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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income/(loss) $ 22 $ (56)
 Adjustments to reconcile net income/(loss) to net cash used in operating activities:    
Depreciation and amortization 143 111
Equity in earnings of equity method investment (net of tax) (8) (14)
Deferred tax expense 18 14
Unrealized gain on foreign exchange 0 (2)
Amortization of debt issuance costs 2 2
Share based compensation expense 6 9
Loss on debt extinguishment 35 0
Other 0 27
Other cash movements in operating activities    
Additions to long-term maintenance (70) (98)
Changes in operating assets and liabilities    
Accounts receivable, net (149) (7)
Trade accounts payable 5 (41)
Prepaid expenses 3 1
Deferred revenue (12) (1)
Deferred contract costs (31) 26
Related party receivables (24) 0
Other assets (8) (4)
Other liabilities 28 17
Net cash used in operating activities (40) (16)
Cash flows from investing activities    
Additions to drilling units and equipment (38) (68)
Other 0 (4)
Net cash used in investing activities (38) (72)
Cash flows from financing activities    
Proceeds from issuance of senior bond 700 0
Repayment of secured bond (575) 0
Payment of make whole premium on secured bond (25) 0
Payment of debt issuance costs (8) 0
Shares repurchased (17) 0
Taxes withheld on employee stock transactions (2) 0
Net cash provided by financing activities 73 0
Effect of exchange rate changes on cash 0 2
Net decrease in cash and cash equivalents, including restricted cash (5) (86)
Cash and cash equivalents, including restricted cash, at beginning of the period 365 505
Cash and cash equivalents, including restricted cash, at the end of period $ 360 $ 419