Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary Of Non-Vested Share Award Related Compensation Expense Recognized

The following table summarizes share award and cash-settled award compensation expense recognized (in millions):


	Successor				Predecessor
	Year Ended December 31, 2022		Eight Months Ended December 31, 2021		Four Months Ended April 30, 2021		Year Ended December 31, 2020
Contract drilling	$	3.9	$	1.6	$	2.4	$	10.7
General and administrative	6.8		2.0		2.4		9.2
	10.7		3.6		4.8		19.9
Tax benefit	(0.9)		(0.2)		(0.5)		(1.8)
Total	$	9.8	$	3.4	$	4.3	$	18.1

Summary Of Value Of Non-Vested Share Awards Granted And Vested

The following tables summarizes the value of share awards and cash-settled awards granted and vested:



	Successor				Predecessor
	Year Ended December 31, 2022		Eight Months Ended December 31, 2021		Four Months Ended April 30, 2021		Year Ended December 31, 2020
Share Awards
Weighted-average grant date fair value of share awards granted (per share) (1)	$	45.39	$	26.07	$	—	$	3.07
Total fair value of share awards vested during the period (in millions) (2)	$	12.8	$	—	$	—	$	3.3

Cash-Settled Awards
Weighted-average grant date fair value of share awards granted (per share) (3)	$	—	$	—	$	—	$	0.75
Total fair value of share awards vested during the period (in millions) (4)	$	—	$	—	$	—	$	0.2

(1)During the four months ended April 30, 2021 (Predecessor), no share awards were granted.

(2)No share awards vested during the eight months ended December 31, 2021 (Successor). During the four months ended April 30, 2021 (Predecessor), we had an immaterial vesting of share awards.

(3)During the years ended December 31, 2022 (Successor), eight months ended December 31, 2021 (Successor) and four months ended April 30, 2021 (Predecessor), no cash-settled awards were granted.

(4)During the years ended December 31, 2022 (Successor) and eight months ended December 31, 2021 (Successor), no cash-settled awards vested. During the four months ended April 30, 2021 (Predecessor), we had an immaterial vesting of cash-settled awards.

Summary Of Non-Vested Share Award Activity

The following table summarizes share awards activity for the year ended December 31, 2022 (Successor) (shares in thousands):


	Share Awards
	Awards	Weighted-Average Grant Date Fair Value













Share awards as of December 31, 2021 (Successor)	858	$	26.30
Granted	331	45.39
Vested(1)	(284)	26.40
Forfeited	(44)	25.02
Share awards as of December 31, 2022 (Successor)	861	$	33.54

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair value of the performance awards granted during the year ended December 31, 2022 (Successor) and eight months ended December 31, 2021 (Successor) are measured on the date of grant. The grant-date fair value per unit for the portion of the performance awards related to Performance-Based Objectives was equal to the closing price of the Company's stock on the grant date. The portion of these awards that were based on the Company's achievement of Market-based Objectives were valued at the date of grant using a Monte Carlo simulation with the following weighted average assumptions for the grants made over the year ended December 31, 2022 (Successor) and eight months ended December 31, 2021 (Successor):


	Year Ended December 31, 2022		Eight Months Ended December 31, 2021
Expected price volatility	61	%	61	%
Expected dividend yield	—		—

Risk-free interest rate	3.49	%	0.73	%

Schedule Of Summary Of Performance Award Activity

The following table summarizes the performance award activity for the year ended December 31, 2022 (Successor) (shares in thousands):


	Awards(2)	Weighted Average Grant Date Fair Value Price(2)










Balance as of December 31, 2021 (Successor)	609	$	17.53
Granted - Market-Based Objectives(1)	100	32.90
Granted - Performance-Based Objectives(1)	58	47.03
Total Granted	158	38.08




Balance as of December 31, 2022 (Successor)	767	$	21.77