Total Losses	(62)	(252)
Level 1 [Member] | Recurring Fair Value Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-Term Investments	63,880	92,308
Level 1 [Member] | Director [Member] | Recurring Fair Value Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability-classified Director restricted stock units	$ (1,326)	$ (1,258)

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - Fair Value and Related Carrying Values of Our Debt Instruments (Detail) - Second Lien Notes [Member] - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 580.7	$ 562.6
Carrying Value	$ 550	$ 550

Drilling and Other Property a_3

Drilling and Other Property and Equipment - Summary of Cost and Accumulated Depreciation of Drilling and Other Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,462,516	$ 1,434,589
Less: accumulated depreciation	(309,476)	(278,221)
Drilling and other property and equipment, net	1,153,040	1,156,368
Drilling Rigs and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	1,272,564	1,244,798
Finance Lease Right of Use Asset [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	174,571	174,571
Land and Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	10,064	10,040
Office Equipment and Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 5,317	$ 5,180

Long-Term Debt - Second Lien No

Long-Term Debt - Second Lien Notes - Additional Information (Details) - Second Lien Notes [Member] - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Sep. 21, 2023	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt issuance costs		$ 16	$ 16.5
Borrowings effective interest rate		9.10%
Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 550
Interest rate of senior notes	8.50%

Long-Term Debt - Summary of Car

Long-Term Debt - Summary of Carrying Value of Long-term Debt, Net of Unamortized Discount, Premium and Debt Issuance Costs (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total Exit Debt, net	$ 534,009	$ 533,514
Second Lien Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Total Exit Debt, net	$ 534,009	$ 533,514

Long-Term Debt - Summary of C_2

Long-Term Debt - Summary of Carrying Value of Long-term Debt, Net of Unamortized Discount, Premium and Debt Issuance Costs (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Senior Notes [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 550	$ 550

Long-Term Debt - Revolving Cred

Long-Term Debt - Revolving Credit Agreement - Additional Information (Detail) - USD ($)		3 Months Ended
	May 06, 2024	Mar. 31, 2024
Senior secured revolving credit agreement [Member]
Debt Instrument [Line Items]
Amount available for general purposes		$ 300,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available for issuance of letter of credit under credit facility		$ 0
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Collateral coverage ratio		2%
Total collateral coverage ratio		1.30%
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Aggregate amount of available cash		$ 125,000,000
Revolving Credit Facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit	$ 298,100,000
Amount available for issuance of letter of credit under credit facility	0
Reduction in issuance of additional letters of credit	0
Permits to obtain letter of credit	50,000,000
Letters of credit cash collateralized	$ 25,000,000
Revolving Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit		$ 1,900,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2024	Dec. 31, 2023
Contingencies And Commitments [Line Items]
Estimated sales tax and related penalties and interest		$ 12.4	$ 12.7
Range of deductible for liability coverage for personal injury claims, upper limit		100
Purchase Obligations		0
Revolving Credit Facility [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds		1.9
Maximum [Member]
Contingencies And Commitments [Line Items]
Range of deductible for liability coverage for personal injury claims, upper limit		2.5
Minimum [Member]
Contingencies And Commitments [Line Items]
Range of deductible for liability coverage for personal injury claims, upper limit		1
Personal Injury Claims [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		11.8	14.6
Total Contingent Liabilities Under Letters of Credit and Bonds [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds		14
Services Agreement [Member]
Contingencies And Commitments [Line Items]
Maturity of service arrangement	10 years
Annual payments due under service agreement		25.6
Total remaining payments due under service agreement		88.1
Cash Collateralized Contingent Liability Under Letters of Credit and Bonds [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds		12.1
Consumables and Capital Spare Parts [Member]
Contingencies And Commitments [Line Items]
Total remaining payments due under service agreement		37
Accrued Liabilities [Member] | Personal Injury Claims [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		6.2	7.4
Other Liabilities [Member] | Personal Injury Claims [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		$ 5.6	$ 7.2

Ocean GreatWhite Insurance Cl_2

Ocean GreatWhite Insurance Claim - Additional Information (Detail) - Hull and Machinery Insurance Policy [Member] $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Business Interruption Loss [Line Items]
Repairs and maintenance cost	$ 19.1
Capital expenditures	2.6
Retired assets with an aggregate net book value	3.3
Incremental cost and other deductable amounts	10
Insurance settlements receivable	$ 11.7
Percentage of additional loss premium	3.50%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Reconciliation of Numerators and Denominators of Basic and Diluted EPS (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ 11,612	$ 7,229
Weighted average shares - basic (denominator):	102,440,000	101,331,000
Dilutive effect of stock-based awards	2,300,000	2,605
Weighted average shares including conversions - diluted (denominator)	104,740,000	103,936,000

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Exercise period of warrant	$ 29.22
Warrants outstanding	7,500,000
Maturity date of warrant	Apr. 23, 2026
Non-vested stock-based awards	283,981	349,784

Segments and Geographic Area _3

Segments and Geographic Area Analysis - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 Segment Country
Segment Reporting [Abstract]
Number of reportable segments | Segment	1
Number of countries with rigs | Country	4

Segments and Geographic Area _4

Segments and Geographic Area Analysis - Summary of Information about Disaggregated Revenue by Country (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 274,610	$ 232,021
Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	258,770	214,383
Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	15,840	17,638
United States [Member]
Segment Reporting Information [Line Items]
Total revenues	153,803	117,138
United States [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	146,475	104,581
United States [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	7,328	12,557
United Kingdom [Member]
Segment Reporting Information [Line Items]
Total revenues	36,801	18,762
United Kingdom [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	32,568	17,702
United Kingdom [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	4,233	1,060
Australia [Member]
Segment Reporting Information [Line Items]
Total revenues	29,823	20,149
Australia [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	27,360	19,309
Australia [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	2,463	840
Brazil [Member]
Segment Reporting Information [Line Items]
Total revenues	26,570	20,660
Brazil [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	26,570	20,660
Senegal [Member]
Segment Reporting Information [Line Items]
Total revenues	27,613	55,312
Senegal [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	25,797	52,131
Senegal [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 1,816	$ 3,181