Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure [Table]

Pay vs Performance [Table Text Block]

2022 Pay Versus Performance

As required by Item 402(v) of Regulation

S-K,

e providing the following information about the relationship between executive compensation actually paid and certain measurements of our compan

’s financial performance.


													Value of Initial Fixed $100 Investment Based on:
Year	Summary Compensation Table Total for PEO ($)(1) (Bernie Wolford, Jr.)		Compensation Actually Paid to PEO ($)(2) (Bernie Wolford, Jr.)		Summary Compensation Table Total for PEO ($)(3) (Marc Edwards)		Compensation Actually Paid to PEO ($)(4) (Marc Edwards)		Average Summary Compensation Table Total for Non-PEO NEOs ($)(5)		Average Compensation Actually Paid to Non-PEO NEOs ($)(6)		Total Shareholder Return($)(7)		Peer Group Total Shareholder Return($)(7)		Net Income (Loss) (millions)($)(8)			Adjusted EBITDA (millions) ($)(9)

2022		3,698,422		12,598,202		—		—		1,338,787		2,452,251		138.67		108.19		(103	)		35
2021		8,203,466		1,926,806		9,099,682		9,099,682		2,617,028		1,570,805		—		—		(2,139	)		(323	)
2020		—		—		7,077,198		4,309,224		1,471,624		1,167,621		—		—		(1,255	)		(823	)

(1)	During 2022, our CEO was Bernie Wolford, Jr. Mr. Wolford was appointed as our President and CEO on May 7, 2021.

(2)	The adjustments for calculating Compensation Actually Paid to Mr. Wolford are as follows:


Adjustments to Determine Compensation Actually Paid to Bernie Wolford, Jr.	2022			2021			2020
Summary Compensation Table (or SCT) Total for PEO		3,698,422			8,203,466			—

Deduction for Amounts Reported under the Stock Awards Column in our SCT		(2,348,784	)		(7,303,326	)		—
Increase for Fair Value as of Year-end of Awards Granted during the Year that Remain Unvested as of Year- end		4,037,524			684,444			—
Increase for Fair Value as of the Vesting Date of Awards Granted during the Year that Vest during the Year		—			342,222			—
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to the Year that were Outstanding and Unvested as of Year-end		743,996			—			—
Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of Awards Granted Prior to the Year that Vested during the Year		6,467,045			—			—
Total Adjustments		8,899,780			(6,276,660	)		—
Compensation Actually Paid to PEO		12,598,202			1,926,806			—

(3)	During 2020 and until his resignation on April 23, 2021, our CEO was Marc Edwards.

(4)	The adjustments for calculating Compensation Actually Paid t o Mr. Edwards are as follows:


Adjustments to Determine Compensation Actually Paid to Marc Edwards	2022		2021		2020
SCT Total for PEO		—		9,099,682	7,077,198
Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of Awards Granted Prior to the Year that Vested during the Year		—		—	(748,109	)
Deduction of Fair Value of Awards Granted Prior to the Year that were Forfeited during the Year		—		—	(2,019,865	)
Total Adjustments		—		—	(2,767,974	)
Compensation Actually Paid to PEO		—		9,099,682	4,309,224

(5)	During 2022, our non-PEO NEOs were Dominic A. Savarino and David L. Roland . During 2020 and 2021, our non-PEO NEOs were Mr. Savarino, Mr. Roland, Ronald Woll and Scott L. Kornblau.

(6)	The adjustments for calculating Average Compensation Actually Paid to the non-PEO NEOs are as follows:


Adjustments to Determine Average Compensation Actually Paid to Non-PEO NEOs	2022			2021			2020
Average SCT Total for Non-PEO NEOs		1,338,787			2,617,028			1,471,624

Deduction for Amounts Reported under the Stock Awards Column in the SCT		(1,247,791	)		(5,579,061	)		—
Increase for Fair Value as of Year-end of Awards Granted during the Year that Remain Unvested as of Year- end		2,144,932			1,394,168
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to the Year that were Outstanding and Unvested as of Year-end		1,162,803			—			—
Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of Awards Granted Prior to the Year that Vested during the Year		166,984			—			(257,297	)
Deduction of Fair Value of Awards Granted Prior to the Year that were Forfeited during the Year		—			—			(958,715	)
Total Adjustments		2,226,928			(4,184,893	)		(1,216,012	)
Number of Non-PEO NEOs		2			4			4
Average Adjustment per Non-PEO NEO		1,113,464			(1,046,223	)		(304,003	)
Average Compensation Actually Paid to Non-PEO NEOs		2,452,251			1,570,805			1,167,621

(7)

The calculation is based on a fixed investment of $100 from the beginning of the measurement period, assuming reinvestment of dividends. In the above table, we used the Dow Jones U.S. Oil Equipment & Services Index for our Peer Group Total Shareholder Return. Prior to filing for Chapter 11 reorganization on April 26, 2020, our common stock traded on the NYSE. As a result of our Chapter 11 filing, the NYSE removed our common stock from trading on April 27, 2020, and then delisted our common stock. Upon our emergence from Chapter 11 reorganization on April 23, 2021, our common stock outstanding immediately before our emergence was canceled and our new post-emergence common stock was not registered under Section 12 of the Exchange Act. We relisted our new post-emergence common stock on the NYSE effective March 30, 2022. As a result, our Total Shareholder Return and Peer Group Total Shareholder Return for 2022 in the above table is limited to the period from March 30, 2022 through December 31, 2022 and we cannot report a Total Shareholder Return for 2021 or 2020. To ensure a consistent comparison, we also limited the Peer Group Total Shareholder Return for 2022 in the above table to the period from March 30, 2022 through December 31, 2022 and we did not report a Peer Group Total Shareholder Return for 2021 or 2020.

(8)

We emerged from our Chapter 11 reorganization on April 23, 2021. Upon emergence from bankruptcy, we met the criteria for and were required to adopt fresh start accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 852,

Reorganizations

, which on our emergence date resulted in a new entity for financial reporting purposes, with no beginning retained earnings or deficit as of the fresh start reporting date. Fresh start accounting requires that new fair values be established for our assets, liabilities and equity as of the emergence date. The emergence date fair values of our assets and liabilities differ materially from their recorded values as reflected on our historical balance sheets prior to the emergence. In addition, as a result of the application of fresh start accounting and the effects of the implementation of our

Joint Plan,

the financial statements for the period after April 23, 2021 are not comparable with the financial statements prior to and including April 23, 2021. References to “Successor” in these footnotes refer to our company and its financial position and results of operations from April 24, 2021 to December 31, 2021, and the year ended December 31, 2022, and references to “Predecessor” refer to our company and its financial position and results of operations from January 1, 2021 to April 23, 2021 and the year ended December 31, 2020. See Note 3 “Fresh Start Accounting” to our Consolidated Financial Statements included in Item 8 of our Annual Report on Form

10-K

for the year ended December 31, 2021. The Predecessor’s Net Income (Loss) in 2021 was $(1,961,989,000), and the Successor’s Net Income (Loss) in 2021 was $(177,344,000). For purposes of reporting Net Income (Loss) for 2021 in the above table, we have combined the Net Loss of the Predecessor in 2021 with the Net Loss of the Successor in 2021.

(9)

See Footnote (8) above regarding adoption of fresh start accounting after our emergence from our Chapter 11 reorganization on April 23, 2021. The Predecessor’s adjusted earnings before interest, taxes, depreciation and amortization (or Adjusted EBITDA) in 2021 was $(239,787,000), and the Successor’s Adjusted EBITDA in 2021 was $(83,700,000). For purposes of reporting Adjusted EBITDA for 2021 in the above table, we have combined the Adjusted EBITDA of the Predecessor in 2021 with the Adjusted EBITDA of the Successor in 2021. Adjusted EBITDA is a financial measure that does not conform with generally accepted accounting principles in the United States (or GAAP). We

believe that this

non-GAAP

financial measure provides meaningful information about our performance by excluding certain items that may not be indicative of our ongoing operating results. This allows investors and others to better compare our financial results across previous and subsequent accounting periods and to those of peer companies and to better understand our long-term performance. Non-GAAP financial measures should be considered a supplement to, and not as a substitute for, or superior to, contract drilling revenue, contract drilling expense, operating income or loss, cash flows from operations or other measures of financial performance prepared in accordance with GAAP. The following table summarizes how Adjusted EBITDA is calculated from Loss Before Income Tax Benefit (Expense) as reported in our audited financial statements.


Reconciliation of Loss Before Income Tax Benefit (Expense) to Adjusted EBITDA (in thousands)
	Successor			Successor			Predecessor			Combined			Predecessor
	Year Ended 12/31/2022			Period 04/24/2021 through 12/31/2021			Period 01/01/2021 through 04/23/2021			Year Ended 12/31/2021			Year Ended 12/31/2020
As reported Loss Before Income Tax (Expense) Benefit		(105,606	)		(175,690	)		(2,001,393	)		(2,177,083	)		(1,276,090	)
Interest expense		40,423			26,180			34,827			61,007			42,585
Interest income		(18	)		(3	)		(30	)		(33	)		(484	)
Foreign currency transaction gain		3,023			997			172			1,169			4,498
Depreciation		103,478			68,504			92,758			161,262			320,085
Gain on disposition of assets		(4,895	)		(1,024	)		(5,486	)		(6,510	)		(7,375	)
Other, net		(1,267	)		(10,752	)		(398	)		(11,150	)		(560	)
Restructuring and separation costs		—			—			—			—			17,724
Reorganization costs		—			8,088			1,639,763			1,647,851			76,910
Adjusted EBITDA		35,138			(83,700	)		(239,787	)		(323,487	)		(822,707	)

Company Selected Measure Name

Adjusted EBITDA

Named Executive Officers, Footnote [Text Block]

During 2022, our

non-PEO

NEOs were

Dominic A. Savarino

and

David L. Roland

. During 2020 and 2021, our

non-PEO

NEOs were Mr. Savarino, Mr. Roland, Ronald Woll and Scott L. Kornblau.

Peer Group Issuers, Footnote [Text Block]

Upon our emergence from Chapter 11 reorganization on April 23, 2021, our common stock outstanding immediately before our emergence was canceled and our new post-emergence common stock was not registered under Section 12 of the Exchange Act. We relisted our new post-emergence common stock on the NYSE effective March 30, 2022. As a result, our Total Shareholder Return and Peer Group Total Shareholder Return for 2022 in the above table is limited to the period from March 30, 2022 through December 31, 2022 and we cannot report a Total Shareholder Return for 2021 or 2020. To ensure a consistent comparison, we also limited the Peer Group Total Shareholder Return for 2022 in the above table to the period from March 30, 2022 through December 31, 2022 and we did not report a Peer Group Total Shareholder Return for 2021 or 2020.

Adjustment To PEO Compensation, Footnote [Text Block]


Adjustments to Determine Compensation Actually Paid to Bernie Wolford, Jr.	2022			2021			2020
Summary Compensation Table (or SCT) Total for PEO		3,698,422			8,203,466			—

Deduction for Amounts Reported under the Stock Awards Column in our SCT		(2,348,784	)		(7,303,326	)		—
Increase for Fair Value as of Year-end of Awards Granted during the Year that Remain Unvested as of Year- end		4,037,524			684,444			—
Increase for Fair Value as of the Vesting Date of Awards Granted during the Year that Vest during the Year		—			342,222			—
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to the Year that were Outstanding and Unvested as of Year-end		743,996			—			—
Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of Awards Granted Prior to the Year that Vested during the Year		6,467,045			—			—
Total Adjustments		8,899,780			(6,276,660	)		—
Compensation Actually Paid to PEO		12,598,202			1,926,806			—


Adjustments to Determine Compensation Actually Paid to Marc Edwards	2022		2021		2020
SCT Total for PEO		—		9,099,682	7,077,198
Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of Awards Granted Prior to the Year that Vested during the Year		—		—	(748,109	)
Deduction of Fair Value of Awards Granted Prior to the Year that were Forfeited during the Year		—		—	(2,019,865	)
Total Adjustments		—		—	(2,767,974	)
Compensation Actually Paid to PEO		—		9,099,682	4,309,224

Non-PEO NEO Average Total Compensation Amount

$ 1,338,787

$ 2,617,028

$ 1,471,624

Non-PEO NEO Average Compensation Actually Paid Amount

$ 2,452,251

1,570,805

1,167,621

Adjustment to Non-PEO NEO Compensation Footnote [Text Block]


Adjustments to Determine Average Compensation Actually Paid to Non-PEO NEOs	2022			2021			2020
Average SCT Total for Non-PEO NEOs		1,338,787			2,617,028			1,471,624

Deduction for Amounts Reported under the Stock Awards Column in the SCT		(1,247,791	)		(5,579,061	)		—
Increase for Fair Value as of Year-end of Awards Granted during the Year that Remain Unvested as of Year- end		2,144,932			1,394,168
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to the Year that were Outstanding and Unvested as of Year-end		1,162,803			—			—
Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of Awards Granted Prior to the Year that Vested during the Year		166,984			—			(257,297	)
Deduction of Fair Value of Awards Granted Prior to the Year that were Forfeited during the Year		—			—			(958,715	)
Total Adjustments		2,226,928			(4,184,893	)		(1,216,012	)
Number of Non-PEO NEOs		2			4			4
Average Adjustment per Non-PEO NEO		1,113,464			(1,046,223	)		(304,003	)
Average Compensation Actually Paid to Non-PEO NEOs		2,452,251			1,570,805			1,167,621