XML 56 R34.htm IDEA: XBRL DOCUMENT v3.24.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Performance-Vested Restricted Stock Awards, Validation Assumptions The assumptions used to value the PVRSUs include historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows, for the respective grant dates:
Year EndedPeriod from
February 6, 2021
through December 31, 2021
December 31, 2023December 31, 2022
 February 3,
2023		February 3,
2022		February 19,
2021		October 1,
2021		December 1,
2021
Valuation assumptions   
Expected volatility83.0 %74.8 %50.0 %92.2 %95.1 %
Expected dividend yield— %— %— %— %— %
Risk-free interest rate3.96 %1.42 %0.19 %0.33 %0.58 %
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
A summary of the RSUs awarded during the periods indicated is as follows:
Year EndedPeriod from
February 6, 2021
through December 31, 2021
December 31, 2023December 31, 2022
Equity-classified TVRSU  
Units awarded 384,480 988,750 1,735,843 
Weighted-average share price at award date$39.54 $27.85 $16.68 
Weighted-average vesting period (years)2.902.942.94
Liability-classified TVRSU
Units awarded12,574 20,120 52,364 
Weighted-average share price at award date$39.45 $31.25 16.76
Weighted-average vesting period (years)1.001.002.81
PVRSU
Units awarded 223,635 295,372 1,457,842 
Weighted-average share price at award date$39.31 $25.57 $16.74 
Three-year performance period end date December 31202520242023
Weighted-average award date fair value$59.01 $35.77 $20.82 
A summary of the status of non-vested RSUs at December 31, 2023 and 2022, and changes for the years then ended is presented below:
Equity-Classified TVRSUs
Outstanding		Weighted
Average
Award-Date
Fair Value
PVRSUs
Outstanding (1) (2)
Weighted
Average
Award-Date
Fair Value
Non-vested RSUs at December 31, 20211,669,762 $16.69 1,457,842 $20.82 
Awarded (3)
988,750 27.85 295,372 35.77 
Vested (4)
(1,050,086)21.35 — — 
Forfeited(68,876)20.39 — — 
Non-vested RSUs at December 31, 20221,539,550 $20.51 1,753,214 $23.34 
Awarded384,480 39.54 223,635 59.01 
Vested
(719,871)20.26 (1,461,236)20.91 
Forfeited(19,281)30.93 — — 
Non-vested RSUs at December 31, 20231,184,878 $26.64 515,613 $45.70 
(1)For awards granted during 2023, the number of PVRSUs shown equals the shares that would vest if the “target” level of performance is achieved. The minimum number of convertible shares is zero and the “maximum” level of performance is 200% of the amounts shown.
(2)For awards granted during 2022, the minimum number of convertible shares is 36,929 and the “maximum” level of performance is 179% of the amounts shown.
(3)Includes approximately 477,785 shares of outstanding TVRSUs that were assumed upon the acquisition of Maersk Drilling. The weighted average grant date fair value on the date of assumption was approximately $29.84 per share.
(4)Includes approximately 336,993 shares of outstanding TVRSUs that vested upon the acquisition of Maersk Drilling. The weighted average vested share price on the date of vesting was approximately $29.84 per share.
A summary of the status of non-vested RSUs at February 5, 2021, and changes during the period from January 1 through February 5, 2021, is presented below:
TVRSUs
Outstanding		Weighted
Average
Award-Date
Fair Value
PVRSUs
Outstanding (1)
Weighted
Average
Award-Date
Fair Value
Non-vested RSUs at January 1, 2021 (Predecessor)2,362,500 $3.43 3,163,113 $3.22 
Awarded— — — — 
Vested(61,050)5.46 — — 
Forfeited or cancelled(2,301,450)3.37 (3,163,113)3.22 
Non-vested RSUs at February 5, 2021 (Predecessor)— $— — $— 
(1)For awards granted during 2020, the number of PVRSUs shown equals the shares that would vest if the “target” level of performance was achieved. The minimum number of convertible shares was zero and the “maximum” level of performance was 200% of the amounts shown.
Share-based Payment Arrangement, Option, Activity A summary of the status of stock options granted under the 1991 Plan and the changes during the period ended on February 5, 2021, are presented below:
 February 5, 2021
Number of
Shares
Underlying
Options		Weighted
Average
Exercise
Price
Outstanding at beginning of period556,155 $30.39 
Exercised— — 
Expired or cancelled(556,155)30.39 
Spin-off adjustment— — 
Outstanding at end of period— 
Exercisable at end of period— $—