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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating revenues      
Operating revenues $ 3,057,818 $ 2,589,018 $ 1,413,847
Operating costs and expenses      
Depreciation and amortization 428,626 301,345 146,879
General and administrative 140,499 128,413 82,177
Merger and integration costs 109,424 60,335 84,668
(Gain) loss on sale of operating assets, net (17,357) 0 (90,230)
Hurricane losses and (recoveries), net 0 (19,703) 60
Total operating costs and expenses 2,453,835 2,014,313 1,185,077
Operating income (loss) 603,983 574,705 228,770
Other income (expense)      
Interest expense, net of amounts capitalized (94,211) (59,139) (42,722)
Gain (loss) on extinguishment of debt, net 0 (26,397) (8,912)
Interest income and other, net (17,438) 18,069 14,365
Gain on bargain purchase 0 5,005 0
Income (loss) before income taxes 492,334 512,243 191,501
Income tax benefit (provision) (43,981) (30,341) (22,553)
Net income (loss) $ 448,353 $ 481,902 $ 168,948
Basic earnings (loss) per share (usd per share) $ 3.01 $ 3.48 $ 1.99
Diluted earnings (loss) per share (usd per share) $ 2.96 $ 3.32 $ 1.73
Weighted Average Shares Outstanding      
Basic (in shares) 148,733 138,380 85,055
Diluted (in shares) 151,639 145,197 97,607
Contract drilling services      
Operating revenues      
Operating revenues $ 2,918,767 $ 2,461,715 $ 1,332,841
Operating costs and expenses      
Cost of services 1,687,164 1,452,281 897,096
Reimbursables and other      
Operating revenues      
Operating revenues 139,051 127,303 81,006
Operating costs and expenses      
Cost of services $ 105,479 $ 91,642 $ 64,427