Diamond Offshore Drilling (DODRW) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		103,213,055
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		Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 165,536		$ 124,457
Restricted cash		10,565		14,231
Accounts receivable		226,383		260,124
Less: allowance for credit losses	[1]	(5,715)		(5,801)
Accounts receivable, net		220,668		254,323
Prepaid expenses and other current assets		61,600		63,412
Asset held for sale		1,000		1,000
Total current assets		459,369		457,423
Drilling and other property and equipment, net of accumulated depreciation		1,139,802		1,156,368
Other assets		84,392		98,762
Total assets		1,683,563		1,712,553
Current liabilities:
Accounts payable		44,294		42,037
Accrued liabilities		164,727		203,336
Taxes payable		33,397		34,817
Current finance lease liabilities		16,525		15,960
Total current liabilities		258,943		296,150
Long-term debt		534,480		533,514
Noncurrent finance lease liabilities		103,742		113,201
Deferred tax liability		19,831		10,966
Other liabilities		95,221		113,871
Commitments and contingencies (Note 7)
Total liabilities		1,012,217		1,067,702
Stockholders’ equity:
Preferred stock (par value $0.0001, 50,000 shares authorized, none issued and outstanding at June 30, 2024 and December 31, 2023)		0		0
Common stock (par value $0.0001, 750,000 shares authorized; 103,562 shares issued and 102,596 shares outstanding at June 30, 2024 and 103,189 shares issued and 102,322 shares outstanding at December 31, 2023)		10		10
Additional paid-in capital		985,460		978,575
Treasury stock		(9,810)		(8,493)
Accumulated deficit		(304,322)		(325,261)
Accumulated other comprehensive income		8		20
Total stockholders’ equity		671,346	$ 659,311	644,851
Total liabilities and stockholders’ equity		$ 1,683,563		$ 1,712,553
[1] The allowance for credit losses at June 30, 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	Jun. 30, 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	103,562	103,189
Common stock, shares outstanding	102,596	102,322

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 252,886	$ 281,563	$ 527,496	$ 513,584
Operating expenses:
Depreciation	31,698	27,906	63,052	55,812
General and administrative	23,219	16,824	41,796	36,409
Gain on disposition of assets	(7,106)	(1,933)	(3,710)	(3,146)
Total operating expenses	224,605	271,323	477,402	508,303
Operating income	28,281	10,240	50,094	5,281
Other income (expense):
Interest income	1,966	5	3,740	12
Interest expense, net of amounts capitalized	(15,061)	(12,755)	(30,407)	(24,795)
Foreign currency transaction gain (loss)	(13)	(1,968)	218	(3,239)
Other, net	1,605	136	1,534	(17)
Income (loss) before income tax (expense) benefit	16,778	(4,342)	25,179	(22,758)
Income tax (expense) benefit	(7,451)	243,125	(4,240)	268,770
Net income	$ 9,327	$ 238,783	$ 20,939	$ 246,012
Earnings per share, Basic	$ 0.09	$ 2.35	$ 0.2	$ 2.43
Earnings per share, Diluted	$ 0.09	$ 2.29	$ 0.2	$ 2.36
Weighted-average shares outstanding, Basic	102,542	101,487	102,491	101,409
Weighted-average shares outstanding, Diluted	105,088	104,236	104,927	104,091
Contract Drilling [Member]
Revenues:
Total revenues	$ 240,229	$ 264,990	$ 498,999	$ 479,373
Operating expenses:
Contract drilling, excluding depreciation	164,461	212,947	348,665	386,436
Reimbursable Expenses [Member]
Revenues:
Total revenues	12,657	16,573	28,497	34,211
Operating expenses:
Contract drilling, excluding depreciation	$ 12,333	$ 15,579	$ 27,599	$ 32,792

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 9,327	$ 238,783	$ 20,939	$ 246,012
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized gain (loss) on marketable securities, net of tax	2	0	(12)	0
Comprehensive income	$ 9,329	$ 238,783	$ 20,927	$ 246,012

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (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	246,012			246,012
Stock-based compensation, net of tax	7,244		7,978			$ (734)
Stock-based compensation, net of tax, shares		347				63
Ending Balance at Jun. 30, 2023	932,926	$ 10	972,445	(34,543)		$ (4,986)
Ending Balance, shares at Jun. 30, 2023		101,667				627
Beginning Balance at Mar. 31, 2023	690,837	$ 10	968,539	(273,326)		$ (4,386)
Beginning Balance, shares at Mar. 31, 2023		101,358				575
Net income	238,783			238,783
Stock-based compensation, net of tax	3,306		3,906			$ (600)
Stock-based compensation, net of tax, shares		309				52
Ending Balance at Jun. 30, 2023	932,926	$ 10	972,445	(34,543)		$ (4,986)
Ending Balance, shares at Jun. 30, 2023		101,667				627
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	20,939			20,939
Stock-based compensation, net of tax	5,400		6,717			$ (1,317)
Stock-based compensation, net of tax, shares		274				98
Unrealized gain (loss) on marketable securities, net of tax	(12)				(12)
Other	168		168
Ending Balance at Jun. 30, 2024	671,346	$ 10	985,460	(304,322)	8	$ (9,810)
Ending Balance, shares at Jun. 30, 2024		102,596				965
Beginning Balance at Mar. 31, 2024	659,311	$ 10	982,098	(313,649)	6	$ (9,154)
Beginning Balance, shares at Mar. 31, 2024		102,479				920
Net income	9,327			9,327
Stock-based compensation, net of tax	2,538		3,194			$ (656)
Stock-based compensation, net of tax, shares		117				45
Unrealized gain (loss) on marketable securities, net of tax	2				2
Other	168		168
Ending Balance at Jun. 30, 2024	$ 671,346	$ 10	$ 985,460	$ (304,322)	$ 8	$ (9,810)
Ending Balance, shares at Jun. 30, 2024		102,596				965

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income	$ 20,939	$ 246,012
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	63,052	55,812
Gain on disposition of assets	(3,710)	(3,146)
Deferred tax provision	(3,752)	(200,658)
Stock-based compensation expense	7,305	8,082
Contract liabilities, net	5,292	(2,707)
Contract assets, net	(1,063)	(1,980)
Deferred contract costs, net	11,032	4,893
Other assets, noncurrent	1,346	2,577
Other liabilities, noncurrent	(587)	16,870
Other	1,691	1,501
Changes in operating assets and liabilities:
Accounts receivable	33,655	(25,996)
Prepaid expenses and other current assets	(6,173)	(6,122)
Current income tax assets	0	(85,266)
Accounts payable and accrued liabilities	(39,982)	3,965
Taxes payable	885	(3,094)
Net cash provided by operating activities	89,930	10,743
Investing activities:
Capital expenditures	(51,342)	(58,953)
Proceeds from disposition of assets, net of disposal costs	7,719	348
Net cash used in investing activities	(43,623)	(58,605)
Financing activities:
Borrowings under revolving credit facility	0	20,000
Repayments under revolving credit facility	0	(15,000)
Principal payments of finance leases	(8,894)	(10,503)
Net cash used in financing activities	(8,894)	(5,503)
Net change in cash, cash equivalents and restricted cash	37,413	(53,365)
Cash, cash equivalents and restricted cash, beginning of period	138,688	97,334
Cash, cash equivalents and restricted cash, end of period	$ 176,101	$ 43,969

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 9,327	$ 238,783	$ 20,939	$ 246,012

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
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	6 Months Ended
	Jun. 30, 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. Planned Merger with Noble Corporation plc On June 9, 2024, Diamond Offshore Drilling, Inc. (or DODI) entered into an Agreement and Plan of Merger (or the Merger Agreement) with Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (or Noble), Dolphin Merger Sub 1, Inc., a Delaware corporation and indirect wholly owned subsidiary of Noble (or Merger Sub 1) and Dolphin Merger Sub 2, Inc., a Delaware corporation and indirect wholly owned subsidiary of Noble (or Merger Sub 2). The Merger Agreement provides that, among other things and subject to the terms and conditions of the Merger Agreement, (1) Merger Sub 1 will merge with and into DODI, with DODI surviving as a wholly-owned indirect subsidiary of Noble (or the First Merger and the effective time thereof, the 5.65 in cash, without interest, payable to the holders of the DODI common stock, (ii) 0.2316 (or the Exchange Ratio) ordinary shares of Noble and (iii) any cash in lieu of fractional ordinary shares of Noble. The completion of the transaction is subject to shareholder and regulatory approvals and other customary closing conditions. 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 that 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 June 30, 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 Valiant as “Asset held for sale” in our unaudited Condensed Consolidated Balance Sheets at June 30, 2024. 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	6 Months Ended
	Jun. 30, 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 agreed to 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 costs 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 under 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, and the management and charter agreements for the West Auriga were terminated in the first quarter of 2024. The West Auriga 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 became effective in July 2024. The termination of the management agreement had no effect on the bareboat charter agreement for the West Vela , which 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): June 30, December 31, 2024 2023 Trade receivables $ 197,169 $ 253,367 Current contract assets (1) 3,638 2,575 Current contract liabilities (deferred revenue) (1) ( 18,592 ) ( 12,634 ) Noncurrent contract liabilities (deferred revenue) (1) ( 3,281 ) ( 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 — 5,596 Increase due to cash received, excluding amounts recognized as revenue during the period — ( 10,888 ) Increase due to revenue recognized during the period but contingent on future performance 1,464 — Decrease due to transfer to receivables during the period ( 323 ) — Adjustments ( 78 ) — Balance as of June 30, 2024 $ 3,638 $ ( 21,873 ) 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 June 30, 2024 (in thousands): For the Year Ending December 31, 2024 (1) 2025 2026 2027 Total Mobilization and contract preparation revenue $ ( 2,707 ) $ ( 1,336 ) $ ( 1,336 ) $ ( 1,271 ) $ ( 6,650 ) Capital modification revenue ( 2,324 ) — — — ( 2,324 ) Blended rate/other revenue ( 10,161 ) ( 2,738 ) — — ( 12,899 ) Total $ ( 15,192 ) $ ( 4,074 ) $ ( 1,336 ) $ ( 1,271 ) $ ( 21,873 ) (1) Represents the six -month period beginning July 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	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2024 2023 Trade receivables $ 197,169 $ 253,367 Insurance claim receivable (1) 21,693 — Value added tax receivables 6,744 5,256 Related party receivables 96 155 Other 681 1,346 226,383 260,124 Allowance for credit losses (2) ( 5,715 ) ( 5,801 ) Total $ 220,668 $ 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 June 30, 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): June 30, December 31, 2024 2023 Collateral deposit $ 13,735 $ 11,857 Deferred contract costs 10,571 20,552 Prepaid taxes 9,951 10,868 Rig spare parts and supplies 8,527 4,694 Prepaid insurance 5,215 3,437 Current contract assets 3,638 2,575 Software maintenance agreements and subscriptions 2,237 1,408 Prepaid rig costs 1,463 3,668 Deferred survey costs 1,401 1,418 Other 4,862 2,935 Total $ 61,600 $ 63,412 Accrued liabilities consist of the following (in thousands): June 30, December 31, 2024 2023 Rig operating costs $ 47,364 $ 42,893 Contract advances 31,687 63,618 Payroll and benefits 29,972 35,215 Deferred revenue 18,592 12,634 Interest payable 11,700 13,013 Current operating lease liability 7,958 8,436 Accrued capital project/upgrade costs 6,221 10,766 Personal injury and other claims 5,487 7,391 Shorebase and administrative costs 4,890 5,699 Deposit for equipment sale 580 1,977 Other 276 1,694 Total $ 164,727 $ 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): Six Months Ended 2024 2023 Accrued but unpaid capital expenditures at period end $ 6,221 $ 12,209 Common stock withheld for payroll tax obligations (1) 1,317 734 Cash interest payments 25,460 19,352 Cash income taxes paid, net of (refunds): Foreign 3,223 3,147 U.S. Federal 2,472 ( 5,744 ) State — 1 (1) Represents the cost o f 98,928 and 62,597 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 six-month periods ended June 30, 2024 and June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 two customers for which prepayments are required and full payment is due prior to commencement of the contracts in the second half of 2024 and the beginning of 2025, respectively. At June 30, 2024, no amounts were owed by these two customers. 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 June 30, 2024, $ 6.2 million in trade receivables were considered past due by 30 days or more, of which $ 5.5 million have been fully reserved. The remaining $ 0.7 million were less than a year past due and considered collectible. For purposes of calculating our current estimate of credit losses at June 30, 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 June 30, 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). June 30, 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) $ 79,866 $ — $ — $ 79,866 $ — Liability-classified restricted stock units (2) $ ( 1,511 ) $ — $ — $ ( 1,511 ) $ ( 243 ) 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 restricted stock units (2) $ ( 1,259 ) $ — $ — $ ( 1,259 ) $ ( 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 June 30, 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). June 30, 2024 December 31, 2023 Fair Value Carrying Value Fair Value Carrying Value Second Lien Notes $ 575.2 $ 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	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2024 2023 Drilling rigs and equipment $ 1,290,755 $ 1,244,798 Finance lease right of use asset 174,571 174,571 Land and buildings 10,098 10,040 Office equipment and other 5,552 5,180 Cost 1,480,976 1,434,589 Less: accumulated depreciation ( 341,174 ) ( 278,221 ) Drilling and other property and equipment, net $ 1,139,802 $ 1,156,368

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	6. Long-Term Debt At June 30, 2024 and December 31, 2023, the carrying value of our long-term debt, net of unamortized debt issuance costs, was comprised as follows (in thousands): June 30, December 31, 2024 2023 $ 550 Million Senior Secured Second Lien Notes due 2030 $ 534,480 $ 533,514 Second Lien Notes On September 21, 2023, Diamond Foreign Asset Company a nd 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 $ 15.5 million and $ 16.5 million, at June 30, 2024 and December 31, 2023, respectively. At June 30, 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 is scheduled to 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 June 30, 2024 and August 5, 2024, we had no borrowings outstanding under the RCF. As of August 5, 2024, approximately $ 300.0 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. During the second quarter of 2024, we utilized $ 1.9 million of this facility for the issuance of a le tter of credit, which will expire in May 2025. At June 30, 2024, we were in compliance with all covenants under the Second Lien Notes and the RCF.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 $ 10.9 million and $ 12.7 million liability at June 30, 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 exceeds 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 June 30, 2024 , our estimated liability for personal injury claims was $ 21.3 million, of which $ 15.9 million and $ 5.4 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 June 30, 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 $ 25.8 million annually. Total future co mmitments are projected to be $ 82.0 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 June 30, 2024, an aggregate of $ 12.8 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. The entire amount had been cash collateralized as of June 30, 2024.

Ocean GreatWhite Insurance Clai

Ocean GreatWhite Insurance Claim	6 Months Ended
	Jun. 30, 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. We have recovered the LMRP from the seabed and the Ocean GreatWhite resumed operations under the rig’s drilling contract in early July 2024. As of the date of this report, we have incurred $ 51.7 million of incremental recovery and repair costs related to the Ocean GreatWhite , including $ 4.2 million in capitalized costs. At June 30, 2024, we had retired assets with an aggregate net book value of $ 4.4 million as a result of the incident. 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. As of June 30, 2024, we had received insurance proceeds of $ 20.0 million. Our insurance receivable related to the claim was $ 21.7 million at June 30, 2024. However, we cannot fully predict the extent of such insurance coverage or the timing of such claims. 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	6 Months Ended
	Jun. 30, 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) $ 9,327 $ 238,783 Weighted average shares – basic (denominator): 102,542 101,487 Dilutive effect of stock-based awards 2,546 2,749 Weighted average shares including conversions – diluted (denominator) 105,088 104,236 Six Months Ended 2024 2023 Net income – basic and diluted numerator $ 20,939 $ 246,012 Weighted average shares – basic (denominator): 102,491 101,409 Dilutive effect of stock-based awards 2,436 2,682 Weighted average shares including conversions – diluted (denominator) 104,927 104,091 The computation of EPS for the three-month and six-month periods ended June 30, 2024 excluded non-vested stock-based awards of 335,614 shares and 309,798 shares, res pecti vely, as the inclusion of such would have been antidilutive for the periods. The computation of EPS for the three-month and six-month periods ended June 30, 2023 excluded non-vested stock-based awards of 431,241 shares and 391,744 shares, respectively. As of June 30, 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). The 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2024 Total Revenues Total United States $ 134,728 $ 5,459 $ 140,187 United Kingdom 34,535 1,833 36,368 Brazil 27,712 2,123 29,835 Senegal 23,388 — 23,388 Australia 19,866 3,242 23,108 Total $ 240,229 $ 12,657 $ 252,886 Six Months Ended June 30, 2024 Total Revenues Total United States $ 281,203 $ 12,787 $ 293,990 United Kingdom 52,434 7,475 59,909 Brazil 49,958 — 49,958 Senegal 60,332 3,649 63,981 Australia 55,072 4,586 59,658 Total $ 498,999 $ 28,497 $ 527,496 Three Months Ended June 30, 2023 Total Revenues Total United States $ 129,929 $ 8,531 $ 138,460 United Kingdom 59,841 4,592 64,433 Brazil 21,068 — 21,068 Senegal 53,864 2,527 56,391 Australia 288 923 1,211 Total $ 264,990 $ 16,573 $ 281,563 Six Months Ended June 30, 2023 Total Revenues Total United States $ 234,510 $ 21,089 $ 255,599 United Kingdom 77,543 5,652 83,195 Brazil 41,728 — 41,728 Senegal 105,995 5,708 111,703 Australia 19,597 1,762 21,359 Total $ 479,373 $ 34,211 $ 513,584

General Information (Policies)

General Information (Policies)	6 Months Ended
	Jun. 30, 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 that 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 June 30, 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 Valiant as “Asset held for sale” in our unaudited Condensed Consolidated Balance Sheets at June 30, 2024.
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)	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2024 2023 Trade receivables $ 197,169 $ 253,367 Current contract assets (1) 3,638 2,575 Current contract liabilities (deferred revenue) (1) ( 18,592 ) ( 12,634 ) Noncurrent contract liabilities (deferred revenue) (1) ( 3,281 ) ( 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 — 5,596 Increase due to cash received, excluding amounts recognized as revenue during the period — ( 10,888 ) Increase due to revenue recognized during the period but contingent on future performance 1,464 — Decrease due to transfer to receivables during the period ( 323 ) — Adjustments ( 78 ) — Balance as of June 30, 2024 $ 3,638 $ ( 21,873 )
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 June 30, 2024 (in thousands): For the Year Ending December 31, 2024 (1) 2025 2026 2027 Total Mobilization and contract preparation revenue $ ( 2,707 ) $ ( 1,336 ) $ ( 1,336 ) $ ( 1,271 ) $ ( 6,650 ) Capital modification revenue ( 2,324 ) — — — ( 2,324 ) Blended rate/other revenue ( 10,161 ) ( 2,738 ) — — ( 12,899 ) Total $ ( 15,192 ) $ ( 4,074 ) $ ( 1,336 ) $ ( 1,271 ) $ ( 21,873 ) (1) Represents the six -month period beginning July 1, 2024.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2024 2023 Trade receivables $ 197,169 $ 253,367 Insurance claim receivable (1) 21,693 — Value added tax receivables 6,744 5,256 Related party receivables 96 155 Other 681 1,346 226,383 260,124 Allowance for credit losses (2) ( 5,715 ) ( 5,801 ) Total $ 220,668 $ 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 June 30, 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): June 30, December 31, 2024 2023 Collateral deposit $ 13,735 $ 11,857 Deferred contract costs 10,571 20,552 Prepaid taxes 9,951 10,868 Rig spare parts and supplies 8,527 4,694 Prepaid insurance 5,215 3,437 Current contract assets 3,638 2,575 Software maintenance agreements and subscriptions 2,237 1,408 Prepaid rig costs 1,463 3,668 Deferred survey costs 1,401 1,418 Other 4,862 2,935 Total $ 61,600 $ 63,412
Accrued Liabilities	Accrued liabilities consist of the following (in thousands): June 30, December 31, 2024 2023 Rig operating costs $ 47,364 $ 42,893 Contract advances 31,687 63,618 Payroll and benefits 29,972 35,215 Deferred revenue 18,592 12,634 Interest payable 11,700 13,013 Current operating lease liability 7,958 8,436 Accrued capital project/upgrade costs 6,221 10,766 Personal injury and other claims 5,487 7,391 Shorebase and administrative costs 4,890 5,699 Deposit for equipment sale 580 1,977 Other 276 1,694 Total $ 164,727 $ 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): Six Months Ended 2024 2023 Accrued but unpaid capital expenditures at period end $ 6,221 $ 12,209 Common stock withheld for payroll tax obligations (1) 1,317 734 Cash interest payments 25,460 19,352 Cash income taxes paid, net of (refunds): Foreign 3,223 3,147 U.S. Federal 2,472 ( 5,744 ) State — 1 (1) Represents the cost o f 98,928 and 62,597 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 six-month periods ended June 30, 2024 and June 30, 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)	6 Months Ended
	Jun. 30, 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). June 30, 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) $ 79,866 $ — $ — $ 79,866 $ — Liability-classified restricted stock units (2) $ ( 1,511 ) $ — $ — $ ( 1,511 ) $ ( 243 ) 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 restricted stock units (2) $ ( 1,259 ) $ — $ — $ ( 1,259 ) $ ( 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). June 30, 2024 December 31, 2023 Fair Value Carrying Value Fair Value Carrying Value Second Lien Notes $ 575.2 $ 550.0 $ 562.6 $ 550.0

Drilling and Other Property a_2

Drilling and Other Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2024 2023 Drilling rigs and equipment $ 1,290,755 $ 1,244,798 Finance lease right of use asset 174,571 174,571 Land and buildings 10,098 10,040 Office equipment and other 5,552 5,180 Cost 1,480,976 1,434,589 Less: accumulated depreciation ( 341,174 ) ( 278,221 ) Drilling and other property and equipment, net $ 1,139,802 $ 1,156,368

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of Carrying Value of Long-term Debt, Net of Unamortized Discount, Premium and Debt Issuance Costs	At June 30, 2024 and December 31, 2023, the carrying value of our long-term debt, net of unamortized debt issuance costs, was comprised as follows (in thousands): June 30, December 31, 2024 2023 $ 550 Million Senior Secured Second Lien Notes due 2030 $ 534,480 $ 533,514

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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) $ 9,327 $ 238,783 Weighted average shares – basic (denominator): 102,542 101,487 Dilutive effect of stock-based awards 2,546 2,749 Weighted average shares including conversions – diluted (denominator) 105,088 104,236 Six Months Ended 2024 2023 Net income – basic and diluted numerator $ 20,939 $ 246,012 Weighted average shares – basic (denominator): 102,491 101,409 Dilutive effect of stock-based awards 2,436 2,682 Weighted average shares including conversions – diluted (denominator) 104,927 104,091

Segments and Geographic Area _2

Segments and Geographic Area Analysis (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 Total Revenues Total United States $ 134,728 $ 5,459 $ 140,187 United Kingdom 34,535 1,833 36,368 Brazil 27,712 2,123 29,835 Senegal 23,388 — 23,388 Australia 19,866 3,242 23,108 Total $ 240,229 $ 12,657 $ 252,886 Six Months Ended June 30, 2024 Total Revenues Total United States $ 281,203 $ 12,787 $ 293,990 United Kingdom 52,434 7,475 59,909 Brazil 49,958 — 49,958 Senegal 60,332 3,649 63,981 Australia 55,072 4,586 59,658 Total $ 498,999 $ 28,497 $ 527,496 Three Months Ended June 30, 2023 Total Revenues Total United States $ 129,929 $ 8,531 $ 138,460 United Kingdom 59,841 4,592 64,433 Brazil 21,068 — 21,068 Senegal 53,864 2,527 56,391 Australia 288 923 1,211 Total $ 264,990 $ 16,573 $ 281,563 Six Months Ended June 30, 2023 Total Revenues Total United States $ 234,510 $ 21,089 $ 255,599 United Kingdom 77,543 5,652 83,195 Brazil 41,728 — 41,728 Senegal 105,995 5,708 111,703 Australia 19,597 1,762 21,359 Total $ 479,373 $ 34,211 $ 513,584

General Information - Additiona

General Information - Additional Information (Detail) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 09, 2024 $ / shares
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash, nature of restriction, description	We maintain a restricted cash bank account that is subject to restrictions pursuant to a management services agreement with an offshore drilling company.
Noble Corporation plc [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Business combination price per share | $ / shares		$ 5.65
Business combination share exchange ratio		0.2316
Ocean Valiant [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		Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade receivables		$ 197,169	$ 253,367
Current contract assets	[1]	3,638	2,575
Current contract liabilities (deferred revenue)	[1]	(18,592)	(12,634)
Noncurrent contract liabilities (deferred revenue)	[1]	$ (3,281)	$ (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	6 Months Ended
	Jun. 30, 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	5,596
Increase due to cash received, excluding amounts recognized as revenue during the period	(10,888)
Increase due to revenue recognized during the period but contingent on future performance	1,464
Decrease due to transfer to receivables during the period	(323)
Adjustments	(78)
Contract assets at end of period	3,638
Contract liabilities at end of period	$ (21,873)

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	Jun. 30, 2024 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ (21,873)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	6 months
Revenue remaining performance obligation	$ (15,192)	[1]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue remaining performance obligation	$ (4,074)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue remaining performance obligation	$ (1,336)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
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	(6,650)
Mobilization And Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(2,707)	[1]
Mobilization And Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(1,336)
Mobilization And Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(1,336)
Mobilization And Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
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	(2,324)
Capital Modification Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(2,324)	[1]
Blended rate/other revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(12,899)
Blended rate/other revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(10,161)
Blended rate/other revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ (2,738)
[1] Represents the six -month period beginning July 1, 2024.

Supplemental Financial Inform_3

Supplemental Financial Information - Accounts Receivable, Net of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Trade receivables		$ 197,169	$ 253,367
Insurance claim receivable	[1]	21,693	0
Value added tax receivables		6,744	5,256
Other		681	1,346
Receivables Gross Current, Total		226,383	260,124
Allowance for credit losses	[2]	(5,715)	(5,801)
Accounts receivable, net		220,668	254,323
Related Party [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Related party receivables		$ 96	$ 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 June 30, 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		Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Collateral deposit		$ 13,735	$ 11,857
Deferred contract costs		10,571	20,552
Prepaid taxes		9,951	10,868
Rig spare parts and supplies		8,527	4,694
Prepaid Insurance		5,215	3,437
Current contract assets	[1]	3,638	2,575
Software maintenance agreements and subscriptions		2,237	1,408
Prepaid rig costs		1,463	3,668
Deferred survey costs		1,401	1,418
Other		4,862	2,935
Total		$ 61,600	$ 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		Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Rig operating costs		$ 47,364	$ 42,893
Contract advances		31,687	63,618
Payroll and benefits		29,972	35,215
Deferred revenue	[1]	18,592	12,634
Interest payable		11,700	13,013
Current operating lease liability		7,958	8,436
Accrued capital project/upgrade costs		6,221	10,766
Personal injury and other claims		5,487	7,391
Shorebase and administrative costs		4,890	5,699
Deposit for equipment sale		580	1,977
Other		276	1,694
Total		$ 164,727	$ 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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Condensed Financial Statements, Captions [Line Items]
Accrued but unpaid capital expenditures at period end	$ 6,221	$ 12,209
Common stock withheld for payroll tax obligations	1,317	734
Cash interest payments	25,460	19,352
Foreign [Member]
Cash income taxes paid, net of (refunds):
Cash income taxes paid, net of refunds	3,223	3,147
Domestic [Member]
Cash income taxes paid, net of (refunds):
Cash income taxes paid, net of refunds	2,472	(5,744)
State [Member]
Cash income taxes paid, net of (refunds):
Cash income taxes paid, net of refunds	$ 0	$ 1

Supplemental Financial Inform_7

Supplemental Financial Information - Noncash Operating, Investing and Financing Activities (Detail) (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock [Member]
Condensed Financial Statements, Captions [Line Items]
Number of shares of common stock withheld	98,928	62,597

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Trade receivables past due		$ 6,200
Trade receivables reserved for previous years		5,500
Trade receivables remaining past due		700
Estimate of credit losses		300	$ 300
Allowance for credit losses	[1]	$ 5,715	$ 5,801
[1] The allowance for credit losses at June 30, 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	6 Months Ended	12 Months Ended
	Jun. 30, 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	$ 79,866	$ 92,308
Liability-classified restricted stock units	(1,511)	(1,259)
Total Losses	(243)	(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	79,866	92,308
Liability-classified restricted stock units	$ (1,511)	$ (1,259)

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	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 575.2	$ 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	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,480,976	$ 1,434,589
Less: accumulated depreciation	(341,174)	(278,221)
Drilling and other property and equipment, net	1,139,802	1,156,368
Drilling Rigs and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	1,290,755	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	10,098	10,040
Office Equipment and Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 5,552	$ 5,180

Long-Term Debt - Second Lien No

Long-Term Debt - Second Lien Notes - Additional Information (Details) - Second Lien Notes [Member] - USD ($) $ in Millions		6 Months Ended	12 Months Ended
	Sep. 21, 2023	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt issuance costs		$ 15.5	$ 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	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total Exit Debt, net	$ 534,480	$ 533,514
Second Lien Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Total Exit Debt, net	$ 534,480	$ 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	Jun. 30, 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 ($)		6 Months Ended
	Aug. 05, 2024	Jun. 30, 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	$ 300,000,000
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 ($)	1 Months Ended	6 Months Ended
	Feb. 29, 2016	Jun. 30, 2024	Dec. 31, 2023
Contingencies And Commitments [Line Items]
Estimated sales tax and related penalties and interest		$ 10,900,000	$ 12,700,000
Range of deductible for liability coverage for personal injury claims, upper limit		100,000,000
Purchase Obligations		0
Maximum [Member]
Contingencies And Commitments [Line Items]
Range of deductible for liability coverage for personal injury claims, upper limit		2,500,000
Minimum [Member]
Contingencies And Commitments [Line Items]
Range of deductible for liability coverage for personal injury claims, upper limit		1,000,000
Personal Injury Claims [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		21,300,000	14,600,000
Total Contingent Liabilities Under Letters of Credit and Bonds [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds		12,800,000
Services Agreement [Member]
Contingencies And Commitments [Line Items]
Maturity of service arrangement	10 years
Annual payments due under service agreement		25,800,000
Total remaining payments due under service agreement		82,000,000
Consumables and Capital Spare Parts [Member]
Contingencies And Commitments [Line Items]
Total remaining payments due under service agreement		37,000,000
Accrued Liabilities [Member] | Personal Injury Claims [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		15,900,000	7,400,000
Other Liabilities [Member] | Personal Injury Claims [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		$ 5,400,000	$ 7,200,000

Ocean GreatWhite Insurance Cl_2

Ocean GreatWhite Insurance Claim - Additional Information (Detail) - Hull and Machinery Insurance Policy [Member] $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Business Interruption Loss [Line Items]
Repairs and maintenance cost	$ 51.7
Capital expenditures	4.2
Retired assets with an aggregate net book value	4.4
Incremental cost and other deductable amounts	10
Insurance settlements receivable	20
Insurance receivable claim	$ 21.7
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 ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ 9,327	$ 238,783	$ 20,939	$ 246,012
Weighted average shares - basic (denominator):	102,542	101,487	102,491	101,409
Dilutive effect of stock-based awards	2,546	2,749	2,436	2,682
Weighted average shares including conversions - diluted (denominator)	105,088	104,236	104,927	104,091

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Exercise period of warrant	$ 29.22		$ 29.22
Warrants outstanding	7,500,000		7,500,000
Maturity date of warrant	Apr. 23, 2026		Apr. 23, 2026
Non-vested stock-based awards	335,614	431,241	309,798	391,744

Segments and Geographic Area _3

Segments and Geographic Area Analysis - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 252,886	$ 281,563	$ 527,496	$ 513,584
Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	240,229	264,990	498,999	479,373
Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	12,657	16,573	28,497	34,211
United States [Member]
Segment Reporting Information [Line Items]
Total revenues	140,187	138,460	293,990	255,599
United States [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	134,728	129,929	281,203	234,510
United States [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	5,459	8,531	12,787	21,089
United Kingdom [Member]
Segment Reporting Information [Line Items]
Total revenues	36,368	64,433	59,909	83,195
United Kingdom [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	34,535	59,841	52,434	77,543
United Kingdom [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	1,833	4,592	7,475	5,652
Brazil [Member]
Segment Reporting Information [Line Items]
Total revenues	29,835	21,068	49,958	41,728
Brazil [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	27,712	21,068	49,958	41,728
Brazil [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	2,123	0	0	0
Senegal [Member]
Segment Reporting Information [Line Items]
Total revenues	23,388	56,391	63,981	111,703
Senegal [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	23,388	53,864	60,332	105,995
Senegal [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	0	2,527	3,649	5,708
Australia [Member]
Segment Reporting Information [Line Items]
Total revenues	23,108	1,211	59,658	21,359
Australia [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	19,866	288	55,072	19,597
Australia [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 3,242	$ 923	$ 4,586	$ 1,762