v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating revenues        
Operating revenues $ 719,688 $ 848,652 $ 1,505,378 $ 1,723,139
Operating costs and expenses        
Depreciation and amortization 139,582 147,085 276,922 290,222
General and administrative 26,944 34,976 56,992 70,184
Merger and integration costs 0 5,302 2,615 20,222
(Gain) loss on sale of operating assets, net 0 (4,751) (89,858) (4,751)
Loss on impairment 42,270 0 42,270 0
Total operating costs and expenses 689,213 713,399 1,249,595 1,400,547
Operating income (loss) 30,475 135,253 255,783 322,592
Other income (expense)        
Interest expense, net of amounts capitalized (36,203) (39,997) (76,762) (80,464)
Gain (loss) on extinguishment of debt, net (18,329) 0 (17,603) 0
Interest income and other, net 3,664 4,712 11,861 6,549
Income (loss) before income taxes (20,393) 99,968 173,279 248,677
Income tax benefit (provision) (16,291) (57,096) (89,238) (97,502)
Net income (loss) $ (36,684) $ 42,872 $ 84,041 $ 151,175
Basic earnings (loss) per share (in usd per share) $ (0.23) $ 0.27 $ 0.53 $ 0.95
Diluted earnings (loss) per share (in usd per share) $ (0.23) $ 0.27 $ 0.52 $ 0.93
Contract drilling services        
Operating revenues        
Operating revenues $ 679,444 $ 812,077 $ 1,421,997 $ 1,644,505
Operating costs and expenses        
Cost of services 446,309 502,427 896,434 964,526
Reimbursables and other        
Operating revenues        
Operating revenues 40,244 36,575 83,381 78,634
Operating costs and expenses        
Cost of services $ 34,108 $ 28,360 $ 64,220 $ 60,144