Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary Of Non-Vested Share Award Related Compensation Expense Recognized

The following table summarizes Successor time-based share award compensation expense recognized (in millions):



	Year Ended December 31, 2023		Year Ended December 31, 2022		Eight Months Ended December 31, 2021
Contract drilling	$	6.8	$	3.9	$	1.6
General and administrative	9.0		6.8		2.0
	15.8		10.7		3.6
Tax benefit	(1.6)		(0.9)		(0.2)
Total	$	14.2	$	9.8	$	3.4

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

The following tables summarizes the value of Successor time-based share awards granted and vested:



	Year Ended December 31, 2023		Year Ended December 31, 2022		Eight Months Ended December 31, 2021

Weighted-average grant date fair value of share awards granted (per share)	$	63.22	$	45.39	$	26.07
Total fair value of share awards vested during the period (in millions) (1)	$	25.2	$	12.8	$	—

(1)No share awards vested during the eight months ended December 31, 2021 (Successor).

Summary Of Non-Vested Share Award Activity

The following table summarizes time-based share awards activity for the year ended December 31, 2023 (Successor) (shares in thousands):


	Share Awards
	Awards	Weighted-Average Grant Date Fair Value
Share awards as of December 31, 2022	861	$	33.54
Granted	295	$	63.22
Vested(1)	(366)	$	32.89
Forfeited	(32)	$	36.68
Share awards as of December 31, 2023	758	$	45.29

(1)The vested share awards include 65,882 awards with a weighted average grant date fair value of $35.40 per share, for which delivery of the shares is deferred until the third anniversary of the date of grant. As of December 31, 2023, these awards had a weighted average remaining contractual life of 0.6 years and a total fair value of $4.5 million.

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

The fair value of the performance awards granted during the years ended December 31, 2023 and 2022, 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 years ended December 31, 2023 and 2022, and eight months ended December 31, 2021 (Successor):


	Year Ended December 31, 2023		Year Ended December 31, 2022		Eight Months Ended December 31, 2021
Expected price volatility	60	%	61	%	61	%
Expected dividend yield	—		—		—

Risk-free interest rate	4.32	%	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, 2023 (Successor) (shares in thousands):


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










Balance as of December 31, 2022	767	$	21.77
Granted - Market-Based Objectives(1)	98	$	59.28
Granted - Performance-Based Objectives(1)	29	$	71.63
Total Granted	127	$	62.09




Balance as of December 31, 2023	894	$	27.49

(1)The number of awards granted reflects the shares that would be granted if the target level of performance were to be achieved. The number of shares actually issued after considering forfeitures may range from zero to 239,000.

(2)There were no forfeited or vested shares for the year ended December 31, 2023 (Successor).