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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
2023 Pay Versus Performance
As required by Item 402(v) of Regulation
S-K,
we are providing the following information about the relationship between executive compensation actually paid and certain measurements of our company’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)
  
2023
     5,229,638       7,019,650       —        —        1,824,840       2,593,463       173.33       109.93       (45 )      158  
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 2023 and 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.
   
2023
    
2022
    
2021
    
2020
  
Summary Compensation Table (or SCT) Total for PEO
      5,229,638       3,698,422       8,203,466       —   
Deduction for Amounts Reported under the Stock Awards Column in our SCT
      (3,823,480 )      (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
      4,463,388       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
      958,886       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
      191,218       6,467,045       —        —   
Total Adjustments
      1,790,012       8,899,780       (6,276,660 )      —   
Compensation Actually Paid to PEO
      7,019,650       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 to Mr. Edwards are as follows:
 
Adjustments to Determine Compensation Actually Paid to Marc Edwards
   
2023
     
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 and 2023, 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
   
2023
    
2022
    
2021
    
2020
  
Average SCT Total for
Non-PEO
NEOs
      1,824,840       1,338,787       2,617,028       1,471,624  
Deduction for Amounts Reported under the Stock Awards Column in the SCT
      (2,124,154 )      (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
      2,479,659       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
      770,931       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
      410,809       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
      1,537,245       2,226,928       (4,184,893 )      (1,216,012 ) 
Number of Non-PEO NEOs
      2       2       4       4  
Average Adjustment per Non-PEO NEO
      768,623       1,113,464       (1,046,223 )      (304,003 ) 
Average Compensation Actually Paid to Non-PEO NEOs
      2,593,463       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 required 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 of Reorganization, 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 years ended December 31, 2022 and December 31, 2023, 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
    
Successor
    
Predecessor
    
Combined
    
Predecessor
  
     Year Ended
12/31/2023		     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
   
 
(13,724
)
 		  
 
(105,606
)
 		  
 
(175,690
)
 		  
 
(2,001,393
)
 		  
 
(2,177,083
)
 		  
 
(1,276,090
)
 
Interest expense
      53,418       40,423       26,180       34,827       61,007       42,585  
Interest income
      (1,637 )      (18 )      (3 )      (30 )      (33 )      (484 ) 
Foreign currency transaction gain
      5,920       3,023       997       172       1,169       4,498  
Depreciation
      111,301       103,478       68,504       92,758       161,262       320,085  
Gain on disposition of assets
      (4,382 )      (4,895 )      (1,024 )      (5,486 )      (6,510 )      (7,375 ) 
Other, net
      556       (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
   
 
157,980
 		  
 
35,138
 		  
 
(83,700
)
 		  
 
(239,787
)
 		  
 
(323,487
)
 		  
 
(822,707
)
 
      
Company Selected Measure Name Adjusted EBITDA      
Named Executive Officers, Footnote During 2022 and 2023, 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 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.      
PEO Total Compensation Amount $ 0 $ 0   $ 0
PEO Actually Paid Compensation Amount $ 0 0   0
Adjustment To PEO Compensation, Footnote
Adjustments to Determine Compensation Actually Paid to Bernie Wolford, Jr.
   
2023
    
2022
    
2021
    
2020
  
Summary Compensation Table (or SCT) Total for PEO
      5,229,638       3,698,422       8,203,466       —   
Deduction for Amounts Reported under the Stock Awards Column in our SCT
      (3,823,480 )      (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
      4,463,388       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
      958,886       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
      191,218       6,467,045       —        —   
Total Adjustments
      1,790,012       8,899,780       (6,276,660 )      —   
Compensation Actually Paid to PEO
      7,019,650       12,598,202       1,926,806       —   
 
Adjustments to Determine Compensation Actually Paid to Marc Edwards
   
2023
     
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 $ 1,824,840 1,338,787 $ 2,617,028 1,471,624
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,593,463 2,452,251 1,570,805 1,167,621
Adjustment to Non-PEO NEO Compensation Footnote
Adjustments to Determine Average Compensation Actually Paid to
Non-PEO
NEOs
   
2023
    
2022
    
2021
    
2020
  
Average SCT Total for
Non-PEO
NEOs
      1,824,840       1,338,787       2,617,028       1,471,624  
Deduction for Amounts Reported under the Stock Awards Column in the SCT
      (2,124,154 )      (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
      2,479,659       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
      770,931       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
      410,809       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
      1,537,245       2,226,928       (4,184,893 )      (1,216,012 ) 
Number of Non-PEO NEOs
      2       2       4       4  
Average Adjustment per Non-PEO NEO
      768,623       1,113,464       (1,046,223 )      (304,003 ) 
Average Compensation Actually Paid to Non-PEO NEOs
      2,593,463       2,452,251       1,570,805       1,167,621  
      
Compensation Actually Paid vs. Total Shareholder Return        
Compensation Actually Paid vs. Net Income      
Compensation Actually Paid vs. Company Selected Measure      
Total Shareholder Return Vs Peer Group        
Tabular List, Table
Most Important Financial Performance Measures for Our NEOs
Adjusted EBITDA
Relative Total Shareholder Return
Stock Price Appreciation
      
Total Shareholder Return Amount $ 173.33 138.67 0 0
Peer Group Total Shareholder Return Amount 109.93 108.19 0 0
Net Income (Loss) $ (45,000,000) $ (103,000,000) $ (2,139,000,000) $ (1,255,000,000)
Company Selected Measure Amount 158,000,000 35,000,000 323,000,000 823,000,000
PEO Name Bernie Wolford, Jr. Mr. Wolford     Marc Edwards
Measure:: 1        
Pay vs Performance Disclosure        
Name Adjusted EBITDA      
Non-GAAP Measure Description Adjusted EBITDA is a financial measure that does not conform with generally accepted accounting principles in the United States (or GAAP). We      
Measure:: 2        
Pay vs Performance Disclosure        
Name Relative Total Shareholder Return      
Measure:: 3        
Pay vs Performance Disclosure        
Name Stock Price Appreciation      
Bernie Wolford, Jr [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 5,229,638 $ 3,698,422 $ 8,203,466  
PEO Actually Paid Compensation Amount 7,019,650 12,598,202 1,926,806  
Mr. Wolford [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount     9,099,682 $ 7,077,198
PEO Actually Paid Compensation Amount     9,099,682 4,309,224
PEO | Bernie Wolford, Jr [Member] | Deduction For Amounts Reported Under The Stock Awards Column In Our Sct [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (3,823,480) (2,348,784) (7,303,326)  
PEO | Bernie Wolford, Jr [Member] | Increase For Fair Value As Of YearEnd Of Awards Granted During The Year That Remain Unvested As Of Year End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,463,388 4,037,524 684,444  
PEO | Bernie Wolford, Jr [Member] | Increase For Fair Value As Of The Vesting Date Of Awards Granted During The Year That Vest During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount     342,222  
PEO | Bernie Wolford, Jr [Member] | IncreaseDeduction For Change In Fair Value From Prior YearEnd To Current YearEnd Of Awards Granted Prior To The Year That Were Outstanding And Unvested As Of YearEnd [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 958,886 743,996    
PEO | Bernie Wolford, Jr [Member] | IncreaseDeduction For Change In Fair Value From Prior YearEnd To Vesting Date Of Awards Granted Prior To The Year That Vested During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 191,218 6,467,045    
PEO | Bernie Wolford, Jr [Member] | Total Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,790,012 8,899,780 (6,276,660)  
PEO | Mr. Wolford [Member] | IncreaseDeduction For Change In Fair Value From Prior YearEnd To Vesting Date Of Awards Granted Prior To The Year That Vested During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       (748,109)
PEO | Mr. Wolford [Member] | Total Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       (2,767,974)
PEO | Mr. Wolford [Member] | Deduction Of Fair Value Of Awards Granted Prior To The Year That Were Forfeited During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       (2,019,865)
Non-PEO NEO        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 768,623 $ 1,113,464 $ (1,046,223) $ (304,003)
Number of Non PEO 2 2 4 4
Non-PEO NEO | Deduction For Amounts Reported Under The Stock Awards Column In Our Sct [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (2,124,154) $ (1,247,791) $ (5,579,061)  
Non-PEO NEO | Increase For Fair Value As Of YearEnd Of Awards Granted During The Year That Remain Unvested As Of Year End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,479,659 2,144,932 1,394,168  
Non-PEO NEO | IncreaseDeduction For Change In Fair Value From Prior YearEnd To Current YearEnd Of Awards Granted Prior To The Year That Were Outstanding And Unvested As Of YearEnd [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 770,931 1,162,803    
Non-PEO NEO | IncreaseDeduction For Change In Fair Value From Prior YearEnd To Vesting Date Of Awards Granted Prior To The Year That Vested During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 410,809 166,984   $ (257,297)
Non-PEO NEO | Total Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 1,537,245 $ 2,226,928 $ (4,184,893) (1,216,012)
Non-PEO NEO | Deduction Of Fair Value Of Awards Granted Prior To The Year That Were Forfeited During The Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       $ (958,715)