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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Shares
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2023   140,774,000      
Beginning balance at Dec. 31, 2023 $ 3,921,240 $ 1 $ 3,377,048 $ 541,159 $ 3,032
Employee related equity activity          
Amortization of share-based compensation 35,959   35,959    
Issuance of share-based compensation (in shares)   2,058,000      
Shares withheld for taxes on equity transactions (57,167)   (57,167)    
Warrants exercised (in shares)   208,000      
Warrants exercised $ 628   628    
Share repurchases (in shares) (6,900,000) (6,938,000)      
Share repurchases $ (250,000)     (250,000)  
Issuance of common stock for Diamond Offshore Drilling merger (in shares)   24,240,000      
Issuance of common stock for Diamond Offshore Drilling merger 879,941   879,941    
Dividends (197,810)     (197,810)  
Net income (loss) 351,705     351,705  
Other comprehensive income (loss), net 453       453
Ending balance (in shares) at Sep. 30, 2024   160,342,000      
Ending balance at Sep. 30, 2024 4,684,949 $ 1 4,236,409 445,054 3,485
Beginning balance (in shares) at Jun. 30, 2024   142,904,000      
Beginning balance at Jun. 30, 2024 3,985,002 $ 1 3,338,030 643,918 3,053
Employee related equity activity          
Amortization of share-based compensation 21,632   21,632    
Issuance of share-based compensation (in shares)   10,000      
Shares withheld for taxes on equity transactions (3,540)   (3,540)    
Warrants exercised (in shares)   126,000      
Warrants exercised $ 346   346    
Share repurchases (in shares) (6,900,000) (6,938,000)      
Share repurchases $ (250,000)     (250,000)  
Issuance of common stock for Diamond Offshore Drilling merger (in shares)   24,240,000      
Issuance of common stock for Diamond Offshore Drilling merger 879,941   879,941    
Dividends (10,080)     (10,080)  
Net income (loss) 61,216     61,216  
Other comprehensive income (loss), net 432       432
Ending balance (in shares) at Sep. 30, 2024   160,342,000      
Ending balance at Sep. 30, 2024 $ 4,684,949 $ 1 4,236,409 445,054 3,485
Beginning balance (in shares) at Dec. 31, 2024 158,946,711 158,947,000      
Beginning balance at Dec. 31, 2024 $ 4,651,386 $ 1 4,236,172 411,244 3,969
Employee related equity activity          
Amortization of share-based compensation 23,087   23,087    
Issuance of share-based compensation (in shares)   635,000      
Shares withheld for taxes on equity transactions (9,713)   (9,713)    
Warrants exercised (in shares)   1,000      
Warrants exercised $ 41   41    
Share repurchases (in shares) (700,000) (737,000)      
Share repurchases $ (20,000)     (20,000)  
Dividends (241,242)     (241,242)  
Net income (loss) 130,080     130,080  
Other comprehensive income (loss), net $ 475       475
Ending balance (in shares) at Sep. 30, 2025 158,846,431 158,846,000      
Ending balance at Sep. 30, 2025 $ 4,534,114 $ 1 4,249,587 280,082 4,444
Beginning balance (in shares) at Jun. 30, 2025   158,823,000      
Beginning balance at Jun. 30, 2025 4,628,327 $ 1 4,242,337 381,474 4,515
Employee related equity activity          
Amortization of share-based compensation 7,513   7,513    
Issuance of share-based compensation (in shares)   23,000      
Shares withheld for taxes on equity transactions (266)   (266)    
Warrants exercised $ 3   3    
Share repurchases (in shares) 0        
Dividends $ (80,297)     (80,297)  
Net income (loss) (21,095)     (21,095)  
Other comprehensive income (loss), net $ (71)       (71)
Ending balance (in shares) at Sep. 30, 2025 158,846,431 158,846,000      
Ending balance at Sep. 30, 2025 $ 4,534,114 $ 1 $ 4,249,587 $ 280,082 $ 4,444