What changed: r3 to r4
Completed standalone fleet/cash model with conditional backlog, exchange-feature earnings and principal repayment separated.
Retrieval clocks and internal hashes are excluded. Changed source or accounting definitions are not automatically an economic restatement. The authored reason describes the destination revision.
| Field | Before | After |
|---|---|---|
| /business/description | Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” the “Company,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells. As of February 17, 2026, we owned or had partial ownership interests in and operated 27 mobile offshore drilling units, consisting of 20 ultra-deepwater drillships and seven harsh environment semisubmersibles. We provide, as our primary business, contract drilling services in a single operating segment, which involves contracting our mobile offshore drilling rigs, related equipment and work crews to drill oil and gas wells. We specialize in technically demanding regions of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Our drilling fleet is one of the most versatile fleets in the world, consisting of drillships and semisubmersible floaters used in support of offshore drilling activities and offshore support. | Transocean owns and operates offshore drilling rigs, primarily ultra-deepwater and harsh-environment floaters. Contract revenue depends on operating days, earned dayrates, technical uptime and mobilization/accounting terms. Maintenance, stacking, interest and debt principal can absorb cash even with substantial backlog. The model covers standalone Transocean while its proposed Valaris acquisition remains pending in the reviewed materials. |
| /business/drivers/0 | We provide, as our primary business, contract drilling services in a single operating segment, which involves contracting our mobile offshore drilling rigs. | Operating days, effective earned rates and revenue efficiency |
| /business/drivers/1 | Drillships typically have greater deck load and storage capacity than semisubmersible rigs, which provides logistical and resupply efficiency benefits for. | Rig operating costs, mobilization and contract timing |
| /business/drivers/2 | We develop, invest in and deploy industry-leading technology to differentiate our service offerings in the pursuit of delivering ever-improving operational. | Interest, capex and debt principal before common cash |
| /estimates/basis | not yet estimated | Desk base scenario from the operating model; not consensus. Revenue basis: Standalone contract revenue ($M). |
| /estimates/rows/2026Q3/as_of | None | 2026-09-19 |
| /estimates/rows/2026Q3/basis | None | Desk base scenario. Revenue basis: Standalone contract revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| /estimates/rows/2026Q3/class | None | estimate |
| /estimates/rows/2026Q3/period | None | 2026Q3 |
| /estimates/rows/2026Q3/revenue | None | 940000000.0 |
| /estimates/rows/2026Q4/as_of | None | 2026-09-19 |
| /estimates/rows/2026Q4/basis | None | Desk base scenario. Revenue basis: Standalone contract revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| /estimates/rows/2026Q4/class | None | estimate |
| /estimates/rows/2026Q4/period | None | 2026Q4 |
| /estimates/rows/2026Q4/revenue | None | 950500000.0 |
| /estimates/rows/2027Q1/as_of | None | 2026-09-19 |
| /estimates/rows/2027Q1/basis | None | Desk base scenario. Revenue basis: Standalone contract revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| /estimates/rows/2027Q1/class | None | estimate |
| /estimates/rows/2027Q1/period | None | 2027Q1 |
| /estimates/rows/2027Q1/revenue | None | 1009250000.0 |
| /estimates/rows/2027Q2/as_of | None | 2026-09-19 |
| /estimates/rows/2027Q2/basis | None | Desk base scenario. Revenue basis: Standalone contract revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| /estimates/rows/2027Q2/class | None | estimate |
| /estimates/rows/2027Q2/period | None | 2027Q2 |
| /estimates/rows/2027Q2/revenue | None | 1038599999.9999999 |
| /meta/as_of | 2026-09-18 | 2026-09-19 |
| /meta/business_authored | False | True |
| /meta/extract_accession | 0001451505-26-000018 | None |
| /meta/extract_filed | 2026-02-23 | None |
| /meta/extract_form | 10-K | None |
| /meta/extract_source | filing | authored |
| /meta/extract_url | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000018/rig-20251231x10k.htm | None |
| /meta/research_reviewed_at | None | 2026-09-19 |
| /meta/research_stage | None | operating_scenarios |
| /meta/revision | 3 | 4 |
| /meta/skeleton | True | False |
| /operating_model/cells/backlog_august:shared/basis | None | USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line. |
| /operating_model/cells/backlog_august:shared/case | None | shared |
| /operating_model/cells/backlog_august:shared/id | None | backlog_august |
| /operating_model/cells/backlog_august:shared/kind | None | reported |
| /operating_model/cells/backlog_august:shared/label | None | backlog august |
| /operating_model/cells/backlog_august:shared/period | None | June/August 2026 |
| /operating_model/cells/backlog_august:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/backlog_august:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/backlog_august:shared/unit | None | USD_millions |
| /operating_model/cells/backlog_august:shared/value | None | 6700.0 |
| /operating_model/cells/base_2026q3_adj_ebitda:base/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/base_2026q3_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_2026q3_adj_ebitda:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_adj_ebitda:base/formula/refs/0 | None | base_2026q3_operating_income |
| /operating_model/cells/base_2026q3_adj_ebitda:base/formula/refs/1 | None | base_2026q3_da |
| /operating_model/cells/base_2026q3_adj_ebitda:base/formula/refs/2 | None | base_2026q3_sbc |
| /operating_model/cells/base_2026q3_adj_ebitda:base/id | None | base_2026q3_adj_ebitda |
| /operating_model/cells/base_2026q3_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2026q3_adj_ebitda:base/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/base_2026q3_adj_ebitda:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_adj_ebitda:base/value | None | 293.0 |
| /operating_model/cells/base_2026q3_ancillary:base/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/base_2026q3_ancillary:base/case | None | base |
| /operating_model/cells/base_2026q3_ancillary:base/id | None | base_2026q3_ancillary |
| /operating_model/cells/base_2026q3_ancillary:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_ancillary:base/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/base_2026q3_ancillary:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_ancillary:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_ancillary:base/value | None | 50.0 |
| /operating_model/cells/base_2026q3_capex:base/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/base_2026q3_capex:base/case | None | base |
| /operating_model/cells/base_2026q3_capex:base/id | None | base_2026q3_capex |
| /operating_model/cells/base_2026q3_capex:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_capex:base/label | None | Cash capital expenditure |
| /operating_model/cells/base_2026q3_capex:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_capex:base/value | None | 45.0 |
| /operating_model/cells/base_2026q3_cash_after_principal:base/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/base_2026q3_cash_after_principal:base/case | None | base |
| /operating_model/cells/base_2026q3_cash_after_principal:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_cash_after_principal:base/formula/refs/0 | None | base_2026q3_fcf |
| /operating_model/cells/base_2026q3_cash_after_principal:base/formula/refs/1 | None | base_2026q3_debt_principal |
| /operating_model/cells/base_2026q3_cash_after_principal:base/id | None | base_2026q3_cash_after_principal |
| /operating_model/cells/base_2026q3_cash_after_principal:base/kind | None | derived |
| /operating_model/cells/base_2026q3_cash_after_principal:base/label | None | Cash after principal |
| /operating_model/cells/base_2026q3_cash_after_principal:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cash_after_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cash_after_principal:base/value | None | -20.0 |
| /operating_model/cells/base_2026q3_cash_interest:base/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/base_2026q3_cash_interest:base/case | None | base |
| /operating_model/cells/base_2026q3_cash_interest:base/id | None | base_2026q3_cash_interest |
| /operating_model/cells/base_2026q3_cash_interest:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_cash_interest:base/label | None | Net cash interest |
| /operating_model/cells/base_2026q3_cash_interest:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cash_interest:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cash_interest:base/value | None | 100.5 |
| /operating_model/cells/base_2026q3_cash_tax:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q3_cash_tax:base/case | None | base |
| /operating_model/cells/base_2026q3_cash_tax:base/id | None | base_2026q3_cash_tax |
| /operating_model/cells/base_2026q3_cash_tax:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_cash_tax:base/label | None | Cash income taxes |
| /operating_model/cells/base_2026q3_cash_tax:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cash_tax:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cash_tax:base/value | None | 27.5 |
| /operating_model/cells/base_2026q3_cash_uses:base/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/base_2026q3_cash_uses:base/case | None | base |
| /operating_model/cells/base_2026q3_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_cash_uses:base/formula/refs/0 | None | base_2026q3_cash_interest |
| /operating_model/cells/base_2026q3_cash_uses:base/formula/refs/1 | None | base_2026q3_cash_tax |
| /operating_model/cells/base_2026q3_cash_uses:base/formula/refs/2 | None | base_2026q3_wc_use |
| /operating_model/cells/base_2026q3_cash_uses:base/id | None | base_2026q3_cash_uses |
| /operating_model/cells/base_2026q3_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2026q3_cash_uses:base/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/base_2026q3_cash_uses:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cash_uses:base/value | None | 163.0 |
| /operating_model/cells/base_2026q3_cfo:base/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/base_2026q3_cfo:base/case | None | base |
| /operating_model/cells/base_2026q3_cfo:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_cfo:base/formula/refs/0 | None | base_2026q3_adj_ebitda |
| /operating_model/cells/base_2026q3_cfo:base/formula/refs/1 | None | base_2026q3_cash_uses |
| /operating_model/cells/base_2026q3_cfo:base/id | None | base_2026q3_cfo |
| /operating_model/cells/base_2026q3_cfo:base/kind | None | derived |
| /operating_model/cells/base_2026q3_cfo:base/label | None | Operating cash flow proxy |
| /operating_model/cells/base_2026q3_cfo:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cfo:base/value | None | 130.0 |
| /operating_model/cells/base_2026q3_cost_factor:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q3_cost_factor:base/case | None | base |
| /operating_model/cells/base_2026q3_cost_factor:base/id | None | base_2026q3_cost_factor |
| /operating_model/cells/base_2026q3_cost_factor:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_cost_factor:base/label | None | Operating-cost stress factor |
| /operating_model/cells/base_2026q3_cost_factor:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cost_factor:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_cost_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2026q3_da:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q3_da:base/case | None | base |
| /operating_model/cells/base_2026q3_da:base/id | None | base_2026q3_da |
| /operating_model/cells/base_2026q3_da:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_da:base/label | None | Depreciation and amortization |
| /operating_model/cells/base_2026q3_da:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_da:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_da:base/value | None | 148.0 |
| /operating_model/cells/base_2026q3_daily_rate:base/basis | None | $0.475M/day at baseline efficiency; this is not the gross contractual dayrate. |
| /operating_model/cells/base_2026q3_daily_rate:base/case | None | base |
| /operating_model/cells/base_2026q3_daily_rate:base/id | None | base_2026q3_daily_rate |
| /operating_model/cells/base_2026q3_daily_rate:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_daily_rate:base/label | None | Effective earned revenue per operating day |
| /operating_model/cells/base_2026q3_daily_rate:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_daily_rate:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_daily_rate:base/value | None | 0.475 |
| /operating_model/cells/base_2026q3_daily_sales_anchor:base/basis | None | Baseline dayrate-linked revenue. |
| /operating_model/cells/base_2026q3_daily_sales_anchor:base/case | None | base |
| /operating_model/cells/base_2026q3_daily_sales_anchor:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_daily_sales_anchor:base/formula/refs/0 | None | q3_guide |
| /operating_model/cells/base_2026q3_daily_sales_anchor:base/formula/refs/1 | None | base_2026q3_ancillary |
| /operating_model/cells/base_2026q3_daily_sales_anchor:base/id | None | base_2026q3_daily_sales_anchor |
| /operating_model/cells/base_2026q3_daily_sales_anchor:base/kind | None | derived |
| /operating_model/cells/base_2026q3_daily_sales_anchor:base/label | None | Guided revenue less ancillary |
| /operating_model/cells/base_2026q3_daily_sales_anchor:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_daily_sales_anchor:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_daily_sales_anchor:base/value | None | 890.0 |
| /operating_model/cells/base_2026q3_dayrate_sales:base/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/base_2026q3_dayrate_sales:base/case | None | base |
| /operating_model/cells/base_2026q3_dayrate_sales:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q3_dayrate_sales:base/formula/refs/0 | None | base_2026q3_operating_days |
| /operating_model/cells/base_2026q3_dayrate_sales:base/formula/refs/1 | None | base_2026q3_daily_rate |
| /operating_model/cells/base_2026q3_dayrate_sales:base/formula/refs/2 | None | base_2026q3_eff_ratio |
| /operating_model/cells/base_2026q3_dayrate_sales:base/id | None | base_2026q3_dayrate_sales |
| /operating_model/cells/base_2026q3_dayrate_sales:base/kind | None | derived |
| /operating_model/cells/base_2026q3_dayrate_sales:base/label | None | Dayrate-linked revenue |
| /operating_model/cells/base_2026q3_dayrate_sales:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_dayrate_sales:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_dayrate_sales:base/value | None | 890.0 |
| /operating_model/cells/base_2026q3_debt_principal:base/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/base_2026q3_debt_principal:base/case | None | base |
| /operating_model/cells/base_2026q3_debt_principal:base/id | None | base_2026q3_debt_principal |
| /operating_model/cells/base_2026q3_debt_principal:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_debt_principal:base/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/base_2026q3_debt_principal:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_debt_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_debt_principal:base/value | None | 105.0 |
| /operating_model/cells/base_2026q3_eff_baseline:base/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/base_2026q3_eff_baseline:base/case | None | base |
| /operating_model/cells/base_2026q3_eff_baseline:base/id | None | base_2026q3_eff_baseline |
| /operating_model/cells/base_2026q3_eff_baseline:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_eff_baseline:base/label | None | Baseline revenue efficiency |
| /operating_model/cells/base_2026q3_eff_baseline:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_eff_baseline:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_eff_baseline:base/value | None | 0.965 |
| /operating_model/cells/base_2026q3_eff_ratio:base/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/base_2026q3_eff_ratio:base/case | None | base |
| /operating_model/cells/base_2026q3_eff_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2026q3_eff_ratio:base/formula/refs/0 | None | base_2026q3_efficiency |
| /operating_model/cells/base_2026q3_eff_ratio:base/formula/refs/1 | None | base_2026q3_eff_baseline |
| /operating_model/cells/base_2026q3_eff_ratio:base/id | None | base_2026q3_eff_ratio |
| /operating_model/cells/base_2026q3_eff_ratio:base/kind | None | derived |
| /operating_model/cells/base_2026q3_eff_ratio:base/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/base_2026q3_eff_ratio:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_eff_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_eff_ratio:base/value | None | 1.0 |
| /operating_model/cells/base_2026q3_efficiency:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q3_efficiency:base/case | None | base |
| /operating_model/cells/base_2026q3_efficiency:base/id | None | base_2026q3_efficiency |
| /operating_model/cells/base_2026q3_efficiency:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_efficiency:base/label | None | Revenue efficiency |
| /operating_model/cells/base_2026q3_efficiency:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_efficiency:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_efficiency:base/value | None | 0.965 |
| /operating_model/cells/base_2026q3_execution:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q3_execution:base/case | None | base |
| /operating_model/cells/base_2026q3_execution:base/id | None | base_2026q3_execution |
| /operating_model/cells/base_2026q3_execution:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_execution:base/label | None | Operating-days delivery factor |
| /operating_model/cells/base_2026q3_execution:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_execution:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_execution:base/value | None | 1.0 |
| /operating_model/cells/base_2026q3_fcf:base/basis | None | Before financing principal. |
| /operating_model/cells/base_2026q3_fcf:base/case | None | base |
| /operating_model/cells/base_2026q3_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_fcf:base/formula/refs/0 | None | base_2026q3_cfo |
| /operating_model/cells/base_2026q3_fcf:base/formula/refs/1 | None | base_2026q3_capex |
| /operating_model/cells/base_2026q3_fcf:base/id | None | base_2026q3_fcf |
| /operating_model/cells/base_2026q3_fcf:base/kind | None | derived |
| /operating_model/cells/base_2026q3_fcf:base/label | None | CFO less capex |
| /operating_model/cells/base_2026q3_fcf:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_fcf:base/value | None | 85.0 |
| /operating_model/cells/base_2026q3_ga:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q3_ga:base/case | None | base |
| /operating_model/cells/base_2026q3_ga:base/id | None | base_2026q3_ga |
| /operating_model/cells/base_2026q3_ga:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_ga:base/label | None | General and administrative |
| /operating_model/cells/base_2026q3_ga:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_ga:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_ga:base/value | None | 45.0 |
| /operating_model/cells/base_2026q3_implied_days:base/basis | None | Guidance-calibrated operating days, not disclosed fleet utilization. |
| /operating_model/cells/base_2026q3_implied_days:base/case | None | base |
| /operating_model/cells/base_2026q3_implied_days:base/formula/op | None | divide |
| /operating_model/cells/base_2026q3_implied_days:base/formula/refs/0 | None | base_2026q3_daily_sales_anchor |
| /operating_model/cells/base_2026q3_implied_days:base/formula/refs/1 | None | base_2026q3_daily_rate |
| /operating_model/cells/base_2026q3_implied_days:base/id | None | base_2026q3_implied_days |
| /operating_model/cells/base_2026q3_implied_days:base/kind | None | derived |
| /operating_model/cells/base_2026q3_implied_days:base/label | None | Baseline operating days |
| /operating_model/cells/base_2026q3_implied_days:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_implied_days:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_implied_days:base/value | None | 1873.6842105263158 |
| /operating_model/cells/base_2026q3_om_cost:base/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/base_2026q3_om_cost:base/case | None | base |
| /operating_model/cells/base_2026q3_om_cost:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q3_om_cost:base/formula/refs/0 | None | om_q3 |
| /operating_model/cells/base_2026q3_om_cost:base/formula/refs/1 | None | base_2026q3_cost_factor |
| /operating_model/cells/base_2026q3_om_cost:base/id | None | base_2026q3_om_cost |
| /operating_model/cells/base_2026q3_om_cost:base/kind | None | derived |
| /operating_model/cells/base_2026q3_om_cost:base/label | None | Operating and maintenance |
| /operating_model/cells/base_2026q3_om_cost:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_om_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_om_cost:base/value | None | 610.0 |
| /operating_model/cells/base_2026q3_operating_cost:base/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/base_2026q3_operating_cost:base/case | None | base |
| /operating_model/cells/base_2026q3_operating_cost:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_operating_cost:base/formula/refs/0 | None | base_2026q3_om_cost |
| /operating_model/cells/base_2026q3_operating_cost:base/formula/refs/1 | None | base_2026q3_ga |
| /operating_model/cells/base_2026q3_operating_cost:base/formula/refs/2 | None | base_2026q3_da |
| /operating_model/cells/base_2026q3_operating_cost:base/id | None | base_2026q3_operating_cost |
| /operating_model/cells/base_2026q3_operating_cost:base/kind | None | derived |
| /operating_model/cells/base_2026q3_operating_cost:base/label | None | Total ordinary operating costs |
| /operating_model/cells/base_2026q3_operating_cost:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_operating_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_operating_cost:base/value | None | 803.0 |
| /operating_model/cells/base_2026q3_operating_days:base/basis | None | Changes activity without adding backlog a second time. |
| /operating_model/cells/base_2026q3_operating_days:base/case | None | base |
| /operating_model/cells/base_2026q3_operating_days:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q3_operating_days:base/formula/refs/0 | None | base_2026q3_implied_days |
| /operating_model/cells/base_2026q3_operating_days:base/formula/refs/1 | None | base_2026q3_execution |
| /operating_model/cells/base_2026q3_operating_days:base/id | None | base_2026q3_operating_days |
| /operating_model/cells/base_2026q3_operating_days:base/kind | None | derived |
| /operating_model/cells/base_2026q3_operating_days:base/label | None | Scenario operating days |
| /operating_model/cells/base_2026q3_operating_days:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_operating_days:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_operating_days:base/value | None | 1873.6842105263158 |
| /operating_model/cells/base_2026q3_operating_income:base/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/base_2026q3_operating_income:base/case | None | base |
| /operating_model/cells/base_2026q3_operating_income:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_operating_income:base/formula/refs/0 | None | base_2026q3_revenue |
| /operating_model/cells/base_2026q3_operating_income:base/formula/refs/1 | None | base_2026q3_operating_cost |
| /operating_model/cells/base_2026q3_operating_income:base/id | None | base_2026q3_operating_income |
| /operating_model/cells/base_2026q3_operating_income:base/kind | None | derived |
| /operating_model/cells/base_2026q3_operating_income:base/label | None | GAAP operating income proxy |
| /operating_model/cells/base_2026q3_operating_income:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_operating_income:base/value | None | 137.0 |
| /operating_model/cells/base_2026q3_revenue:base/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/base_2026q3_revenue:base/case | None | base |
| /operating_model/cells/base_2026q3_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_revenue:base/formula/refs/0 | None | base_2026q3_dayrate_sales |
| /operating_model/cells/base_2026q3_revenue:base/formula/refs/1 | None | base_2026q3_ancillary |
| /operating_model/cells/base_2026q3_revenue:base/id | None | base_2026q3_revenue |
| /operating_model/cells/base_2026q3_revenue:base/kind | None | derived |
| /operating_model/cells/base_2026q3_revenue:base/label | None | Standalone contract revenue |
| /operating_model/cells/base_2026q3_revenue:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_revenue:base/value | None | 940.0 |
| /operating_model/cells/base_2026q3_sbc:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q3_sbc:base/case | None | base |
| /operating_model/cells/base_2026q3_sbc:base/id | None | base_2026q3_sbc |
| /operating_model/cells/base_2026q3_sbc:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_sbc:base/label | None | Stock compensation |
| /operating_model/cells/base_2026q3_sbc:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_sbc:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_sbc:base/value | None | 8.0 |
| /operating_model/cells/base_2026q3_wc_use:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q3_wc_use:base/case | None | base |
| /operating_model/cells/base_2026q3_wc_use:base/id | None | base_2026q3_wc_use |
| /operating_model/cells/base_2026q3_wc_use:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_wc_use:base/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/base_2026q3_wc_use:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_wc_use:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_wc_use:base/value | None | 35.0 |
| /operating_model/cells/base_2026q4_adj_ebitda:base/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/base_2026q4_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_2026q4_adj_ebitda:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_adj_ebitda:base/formula/refs/0 | None | base_2026q4_operating_income |
| /operating_model/cells/base_2026q4_adj_ebitda:base/formula/refs/1 | None | base_2026q4_da |
| /operating_model/cells/base_2026q4_adj_ebitda:base/formula/refs/2 | None | base_2026q4_sbc |
| /operating_model/cells/base_2026q4_adj_ebitda:base/id | None | base_2026q4_adj_ebitda |
| /operating_model/cells/base_2026q4_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2026q4_adj_ebitda:base/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/base_2026q4_adj_ebitda:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_adj_ebitda:base/value | None | 395.0 |
| /operating_model/cells/base_2026q4_ancillary:base/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/base_2026q4_ancillary:base/case | None | base |
| /operating_model/cells/base_2026q4_ancillary:base/id | None | base_2026q4_ancillary |
| /operating_model/cells/base_2026q4_ancillary:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_ancillary:base/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/base_2026q4_ancillary:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_ancillary:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_ancillary:base/value | None | 50.0 |
| /operating_model/cells/base_2026q4_capex:base/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/base_2026q4_capex:base/case | None | base |
| /operating_model/cells/base_2026q4_capex:base/id | None | base_2026q4_capex |
| /operating_model/cells/base_2026q4_capex:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_capex:base/label | None | Cash capital expenditure |
| /operating_model/cells/base_2026q4_capex:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_capex:base/value | None | 53.0 |
| /operating_model/cells/base_2026q4_cash_after_principal:base/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/base_2026q4_cash_after_principal:base/case | None | base |
| /operating_model/cells/base_2026q4_cash_after_principal:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_cash_after_principal:base/formula/refs/0 | None | base_2026q4_fcf |
| /operating_model/cells/base_2026q4_cash_after_principal:base/formula/refs/1 | None | base_2026q4_debt_principal |
| /operating_model/cells/base_2026q4_cash_after_principal:base/id | None | base_2026q4_cash_after_principal |
| /operating_model/cells/base_2026q4_cash_after_principal:base/kind | None | derived |
| /operating_model/cells/base_2026q4_cash_after_principal:base/label | None | Cash after principal |
| /operating_model/cells/base_2026q4_cash_after_principal:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cash_after_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cash_after_principal:base/value | None | 81.5 |
| /operating_model/cells/base_2026q4_cash_interest:base/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/base_2026q4_cash_interest:base/case | None | base |
| /operating_model/cells/base_2026q4_cash_interest:base/id | None | base_2026q4_cash_interest |
| /operating_model/cells/base_2026q4_cash_interest:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_cash_interest:base/label | None | Net cash interest |
| /operating_model/cells/base_2026q4_cash_interest:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cash_interest:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cash_interest:base/value | None | 103.0 |
| /operating_model/cells/base_2026q4_cash_tax:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q4_cash_tax:base/case | None | base |
| /operating_model/cells/base_2026q4_cash_tax:base/id | None | base_2026q4_cash_tax |
| /operating_model/cells/base_2026q4_cash_tax:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_cash_tax:base/label | None | Cash income taxes |
| /operating_model/cells/base_2026q4_cash_tax:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cash_tax:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cash_tax:base/value | None | 27.5 |
| /operating_model/cells/base_2026q4_cash_uses:base/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/base_2026q4_cash_uses:base/case | None | base |
| /operating_model/cells/base_2026q4_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_cash_uses:base/formula/refs/0 | None | base_2026q4_cash_interest |
| /operating_model/cells/base_2026q4_cash_uses:base/formula/refs/1 | None | base_2026q4_cash_tax |
| /operating_model/cells/base_2026q4_cash_uses:base/formula/refs/2 | None | base_2026q4_wc_use |
| /operating_model/cells/base_2026q4_cash_uses:base/id | None | base_2026q4_cash_uses |
| /operating_model/cells/base_2026q4_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2026q4_cash_uses:base/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/base_2026q4_cash_uses:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cash_uses:base/value | None | 155.5 |
| /operating_model/cells/base_2026q4_cfo:base/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/base_2026q4_cfo:base/case | None | base |
| /operating_model/cells/base_2026q4_cfo:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_cfo:base/formula/refs/0 | None | base_2026q4_adj_ebitda |
| /operating_model/cells/base_2026q4_cfo:base/formula/refs/1 | None | base_2026q4_cash_uses |
| /operating_model/cells/base_2026q4_cfo:base/id | None | base_2026q4_cfo |
| /operating_model/cells/base_2026q4_cfo:base/kind | None | derived |
| /operating_model/cells/base_2026q4_cfo:base/label | None | Operating cash flow proxy |
| /operating_model/cells/base_2026q4_cfo:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cfo:base/value | None | 239.5 |
| /operating_model/cells/base_2026q4_cost_factor:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q4_cost_factor:base/case | None | base |
| /operating_model/cells/base_2026q4_cost_factor:base/id | None | base_2026q4_cost_factor |
| /operating_model/cells/base_2026q4_cost_factor:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_cost_factor:base/label | None | Operating-cost stress factor |
| /operating_model/cells/base_2026q4_cost_factor:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cost_factor:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_cost_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2026q4_da:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q4_da:base/case | None | base |
| /operating_model/cells/base_2026q4_da:base/id | None | base_2026q4_da |
| /operating_model/cells/base_2026q4_da:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_da:base/label | None | Depreciation and amortization |
| /operating_model/cells/base_2026q4_da:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_da:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_da:base/value | None | 148.0 |
| /operating_model/cells/base_2026q4_daily_rate:base/basis | None | $0.475M/day at baseline efficiency; this is not the gross contractual dayrate. |
| /operating_model/cells/base_2026q4_daily_rate:base/case | None | base |
| /operating_model/cells/base_2026q4_daily_rate:base/id | None | base_2026q4_daily_rate |
| /operating_model/cells/base_2026q4_daily_rate:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_daily_rate:base/label | None | Effective earned revenue per operating day |
| /operating_model/cells/base_2026q4_daily_rate:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_daily_rate:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_daily_rate:base/value | None | 0.475 |
| /operating_model/cells/base_2026q4_daily_sales_anchor:base/basis | None | Baseline dayrate-linked revenue. |
| /operating_model/cells/base_2026q4_daily_sales_anchor:base/case | None | base |
| /operating_model/cells/base_2026q4_daily_sales_anchor:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_daily_sales_anchor:base/formula/refs/0 | None | q4_guide_residual |
| /operating_model/cells/base_2026q4_daily_sales_anchor:base/formula/refs/1 | None | base_2026q4_ancillary |
| /operating_model/cells/base_2026q4_daily_sales_anchor:base/id | None | base_2026q4_daily_sales_anchor |
| /operating_model/cells/base_2026q4_daily_sales_anchor:base/kind | None | derived |
| /operating_model/cells/base_2026q4_daily_sales_anchor:base/label | None | Guided revenue less ancillary |
| /operating_model/cells/base_2026q4_daily_sales_anchor:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_daily_sales_anchor:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_daily_sales_anchor:base/value | None | 900.5 |
| /operating_model/cells/base_2026q4_dayrate_sales:base/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/base_2026q4_dayrate_sales:base/case | None | base |
| /operating_model/cells/base_2026q4_dayrate_sales:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q4_dayrate_sales:base/formula/refs/0 | None | base_2026q4_operating_days |
| /operating_model/cells/base_2026q4_dayrate_sales:base/formula/refs/1 | None | base_2026q4_daily_rate |
| /operating_model/cells/base_2026q4_dayrate_sales:base/formula/refs/2 | None | base_2026q4_eff_ratio |
| /operating_model/cells/base_2026q4_dayrate_sales:base/id | None | base_2026q4_dayrate_sales |
| /operating_model/cells/base_2026q4_dayrate_sales:base/kind | None | derived |
| /operating_model/cells/base_2026q4_dayrate_sales:base/label | None | Dayrate-linked revenue |
| /operating_model/cells/base_2026q4_dayrate_sales:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_dayrate_sales:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_dayrate_sales:base/value | None | 900.5 |
| /operating_model/cells/base_2026q4_debt_principal:base/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/base_2026q4_debt_principal:base/case | None | base |
| /operating_model/cells/base_2026q4_debt_principal:base/id | None | base_2026q4_debt_principal |
| /operating_model/cells/base_2026q4_debt_principal:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_debt_principal:base/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/base_2026q4_debt_principal:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_debt_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_debt_principal:base/value | None | 105.0 |
| /operating_model/cells/base_2026q4_eff_baseline:base/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/base_2026q4_eff_baseline:base/case | None | base |
| /operating_model/cells/base_2026q4_eff_baseline:base/id | None | base_2026q4_eff_baseline |
| /operating_model/cells/base_2026q4_eff_baseline:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_eff_baseline:base/label | None | Baseline revenue efficiency |
| /operating_model/cells/base_2026q4_eff_baseline:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_eff_baseline:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_eff_baseline:base/value | None | 0.965 |
| /operating_model/cells/base_2026q4_eff_ratio:base/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/base_2026q4_eff_ratio:base/case | None | base |
| /operating_model/cells/base_2026q4_eff_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2026q4_eff_ratio:base/formula/refs/0 | None | base_2026q4_efficiency |
| /operating_model/cells/base_2026q4_eff_ratio:base/formula/refs/1 | None | base_2026q4_eff_baseline |
| /operating_model/cells/base_2026q4_eff_ratio:base/id | None | base_2026q4_eff_ratio |
| /operating_model/cells/base_2026q4_eff_ratio:base/kind | None | derived |
| /operating_model/cells/base_2026q4_eff_ratio:base/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/base_2026q4_eff_ratio:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_eff_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_eff_ratio:base/value | None | 1.0 |
| /operating_model/cells/base_2026q4_efficiency:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q4_efficiency:base/case | None | base |
| /operating_model/cells/base_2026q4_efficiency:base/id | None | base_2026q4_efficiency |
| /operating_model/cells/base_2026q4_efficiency:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_efficiency:base/label | None | Revenue efficiency |
| /operating_model/cells/base_2026q4_efficiency:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_efficiency:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_efficiency:base/value | None | 0.965 |
| /operating_model/cells/base_2026q4_execution:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q4_execution:base/case | None | base |
| /operating_model/cells/base_2026q4_execution:base/id | None | base_2026q4_execution |
| /operating_model/cells/base_2026q4_execution:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_execution:base/label | None | Operating-days delivery factor |
| /operating_model/cells/base_2026q4_execution:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_execution:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_execution:base/value | None | 1.0 |
| /operating_model/cells/base_2026q4_fcf:base/basis | None | Before financing principal. |
| /operating_model/cells/base_2026q4_fcf:base/case | None | base |
| /operating_model/cells/base_2026q4_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_fcf:base/formula/refs/0 | None | base_2026q4_cfo |
| /operating_model/cells/base_2026q4_fcf:base/formula/refs/1 | None | base_2026q4_capex |
| /operating_model/cells/base_2026q4_fcf:base/id | None | base_2026q4_fcf |
| /operating_model/cells/base_2026q4_fcf:base/kind | None | derived |
| /operating_model/cells/base_2026q4_fcf:base/label | None | CFO less capex |
| /operating_model/cells/base_2026q4_fcf:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_fcf:base/value | None | 186.5 |
| /operating_model/cells/base_2026q4_ga:base/basis | None | Q4 annual-midpoint residual. |
| /operating_model/cells/base_2026q4_ga:base/case | None | base |
| /operating_model/cells/base_2026q4_ga:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_ga:base/formula/refs/0 | None | h2_ga |
| /operating_model/cells/base_2026q4_ga:base/formula/refs/1 | None | base_2026q4_q3_ga |
| /operating_model/cells/base_2026q4_ga:base/id | None | base_2026q4_ga |
| /operating_model/cells/base_2026q4_ga:base/kind | None | derived |
| /operating_model/cells/base_2026q4_ga:base/label | None | General and administrative |
| /operating_model/cells/base_2026q4_ga:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_ga:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_ga:base/value | None | 25.0 |
| /operating_model/cells/base_2026q4_implied_days:base/basis | None | Guidance-calibrated operating days, not disclosed fleet utilization. |
| /operating_model/cells/base_2026q4_implied_days:base/case | None | base |
| /operating_model/cells/base_2026q4_implied_days:base/formula/op | None | divide |
| /operating_model/cells/base_2026q4_implied_days:base/formula/refs/0 | None | base_2026q4_daily_sales_anchor |
| /operating_model/cells/base_2026q4_implied_days:base/formula/refs/1 | None | base_2026q4_daily_rate |
| /operating_model/cells/base_2026q4_implied_days:base/id | None | base_2026q4_implied_days |
| /operating_model/cells/base_2026q4_implied_days:base/kind | None | derived |
| /operating_model/cells/base_2026q4_implied_days:base/label | None | Baseline operating days |
| /operating_model/cells/base_2026q4_implied_days:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_implied_days:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_implied_days:base/value | None | 1895.7894736842106 |
| /operating_model/cells/base_2026q4_om_cost:base/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/base_2026q4_om_cost:base/case | None | base |
| /operating_model/cells/base_2026q4_om_cost:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q4_om_cost:base/formula/refs/0 | None | q4_om |
| /operating_model/cells/base_2026q4_om_cost:base/formula/refs/1 | None | base_2026q4_cost_factor |
| /operating_model/cells/base_2026q4_om_cost:base/id | None | base_2026q4_om_cost |
| /operating_model/cells/base_2026q4_om_cost:base/kind | None | derived |
| /operating_model/cells/base_2026q4_om_cost:base/label | None | Operating and maintenance |
| /operating_model/cells/base_2026q4_om_cost:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_om_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_om_cost:base/value | None | 538.5 |
| /operating_model/cells/base_2026q4_operating_cost:base/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/base_2026q4_operating_cost:base/case | None | base |
| /operating_model/cells/base_2026q4_operating_cost:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_operating_cost:base/formula/refs/0 | None | base_2026q4_om_cost |
| /operating_model/cells/base_2026q4_operating_cost:base/formula/refs/1 | None | base_2026q4_ga |
| /operating_model/cells/base_2026q4_operating_cost:base/formula/refs/2 | None | base_2026q4_da |
| /operating_model/cells/base_2026q4_operating_cost:base/id | None | base_2026q4_operating_cost |
| /operating_model/cells/base_2026q4_operating_cost:base/kind | None | derived |
| /operating_model/cells/base_2026q4_operating_cost:base/label | None | Total ordinary operating costs |
| /operating_model/cells/base_2026q4_operating_cost:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_operating_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_operating_cost:base/value | None | 711.5 |
| /operating_model/cells/base_2026q4_operating_days:base/basis | None | Changes activity without adding backlog a second time. |
| /operating_model/cells/base_2026q4_operating_days:base/case | None | base |
| /operating_model/cells/base_2026q4_operating_days:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q4_operating_days:base/formula/refs/0 | None | base_2026q4_implied_days |
| /operating_model/cells/base_2026q4_operating_days:base/formula/refs/1 | None | base_2026q4_execution |
| /operating_model/cells/base_2026q4_operating_days:base/id | None | base_2026q4_operating_days |
| /operating_model/cells/base_2026q4_operating_days:base/kind | None | derived |
| /operating_model/cells/base_2026q4_operating_days:base/label | None | Scenario operating days |
| /operating_model/cells/base_2026q4_operating_days:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_operating_days:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_operating_days:base/value | None | 1895.7894736842106 |
| /operating_model/cells/base_2026q4_operating_income:base/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/base_2026q4_operating_income:base/case | None | base |
| /operating_model/cells/base_2026q4_operating_income:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_operating_income:base/formula/refs/0 | None | base_2026q4_revenue |
| /operating_model/cells/base_2026q4_operating_income:base/formula/refs/1 | None | base_2026q4_operating_cost |
| /operating_model/cells/base_2026q4_operating_income:base/id | None | base_2026q4_operating_income |
| /operating_model/cells/base_2026q4_operating_income:base/kind | None | derived |
| /operating_model/cells/base_2026q4_operating_income:base/label | None | GAAP operating income proxy |
| /operating_model/cells/base_2026q4_operating_income:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_operating_income:base/value | None | 239.0 |
| /operating_model/cells/base_2026q4_q3_ga:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q4_q3_ga:base/case | None | base |
| /operating_model/cells/base_2026q4_q3_ga:base/id | None | base_2026q4_q3_ga |
| /operating_model/cells/base_2026q4_q3_ga:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_q3_ga:base/label | None | Q3 G&A budget |
| /operating_model/cells/base_2026q4_q3_ga:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_q3_ga:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_q3_ga:base/value | None | 45.0 |
| /operating_model/cells/base_2026q4_revenue:base/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/base_2026q4_revenue:base/case | None | base |
| /operating_model/cells/base_2026q4_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_revenue:base/formula/refs/0 | None | base_2026q4_dayrate_sales |
| /operating_model/cells/base_2026q4_revenue:base/formula/refs/1 | None | base_2026q4_ancillary |
| /operating_model/cells/base_2026q4_revenue:base/id | None | base_2026q4_revenue |
| /operating_model/cells/base_2026q4_revenue:base/kind | None | derived |
| /operating_model/cells/base_2026q4_revenue:base/label | None | Standalone contract revenue |
| /operating_model/cells/base_2026q4_revenue:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_revenue:base/value | None | 950.5 |
| /operating_model/cells/base_2026q4_sbc:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q4_sbc:base/case | None | base |
| /operating_model/cells/base_2026q4_sbc:base/id | None | base_2026q4_sbc |
| /operating_model/cells/base_2026q4_sbc:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_sbc:base/label | None | Stock compensation |
| /operating_model/cells/base_2026q4_sbc:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_sbc:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_sbc:base/value | None | 8.0 |
| /operating_model/cells/base_2026q4_wc_use:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2026q4_wc_use:base/case | None | base |
| /operating_model/cells/base_2026q4_wc_use:base/id | None | base_2026q4_wc_use |
| /operating_model/cells/base_2026q4_wc_use:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_wc_use:base/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/base_2026q4_wc_use:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_wc_use:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_wc_use:base/value | None | 25.0 |
| /operating_model/cells/base_2027q1_adj_ebitda:base/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/base_2027q1_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_2027q1_adj_ebitda:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_adj_ebitda:base/formula/refs/0 | None | base_2027q1_operating_income |
| /operating_model/cells/base_2027q1_adj_ebitda:base/formula/refs/1 | None | base_2027q1_da |
| /operating_model/cells/base_2027q1_adj_ebitda:base/formula/refs/2 | None | base_2027q1_sbc |
| /operating_model/cells/base_2027q1_adj_ebitda:base/id | None | base_2027q1_adj_ebitda |
| /operating_model/cells/base_2027q1_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2027q1_adj_ebitda:base/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/base_2027q1_adj_ebitda:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_adj_ebitda:base/value | None | 384.25 |
| /operating_model/cells/base_2027q1_ancillary:base/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/base_2027q1_ancillary:base/case | None | base |
| /operating_model/cells/base_2027q1_ancillary:base/id | None | base_2027q1_ancillary |
| /operating_model/cells/base_2027q1_ancillary:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_ancillary:base/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/base_2027q1_ancillary:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_ancillary:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_ancillary:base/value | None | 45.0 |
| /operating_model/cells/base_2027q1_capex:base/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/base_2027q1_capex:base/case | None | base |
| /operating_model/cells/base_2027q1_capex:base/id | None | base_2027q1_capex |
| /operating_model/cells/base_2027q1_capex:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_capex:base/label | None | Cash capital expenditure |
| /operating_model/cells/base_2027q1_capex:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_capex:base/value | None | 45.0 |
| /operating_model/cells/base_2027q1_cash_after_principal:base/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/base_2027q1_cash_after_principal:base/case | None | base |
| /operating_model/cells/base_2027q1_cash_after_principal:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_cash_after_principal:base/formula/refs/0 | None | base_2027q1_fcf |
| /operating_model/cells/base_2027q1_cash_after_principal:base/formula/refs/1 | None | base_2027q1_debt_principal |
| /operating_model/cells/base_2027q1_cash_after_principal:base/id | None | base_2027q1_cash_after_principal |
| /operating_model/cells/base_2027q1_cash_after_principal:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cash_after_principal:base/label | None | Cash after principal |
| /operating_model/cells/base_2027q1_cash_after_principal:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cash_after_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cash_after_principal:base/value | None | 111.25 |
| /operating_model/cells/base_2027q1_cash_interest:base/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/base_2027q1_cash_interest:base/case | None | base |
| /operating_model/cells/base_2027q1_cash_interest:base/id | None | base_2027q1_cash_interest |
| /operating_model/cells/base_2027q1_cash_interest:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_cash_interest:base/label | None | Net cash interest |
| /operating_model/cells/base_2027q1_cash_interest:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cash_interest:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cash_interest:base/value | None | 98.0 |
| /operating_model/cells/base_2027q1_cash_tax:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q1_cash_tax:base/case | None | base |
| /operating_model/cells/base_2027q1_cash_tax:base/id | None | base_2027q1_cash_tax |
| /operating_model/cells/base_2027q1_cash_tax:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_cash_tax:base/label | None | Cash income taxes |
| /operating_model/cells/base_2027q1_cash_tax:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cash_tax:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cash_tax:base/value | None | 25.0 |
| /operating_model/cells/base_2027q1_cash_uses:base/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/base_2027q1_cash_uses:base/case | None | base |
| /operating_model/cells/base_2027q1_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_cash_uses:base/formula/refs/0 | None | base_2027q1_cash_interest |
| /operating_model/cells/base_2027q1_cash_uses:base/formula/refs/1 | None | base_2027q1_cash_tax |
| /operating_model/cells/base_2027q1_cash_uses:base/formula/refs/2 | None | base_2027q1_wc_use |
| /operating_model/cells/base_2027q1_cash_uses:base/id | None | base_2027q1_cash_uses |
| /operating_model/cells/base_2027q1_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cash_uses:base/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/base_2027q1_cash_uses:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cash_uses:base/value | None | 148.0 |
| /operating_model/cells/base_2027q1_cfo:base/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/base_2027q1_cfo:base/case | None | base |
| /operating_model/cells/base_2027q1_cfo:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_cfo:base/formula/refs/0 | None | base_2027q1_adj_ebitda |
| /operating_model/cells/base_2027q1_cfo:base/formula/refs/1 | None | base_2027q1_cash_uses |
| /operating_model/cells/base_2027q1_cfo:base/id | None | base_2027q1_cfo |
| /operating_model/cells/base_2027q1_cfo:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cfo:base/label | None | Operating cash flow proxy |
| /operating_model/cells/base_2027q1_cfo:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cfo:base/value | None | 236.25 |
| /operating_model/cells/base_2027q1_cost_factor:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q1_cost_factor:base/case | None | base |
| /operating_model/cells/base_2027q1_cost_factor:base/id | None | base_2027q1_cost_factor |
| /operating_model/cells/base_2027q1_cost_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_cost_factor:base/label | None | Operating-cost stress factor |
| /operating_model/cells/base_2027q1_cost_factor:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cost_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_cost_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2027q1_da:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q1_da:base/case | None | base |
| /operating_model/cells/base_2027q1_da:base/id | None | base_2027q1_da |
| /operating_model/cells/base_2027q1_da:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_da:base/label | None | Depreciation and amortization |
| /operating_model/cells/base_2027q1_da:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_da:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_da:base/value | None | 150.0 |
| /operating_model/cells/base_2027q1_daily_rate:base/basis | None | USD millions per operating day; standalone fleet average desk sensitivity. |
| /operating_model/cells/base_2027q1_daily_rate:base/case | None | base |
| /operating_model/cells/base_2027q1_daily_rate:base/id | None | base_2027q1_daily_rate |
| /operating_model/cells/base_2027q1_daily_rate:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_daily_rate:base/label | None | Effective earned revenue per operating day |
| /operating_model/cells/base_2027q1_daily_rate:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_daily_rate:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_daily_rate:base/value | None | 0.475 |
| /operating_model/cells/base_2027q1_dayrate_sales:base/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/base_2027q1_dayrate_sales:base/case | None | base |
| /operating_model/cells/base_2027q1_dayrate_sales:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_dayrate_sales:base/formula/refs/0 | None | base_2027q1_operating_days |
| /operating_model/cells/base_2027q1_dayrate_sales:base/formula/refs/1 | None | base_2027q1_daily_rate |
| /operating_model/cells/base_2027q1_dayrate_sales:base/formula/refs/2 | None | base_2027q1_eff_ratio |
| /operating_model/cells/base_2027q1_dayrate_sales:base/id | None | base_2027q1_dayrate_sales |
| /operating_model/cells/base_2027q1_dayrate_sales:base/kind | None | derived |
| /operating_model/cells/base_2027q1_dayrate_sales:base/label | None | Dayrate-linked revenue |
| /operating_model/cells/base_2027q1_dayrate_sales:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_dayrate_sales:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_dayrate_sales:base/value | None | 964.25 |
| /operating_model/cells/base_2027q1_debt_principal:base/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/base_2027q1_debt_principal:base/case | None | base |
| /operating_model/cells/base_2027q1_debt_principal:base/id | None | base_2027q1_debt_principal |
| /operating_model/cells/base_2027q1_debt_principal:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_debt_principal:base/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/base_2027q1_debt_principal:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_debt_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_debt_principal:base/value | None | 80.0 |
| /operating_model/cells/base_2027q1_eff_baseline:base/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/base_2027q1_eff_baseline:base/case | None | base |
| /operating_model/cells/base_2027q1_eff_baseline:base/id | None | base_2027q1_eff_baseline |
| /operating_model/cells/base_2027q1_eff_baseline:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_eff_baseline:base/label | None | Baseline revenue efficiency |
| /operating_model/cells/base_2027q1_eff_baseline:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_eff_baseline:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_eff_baseline:base/value | None | 0.965 |
| /operating_model/cells/base_2027q1_eff_ratio:base/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/base_2027q1_eff_ratio:base/case | None | base |
| /operating_model/cells/base_2027q1_eff_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2027q1_eff_ratio:base/formula/refs/0 | None | base_2027q1_efficiency |
| /operating_model/cells/base_2027q1_eff_ratio:base/formula/refs/1 | None | base_2027q1_eff_baseline |
| /operating_model/cells/base_2027q1_eff_ratio:base/id | None | base_2027q1_eff_ratio |
| /operating_model/cells/base_2027q1_eff_ratio:base/kind | None | derived |
| /operating_model/cells/base_2027q1_eff_ratio:base/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/base_2027q1_eff_ratio:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_eff_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_eff_ratio:base/value | None | 1.0 |
| /operating_model/cells/base_2027q1_efficiency:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q1_efficiency:base/case | None | base |
| /operating_model/cells/base_2027q1_efficiency:base/id | None | base_2027q1_efficiency |
| /operating_model/cells/base_2027q1_efficiency:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_efficiency:base/label | None | Revenue efficiency |
| /operating_model/cells/base_2027q1_efficiency:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_efficiency:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_efficiency:base/value | None | 0.965 |
| /operating_model/cells/base_2027q1_fcf:base/basis | None | Before financing principal. |
| /operating_model/cells/base_2027q1_fcf:base/case | None | base |
| /operating_model/cells/base_2027q1_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_fcf:base/formula/refs/0 | None | base_2027q1_cfo |
| /operating_model/cells/base_2027q1_fcf:base/formula/refs/1 | None | base_2027q1_capex |
| /operating_model/cells/base_2027q1_fcf:base/id | None | base_2027q1_fcf |
| /operating_model/cells/base_2027q1_fcf:base/kind | None | derived |
| /operating_model/cells/base_2027q1_fcf:base/label | None | CFO less capex |
| /operating_model/cells/base_2027q1_fcf:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_fcf:base/value | None | 191.25 |
| /operating_model/cells/base_2027q1_ga:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q1_ga:base/case | None | base |
| /operating_model/cells/base_2027q1_ga:base/id | None | base_2027q1_ga |
| /operating_model/cells/base_2027q1_ga:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_ga:base/label | None | General and administrative |
| /operating_model/cells/base_2027q1_ga:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_ga:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_ga:base/value | None | 48.0 |
| /operating_model/cells/base_2027q1_om_anchor:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q1_om_anchor:base/case | None | base |
| /operating_model/cells/base_2027q1_om_anchor:base/id | None | base_2027q1_om_anchor |
| /operating_model/cells/base_2027q1_om_anchor:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_om_anchor:base/label | None | Standalone operating maintenance budget |
| /operating_model/cells/base_2027q1_om_anchor:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_om_anchor:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_om_anchor:base/value | None | 585.0 |
| /operating_model/cells/base_2027q1_om_cost:base/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/base_2027q1_om_cost:base/case | None | base |
| /operating_model/cells/base_2027q1_om_cost:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_om_cost:base/formula/refs/0 | None | base_2027q1_om_anchor |
| /operating_model/cells/base_2027q1_om_cost:base/formula/refs/1 | None | base_2027q1_cost_factor |
| /operating_model/cells/base_2027q1_om_cost:base/id | None | base_2027q1_om_cost |
| /operating_model/cells/base_2027q1_om_cost:base/kind | None | derived |
| /operating_model/cells/base_2027q1_om_cost:base/label | None | Operating and maintenance |
| /operating_model/cells/base_2027q1_om_cost:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_om_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_om_cost:base/value | None | 585.0 |
| /operating_model/cells/base_2027q1_operating_cost:base/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/base_2027q1_operating_cost:base/case | None | base |
| /operating_model/cells/base_2027q1_operating_cost:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_operating_cost:base/formula/refs/0 | None | base_2027q1_om_cost |
| /operating_model/cells/base_2027q1_operating_cost:base/formula/refs/1 | None | base_2027q1_ga |
| /operating_model/cells/base_2027q1_operating_cost:base/formula/refs/2 | None | base_2027q1_da |
| /operating_model/cells/base_2027q1_operating_cost:base/id | None | base_2027q1_operating_cost |
| /operating_model/cells/base_2027q1_operating_cost:base/kind | None | derived |
| /operating_model/cells/base_2027q1_operating_cost:base/label | None | Total ordinary operating costs |
| /operating_model/cells/base_2027q1_operating_cost:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_operating_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_operating_cost:base/value | None | 783.0 |
| /operating_model/cells/base_2027q1_operating_days:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q1_operating_days:base/case | None | base |
| /operating_model/cells/base_2027q1_operating_days:base/id | None | base_2027q1_operating_days |
| /operating_model/cells/base_2027q1_operating_days:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_operating_days:base/label | None | Operating days |
| /operating_model/cells/base_2027q1_operating_days:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_operating_days:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_operating_days:base/value | None | 2030.0 |
| /operating_model/cells/base_2027q1_operating_income:base/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/base_2027q1_operating_income:base/case | None | base |
| /operating_model/cells/base_2027q1_operating_income:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_operating_income:base/formula/refs/0 | None | base_2027q1_revenue |
| /operating_model/cells/base_2027q1_operating_income:base/formula/refs/1 | None | base_2027q1_operating_cost |
| /operating_model/cells/base_2027q1_operating_income:base/id | None | base_2027q1_operating_income |
| /operating_model/cells/base_2027q1_operating_income:base/kind | None | derived |
| /operating_model/cells/base_2027q1_operating_income:base/label | None | GAAP operating income proxy |
| /operating_model/cells/base_2027q1_operating_income:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_operating_income:base/value | None | 226.25 |
| /operating_model/cells/base_2027q1_revenue:base/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/base_2027q1_revenue:base/case | None | base |
| /operating_model/cells/base_2027q1_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_revenue:base/formula/refs/0 | None | base_2027q1_dayrate_sales |
| /operating_model/cells/base_2027q1_revenue:base/formula/refs/1 | None | base_2027q1_ancillary |
| /operating_model/cells/base_2027q1_revenue:base/id | None | base_2027q1_revenue |
| /operating_model/cells/base_2027q1_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q1_revenue:base/label | None | Standalone contract revenue |
| /operating_model/cells/base_2027q1_revenue:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_revenue:base/value | None | 1009.25 |
| /operating_model/cells/base_2027q1_sbc:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q1_sbc:base/case | None | base |
| /operating_model/cells/base_2027q1_sbc:base/id | None | base_2027q1_sbc |
| /operating_model/cells/base_2027q1_sbc:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_sbc:base/label | None | Stock compensation |
| /operating_model/cells/base_2027q1_sbc:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_sbc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_sbc:base/value | None | 8.0 |
| /operating_model/cells/base_2027q1_wc_use:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q1_wc_use:base/case | None | base |
| /operating_model/cells/base_2027q1_wc_use:base/id | None | base_2027q1_wc_use |
| /operating_model/cells/base_2027q1_wc_use:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_wc_use:base/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/base_2027q1_wc_use:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_wc_use:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_wc_use:base/value | None | 25.0 |
| /operating_model/cells/base_2027q2_adj_ebitda:base/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/base_2027q2_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_2027q2_adj_ebitda:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_adj_ebitda:base/formula/refs/0 | None | base_2027q2_operating_income |
| /operating_model/cells/base_2027q2_adj_ebitda:base/formula/refs/1 | None | base_2027q2_da |
| /operating_model/cells/base_2027q2_adj_ebitda:base/formula/refs/2 | None | base_2027q2_sbc |
| /operating_model/cells/base_2027q2_adj_ebitda:base/id | None | base_2027q2_adj_ebitda |
| /operating_model/cells/base_2027q2_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2027q2_adj_ebitda:base/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/base_2027q2_adj_ebitda:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_adj_ebitda:base/value | None | 402.5999999999999 |
| /operating_model/cells/base_2027q2_ancillary:base/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/base_2027q2_ancillary:base/case | None | base |
| /operating_model/cells/base_2027q2_ancillary:base/id | None | base_2027q2_ancillary |
| /operating_model/cells/base_2027q2_ancillary:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_ancillary:base/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/base_2027q2_ancillary:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_ancillary:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_ancillary:base/value | None | 45.0 |
| /operating_model/cells/base_2027q2_capex:base/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/base_2027q2_capex:base/case | None | base |
| /operating_model/cells/base_2027q2_capex:base/id | None | base_2027q2_capex |
| /operating_model/cells/base_2027q2_capex:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_capex:base/label | None | Cash capital expenditure |
| /operating_model/cells/base_2027q2_capex:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_capex:base/value | None | 50.0 |
| /operating_model/cells/base_2027q2_cash_after_principal:base/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/base_2027q2_cash_after_principal:base/case | None | base |
| /operating_model/cells/base_2027q2_cash_after_principal:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_cash_after_principal:base/formula/refs/0 | None | base_2027q2_fcf |
| /operating_model/cells/base_2027q2_cash_after_principal:base/formula/refs/1 | None | base_2027q2_debt_principal |
| /operating_model/cells/base_2027q2_cash_after_principal:base/id | None | base_2027q2_cash_after_principal |
| /operating_model/cells/base_2027q2_cash_after_principal:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cash_after_principal:base/label | None | Cash after principal |
| /operating_model/cells/base_2027q2_cash_after_principal:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cash_after_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cash_after_principal:base/value | None | 96.59999999999991 |
| /operating_model/cells/base_2027q2_cash_interest:base/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/base_2027q2_cash_interest:base/case | None | base |
| /operating_model/cells/base_2027q2_cash_interest:base/id | None | base_2027q2_cash_interest |
| /operating_model/cells/base_2027q2_cash_interest:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_cash_interest:base/label | None | Net cash interest |
| /operating_model/cells/base_2027q2_cash_interest:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cash_interest:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cash_interest:base/value | None | 96.0 |
| /operating_model/cells/base_2027q2_cash_tax:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q2_cash_tax:base/case | None | base |
| /operating_model/cells/base_2027q2_cash_tax:base/id | None | base_2027q2_cash_tax |
| /operating_model/cells/base_2027q2_cash_tax:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_cash_tax:base/label | None | Cash income taxes |
| /operating_model/cells/base_2027q2_cash_tax:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cash_tax:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cash_tax:base/value | None | 25.0 |
| /operating_model/cells/base_2027q2_cash_uses:base/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/base_2027q2_cash_uses:base/case | None | base |
| /operating_model/cells/base_2027q2_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_cash_uses:base/formula/refs/0 | None | base_2027q2_cash_interest |
| /operating_model/cells/base_2027q2_cash_uses:base/formula/refs/1 | None | base_2027q2_cash_tax |
| /operating_model/cells/base_2027q2_cash_uses:base/formula/refs/2 | None | base_2027q2_wc_use |
| /operating_model/cells/base_2027q2_cash_uses:base/id | None | base_2027q2_cash_uses |
| /operating_model/cells/base_2027q2_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cash_uses:base/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/base_2027q2_cash_uses:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cash_uses:base/value | None | 141.0 |
| /operating_model/cells/base_2027q2_cfo:base/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/base_2027q2_cfo:base/case | None | base |
| /operating_model/cells/base_2027q2_cfo:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_cfo:base/formula/refs/0 | None | base_2027q2_adj_ebitda |
| /operating_model/cells/base_2027q2_cfo:base/formula/refs/1 | None | base_2027q2_cash_uses |
| /operating_model/cells/base_2027q2_cfo:base/id | None | base_2027q2_cfo |
| /operating_model/cells/base_2027q2_cfo:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cfo:base/label | None | Operating cash flow proxy |
| /operating_model/cells/base_2027q2_cfo:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cfo:base/value | None | 261.5999999999999 |
| /operating_model/cells/base_2027q2_cost_factor:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q2_cost_factor:base/case | None | base |
| /operating_model/cells/base_2027q2_cost_factor:base/id | None | base_2027q2_cost_factor |
| /operating_model/cells/base_2027q2_cost_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_cost_factor:base/label | None | Operating-cost stress factor |
| /operating_model/cells/base_2027q2_cost_factor:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cost_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_cost_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2027q2_da:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q2_da:base/case | None | base |
| /operating_model/cells/base_2027q2_da:base/id | None | base_2027q2_da |
| /operating_model/cells/base_2027q2_da:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_da:base/label | None | Depreciation and amortization |
| /operating_model/cells/base_2027q2_da:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_da:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_da:base/value | None | 152.0 |
| /operating_model/cells/base_2027q2_daily_rate:base/basis | None | USD millions per operating day; standalone fleet average desk sensitivity. |
| /operating_model/cells/base_2027q2_daily_rate:base/case | None | base |
| /operating_model/cells/base_2027q2_daily_rate:base/id | None | base_2027q2_daily_rate |
| /operating_model/cells/base_2027q2_daily_rate:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_daily_rate:base/label | None | Effective earned revenue per operating day |
| /operating_model/cells/base_2027q2_daily_rate:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_daily_rate:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_daily_rate:base/value | None | 0.48 |
| /operating_model/cells/base_2027q2_dayrate_sales:base/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/base_2027q2_dayrate_sales:base/case | None | base |
| /operating_model/cells/base_2027q2_dayrate_sales:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_dayrate_sales:base/formula/refs/0 | None | base_2027q2_operating_days |
| /operating_model/cells/base_2027q2_dayrate_sales:base/formula/refs/1 | None | base_2027q2_daily_rate |
| /operating_model/cells/base_2027q2_dayrate_sales:base/formula/refs/2 | None | base_2027q2_eff_ratio |
| /operating_model/cells/base_2027q2_dayrate_sales:base/id | None | base_2027q2_dayrate_sales |
| /operating_model/cells/base_2027q2_dayrate_sales:base/kind | None | derived |
| /operating_model/cells/base_2027q2_dayrate_sales:base/label | None | Dayrate-linked revenue |
| /operating_model/cells/base_2027q2_dayrate_sales:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_dayrate_sales:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_dayrate_sales:base/value | None | 993.5999999999999 |
| /operating_model/cells/base_2027q2_debt_principal:base/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/base_2027q2_debt_principal:base/case | None | base |
| /operating_model/cells/base_2027q2_debt_principal:base/id | None | base_2027q2_debt_principal |
| /operating_model/cells/base_2027q2_debt_principal:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_debt_principal:base/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/base_2027q2_debt_principal:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_debt_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_debt_principal:base/value | None | 115.0 |
| /operating_model/cells/base_2027q2_eff_baseline:base/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/base_2027q2_eff_baseline:base/case | None | base |
| /operating_model/cells/base_2027q2_eff_baseline:base/id | None | base_2027q2_eff_baseline |
| /operating_model/cells/base_2027q2_eff_baseline:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_eff_baseline:base/label | None | Baseline revenue efficiency |
| /operating_model/cells/base_2027q2_eff_baseline:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_eff_baseline:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_eff_baseline:base/value | None | 0.965 |
| /operating_model/cells/base_2027q2_eff_ratio:base/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/base_2027q2_eff_ratio:base/case | None | base |
| /operating_model/cells/base_2027q2_eff_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2027q2_eff_ratio:base/formula/refs/0 | None | base_2027q2_efficiency |
| /operating_model/cells/base_2027q2_eff_ratio:base/formula/refs/1 | None | base_2027q2_eff_baseline |
| /operating_model/cells/base_2027q2_eff_ratio:base/id | None | base_2027q2_eff_ratio |
| /operating_model/cells/base_2027q2_eff_ratio:base/kind | None | derived |
| /operating_model/cells/base_2027q2_eff_ratio:base/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/base_2027q2_eff_ratio:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_eff_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_eff_ratio:base/value | None | 1.0 |
| /operating_model/cells/base_2027q2_efficiency:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q2_efficiency:base/case | None | base |
| /operating_model/cells/base_2027q2_efficiency:base/id | None | base_2027q2_efficiency |
| /operating_model/cells/base_2027q2_efficiency:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_efficiency:base/label | None | Revenue efficiency |
| /operating_model/cells/base_2027q2_efficiency:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_efficiency:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_efficiency:base/value | None | 0.965 |
| /operating_model/cells/base_2027q2_fcf:base/basis | None | Before financing principal. |
| /operating_model/cells/base_2027q2_fcf:base/case | None | base |
| /operating_model/cells/base_2027q2_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_fcf:base/formula/refs/0 | None | base_2027q2_cfo |
| /operating_model/cells/base_2027q2_fcf:base/formula/refs/1 | None | base_2027q2_capex |
| /operating_model/cells/base_2027q2_fcf:base/id | None | base_2027q2_fcf |
| /operating_model/cells/base_2027q2_fcf:base/kind | None | derived |
| /operating_model/cells/base_2027q2_fcf:base/label | None | CFO less capex |
| /operating_model/cells/base_2027q2_fcf:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_fcf:base/value | None | 211.5999999999999 |
| /operating_model/cells/base_2027q2_ga:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q2_ga:base/case | None | base |
| /operating_model/cells/base_2027q2_ga:base/id | None | base_2027q2_ga |
| /operating_model/cells/base_2027q2_ga:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_ga:base/label | None | General and administrative |
| /operating_model/cells/base_2027q2_ga:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_ga:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_ga:base/value | None | 49.0 |
| /operating_model/cells/base_2027q2_om_anchor:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q2_om_anchor:base/case | None | base |
| /operating_model/cells/base_2027q2_om_anchor:base/id | None | base_2027q2_om_anchor |
| /operating_model/cells/base_2027q2_om_anchor:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_om_anchor:base/label | None | Standalone operating maintenance budget |
| /operating_model/cells/base_2027q2_om_anchor:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_om_anchor:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_om_anchor:base/value | None | 595.0 |
| /operating_model/cells/base_2027q2_om_cost:base/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/base_2027q2_om_cost:base/case | None | base |
| /operating_model/cells/base_2027q2_om_cost:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_om_cost:base/formula/refs/0 | None | base_2027q2_om_anchor |
| /operating_model/cells/base_2027q2_om_cost:base/formula/refs/1 | None | base_2027q2_cost_factor |
| /operating_model/cells/base_2027q2_om_cost:base/id | None | base_2027q2_om_cost |
| /operating_model/cells/base_2027q2_om_cost:base/kind | None | derived |
| /operating_model/cells/base_2027q2_om_cost:base/label | None | Operating and maintenance |
| /operating_model/cells/base_2027q2_om_cost:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_om_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_om_cost:base/value | None | 595.0 |
| /operating_model/cells/base_2027q2_operating_cost:base/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/base_2027q2_operating_cost:base/case | None | base |
| /operating_model/cells/base_2027q2_operating_cost:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_operating_cost:base/formula/refs/0 | None | base_2027q2_om_cost |
| /operating_model/cells/base_2027q2_operating_cost:base/formula/refs/1 | None | base_2027q2_ga |
| /operating_model/cells/base_2027q2_operating_cost:base/formula/refs/2 | None | base_2027q2_da |
| /operating_model/cells/base_2027q2_operating_cost:base/id | None | base_2027q2_operating_cost |
| /operating_model/cells/base_2027q2_operating_cost:base/kind | None | derived |
| /operating_model/cells/base_2027q2_operating_cost:base/label | None | Total ordinary operating costs |
| /operating_model/cells/base_2027q2_operating_cost:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_operating_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_operating_cost:base/value | None | 796.0 |
| /operating_model/cells/base_2027q2_operating_days:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q2_operating_days:base/case | None | base |
| /operating_model/cells/base_2027q2_operating_days:base/id | None | base_2027q2_operating_days |
| /operating_model/cells/base_2027q2_operating_days:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_operating_days:base/label | None | Operating days |
| /operating_model/cells/base_2027q2_operating_days:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_operating_days:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_operating_days:base/value | None | 2070.0 |
| /operating_model/cells/base_2027q2_operating_income:base/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/base_2027q2_operating_income:base/case | None | base |
| /operating_model/cells/base_2027q2_operating_income:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_operating_income:base/formula/refs/0 | None | base_2027q2_revenue |
| /operating_model/cells/base_2027q2_operating_income:base/formula/refs/1 | None | base_2027q2_operating_cost |
| /operating_model/cells/base_2027q2_operating_income:base/id | None | base_2027q2_operating_income |
| /operating_model/cells/base_2027q2_operating_income:base/kind | None | derived |
| /operating_model/cells/base_2027q2_operating_income:base/label | None | GAAP operating income proxy |
| /operating_model/cells/base_2027q2_operating_income:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_operating_income:base/value | None | 242.5999999999999 |
| /operating_model/cells/base_2027q2_revenue:base/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/base_2027q2_revenue:base/case | None | base |
| /operating_model/cells/base_2027q2_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_revenue:base/formula/refs/0 | None | base_2027q2_dayrate_sales |
| /operating_model/cells/base_2027q2_revenue:base/formula/refs/1 | None | base_2027q2_ancillary |
| /operating_model/cells/base_2027q2_revenue:base/id | None | base_2027q2_revenue |
| /operating_model/cells/base_2027q2_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q2_revenue:base/label | None | Standalone contract revenue |
| /operating_model/cells/base_2027q2_revenue:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_revenue:base/value | None | 1038.6 |
| /operating_model/cells/base_2027q2_sbc:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q2_sbc:base/case | None | base |
| /operating_model/cells/base_2027q2_sbc:base/id | None | base_2027q2_sbc |
| /operating_model/cells/base_2027q2_sbc:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_sbc:base/label | None | Stock compensation |
| /operating_model/cells/base_2027q2_sbc:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_sbc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_sbc:base/value | None | 8.0 |
| /operating_model/cells/base_2027q2_wc_use:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q2_wc_use:base/case | None | base |
| /operating_model/cells/base_2027q2_wc_use:base/id | None | base_2027q2_wc_use |
| /operating_model/cells/base_2027q2_wc_use:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_wc_use:base/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/base_2027q2_wc_use:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_wc_use:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_wc_use:base/value | None | 20.0 |
| /operating_model/cells/base_2027q3_adj_ebitda:base/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/base_2027q3_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_2027q3_adj_ebitda:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_adj_ebitda:base/formula/refs/0 | None | base_2027q3_operating_income |
| /operating_model/cells/base_2027q3_adj_ebitda:base/formula/refs/1 | None | base_2027q3_da |
| /operating_model/cells/base_2027q3_adj_ebitda:base/formula/refs/2 | None | base_2027q3_sbc |
| /operating_model/cells/base_2027q3_adj_ebitda:base/id | None | base_2027q3_adj_ebitda |
| /operating_model/cells/base_2027q3_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2027q3_adj_ebitda:base/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/base_2027q3_adj_ebitda:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_adj_ebitda:base/value | None | 416.5 |
| /operating_model/cells/base_2027q3_ancillary:base/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/base_2027q3_ancillary:base/case | None | base |
| /operating_model/cells/base_2027q3_ancillary:base/id | None | base_2027q3_ancillary |
| /operating_model/cells/base_2027q3_ancillary:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_ancillary:base/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/base_2027q3_ancillary:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_ancillary:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_ancillary:base/value | None | 45.0 |
| /operating_model/cells/base_2027q3_capex:base/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/base_2027q3_capex:base/case | None | base |
| /operating_model/cells/base_2027q3_capex:base/id | None | base_2027q3_capex |
| /operating_model/cells/base_2027q3_capex:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_capex:base/label | None | Cash capital expenditure |
| /operating_model/cells/base_2027q3_capex:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_capex:base/value | None | 50.0 |
| /operating_model/cells/base_2027q3_cash_after_principal:base/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/base_2027q3_cash_after_principal:base/case | None | base |
| /operating_model/cells/base_2027q3_cash_after_principal:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_cash_after_principal:base/formula/refs/0 | None | base_2027q3_fcf |
| /operating_model/cells/base_2027q3_cash_after_principal:base/formula/refs/1 | None | base_2027q3_debt_principal |
| /operating_model/cells/base_2027q3_cash_after_principal:base/id | None | base_2027q3_cash_after_principal |
| /operating_model/cells/base_2027q3_cash_after_principal:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cash_after_principal:base/label | None | Cash after principal |
| /operating_model/cells/base_2027q3_cash_after_principal:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cash_after_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cash_after_principal:base/value | None | 144.5 |
| /operating_model/cells/base_2027q3_cash_interest:base/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/base_2027q3_cash_interest:base/case | None | base |
| /operating_model/cells/base_2027q3_cash_interest:base/id | None | base_2027q3_cash_interest |
| /operating_model/cells/base_2027q3_cash_interest:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_cash_interest:base/label | None | Net cash interest |
| /operating_model/cells/base_2027q3_cash_interest:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cash_interest:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cash_interest:base/value | None | 94.0 |
| /operating_model/cells/base_2027q3_cash_tax:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q3_cash_tax:base/case | None | base |
| /operating_model/cells/base_2027q3_cash_tax:base/id | None | base_2027q3_cash_tax |
| /operating_model/cells/base_2027q3_cash_tax:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_cash_tax:base/label | None | Cash income taxes |
| /operating_model/cells/base_2027q3_cash_tax:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cash_tax:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cash_tax:base/value | None | 25.0 |
| /operating_model/cells/base_2027q3_cash_uses:base/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/base_2027q3_cash_uses:base/case | None | base |
| /operating_model/cells/base_2027q3_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_cash_uses:base/formula/refs/0 | None | base_2027q3_cash_interest |
| /operating_model/cells/base_2027q3_cash_uses:base/formula/refs/1 | None | base_2027q3_cash_tax |
| /operating_model/cells/base_2027q3_cash_uses:base/formula/refs/2 | None | base_2027q3_wc_use |
| /operating_model/cells/base_2027q3_cash_uses:base/id | None | base_2027q3_cash_uses |
| /operating_model/cells/base_2027q3_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cash_uses:base/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/base_2027q3_cash_uses:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cash_uses:base/value | None | 139.0 |
| /operating_model/cells/base_2027q3_cfo:base/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/base_2027q3_cfo:base/case | None | base |
| /operating_model/cells/base_2027q3_cfo:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_cfo:base/formula/refs/0 | None | base_2027q3_adj_ebitda |
| /operating_model/cells/base_2027q3_cfo:base/formula/refs/1 | None | base_2027q3_cash_uses |
| /operating_model/cells/base_2027q3_cfo:base/id | None | base_2027q3_cfo |
| /operating_model/cells/base_2027q3_cfo:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cfo:base/label | None | Operating cash flow proxy |
| /operating_model/cells/base_2027q3_cfo:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cfo:base/value | None | 277.5 |
| /operating_model/cells/base_2027q3_cost_factor:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q3_cost_factor:base/case | None | base |
| /operating_model/cells/base_2027q3_cost_factor:base/id | None | base_2027q3_cost_factor |
| /operating_model/cells/base_2027q3_cost_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_cost_factor:base/label | None | Operating-cost stress factor |
| /operating_model/cells/base_2027q3_cost_factor:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cost_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_cost_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2027q3_da:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q3_da:base/case | None | base |
| /operating_model/cells/base_2027q3_da:base/id | None | base_2027q3_da |
| /operating_model/cells/base_2027q3_da:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_da:base/label | None | Depreciation and amortization |
| /operating_model/cells/base_2027q3_da:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_da:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_da:base/value | None | 154.0 |
| /operating_model/cells/base_2027q3_daily_rate:base/basis | None | USD millions per operating day; standalone fleet average desk sensitivity. |
| /operating_model/cells/base_2027q3_daily_rate:base/case | None | base |
| /operating_model/cells/base_2027q3_daily_rate:base/id | None | base_2027q3_daily_rate |
| /operating_model/cells/base_2027q3_daily_rate:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_daily_rate:base/label | None | Effective earned revenue per operating day |
| /operating_model/cells/base_2027q3_daily_rate:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_daily_rate:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_daily_rate:base/value | None | 0.485 |
| /operating_model/cells/base_2027q3_dayrate_sales:base/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/base_2027q3_dayrate_sales:base/case | None | base |
| /operating_model/cells/base_2027q3_dayrate_sales:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_dayrate_sales:base/formula/refs/0 | None | base_2027q3_operating_days |
| /operating_model/cells/base_2027q3_dayrate_sales:base/formula/refs/1 | None | base_2027q3_daily_rate |
| /operating_model/cells/base_2027q3_dayrate_sales:base/formula/refs/2 | None | base_2027q3_eff_ratio |
| /operating_model/cells/base_2027q3_dayrate_sales:base/id | None | base_2027q3_dayrate_sales |
| /operating_model/cells/base_2027q3_dayrate_sales:base/kind | None | derived |
| /operating_model/cells/base_2027q3_dayrate_sales:base/label | None | Dayrate-linked revenue |
| /operating_model/cells/base_2027q3_dayrate_sales:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_dayrate_sales:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_dayrate_sales:base/value | None | 1018.5 |
| /operating_model/cells/base_2027q3_debt_principal:base/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/base_2027q3_debt_principal:base/case | None | base |
| /operating_model/cells/base_2027q3_debt_principal:base/id | None | base_2027q3_debt_principal |
| /operating_model/cells/base_2027q3_debt_principal:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_debt_principal:base/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/base_2027q3_debt_principal:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_debt_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_debt_principal:base/value | None | 83.0 |
| /operating_model/cells/base_2027q3_eff_baseline:base/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/base_2027q3_eff_baseline:base/case | None | base |
| /operating_model/cells/base_2027q3_eff_baseline:base/id | None | base_2027q3_eff_baseline |
| /operating_model/cells/base_2027q3_eff_baseline:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_eff_baseline:base/label | None | Baseline revenue efficiency |
| /operating_model/cells/base_2027q3_eff_baseline:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_eff_baseline:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_eff_baseline:base/value | None | 0.965 |
| /operating_model/cells/base_2027q3_eff_ratio:base/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/base_2027q3_eff_ratio:base/case | None | base |
| /operating_model/cells/base_2027q3_eff_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2027q3_eff_ratio:base/formula/refs/0 | None | base_2027q3_efficiency |
| /operating_model/cells/base_2027q3_eff_ratio:base/formula/refs/1 | None | base_2027q3_eff_baseline |
| /operating_model/cells/base_2027q3_eff_ratio:base/id | None | base_2027q3_eff_ratio |
| /operating_model/cells/base_2027q3_eff_ratio:base/kind | None | derived |
| /operating_model/cells/base_2027q3_eff_ratio:base/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/base_2027q3_eff_ratio:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_eff_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_eff_ratio:base/value | None | 1.0 |
| /operating_model/cells/base_2027q3_efficiency:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q3_efficiency:base/case | None | base |
| /operating_model/cells/base_2027q3_efficiency:base/id | None | base_2027q3_efficiency |
| /operating_model/cells/base_2027q3_efficiency:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_efficiency:base/label | None | Revenue efficiency |
| /operating_model/cells/base_2027q3_efficiency:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_efficiency:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_efficiency:base/value | None | 0.965 |
| /operating_model/cells/base_2027q3_fcf:base/basis | None | Before financing principal. |
| /operating_model/cells/base_2027q3_fcf:base/case | None | base |
| /operating_model/cells/base_2027q3_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_fcf:base/formula/refs/0 | None | base_2027q3_cfo |
| /operating_model/cells/base_2027q3_fcf:base/formula/refs/1 | None | base_2027q3_capex |
| /operating_model/cells/base_2027q3_fcf:base/id | None | base_2027q3_fcf |
| /operating_model/cells/base_2027q3_fcf:base/kind | None | derived |
| /operating_model/cells/base_2027q3_fcf:base/label | None | CFO less capex |
| /operating_model/cells/base_2027q3_fcf:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_fcf:base/value | None | 227.5 |
| /operating_model/cells/base_2027q3_ga:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q3_ga:base/case | None | base |
| /operating_model/cells/base_2027q3_ga:base/id | None | base_2027q3_ga |
| /operating_model/cells/base_2027q3_ga:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_ga:base/label | None | General and administrative |
| /operating_model/cells/base_2027q3_ga:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_ga:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_ga:base/value | None | 50.0 |
| /operating_model/cells/base_2027q3_om_anchor:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q3_om_anchor:base/case | None | base |
| /operating_model/cells/base_2027q3_om_anchor:base/id | None | base_2027q3_om_anchor |
| /operating_model/cells/base_2027q3_om_anchor:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_om_anchor:base/label | None | Standalone operating maintenance budget |
| /operating_model/cells/base_2027q3_om_anchor:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_om_anchor:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_om_anchor:base/value | None | 605.0 |
| /operating_model/cells/base_2027q3_om_cost:base/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/base_2027q3_om_cost:base/case | None | base |
| /operating_model/cells/base_2027q3_om_cost:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_om_cost:base/formula/refs/0 | None | base_2027q3_om_anchor |
| /operating_model/cells/base_2027q3_om_cost:base/formula/refs/1 | None | base_2027q3_cost_factor |
| /operating_model/cells/base_2027q3_om_cost:base/id | None | base_2027q3_om_cost |
| /operating_model/cells/base_2027q3_om_cost:base/kind | None | derived |
| /operating_model/cells/base_2027q3_om_cost:base/label | None | Operating and maintenance |
| /operating_model/cells/base_2027q3_om_cost:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_om_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_om_cost:base/value | None | 605.0 |
| /operating_model/cells/base_2027q3_operating_cost:base/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/base_2027q3_operating_cost:base/case | None | base |
| /operating_model/cells/base_2027q3_operating_cost:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_operating_cost:base/formula/refs/0 | None | base_2027q3_om_cost |
| /operating_model/cells/base_2027q3_operating_cost:base/formula/refs/1 | None | base_2027q3_ga |
| /operating_model/cells/base_2027q3_operating_cost:base/formula/refs/2 | None | base_2027q3_da |
| /operating_model/cells/base_2027q3_operating_cost:base/id | None | base_2027q3_operating_cost |
| /operating_model/cells/base_2027q3_operating_cost:base/kind | None | derived |
| /operating_model/cells/base_2027q3_operating_cost:base/label | None | Total ordinary operating costs |
| /operating_model/cells/base_2027q3_operating_cost:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_operating_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_operating_cost:base/value | None | 809.0 |
| /operating_model/cells/base_2027q3_operating_days:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q3_operating_days:base/case | None | base |
| /operating_model/cells/base_2027q3_operating_days:base/id | None | base_2027q3_operating_days |
| /operating_model/cells/base_2027q3_operating_days:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_operating_days:base/label | None | Operating days |
| /operating_model/cells/base_2027q3_operating_days:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_operating_days:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_operating_days:base/value | None | 2100.0 |
| /operating_model/cells/base_2027q3_operating_income:base/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/base_2027q3_operating_income:base/case | None | base |
| /operating_model/cells/base_2027q3_operating_income:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_operating_income:base/formula/refs/0 | None | base_2027q3_revenue |
| /operating_model/cells/base_2027q3_operating_income:base/formula/refs/1 | None | base_2027q3_operating_cost |
| /operating_model/cells/base_2027q3_operating_income:base/id | None | base_2027q3_operating_income |
| /operating_model/cells/base_2027q3_operating_income:base/kind | None | derived |
| /operating_model/cells/base_2027q3_operating_income:base/label | None | GAAP operating income proxy |
| /operating_model/cells/base_2027q3_operating_income:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_operating_income:base/value | None | 254.5 |
| /operating_model/cells/base_2027q3_revenue:base/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/base_2027q3_revenue:base/case | None | base |
| /operating_model/cells/base_2027q3_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_revenue:base/formula/refs/0 | None | base_2027q3_dayrate_sales |
| /operating_model/cells/base_2027q3_revenue:base/formula/refs/1 | None | base_2027q3_ancillary |
| /operating_model/cells/base_2027q3_revenue:base/id | None | base_2027q3_revenue |
| /operating_model/cells/base_2027q3_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q3_revenue:base/label | None | Standalone contract revenue |
| /operating_model/cells/base_2027q3_revenue:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_revenue:base/value | None | 1063.5 |
| /operating_model/cells/base_2027q3_sbc:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q3_sbc:base/case | None | base |
| /operating_model/cells/base_2027q3_sbc:base/id | None | base_2027q3_sbc |
| /operating_model/cells/base_2027q3_sbc:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_sbc:base/label | None | Stock compensation |
| /operating_model/cells/base_2027q3_sbc:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_sbc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_sbc:base/value | None | 8.0 |
| /operating_model/cells/base_2027q3_wc_use:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q3_wc_use:base/case | None | base |
| /operating_model/cells/base_2027q3_wc_use:base/id | None | base_2027q3_wc_use |
| /operating_model/cells/base_2027q3_wc_use:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_wc_use:base/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/base_2027q3_wc_use:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_wc_use:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_wc_use:base/value | None | 20.0 |
| /operating_model/cells/base_2027q4_adj_ebitda:base/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/base_2027q4_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_2027q4_adj_ebitda:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_adj_ebitda:base/formula/refs/0 | None | base_2027q4_operating_income |
| /operating_model/cells/base_2027q4_adj_ebitda:base/formula/refs/1 | None | base_2027q4_da |
| /operating_model/cells/base_2027q4_adj_ebitda:base/formula/refs/2 | None | base_2027q4_sbc |
| /operating_model/cells/base_2027q4_adj_ebitda:base/id | None | base_2027q4_adj_ebitda |
| /operating_model/cells/base_2027q4_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2027q4_adj_ebitda:base/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/base_2027q4_adj_ebitda:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_adj_ebitda:base/value | None | 435.5999999999999 |
| /operating_model/cells/base_2027q4_ancillary:base/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/base_2027q4_ancillary:base/case | None | base |
| /operating_model/cells/base_2027q4_ancillary:base/id | None | base_2027q4_ancillary |
| /operating_model/cells/base_2027q4_ancillary:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_ancillary:base/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/base_2027q4_ancillary:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_ancillary:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_ancillary:base/value | None | 45.0 |
| /operating_model/cells/base_2027q4_capex:base/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/base_2027q4_capex:base/case | None | base |
| /operating_model/cells/base_2027q4_capex:base/id | None | base_2027q4_capex |
| /operating_model/cells/base_2027q4_capex:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_capex:base/label | None | Cash capital expenditure |
| /operating_model/cells/base_2027q4_capex:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_capex:base/value | None | 45.0 |
| /operating_model/cells/base_2027q4_cash_after_principal:base/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/base_2027q4_cash_after_principal:base/case | None | base |
| /operating_model/cells/base_2027q4_cash_after_principal:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_cash_after_principal:base/formula/refs/0 | None | base_2027q4_fcf |
| /operating_model/cells/base_2027q4_cash_after_principal:base/formula/refs/1 | None | base_2027q4_debt_principal |
| /operating_model/cells/base_2027q4_cash_after_principal:base/id | None | base_2027q4_cash_after_principal |
| /operating_model/cells/base_2027q4_cash_after_principal:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cash_after_principal:base/label | None | Cash after principal |
| /operating_model/cells/base_2027q4_cash_after_principal:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cash_after_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cash_after_principal:base/value | None | 175.5999999999999 |
| /operating_model/cells/base_2027q4_cash_interest:base/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/base_2027q4_cash_interest:base/case | None | base |
| /operating_model/cells/base_2027q4_cash_interest:base/id | None | base_2027q4_cash_interest |
| /operating_model/cells/base_2027q4_cash_interest:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_cash_interest:base/label | None | Net cash interest |
| /operating_model/cells/base_2027q4_cash_interest:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cash_interest:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cash_interest:base/value | None | 92.0 |
| /operating_model/cells/base_2027q4_cash_tax:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q4_cash_tax:base/case | None | base |
| /operating_model/cells/base_2027q4_cash_tax:base/id | None | base_2027q4_cash_tax |
| /operating_model/cells/base_2027q4_cash_tax:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_cash_tax:base/label | None | Cash income taxes |
| /operating_model/cells/base_2027q4_cash_tax:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cash_tax:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cash_tax:base/value | None | 25.0 |
| /operating_model/cells/base_2027q4_cash_uses:base/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/base_2027q4_cash_uses:base/case | None | base |
| /operating_model/cells/base_2027q4_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_cash_uses:base/formula/refs/0 | None | base_2027q4_cash_interest |
| /operating_model/cells/base_2027q4_cash_uses:base/formula/refs/1 | None | base_2027q4_cash_tax |
| /operating_model/cells/base_2027q4_cash_uses:base/formula/refs/2 | None | base_2027q4_wc_use |
| /operating_model/cells/base_2027q4_cash_uses:base/id | None | base_2027q4_cash_uses |
| /operating_model/cells/base_2027q4_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cash_uses:base/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/base_2027q4_cash_uses:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cash_uses:base/value | None | 132.0 |
| /operating_model/cells/base_2027q4_cfo:base/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/base_2027q4_cfo:base/case | None | base |
| /operating_model/cells/base_2027q4_cfo:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_cfo:base/formula/refs/0 | None | base_2027q4_adj_ebitda |
| /operating_model/cells/base_2027q4_cfo:base/formula/refs/1 | None | base_2027q4_cash_uses |
| /operating_model/cells/base_2027q4_cfo:base/id | None | base_2027q4_cfo |
| /operating_model/cells/base_2027q4_cfo:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cfo:base/label | None | Operating cash flow proxy |
| /operating_model/cells/base_2027q4_cfo:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cfo:base/value | None | 303.5999999999999 |
| /operating_model/cells/base_2027q4_cost_factor:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q4_cost_factor:base/case | None | base |
| /operating_model/cells/base_2027q4_cost_factor:base/id | None | base_2027q4_cost_factor |
| /operating_model/cells/base_2027q4_cost_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_cost_factor:base/label | None | Operating-cost stress factor |
| /operating_model/cells/base_2027q4_cost_factor:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cost_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_cost_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2027q4_da:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q4_da:base/case | None | base |
| /operating_model/cells/base_2027q4_da:base/id | None | base_2027q4_da |
| /operating_model/cells/base_2027q4_da:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_da:base/label | None | Depreciation and amortization |
| /operating_model/cells/base_2027q4_da:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_da:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_da:base/value | None | 156.0 |
| /operating_model/cells/base_2027q4_daily_rate:base/basis | None | USD millions per operating day; standalone fleet average desk sensitivity. |
| /operating_model/cells/base_2027q4_daily_rate:base/case | None | base |
| /operating_model/cells/base_2027q4_daily_rate:base/id | None | base_2027q4_daily_rate |
| /operating_model/cells/base_2027q4_daily_rate:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_daily_rate:base/label | None | Effective earned revenue per operating day |
| /operating_model/cells/base_2027q4_daily_rate:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_daily_rate:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_daily_rate:base/value | None | 0.49 |
| /operating_model/cells/base_2027q4_dayrate_sales:base/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/base_2027q4_dayrate_sales:base/case | None | base |
| /operating_model/cells/base_2027q4_dayrate_sales:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_dayrate_sales:base/formula/refs/0 | None | base_2027q4_operating_days |
| /operating_model/cells/base_2027q4_dayrate_sales:base/formula/refs/1 | None | base_2027q4_daily_rate |
| /operating_model/cells/base_2027q4_dayrate_sales:base/formula/refs/2 | None | base_2027q4_eff_ratio |
| /operating_model/cells/base_2027q4_dayrate_sales:base/id | None | base_2027q4_dayrate_sales |
| /operating_model/cells/base_2027q4_dayrate_sales:base/kind | None | derived |
| /operating_model/cells/base_2027q4_dayrate_sales:base/label | None | Dayrate-linked revenue |
| /operating_model/cells/base_2027q4_dayrate_sales:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_dayrate_sales:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_dayrate_sales:base/value | None | 1048.6 |
| /operating_model/cells/base_2027q4_debt_principal:base/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/base_2027q4_debt_principal:base/case | None | base |
| /operating_model/cells/base_2027q4_debt_principal:base/id | None | base_2027q4_debt_principal |
| /operating_model/cells/base_2027q4_debt_principal:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_debt_principal:base/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/base_2027q4_debt_principal:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_debt_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_debt_principal:base/value | None | 83.0 |
| /operating_model/cells/base_2027q4_eff_baseline:base/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/base_2027q4_eff_baseline:base/case | None | base |
| /operating_model/cells/base_2027q4_eff_baseline:base/id | None | base_2027q4_eff_baseline |
| /operating_model/cells/base_2027q4_eff_baseline:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_eff_baseline:base/label | None | Baseline revenue efficiency |
| /operating_model/cells/base_2027q4_eff_baseline:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_eff_baseline:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_eff_baseline:base/value | None | 0.965 |
| /operating_model/cells/base_2027q4_eff_ratio:base/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/base_2027q4_eff_ratio:base/case | None | base |
| /operating_model/cells/base_2027q4_eff_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2027q4_eff_ratio:base/formula/refs/0 | None | base_2027q4_efficiency |
| /operating_model/cells/base_2027q4_eff_ratio:base/formula/refs/1 | None | base_2027q4_eff_baseline |
| /operating_model/cells/base_2027q4_eff_ratio:base/id | None | base_2027q4_eff_ratio |
| /operating_model/cells/base_2027q4_eff_ratio:base/kind | None | derived |
| /operating_model/cells/base_2027q4_eff_ratio:base/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/base_2027q4_eff_ratio:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_eff_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_eff_ratio:base/value | None | 1.0 |
| /operating_model/cells/base_2027q4_efficiency:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q4_efficiency:base/case | None | base |
| /operating_model/cells/base_2027q4_efficiency:base/id | None | base_2027q4_efficiency |
| /operating_model/cells/base_2027q4_efficiency:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_efficiency:base/label | None | Revenue efficiency |
| /operating_model/cells/base_2027q4_efficiency:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_efficiency:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_efficiency:base/value | None | 0.965 |
| /operating_model/cells/base_2027q4_fcf:base/basis | None | Before financing principal. |
| /operating_model/cells/base_2027q4_fcf:base/case | None | base |
| /operating_model/cells/base_2027q4_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_fcf:base/formula/refs/0 | None | base_2027q4_cfo |
| /operating_model/cells/base_2027q4_fcf:base/formula/refs/1 | None | base_2027q4_capex |
| /operating_model/cells/base_2027q4_fcf:base/id | None | base_2027q4_fcf |
| /operating_model/cells/base_2027q4_fcf:base/kind | None | derived |
| /operating_model/cells/base_2027q4_fcf:base/label | None | CFO less capex |
| /operating_model/cells/base_2027q4_fcf:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_fcf:base/value | None | 258.5999999999999 |
| /operating_model/cells/base_2027q4_ga:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q4_ga:base/case | None | base |
| /operating_model/cells/base_2027q4_ga:base/id | None | base_2027q4_ga |
| /operating_model/cells/base_2027q4_ga:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_ga:base/label | None | General and administrative |
| /operating_model/cells/base_2027q4_ga:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_ga:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_ga:base/value | None | 51.0 |
| /operating_model/cells/base_2027q4_om_anchor:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q4_om_anchor:base/case | None | base |
| /operating_model/cells/base_2027q4_om_anchor:base/id | None | base_2027q4_om_anchor |
| /operating_model/cells/base_2027q4_om_anchor:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_om_anchor:base/label | None | Standalone operating maintenance budget |
| /operating_model/cells/base_2027q4_om_anchor:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_om_anchor:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_om_anchor:base/value | None | 615.0 |
| /operating_model/cells/base_2027q4_om_cost:base/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/base_2027q4_om_cost:base/case | None | base |
| /operating_model/cells/base_2027q4_om_cost:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_om_cost:base/formula/refs/0 | None | base_2027q4_om_anchor |
| /operating_model/cells/base_2027q4_om_cost:base/formula/refs/1 | None | base_2027q4_cost_factor |
| /operating_model/cells/base_2027q4_om_cost:base/id | None | base_2027q4_om_cost |
| /operating_model/cells/base_2027q4_om_cost:base/kind | None | derived |
| /operating_model/cells/base_2027q4_om_cost:base/label | None | Operating and maintenance |
| /operating_model/cells/base_2027q4_om_cost:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_om_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_om_cost:base/value | None | 615.0 |
| /operating_model/cells/base_2027q4_operating_cost:base/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/base_2027q4_operating_cost:base/case | None | base |
| /operating_model/cells/base_2027q4_operating_cost:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_operating_cost:base/formula/refs/0 | None | base_2027q4_om_cost |
| /operating_model/cells/base_2027q4_operating_cost:base/formula/refs/1 | None | base_2027q4_ga |
| /operating_model/cells/base_2027q4_operating_cost:base/formula/refs/2 | None | base_2027q4_da |
| /operating_model/cells/base_2027q4_operating_cost:base/id | None | base_2027q4_operating_cost |
| /operating_model/cells/base_2027q4_operating_cost:base/kind | None | derived |
| /operating_model/cells/base_2027q4_operating_cost:base/label | None | Total ordinary operating costs |
| /operating_model/cells/base_2027q4_operating_cost:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_operating_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_operating_cost:base/value | None | 822.0 |
| /operating_model/cells/base_2027q4_operating_days:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q4_operating_days:base/case | None | base |
| /operating_model/cells/base_2027q4_operating_days:base/id | None | base_2027q4_operating_days |
| /operating_model/cells/base_2027q4_operating_days:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_operating_days:base/label | None | Operating days |
| /operating_model/cells/base_2027q4_operating_days:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_operating_days:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_operating_days:base/value | None | 2140.0 |
| /operating_model/cells/base_2027q4_operating_income:base/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/base_2027q4_operating_income:base/case | None | base |
| /operating_model/cells/base_2027q4_operating_income:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_operating_income:base/formula/refs/0 | None | base_2027q4_revenue |
| /operating_model/cells/base_2027q4_operating_income:base/formula/refs/1 | None | base_2027q4_operating_cost |
| /operating_model/cells/base_2027q4_operating_income:base/id | None | base_2027q4_operating_income |
| /operating_model/cells/base_2027q4_operating_income:base/kind | None | derived |
| /operating_model/cells/base_2027q4_operating_income:base/label | None | GAAP operating income proxy |
| /operating_model/cells/base_2027q4_operating_income:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_operating_income:base/value | None | 271.5999999999999 |
| /operating_model/cells/base_2027q4_revenue:base/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/base_2027q4_revenue:base/case | None | base |
| /operating_model/cells/base_2027q4_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_revenue:base/formula/refs/0 | None | base_2027q4_dayrate_sales |
| /operating_model/cells/base_2027q4_revenue:base/formula/refs/1 | None | base_2027q4_ancillary |
| /operating_model/cells/base_2027q4_revenue:base/id | None | base_2027q4_revenue |
| /operating_model/cells/base_2027q4_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q4_revenue:base/label | None | Standalone contract revenue |
| /operating_model/cells/base_2027q4_revenue:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_revenue:base/value | None | 1093.6 |
| /operating_model/cells/base_2027q4_sbc:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q4_sbc:base/case | None | base |
| /operating_model/cells/base_2027q4_sbc:base/id | None | base_2027q4_sbc |
| /operating_model/cells/base_2027q4_sbc:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_sbc:base/label | None | Stock compensation |
| /operating_model/cells/base_2027q4_sbc:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_sbc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_sbc:base/value | None | 8.0 |
| /operating_model/cells/base_2027q4_wc_use:base/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/base_2027q4_wc_use:base/case | None | base |
| /operating_model/cells/base_2027q4_wc_use:base/id | None | base_2027q4_wc_use |
| /operating_model/cells/base_2027q4_wc_use:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_wc_use:base/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/base_2027q4_wc_use:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_wc_use:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_wc_use:base/value | None | 15.0 |
| /operating_model/cells/base_fy2026_adj_ebitda:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_fy2026_adj_ebitda:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_adj_ebitda:base/formula/refs/0 | None | h1_adj_ebitda |
| /operating_model/cells/base_fy2026_adj_ebitda:base/formula/refs/1 | None | base_2026q3_adj_ebitda |
| /operating_model/cells/base_fy2026_adj_ebitda:base/formula/refs/2 | None | base_2026q4_adj_ebitda |
| /operating_model/cells/base_fy2026_adj_ebitda:base/id | None | base_fy2026_adj_ebitda |
| /operating_model/cells/base_fy2026_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_fy2026_adj_ebitda:base/label | None | Adjusted EBITDA proxy ($M) |
| /operating_model/cells/base_fy2026_adj_ebitda:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_adj_ebitda:base/value | None | 1440.0 |
| /operating_model/cells/base_fy2026_capex:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_capex:base/case | None | base |
| /operating_model/cells/base_fy2026_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_capex:base/formula/refs/0 | None | h1_capex |
| /operating_model/cells/base_fy2026_capex:base/formula/refs/1 | None | base_2026q3_capex |
| /operating_model/cells/base_fy2026_capex:base/formula/refs/2 | None | base_2026q4_capex |
| /operating_model/cells/base_fy2026_capex:base/id | None | base_fy2026_capex |
| /operating_model/cells/base_fy2026_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2026_capex:base/label | None | Cash capital expenditure ($M) |
| /operating_model/cells/base_fy2026_capex:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_capex:base/value | None | 150.0 |
| /operating_model/cells/base_fy2026_cash_after_principal:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_cash_after_principal:base/case | None | base |
| /operating_model/cells/base_fy2026_cash_after_principal:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_cash_after_principal:base/formula/refs/0 | None | h1_cash_after_principal |
| /operating_model/cells/base_fy2026_cash_after_principal:base/formula/refs/1 | None | base_2026q3_cash_after_principal |
| /operating_model/cells/base_fy2026_cash_after_principal:base/formula/refs/2 | None | base_2026q4_cash_after_principal |
| /operating_model/cells/base_fy2026_cash_after_principal:base/id | None | base_fy2026_cash_after_principal |
| /operating_model/cells/base_fy2026_cash_after_principal:base/kind | None | derived |
| /operating_model/cells/base_fy2026_cash_after_principal:base/label | None | Cash after principal ($M) |
| /operating_model/cells/base_fy2026_cash_after_principal:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_cash_after_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_cash_after_principal:base/value | None | -176.5 |
| /operating_model/cells/base_fy2026_cfo:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_cfo:base/case | None | base |
| /operating_model/cells/base_fy2026_cfo:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_cfo:base/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/base_fy2026_cfo:base/formula/refs/1 | None | base_2026q3_cfo |
| /operating_model/cells/base_fy2026_cfo:base/formula/refs/2 | None | base_2026q4_cfo |
| /operating_model/cells/base_fy2026_cfo:base/id | None | base_fy2026_cfo |
| /operating_model/cells/base_fy2026_cfo:base/kind | None | derived |
| /operating_model/cells/base_fy2026_cfo:base/label | None | Operating cash flow proxy ($M) |
| /operating_model/cells/base_fy2026_cfo:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_cfo:base/value | None | 769.5 |
| /operating_model/cells/base_fy2026_debt_principal:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_debt_principal:base/case | None | base |
| /operating_model/cells/base_fy2026_debt_principal:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_debt_principal:base/formula/refs/0 | None | h1_debt_principal |
| /operating_model/cells/base_fy2026_debt_principal:base/formula/refs/1 | None | base_2026q3_debt_principal |
| /operating_model/cells/base_fy2026_debt_principal:base/formula/refs/2 | None | base_2026q4_debt_principal |
| /operating_model/cells/base_fy2026_debt_principal:base/id | None | base_fy2026_debt_principal |
| /operating_model/cells/base_fy2026_debt_principal:base/kind | None | derived |
| /operating_model/cells/base_fy2026_debt_principal:base/label | None | Debt principal repayments ($M) |
| /operating_model/cells/base_fy2026_debt_principal:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_debt_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_debt_principal:base/value | None | 796.0 |
| /operating_model/cells/base_fy2026_fcf:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_fcf:base/case | None | base |
| /operating_model/cells/base_fy2026_fcf:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_fcf:base/formula/refs/0 | None | h1_fcf |
| /operating_model/cells/base_fy2026_fcf:base/formula/refs/1 | None | base_2026q3_fcf |
| /operating_model/cells/base_fy2026_fcf:base/formula/refs/2 | None | base_2026q4_fcf |
| /operating_model/cells/base_fy2026_fcf:base/id | None | base_fy2026_fcf |
| /operating_model/cells/base_fy2026_fcf:base/kind | None | derived |
| /operating_model/cells/base_fy2026_fcf:base/label | None | CFO less capex ($M) |
| /operating_model/cells/base_fy2026_fcf:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_fcf:base/value | None | 619.5 |
| /operating_model/cells/base_fy2026_operating_income:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_operating_income:base/case | None | base |
| /operating_model/cells/base_fy2026_operating_income:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_operating_income:base/formula/refs/0 | None | h1_operating_income |
| /operating_model/cells/base_fy2026_operating_income:base/formula/refs/1 | None | base_2026q3_operating_income |
| /operating_model/cells/base_fy2026_operating_income:base/formula/refs/2 | None | base_2026q4_operating_income |
| /operating_model/cells/base_fy2026_operating_income:base/id | None | base_fy2026_operating_income |
| /operating_model/cells/base_fy2026_operating_income:base/kind | None | derived |
| /operating_model/cells/base_fy2026_operating_income:base/label | None | GAAP operating income proxy ($M) |
| /operating_model/cells/base_fy2026_operating_income:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_operating_income:base/value | None | 815.0 |
| /operating_model/cells/base_fy2026_revenue:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_revenue:base/case | None | base |
| /operating_model/cells/base_fy2026_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_revenue:base/formula/refs/0 | None | h1_revenue |
| /operating_model/cells/base_fy2026_revenue:base/formula/refs/1 | None | base_2026q3_revenue |
| /operating_model/cells/base_fy2026_revenue:base/formula/refs/2 | None | base_2026q4_revenue |
| /operating_model/cells/base_fy2026_revenue:base/id | None | base_fy2026_revenue |
| /operating_model/cells/base_fy2026_revenue:base/kind | None | derived |
| /operating_model/cells/base_fy2026_revenue:base/label | None | Standalone contract revenue ($M) |
| /operating_model/cells/base_fy2026_revenue:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_revenue:base/value | None | 3937.5 |
| /operating_model/cells/base_fy2027_adj_ebitda:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_fy2027_adj_ebitda:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_adj_ebitda:base/formula/refs/0 | None | base_2027q1_adj_ebitda |
| /operating_model/cells/base_fy2027_adj_ebitda:base/formula/refs/1 | None | base_2027q2_adj_ebitda |
| /operating_model/cells/base_fy2027_adj_ebitda:base/formula/refs/2 | None | base_2027q3_adj_ebitda |
| /operating_model/cells/base_fy2027_adj_ebitda:base/formula/refs/3 | None | base_2027q4_adj_ebitda |
| /operating_model/cells/base_fy2027_adj_ebitda:base/id | None | base_fy2027_adj_ebitda |
| /operating_model/cells/base_fy2027_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_fy2027_adj_ebitda:base/label | None | Adjusted EBITDA proxy ($M) |
| /operating_model/cells/base_fy2027_adj_ebitda:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_adj_ebitda:base/value | None | 1638.9499999999998 |
| /operating_model/cells/base_fy2027_capex:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_capex:base/case | None | base |
| /operating_model/cells/base_fy2027_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/0 | None | base_2027q1_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/1 | None | base_2027q2_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/2 | None | base_2027q3_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/3 | None | base_2027q4_capex |
| /operating_model/cells/base_fy2027_capex:base/id | None | base_fy2027_capex |
| /operating_model/cells/base_fy2027_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2027_capex:base/label | None | Cash capital expenditure ($M) |
| /operating_model/cells/base_fy2027_capex:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_capex:base/value | None | 190.0 |
| /operating_model/cells/base_fy2027_cash_after_principal:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_cash_after_principal:base/case | None | base |
| /operating_model/cells/base_fy2027_cash_after_principal:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_cash_after_principal:base/formula/refs/0 | None | base_2027q1_cash_after_principal |
| /operating_model/cells/base_fy2027_cash_after_principal:base/formula/refs/1 | None | base_2027q2_cash_after_principal |
| /operating_model/cells/base_fy2027_cash_after_principal:base/formula/refs/2 | None | base_2027q3_cash_after_principal |
| /operating_model/cells/base_fy2027_cash_after_principal:base/formula/refs/3 | None | base_2027q4_cash_after_principal |
| /operating_model/cells/base_fy2027_cash_after_principal:base/id | None | base_fy2027_cash_after_principal |
| /operating_model/cells/base_fy2027_cash_after_principal:base/kind | None | derived |
| /operating_model/cells/base_fy2027_cash_after_principal:base/label | None | Cash after principal ($M) |
| /operating_model/cells/base_fy2027_cash_after_principal:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_cash_after_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_cash_after_principal:base/value | None | 527.9499999999998 |
| /operating_model/cells/base_fy2027_cfo:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_cfo:base/case | None | base |
| /operating_model/cells/base_fy2027_cfo:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_cfo:base/formula/refs/0 | None | base_2027q1_cfo |
| /operating_model/cells/base_fy2027_cfo:base/formula/refs/1 | None | base_2027q2_cfo |
| /operating_model/cells/base_fy2027_cfo:base/formula/refs/2 | None | base_2027q3_cfo |
| /operating_model/cells/base_fy2027_cfo:base/formula/refs/3 | None | base_2027q4_cfo |
| /operating_model/cells/base_fy2027_cfo:base/id | None | base_fy2027_cfo |
| /operating_model/cells/base_fy2027_cfo:base/kind | None | derived |
| /operating_model/cells/base_fy2027_cfo:base/label | None | Operating cash flow proxy ($M) |
| /operating_model/cells/base_fy2027_cfo:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_cfo:base/value | None | 1078.9499999999998 |
| /operating_model/cells/base_fy2027_debt_principal:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_debt_principal:base/case | None | base |
| /operating_model/cells/base_fy2027_debt_principal:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_debt_principal:base/formula/refs/0 | None | base_2027q1_debt_principal |
| /operating_model/cells/base_fy2027_debt_principal:base/formula/refs/1 | None | base_2027q2_debt_principal |
| /operating_model/cells/base_fy2027_debt_principal:base/formula/refs/2 | None | base_2027q3_debt_principal |
| /operating_model/cells/base_fy2027_debt_principal:base/formula/refs/3 | None | base_2027q4_debt_principal |
| /operating_model/cells/base_fy2027_debt_principal:base/id | None | base_fy2027_debt_principal |
| /operating_model/cells/base_fy2027_debt_principal:base/kind | None | derived |
| /operating_model/cells/base_fy2027_debt_principal:base/label | None | Debt principal repayments ($M) |
| /operating_model/cells/base_fy2027_debt_principal:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_debt_principal:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_debt_principal:base/value | None | 361.0 |
| /operating_model/cells/base_fy2027_fcf:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_fcf:base/case | None | base |
| /operating_model/cells/base_fy2027_fcf:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_fcf:base/formula/refs/0 | None | base_2027q1_fcf |
| /operating_model/cells/base_fy2027_fcf:base/formula/refs/1 | None | base_2027q2_fcf |
| /operating_model/cells/base_fy2027_fcf:base/formula/refs/2 | None | base_2027q3_fcf |
| /operating_model/cells/base_fy2027_fcf:base/formula/refs/3 | None | base_2027q4_fcf |
| /operating_model/cells/base_fy2027_fcf:base/id | None | base_fy2027_fcf |
| /operating_model/cells/base_fy2027_fcf:base/kind | None | derived |
| /operating_model/cells/base_fy2027_fcf:base/label | None | CFO less capex ($M) |
| /operating_model/cells/base_fy2027_fcf:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_fcf:base/value | None | 888.9499999999998 |
| /operating_model/cells/base_fy2027_operating_income:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_operating_income:base/case | None | base |
| /operating_model/cells/base_fy2027_operating_income:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_operating_income:base/formula/refs/0 | None | base_2027q1_operating_income |
| /operating_model/cells/base_fy2027_operating_income:base/formula/refs/1 | None | base_2027q2_operating_income |
| /operating_model/cells/base_fy2027_operating_income:base/formula/refs/2 | None | base_2027q3_operating_income |
| /operating_model/cells/base_fy2027_operating_income:base/formula/refs/3 | None | base_2027q4_operating_income |
| /operating_model/cells/base_fy2027_operating_income:base/id | None | base_fy2027_operating_income |
| /operating_model/cells/base_fy2027_operating_income:base/kind | None | derived |
| /operating_model/cells/base_fy2027_operating_income:base/label | None | GAAP operating income proxy ($M) |
| /operating_model/cells/base_fy2027_operating_income:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_operating_income:base/value | None | 994.9499999999998 |
| /operating_model/cells/base_fy2027_revenue:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_revenue:base/case | None | base |
| /operating_model/cells/base_fy2027_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/0 | None | base_2027q1_revenue |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/1 | None | base_2027q2_revenue |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/2 | None | base_2027q3_revenue |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/3 | None | base_2027q4_revenue |
| /operating_model/cells/base_fy2027_revenue:base/id | None | base_fy2027_revenue |
| /operating_model/cells/base_fy2027_revenue:base/kind | None | derived |
| /operating_model/cells/base_fy2027_revenue:base/label | None | Standalone contract revenue ($M) |
| /operating_model/cells/base_fy2027_revenue:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_revenue:base/value | None | 4204.95 |
| /operating_model/cells/cap_guide:shared/basis | None | Company approximate cash capital expenditure outlook. |
| /operating_model/cells/cap_guide:shared/case | None | shared |
| /operating_model/cells/cap_guide:shared/id | None | cap_guide |
| /operating_model/cells/cap_guide:shared/kind | None | management_guidance |
| /operating_model/cells/cap_guide:shared/label | None | FY2026 capex guidance |
| /operating_model/cells/cap_guide:shared/period | None | FY2026 |
| /operating_model/cells/cap_guide:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/cap_guide:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm |
| /operating_model/cells/cap_guide:shared/unit | None | USD_millions |
| /operating_model/cells/cap_guide:shared/value | None | 150.0 |
| /operating_model/cells/cash:shared/basis | None | USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line. |
| /operating_model/cells/cash:shared/case | None | shared |
| /operating_model/cells/cash:shared/id | None | cash |
| /operating_model/cells/cash:shared/kind | None | reported |
| /operating_model/cells/cash:shared/label | None | cash |
| /operating_model/cells/cash:shared/period | None | June/August 2026 |
| /operating_model/cells/cash:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/cash:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/cash:shared/unit | None | USD_millions |
| /operating_model/cells/cash:shared/value | None | 509.0 |
| /operating_model/cells/conqueror_award:shared/basis | None | Two wells starting in 2027; distinct award economics from KG2. |
| /operating_model/cells/conqueror_award:shared/case | None | shared |
| /operating_model/cells/conqueror_award:shared/id | None | conqueror_award |
| /operating_model/cells/conqueror_award:shared/kind | None | reported |
| /operating_model/cells/conqueror_award:shared/label | None | Conqueror 170-day award excluding services and mobilization |
| /operating_model/cells/conqueror_award:shared/period | None | September 2026 |
| /operating_model/cells/conqueror_award:shared/source_date | None | 2026-09-15 |
| /operating_model/cells/conqueror_award:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000068/rig-20260915xex99d1.htm |
| /operating_model/cells/conqueror_award:shared/unit | None | USD_millions |
| /operating_model/cells/conqueror_award:shared/value | None | 80.0 |
| /operating_model/cells/current_debt_carrying:shared/basis | None | USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line. |
| /operating_model/cells/current_debt_carrying:shared/case | None | shared |
| /operating_model/cells/current_debt_carrying:shared/id | None | current_debt_carrying |
| /operating_model/cells/current_debt_carrying:shared/kind | None | reported |
| /operating_model/cells/current_debt_carrying:shared/label | None | current debt carrying |
| /operating_model/cells/current_debt_carrying:shared/period | None | June/August 2026 |
| /operating_model/cells/current_debt_carrying:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/current_debt_carrying:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/current_debt_carrying:shared/unit | None | USD_millions |
| /operating_model/cells/current_debt_carrying:shared/value | None | 397.0 |
| /operating_model/cells/current_debt_face:shared/basis | None | USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line. |
| /operating_model/cells/current_debt_face:shared/case | None | shared |
| /operating_model/cells/current_debt_face:shared/id | None | current_debt_face |
| /operating_model/cells/current_debt_face:shared/kind | None | reported |
| /operating_model/cells/current_debt_face:shared/label | None | current debt face |
| /operating_model/cells/current_debt_face:shared/period | None | June/August 2026 |
| /operating_model/cells/current_debt_face:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/current_debt_face:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/current_debt_face:shared/unit | None | USD_millions |
| /operating_model/cells/current_debt_face:shared/value | None | 405.0 |
| /operating_model/cells/debt_carrying:shared/basis | None | USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line. |
| /operating_model/cells/debt_carrying:shared/case | None | shared |
| /operating_model/cells/debt_carrying:shared/id | None | debt_carrying |
| /operating_model/cells/debt_carrying:shared/kind | None | reported |
| /operating_model/cells/debt_carrying:shared/label | None | debt carrying |
| /operating_model/cells/debt_carrying:shared/period | None | June/August 2026 |
| /operating_model/cells/debt_carrying:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/debt_carrying:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/debt_carrying:shared/unit | None | USD_millions |
| /operating_model/cells/debt_carrying:shared/value | None | 5119.0 |
| /operating_model/cells/debt_face:shared/basis | None | USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line. |
| /operating_model/cells/debt_face:shared/case | None | shared |
| /operating_model/cells/debt_face:shared/id | None | debt_face |
| /operating_model/cells/debt_face:shared/kind | None | reported |
| /operating_model/cells/debt_face:shared/label | None | debt face |
| /operating_model/cells/debt_face:shared/period | None | June/August 2026 |
| /operating_model/cells/debt_face:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/debt_face:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/debt_face:shared/unit | None | USD_millions |
| /operating_model/cells/debt_face:shared/value | None | 5107.0 |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/formula/refs/0 | None | downside_2026q3_operating_income |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/formula/refs/1 | None | downside_2026q3_da |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/formula/refs/2 | None | downside_2026q3_sbc |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/id | None | downside_2026q3_adj_ebitda |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/value | None | 189.99585492227982 |
| /operating_model/cells/downside_2026q3_ancillary:downside/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/downside_2026q3_ancillary:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_ancillary:downside/id | None | downside_2026q3_ancillary |
| /operating_model/cells/downside_2026q3_ancillary:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_ancillary:downside/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/downside_2026q3_ancillary:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_ancillary:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_ancillary:downside/value | None | 50.0 |
| /operating_model/cells/downside_2026q3_capex:downside/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/downside_2026q3_capex:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_capex:downside/id | None | downside_2026q3_capex |
| /operating_model/cells/downside_2026q3_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_capex:downside/label | None | Cash capital expenditure |
| /operating_model/cells/downside_2026q3_capex:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_capex:downside/value | None | 45.0 |
| /operating_model/cells/downside_2026q3_cash_after_principal:downside/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/downside_2026q3_cash_after_principal:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cash_after_principal:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_cash_after_principal:downside/formula/refs/0 | None | downside_2026q3_fcf |
| /operating_model/cells/downside_2026q3_cash_after_principal:downside/formula/refs/1 | None | downside_2026q3_debt_principal |
| /operating_model/cells/downside_2026q3_cash_after_principal:downside/id | None | downside_2026q3_cash_after_principal |
| /operating_model/cells/downside_2026q3_cash_after_principal:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_cash_after_principal:downside/label | None | Cash after principal |
| /operating_model/cells/downside_2026q3_cash_after_principal:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cash_after_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cash_after_principal:downside/value | None | -153.00414507772018 |
| /operating_model/cells/downside_2026q3_cash_interest:downside/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/downside_2026q3_cash_interest:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cash_interest:downside/id | None | downside_2026q3_cash_interest |
| /operating_model/cells/downside_2026q3_cash_interest:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_cash_interest:downside/label | None | Net cash interest |
| /operating_model/cells/downside_2026q3_cash_interest:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cash_interest:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cash_interest:downside/value | None | 100.5 |
| /operating_model/cells/downside_2026q3_cash_tax:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q3_cash_tax:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cash_tax:downside/id | None | downside_2026q3_cash_tax |
| /operating_model/cells/downside_2026q3_cash_tax:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_cash_tax:downside/label | None | Cash income taxes |
| /operating_model/cells/downside_2026q3_cash_tax:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cash_tax:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cash_tax:downside/value | None | 27.5 |
| /operating_model/cells/downside_2026q3_cash_uses:downside/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/downside_2026q3_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_cash_uses:downside/formula/refs/0 | None | downside_2026q3_cash_interest |
| /operating_model/cells/downside_2026q3_cash_uses:downside/formula/refs/1 | None | downside_2026q3_cash_tax |
| /operating_model/cells/downside_2026q3_cash_uses:downside/formula/refs/2 | None | downside_2026q3_wc_use |
| /operating_model/cells/downside_2026q3_cash_uses:downside/id | None | downside_2026q3_cash_uses |
| /operating_model/cells/downside_2026q3_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_cash_uses:downside/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/downside_2026q3_cash_uses:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cash_uses:downside/value | None | 193.0 |
| /operating_model/cells/downside_2026q3_cfo:downside/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/downside_2026q3_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cfo:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_cfo:downside/formula/refs/0 | None | downside_2026q3_adj_ebitda |
| /operating_model/cells/downside_2026q3_cfo:downside/formula/refs/1 | None | downside_2026q3_cash_uses |
| /operating_model/cells/downside_2026q3_cfo:downside/id | None | downside_2026q3_cfo |
| /operating_model/cells/downside_2026q3_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_cfo:downside/label | None | Operating cash flow proxy |
| /operating_model/cells/downside_2026q3_cfo:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cfo:downside/value | None | -3.0041450777201817 |
| /operating_model/cells/downside_2026q3_cost_factor:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q3_cost_factor:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cost_factor:downside/id | None | downside_2026q3_cost_factor |
| /operating_model/cells/downside_2026q3_cost_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_cost_factor:downside/label | None | Operating-cost stress factor |
| /operating_model/cells/downside_2026q3_cost_factor:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cost_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_cost_factor:downside/value | None | 1.06 |
| /operating_model/cells/downside_2026q3_da:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q3_da:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_da:downside/id | None | downside_2026q3_da |
| /operating_model/cells/downside_2026q3_da:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_da:downside/label | None | Depreciation and amortization |
| /operating_model/cells/downside_2026q3_da:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_da:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_da:downside/value | None | 148.0 |
| /operating_model/cells/downside_2026q3_daily_rate:downside/basis | None | $0.475M/day at baseline efficiency; this is not the gross contractual dayrate. |
| /operating_model/cells/downside_2026q3_daily_rate:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_daily_rate:downside/id | None | downside_2026q3_daily_rate |
| /operating_model/cells/downside_2026q3_daily_rate:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_daily_rate:downside/label | None | Effective earned revenue per operating day |
| /operating_model/cells/downside_2026q3_daily_rate:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_daily_rate:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_daily_rate:downside/value | None | 0.475 |
| /operating_model/cells/downside_2026q3_daily_sales_anchor:downside/basis | None | Baseline dayrate-linked revenue. |
| /operating_model/cells/downside_2026q3_daily_sales_anchor:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_daily_sales_anchor:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_daily_sales_anchor:downside/formula/refs/0 | None | q3_guide |
| /operating_model/cells/downside_2026q3_daily_sales_anchor:downside/formula/refs/1 | None | downside_2026q3_ancillary |
| /operating_model/cells/downside_2026q3_daily_sales_anchor:downside/id | None | downside_2026q3_daily_sales_anchor |
| /operating_model/cells/downside_2026q3_daily_sales_anchor:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_daily_sales_anchor:downside/label | None | Guided revenue less ancillary |
| /operating_model/cells/downside_2026q3_daily_sales_anchor:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_daily_sales_anchor:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_daily_sales_anchor:downside/value | None | 890.0 |
| /operating_model/cells/downside_2026q3_dayrate_sales:downside/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/downside_2026q3_dayrate_sales:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_dayrate_sales:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q3_dayrate_sales:downside/formula/refs/0 | None | downside_2026q3_operating_days |
| /operating_model/cells/downside_2026q3_dayrate_sales:downside/formula/refs/1 | None | downside_2026q3_daily_rate |
| /operating_model/cells/downside_2026q3_dayrate_sales:downside/formula/refs/2 | None | downside_2026q3_eff_ratio |
| /operating_model/cells/downside_2026q3_dayrate_sales:downside/id | None | downside_2026q3_dayrate_sales |
| /operating_model/cells/downside_2026q3_dayrate_sales:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_dayrate_sales:downside/label | None | Dayrate-linked revenue |
| /operating_model/cells/downside_2026q3_dayrate_sales:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_dayrate_sales:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_dayrate_sales:downside/value | None | 823.5958549222798 |
| /operating_model/cells/downside_2026q3_debt_principal:downside/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/downside_2026q3_debt_principal:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_debt_principal:downside/id | None | downside_2026q3_debt_principal |
| /operating_model/cells/downside_2026q3_debt_principal:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_debt_principal:downside/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/downside_2026q3_debt_principal:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_debt_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_debt_principal:downside/value | None | 105.0 |
| /operating_model/cells/downside_2026q3_eff_baseline:downside/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/downside_2026q3_eff_baseline:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_eff_baseline:downside/id | None | downside_2026q3_eff_baseline |
| /operating_model/cells/downside_2026q3_eff_baseline:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_eff_baseline:downside/label | None | Baseline revenue efficiency |
| /operating_model/cells/downside_2026q3_eff_baseline:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_eff_baseline:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_eff_baseline:downside/value | None | 0.965 |
| /operating_model/cells/downside_2026q3_eff_ratio:downside/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/downside_2026q3_eff_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_eff_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2026q3_eff_ratio:downside/formula/refs/0 | None | downside_2026q3_efficiency |
| /operating_model/cells/downside_2026q3_eff_ratio:downside/formula/refs/1 | None | downside_2026q3_eff_baseline |
| /operating_model/cells/downside_2026q3_eff_ratio:downside/id | None | downside_2026q3_eff_ratio |
| /operating_model/cells/downside_2026q3_eff_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_eff_ratio:downside/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/downside_2026q3_eff_ratio:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_eff_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_eff_ratio:downside/value | None | 0.9740932642487047 |
| /operating_model/cells/downside_2026q3_efficiency:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q3_efficiency:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_efficiency:downside/id | None | downside_2026q3_efficiency |
| /operating_model/cells/downside_2026q3_efficiency:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_efficiency:downside/label | None | Revenue efficiency |
| /operating_model/cells/downside_2026q3_efficiency:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_efficiency:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_efficiency:downside/value | None | 0.94 |
| /operating_model/cells/downside_2026q3_execution:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q3_execution:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_execution:downside/id | None | downside_2026q3_execution |
| /operating_model/cells/downside_2026q3_execution:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_execution:downside/label | None | Operating-days delivery factor |
| /operating_model/cells/downside_2026q3_execution:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_execution:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_execution:downside/value | None | 0.95 |
| /operating_model/cells/downside_2026q3_fcf:downside/basis | None | Before financing principal. |
| /operating_model/cells/downside_2026q3_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_fcf:downside/formula/refs/0 | None | downside_2026q3_cfo |
| /operating_model/cells/downside_2026q3_fcf:downside/formula/refs/1 | None | downside_2026q3_capex |
| /operating_model/cells/downside_2026q3_fcf:downside/id | None | downside_2026q3_fcf |
| /operating_model/cells/downside_2026q3_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_fcf:downside/label | None | CFO less capex |
| /operating_model/cells/downside_2026q3_fcf:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_fcf:downside/value | None | -48.00414507772018 |
| /operating_model/cells/downside_2026q3_ga:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q3_ga:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_ga:downside/id | None | downside_2026q3_ga |
| /operating_model/cells/downside_2026q3_ga:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_ga:downside/label | None | General and administrative |
| /operating_model/cells/downside_2026q3_ga:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_ga:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_ga:downside/value | None | 45.0 |
| /operating_model/cells/downside_2026q3_implied_days:downside/basis | None | Guidance-calibrated operating days, not disclosed fleet utilization. |
| /operating_model/cells/downside_2026q3_implied_days:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_implied_days:downside/formula/op | None | divide |
| /operating_model/cells/downside_2026q3_implied_days:downside/formula/refs/0 | None | downside_2026q3_daily_sales_anchor |
| /operating_model/cells/downside_2026q3_implied_days:downside/formula/refs/1 | None | downside_2026q3_daily_rate |
| /operating_model/cells/downside_2026q3_implied_days:downside/id | None | downside_2026q3_implied_days |
| /operating_model/cells/downside_2026q3_implied_days:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_implied_days:downside/label | None | Baseline operating days |
| /operating_model/cells/downside_2026q3_implied_days:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_implied_days:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_implied_days:downside/value | None | 1873.6842105263158 |
| /operating_model/cells/downside_2026q3_om_cost:downside/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/downside_2026q3_om_cost:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_om_cost:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q3_om_cost:downside/formula/refs/0 | None | om_q3 |
| /operating_model/cells/downside_2026q3_om_cost:downside/formula/refs/1 | None | downside_2026q3_cost_factor |
| /operating_model/cells/downside_2026q3_om_cost:downside/id | None | downside_2026q3_om_cost |
| /operating_model/cells/downside_2026q3_om_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_om_cost:downside/label | None | Operating and maintenance |
| /operating_model/cells/downside_2026q3_om_cost:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_om_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_om_cost:downside/value | None | 646.6 |
| /operating_model/cells/downside_2026q3_operating_cost:downside/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/downside_2026q3_operating_cost:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_operating_cost:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_operating_cost:downside/formula/refs/0 | None | downside_2026q3_om_cost |
| /operating_model/cells/downside_2026q3_operating_cost:downside/formula/refs/1 | None | downside_2026q3_ga |
| /operating_model/cells/downside_2026q3_operating_cost:downside/formula/refs/2 | None | downside_2026q3_da |
| /operating_model/cells/downside_2026q3_operating_cost:downside/id | None | downside_2026q3_operating_cost |
| /operating_model/cells/downside_2026q3_operating_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_operating_cost:downside/label | None | Total ordinary operating costs |
| /operating_model/cells/downside_2026q3_operating_cost:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_operating_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_operating_cost:downside/value | None | 839.6 |
| /operating_model/cells/downside_2026q3_operating_days:downside/basis | None | Changes activity without adding backlog a second time. |
| /operating_model/cells/downside_2026q3_operating_days:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_operating_days:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q3_operating_days:downside/formula/refs/0 | None | downside_2026q3_implied_days |
| /operating_model/cells/downside_2026q3_operating_days:downside/formula/refs/1 | None | downside_2026q3_execution |
| /operating_model/cells/downside_2026q3_operating_days:downside/id | None | downside_2026q3_operating_days |
| /operating_model/cells/downside_2026q3_operating_days:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_operating_days:downside/label | None | Scenario operating days |
| /operating_model/cells/downside_2026q3_operating_days:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_operating_days:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_operating_days:downside/value | None | 1780.0 |
| /operating_model/cells/downside_2026q3_operating_income:downside/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/downside_2026q3_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_operating_income:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_operating_income:downside/formula/refs/0 | None | downside_2026q3_revenue |
| /operating_model/cells/downside_2026q3_operating_income:downside/formula/refs/1 | None | downside_2026q3_operating_cost |
| /operating_model/cells/downside_2026q3_operating_income:downside/id | None | downside_2026q3_operating_income |
| /operating_model/cells/downside_2026q3_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_operating_income:downside/label | None | GAAP operating income proxy |
| /operating_model/cells/downside_2026q3_operating_income:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_operating_income:downside/value | None | 33.99585492227982 |
| /operating_model/cells/downside_2026q3_revenue:downside/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/downside_2026q3_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_revenue:downside/formula/refs/0 | None | downside_2026q3_dayrate_sales |
| /operating_model/cells/downside_2026q3_revenue:downside/formula/refs/1 | None | downside_2026q3_ancillary |
| /operating_model/cells/downside_2026q3_revenue:downside/id | None | downside_2026q3_revenue |
| /operating_model/cells/downside_2026q3_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_revenue:downside/label | None | Standalone contract revenue |
| /operating_model/cells/downside_2026q3_revenue:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_revenue:downside/value | None | 873.5958549222798 |
| /operating_model/cells/downside_2026q3_sbc:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q3_sbc:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_sbc:downside/id | None | downside_2026q3_sbc |
| /operating_model/cells/downside_2026q3_sbc:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_sbc:downside/label | None | Stock compensation |
| /operating_model/cells/downside_2026q3_sbc:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_sbc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_sbc:downside/value | None | 8.0 |
| /operating_model/cells/downside_2026q3_wc_use:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q3_wc_use:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_wc_use:downside/id | None | downside_2026q3_wc_use |
| /operating_model/cells/downside_2026q3_wc_use:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_wc_use:downside/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/downside_2026q3_wc_use:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_wc_use:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_wc_use:downside/value | None | 65.0 |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/formula/refs/0 | None | downside_2026q4_operating_income |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/formula/refs/1 | None | downside_2026q4_da |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/formula/refs/2 | None | downside_2026q4_sbc |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/id | None | downside_2026q4_adj_ebitda |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/value | None | 295.50243523316044 |
| /operating_model/cells/downside_2026q4_ancillary:downside/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/downside_2026q4_ancillary:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_ancillary:downside/id | None | downside_2026q4_ancillary |
| /operating_model/cells/downside_2026q4_ancillary:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_ancillary:downside/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/downside_2026q4_ancillary:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_ancillary:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_ancillary:downside/value | None | 50.0 |
| /operating_model/cells/downside_2026q4_capex:downside/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/downside_2026q4_capex:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_capex:downside/id | None | downside_2026q4_capex |
| /operating_model/cells/downside_2026q4_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_capex:downside/label | None | Cash capital expenditure |
| /operating_model/cells/downside_2026q4_capex:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_capex:downside/value | None | 53.0 |
| /operating_model/cells/downside_2026q4_cash_after_principal:downside/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/downside_2026q4_cash_after_principal:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cash_after_principal:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_cash_after_principal:downside/formula/refs/0 | None | downside_2026q4_fcf |
| /operating_model/cells/downside_2026q4_cash_after_principal:downside/formula/refs/1 | None | downside_2026q4_debt_principal |
| /operating_model/cells/downside_2026q4_cash_after_principal:downside/id | None | downside_2026q4_cash_after_principal |
| /operating_model/cells/downside_2026q4_cash_after_principal:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_cash_after_principal:downside/label | None | Cash after principal |
| /operating_model/cells/downside_2026q4_cash_after_principal:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cash_after_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cash_after_principal:downside/value | None | -42.99756476683956 |
| /operating_model/cells/downside_2026q4_cash_interest:downside/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/downside_2026q4_cash_interest:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cash_interest:downside/id | None | downside_2026q4_cash_interest |
| /operating_model/cells/downside_2026q4_cash_interest:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_cash_interest:downside/label | None | Net cash interest |
| /operating_model/cells/downside_2026q4_cash_interest:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cash_interest:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cash_interest:downside/value | None | 103.0 |
| /operating_model/cells/downside_2026q4_cash_tax:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q4_cash_tax:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cash_tax:downside/id | None | downside_2026q4_cash_tax |
| /operating_model/cells/downside_2026q4_cash_tax:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_cash_tax:downside/label | None | Cash income taxes |
| /operating_model/cells/downside_2026q4_cash_tax:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cash_tax:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cash_tax:downside/value | None | 27.5 |
| /operating_model/cells/downside_2026q4_cash_uses:downside/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/downside_2026q4_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_cash_uses:downside/formula/refs/0 | None | downside_2026q4_cash_interest |
| /operating_model/cells/downside_2026q4_cash_uses:downside/formula/refs/1 | None | downside_2026q4_cash_tax |
| /operating_model/cells/downside_2026q4_cash_uses:downside/formula/refs/2 | None | downside_2026q4_wc_use |
| /operating_model/cells/downside_2026q4_cash_uses:downside/id | None | downside_2026q4_cash_uses |
| /operating_model/cells/downside_2026q4_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_cash_uses:downside/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/downside_2026q4_cash_uses:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cash_uses:downside/value | None | 180.5 |
| /operating_model/cells/downside_2026q4_cfo:downside/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/downside_2026q4_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cfo:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_cfo:downside/formula/refs/0 | None | downside_2026q4_adj_ebitda |
| /operating_model/cells/downside_2026q4_cfo:downside/formula/refs/1 | None | downside_2026q4_cash_uses |
| /operating_model/cells/downside_2026q4_cfo:downside/id | None | downside_2026q4_cfo |
| /operating_model/cells/downside_2026q4_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_cfo:downside/label | None | Operating cash flow proxy |
| /operating_model/cells/downside_2026q4_cfo:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cfo:downside/value | None | 115.00243523316044 |
| /operating_model/cells/downside_2026q4_cost_factor:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q4_cost_factor:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cost_factor:downside/id | None | downside_2026q4_cost_factor |
| /operating_model/cells/downside_2026q4_cost_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_cost_factor:downside/label | None | Operating-cost stress factor |
| /operating_model/cells/downside_2026q4_cost_factor:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cost_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_cost_factor:downside/value | None | 1.06 |
| /operating_model/cells/downside_2026q4_da:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q4_da:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_da:downside/id | None | downside_2026q4_da |
| /operating_model/cells/downside_2026q4_da:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_da:downside/label | None | Depreciation and amortization |
| /operating_model/cells/downside_2026q4_da:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_da:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_da:downside/value | None | 148.0 |
| /operating_model/cells/downside_2026q4_daily_rate:downside/basis | None | $0.475M/day at baseline efficiency; this is not the gross contractual dayrate. |
| /operating_model/cells/downside_2026q4_daily_rate:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_daily_rate:downside/id | None | downside_2026q4_daily_rate |
| /operating_model/cells/downside_2026q4_daily_rate:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_daily_rate:downside/label | None | Effective earned revenue per operating day |
| /operating_model/cells/downside_2026q4_daily_rate:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_daily_rate:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_daily_rate:downside/value | None | 0.475 |
| /operating_model/cells/downside_2026q4_daily_sales_anchor:downside/basis | None | Baseline dayrate-linked revenue. |
| /operating_model/cells/downside_2026q4_daily_sales_anchor:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_daily_sales_anchor:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_daily_sales_anchor:downside/formula/refs/0 | None | q4_guide_residual |
| /operating_model/cells/downside_2026q4_daily_sales_anchor:downside/formula/refs/1 | None | downside_2026q4_ancillary |
| /operating_model/cells/downside_2026q4_daily_sales_anchor:downside/id | None | downside_2026q4_daily_sales_anchor |
| /operating_model/cells/downside_2026q4_daily_sales_anchor:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_daily_sales_anchor:downside/label | None | Guided revenue less ancillary |
| /operating_model/cells/downside_2026q4_daily_sales_anchor:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_daily_sales_anchor:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_daily_sales_anchor:downside/value | None | 900.5 |
| /operating_model/cells/downside_2026q4_dayrate_sales:downside/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/downside_2026q4_dayrate_sales:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_dayrate_sales:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q4_dayrate_sales:downside/formula/refs/0 | None | downside_2026q4_operating_days |
| /operating_model/cells/downside_2026q4_dayrate_sales:downside/formula/refs/1 | None | downside_2026q4_daily_rate |
| /operating_model/cells/downside_2026q4_dayrate_sales:downside/formula/refs/2 | None | downside_2026q4_eff_ratio |
| /operating_model/cells/downside_2026q4_dayrate_sales:downside/id | None | downside_2026q4_dayrate_sales |
| /operating_model/cells/downside_2026q4_dayrate_sales:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_dayrate_sales:downside/label | None | Dayrate-linked revenue |
| /operating_model/cells/downside_2026q4_dayrate_sales:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_dayrate_sales:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_dayrate_sales:downside/value | None | 833.3124352331605 |
| /operating_model/cells/downside_2026q4_debt_principal:downside/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/downside_2026q4_debt_principal:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_debt_principal:downside/id | None | downside_2026q4_debt_principal |
| /operating_model/cells/downside_2026q4_debt_principal:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_debt_principal:downside/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/downside_2026q4_debt_principal:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_debt_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_debt_principal:downside/value | None | 105.0 |
| /operating_model/cells/downside_2026q4_eff_baseline:downside/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/downside_2026q4_eff_baseline:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_eff_baseline:downside/id | None | downside_2026q4_eff_baseline |
| /operating_model/cells/downside_2026q4_eff_baseline:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_eff_baseline:downside/label | None | Baseline revenue efficiency |
| /operating_model/cells/downside_2026q4_eff_baseline:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_eff_baseline:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_eff_baseline:downside/value | None | 0.965 |
| /operating_model/cells/downside_2026q4_eff_ratio:downside/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/downside_2026q4_eff_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_eff_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2026q4_eff_ratio:downside/formula/refs/0 | None | downside_2026q4_efficiency |
| /operating_model/cells/downside_2026q4_eff_ratio:downside/formula/refs/1 | None | downside_2026q4_eff_baseline |
| /operating_model/cells/downside_2026q4_eff_ratio:downside/id | None | downside_2026q4_eff_ratio |
| /operating_model/cells/downside_2026q4_eff_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_eff_ratio:downside/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/downside_2026q4_eff_ratio:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_eff_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_eff_ratio:downside/value | None | 0.9740932642487047 |
| /operating_model/cells/downside_2026q4_efficiency:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q4_efficiency:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_efficiency:downside/id | None | downside_2026q4_efficiency |
| /operating_model/cells/downside_2026q4_efficiency:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_efficiency:downside/label | None | Revenue efficiency |
| /operating_model/cells/downside_2026q4_efficiency:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_efficiency:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_efficiency:downside/value | None | 0.94 |
| /operating_model/cells/downside_2026q4_execution:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q4_execution:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_execution:downside/id | None | downside_2026q4_execution |
| /operating_model/cells/downside_2026q4_execution:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_execution:downside/label | None | Operating-days delivery factor |
| /operating_model/cells/downside_2026q4_execution:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_execution:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_execution:downside/value | None | 0.95 |
| /operating_model/cells/downside_2026q4_fcf:downside/basis | None | Before financing principal. |
| /operating_model/cells/downside_2026q4_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_fcf:downside/formula/refs/0 | None | downside_2026q4_cfo |
| /operating_model/cells/downside_2026q4_fcf:downside/formula/refs/1 | None | downside_2026q4_capex |
| /operating_model/cells/downside_2026q4_fcf:downside/id | None | downside_2026q4_fcf |
| /operating_model/cells/downside_2026q4_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_fcf:downside/label | None | CFO less capex |
| /operating_model/cells/downside_2026q4_fcf:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_fcf:downside/value | None | 62.00243523316044 |
| /operating_model/cells/downside_2026q4_ga:downside/basis | None | Q4 annual-midpoint residual. |
| /operating_model/cells/downside_2026q4_ga:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_ga:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_ga:downside/formula/refs/0 | None | h2_ga |
| /operating_model/cells/downside_2026q4_ga:downside/formula/refs/1 | None | downside_2026q4_q3_ga |
| /operating_model/cells/downside_2026q4_ga:downside/id | None | downside_2026q4_ga |
| /operating_model/cells/downside_2026q4_ga:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_ga:downside/label | None | General and administrative |
| /operating_model/cells/downside_2026q4_ga:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_ga:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_ga:downside/value | None | 25.0 |
| /operating_model/cells/downside_2026q4_implied_days:downside/basis | None | Guidance-calibrated operating days, not disclosed fleet utilization. |
| /operating_model/cells/downside_2026q4_implied_days:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_implied_days:downside/formula/op | None | divide |
| /operating_model/cells/downside_2026q4_implied_days:downside/formula/refs/0 | None | downside_2026q4_daily_sales_anchor |
| /operating_model/cells/downside_2026q4_implied_days:downside/formula/refs/1 | None | downside_2026q4_daily_rate |
| /operating_model/cells/downside_2026q4_implied_days:downside/id | None | downside_2026q4_implied_days |
| /operating_model/cells/downside_2026q4_implied_days:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_implied_days:downside/label | None | Baseline operating days |
| /operating_model/cells/downside_2026q4_implied_days:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_implied_days:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_implied_days:downside/value | None | 1895.7894736842106 |
| /operating_model/cells/downside_2026q4_om_cost:downside/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/downside_2026q4_om_cost:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_om_cost:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q4_om_cost:downside/formula/refs/0 | None | q4_om |
| /operating_model/cells/downside_2026q4_om_cost:downside/formula/refs/1 | None | downside_2026q4_cost_factor |
| /operating_model/cells/downside_2026q4_om_cost:downside/id | None | downside_2026q4_om_cost |
| /operating_model/cells/downside_2026q4_om_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_om_cost:downside/label | None | Operating and maintenance |
| /operating_model/cells/downside_2026q4_om_cost:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_om_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_om_cost:downside/value | None | 570.8100000000001 |
| /operating_model/cells/downside_2026q4_operating_cost:downside/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/downside_2026q4_operating_cost:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_operating_cost:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_operating_cost:downside/formula/refs/0 | None | downside_2026q4_om_cost |
| /operating_model/cells/downside_2026q4_operating_cost:downside/formula/refs/1 | None | downside_2026q4_ga |
| /operating_model/cells/downside_2026q4_operating_cost:downside/formula/refs/2 | None | downside_2026q4_da |
| /operating_model/cells/downside_2026q4_operating_cost:downside/id | None | downside_2026q4_operating_cost |
| /operating_model/cells/downside_2026q4_operating_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_operating_cost:downside/label | None | Total ordinary operating costs |
| /operating_model/cells/downside_2026q4_operating_cost:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_operating_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_operating_cost:downside/value | None | 743.8100000000001 |
| /operating_model/cells/downside_2026q4_operating_days:downside/basis | None | Changes activity without adding backlog a second time. |
| /operating_model/cells/downside_2026q4_operating_days:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_operating_days:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q4_operating_days:downside/formula/refs/0 | None | downside_2026q4_implied_days |
| /operating_model/cells/downside_2026q4_operating_days:downside/formula/refs/1 | None | downside_2026q4_execution |
| /operating_model/cells/downside_2026q4_operating_days:downside/id | None | downside_2026q4_operating_days |
| /operating_model/cells/downside_2026q4_operating_days:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_operating_days:downside/label | None | Scenario operating days |
| /operating_model/cells/downside_2026q4_operating_days:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_operating_days:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_operating_days:downside/value | None | 1801.0 |
| /operating_model/cells/downside_2026q4_operating_income:downside/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/downside_2026q4_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_operating_income:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_operating_income:downside/formula/refs/0 | None | downside_2026q4_revenue |
| /operating_model/cells/downside_2026q4_operating_income:downside/formula/refs/1 | None | downside_2026q4_operating_cost |
| /operating_model/cells/downside_2026q4_operating_income:downside/id | None | downside_2026q4_operating_income |
| /operating_model/cells/downside_2026q4_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_operating_income:downside/label | None | GAAP operating income proxy |
| /operating_model/cells/downside_2026q4_operating_income:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_operating_income:downside/value | None | 139.50243523316044 |
| /operating_model/cells/downside_2026q4_q3_ga:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q4_q3_ga:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_q3_ga:downside/id | None | downside_2026q4_q3_ga |
| /operating_model/cells/downside_2026q4_q3_ga:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_q3_ga:downside/label | None | Q3 G&A budget |
| /operating_model/cells/downside_2026q4_q3_ga:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_q3_ga:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_q3_ga:downside/value | None | 45.0 |
| /operating_model/cells/downside_2026q4_revenue:downside/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/downside_2026q4_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_revenue:downside/formula/refs/0 | None | downside_2026q4_dayrate_sales |
| /operating_model/cells/downside_2026q4_revenue:downside/formula/refs/1 | None | downside_2026q4_ancillary |
| /operating_model/cells/downside_2026q4_revenue:downside/id | None | downside_2026q4_revenue |
| /operating_model/cells/downside_2026q4_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_revenue:downside/label | None | Standalone contract revenue |
| /operating_model/cells/downside_2026q4_revenue:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_revenue:downside/value | None | 883.3124352331605 |
| /operating_model/cells/downside_2026q4_sbc:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q4_sbc:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_sbc:downside/id | None | downside_2026q4_sbc |
| /operating_model/cells/downside_2026q4_sbc:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_sbc:downside/label | None | Stock compensation |
| /operating_model/cells/downside_2026q4_sbc:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_sbc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_sbc:downside/value | None | 8.0 |
| /operating_model/cells/downside_2026q4_wc_use:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2026q4_wc_use:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_wc_use:downside/id | None | downside_2026q4_wc_use |
| /operating_model/cells/downside_2026q4_wc_use:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_wc_use:downside/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/downside_2026q4_wc_use:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_wc_use:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_wc_use:downside/value | None | 50.0 |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/formula/refs/0 | None | downside_2027q1_operating_income |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/formula/refs/1 | None | downside_2027q1_da |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/formula/refs/2 | None | downside_2027q1_sbc |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/id | None | downside_2027q1_adj_ebitda |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/value | None | 222.81502590673574 |
| /operating_model/cells/downside_2027q1_ancillary:downside/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/downside_2027q1_ancillary:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_ancillary:downside/id | None | downside_2027q1_ancillary |
| /operating_model/cells/downside_2027q1_ancillary:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_ancillary:downside/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/downside_2027q1_ancillary:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_ancillary:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_ancillary:downside/value | None | 45.0 |
| /operating_model/cells/downside_2027q1_capex:downside/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/downside_2027q1_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_capex:downside/id | None | downside_2027q1_capex |
| /operating_model/cells/downside_2027q1_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_capex:downside/label | None | Cash capital expenditure |
| /operating_model/cells/downside_2027q1_capex:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_capex:downside/value | None | 65.0 |
| /operating_model/cells/downside_2027q1_cash_after_principal:downside/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/downside_2027q1_cash_after_principal:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cash_after_principal:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_cash_after_principal:downside/formula/refs/0 | None | downside_2027q1_fcf |
| /operating_model/cells/downside_2027q1_cash_after_principal:downside/formula/refs/1 | None | downside_2027q1_debt_principal |
| /operating_model/cells/downside_2027q1_cash_after_principal:downside/id | None | downside_2027q1_cash_after_principal |
| /operating_model/cells/downside_2027q1_cash_after_principal:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cash_after_principal:downside/label | None | Cash after principal |
| /operating_model/cells/downside_2027q1_cash_after_principal:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cash_after_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cash_after_principal:downside/value | None | -95.18497409326426 |
| /operating_model/cells/downside_2027q1_cash_interest:downside/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/downside_2027q1_cash_interest:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cash_interest:downside/id | None | downside_2027q1_cash_interest |
| /operating_model/cells/downside_2027q1_cash_interest:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_cash_interest:downside/label | None | Net cash interest |
| /operating_model/cells/downside_2027q1_cash_interest:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cash_interest:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cash_interest:downside/value | None | 98.0 |
| /operating_model/cells/downside_2027q1_cash_tax:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q1_cash_tax:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cash_tax:downside/id | None | downside_2027q1_cash_tax |
| /operating_model/cells/downside_2027q1_cash_tax:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_cash_tax:downside/label | None | Cash income taxes |
| /operating_model/cells/downside_2027q1_cash_tax:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cash_tax:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cash_tax:downside/value | None | 25.0 |
| /operating_model/cells/downside_2027q1_cash_uses:downside/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/downside_2027q1_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_cash_uses:downside/formula/refs/0 | None | downside_2027q1_cash_interest |
| /operating_model/cells/downside_2027q1_cash_uses:downside/formula/refs/1 | None | downside_2027q1_cash_tax |
| /operating_model/cells/downside_2027q1_cash_uses:downside/formula/refs/2 | None | downside_2027q1_wc_use |
| /operating_model/cells/downside_2027q1_cash_uses:downside/id | None | downside_2027q1_cash_uses |
| /operating_model/cells/downside_2027q1_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cash_uses:downside/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/downside_2027q1_cash_uses:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cash_uses:downside/value | None | 173.0 |
| /operating_model/cells/downside_2027q1_cfo:downside/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/downside_2027q1_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cfo:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_cfo:downside/formula/refs/0 | None | downside_2027q1_adj_ebitda |
| /operating_model/cells/downside_2027q1_cfo:downside/formula/refs/1 | None | downside_2027q1_cash_uses |
| /operating_model/cells/downside_2027q1_cfo:downside/id | None | downside_2027q1_cfo |
| /operating_model/cells/downside_2027q1_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cfo:downside/label | None | Operating cash flow proxy |
| /operating_model/cells/downside_2027q1_cfo:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cfo:downside/value | None | 49.81502590673574 |
| /operating_model/cells/downside_2027q1_cost_factor:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q1_cost_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cost_factor:downside/id | None | downside_2027q1_cost_factor |
| /operating_model/cells/downside_2027q1_cost_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_cost_factor:downside/label | None | Operating-cost stress factor |
| /operating_model/cells/downside_2027q1_cost_factor:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cost_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_cost_factor:downside/value | None | 1.06 |
| /operating_model/cells/downside_2027q1_da:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q1_da:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_da:downside/id | None | downside_2027q1_da |
| /operating_model/cells/downside_2027q1_da:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_da:downside/label | None | Depreciation and amortization |
| /operating_model/cells/downside_2027q1_da:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_da:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_da:downside/value | None | 150.0 |
| /operating_model/cells/downside_2027q1_daily_rate:downside/basis | None | USD millions per operating day; standalone fleet average desk sensitivity. |
| /operating_model/cells/downside_2027q1_daily_rate:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_daily_rate:downside/id | None | downside_2027q1_daily_rate |
| /operating_model/cells/downside_2027q1_daily_rate:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_daily_rate:downside/label | None | Effective earned revenue per operating day |
| /operating_model/cells/downside_2027q1_daily_rate:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_daily_rate:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_daily_rate:downside/value | None | 0.46 |
| /operating_model/cells/downside_2027q1_dayrate_sales:downside/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/downside_2027q1_dayrate_sales:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_dayrate_sales:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_dayrate_sales:downside/formula/refs/0 | None | downside_2027q1_operating_days |
| /operating_model/cells/downside_2027q1_dayrate_sales:downside/formula/refs/1 | None | downside_2027q1_daily_rate |
| /operating_model/cells/downside_2027q1_dayrate_sales:downside/formula/refs/2 | None | downside_2027q1_eff_ratio |
| /operating_model/cells/downside_2027q1_dayrate_sales:downside/id | None | downside_2027q1_dayrate_sales |
| /operating_model/cells/downside_2027q1_dayrate_sales:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_dayrate_sales:downside/label | None | Dayrate-linked revenue |
| /operating_model/cells/downside_2027q1_dayrate_sales:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_dayrate_sales:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_dayrate_sales:downside/value | None | 837.9150259067358 |
| /operating_model/cells/downside_2027q1_debt_principal:downside/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/downside_2027q1_debt_principal:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_debt_principal:downside/id | None | downside_2027q1_debt_principal |
| /operating_model/cells/downside_2027q1_debt_principal:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_debt_principal:downside/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/downside_2027q1_debt_principal:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_debt_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_debt_principal:downside/value | None | 80.0 |
| /operating_model/cells/downside_2027q1_eff_baseline:downside/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/downside_2027q1_eff_baseline:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_eff_baseline:downside/id | None | downside_2027q1_eff_baseline |
| /operating_model/cells/downside_2027q1_eff_baseline:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_eff_baseline:downside/label | None | Baseline revenue efficiency |
| /operating_model/cells/downside_2027q1_eff_baseline:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_eff_baseline:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_eff_baseline:downside/value | None | 0.965 |
| /operating_model/cells/downside_2027q1_eff_ratio:downside/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/downside_2027q1_eff_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_eff_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q1_eff_ratio:downside/formula/refs/0 | None | downside_2027q1_efficiency |
| /operating_model/cells/downside_2027q1_eff_ratio:downside/formula/refs/1 | None | downside_2027q1_eff_baseline |
| /operating_model/cells/downside_2027q1_eff_ratio:downside/id | None | downside_2027q1_eff_ratio |
| /operating_model/cells/downside_2027q1_eff_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_eff_ratio:downside/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/downside_2027q1_eff_ratio:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_eff_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_eff_ratio:downside/value | None | 0.9740932642487047 |
| /operating_model/cells/downside_2027q1_efficiency:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q1_efficiency:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_efficiency:downside/id | None | downside_2027q1_efficiency |
| /operating_model/cells/downside_2027q1_efficiency:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_efficiency:downside/label | None | Revenue efficiency |
| /operating_model/cells/downside_2027q1_efficiency:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_efficiency:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_efficiency:downside/value | None | 0.94 |
| /operating_model/cells/downside_2027q1_fcf:downside/basis | None | Before financing principal. |
| /operating_model/cells/downside_2027q1_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_fcf:downside/formula/refs/0 | None | downside_2027q1_cfo |
| /operating_model/cells/downside_2027q1_fcf:downside/formula/refs/1 | None | downside_2027q1_capex |
| /operating_model/cells/downside_2027q1_fcf:downside/id | None | downside_2027q1_fcf |
| /operating_model/cells/downside_2027q1_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_fcf:downside/label | None | CFO less capex |
| /operating_model/cells/downside_2027q1_fcf:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_fcf:downside/value | None | -15.184974093264259 |
| /operating_model/cells/downside_2027q1_ga:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q1_ga:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_ga:downside/id | None | downside_2027q1_ga |
| /operating_model/cells/downside_2027q1_ga:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_ga:downside/label | None | General and administrative |
| /operating_model/cells/downside_2027q1_ga:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_ga:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_ga:downside/value | None | 48.0 |
| /operating_model/cells/downside_2027q1_om_anchor:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q1_om_anchor:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_om_anchor:downside/id | None | downside_2027q1_om_anchor |
| /operating_model/cells/downside_2027q1_om_anchor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_om_anchor:downside/label | None | Standalone operating maintenance budget |
| /operating_model/cells/downside_2027q1_om_anchor:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_om_anchor:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_om_anchor:downside/value | None | 585.0 |
| /operating_model/cells/downside_2027q1_om_cost:downside/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/downside_2027q1_om_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_om_cost:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_om_cost:downside/formula/refs/0 | None | downside_2027q1_om_anchor |
| /operating_model/cells/downside_2027q1_om_cost:downside/formula/refs/1 | None | downside_2027q1_cost_factor |
| /operating_model/cells/downside_2027q1_om_cost:downside/id | None | downside_2027q1_om_cost |
| /operating_model/cells/downside_2027q1_om_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_om_cost:downside/label | None | Operating and maintenance |
| /operating_model/cells/downside_2027q1_om_cost:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_om_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_om_cost:downside/value | None | 620.1 |
| /operating_model/cells/downside_2027q1_operating_cost:downside/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/downside_2027q1_operating_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_operating_cost:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_operating_cost:downside/formula/refs/0 | None | downside_2027q1_om_cost |
| /operating_model/cells/downside_2027q1_operating_cost:downside/formula/refs/1 | None | downside_2027q1_ga |
| /operating_model/cells/downside_2027q1_operating_cost:downside/formula/refs/2 | None | downside_2027q1_da |
| /operating_model/cells/downside_2027q1_operating_cost:downside/id | None | downside_2027q1_operating_cost |
| /operating_model/cells/downside_2027q1_operating_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_operating_cost:downside/label | None | Total ordinary operating costs |
| /operating_model/cells/downside_2027q1_operating_cost:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_operating_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_operating_cost:downside/value | None | 818.1 |
| /operating_model/cells/downside_2027q1_operating_days:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q1_operating_days:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_operating_days:downside/id | None | downside_2027q1_operating_days |
| /operating_model/cells/downside_2027q1_operating_days:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_operating_days:downside/label | None | Operating days |
| /operating_model/cells/downside_2027q1_operating_days:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_operating_days:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_operating_days:downside/value | None | 1870.0 |
| /operating_model/cells/downside_2027q1_operating_income:downside/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/downside_2027q1_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_operating_income:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_operating_income:downside/formula/refs/0 | None | downside_2027q1_revenue |
| /operating_model/cells/downside_2027q1_operating_income:downside/formula/refs/1 | None | downside_2027q1_operating_cost |
| /operating_model/cells/downside_2027q1_operating_income:downside/id | None | downside_2027q1_operating_income |
| /operating_model/cells/downside_2027q1_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_operating_income:downside/label | None | GAAP operating income proxy |
| /operating_model/cells/downside_2027q1_operating_income:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_operating_income:downside/value | None | 64.81502590673574 |
| /operating_model/cells/downside_2027q1_revenue:downside/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/downside_2027q1_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/refs/0 | None | downside_2027q1_dayrate_sales |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/refs/1 | None | downside_2027q1_ancillary |
| /operating_model/cells/downside_2027q1_revenue:downside/id | None | downside_2027q1_revenue |
| /operating_model/cells/downside_2027q1_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_revenue:downside/label | None | Standalone contract revenue |
| /operating_model/cells/downside_2027q1_revenue:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_revenue:downside/value | None | 882.9150259067358 |
| /operating_model/cells/downside_2027q1_sbc:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q1_sbc:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_sbc:downside/id | None | downside_2027q1_sbc |
| /operating_model/cells/downside_2027q1_sbc:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_sbc:downside/label | None | Stock compensation |
| /operating_model/cells/downside_2027q1_sbc:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_sbc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_sbc:downside/value | None | 8.0 |
| /operating_model/cells/downside_2027q1_wc_use:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q1_wc_use:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_wc_use:downside/id | None | downside_2027q1_wc_use |
| /operating_model/cells/downside_2027q1_wc_use:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_wc_use:downside/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/downside_2027q1_wc_use:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_wc_use:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_wc_use:downside/value | None | 50.0 |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/formula/refs/0 | None | downside_2027q2_operating_income |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/formula/refs/1 | None | downside_2027q2_da |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/formula/refs/2 | None | downside_2027q2_sbc |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/id | None | downside_2027q2_adj_ebitda |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/value | None | 224.6575129533678 |
| /operating_model/cells/downside_2027q2_ancillary:downside/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/downside_2027q2_ancillary:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_ancillary:downside/id | None | downside_2027q2_ancillary |
| /operating_model/cells/downside_2027q2_ancillary:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_ancillary:downside/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/downside_2027q2_ancillary:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_ancillary:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_ancillary:downside/value | None | 45.0 |
| /operating_model/cells/downside_2027q2_capex:downside/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/downside_2027q2_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_capex:downside/id | None | downside_2027q2_capex |
| /operating_model/cells/downside_2027q2_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_capex:downside/label | None | Cash capital expenditure |
| /operating_model/cells/downside_2027q2_capex:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_capex:downside/value | None | 70.0 |
| /operating_model/cells/downside_2027q2_cash_after_principal:downside/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/downside_2027q2_cash_after_principal:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cash_after_principal:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_cash_after_principal:downside/formula/refs/0 | None | downside_2027q2_fcf |
| /operating_model/cells/downside_2027q2_cash_after_principal:downside/formula/refs/1 | None | downside_2027q2_debt_principal |
| /operating_model/cells/downside_2027q2_cash_after_principal:downside/id | None | downside_2027q2_cash_after_principal |
| /operating_model/cells/downside_2027q2_cash_after_principal:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cash_after_principal:downside/label | None | Cash after principal |
| /operating_model/cells/downside_2027q2_cash_after_principal:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cash_after_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cash_after_principal:downside/value | None | -121.34248704663219 |
| /operating_model/cells/downside_2027q2_cash_interest:downside/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/downside_2027q2_cash_interest:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cash_interest:downside/id | None | downside_2027q2_cash_interest |
| /operating_model/cells/downside_2027q2_cash_interest:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_cash_interest:downside/label | None | Net cash interest |
| /operating_model/cells/downside_2027q2_cash_interest:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cash_interest:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cash_interest:downside/value | None | 96.0 |
| /operating_model/cells/downside_2027q2_cash_tax:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q2_cash_tax:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cash_tax:downside/id | None | downside_2027q2_cash_tax |
| /operating_model/cells/downside_2027q2_cash_tax:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_cash_tax:downside/label | None | Cash income taxes |
| /operating_model/cells/downside_2027q2_cash_tax:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cash_tax:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cash_tax:downside/value | None | 25.0 |
| /operating_model/cells/downside_2027q2_cash_uses:downside/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/downside_2027q2_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_cash_uses:downside/formula/refs/0 | None | downside_2027q2_cash_interest |
| /operating_model/cells/downside_2027q2_cash_uses:downside/formula/refs/1 | None | downside_2027q2_cash_tax |
| /operating_model/cells/downside_2027q2_cash_uses:downside/formula/refs/2 | None | downside_2027q2_wc_use |
| /operating_model/cells/downside_2027q2_cash_uses:downside/id | None | downside_2027q2_cash_uses |
| /operating_model/cells/downside_2027q2_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cash_uses:downside/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/downside_2027q2_cash_uses:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cash_uses:downside/value | None | 161.0 |
| /operating_model/cells/downside_2027q2_cfo:downside/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/downside_2027q2_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cfo:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_cfo:downside/formula/refs/0 | None | downside_2027q2_adj_ebitda |
| /operating_model/cells/downside_2027q2_cfo:downside/formula/refs/1 | None | downside_2027q2_cash_uses |
| /operating_model/cells/downside_2027q2_cfo:downside/id | None | downside_2027q2_cfo |
| /operating_model/cells/downside_2027q2_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cfo:downside/label | None | Operating cash flow proxy |
| /operating_model/cells/downside_2027q2_cfo:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cfo:downside/value | None | 63.657512953367814 |
| /operating_model/cells/downside_2027q2_cost_factor:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q2_cost_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cost_factor:downside/id | None | downside_2027q2_cost_factor |
| /operating_model/cells/downside_2027q2_cost_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_cost_factor:downside/label | None | Operating-cost stress factor |
| /operating_model/cells/downside_2027q2_cost_factor:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cost_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_cost_factor:downside/value | None | 1.06 |
| /operating_model/cells/downside_2027q2_da:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q2_da:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_da:downside/id | None | downside_2027q2_da |
| /operating_model/cells/downside_2027q2_da:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_da:downside/label | None | Depreciation and amortization |
| /operating_model/cells/downside_2027q2_da:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_da:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_da:downside/value | None | 152.0 |
| /operating_model/cells/downside_2027q2_daily_rate:downside/basis | None | USD millions per operating day; standalone fleet average desk sensitivity. |
| /operating_model/cells/downside_2027q2_daily_rate:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_daily_rate:downside/id | None | downside_2027q2_daily_rate |
| /operating_model/cells/downside_2027q2_daily_rate:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_daily_rate:downside/label | None | Effective earned revenue per operating day |
| /operating_model/cells/downside_2027q2_daily_rate:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_daily_rate:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_daily_rate:downside/value | None | 0.46 |
| /operating_model/cells/downside_2027q2_dayrate_sales:downside/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/downside_2027q2_dayrate_sales:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_dayrate_sales:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_dayrate_sales:downside/formula/refs/0 | None | downside_2027q2_operating_days |
| /operating_model/cells/downside_2027q2_dayrate_sales:downside/formula/refs/1 | None | downside_2027q2_daily_rate |
| /operating_model/cells/downside_2027q2_dayrate_sales:downside/formula/refs/2 | None | downside_2027q2_eff_ratio |
| /operating_model/cells/downside_2027q2_dayrate_sales:downside/id | None | downside_2027q2_dayrate_sales |
| /operating_model/cells/downside_2027q2_dayrate_sales:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_dayrate_sales:downside/label | None | Dayrate-linked revenue |
| /operating_model/cells/downside_2027q2_dayrate_sales:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_dayrate_sales:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_dayrate_sales:downside/value | None | 851.3575129533679 |
| /operating_model/cells/downside_2027q2_debt_principal:downside/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/downside_2027q2_debt_principal:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_debt_principal:downside/id | None | downside_2027q2_debt_principal |
| /operating_model/cells/downside_2027q2_debt_principal:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_debt_principal:downside/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/downside_2027q2_debt_principal:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_debt_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_debt_principal:downside/value | None | 115.0 |
| /operating_model/cells/downside_2027q2_eff_baseline:downside/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/downside_2027q2_eff_baseline:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_eff_baseline:downside/id | None | downside_2027q2_eff_baseline |
| /operating_model/cells/downside_2027q2_eff_baseline:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_eff_baseline:downside/label | None | Baseline revenue efficiency |
| /operating_model/cells/downside_2027q2_eff_baseline:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_eff_baseline:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_eff_baseline:downside/value | None | 0.965 |
| /operating_model/cells/downside_2027q2_eff_ratio:downside/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/downside_2027q2_eff_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_eff_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q2_eff_ratio:downside/formula/refs/0 | None | downside_2027q2_efficiency |
| /operating_model/cells/downside_2027q2_eff_ratio:downside/formula/refs/1 | None | downside_2027q2_eff_baseline |
| /operating_model/cells/downside_2027q2_eff_ratio:downside/id | None | downside_2027q2_eff_ratio |
| /operating_model/cells/downside_2027q2_eff_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_eff_ratio:downside/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/downside_2027q2_eff_ratio:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_eff_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_eff_ratio:downside/value | None | 0.9740932642487047 |
| /operating_model/cells/downside_2027q2_efficiency:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q2_efficiency:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_efficiency:downside/id | None | downside_2027q2_efficiency |
| /operating_model/cells/downside_2027q2_efficiency:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_efficiency:downside/label | None | Revenue efficiency |
| /operating_model/cells/downside_2027q2_efficiency:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_efficiency:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_efficiency:downside/value | None | 0.94 |
| /operating_model/cells/downside_2027q2_fcf:downside/basis | None | Before financing principal. |
| /operating_model/cells/downside_2027q2_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_fcf:downside/formula/refs/0 | None | downside_2027q2_cfo |
| /operating_model/cells/downside_2027q2_fcf:downside/formula/refs/1 | None | downside_2027q2_capex |
| /operating_model/cells/downside_2027q2_fcf:downside/id | None | downside_2027q2_fcf |
| /operating_model/cells/downside_2027q2_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_fcf:downside/label | None | CFO less capex |
| /operating_model/cells/downside_2027q2_fcf:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_fcf:downside/value | None | -6.342487046632186 |
| /operating_model/cells/downside_2027q2_ga:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q2_ga:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_ga:downside/id | None | downside_2027q2_ga |
| /operating_model/cells/downside_2027q2_ga:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_ga:downside/label | None | General and administrative |
| /operating_model/cells/downside_2027q2_ga:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_ga:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_ga:downside/value | None | 49.0 |
| /operating_model/cells/downside_2027q2_om_anchor:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q2_om_anchor:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_om_anchor:downside/id | None | downside_2027q2_om_anchor |
| /operating_model/cells/downside_2027q2_om_anchor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_om_anchor:downside/label | None | Standalone operating maintenance budget |
| /operating_model/cells/downside_2027q2_om_anchor:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_om_anchor:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_om_anchor:downside/value | None | 595.0 |
| /operating_model/cells/downside_2027q2_om_cost:downside/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/downside_2027q2_om_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_om_cost:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_om_cost:downside/formula/refs/0 | None | downside_2027q2_om_anchor |
| /operating_model/cells/downside_2027q2_om_cost:downside/formula/refs/1 | None | downside_2027q2_cost_factor |
| /operating_model/cells/downside_2027q2_om_cost:downside/id | None | downside_2027q2_om_cost |
| /operating_model/cells/downside_2027q2_om_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_om_cost:downside/label | None | Operating and maintenance |
| /operating_model/cells/downside_2027q2_om_cost:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_om_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_om_cost:downside/value | None | 630.7 |
| /operating_model/cells/downside_2027q2_operating_cost:downside/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/downside_2027q2_operating_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_operating_cost:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_operating_cost:downside/formula/refs/0 | None | downside_2027q2_om_cost |
| /operating_model/cells/downside_2027q2_operating_cost:downside/formula/refs/1 | None | downside_2027q2_ga |
| /operating_model/cells/downside_2027q2_operating_cost:downside/formula/refs/2 | None | downside_2027q2_da |
| /operating_model/cells/downside_2027q2_operating_cost:downside/id | None | downside_2027q2_operating_cost |
| /operating_model/cells/downside_2027q2_operating_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_operating_cost:downside/label | None | Total ordinary operating costs |
| /operating_model/cells/downside_2027q2_operating_cost:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_operating_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_operating_cost:downside/value | None | 831.7 |
| /operating_model/cells/downside_2027q2_operating_days:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q2_operating_days:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_operating_days:downside/id | None | downside_2027q2_operating_days |
| /operating_model/cells/downside_2027q2_operating_days:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_operating_days:downside/label | None | Operating days |
| /operating_model/cells/downside_2027q2_operating_days:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_operating_days:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_operating_days:downside/value | None | 1900.0 |
| /operating_model/cells/downside_2027q2_operating_income:downside/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/downside_2027q2_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_operating_income:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_operating_income:downside/formula/refs/0 | None | downside_2027q2_revenue |
| /operating_model/cells/downside_2027q2_operating_income:downside/formula/refs/1 | None | downside_2027q2_operating_cost |
| /operating_model/cells/downside_2027q2_operating_income:downside/id | None | downside_2027q2_operating_income |
| /operating_model/cells/downside_2027q2_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_operating_income:downside/label | None | GAAP operating income proxy |
| /operating_model/cells/downside_2027q2_operating_income:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_operating_income:downside/value | None | 64.65751295336781 |
| /operating_model/cells/downside_2027q2_revenue:downside/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/downside_2027q2_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/refs/0 | None | downside_2027q2_dayrate_sales |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/refs/1 | None | downside_2027q2_ancillary |
| /operating_model/cells/downside_2027q2_revenue:downside/id | None | downside_2027q2_revenue |
| /operating_model/cells/downside_2027q2_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_revenue:downside/label | None | Standalone contract revenue |
| /operating_model/cells/downside_2027q2_revenue:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_revenue:downside/value | None | 896.3575129533679 |
| /operating_model/cells/downside_2027q2_sbc:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q2_sbc:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_sbc:downside/id | None | downside_2027q2_sbc |
| /operating_model/cells/downside_2027q2_sbc:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_sbc:downside/label | None | Stock compensation |
| /operating_model/cells/downside_2027q2_sbc:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_sbc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_sbc:downside/value | None | 8.0 |
| /operating_model/cells/downside_2027q2_wc_use:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q2_wc_use:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_wc_use:downside/id | None | downside_2027q2_wc_use |
| /operating_model/cells/downside_2027q2_wc_use:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_wc_use:downside/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/downside_2027q2_wc_use:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_wc_use:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_wc_use:downside/value | None | 40.0 |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/formula/refs/0 | None | downside_2027q3_operating_income |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/formula/refs/1 | None | downside_2027q3_da |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/formula/refs/2 | None | downside_2027q3_sbc |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/id | None | downside_2027q3_adj_ebitda |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/value | None | 222.31139896373054 |
| /operating_model/cells/downside_2027q3_ancillary:downside/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/downside_2027q3_ancillary:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_ancillary:downside/id | None | downside_2027q3_ancillary |
| /operating_model/cells/downside_2027q3_ancillary:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_ancillary:downside/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/downside_2027q3_ancillary:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_ancillary:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_ancillary:downside/value | None | 45.0 |
| /operating_model/cells/downside_2027q3_capex:downside/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/downside_2027q3_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_capex:downside/id | None | downside_2027q3_capex |
| /operating_model/cells/downside_2027q3_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_capex:downside/label | None | Cash capital expenditure |
| /operating_model/cells/downside_2027q3_capex:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_capex:downside/value | None | 65.0 |
| /operating_model/cells/downside_2027q3_cash_after_principal:downside/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/downside_2027q3_cash_after_principal:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cash_after_principal:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_cash_after_principal:downside/formula/refs/0 | None | downside_2027q3_fcf |
| /operating_model/cells/downside_2027q3_cash_after_principal:downside/formula/refs/1 | None | downside_2027q3_debt_principal |
| /operating_model/cells/downside_2027q3_cash_after_principal:downside/id | None | downside_2027q3_cash_after_principal |
| /operating_model/cells/downside_2027q3_cash_after_principal:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cash_after_principal:downside/label | None | Cash after principal |
| /operating_model/cells/downside_2027q3_cash_after_principal:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cash_after_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cash_after_principal:downside/value | None | -84.68860103626946 |
| /operating_model/cells/downside_2027q3_cash_interest:downside/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/downside_2027q3_cash_interest:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cash_interest:downside/id | None | downside_2027q3_cash_interest |
| /operating_model/cells/downside_2027q3_cash_interest:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_cash_interest:downside/label | None | Net cash interest |
| /operating_model/cells/downside_2027q3_cash_interest:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cash_interest:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cash_interest:downside/value | None | 94.0 |
| /operating_model/cells/downside_2027q3_cash_tax:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q3_cash_tax:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cash_tax:downside/id | None | downside_2027q3_cash_tax |
| /operating_model/cells/downside_2027q3_cash_tax:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_cash_tax:downside/label | None | Cash income taxes |
| /operating_model/cells/downside_2027q3_cash_tax:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cash_tax:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cash_tax:downside/value | None | 25.0 |
| /operating_model/cells/downside_2027q3_cash_uses:downside/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/downside_2027q3_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_cash_uses:downside/formula/refs/0 | None | downside_2027q3_cash_interest |
| /operating_model/cells/downside_2027q3_cash_uses:downside/formula/refs/1 | None | downside_2027q3_cash_tax |
| /operating_model/cells/downside_2027q3_cash_uses:downside/formula/refs/2 | None | downside_2027q3_wc_use |
| /operating_model/cells/downside_2027q3_cash_uses:downside/id | None | downside_2027q3_cash_uses |
| /operating_model/cells/downside_2027q3_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cash_uses:downside/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/downside_2027q3_cash_uses:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cash_uses:downside/value | None | 159.0 |
| /operating_model/cells/downside_2027q3_cfo:downside/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/downside_2027q3_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cfo:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_cfo:downside/formula/refs/0 | None | downside_2027q3_adj_ebitda |
| /operating_model/cells/downside_2027q3_cfo:downside/formula/refs/1 | None | downside_2027q3_cash_uses |
| /operating_model/cells/downside_2027q3_cfo:downside/id | None | downside_2027q3_cfo |
| /operating_model/cells/downside_2027q3_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cfo:downside/label | None | Operating cash flow proxy |
| /operating_model/cells/downside_2027q3_cfo:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cfo:downside/value | None | 63.31139896373054 |
| /operating_model/cells/downside_2027q3_cost_factor:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q3_cost_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cost_factor:downside/id | None | downside_2027q3_cost_factor |
| /operating_model/cells/downside_2027q3_cost_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_cost_factor:downside/label | None | Operating-cost stress factor |
| /operating_model/cells/downside_2027q3_cost_factor:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cost_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_cost_factor:downside/value | None | 1.06 |
| /operating_model/cells/downside_2027q3_da:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q3_da:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_da:downside/id | None | downside_2027q3_da |
| /operating_model/cells/downside_2027q3_da:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_da:downside/label | None | Depreciation and amortization |
| /operating_model/cells/downside_2027q3_da:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_da:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_da:downside/value | None | 154.0 |
| /operating_model/cells/downside_2027q3_daily_rate:downside/basis | None | USD millions per operating day; standalone fleet average desk sensitivity. |
| /operating_model/cells/downside_2027q3_daily_rate:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_daily_rate:downside/id | None | downside_2027q3_daily_rate |
| /operating_model/cells/downside_2027q3_daily_rate:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_daily_rate:downside/label | None | Effective earned revenue per operating day |
| /operating_model/cells/downside_2027q3_daily_rate:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_daily_rate:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_daily_rate:downside/value | None | 0.465 |
| /operating_model/cells/downside_2027q3_dayrate_sales:downside/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/downside_2027q3_dayrate_sales:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_dayrate_sales:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_dayrate_sales:downside/formula/refs/0 | None | downside_2027q3_operating_days |
| /operating_model/cells/downside_2027q3_dayrate_sales:downside/formula/refs/1 | None | downside_2027q3_daily_rate |
| /operating_model/cells/downside_2027q3_dayrate_sales:downside/formula/refs/2 | None | downside_2027q3_eff_ratio |
| /operating_model/cells/downside_2027q3_dayrate_sales:downside/id | None | downside_2027q3_dayrate_sales |
| /operating_model/cells/downside_2027q3_dayrate_sales:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_dayrate_sales:downside/label | None | Dayrate-linked revenue |
| /operating_model/cells/downside_2027q3_dayrate_sales:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_dayrate_sales:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_dayrate_sales:downside/value | None | 860.6113989637306 |
| /operating_model/cells/downside_2027q3_debt_principal:downside/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/downside_2027q3_debt_principal:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_debt_principal:downside/id | None | downside_2027q3_debt_principal |
| /operating_model/cells/downside_2027q3_debt_principal:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_debt_principal:downside/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/downside_2027q3_debt_principal:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_debt_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_debt_principal:downside/value | None | 83.0 |
| /operating_model/cells/downside_2027q3_eff_baseline:downside/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/downside_2027q3_eff_baseline:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_eff_baseline:downside/id | None | downside_2027q3_eff_baseline |
| /operating_model/cells/downside_2027q3_eff_baseline:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_eff_baseline:downside/label | None | Baseline revenue efficiency |
| /operating_model/cells/downside_2027q3_eff_baseline:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_eff_baseline:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_eff_baseline:downside/value | None | 0.965 |
| /operating_model/cells/downside_2027q3_eff_ratio:downside/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/downside_2027q3_eff_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_eff_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q3_eff_ratio:downside/formula/refs/0 | None | downside_2027q3_efficiency |
| /operating_model/cells/downside_2027q3_eff_ratio:downside/formula/refs/1 | None | downside_2027q3_eff_baseline |
| /operating_model/cells/downside_2027q3_eff_ratio:downside/id | None | downside_2027q3_eff_ratio |
| /operating_model/cells/downside_2027q3_eff_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_eff_ratio:downside/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/downside_2027q3_eff_ratio:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_eff_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_eff_ratio:downside/value | None | 0.9740932642487047 |
| /operating_model/cells/downside_2027q3_efficiency:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q3_efficiency:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_efficiency:downside/id | None | downside_2027q3_efficiency |
| /operating_model/cells/downside_2027q3_efficiency:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_efficiency:downside/label | None | Revenue efficiency |
| /operating_model/cells/downside_2027q3_efficiency:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_efficiency:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_efficiency:downside/value | None | 0.94 |
| /operating_model/cells/downside_2027q3_fcf:downside/basis | None | Before financing principal. |
| /operating_model/cells/downside_2027q3_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_fcf:downside/formula/refs/0 | None | downside_2027q3_cfo |
| /operating_model/cells/downside_2027q3_fcf:downside/formula/refs/1 | None | downside_2027q3_capex |
| /operating_model/cells/downside_2027q3_fcf:downside/id | None | downside_2027q3_fcf |
| /operating_model/cells/downside_2027q3_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_fcf:downside/label | None | CFO less capex |
| /operating_model/cells/downside_2027q3_fcf:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_fcf:downside/value | None | -1.6886010362694606 |
| /operating_model/cells/downside_2027q3_ga:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q3_ga:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_ga:downside/id | None | downside_2027q3_ga |
| /operating_model/cells/downside_2027q3_ga:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_ga:downside/label | None | General and administrative |
| /operating_model/cells/downside_2027q3_ga:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_ga:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_ga:downside/value | None | 50.0 |
| /operating_model/cells/downside_2027q3_om_anchor:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q3_om_anchor:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_om_anchor:downside/id | None | downside_2027q3_om_anchor |
| /operating_model/cells/downside_2027q3_om_anchor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_om_anchor:downside/label | None | Standalone operating maintenance budget |
| /operating_model/cells/downside_2027q3_om_anchor:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_om_anchor:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_om_anchor:downside/value | None | 605.0 |
| /operating_model/cells/downside_2027q3_om_cost:downside/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/downside_2027q3_om_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_om_cost:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_om_cost:downside/formula/refs/0 | None | downside_2027q3_om_anchor |
| /operating_model/cells/downside_2027q3_om_cost:downside/formula/refs/1 | None | downside_2027q3_cost_factor |
| /operating_model/cells/downside_2027q3_om_cost:downside/id | None | downside_2027q3_om_cost |
| /operating_model/cells/downside_2027q3_om_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_om_cost:downside/label | None | Operating and maintenance |
| /operating_model/cells/downside_2027q3_om_cost:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_om_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_om_cost:downside/value | None | 641.3000000000001 |
| /operating_model/cells/downside_2027q3_operating_cost:downside/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/downside_2027q3_operating_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_operating_cost:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_operating_cost:downside/formula/refs/0 | None | downside_2027q3_om_cost |
| /operating_model/cells/downside_2027q3_operating_cost:downside/formula/refs/1 | None | downside_2027q3_ga |
| /operating_model/cells/downside_2027q3_operating_cost:downside/formula/refs/2 | None | downside_2027q3_da |
| /operating_model/cells/downside_2027q3_operating_cost:downside/id | None | downside_2027q3_operating_cost |
| /operating_model/cells/downside_2027q3_operating_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_operating_cost:downside/label | None | Total ordinary operating costs |
| /operating_model/cells/downside_2027q3_operating_cost:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_operating_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_operating_cost:downside/value | None | 845.3000000000001 |
| /operating_model/cells/downside_2027q3_operating_days:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q3_operating_days:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_operating_days:downside/id | None | downside_2027q3_operating_days |
| /operating_model/cells/downside_2027q3_operating_days:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_operating_days:downside/label | None | Operating days |
| /operating_model/cells/downside_2027q3_operating_days:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_operating_days:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_operating_days:downside/value | None | 1900.0 |
| /operating_model/cells/downside_2027q3_operating_income:downside/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/downside_2027q3_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_operating_income:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_operating_income:downside/formula/refs/0 | None | downside_2027q3_revenue |
| /operating_model/cells/downside_2027q3_operating_income:downside/formula/refs/1 | None | downside_2027q3_operating_cost |
| /operating_model/cells/downside_2027q3_operating_income:downside/id | None | downside_2027q3_operating_income |
| /operating_model/cells/downside_2027q3_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_operating_income:downside/label | None | GAAP operating income proxy |
| /operating_model/cells/downside_2027q3_operating_income:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_operating_income:downside/value | None | 60.31139896373054 |
| /operating_model/cells/downside_2027q3_revenue:downside/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/downside_2027q3_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/refs/0 | None | downside_2027q3_dayrate_sales |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/refs/1 | None | downside_2027q3_ancillary |
| /operating_model/cells/downside_2027q3_revenue:downside/id | None | downside_2027q3_revenue |
| /operating_model/cells/downside_2027q3_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_revenue:downside/label | None | Standalone contract revenue |
| /operating_model/cells/downside_2027q3_revenue:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_revenue:downside/value | None | 905.6113989637306 |
| /operating_model/cells/downside_2027q3_sbc:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q3_sbc:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_sbc:downside/id | None | downside_2027q3_sbc |
| /operating_model/cells/downside_2027q3_sbc:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_sbc:downside/label | None | Stock compensation |
| /operating_model/cells/downside_2027q3_sbc:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_sbc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_sbc:downside/value | None | 8.0 |
| /operating_model/cells/downside_2027q3_wc_use:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q3_wc_use:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_wc_use:downside/id | None | downside_2027q3_wc_use |
| /operating_model/cells/downside_2027q3_wc_use:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_wc_use:downside/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/downside_2027q3_wc_use:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_wc_use:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_wc_use:downside/value | None | 40.0 |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/formula/refs/0 | None | downside_2027q4_operating_income |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/formula/refs/1 | None | downside_2027q4_da |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/formula/refs/2 | None | downside_2027q4_sbc |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/id | None | downside_2027q4_adj_ebitda |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/value | None | 242.8564766839379 |
| /operating_model/cells/downside_2027q4_ancillary:downside/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/downside_2027q4_ancillary:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_ancillary:downside/id | None | downside_2027q4_ancillary |
| /operating_model/cells/downside_2027q4_ancillary:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_ancillary:downside/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/downside_2027q4_ancillary:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_ancillary:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_ancillary:downside/value | None | 45.0 |
| /operating_model/cells/downside_2027q4_capex:downside/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/downside_2027q4_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_capex:downside/id | None | downside_2027q4_capex |
| /operating_model/cells/downside_2027q4_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_capex:downside/label | None | Cash capital expenditure |
| /operating_model/cells/downside_2027q4_capex:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_capex:downside/value | None | 60.0 |
| /operating_model/cells/downside_2027q4_cash_after_principal:downside/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/downside_2027q4_cash_after_principal:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cash_after_principal:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_cash_after_principal:downside/formula/refs/0 | None | downside_2027q4_fcf |
| /operating_model/cells/downside_2027q4_cash_after_principal:downside/formula/refs/1 | None | downside_2027q4_debt_principal |
| /operating_model/cells/downside_2027q4_cash_after_principal:downside/id | None | downside_2027q4_cash_after_principal |
| /operating_model/cells/downside_2027q4_cash_after_principal:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cash_after_principal:downside/label | None | Cash after principal |
| /operating_model/cells/downside_2027q4_cash_after_principal:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cash_after_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cash_after_principal:downside/value | None | -52.1435233160621 |
| /operating_model/cells/downside_2027q4_cash_interest:downside/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/downside_2027q4_cash_interest:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cash_interest:downside/id | None | downside_2027q4_cash_interest |
| /operating_model/cells/downside_2027q4_cash_interest:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_cash_interest:downside/label | None | Net cash interest |
| /operating_model/cells/downside_2027q4_cash_interest:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cash_interest:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cash_interest:downside/value | None | 92.0 |
| /operating_model/cells/downside_2027q4_cash_tax:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q4_cash_tax:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cash_tax:downside/id | None | downside_2027q4_cash_tax |
| /operating_model/cells/downside_2027q4_cash_tax:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_cash_tax:downside/label | None | Cash income taxes |
| /operating_model/cells/downside_2027q4_cash_tax:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cash_tax:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cash_tax:downside/value | None | 25.0 |
| /operating_model/cells/downside_2027q4_cash_uses:downside/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/downside_2027q4_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_cash_uses:downside/formula/refs/0 | None | downside_2027q4_cash_interest |
| /operating_model/cells/downside_2027q4_cash_uses:downside/formula/refs/1 | None | downside_2027q4_cash_tax |
| /operating_model/cells/downside_2027q4_cash_uses:downside/formula/refs/2 | None | downside_2027q4_wc_use |
| /operating_model/cells/downside_2027q4_cash_uses:downside/id | None | downside_2027q4_cash_uses |
| /operating_model/cells/downside_2027q4_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cash_uses:downside/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/downside_2027q4_cash_uses:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cash_uses:downside/value | None | 152.0 |
| /operating_model/cells/downside_2027q4_cfo:downside/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/downside_2027q4_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cfo:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_cfo:downside/formula/refs/0 | None | downside_2027q4_adj_ebitda |
| /operating_model/cells/downside_2027q4_cfo:downside/formula/refs/1 | None | downside_2027q4_cash_uses |
| /operating_model/cells/downside_2027q4_cfo:downside/id | None | downside_2027q4_cfo |
| /operating_model/cells/downside_2027q4_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cfo:downside/label | None | Operating cash flow proxy |
| /operating_model/cells/downside_2027q4_cfo:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cfo:downside/value | None | 90.8564766839379 |
| /operating_model/cells/downside_2027q4_cost_factor:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q4_cost_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cost_factor:downside/id | None | downside_2027q4_cost_factor |
| /operating_model/cells/downside_2027q4_cost_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_cost_factor:downside/label | None | Operating-cost stress factor |
| /operating_model/cells/downside_2027q4_cost_factor:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cost_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_cost_factor:downside/value | None | 1.06 |
| /operating_model/cells/downside_2027q4_da:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q4_da:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_da:downside/id | None | downside_2027q4_da |
| /operating_model/cells/downside_2027q4_da:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_da:downside/label | None | Depreciation and amortization |
| /operating_model/cells/downside_2027q4_da:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_da:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_da:downside/value | None | 156.0 |
| /operating_model/cells/downside_2027q4_daily_rate:downside/basis | None | USD millions per operating day; standalone fleet average desk sensitivity. |
| /operating_model/cells/downside_2027q4_daily_rate:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_daily_rate:downside/id | None | downside_2027q4_daily_rate |
| /operating_model/cells/downside_2027q4_daily_rate:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_daily_rate:downside/label | None | Effective earned revenue per operating day |
| /operating_model/cells/downside_2027q4_daily_rate:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_daily_rate:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_daily_rate:downside/value | None | 0.47 |
| /operating_model/cells/downside_2027q4_dayrate_sales:downside/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/downside_2027q4_dayrate_sales:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_dayrate_sales:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_dayrate_sales:downside/formula/refs/0 | None | downside_2027q4_operating_days |
| /operating_model/cells/downside_2027q4_dayrate_sales:downside/formula/refs/1 | None | downside_2027q4_daily_rate |
| /operating_model/cells/downside_2027q4_dayrate_sales:downside/formula/refs/2 | None | downside_2027q4_eff_ratio |
| /operating_model/cells/downside_2027q4_dayrate_sales:downside/id | None | downside_2027q4_dayrate_sales |
| /operating_model/cells/downside_2027q4_dayrate_sales:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_dayrate_sales:downside/label | None | Dayrate-linked revenue |
| /operating_model/cells/downside_2027q4_dayrate_sales:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_dayrate_sales:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_dayrate_sales:downside/value | None | 892.7564766839379 |
| /operating_model/cells/downside_2027q4_debt_principal:downside/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/downside_2027q4_debt_principal:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_debt_principal:downside/id | None | downside_2027q4_debt_principal |
| /operating_model/cells/downside_2027q4_debt_principal:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_debt_principal:downside/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/downside_2027q4_debt_principal:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_debt_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_debt_principal:downside/value | None | 83.0 |
| /operating_model/cells/downside_2027q4_eff_baseline:downside/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/downside_2027q4_eff_baseline:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_eff_baseline:downside/id | None | downside_2027q4_eff_baseline |
| /operating_model/cells/downside_2027q4_eff_baseline:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_eff_baseline:downside/label | None | Baseline revenue efficiency |
| /operating_model/cells/downside_2027q4_eff_baseline:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_eff_baseline:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_eff_baseline:downside/value | None | 0.965 |
| /operating_model/cells/downside_2027q4_eff_ratio:downside/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/downside_2027q4_eff_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_eff_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q4_eff_ratio:downside/formula/refs/0 | None | downside_2027q4_efficiency |
| /operating_model/cells/downside_2027q4_eff_ratio:downside/formula/refs/1 | None | downside_2027q4_eff_baseline |
| /operating_model/cells/downside_2027q4_eff_ratio:downside/id | None | downside_2027q4_eff_ratio |
| /operating_model/cells/downside_2027q4_eff_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_eff_ratio:downside/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/downside_2027q4_eff_ratio:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_eff_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_eff_ratio:downside/value | None | 0.9740932642487047 |
| /operating_model/cells/downside_2027q4_efficiency:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q4_efficiency:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_efficiency:downside/id | None | downside_2027q4_efficiency |
| /operating_model/cells/downside_2027q4_efficiency:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_efficiency:downside/label | None | Revenue efficiency |
| /operating_model/cells/downside_2027q4_efficiency:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_efficiency:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_efficiency:downside/value | None | 0.94 |
| /operating_model/cells/downside_2027q4_fcf:downside/basis | None | Before financing principal. |
| /operating_model/cells/downside_2027q4_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_fcf:downside/formula/refs/0 | None | downside_2027q4_cfo |
| /operating_model/cells/downside_2027q4_fcf:downside/formula/refs/1 | None | downside_2027q4_capex |
| /operating_model/cells/downside_2027q4_fcf:downside/id | None | downside_2027q4_fcf |
| /operating_model/cells/downside_2027q4_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_fcf:downside/label | None | CFO less capex |
| /operating_model/cells/downside_2027q4_fcf:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_fcf:downside/value | None | 30.8564766839379 |
| /operating_model/cells/downside_2027q4_ga:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q4_ga:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_ga:downside/id | None | downside_2027q4_ga |
| /operating_model/cells/downside_2027q4_ga:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_ga:downside/label | None | General and administrative |
| /operating_model/cells/downside_2027q4_ga:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_ga:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_ga:downside/value | None | 51.0 |
| /operating_model/cells/downside_2027q4_om_anchor:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q4_om_anchor:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_om_anchor:downside/id | None | downside_2027q4_om_anchor |
| /operating_model/cells/downside_2027q4_om_anchor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_om_anchor:downside/label | None | Standalone operating maintenance budget |
| /operating_model/cells/downside_2027q4_om_anchor:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_om_anchor:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_om_anchor:downside/value | None | 615.0 |
| /operating_model/cells/downside_2027q4_om_cost:downside/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/downside_2027q4_om_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_om_cost:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_om_cost:downside/formula/refs/0 | None | downside_2027q4_om_anchor |
| /operating_model/cells/downside_2027q4_om_cost:downside/formula/refs/1 | None | downside_2027q4_cost_factor |
| /operating_model/cells/downside_2027q4_om_cost:downside/id | None | downside_2027q4_om_cost |
| /operating_model/cells/downside_2027q4_om_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_om_cost:downside/label | None | Operating and maintenance |
| /operating_model/cells/downside_2027q4_om_cost:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_om_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_om_cost:downside/value | None | 651.9 |
| /operating_model/cells/downside_2027q4_operating_cost:downside/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/downside_2027q4_operating_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_operating_cost:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_operating_cost:downside/formula/refs/0 | None | downside_2027q4_om_cost |
| /operating_model/cells/downside_2027q4_operating_cost:downside/formula/refs/1 | None | downside_2027q4_ga |
| /operating_model/cells/downside_2027q4_operating_cost:downside/formula/refs/2 | None | downside_2027q4_da |
| /operating_model/cells/downside_2027q4_operating_cost:downside/id | None | downside_2027q4_operating_cost |
| /operating_model/cells/downside_2027q4_operating_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_operating_cost:downside/label | None | Total ordinary operating costs |
| /operating_model/cells/downside_2027q4_operating_cost:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_operating_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_operating_cost:downside/value | None | 858.9 |
| /operating_model/cells/downside_2027q4_operating_days:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q4_operating_days:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_operating_days:downside/id | None | downside_2027q4_operating_days |
| /operating_model/cells/downside_2027q4_operating_days:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_operating_days:downside/label | None | Operating days |
| /operating_model/cells/downside_2027q4_operating_days:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_operating_days:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_operating_days:downside/value | None | 1950.0 |
| /operating_model/cells/downside_2027q4_operating_income:downside/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/downside_2027q4_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_operating_income:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_operating_income:downside/formula/refs/0 | None | downside_2027q4_revenue |
| /operating_model/cells/downside_2027q4_operating_income:downside/formula/refs/1 | None | downside_2027q4_operating_cost |
| /operating_model/cells/downside_2027q4_operating_income:downside/id | None | downside_2027q4_operating_income |
| /operating_model/cells/downside_2027q4_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_operating_income:downside/label | None | GAAP operating income proxy |
| /operating_model/cells/downside_2027q4_operating_income:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_operating_income:downside/value | None | 78.8564766839379 |
| /operating_model/cells/downside_2027q4_revenue:downside/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/downside_2027q4_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/refs/0 | None | downside_2027q4_dayrate_sales |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/refs/1 | None | downside_2027q4_ancillary |
| /operating_model/cells/downside_2027q4_revenue:downside/id | None | downside_2027q4_revenue |
| /operating_model/cells/downside_2027q4_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_revenue:downside/label | None | Standalone contract revenue |
| /operating_model/cells/downside_2027q4_revenue:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_revenue:downside/value | None | 937.7564766839379 |
| /operating_model/cells/downside_2027q4_sbc:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q4_sbc:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_sbc:downside/id | None | downside_2027q4_sbc |
| /operating_model/cells/downside_2027q4_sbc:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_sbc:downside/label | None | Stock compensation |
| /operating_model/cells/downside_2027q4_sbc:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_sbc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_sbc:downside/value | None | 8.0 |
| /operating_model/cells/downside_2027q4_wc_use:downside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/downside_2027q4_wc_use:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_wc_use:downside/id | None | downside_2027q4_wc_use |
| /operating_model/cells/downside_2027q4_wc_use:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_wc_use:downside/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/downside_2027q4_wc_use:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_wc_use:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_wc_use:downside/value | None | 35.0 |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/formula/refs/0 | None | h1_adj_ebitda |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/formula/refs/1 | None | downside_2026q3_adj_ebitda |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/formula/refs/2 | None | downside_2026q4_adj_ebitda |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/id | None | downside_fy2026_adj_ebitda |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/label | None | Adjusted EBITDA proxy ($M) |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/value | None | 1237.4982901554404 |
| /operating_model/cells/downside_fy2026_capex:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_capex:downside/formula/refs/0 | None | h1_capex |
| /operating_model/cells/downside_fy2026_capex:downside/formula/refs/1 | None | downside_2026q3_capex |
| /operating_model/cells/downside_fy2026_capex:downside/formula/refs/2 | None | downside_2026q4_capex |
| /operating_model/cells/downside_fy2026_capex:downside/id | None | downside_fy2026_capex |
| /operating_model/cells/downside_fy2026_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_capex:downside/label | None | Cash capital expenditure ($M) |
| /operating_model/cells/downside_fy2026_capex:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_capex:downside/value | None | 150.0 |
| /operating_model/cells/downside_fy2026_cash_after_principal:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_cash_after_principal:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_cash_after_principal:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_cash_after_principal:downside/formula/refs/0 | None | h1_cash_after_principal |
| /operating_model/cells/downside_fy2026_cash_after_principal:downside/formula/refs/1 | None | downside_2026q3_cash_after_principal |
| /operating_model/cells/downside_fy2026_cash_after_principal:downside/formula/refs/2 | None | downside_2026q4_cash_after_principal |
| /operating_model/cells/downside_fy2026_cash_after_principal:downside/id | None | downside_fy2026_cash_after_principal |
| /operating_model/cells/downside_fy2026_cash_after_principal:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_cash_after_principal:downside/label | None | Cash after principal ($M) |
| /operating_model/cells/downside_fy2026_cash_after_principal:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_cash_after_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_cash_after_principal:downside/value | None | -434.00170984455974 |
| /operating_model/cells/downside_fy2026_cfo:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_cfo:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_cfo:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_cfo:downside/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/downside_fy2026_cfo:downside/formula/refs/1 | None | downside_2026q3_cfo |
| /operating_model/cells/downside_fy2026_cfo:downside/formula/refs/2 | None | downside_2026q4_cfo |
| /operating_model/cells/downside_fy2026_cfo:downside/id | None | downside_fy2026_cfo |
| /operating_model/cells/downside_fy2026_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_cfo:downside/label | None | Operating cash flow proxy ($M) |
| /operating_model/cells/downside_fy2026_cfo:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_cfo:downside/value | None | 511.99829015544026 |
| /operating_model/cells/downside_fy2026_debt_principal:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_debt_principal:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_debt_principal:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_debt_principal:downside/formula/refs/0 | None | h1_debt_principal |
| /operating_model/cells/downside_fy2026_debt_principal:downside/formula/refs/1 | None | downside_2026q3_debt_principal |
| /operating_model/cells/downside_fy2026_debt_principal:downside/formula/refs/2 | None | downside_2026q4_debt_principal |
| /operating_model/cells/downside_fy2026_debt_principal:downside/id | None | downside_fy2026_debt_principal |
| /operating_model/cells/downside_fy2026_debt_principal:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_debt_principal:downside/label | None | Debt principal repayments ($M) |
| /operating_model/cells/downside_fy2026_debt_principal:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_debt_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_debt_principal:downside/value | None | 796.0 |
| /operating_model/cells/downside_fy2026_fcf:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_fcf:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_fcf:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_fcf:downside/formula/refs/0 | None | h1_fcf |
| /operating_model/cells/downside_fy2026_fcf:downside/formula/refs/1 | None | downside_2026q3_fcf |
| /operating_model/cells/downside_fy2026_fcf:downside/formula/refs/2 | None | downside_2026q4_fcf |
| /operating_model/cells/downside_fy2026_fcf:downside/id | None | downside_fy2026_fcf |
| /operating_model/cells/downside_fy2026_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_fcf:downside/label | None | CFO less capex ($M) |
| /operating_model/cells/downside_fy2026_fcf:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_fcf:downside/value | None | 361.99829015544026 |
| /operating_model/cells/downside_fy2026_operating_income:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_operating_income:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_operating_income:downside/formula/refs/0 | None | h1_operating_income |
| /operating_model/cells/downside_fy2026_operating_income:downside/formula/refs/1 | None | downside_2026q3_operating_income |
| /operating_model/cells/downside_fy2026_operating_income:downside/formula/refs/2 | None | downside_2026q4_operating_income |
| /operating_model/cells/downside_fy2026_operating_income:downside/id | None | downside_fy2026_operating_income |
| /operating_model/cells/downside_fy2026_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_operating_income:downside/label | None | GAAP operating income proxy ($M) |
| /operating_model/cells/downside_fy2026_operating_income:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_operating_income:downside/value | None | 612.4982901554403 |
| /operating_model/cells/downside_fy2026_revenue:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_revenue:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/refs/0 | None | h1_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/refs/1 | None | downside_2026q3_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/refs/2 | None | downside_2026q4_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/id | None | downside_fy2026_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_revenue:downside/label | None | Standalone contract revenue ($M) |
| /operating_model/cells/downside_fy2026_revenue:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_revenue:downside/value | None | 3803.90829015544 |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/refs/0 | None | downside_2027q1_adj_ebitda |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/refs/1 | None | downside_2027q2_adj_ebitda |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/refs/2 | None | downside_2027q3_adj_ebitda |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/refs/3 | None | downside_2027q4_adj_ebitda |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/id | None | downside_fy2027_adj_ebitda |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/label | None | Adjusted EBITDA proxy ($M) |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/value | None | 912.640414507772 |
| /operating_model/cells/downside_fy2027_capex:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/0 | None | downside_2027q1_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/1 | None | downside_2027q2_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/2 | None | downside_2027q3_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/3 | None | downside_2027q4_capex |
| /operating_model/cells/downside_fy2027_capex:downside/id | None | downside_fy2027_capex |
| /operating_model/cells/downside_fy2027_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_capex:downside/label | None | Cash capital expenditure ($M) |
| /operating_model/cells/downside_fy2027_capex:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_capex:downside/value | None | 260.0 |
| /operating_model/cells/downside_fy2027_cash_after_principal:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_cash_after_principal:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_cash_after_principal:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_cash_after_principal:downside/formula/refs/0 | None | downside_2027q1_cash_after_principal |
| /operating_model/cells/downside_fy2027_cash_after_principal:downside/formula/refs/1 | None | downside_2027q2_cash_after_principal |
| /operating_model/cells/downside_fy2027_cash_after_principal:downside/formula/refs/2 | None | downside_2027q3_cash_after_principal |
| /operating_model/cells/downside_fy2027_cash_after_principal:downside/formula/refs/3 | None | downside_2027q4_cash_after_principal |
| /operating_model/cells/downside_fy2027_cash_after_principal:downside/id | None | downside_fy2027_cash_after_principal |
| /operating_model/cells/downside_fy2027_cash_after_principal:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_cash_after_principal:downside/label | None | Cash after principal ($M) |
| /operating_model/cells/downside_fy2027_cash_after_principal:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_cash_after_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_cash_after_principal:downside/value | None | -353.359585492228 |
| /operating_model/cells/downside_fy2027_cfo:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_cfo:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/refs/0 | None | downside_2027q1_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/refs/1 | None | downside_2027q2_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/refs/2 | None | downside_2027q3_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/refs/3 | None | downside_2027q4_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/id | None | downside_fy2027_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_cfo:downside/label | None | Operating cash flow proxy ($M) |
| /operating_model/cells/downside_fy2027_cfo:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_cfo:downside/value | None | 267.640414507772 |
| /operating_model/cells/downside_fy2027_debt_principal:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_debt_principal:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_debt_principal:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_debt_principal:downside/formula/refs/0 | None | downside_2027q1_debt_principal |
| /operating_model/cells/downside_fy2027_debt_principal:downside/formula/refs/1 | None | downside_2027q2_debt_principal |
| /operating_model/cells/downside_fy2027_debt_principal:downside/formula/refs/2 | None | downside_2027q3_debt_principal |
| /operating_model/cells/downside_fy2027_debt_principal:downside/formula/refs/3 | None | downside_2027q4_debt_principal |
| /operating_model/cells/downside_fy2027_debt_principal:downside/id | None | downside_fy2027_debt_principal |
| /operating_model/cells/downside_fy2027_debt_principal:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_debt_principal:downside/label | None | Debt principal repayments ($M) |
| /operating_model/cells/downside_fy2027_debt_principal:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_debt_principal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_debt_principal:downside/value | None | 361.0 |
| /operating_model/cells/downside_fy2027_fcf:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_fcf:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/refs/0 | None | downside_2027q1_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/refs/1 | None | downside_2027q2_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/refs/2 | None | downside_2027q3_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/refs/3 | None | downside_2027q4_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/id | None | downside_fy2027_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_fcf:downside/label | None | CFO less capex ($M) |
| /operating_model/cells/downside_fy2027_fcf:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_fcf:downside/value | None | 7.640414507771993 |
| /operating_model/cells/downside_fy2027_operating_income:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_operating_income:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_operating_income:downside/formula/refs/0 | None | downside_2027q1_operating_income |
| /operating_model/cells/downside_fy2027_operating_income:downside/formula/refs/1 | None | downside_2027q2_operating_income |
| /operating_model/cells/downside_fy2027_operating_income:downside/formula/refs/2 | None | downside_2027q3_operating_income |
| /operating_model/cells/downside_fy2027_operating_income:downside/formula/refs/3 | None | downside_2027q4_operating_income |
| /operating_model/cells/downside_fy2027_operating_income:downside/id | None | downside_fy2027_operating_income |
| /operating_model/cells/downside_fy2027_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_operating_income:downside/label | None | GAAP operating income proxy ($M) |
| /operating_model/cells/downside_fy2027_operating_income:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_operating_income:downside/value | None | 268.640414507772 |
| /operating_model/cells/downside_fy2027_revenue:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_revenue:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/0 | None | downside_2027q1_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/1 | None | downside_2027q2_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/2 | None | downside_2027q3_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/3 | None | downside_2027q4_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/id | None | downside_fy2027_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_revenue:downside/label | None | Standalone contract revenue ($M) |
| /operating_model/cells/downside_fy2027_revenue:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_revenue:downside/value | None | 3622.640414507772 |
| /operating_model/cells/equinor_conditional:shared/basis | None | USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line. |
| /operating_model/cells/equinor_conditional:shared/case | None | shared |
| /operating_model/cells/equinor_conditional:shared/id | None | equinor_conditional |
| /operating_model/cells/equinor_conditional:shared/kind | None | reported |
| /operating_model/cells/equinor_conditional:shared/label | None | equinor conditional |
| /operating_model/cells/equinor_conditional:shared/period | None | June/August 2026 |
| /operating_model/cells/equinor_conditional:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/equinor_conditional:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/equinor_conditional:shared/unit | None | USD_millions |
| /operating_model/cells/equinor_conditional:shared/value | None | 1000.0 |
| /operating_model/cells/fy26_guide:shared/basis | None | Calculated midpoint of the company range; not an additional company forecast. |
| /operating_model/cells/fy26_guide:shared/case | None | shared |
| /operating_model/cells/fy26_guide:shared/formula/op | None | divide |
| /operating_model/cells/fy26_guide:shared/formula/refs/0 | None | fy26_guide_sum |
| /operating_model/cells/fy26_guide:shared/formula/refs/1 | None | two |
| /operating_model/cells/fy26_guide:shared/id | None | fy26_guide |
| /operating_model/cells/fy26_guide:shared/kind | None | derived |
| /operating_model/cells/fy26_guide:shared/label | None | FY2026 standalone revenue midpoint |
| /operating_model/cells/fy26_guide:shared/period | None | FY2026 |
| /operating_model/cells/fy26_guide:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_guide:shared/value | None | 3937.5 |
| /operating_model/cells/fy26_guide_high:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/fy26_guide_high:shared/case | None | shared |
| /operating_model/cells/fy26_guide_high:shared/id | None | fy26_guide_high |
| /operating_model/cells/fy26_guide_high:shared/kind | None | management_guidance |
| /operating_model/cells/fy26_guide_high:shared/label | None | FY2026 standalone revenue high |
| /operating_model/cells/fy26_guide_high:shared/period | None | FY2026 |
| /operating_model/cells/fy26_guide_high:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/fy26_guide_high:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm |
| /operating_model/cells/fy26_guide_high:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_guide_high:shared/value | None | 3975.0 |
| /operating_model/cells/fy26_guide_low:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/fy26_guide_low:shared/case | None | shared |
| /operating_model/cells/fy26_guide_low:shared/id | None | fy26_guide_low |
| /operating_model/cells/fy26_guide_low:shared/kind | None | management_guidance |
| /operating_model/cells/fy26_guide_low:shared/label | None | FY2026 standalone revenue low |
| /operating_model/cells/fy26_guide_low:shared/period | None | FY2026 |
| /operating_model/cells/fy26_guide_low:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/fy26_guide_low:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm |
| /operating_model/cells/fy26_guide_low:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_guide_low:shared/value | None | 3900.0 |
| /operating_model/cells/fy26_guide_sum:shared/basis | None | Arithmetic intermediate. |
| /operating_model/cells/fy26_guide_sum:shared/case | None | shared |
| /operating_model/cells/fy26_guide_sum:shared/formula/op | None | sum |
| /operating_model/cells/fy26_guide_sum:shared/formula/refs/0 | None | fy26_guide_low |
| /operating_model/cells/fy26_guide_sum:shared/formula/refs/1 | None | fy26_guide_high |
| /operating_model/cells/fy26_guide_sum:shared/id | None | fy26_guide_sum |
| /operating_model/cells/fy26_guide_sum:shared/kind | None | derived |
| /operating_model/cells/fy26_guide_sum:shared/label | None | FY2026 standalone revenue endpoint sum |
| /operating_model/cells/fy26_guide_sum:shared/period | None | FY2026 |
| /operating_model/cells/fy26_guide_sum:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_guide_sum:shared/value | None | 7875.0 |
| /operating_model/cells/ga_annual:shared/basis | None | Calculated midpoint of the company range; not an additional company forecast. |
| /operating_model/cells/ga_annual:shared/case | None | shared |
| /operating_model/cells/ga_annual:shared/formula/op | None | divide |
| /operating_model/cells/ga_annual:shared/formula/refs/0 | None | ga_annual_sum |
| /operating_model/cells/ga_annual:shared/formula/refs/1 | None | two |
| /operating_model/cells/ga_annual:shared/id | None | ga_annual |
| /operating_model/cells/ga_annual:shared/kind | None | derived |
| /operating_model/cells/ga_annual:shared/label | None | FY2026 general and administrative expense midpoint |
| /operating_model/cells/ga_annual:shared/period | None | FY2026 |
| /operating_model/cells/ga_annual:shared/unit | None | USD_millions |
| /operating_model/cells/ga_annual:shared/value | None | 175.0 |
| /operating_model/cells/ga_annual_high:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/ga_annual_high:shared/case | None | shared |
| /operating_model/cells/ga_annual_high:shared/id | None | ga_annual_high |
| /operating_model/cells/ga_annual_high:shared/kind | None | management_guidance |
| /operating_model/cells/ga_annual_high:shared/label | None | FY2026 general and administrative expense high |
| /operating_model/cells/ga_annual_high:shared/period | None | FY2026 |
| /operating_model/cells/ga_annual_high:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/ga_annual_high:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm |
| /operating_model/cells/ga_annual_high:shared/unit | None | USD_millions |
| /operating_model/cells/ga_annual_high:shared/value | None | 180.0 |
| /operating_model/cells/ga_annual_low:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/ga_annual_low:shared/case | None | shared |
| /operating_model/cells/ga_annual_low:shared/id | None | ga_annual_low |
| /operating_model/cells/ga_annual_low:shared/kind | None | management_guidance |
| /operating_model/cells/ga_annual_low:shared/label | None | FY2026 general and administrative expense low |
| /operating_model/cells/ga_annual_low:shared/period | None | FY2026 |
| /operating_model/cells/ga_annual_low:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/ga_annual_low:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm |
| /operating_model/cells/ga_annual_low:shared/unit | None | USD_millions |
| /operating_model/cells/ga_annual_low:shared/value | None | 170.0 |
| /operating_model/cells/ga_annual_sum:shared/basis | None | Arithmetic intermediate. |
| /operating_model/cells/ga_annual_sum:shared/case | None | shared |
| /operating_model/cells/ga_annual_sum:shared/formula/op | None | sum |
| /operating_model/cells/ga_annual_sum:shared/formula/refs/0 | None | ga_annual_low |
| /operating_model/cells/ga_annual_sum:shared/formula/refs/1 | None | ga_annual_high |
| /operating_model/cells/ga_annual_sum:shared/id | None | ga_annual_sum |
| /operating_model/cells/ga_annual_sum:shared/kind | None | derived |
| /operating_model/cells/ga_annual_sum:shared/label | None | FY2026 general and administrative expense endpoint sum |
| /operating_model/cells/ga_annual_sum:shared/period | None | FY2026 |
| /operating_model/cells/ga_annual_sum:shared/unit | None | USD_millions |
| /operating_model/cells/ga_annual_sum:shared/value | None | 350.0 |
| /operating_model/cells/h1_adj_ebitda:shared/basis | None | Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. |
| /operating_model/cells/h1_adj_ebitda:shared/case | None | shared |
| /operating_model/cells/h1_adj_ebitda:shared/id | None | h1_adj_ebitda |
| /operating_model/cells/h1_adj_ebitda:shared/kind | None | reported |
| /operating_model/cells/h1_adj_ebitda:shared/label | None | H1 adj ebitda |
| /operating_model/cells/h1_adj_ebitda:shared/period | None | H1 2026 |
| /operating_model/cells/h1_adj_ebitda:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/h1_adj_ebitda:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm |
| /operating_model/cells/h1_adj_ebitda:shared/unit | None | USD_millions |
| /operating_model/cells/h1_adj_ebitda:shared/value | None | 752.0 |
| /operating_model/cells/h1_capex:shared/basis | None | Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. |
| /operating_model/cells/h1_capex:shared/case | None | shared |
| /operating_model/cells/h1_capex:shared/id | None | h1_capex |
| /operating_model/cells/h1_capex:shared/kind | None | reported |
| /operating_model/cells/h1_capex:shared/label | None | H1 capex |
| /operating_model/cells/h1_capex:shared/period | None | H1 2026 |
| /operating_model/cells/h1_capex:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/h1_capex:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/h1_capex:shared/unit | None | USD_millions |
| /operating_model/cells/h1_capex:shared/value | None | 52.0 |
| /operating_model/cells/h1_cash_after_principal:shared/basis | None | Includes H1 early debt retirement; no automatic forecast repetition. |
| /operating_model/cells/h1_cash_after_principal:shared/case | None | shared |
| /operating_model/cells/h1_cash_after_principal:shared/formula/op | None | subtract |
| /operating_model/cells/h1_cash_after_principal:shared/formula/refs/0 | None | h1_fcf |
| /operating_model/cells/h1_cash_after_principal:shared/formula/refs/1 | None | h1_debt_principal |
| /operating_model/cells/h1_cash_after_principal:shared/id | None | h1_cash_after_principal |
| /operating_model/cells/h1_cash_after_principal:shared/kind | None | derived |
| /operating_model/cells/h1_cash_after_principal:shared/label | None | H1 cash after principal |
| /operating_model/cells/h1_cash_after_principal:shared/period | None | H1 2026 |
| /operating_model/cells/h1_cash_after_principal:shared/unit | None | USD_millions |
| /operating_model/cells/h1_cash_after_principal:shared/value | None | -238.0 |
| /operating_model/cells/h1_cfo:shared/basis | None | Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. |
| /operating_model/cells/h1_cfo:shared/case | None | shared |
| /operating_model/cells/h1_cfo:shared/id | None | h1_cfo |
| /operating_model/cells/h1_cfo:shared/kind | None | reported |
| /operating_model/cells/h1_cfo:shared/label | None | H1 cfo |
| /operating_model/cells/h1_cfo:shared/period | None | H1 2026 |
| /operating_model/cells/h1_cfo:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/h1_cfo:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/h1_cfo:shared/unit | None | USD_millions |
| /operating_model/cells/h1_cfo:shared/value | None | 400.0 |
| /operating_model/cells/h1_contract_liability_use:shared/basis | None | Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. |
| /operating_model/cells/h1_contract_liability_use:shared/case | None | shared |
| /operating_model/cells/h1_contract_liability_use:shared/id | None | h1_contract_liability_use |
| /operating_model/cells/h1_contract_liability_use:shared/kind | None | reported |
| /operating_model/cells/h1_contract_liability_use:shared/label | None | H1 contract liability use |
| /operating_model/cells/h1_contract_liability_use:shared/period | None | H1 2026 |
| /operating_model/cells/h1_contract_liability_use:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/h1_contract_liability_use:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/h1_contract_liability_use:shared/unit | None | USD_millions |
| /operating_model/cells/h1_contract_liability_use:shared/value | None | 83.0 |
| /operating_model/cells/h1_da:shared/basis | None | Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. |
| /operating_model/cells/h1_da:shared/case | None | shared |
| /operating_model/cells/h1_da:shared/id | None | h1_da |
| /operating_model/cells/h1_da:shared/kind | None | reported |
| /operating_model/cells/h1_da:shared/label | None | H1 da |
| /operating_model/cells/h1_da:shared/period | None | H1 2026 |
| /operating_model/cells/h1_da:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/h1_da:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/h1_da:shared/unit | None | USD_millions |
| /operating_model/cells/h1_da:shared/value | None | 291.0 |
| /operating_model/cells/h1_debt_principal:shared/basis | None | Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. |
| /operating_model/cells/h1_debt_principal:shared/case | None | shared |
| /operating_model/cells/h1_debt_principal:shared/id | None | h1_debt_principal |
| /operating_model/cells/h1_debt_principal:shared/kind | None | reported |
| /operating_model/cells/h1_debt_principal:shared/label | None | H1 debt principal |
| /operating_model/cells/h1_debt_principal:shared/period | None | H1 2026 |
| /operating_model/cells/h1_debt_principal:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/h1_debt_principal:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/h1_debt_principal:shared/unit | None | USD_millions |
| /operating_model/cells/h1_debt_principal:shared/value | None | 586.0 |
| /operating_model/cells/h1_deferred_cost_source:shared/basis | None | Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. |
| /operating_model/cells/h1_deferred_cost_source:shared/case | None | shared |
| /operating_model/cells/h1_deferred_cost_source:shared/id | None | h1_deferred_cost_source |
| /operating_model/cells/h1_deferred_cost_source:shared/kind | None | reported |
| /operating_model/cells/h1_deferred_cost_source:shared/label | None | H1 deferred cost source |
| /operating_model/cells/h1_deferred_cost_source:shared/period | None | H1 2026 |
| /operating_model/cells/h1_deferred_cost_source:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/h1_deferred_cost_source:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/h1_deferred_cost_source:shared/unit | None | USD_millions |
| /operating_model/cells/h1_deferred_cost_source:shared/value | None | 46.0 |
| /operating_model/cells/h1_fcf:shared/basis | None | Reported cash flow baseline. |
| /operating_model/cells/h1_fcf:shared/case | None | shared |
| /operating_model/cells/h1_fcf:shared/formula/op | None | subtract |
| /operating_model/cells/h1_fcf:shared/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/h1_fcf:shared/formula/refs/1 | None | h1_capex |
| /operating_model/cells/h1_fcf:shared/id | None | h1_fcf |
| /operating_model/cells/h1_fcf:shared/kind | None | derived |
| /operating_model/cells/h1_fcf:shared/label | None | H1 CFO less capex |
| /operating_model/cells/h1_fcf:shared/period | None | H1 2026 |
| /operating_model/cells/h1_fcf:shared/unit | None | USD_millions |
| /operating_model/cells/h1_fcf:shared/value | None | 348.0 |
| /operating_model/cells/h1_ga:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/h1_ga:shared/case | None | shared |
| /operating_model/cells/h1_ga:shared/id | None | h1_ga |
| /operating_model/cells/h1_ga:shared/kind | None | reported |
| /operating_model/cells/h1_ga:shared/label | None | H1 general and administrative |
| /operating_model/cells/h1_ga:shared/period | None | H1 2026 |
| /operating_model/cells/h1_ga:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/h1_ga:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/h1_ga:shared/unit | None | USD_millions |
| /operating_model/cells/h1_ga:shared/value | None | 105.0 |
| /operating_model/cells/h1_net_income:shared/basis | None | Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. |
| /operating_model/cells/h1_net_income:shared/case | None | shared |
| /operating_model/cells/h1_net_income:shared/id | None | h1_net_income |
| /operating_model/cells/h1_net_income:shared/kind | None | reported |
| /operating_model/cells/h1_net_income:shared/label | None | H1 net income |
| /operating_model/cells/h1_net_income:shared/period | None | H1 2026 |
| /operating_model/cells/h1_net_income:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/h1_net_income:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/h1_net_income:shared/unit | None | USD_millions |
| /operating_model/cells/h1_net_income:shared/value | None | 241.0 |
| /operating_model/cells/h1_om:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/h1_om:shared/case | None | shared |
| /operating_model/cells/h1_om:shared/id | None | h1_om |
| /operating_model/cells/h1_om:shared/kind | None | reported |
| /operating_model/cells/h1_om:shared/label | None | H1 operating and maintenance |
| /operating_model/cells/h1_om:shared/period | None | H1 2026 |
| /operating_model/cells/h1_om:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/h1_om:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/h1_om:shared/unit | None | USD_millions |
| /operating_model/cells/h1_om:shared/value | None | 1214.0 |
| /operating_model/cells/h1_operating_income:shared/basis | None | Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. |
| /operating_model/cells/h1_operating_income:shared/case | None | shared |
| /operating_model/cells/h1_operating_income:shared/id | None | h1_operating_income |
| /operating_model/cells/h1_operating_income:shared/kind | None | reported |
| /operating_model/cells/h1_operating_income:shared/label | None | H1 operating income |
| /operating_model/cells/h1_operating_income:shared/period | None | H1 2026 |
| /operating_model/cells/h1_operating_income:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/h1_operating_income:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/h1_operating_income:shared/unit | None | USD_millions |
| /operating_model/cells/h1_operating_income:shared/value | None | 439.0 |
| /operating_model/cells/h1_revenue:shared/basis | None | Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. |
| /operating_model/cells/h1_revenue:shared/case | None | shared |
| /operating_model/cells/h1_revenue:shared/id | None | h1_revenue |
| /operating_model/cells/h1_revenue:shared/kind | None | reported |
| /operating_model/cells/h1_revenue:shared/label | None | H1 revenue |
| /operating_model/cells/h1_revenue:shared/period | None | H1 2026 |
| /operating_model/cells/h1_revenue:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/h1_revenue:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/h1_revenue:shared/unit | None | USD_millions |
| /operating_model/cells/h1_revenue:shared/value | None | 2047.0 |
| /operating_model/cells/h1_sbc:shared/basis | None | Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. |
| /operating_model/cells/h1_sbc:shared/case | None | shared |
| /operating_model/cells/h1_sbc:shared/id | None | h1_sbc |
| /operating_model/cells/h1_sbc:shared/kind | None | reported |
| /operating_model/cells/h1_sbc:shared/label | None | H1 sbc |
| /operating_model/cells/h1_sbc:shared/period | None | H1 2026 |
| /operating_model/cells/h1_sbc:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/h1_sbc:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/h1_sbc:shared/unit | None | USD_millions |
| /operating_model/cells/h1_sbc:shared/value | None | 15.0 |
| /operating_model/cells/h2_ga:shared/basis | None | Annual midpoint less reported first half. |
| /operating_model/cells/h2_ga:shared/case | None | shared |
| /operating_model/cells/h2_ga:shared/formula/op | None | subtract |
| /operating_model/cells/h2_ga:shared/formula/refs/0 | None | ga_annual |
| /operating_model/cells/h2_ga:shared/formula/refs/1 | None | h1_ga |
| /operating_model/cells/h2_ga:shared/id | None | h2_ga |
| /operating_model/cells/h2_ga:shared/kind | None | derived |
| /operating_model/cells/h2_ga:shared/label | None | H2 general and administrative residual |
| /operating_model/cells/h2_ga:shared/period | None | H2 2026 |
| /operating_model/cells/h2_ga:shared/unit | None | USD_millions |
| /operating_model/cells/h2_ga:shared/value | None | 70.0 |
| /operating_model/cells/h2_om:shared/basis | None | Annual midpoint less reported first half. |
| /operating_model/cells/h2_om:shared/case | None | shared |
| /operating_model/cells/h2_om:shared/formula/op | None | subtract |
| /operating_model/cells/h2_om:shared/formula/refs/0 | None | om_annual |
| /operating_model/cells/h2_om:shared/formula/refs/1 | None | h1_om |
| /operating_model/cells/h2_om:shared/id | None | h2_om |
| /operating_model/cells/h2_om:shared/kind | None | derived |
| /operating_model/cells/h2_om:shared/label | None | H2 operating and maintenance residual |
| /operating_model/cells/h2_om:shared/period | None | H2 2026 |
| /operating_model/cells/h2_om:shared/unit | None | USD_millions |
| /operating_model/cells/h2_om:shared/value | None | 1148.5 |
| /operating_model/cells/kg2_award:shared/basis | None | Binding letter of award for Q1 2027 start; optional extensions excluded. |
| /operating_model/cells/kg2_award:shared/case | None | shared |
| /operating_model/cells/kg2_award:shared/id | None | kg2_award |
| /operating_model/cells/kg2_award:shared/kind | None | reported |
| /operating_model/cells/kg2_award:shared/label | None | KG2 two-year award including services and mobilization |
| /operating_model/cells/kg2_award:shared/period | None | August 2026 |
| /operating_model/cells/kg2_award:shared/source_date | None | 2026-08-20 |
| /operating_model/cells/kg2_award:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000064/rig-20260820xex99d1.htm |
| /operating_model/cells/kg2_award:shared/unit | None | USD_millions |
| /operating_model/cells/kg2_award:shared/value | None | 300.0 |
| /operating_model/cells/om_annual:shared/basis | None | Calculated midpoint of the company range; not an additional company forecast. |
| /operating_model/cells/om_annual:shared/case | None | shared |
| /operating_model/cells/om_annual:shared/formula/op | None | divide |
| /operating_model/cells/om_annual:shared/formula/refs/0 | None | om_annual_sum |
| /operating_model/cells/om_annual:shared/formula/refs/1 | None | two |
| /operating_model/cells/om_annual:shared/id | None | om_annual |
| /operating_model/cells/om_annual:shared/kind | None | derived |
| /operating_model/cells/om_annual:shared/label | None | FY2026 operating and maintenance expense midpoint |
| /operating_model/cells/om_annual:shared/period | None | FY2026 |
| /operating_model/cells/om_annual:shared/unit | None | USD_millions |
| /operating_model/cells/om_annual:shared/value | None | 2362.5 |
| /operating_model/cells/om_annual_high:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/om_annual_high:shared/case | None | shared |
| /operating_model/cells/om_annual_high:shared/id | None | om_annual_high |
| /operating_model/cells/om_annual_high:shared/kind | None | management_guidance |
| /operating_model/cells/om_annual_high:shared/label | None | FY2026 operating and maintenance expense high |
| /operating_model/cells/om_annual_high:shared/period | None | FY2026 |
| /operating_model/cells/om_annual_high:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/om_annual_high:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm |
| /operating_model/cells/om_annual_high:shared/unit | None | USD_millions |
| /operating_model/cells/om_annual_high:shared/value | None | 2400.0 |
| /operating_model/cells/om_annual_low:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/om_annual_low:shared/case | None | shared |
| /operating_model/cells/om_annual_low:shared/id | None | om_annual_low |
| /operating_model/cells/om_annual_low:shared/kind | None | management_guidance |
| /operating_model/cells/om_annual_low:shared/label | None | FY2026 operating and maintenance expense low |
| /operating_model/cells/om_annual_low:shared/period | None | FY2026 |
| /operating_model/cells/om_annual_low:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/om_annual_low:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm |
| /operating_model/cells/om_annual_low:shared/unit | None | USD_millions |
| /operating_model/cells/om_annual_low:shared/value | None | 2325.0 |
| /operating_model/cells/om_annual_sum:shared/basis | None | Arithmetic intermediate. |
| /operating_model/cells/om_annual_sum:shared/case | None | shared |
| /operating_model/cells/om_annual_sum:shared/formula/op | None | sum |
| /operating_model/cells/om_annual_sum:shared/formula/refs/0 | None | om_annual_low |
| /operating_model/cells/om_annual_sum:shared/formula/refs/1 | None | om_annual_high |
| /operating_model/cells/om_annual_sum:shared/id | None | om_annual_sum |
| /operating_model/cells/om_annual_sum:shared/kind | None | derived |
| /operating_model/cells/om_annual_sum:shared/label | None | FY2026 operating and maintenance expense endpoint sum |
| /operating_model/cells/om_annual_sum:shared/period | None | FY2026 |
| /operating_model/cells/om_annual_sum:shared/unit | None | USD_millions |
| /operating_model/cells/om_annual_sum:shared/value | None | 4725.0 |
| /operating_model/cells/om_q3:shared/basis | None | Calculated midpoint of the company range; not an additional company forecast. |
| /operating_model/cells/om_q3:shared/case | None | shared |
| /operating_model/cells/om_q3:shared/formula/op | None | divide |
| /operating_model/cells/om_q3:shared/formula/refs/0 | None | om_q3_sum |
| /operating_model/cells/om_q3:shared/formula/refs/1 | None | two |
| /operating_model/cells/om_q3:shared/id | None | om_q3 |
| /operating_model/cells/om_q3:shared/kind | None | derived |
| /operating_model/cells/om_q3:shared/label | None | Q3 operating and maintenance expense midpoint |
| /operating_model/cells/om_q3:shared/period | None | 2026Q3 |
| /operating_model/cells/om_q3:shared/unit | None | USD_millions |
| /operating_model/cells/om_q3:shared/value | None | 610.0 |
| /operating_model/cells/om_q3_high:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/om_q3_high:shared/case | None | shared |
| /operating_model/cells/om_q3_high:shared/id | None | om_q3_high |
| /operating_model/cells/om_q3_high:shared/kind | None | management_guidance |
| /operating_model/cells/om_q3_high:shared/label | None | Q3 operating and maintenance expense high |
| /operating_model/cells/om_q3_high:shared/period | None | 2026Q3 |
| /operating_model/cells/om_q3_high:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/om_q3_high:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm |
| /operating_model/cells/om_q3_high:shared/unit | None | USD_millions |
| /operating_model/cells/om_q3_high:shared/value | None | 625.0 |
| /operating_model/cells/om_q3_low:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/om_q3_low:shared/case | None | shared |
| /operating_model/cells/om_q3_low:shared/id | None | om_q3_low |
| /operating_model/cells/om_q3_low:shared/kind | None | management_guidance |
| /operating_model/cells/om_q3_low:shared/label | None | Q3 operating and maintenance expense low |
| /operating_model/cells/om_q3_low:shared/period | None | 2026Q3 |
| /operating_model/cells/om_q3_low:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/om_q3_low:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm |
| /operating_model/cells/om_q3_low:shared/unit | None | USD_millions |
| /operating_model/cells/om_q3_low:shared/value | None | 595.0 |
| /operating_model/cells/om_q3_sum:shared/basis | None | Arithmetic intermediate. |
| /operating_model/cells/om_q3_sum:shared/case | None | shared |
| /operating_model/cells/om_q3_sum:shared/formula/op | None | sum |
| /operating_model/cells/om_q3_sum:shared/formula/refs/0 | None | om_q3_low |
| /operating_model/cells/om_q3_sum:shared/formula/refs/1 | None | om_q3_high |
| /operating_model/cells/om_q3_sum:shared/id | None | om_q3_sum |
| /operating_model/cells/om_q3_sum:shared/kind | None | derived |
| /operating_model/cells/om_q3_sum:shared/label | None | Q3 operating and maintenance expense endpoint sum |
| /operating_model/cells/om_q3_sum:shared/period | None | 2026Q3 |
| /operating_model/cells/om_q3_sum:shared/unit | None | USD_millions |
| /operating_model/cells/om_q3_sum:shared/value | None | 1220.0 |
| /operating_model/cells/q2_ancillary:shared/basis | None | USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line. |
| /operating_model/cells/q2_ancillary:shared/case | None | shared |
| /operating_model/cells/q2_ancillary:shared/id | None | q2_ancillary |
| /operating_model/cells/q2_ancillary:shared/kind | None | assumption |
| /operating_model/cells/q2_ancillary:shared/label | None | q2 ancillary |
| /operating_model/cells/q2_ancillary:shared/period | None | June/August 2026 |
| /operating_model/cells/q2_ancillary:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/q2_ancillary:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/q2_ancillary:shared/unit | None | USD_millions |
| /operating_model/cells/q2_ancillary:shared/value | None | 57.855 |
| /operating_model/cells/q2_exchange_gain:shared/basis | None | USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line. |
| /operating_model/cells/q2_exchange_gain:shared/case | None | shared |
| /operating_model/cells/q2_exchange_gain:shared/id | None | q2_exchange_gain |
| /operating_model/cells/q2_exchange_gain:shared/kind | None | reported |
| /operating_model/cells/q2_exchange_gain:shared/label | None | q2 exchange gain |
| /operating_model/cells/q2_exchange_gain:shared/period | None | June/August 2026 |
| /operating_model/cells/q2_exchange_gain:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/q2_exchange_gain:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/q2_exchange_gain:shared/unit | None | USD_millions |
| /operating_model/cells/q2_exchange_gain:shared/value | None | 134.0 |
| /operating_model/cells/q2_operating_days:shared/basis | None | USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line. |
| /operating_model/cells/q2_operating_days:shared/case | None | shared |
| /operating_model/cells/q2_operating_days:shared/id | None | q2_operating_days |
| /operating_model/cells/q2_operating_days:shared/kind | None | reported |
| /operating_model/cells/q2_operating_days:shared/label | None | q2 operating days |
| /operating_model/cells/q2_operating_days:shared/period | None | June/August 2026 |
| /operating_model/cells/q2_operating_days:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/q2_operating_days:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/q2_operating_days:shared/unit | None | ratio |
| /operating_model/cells/q2_operating_days:shared/value | None | 1922.0 |
| /operating_model/cells/q3_guide:shared/basis | None | Calculated midpoint of the company range; not an additional company forecast. |
| /operating_model/cells/q3_guide:shared/case | None | shared |
| /operating_model/cells/q3_guide:shared/formula/op | None | divide |
| /operating_model/cells/q3_guide:shared/formula/refs/0 | None | q3_guide_sum |
| /operating_model/cells/q3_guide:shared/formula/refs/1 | None | two |
| /operating_model/cells/q3_guide:shared/id | None | q3_guide |
| /operating_model/cells/q3_guide:shared/kind | None | derived |
| /operating_model/cells/q3_guide:shared/label | None | Q3 standalone revenue midpoint |
| /operating_model/cells/q3_guide:shared/period | None | 2026Q3 |
| /operating_model/cells/q3_guide:shared/unit | None | USD_millions |
| /operating_model/cells/q3_guide:shared/value | None | 940.0 |
| /operating_model/cells/q3_guide_high:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/q3_guide_high:shared/case | None | shared |
| /operating_model/cells/q3_guide_high:shared/id | None | q3_guide_high |
| /operating_model/cells/q3_guide_high:shared/kind | None | management_guidance |
| /operating_model/cells/q3_guide_high:shared/label | None | Q3 standalone revenue high |
| /operating_model/cells/q3_guide_high:shared/period | None | 2026Q3 |
| /operating_model/cells/q3_guide_high:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/q3_guide_high:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm |
| /operating_model/cells/q3_guide_high:shared/unit | None | USD_millions |
| /operating_model/cells/q3_guide_high:shared/value | None | 960.0 |
| /operating_model/cells/q3_guide_low:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/q3_guide_low:shared/case | None | shared |
| /operating_model/cells/q3_guide_low:shared/id | None | q3_guide_low |
| /operating_model/cells/q3_guide_low:shared/kind | None | management_guidance |
| /operating_model/cells/q3_guide_low:shared/label | None | Q3 standalone revenue low |
| /operating_model/cells/q3_guide_low:shared/period | None | 2026Q3 |
| /operating_model/cells/q3_guide_low:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/q3_guide_low:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm |
| /operating_model/cells/q3_guide_low:shared/unit | None | USD_millions |
| /operating_model/cells/q3_guide_low:shared/value | None | 920.0 |
| /operating_model/cells/q3_guide_sum:shared/basis | None | Arithmetic intermediate. |
| /operating_model/cells/q3_guide_sum:shared/case | None | shared |
| /operating_model/cells/q3_guide_sum:shared/formula/op | None | sum |
| /operating_model/cells/q3_guide_sum:shared/formula/refs/0 | None | q3_guide_low |
| /operating_model/cells/q3_guide_sum:shared/formula/refs/1 | None | q3_guide_high |
| /operating_model/cells/q3_guide_sum:shared/id | None | q3_guide_sum |
| /operating_model/cells/q3_guide_sum:shared/kind | None | derived |
| /operating_model/cells/q3_guide_sum:shared/label | None | Q3 standalone revenue endpoint sum |
| /operating_model/cells/q3_guide_sum:shared/period | None | 2026Q3 |
| /operating_model/cells/q3_guide_sum:shared/unit | None | USD_millions |
| /operating_model/cells/q3_guide_sum:shared/value | None | 1880.0 |
| /operating_model/cells/q4_guide_residual:shared/basis | None | Desk residual, not separate Q4 company guidance. |
| /operating_model/cells/q4_guide_residual:shared/case | None | shared |
| /operating_model/cells/q4_guide_residual:shared/formula/op | None | subtract |
| /operating_model/cells/q4_guide_residual:shared/formula/refs/0 | None | remaining_guide |
| /operating_model/cells/q4_guide_residual:shared/formula/refs/1 | None | q3_guide |
| /operating_model/cells/q4_guide_residual:shared/id | None | q4_guide_residual |
| /operating_model/cells/q4_guide_residual:shared/kind | None | derived |
| /operating_model/cells/q4_guide_residual:shared/label | None | Q4 revenue implied by annual and Q3 midpoints |
| /operating_model/cells/q4_guide_residual:shared/period | None | 2026Q4 |
| /operating_model/cells/q4_guide_residual:shared/unit | None | USD_millions |
| /operating_model/cells/q4_guide_residual:shared/value | None | 950.5 |
| /operating_model/cells/q4_om:shared/basis | None | Allocation residual; not separate company guidance. |
| /operating_model/cells/q4_om:shared/case | None | shared |
| /operating_model/cells/q4_om:shared/formula/op | None | subtract |
| /operating_model/cells/q4_om:shared/formula/refs/0 | None | h2_om |
| /operating_model/cells/q4_om:shared/formula/refs/1 | None | om_q3 |
| /operating_model/cells/q4_om:shared/id | None | q4_om |
| /operating_model/cells/q4_om:shared/kind | None | derived |
| /operating_model/cells/q4_om:shared/label | None | Q4 operating and maintenance residual |
| /operating_model/cells/q4_om:shared/period | None | 2026Q4 |
| /operating_model/cells/q4_om:shared/unit | None | USD_millions |
| /operating_model/cells/q4_om:shared/value | None | 538.5 |
| /operating_model/cells/remaining_guide:shared/basis | None | Full-year midpoint less reported H1. |
| /operating_model/cells/remaining_guide:shared/case | None | shared |
| /operating_model/cells/remaining_guide:shared/formula/op | None | subtract |
| /operating_model/cells/remaining_guide:shared/formula/refs/0 | None | fy26_guide |
| /operating_model/cells/remaining_guide:shared/formula/refs/1 | None | h1_revenue |
| /operating_model/cells/remaining_guide:shared/id | None | remaining_guide |
| /operating_model/cells/remaining_guide:shared/kind | None | derived |
| /operating_model/cells/remaining_guide:shared/label | None | H2 guided revenue |
| /operating_model/cells/remaining_guide:shared/period | None | H2 2026 |
| /operating_model/cells/remaining_guide:shared/unit | None | USD_millions |
| /operating_model/cells/remaining_guide:shared/value | None | 1890.5 |
| /operating_model/cells/restricted_cash:shared/basis | None | USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line. |
| /operating_model/cells/restricted_cash:shared/case | None | shared |
| /operating_model/cells/restricted_cash:shared/id | None | restricted_cash |
| /operating_model/cells/restricted_cash:shared/kind | None | reported |
| /operating_model/cells/restricted_cash:shared/label | None | restricted cash |
| /operating_model/cells/restricted_cash:shared/period | None | June/August 2026 |
| /operating_model/cells/restricted_cash:shared/source_date | None | 2026-08-07 |
| /operating_model/cells/restricted_cash:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /operating_model/cells/restricted_cash:shared/unit | None | USD_millions |
| /operating_model/cells/restricted_cash:shared/value | None | 286.0 |
| /operating_model/cells/two:shared/basis | None | Arithmetic constant. |
| /operating_model/cells/two:shared/case | None | shared |
| /operating_model/cells/two:shared/id | None | two |
| /operating_model/cells/two:shared/kind | None | assumption |
| /operating_model/cells/two:shared/label | None | Midpoint divisor |
| /operating_model/cells/two:shared/period | None | Model |
| /operating_model/cells/two:shared/unit | None | ratio |
| /operating_model/cells/two:shared/value | None | 2.0 |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/formula/refs/0 | None | upside_2026q3_operating_income |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/formula/refs/1 | None | upside_2026q3_da |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/formula/refs/2 | None | upside_2026q3_sbc |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/id | None | upside_2026q3_adj_ebitda |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/value | None | 335.53005181347146 |
| /operating_model/cells/upside_2026q3_ancillary:upside/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/upside_2026q3_ancillary:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_ancillary:upside/id | None | upside_2026q3_ancillary |
| /operating_model/cells/upside_2026q3_ancillary:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_ancillary:upside/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/upside_2026q3_ancillary:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_ancillary:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_ancillary:upside/value | None | 50.0 |
| /operating_model/cells/upside_2026q3_capex:upside/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/upside_2026q3_capex:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_capex:upside/id | None | upside_2026q3_capex |
| /operating_model/cells/upside_2026q3_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_capex:upside/label | None | Cash capital expenditure |
| /operating_model/cells/upside_2026q3_capex:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_capex:upside/value | None | 45.0 |
| /operating_model/cells/upside_2026q3_cash_after_principal:upside/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/upside_2026q3_cash_after_principal:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cash_after_principal:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_cash_after_principal:upside/formula/refs/0 | None | upside_2026q3_fcf |
| /operating_model/cells/upside_2026q3_cash_after_principal:upside/formula/refs/1 | None | upside_2026q3_debt_principal |
| /operating_model/cells/upside_2026q3_cash_after_principal:upside/id | None | upside_2026q3_cash_after_principal |
| /operating_model/cells/upside_2026q3_cash_after_principal:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_cash_after_principal:upside/label | None | Cash after principal |
| /operating_model/cells/upside_2026q3_cash_after_principal:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cash_after_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cash_after_principal:upside/value | None | 32.53005181347146 |
| /operating_model/cells/upside_2026q3_cash_interest:upside/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/upside_2026q3_cash_interest:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cash_interest:upside/id | None | upside_2026q3_cash_interest |
| /operating_model/cells/upside_2026q3_cash_interest:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_cash_interest:upside/label | None | Net cash interest |
| /operating_model/cells/upside_2026q3_cash_interest:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cash_interest:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cash_interest:upside/value | None | 100.5 |
| /operating_model/cells/upside_2026q3_cash_tax:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q3_cash_tax:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cash_tax:upside/id | None | upside_2026q3_cash_tax |
| /operating_model/cells/upside_2026q3_cash_tax:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_cash_tax:upside/label | None | Cash income taxes |
| /operating_model/cells/upside_2026q3_cash_tax:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cash_tax:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cash_tax:upside/value | None | 27.5 |
| /operating_model/cells/upside_2026q3_cash_uses:upside/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/upside_2026q3_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_cash_uses:upside/formula/refs/0 | None | upside_2026q3_cash_interest |
| /operating_model/cells/upside_2026q3_cash_uses:upside/formula/refs/1 | None | upside_2026q3_cash_tax |
| /operating_model/cells/upside_2026q3_cash_uses:upside/formula/refs/2 | None | upside_2026q3_wc_use |
| /operating_model/cells/upside_2026q3_cash_uses:upside/id | None | upside_2026q3_cash_uses |
| /operating_model/cells/upside_2026q3_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_cash_uses:upside/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/upside_2026q3_cash_uses:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cash_uses:upside/value | None | 153.0 |
| /operating_model/cells/upside_2026q3_cfo:upside/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/upside_2026q3_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cfo:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_cfo:upside/formula/refs/0 | None | upside_2026q3_adj_ebitda |
| /operating_model/cells/upside_2026q3_cfo:upside/formula/refs/1 | None | upside_2026q3_cash_uses |
| /operating_model/cells/upside_2026q3_cfo:upside/id | None | upside_2026q3_cfo |
| /operating_model/cells/upside_2026q3_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_cfo:upside/label | None | Operating cash flow proxy |
| /operating_model/cells/upside_2026q3_cfo:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cfo:upside/value | None | 182.53005181347146 |
| /operating_model/cells/upside_2026q3_cost_factor:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q3_cost_factor:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cost_factor:upside/id | None | upside_2026q3_cost_factor |
| /operating_model/cells/upside_2026q3_cost_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_cost_factor:upside/label | None | Operating-cost stress factor |
| /operating_model/cells/upside_2026q3_cost_factor:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cost_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_cost_factor:upside/value | None | 0.99 |
| /operating_model/cells/upside_2026q3_da:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q3_da:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_da:upside/id | None | upside_2026q3_da |
| /operating_model/cells/upside_2026q3_da:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_da:upside/label | None | Depreciation and amortization |
| /operating_model/cells/upside_2026q3_da:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_da:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_da:upside/value | None | 148.0 |
| /operating_model/cells/upside_2026q3_daily_rate:upside/basis | None | $0.475M/day at baseline efficiency; this is not the gross contractual dayrate. |
| /operating_model/cells/upside_2026q3_daily_rate:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_daily_rate:upside/id | None | upside_2026q3_daily_rate |
| /operating_model/cells/upside_2026q3_daily_rate:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_daily_rate:upside/label | None | Effective earned revenue per operating day |
| /operating_model/cells/upside_2026q3_daily_rate:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_daily_rate:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_daily_rate:upside/value | None | 0.475 |
| /operating_model/cells/upside_2026q3_daily_sales_anchor:upside/basis | None | Baseline dayrate-linked revenue. |
| /operating_model/cells/upside_2026q3_daily_sales_anchor:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_daily_sales_anchor:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_daily_sales_anchor:upside/formula/refs/0 | None | q3_guide |
| /operating_model/cells/upside_2026q3_daily_sales_anchor:upside/formula/refs/1 | None | upside_2026q3_ancillary |
| /operating_model/cells/upside_2026q3_daily_sales_anchor:upside/id | None | upside_2026q3_daily_sales_anchor |
| /operating_model/cells/upside_2026q3_daily_sales_anchor:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_daily_sales_anchor:upside/label | None | Guided revenue less ancillary |
| /operating_model/cells/upside_2026q3_daily_sales_anchor:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_daily_sales_anchor:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_daily_sales_anchor:upside/value | None | 890.0 |
| /operating_model/cells/upside_2026q3_dayrate_sales:upside/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/upside_2026q3_dayrate_sales:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_dayrate_sales:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q3_dayrate_sales:upside/formula/refs/0 | None | upside_2026q3_operating_days |
| /operating_model/cells/upside_2026q3_dayrate_sales:upside/formula/refs/1 | None | upside_2026q3_daily_rate |
| /operating_model/cells/upside_2026q3_dayrate_sales:upside/formula/refs/2 | None | upside_2026q3_eff_ratio |
| /operating_model/cells/upside_2026q3_dayrate_sales:upside/id | None | upside_2026q3_dayrate_sales |
| /operating_model/cells/upside_2026q3_dayrate_sales:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_dayrate_sales:upside/label | None | Dayrate-linked revenue |
| /operating_model/cells/upside_2026q3_dayrate_sales:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_dayrate_sales:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_dayrate_sales:upside/value | None | 926.4300518134714 |
| /operating_model/cells/upside_2026q3_debt_principal:upside/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/upside_2026q3_debt_principal:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_debt_principal:upside/id | None | upside_2026q3_debt_principal |
| /operating_model/cells/upside_2026q3_debt_principal:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_debt_principal:upside/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/upside_2026q3_debt_principal:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_debt_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_debt_principal:upside/value | None | 105.0 |
| /operating_model/cells/upside_2026q3_eff_baseline:upside/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/upside_2026q3_eff_baseline:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_eff_baseline:upside/id | None | upside_2026q3_eff_baseline |
| /operating_model/cells/upside_2026q3_eff_baseline:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_eff_baseline:upside/label | None | Baseline revenue efficiency |
| /operating_model/cells/upside_2026q3_eff_baseline:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_eff_baseline:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_eff_baseline:upside/value | None | 0.965 |
| /operating_model/cells/upside_2026q3_eff_ratio:upside/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/upside_2026q3_eff_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_eff_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2026q3_eff_ratio:upside/formula/refs/0 | None | upside_2026q3_efficiency |
| /operating_model/cells/upside_2026q3_eff_ratio:upside/formula/refs/1 | None | upside_2026q3_eff_baseline |
| /operating_model/cells/upside_2026q3_eff_ratio:upside/id | None | upside_2026q3_eff_ratio |
| /operating_model/cells/upside_2026q3_eff_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_eff_ratio:upside/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/upside_2026q3_eff_ratio:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_eff_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_eff_ratio:upside/value | None | 1.0155440414507773 |
| /operating_model/cells/upside_2026q3_efficiency:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q3_efficiency:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_efficiency:upside/id | None | upside_2026q3_efficiency |
| /operating_model/cells/upside_2026q3_efficiency:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_efficiency:upside/label | None | Revenue efficiency |
| /operating_model/cells/upside_2026q3_efficiency:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_efficiency:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_efficiency:upside/value | None | 0.98 |
| /operating_model/cells/upside_2026q3_execution:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q3_execution:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_execution:upside/id | None | upside_2026q3_execution |
| /operating_model/cells/upside_2026q3_execution:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_execution:upside/label | None | Operating-days delivery factor |
| /operating_model/cells/upside_2026q3_execution:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_execution:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_execution:upside/value | None | 1.025 |
| /operating_model/cells/upside_2026q3_fcf:upside/basis | None | Before financing principal. |
| /operating_model/cells/upside_2026q3_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_fcf:upside/formula/refs/0 | None | upside_2026q3_cfo |
| /operating_model/cells/upside_2026q3_fcf:upside/formula/refs/1 | None | upside_2026q3_capex |
| /operating_model/cells/upside_2026q3_fcf:upside/id | None | upside_2026q3_fcf |
| /operating_model/cells/upside_2026q3_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_fcf:upside/label | None | CFO less capex |
| /operating_model/cells/upside_2026q3_fcf:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_fcf:upside/value | None | 137.53005181347146 |
| /operating_model/cells/upside_2026q3_ga:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q3_ga:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_ga:upside/id | None | upside_2026q3_ga |
| /operating_model/cells/upside_2026q3_ga:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_ga:upside/label | None | General and administrative |
| /operating_model/cells/upside_2026q3_ga:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_ga:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_ga:upside/value | None | 45.0 |
| /operating_model/cells/upside_2026q3_implied_days:upside/basis | None | Guidance-calibrated operating days, not disclosed fleet utilization. |
| /operating_model/cells/upside_2026q3_implied_days:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_implied_days:upside/formula/op | None | divide |
| /operating_model/cells/upside_2026q3_implied_days:upside/formula/refs/0 | None | upside_2026q3_daily_sales_anchor |
| /operating_model/cells/upside_2026q3_implied_days:upside/formula/refs/1 | None | upside_2026q3_daily_rate |
| /operating_model/cells/upside_2026q3_implied_days:upside/id | None | upside_2026q3_implied_days |
| /operating_model/cells/upside_2026q3_implied_days:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_implied_days:upside/label | None | Baseline operating days |
| /operating_model/cells/upside_2026q3_implied_days:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_implied_days:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_implied_days:upside/value | None | 1873.6842105263158 |
| /operating_model/cells/upside_2026q3_om_cost:upside/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/upside_2026q3_om_cost:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_om_cost:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q3_om_cost:upside/formula/refs/0 | None | om_q3 |
| /operating_model/cells/upside_2026q3_om_cost:upside/formula/refs/1 | None | upside_2026q3_cost_factor |
| /operating_model/cells/upside_2026q3_om_cost:upside/id | None | upside_2026q3_om_cost |
| /operating_model/cells/upside_2026q3_om_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_om_cost:upside/label | None | Operating and maintenance |
| /operating_model/cells/upside_2026q3_om_cost:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_om_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_om_cost:upside/value | None | 603.9 |
| /operating_model/cells/upside_2026q3_operating_cost:upside/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/upside_2026q3_operating_cost:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_operating_cost:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_operating_cost:upside/formula/refs/0 | None | upside_2026q3_om_cost |
| /operating_model/cells/upside_2026q3_operating_cost:upside/formula/refs/1 | None | upside_2026q3_ga |
| /operating_model/cells/upside_2026q3_operating_cost:upside/formula/refs/2 | None | upside_2026q3_da |
| /operating_model/cells/upside_2026q3_operating_cost:upside/id | None | upside_2026q3_operating_cost |
| /operating_model/cells/upside_2026q3_operating_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_operating_cost:upside/label | None | Total ordinary operating costs |
| /operating_model/cells/upside_2026q3_operating_cost:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_operating_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_operating_cost:upside/value | None | 796.9 |
| /operating_model/cells/upside_2026q3_operating_days:upside/basis | None | Changes activity without adding backlog a second time. |
| /operating_model/cells/upside_2026q3_operating_days:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_operating_days:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q3_operating_days:upside/formula/refs/0 | None | upside_2026q3_implied_days |
| /operating_model/cells/upside_2026q3_operating_days:upside/formula/refs/1 | None | upside_2026q3_execution |
| /operating_model/cells/upside_2026q3_operating_days:upside/id | None | upside_2026q3_operating_days |
| /operating_model/cells/upside_2026q3_operating_days:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_operating_days:upside/label | None | Scenario operating days |
| /operating_model/cells/upside_2026q3_operating_days:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_operating_days:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_operating_days:upside/value | None | 1920.5263157894735 |
| /operating_model/cells/upside_2026q3_operating_income:upside/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/upside_2026q3_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_operating_income:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_operating_income:upside/formula/refs/0 | None | upside_2026q3_revenue |
| /operating_model/cells/upside_2026q3_operating_income:upside/formula/refs/1 | None | upside_2026q3_operating_cost |
| /operating_model/cells/upside_2026q3_operating_income:upside/id | None | upside_2026q3_operating_income |
| /operating_model/cells/upside_2026q3_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_operating_income:upside/label | None | GAAP operating income proxy |
| /operating_model/cells/upside_2026q3_operating_income:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_operating_income:upside/value | None | 179.53005181347146 |
| /operating_model/cells/upside_2026q3_revenue:upside/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/upside_2026q3_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_revenue:upside/formula/refs/0 | None | upside_2026q3_dayrate_sales |
| /operating_model/cells/upside_2026q3_revenue:upside/formula/refs/1 | None | upside_2026q3_ancillary |
| /operating_model/cells/upside_2026q3_revenue:upside/id | None | upside_2026q3_revenue |
| /operating_model/cells/upside_2026q3_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_revenue:upside/label | None | Standalone contract revenue |
| /operating_model/cells/upside_2026q3_revenue:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_revenue:upside/value | None | 976.4300518134714 |
| /operating_model/cells/upside_2026q3_sbc:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q3_sbc:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_sbc:upside/id | None | upside_2026q3_sbc |
| /operating_model/cells/upside_2026q3_sbc:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_sbc:upside/label | None | Stock compensation |
| /operating_model/cells/upside_2026q3_sbc:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_sbc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_sbc:upside/value | None | 8.0 |
| /operating_model/cells/upside_2026q3_wc_use:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q3_wc_use:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_wc_use:upside/id | None | upside_2026q3_wc_use |
| /operating_model/cells/upside_2026q3_wc_use:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_wc_use:upside/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/upside_2026q3_wc_use:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_wc_use:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_wc_use:upside/value | None | 25.0 |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/formula/refs/0 | None | upside_2026q4_operating_income |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/formula/refs/1 | None | upside_2026q4_da |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/formula/refs/2 | None | upside_2026q4_sbc |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/id | None | upside_2026q4_adj_ebitda |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/value | None | 437.24484455958543 |
| /operating_model/cells/upside_2026q4_ancillary:upside/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/upside_2026q4_ancillary:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_ancillary:upside/id | None | upside_2026q4_ancillary |
| /operating_model/cells/upside_2026q4_ancillary:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_ancillary:upside/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/upside_2026q4_ancillary:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_ancillary:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_ancillary:upside/value | None | 50.0 |
| /operating_model/cells/upside_2026q4_capex:upside/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/upside_2026q4_capex:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_capex:upside/id | None | upside_2026q4_capex |
| /operating_model/cells/upside_2026q4_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_capex:upside/label | None | Cash capital expenditure |
| /operating_model/cells/upside_2026q4_capex:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_capex:upside/value | None | 53.0 |
| /operating_model/cells/upside_2026q4_cash_after_principal:upside/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/upside_2026q4_cash_after_principal:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cash_after_principal:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_cash_after_principal:upside/formula/refs/0 | None | upside_2026q4_fcf |
| /operating_model/cells/upside_2026q4_cash_after_principal:upside/formula/refs/1 | None | upside_2026q4_debt_principal |
| /operating_model/cells/upside_2026q4_cash_after_principal:upside/id | None | upside_2026q4_cash_after_principal |
| /operating_model/cells/upside_2026q4_cash_after_principal:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_cash_after_principal:upside/label | None | Cash after principal |
| /operating_model/cells/upside_2026q4_cash_after_principal:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cash_after_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cash_after_principal:upside/value | None | 133.74484455958543 |
| /operating_model/cells/upside_2026q4_cash_interest:upside/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/upside_2026q4_cash_interest:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cash_interest:upside/id | None | upside_2026q4_cash_interest |
| /operating_model/cells/upside_2026q4_cash_interest:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_cash_interest:upside/label | None | Net cash interest |
| /operating_model/cells/upside_2026q4_cash_interest:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cash_interest:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cash_interest:upside/value | None | 103.0 |
| /operating_model/cells/upside_2026q4_cash_tax:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q4_cash_tax:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cash_tax:upside/id | None | upside_2026q4_cash_tax |
| /operating_model/cells/upside_2026q4_cash_tax:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_cash_tax:upside/label | None | Cash income taxes |
| /operating_model/cells/upside_2026q4_cash_tax:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cash_tax:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cash_tax:upside/value | None | 27.5 |
| /operating_model/cells/upside_2026q4_cash_uses:upside/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/upside_2026q4_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_cash_uses:upside/formula/refs/0 | None | upside_2026q4_cash_interest |
| /operating_model/cells/upside_2026q4_cash_uses:upside/formula/refs/1 | None | upside_2026q4_cash_tax |
| /operating_model/cells/upside_2026q4_cash_uses:upside/formula/refs/2 | None | upside_2026q4_wc_use |
| /operating_model/cells/upside_2026q4_cash_uses:upside/id | None | upside_2026q4_cash_uses |
| /operating_model/cells/upside_2026q4_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_cash_uses:upside/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/upside_2026q4_cash_uses:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cash_uses:upside/value | None | 145.5 |
| /operating_model/cells/upside_2026q4_cfo:upside/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/upside_2026q4_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cfo:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_cfo:upside/formula/refs/0 | None | upside_2026q4_adj_ebitda |
| /operating_model/cells/upside_2026q4_cfo:upside/formula/refs/1 | None | upside_2026q4_cash_uses |
| /operating_model/cells/upside_2026q4_cfo:upside/id | None | upside_2026q4_cfo |
| /operating_model/cells/upside_2026q4_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_cfo:upside/label | None | Operating cash flow proxy |
| /operating_model/cells/upside_2026q4_cfo:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cfo:upside/value | None | 291.74484455958543 |
| /operating_model/cells/upside_2026q4_cost_factor:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q4_cost_factor:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cost_factor:upside/id | None | upside_2026q4_cost_factor |
| /operating_model/cells/upside_2026q4_cost_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_cost_factor:upside/label | None | Operating-cost stress factor |
| /operating_model/cells/upside_2026q4_cost_factor:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cost_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_cost_factor:upside/value | None | 0.99 |
| /operating_model/cells/upside_2026q4_da:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q4_da:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_da:upside/id | None | upside_2026q4_da |
| /operating_model/cells/upside_2026q4_da:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_da:upside/label | None | Depreciation and amortization |
| /operating_model/cells/upside_2026q4_da:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_da:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_da:upside/value | None | 148.0 |
| /operating_model/cells/upside_2026q4_daily_rate:upside/basis | None | $0.475M/day at baseline efficiency; this is not the gross contractual dayrate. |
| /operating_model/cells/upside_2026q4_daily_rate:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_daily_rate:upside/id | None | upside_2026q4_daily_rate |
| /operating_model/cells/upside_2026q4_daily_rate:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_daily_rate:upside/label | None | Effective earned revenue per operating day |
| /operating_model/cells/upside_2026q4_daily_rate:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_daily_rate:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_daily_rate:upside/value | None | 0.475 |
| /operating_model/cells/upside_2026q4_daily_sales_anchor:upside/basis | None | Baseline dayrate-linked revenue. |
| /operating_model/cells/upside_2026q4_daily_sales_anchor:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_daily_sales_anchor:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_daily_sales_anchor:upside/formula/refs/0 | None | q4_guide_residual |
| /operating_model/cells/upside_2026q4_daily_sales_anchor:upside/formula/refs/1 | None | upside_2026q4_ancillary |
| /operating_model/cells/upside_2026q4_daily_sales_anchor:upside/id | None | upside_2026q4_daily_sales_anchor |
| /operating_model/cells/upside_2026q4_daily_sales_anchor:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_daily_sales_anchor:upside/label | None | Guided revenue less ancillary |
| /operating_model/cells/upside_2026q4_daily_sales_anchor:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_daily_sales_anchor:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_daily_sales_anchor:upside/value | None | 900.5 |
| /operating_model/cells/upside_2026q4_dayrate_sales:upside/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/upside_2026q4_dayrate_sales:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_dayrate_sales:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q4_dayrate_sales:upside/formula/refs/0 | None | upside_2026q4_operating_days |
| /operating_model/cells/upside_2026q4_dayrate_sales:upside/formula/refs/1 | None | upside_2026q4_daily_rate |
| /operating_model/cells/upside_2026q4_dayrate_sales:upside/formula/refs/2 | None | upside_2026q4_eff_ratio |
| /operating_model/cells/upside_2026q4_dayrate_sales:upside/id | None | upside_2026q4_dayrate_sales |
| /operating_model/cells/upside_2026q4_dayrate_sales:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_dayrate_sales:upside/label | None | Dayrate-linked revenue |
| /operating_model/cells/upside_2026q4_dayrate_sales:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_dayrate_sales:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_dayrate_sales:upside/value | None | 937.3598445595854 |
| /operating_model/cells/upside_2026q4_debt_principal:upside/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/upside_2026q4_debt_principal:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_debt_principal:upside/id | None | upside_2026q4_debt_principal |
| /operating_model/cells/upside_2026q4_debt_principal:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_debt_principal:upside/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/upside_2026q4_debt_principal:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_debt_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_debt_principal:upside/value | None | 105.0 |
| /operating_model/cells/upside_2026q4_eff_baseline:upside/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/upside_2026q4_eff_baseline:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_eff_baseline:upside/id | None | upside_2026q4_eff_baseline |
| /operating_model/cells/upside_2026q4_eff_baseline:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_eff_baseline:upside/label | None | Baseline revenue efficiency |
| /operating_model/cells/upside_2026q4_eff_baseline:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_eff_baseline:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_eff_baseline:upside/value | None | 0.965 |
| /operating_model/cells/upside_2026q4_eff_ratio:upside/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/upside_2026q4_eff_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_eff_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2026q4_eff_ratio:upside/formula/refs/0 | None | upside_2026q4_efficiency |
| /operating_model/cells/upside_2026q4_eff_ratio:upside/formula/refs/1 | None | upside_2026q4_eff_baseline |
| /operating_model/cells/upside_2026q4_eff_ratio:upside/id | None | upside_2026q4_eff_ratio |
| /operating_model/cells/upside_2026q4_eff_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_eff_ratio:upside/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/upside_2026q4_eff_ratio:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_eff_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_eff_ratio:upside/value | None | 1.0155440414507773 |
| /operating_model/cells/upside_2026q4_efficiency:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q4_efficiency:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_efficiency:upside/id | None | upside_2026q4_efficiency |
| /operating_model/cells/upside_2026q4_efficiency:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_efficiency:upside/label | None | Revenue efficiency |
| /operating_model/cells/upside_2026q4_efficiency:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_efficiency:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_efficiency:upside/value | None | 0.98 |
| /operating_model/cells/upside_2026q4_execution:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q4_execution:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_execution:upside/id | None | upside_2026q4_execution |
| /operating_model/cells/upside_2026q4_execution:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_execution:upside/label | None | Operating-days delivery factor |
| /operating_model/cells/upside_2026q4_execution:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_execution:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_execution:upside/value | None | 1.025 |
| /operating_model/cells/upside_2026q4_fcf:upside/basis | None | Before financing principal. |
| /operating_model/cells/upside_2026q4_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_fcf:upside/formula/refs/0 | None | upside_2026q4_cfo |
| /operating_model/cells/upside_2026q4_fcf:upside/formula/refs/1 | None | upside_2026q4_capex |
| /operating_model/cells/upside_2026q4_fcf:upside/id | None | upside_2026q4_fcf |
| /operating_model/cells/upside_2026q4_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_fcf:upside/label | None | CFO less capex |
| /operating_model/cells/upside_2026q4_fcf:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_fcf:upside/value | None | 238.74484455958543 |
| /operating_model/cells/upside_2026q4_ga:upside/basis | None | Q4 annual-midpoint residual. |
| /operating_model/cells/upside_2026q4_ga:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_ga:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_ga:upside/formula/refs/0 | None | h2_ga |
| /operating_model/cells/upside_2026q4_ga:upside/formula/refs/1 | None | upside_2026q4_q3_ga |
| /operating_model/cells/upside_2026q4_ga:upside/id | None | upside_2026q4_ga |
| /operating_model/cells/upside_2026q4_ga:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_ga:upside/label | None | General and administrative |
| /operating_model/cells/upside_2026q4_ga:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_ga:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_ga:upside/value | None | 25.0 |
| /operating_model/cells/upside_2026q4_implied_days:upside/basis | None | Guidance-calibrated operating days, not disclosed fleet utilization. |
| /operating_model/cells/upside_2026q4_implied_days:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_implied_days:upside/formula/op | None | divide |
| /operating_model/cells/upside_2026q4_implied_days:upside/formula/refs/0 | None | upside_2026q4_daily_sales_anchor |
| /operating_model/cells/upside_2026q4_implied_days:upside/formula/refs/1 | None | upside_2026q4_daily_rate |
| /operating_model/cells/upside_2026q4_implied_days:upside/id | None | upside_2026q4_implied_days |
| /operating_model/cells/upside_2026q4_implied_days:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_implied_days:upside/label | None | Baseline operating days |
| /operating_model/cells/upside_2026q4_implied_days:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_implied_days:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_implied_days:upside/value | None | 1895.7894736842106 |
| /operating_model/cells/upside_2026q4_om_cost:upside/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/upside_2026q4_om_cost:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_om_cost:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q4_om_cost:upside/formula/refs/0 | None | q4_om |
| /operating_model/cells/upside_2026q4_om_cost:upside/formula/refs/1 | None | upside_2026q4_cost_factor |
| /operating_model/cells/upside_2026q4_om_cost:upside/id | None | upside_2026q4_om_cost |
| /operating_model/cells/upside_2026q4_om_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_om_cost:upside/label | None | Operating and maintenance |
| /operating_model/cells/upside_2026q4_om_cost:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_om_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_om_cost:upside/value | None | 533.115 |
| /operating_model/cells/upside_2026q4_operating_cost:upside/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/upside_2026q4_operating_cost:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_operating_cost:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_operating_cost:upside/formula/refs/0 | None | upside_2026q4_om_cost |
| /operating_model/cells/upside_2026q4_operating_cost:upside/formula/refs/1 | None | upside_2026q4_ga |
| /operating_model/cells/upside_2026q4_operating_cost:upside/formula/refs/2 | None | upside_2026q4_da |
| /operating_model/cells/upside_2026q4_operating_cost:upside/id | None | upside_2026q4_operating_cost |
| /operating_model/cells/upside_2026q4_operating_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_operating_cost:upside/label | None | Total ordinary operating costs |
| /operating_model/cells/upside_2026q4_operating_cost:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_operating_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_operating_cost:upside/value | None | 706.115 |
| /operating_model/cells/upside_2026q4_operating_days:upside/basis | None | Changes activity without adding backlog a second time. |
| /operating_model/cells/upside_2026q4_operating_days:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_operating_days:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q4_operating_days:upside/formula/refs/0 | None | upside_2026q4_implied_days |
| /operating_model/cells/upside_2026q4_operating_days:upside/formula/refs/1 | None | upside_2026q4_execution |
| /operating_model/cells/upside_2026q4_operating_days:upside/id | None | upside_2026q4_operating_days |
| /operating_model/cells/upside_2026q4_operating_days:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_operating_days:upside/label | None | Scenario operating days |
| /operating_model/cells/upside_2026q4_operating_days:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_operating_days:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_operating_days:upside/value | None | 1943.1842105263158 |
| /operating_model/cells/upside_2026q4_operating_income:upside/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/upside_2026q4_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_operating_income:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_operating_income:upside/formula/refs/0 | None | upside_2026q4_revenue |
| /operating_model/cells/upside_2026q4_operating_income:upside/formula/refs/1 | None | upside_2026q4_operating_cost |
| /operating_model/cells/upside_2026q4_operating_income:upside/id | None | upside_2026q4_operating_income |
| /operating_model/cells/upside_2026q4_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_operating_income:upside/label | None | GAAP operating income proxy |
| /operating_model/cells/upside_2026q4_operating_income:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_operating_income:upside/value | None | 281.24484455958543 |
| /operating_model/cells/upside_2026q4_q3_ga:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q4_q3_ga:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_q3_ga:upside/id | None | upside_2026q4_q3_ga |
| /operating_model/cells/upside_2026q4_q3_ga:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_q3_ga:upside/label | None | Q3 G&A budget |
| /operating_model/cells/upside_2026q4_q3_ga:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_q3_ga:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_q3_ga:upside/value | None | 45.0 |
| /operating_model/cells/upside_2026q4_revenue:upside/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/upside_2026q4_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_revenue:upside/formula/refs/0 | None | upside_2026q4_dayrate_sales |
| /operating_model/cells/upside_2026q4_revenue:upside/formula/refs/1 | None | upside_2026q4_ancillary |
| /operating_model/cells/upside_2026q4_revenue:upside/id | None | upside_2026q4_revenue |
| /operating_model/cells/upside_2026q4_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_revenue:upside/label | None | Standalone contract revenue |
| /operating_model/cells/upside_2026q4_revenue:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_revenue:upside/value | None | 987.3598445595854 |
| /operating_model/cells/upside_2026q4_sbc:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q4_sbc:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_sbc:upside/id | None | upside_2026q4_sbc |
| /operating_model/cells/upside_2026q4_sbc:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_sbc:upside/label | None | Stock compensation |
| /operating_model/cells/upside_2026q4_sbc:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_sbc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_sbc:upside/value | None | 8.0 |
| /operating_model/cells/upside_2026q4_wc_use:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2026q4_wc_use:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_wc_use:upside/id | None | upside_2026q4_wc_use |
| /operating_model/cells/upside_2026q4_wc_use:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_wc_use:upside/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/upside_2026q4_wc_use:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_wc_use:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_wc_use:upside/value | None | 15.0 |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/formula/refs/0 | None | upside_2027q1_operating_income |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/formula/refs/1 | None | upside_2027q1_da |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/formula/refs/2 | None | upside_2027q1_sbc |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/id | None | upside_2027q1_adj_ebitda |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/value | None | 480.7971502590673 |
| /operating_model/cells/upside_2027q1_ancillary:upside/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/upside_2027q1_ancillary:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_ancillary:upside/id | None | upside_2027q1_ancillary |
| /operating_model/cells/upside_2027q1_ancillary:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_ancillary:upside/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/upside_2027q1_ancillary:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_ancillary:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_ancillary:upside/value | None | 45.0 |
| /operating_model/cells/upside_2027q1_capex:upside/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/upside_2027q1_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_capex:upside/id | None | upside_2027q1_capex |
| /operating_model/cells/upside_2027q1_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_capex:upside/label | None | Cash capital expenditure |
| /operating_model/cells/upside_2027q1_capex:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_capex:upside/value | None | 50.0 |
| /operating_model/cells/upside_2027q1_cash_after_principal:upside/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/upside_2027q1_cash_after_principal:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cash_after_principal:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_cash_after_principal:upside/formula/refs/0 | None | upside_2027q1_fcf |
| /operating_model/cells/upside_2027q1_cash_after_principal:upside/formula/refs/1 | None | upside_2027q1_debt_principal |
| /operating_model/cells/upside_2027q1_cash_after_principal:upside/id | None | upside_2027q1_cash_after_principal |
| /operating_model/cells/upside_2027q1_cash_after_principal:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cash_after_principal:upside/label | None | Cash after principal |
| /operating_model/cells/upside_2027q1_cash_after_principal:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cash_after_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cash_after_principal:upside/value | None | 212.79715025906728 |
| /operating_model/cells/upside_2027q1_cash_interest:upside/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/upside_2027q1_cash_interest:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cash_interest:upside/id | None | upside_2027q1_cash_interest |
| /operating_model/cells/upside_2027q1_cash_interest:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_cash_interest:upside/label | None | Net cash interest |
| /operating_model/cells/upside_2027q1_cash_interest:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cash_interest:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cash_interest:upside/value | None | 98.0 |
| /operating_model/cells/upside_2027q1_cash_tax:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q1_cash_tax:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cash_tax:upside/id | None | upside_2027q1_cash_tax |
| /operating_model/cells/upside_2027q1_cash_tax:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_cash_tax:upside/label | None | Cash income taxes |
| /operating_model/cells/upside_2027q1_cash_tax:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cash_tax:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cash_tax:upside/value | None | 25.0 |
| /operating_model/cells/upside_2027q1_cash_uses:upside/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/upside_2027q1_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_cash_uses:upside/formula/refs/0 | None | upside_2027q1_cash_interest |
| /operating_model/cells/upside_2027q1_cash_uses:upside/formula/refs/1 | None | upside_2027q1_cash_tax |
| /operating_model/cells/upside_2027q1_cash_uses:upside/formula/refs/2 | None | upside_2027q1_wc_use |
| /operating_model/cells/upside_2027q1_cash_uses:upside/id | None | upside_2027q1_cash_uses |
| /operating_model/cells/upside_2027q1_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cash_uses:upside/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/upside_2027q1_cash_uses:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cash_uses:upside/value | None | 138.0 |
| /operating_model/cells/upside_2027q1_cfo:upside/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/upside_2027q1_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cfo:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_cfo:upside/formula/refs/0 | None | upside_2027q1_adj_ebitda |
| /operating_model/cells/upside_2027q1_cfo:upside/formula/refs/1 | None | upside_2027q1_cash_uses |
| /operating_model/cells/upside_2027q1_cfo:upside/id | None | upside_2027q1_cfo |
| /operating_model/cells/upside_2027q1_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cfo:upside/label | None | Operating cash flow proxy |
| /operating_model/cells/upside_2027q1_cfo:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cfo:upside/value | None | 342.7971502590673 |
| /operating_model/cells/upside_2027q1_cost_factor:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q1_cost_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cost_factor:upside/id | None | upside_2027q1_cost_factor |
| /operating_model/cells/upside_2027q1_cost_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_cost_factor:upside/label | None | Operating-cost stress factor |
| /operating_model/cells/upside_2027q1_cost_factor:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cost_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_cost_factor:upside/value | None | 0.99 |
| /operating_model/cells/upside_2027q1_da:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q1_da:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_da:upside/id | None | upside_2027q1_da |
| /operating_model/cells/upside_2027q1_da:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_da:upside/label | None | Depreciation and amortization |
| /operating_model/cells/upside_2027q1_da:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_da:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_da:upside/value | None | 150.0 |
| /operating_model/cells/upside_2027q1_daily_rate:upside/basis | None | USD millions per operating day; standalone fleet average desk sensitivity. |
| /operating_model/cells/upside_2027q1_daily_rate:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_daily_rate:upside/id | None | upside_2027q1_daily_rate |
| /operating_model/cells/upside_2027q1_daily_rate:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_daily_rate:upside/label | None | Effective earned revenue per operating day |
| /operating_model/cells/upside_2027q1_daily_rate:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_daily_rate:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_daily_rate:upside/value | None | 0.49 |
| /operating_model/cells/upside_2027q1_dayrate_sales:upside/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/upside_2027q1_dayrate_sales:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_dayrate_sales:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_dayrate_sales:upside/formula/refs/0 | None | upside_2027q1_operating_days |
| /operating_model/cells/upside_2027q1_dayrate_sales:upside/formula/refs/1 | None | upside_2027q1_daily_rate |
| /operating_model/cells/upside_2027q1_dayrate_sales:upside/formula/refs/2 | None | upside_2027q1_eff_ratio |
| /operating_model/cells/upside_2027q1_dayrate_sales:upside/id | None | upside_2027q1_dayrate_sales |
| /operating_model/cells/upside_2027q1_dayrate_sales:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_dayrate_sales:upside/label | None | Dayrate-linked revenue |
| /operating_model/cells/upside_2027q1_dayrate_sales:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_dayrate_sales:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_dayrate_sales:upside/value | None | 1054.9471502590673 |
| /operating_model/cells/upside_2027q1_debt_principal:upside/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/upside_2027q1_debt_principal:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_debt_principal:upside/id | None | upside_2027q1_debt_principal |
| /operating_model/cells/upside_2027q1_debt_principal:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_debt_principal:upside/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/upside_2027q1_debt_principal:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_debt_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_debt_principal:upside/value | None | 80.0 |
| /operating_model/cells/upside_2027q1_eff_baseline:upside/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/upside_2027q1_eff_baseline:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_eff_baseline:upside/id | None | upside_2027q1_eff_baseline |
| /operating_model/cells/upside_2027q1_eff_baseline:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_eff_baseline:upside/label | None | Baseline revenue efficiency |
| /operating_model/cells/upside_2027q1_eff_baseline:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_eff_baseline:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_eff_baseline:upside/value | None | 0.965 |
| /operating_model/cells/upside_2027q1_eff_ratio:upside/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/upside_2027q1_eff_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_eff_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q1_eff_ratio:upside/formula/refs/0 | None | upside_2027q1_efficiency |
| /operating_model/cells/upside_2027q1_eff_ratio:upside/formula/refs/1 | None | upside_2027q1_eff_baseline |
| /operating_model/cells/upside_2027q1_eff_ratio:upside/id | None | upside_2027q1_eff_ratio |
| /operating_model/cells/upside_2027q1_eff_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_eff_ratio:upside/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/upside_2027q1_eff_ratio:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_eff_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_eff_ratio:upside/value | None | 1.0155440414507773 |
| /operating_model/cells/upside_2027q1_efficiency:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q1_efficiency:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_efficiency:upside/id | None | upside_2027q1_efficiency |
| /operating_model/cells/upside_2027q1_efficiency:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_efficiency:upside/label | None | Revenue efficiency |
| /operating_model/cells/upside_2027q1_efficiency:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_efficiency:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_efficiency:upside/value | None | 0.98 |
| /operating_model/cells/upside_2027q1_fcf:upside/basis | None | Before financing principal. |
| /operating_model/cells/upside_2027q1_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_fcf:upside/formula/refs/0 | None | upside_2027q1_cfo |
| /operating_model/cells/upside_2027q1_fcf:upside/formula/refs/1 | None | upside_2027q1_capex |
| /operating_model/cells/upside_2027q1_fcf:upside/id | None | upside_2027q1_fcf |
| /operating_model/cells/upside_2027q1_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_fcf:upside/label | None | CFO less capex |
| /operating_model/cells/upside_2027q1_fcf:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_fcf:upside/value | None | 292.7971502590673 |
| /operating_model/cells/upside_2027q1_ga:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q1_ga:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_ga:upside/id | None | upside_2027q1_ga |
| /operating_model/cells/upside_2027q1_ga:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_ga:upside/label | None | General and administrative |
| /operating_model/cells/upside_2027q1_ga:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_ga:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_ga:upside/value | None | 48.0 |
| /operating_model/cells/upside_2027q1_om_anchor:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q1_om_anchor:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_om_anchor:upside/id | None | upside_2027q1_om_anchor |
| /operating_model/cells/upside_2027q1_om_anchor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_om_anchor:upside/label | None | Standalone operating maintenance budget |
| /operating_model/cells/upside_2027q1_om_anchor:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_om_anchor:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_om_anchor:upside/value | None | 585.0 |
| /operating_model/cells/upside_2027q1_om_cost:upside/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/upside_2027q1_om_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_om_cost:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_om_cost:upside/formula/refs/0 | None | upside_2027q1_om_anchor |
| /operating_model/cells/upside_2027q1_om_cost:upside/formula/refs/1 | None | upside_2027q1_cost_factor |
| /operating_model/cells/upside_2027q1_om_cost:upside/id | None | upside_2027q1_om_cost |
| /operating_model/cells/upside_2027q1_om_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_om_cost:upside/label | None | Operating and maintenance |
| /operating_model/cells/upside_2027q1_om_cost:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_om_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_om_cost:upside/value | None | 579.15 |
| /operating_model/cells/upside_2027q1_operating_cost:upside/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/upside_2027q1_operating_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_operating_cost:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_operating_cost:upside/formula/refs/0 | None | upside_2027q1_om_cost |
| /operating_model/cells/upside_2027q1_operating_cost:upside/formula/refs/1 | None | upside_2027q1_ga |
| /operating_model/cells/upside_2027q1_operating_cost:upside/formula/refs/2 | None | upside_2027q1_da |
| /operating_model/cells/upside_2027q1_operating_cost:upside/id | None | upside_2027q1_operating_cost |
| /operating_model/cells/upside_2027q1_operating_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_operating_cost:upside/label | None | Total ordinary operating costs |
| /operating_model/cells/upside_2027q1_operating_cost:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_operating_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_operating_cost:upside/value | None | 777.15 |
| /operating_model/cells/upside_2027q1_operating_days:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q1_operating_days:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_operating_days:upside/id | None | upside_2027q1_operating_days |
| /operating_model/cells/upside_2027q1_operating_days:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_operating_days:upside/label | None | Operating days |
| /operating_model/cells/upside_2027q1_operating_days:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_operating_days:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_operating_days:upside/value | None | 2120.0 |
| /operating_model/cells/upside_2027q1_operating_income:upside/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/upside_2027q1_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_operating_income:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_operating_income:upside/formula/refs/0 | None | upside_2027q1_revenue |
| /operating_model/cells/upside_2027q1_operating_income:upside/formula/refs/1 | None | upside_2027q1_operating_cost |
| /operating_model/cells/upside_2027q1_operating_income:upside/id | None | upside_2027q1_operating_income |
| /operating_model/cells/upside_2027q1_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_operating_income:upside/label | None | GAAP operating income proxy |
| /operating_model/cells/upside_2027q1_operating_income:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_operating_income:upside/value | None | 322.7971502590673 |
| /operating_model/cells/upside_2027q1_revenue:upside/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/upside_2027q1_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/refs/0 | None | upside_2027q1_dayrate_sales |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/refs/1 | None | upside_2027q1_ancillary |
| /operating_model/cells/upside_2027q1_revenue:upside/id | None | upside_2027q1_revenue |
| /operating_model/cells/upside_2027q1_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_revenue:upside/label | None | Standalone contract revenue |
| /operating_model/cells/upside_2027q1_revenue:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_revenue:upside/value | None | 1099.9471502590673 |
| /operating_model/cells/upside_2027q1_sbc:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q1_sbc:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_sbc:upside/id | None | upside_2027q1_sbc |
| /operating_model/cells/upside_2027q1_sbc:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_sbc:upside/label | None | Stock compensation |
| /operating_model/cells/upside_2027q1_sbc:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_sbc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_sbc:upside/value | None | 8.0 |
| /operating_model/cells/upside_2027q1_wc_use:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q1_wc_use:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_wc_use:upside/id | None | upside_2027q1_wc_use |
| /operating_model/cells/upside_2027q1_wc_use:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_wc_use:upside/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/upside_2027q1_wc_use:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_wc_use:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_wc_use:upside/value | None | 15.0 |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/formula/refs/0 | None | upside_2027q2_operating_income |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/formula/refs/1 | None | upside_2027q2_da |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/formula/refs/2 | None | upside_2027q2_sbc |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/id | None | upside_2027q2_adj_ebitda |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/value | None | 521.8930051813472 |
| /operating_model/cells/upside_2027q2_ancillary:upside/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/upside_2027q2_ancillary:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_ancillary:upside/id | None | upside_2027q2_ancillary |
| /operating_model/cells/upside_2027q2_ancillary:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_ancillary:upside/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/upside_2027q2_ancillary:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_ancillary:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_ancillary:upside/value | None | 45.0 |
| /operating_model/cells/upside_2027q2_capex:upside/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/upside_2027q2_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_capex:upside/id | None | upside_2027q2_capex |
| /operating_model/cells/upside_2027q2_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_capex:upside/label | None | Cash capital expenditure |
| /operating_model/cells/upside_2027q2_capex:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_capex:upside/value | None | 55.0 |
| /operating_model/cells/upside_2027q2_cash_after_principal:upside/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/upside_2027q2_cash_after_principal:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cash_after_principal:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_cash_after_principal:upside/formula/refs/0 | None | upside_2027q2_fcf |
| /operating_model/cells/upside_2027q2_cash_after_principal:upside/formula/refs/1 | None | upside_2027q2_debt_principal |
| /operating_model/cells/upside_2027q2_cash_after_principal:upside/id | None | upside_2027q2_cash_after_principal |
| /operating_model/cells/upside_2027q2_cash_after_principal:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cash_after_principal:upside/label | None | Cash after principal |
| /operating_model/cells/upside_2027q2_cash_after_principal:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cash_after_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cash_after_principal:upside/value | None | 220.89300518134723 |
| /operating_model/cells/upside_2027q2_cash_interest:upside/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/upside_2027q2_cash_interest:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cash_interest:upside/id | None | upside_2027q2_cash_interest |
| /operating_model/cells/upside_2027q2_cash_interest:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_cash_interest:upside/label | None | Net cash interest |
| /operating_model/cells/upside_2027q2_cash_interest:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cash_interest:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cash_interest:upside/value | None | 96.0 |
| /operating_model/cells/upside_2027q2_cash_tax:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q2_cash_tax:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cash_tax:upside/id | None | upside_2027q2_cash_tax |
| /operating_model/cells/upside_2027q2_cash_tax:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_cash_tax:upside/label | None | Cash income taxes |
| /operating_model/cells/upside_2027q2_cash_tax:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cash_tax:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cash_tax:upside/value | None | 25.0 |
| /operating_model/cells/upside_2027q2_cash_uses:upside/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/upside_2027q2_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_cash_uses:upside/formula/refs/0 | None | upside_2027q2_cash_interest |
| /operating_model/cells/upside_2027q2_cash_uses:upside/formula/refs/1 | None | upside_2027q2_cash_tax |
| /operating_model/cells/upside_2027q2_cash_uses:upside/formula/refs/2 | None | upside_2027q2_wc_use |
| /operating_model/cells/upside_2027q2_cash_uses:upside/id | None | upside_2027q2_cash_uses |
| /operating_model/cells/upside_2027q2_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cash_uses:upside/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/upside_2027q2_cash_uses:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cash_uses:upside/value | None | 131.0 |
| /operating_model/cells/upside_2027q2_cfo:upside/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/upside_2027q2_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cfo:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_cfo:upside/formula/refs/0 | None | upside_2027q2_adj_ebitda |
| /operating_model/cells/upside_2027q2_cfo:upside/formula/refs/1 | None | upside_2027q2_cash_uses |
| /operating_model/cells/upside_2027q2_cfo:upside/id | None | upside_2027q2_cfo |
| /operating_model/cells/upside_2027q2_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cfo:upside/label | None | Operating cash flow proxy |
| /operating_model/cells/upside_2027q2_cfo:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cfo:upside/value | None | 390.89300518134723 |
| /operating_model/cells/upside_2027q2_cost_factor:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q2_cost_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cost_factor:upside/id | None | upside_2027q2_cost_factor |
| /operating_model/cells/upside_2027q2_cost_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_cost_factor:upside/label | None | Operating-cost stress factor |
| /operating_model/cells/upside_2027q2_cost_factor:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cost_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_cost_factor:upside/value | None | 0.99 |
| /operating_model/cells/upside_2027q2_da:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q2_da:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_da:upside/id | None | upside_2027q2_da |
| /operating_model/cells/upside_2027q2_da:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_da:upside/label | None | Depreciation and amortization |
| /operating_model/cells/upside_2027q2_da:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_da:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_da:upside/value | None | 152.0 |
| /operating_model/cells/upside_2027q2_daily_rate:upside/basis | None | USD millions per operating day; standalone fleet average desk sensitivity. |
| /operating_model/cells/upside_2027q2_daily_rate:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_daily_rate:upside/id | None | upside_2027q2_daily_rate |
| /operating_model/cells/upside_2027q2_daily_rate:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_daily_rate:upside/label | None | Effective earned revenue per operating day |
| /operating_model/cells/upside_2027q2_daily_rate:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_daily_rate:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_daily_rate:upside/value | None | 0.5 |
| /operating_model/cells/upside_2027q2_dayrate_sales:upside/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/upside_2027q2_dayrate_sales:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_dayrate_sales:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_dayrate_sales:upside/formula/refs/0 | None | upside_2027q2_operating_days |
| /operating_model/cells/upside_2027q2_dayrate_sales:upside/formula/refs/1 | None | upside_2027q2_daily_rate |
| /operating_model/cells/upside_2027q2_dayrate_sales:upside/formula/refs/2 | None | upside_2027q2_eff_ratio |
| /operating_model/cells/upside_2027q2_dayrate_sales:upside/id | None | upside_2027q2_dayrate_sales |
| /operating_model/cells/upside_2027q2_dayrate_sales:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_dayrate_sales:upside/label | None | Dayrate-linked revenue |
| /operating_model/cells/upside_2027q2_dayrate_sales:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_dayrate_sales:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_dayrate_sales:upside/value | None | 1106.9430051813472 |
| /operating_model/cells/upside_2027q2_debt_principal:upside/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/upside_2027q2_debt_principal:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_debt_principal:upside/id | None | upside_2027q2_debt_principal |
| /operating_model/cells/upside_2027q2_debt_principal:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_debt_principal:upside/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/upside_2027q2_debt_principal:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_debt_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_debt_principal:upside/value | None | 115.0 |
| /operating_model/cells/upside_2027q2_eff_baseline:upside/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/upside_2027q2_eff_baseline:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_eff_baseline:upside/id | None | upside_2027q2_eff_baseline |
| /operating_model/cells/upside_2027q2_eff_baseline:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_eff_baseline:upside/label | None | Baseline revenue efficiency |
| /operating_model/cells/upside_2027q2_eff_baseline:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_eff_baseline:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_eff_baseline:upside/value | None | 0.965 |
| /operating_model/cells/upside_2027q2_eff_ratio:upside/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/upside_2027q2_eff_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_eff_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q2_eff_ratio:upside/formula/refs/0 | None | upside_2027q2_efficiency |
| /operating_model/cells/upside_2027q2_eff_ratio:upside/formula/refs/1 | None | upside_2027q2_eff_baseline |
| /operating_model/cells/upside_2027q2_eff_ratio:upside/id | None | upside_2027q2_eff_ratio |
| /operating_model/cells/upside_2027q2_eff_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_eff_ratio:upside/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/upside_2027q2_eff_ratio:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_eff_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_eff_ratio:upside/value | None | 1.0155440414507773 |
| /operating_model/cells/upside_2027q2_efficiency:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q2_efficiency:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_efficiency:upside/id | None | upside_2027q2_efficiency |
| /operating_model/cells/upside_2027q2_efficiency:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_efficiency:upside/label | None | Revenue efficiency |
| /operating_model/cells/upside_2027q2_efficiency:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_efficiency:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_efficiency:upside/value | None | 0.98 |
| /operating_model/cells/upside_2027q2_fcf:upside/basis | None | Before financing principal. |
| /operating_model/cells/upside_2027q2_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_fcf:upside/formula/refs/0 | None | upside_2027q2_cfo |
| /operating_model/cells/upside_2027q2_fcf:upside/formula/refs/1 | None | upside_2027q2_capex |
| /operating_model/cells/upside_2027q2_fcf:upside/id | None | upside_2027q2_fcf |
| /operating_model/cells/upside_2027q2_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_fcf:upside/label | None | CFO less capex |
| /operating_model/cells/upside_2027q2_fcf:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_fcf:upside/value | None | 335.89300518134723 |
| /operating_model/cells/upside_2027q2_ga:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q2_ga:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_ga:upside/id | None | upside_2027q2_ga |
| /operating_model/cells/upside_2027q2_ga:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_ga:upside/label | None | General and administrative |
| /operating_model/cells/upside_2027q2_ga:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_ga:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_ga:upside/value | None | 49.0 |
| /operating_model/cells/upside_2027q2_om_anchor:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q2_om_anchor:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_om_anchor:upside/id | None | upside_2027q2_om_anchor |
| /operating_model/cells/upside_2027q2_om_anchor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_om_anchor:upside/label | None | Standalone operating maintenance budget |
| /operating_model/cells/upside_2027q2_om_anchor:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_om_anchor:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_om_anchor:upside/value | None | 595.0 |
| /operating_model/cells/upside_2027q2_om_cost:upside/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/upside_2027q2_om_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_om_cost:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_om_cost:upside/formula/refs/0 | None | upside_2027q2_om_anchor |
| /operating_model/cells/upside_2027q2_om_cost:upside/formula/refs/1 | None | upside_2027q2_cost_factor |
| /operating_model/cells/upside_2027q2_om_cost:upside/id | None | upside_2027q2_om_cost |
| /operating_model/cells/upside_2027q2_om_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_om_cost:upside/label | None | Operating and maintenance |
| /operating_model/cells/upside_2027q2_om_cost:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_om_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_om_cost:upside/value | None | 589.05 |
| /operating_model/cells/upside_2027q2_operating_cost:upside/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/upside_2027q2_operating_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_operating_cost:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_operating_cost:upside/formula/refs/0 | None | upside_2027q2_om_cost |
| /operating_model/cells/upside_2027q2_operating_cost:upside/formula/refs/1 | None | upside_2027q2_ga |
| /operating_model/cells/upside_2027q2_operating_cost:upside/formula/refs/2 | None | upside_2027q2_da |
| /operating_model/cells/upside_2027q2_operating_cost:upside/id | None | upside_2027q2_operating_cost |
| /operating_model/cells/upside_2027q2_operating_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_operating_cost:upside/label | None | Total ordinary operating costs |
| /operating_model/cells/upside_2027q2_operating_cost:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_operating_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_operating_cost:upside/value | None | 790.05 |
| /operating_model/cells/upside_2027q2_operating_days:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q2_operating_days:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_operating_days:upside/id | None | upside_2027q2_operating_days |
| /operating_model/cells/upside_2027q2_operating_days:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_operating_days:upside/label | None | Operating days |
| /operating_model/cells/upside_2027q2_operating_days:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_operating_days:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_operating_days:upside/value | None | 2180.0 |
| /operating_model/cells/upside_2027q2_operating_income:upside/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/upside_2027q2_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_operating_income:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_operating_income:upside/formula/refs/0 | None | upside_2027q2_revenue |
| /operating_model/cells/upside_2027q2_operating_income:upside/formula/refs/1 | None | upside_2027q2_operating_cost |
| /operating_model/cells/upside_2027q2_operating_income:upside/id | None | upside_2027q2_operating_income |
| /operating_model/cells/upside_2027q2_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_operating_income:upside/label | None | GAAP operating income proxy |
| /operating_model/cells/upside_2027q2_operating_income:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_operating_income:upside/value | None | 361.89300518134723 |
| /operating_model/cells/upside_2027q2_revenue:upside/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/upside_2027q2_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/refs/0 | None | upside_2027q2_dayrate_sales |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/refs/1 | None | upside_2027q2_ancillary |
| /operating_model/cells/upside_2027q2_revenue:upside/id | None | upside_2027q2_revenue |
| /operating_model/cells/upside_2027q2_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_revenue:upside/label | None | Standalone contract revenue |
| /operating_model/cells/upside_2027q2_revenue:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_revenue:upside/value | None | 1151.9430051813472 |
| /operating_model/cells/upside_2027q2_sbc:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q2_sbc:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_sbc:upside/id | None | upside_2027q2_sbc |
| /operating_model/cells/upside_2027q2_sbc:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_sbc:upside/label | None | Stock compensation |
| /operating_model/cells/upside_2027q2_sbc:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_sbc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_sbc:upside/value | None | 8.0 |
| /operating_model/cells/upside_2027q2_wc_use:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q2_wc_use:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_wc_use:upside/id | None | upside_2027q2_wc_use |
| /operating_model/cells/upside_2027q2_wc_use:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_wc_use:upside/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/upside_2027q2_wc_use:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_wc_use:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_wc_use:upside/value | None | 10.0 |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/formula/refs/0 | None | upside_2027q3_operating_income |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/formula/refs/1 | None | upside_2027q3_da |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/formula/refs/2 | None | upside_2027q3_sbc |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/id | None | upside_2027q3_adj_ebitda |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/value | None | 548.6696891191709 |
| /operating_model/cells/upside_2027q3_ancillary:upside/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/upside_2027q3_ancillary:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_ancillary:upside/id | None | upside_2027q3_ancillary |
| /operating_model/cells/upside_2027q3_ancillary:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_ancillary:upside/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/upside_2027q3_ancillary:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_ancillary:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_ancillary:upside/value | None | 45.0 |
| /operating_model/cells/upside_2027q3_capex:upside/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/upside_2027q3_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_capex:upside/id | None | upside_2027q3_capex |
| /operating_model/cells/upside_2027q3_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_capex:upside/label | None | Cash capital expenditure |
| /operating_model/cells/upside_2027q3_capex:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_capex:upside/value | None | 55.0 |
| /operating_model/cells/upside_2027q3_cash_after_principal:upside/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/upside_2027q3_cash_after_principal:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cash_after_principal:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_cash_after_principal:upside/formula/refs/0 | None | upside_2027q3_fcf |
| /operating_model/cells/upside_2027q3_cash_after_principal:upside/formula/refs/1 | None | upside_2027q3_debt_principal |
| /operating_model/cells/upside_2027q3_cash_after_principal:upside/id | None | upside_2027q3_cash_after_principal |
| /operating_model/cells/upside_2027q3_cash_after_principal:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cash_after_principal:upside/label | None | Cash after principal |
| /operating_model/cells/upside_2027q3_cash_after_principal:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cash_after_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cash_after_principal:upside/value | None | 281.6696891191709 |
| /operating_model/cells/upside_2027q3_cash_interest:upside/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/upside_2027q3_cash_interest:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cash_interest:upside/id | None | upside_2027q3_cash_interest |
| /operating_model/cells/upside_2027q3_cash_interest:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_cash_interest:upside/label | None | Net cash interest |
| /operating_model/cells/upside_2027q3_cash_interest:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cash_interest:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cash_interest:upside/value | None | 94.0 |
| /operating_model/cells/upside_2027q3_cash_tax:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q3_cash_tax:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cash_tax:upside/id | None | upside_2027q3_cash_tax |
| /operating_model/cells/upside_2027q3_cash_tax:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_cash_tax:upside/label | None | Cash income taxes |
| /operating_model/cells/upside_2027q3_cash_tax:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cash_tax:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cash_tax:upside/value | None | 25.0 |
| /operating_model/cells/upside_2027q3_cash_uses:upside/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/upside_2027q3_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_cash_uses:upside/formula/refs/0 | None | upside_2027q3_cash_interest |
| /operating_model/cells/upside_2027q3_cash_uses:upside/formula/refs/1 | None | upside_2027q3_cash_tax |
| /operating_model/cells/upside_2027q3_cash_uses:upside/formula/refs/2 | None | upside_2027q3_wc_use |
| /operating_model/cells/upside_2027q3_cash_uses:upside/id | None | upside_2027q3_cash_uses |
| /operating_model/cells/upside_2027q3_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cash_uses:upside/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/upside_2027q3_cash_uses:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cash_uses:upside/value | None | 129.0 |
| /operating_model/cells/upside_2027q3_cfo:upside/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/upside_2027q3_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cfo:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_cfo:upside/formula/refs/0 | None | upside_2027q3_adj_ebitda |
| /operating_model/cells/upside_2027q3_cfo:upside/formula/refs/1 | None | upside_2027q3_cash_uses |
| /operating_model/cells/upside_2027q3_cfo:upside/id | None | upside_2027q3_cfo |
| /operating_model/cells/upside_2027q3_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cfo:upside/label | None | Operating cash flow proxy |
| /operating_model/cells/upside_2027q3_cfo:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cfo:upside/value | None | 419.6696891191709 |
| /operating_model/cells/upside_2027q3_cost_factor:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q3_cost_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cost_factor:upside/id | None | upside_2027q3_cost_factor |
| /operating_model/cells/upside_2027q3_cost_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_cost_factor:upside/label | None | Operating-cost stress factor |
| /operating_model/cells/upside_2027q3_cost_factor:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cost_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_cost_factor:upside/value | None | 0.99 |
| /operating_model/cells/upside_2027q3_da:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q3_da:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_da:upside/id | None | upside_2027q3_da |
| /operating_model/cells/upside_2027q3_da:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_da:upside/label | None | Depreciation and amortization |
| /operating_model/cells/upside_2027q3_da:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_da:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_da:upside/value | None | 154.0 |
| /operating_model/cells/upside_2027q3_daily_rate:upside/basis | None | USD millions per operating day; standalone fleet average desk sensitivity. |
| /operating_model/cells/upside_2027q3_daily_rate:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_daily_rate:upside/id | None | upside_2027q3_daily_rate |
| /operating_model/cells/upside_2027q3_daily_rate:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_daily_rate:upside/label | None | Effective earned revenue per operating day |
| /operating_model/cells/upside_2027q3_daily_rate:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_daily_rate:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_daily_rate:upside/value | None | 0.51 |
| /operating_model/cells/upside_2027q3_dayrate_sales:upside/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/upside_2027q3_dayrate_sales:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_dayrate_sales:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_dayrate_sales:upside/formula/refs/0 | None | upside_2027q3_operating_days |
| /operating_model/cells/upside_2027q3_dayrate_sales:upside/formula/refs/1 | None | upside_2027q3_daily_rate |
| /operating_model/cells/upside_2027q3_dayrate_sales:upside/formula/refs/2 | None | upside_2027q3_eff_ratio |
| /operating_model/cells/upside_2027q3_dayrate_sales:upside/id | None | upside_2027q3_dayrate_sales |
| /operating_model/cells/upside_2027q3_dayrate_sales:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_dayrate_sales:upside/label | None | Dayrate-linked revenue |
| /operating_model/cells/upside_2027q3_dayrate_sales:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_dayrate_sales:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_dayrate_sales:upside/value | None | 1144.619689119171 |
| /operating_model/cells/upside_2027q3_debt_principal:upside/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/upside_2027q3_debt_principal:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_debt_principal:upside/id | None | upside_2027q3_debt_principal |
| /operating_model/cells/upside_2027q3_debt_principal:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_debt_principal:upside/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/upside_2027q3_debt_principal:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_debt_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_debt_principal:upside/value | None | 83.0 |
| /operating_model/cells/upside_2027q3_eff_baseline:upside/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/upside_2027q3_eff_baseline:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_eff_baseline:upside/id | None | upside_2027q3_eff_baseline |
| /operating_model/cells/upside_2027q3_eff_baseline:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_eff_baseline:upside/label | None | Baseline revenue efficiency |
| /operating_model/cells/upside_2027q3_eff_baseline:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_eff_baseline:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_eff_baseline:upside/value | None | 0.965 |
| /operating_model/cells/upside_2027q3_eff_ratio:upside/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/upside_2027q3_eff_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_eff_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q3_eff_ratio:upside/formula/refs/0 | None | upside_2027q3_efficiency |
| /operating_model/cells/upside_2027q3_eff_ratio:upside/formula/refs/1 | None | upside_2027q3_eff_baseline |
| /operating_model/cells/upside_2027q3_eff_ratio:upside/id | None | upside_2027q3_eff_ratio |
| /operating_model/cells/upside_2027q3_eff_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_eff_ratio:upside/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/upside_2027q3_eff_ratio:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_eff_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_eff_ratio:upside/value | None | 1.0155440414507773 |
| /operating_model/cells/upside_2027q3_efficiency:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q3_efficiency:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_efficiency:upside/id | None | upside_2027q3_efficiency |
| /operating_model/cells/upside_2027q3_efficiency:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_efficiency:upside/label | None | Revenue efficiency |
| /operating_model/cells/upside_2027q3_efficiency:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_efficiency:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_efficiency:upside/value | None | 0.98 |
| /operating_model/cells/upside_2027q3_fcf:upside/basis | None | Before financing principal. |
| /operating_model/cells/upside_2027q3_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_fcf:upside/formula/refs/0 | None | upside_2027q3_cfo |
| /operating_model/cells/upside_2027q3_fcf:upside/formula/refs/1 | None | upside_2027q3_capex |
| /operating_model/cells/upside_2027q3_fcf:upside/id | None | upside_2027q3_fcf |
| /operating_model/cells/upside_2027q3_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_fcf:upside/label | None | CFO less capex |
| /operating_model/cells/upside_2027q3_fcf:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_fcf:upside/value | None | 364.6696891191709 |
| /operating_model/cells/upside_2027q3_ga:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q3_ga:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_ga:upside/id | None | upside_2027q3_ga |
| /operating_model/cells/upside_2027q3_ga:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_ga:upside/label | None | General and administrative |
| /operating_model/cells/upside_2027q3_ga:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_ga:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_ga:upside/value | None | 50.0 |
| /operating_model/cells/upside_2027q3_om_anchor:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q3_om_anchor:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_om_anchor:upside/id | None | upside_2027q3_om_anchor |
| /operating_model/cells/upside_2027q3_om_anchor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_om_anchor:upside/label | None | Standalone operating maintenance budget |
| /operating_model/cells/upside_2027q3_om_anchor:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_om_anchor:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_om_anchor:upside/value | None | 605.0 |
| /operating_model/cells/upside_2027q3_om_cost:upside/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/upside_2027q3_om_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_om_cost:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_om_cost:upside/formula/refs/0 | None | upside_2027q3_om_anchor |
| /operating_model/cells/upside_2027q3_om_cost:upside/formula/refs/1 | None | upside_2027q3_cost_factor |
| /operating_model/cells/upside_2027q3_om_cost:upside/id | None | upside_2027q3_om_cost |
| /operating_model/cells/upside_2027q3_om_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_om_cost:upside/label | None | Operating and maintenance |
| /operating_model/cells/upside_2027q3_om_cost:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_om_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_om_cost:upside/value | None | 598.95 |
| /operating_model/cells/upside_2027q3_operating_cost:upside/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/upside_2027q3_operating_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_operating_cost:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_operating_cost:upside/formula/refs/0 | None | upside_2027q3_om_cost |
| /operating_model/cells/upside_2027q3_operating_cost:upside/formula/refs/1 | None | upside_2027q3_ga |
| /operating_model/cells/upside_2027q3_operating_cost:upside/formula/refs/2 | None | upside_2027q3_da |
| /operating_model/cells/upside_2027q3_operating_cost:upside/id | None | upside_2027q3_operating_cost |
| /operating_model/cells/upside_2027q3_operating_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_operating_cost:upside/label | None | Total ordinary operating costs |
| /operating_model/cells/upside_2027q3_operating_cost:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_operating_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_operating_cost:upside/value | None | 802.95 |
| /operating_model/cells/upside_2027q3_operating_days:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q3_operating_days:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_operating_days:upside/id | None | upside_2027q3_operating_days |
| /operating_model/cells/upside_2027q3_operating_days:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_operating_days:upside/label | None | Operating days |
| /operating_model/cells/upside_2027q3_operating_days:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_operating_days:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_operating_days:upside/value | None | 2210.0 |
| /operating_model/cells/upside_2027q3_operating_income:upside/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/upside_2027q3_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_operating_income:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_operating_income:upside/formula/refs/0 | None | upside_2027q3_revenue |
| /operating_model/cells/upside_2027q3_operating_income:upside/formula/refs/1 | None | upside_2027q3_operating_cost |
| /operating_model/cells/upside_2027q3_operating_income:upside/id | None | upside_2027q3_operating_income |
| /operating_model/cells/upside_2027q3_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_operating_income:upside/label | None | GAAP operating income proxy |
| /operating_model/cells/upside_2027q3_operating_income:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_operating_income:upside/value | None | 386.6696891191709 |
| /operating_model/cells/upside_2027q3_revenue:upside/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/upside_2027q3_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/refs/0 | None | upside_2027q3_dayrate_sales |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/refs/1 | None | upside_2027q3_ancillary |
| /operating_model/cells/upside_2027q3_revenue:upside/id | None | upside_2027q3_revenue |
| /operating_model/cells/upside_2027q3_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_revenue:upside/label | None | Standalone contract revenue |
| /operating_model/cells/upside_2027q3_revenue:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_revenue:upside/value | None | 1189.619689119171 |
| /operating_model/cells/upside_2027q3_sbc:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q3_sbc:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_sbc:upside/id | None | upside_2027q3_sbc |
| /operating_model/cells/upside_2027q3_sbc:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_sbc:upside/label | None | Stock compensation |
| /operating_model/cells/upside_2027q3_sbc:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_sbc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_sbc:upside/value | None | 8.0 |
| /operating_model/cells/upside_2027q3_wc_use:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q3_wc_use:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_wc_use:upside/id | None | upside_2027q3_wc_use |
| /operating_model/cells/upside_2027q3_wc_use:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_wc_use:upside/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/upside_2027q3_wc_use:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_wc_use:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_wc_use:upside/value | None | 10.0 |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/basis | None | Noncash equity expense is added once; no repeat of exchange-feature gain. |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/formula/refs/0 | None | upside_2027q4_operating_income |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/formula/refs/1 | None | upside_2027q4_da |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/formula/refs/2 | None | upside_2027q4_sbc |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/id | None | upside_2027q4_adj_ebitda |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/value | None | 586.6173575129534 |
| /operating_model/cells/upside_2027q4_ancillary:upside/basis | None | Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales. |
| /operating_model/cells/upside_2027q4_ancillary:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_ancillary:upside/id | None | upside_2027q4_ancillary |
| /operating_model/cells/upside_2027q4_ancillary:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_ancillary:upside/label | None | Ancillary and contract-accounting revenue |
| /operating_model/cells/upside_2027q4_ancillary:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_ancillary:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_ancillary:upside/value | None | 45.0 |
| /operating_model/cells/upside_2027q4_capex:upside/basis | None | 2026 base totals $150M including H1 $52M; FY2027 is a desk budget. |
| /operating_model/cells/upside_2027q4_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_capex:upside/id | None | upside_2027q4_capex |
| /operating_model/cells/upside_2027q4_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_capex:upside/label | None | Cash capital expenditure |
| /operating_model/cells/upside_2027q4_capex:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_capex:upside/value | None | 50.0 |
| /operating_model/cells/upside_2027q4_cash_after_principal:upside/basis | None | Before new financing, voluntary redemptions and Valaris deal cash needs. |
| /operating_model/cells/upside_2027q4_cash_after_principal:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cash_after_principal:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_cash_after_principal:upside/formula/refs/0 | None | upside_2027q4_fcf |
| /operating_model/cells/upside_2027q4_cash_after_principal:upside/formula/refs/1 | None | upside_2027q4_debt_principal |
| /operating_model/cells/upside_2027q4_cash_after_principal:upside/id | None | upside_2027q4_cash_after_principal |
| /operating_model/cells/upside_2027q4_cash_after_principal:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cash_after_principal:upside/label | None | Cash after principal |
| /operating_model/cells/upside_2027q4_cash_after_principal:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cash_after_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cash_after_principal:upside/value | None | 331.6173575129534 |
| /operating_model/cells/upside_2027q4_cash_interest:upside/basis | None | Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy. |
| /operating_model/cells/upside_2027q4_cash_interest:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cash_interest:upside/id | None | upside_2027q4_cash_interest |
| /operating_model/cells/upside_2027q4_cash_interest:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_cash_interest:upside/label | None | Net cash interest |
| /operating_model/cells/upside_2027q4_cash_interest:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cash_interest:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cash_interest:upside/value | None | 92.0 |
| /operating_model/cells/upside_2027q4_cash_tax:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q4_cash_tax:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cash_tax:upside/id | None | upside_2027q4_cash_tax |
| /operating_model/cells/upside_2027q4_cash_tax:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_cash_tax:upside/label | None | Cash income taxes |
| /operating_model/cells/upside_2027q4_cash_tax:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cash_tax:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cash_tax:upside/value | None | 25.0 |
| /operating_model/cells/upside_2027q4_cash_uses:upside/basis | None | Contract liabilities and deferred costs affect cash independently of backlog. |
| /operating_model/cells/upside_2027q4_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_cash_uses:upside/formula/refs/0 | None | upside_2027q4_cash_interest |
| /operating_model/cells/upside_2027q4_cash_uses:upside/formula/refs/1 | None | upside_2027q4_cash_tax |
| /operating_model/cells/upside_2027q4_cash_uses:upside/formula/refs/2 | None | upside_2027q4_wc_use |
| /operating_model/cells/upside_2027q4_cash_uses:upside/id | None | upside_2027q4_cash_uses |
| /operating_model/cells/upside_2027q4_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cash_uses:upside/label | None | Cash interest taxes and operating timing uses |
| /operating_model/cells/upside_2027q4_cash_uses:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cash_uses:upside/value | None | 122.0 |
| /operating_model/cells/upside_2027q4_cfo:upside/basis | None | No new debt proceeds or asset-sale cash in operating cash. |
| /operating_model/cells/upside_2027q4_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cfo:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_cfo:upside/formula/refs/0 | None | upside_2027q4_adj_ebitda |
| /operating_model/cells/upside_2027q4_cfo:upside/formula/refs/1 | None | upside_2027q4_cash_uses |
| /operating_model/cells/upside_2027q4_cfo:upside/id | None | upside_2027q4_cfo |
| /operating_model/cells/upside_2027q4_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cfo:upside/label | None | Operating cash flow proxy |
| /operating_model/cells/upside_2027q4_cfo:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cfo:upside/value | None | 464.6173575129534 |
| /operating_model/cells/upside_2027q4_cost_factor:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q4_cost_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cost_factor:upside/id | None | upside_2027q4_cost_factor |
| /operating_model/cells/upside_2027q4_cost_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_cost_factor:upside/label | None | Operating-cost stress factor |
| /operating_model/cells/upside_2027q4_cost_factor:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cost_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_cost_factor:upside/value | None | 0.99 |
| /operating_model/cells/upside_2027q4_da:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q4_da:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_da:upside/id | None | upside_2027q4_da |
| /operating_model/cells/upside_2027q4_da:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_da:upside/label | None | Depreciation and amortization |
| /operating_model/cells/upside_2027q4_da:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_da:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_da:upside/value | None | 156.0 |
| /operating_model/cells/upside_2027q4_daily_rate:upside/basis | None | USD millions per operating day; standalone fleet average desk sensitivity. |
| /operating_model/cells/upside_2027q4_daily_rate:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_daily_rate:upside/id | None | upside_2027q4_daily_rate |
| /operating_model/cells/upside_2027q4_daily_rate:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_daily_rate:upside/label | None | Effective earned revenue per operating day |
| /operating_model/cells/upside_2027q4_daily_rate:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_daily_rate:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_daily_rate:upside/value | None | 0.52 |
| /operating_model/cells/upside_2027q4_dayrate_sales:upside/basis | None | Operating days times earned daily revenue and relative efficiency. |
| /operating_model/cells/upside_2027q4_dayrate_sales:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_dayrate_sales:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_dayrate_sales:upside/formula/refs/0 | None | upside_2027q4_operating_days |
| /operating_model/cells/upside_2027q4_dayrate_sales:upside/formula/refs/1 | None | upside_2027q4_daily_rate |
| /operating_model/cells/upside_2027q4_dayrate_sales:upside/formula/refs/2 | None | upside_2027q4_eff_ratio |
| /operating_model/cells/upside_2027q4_dayrate_sales:upside/id | None | upside_2027q4_dayrate_sales |
| /operating_model/cells/upside_2027q4_dayrate_sales:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_dayrate_sales:upside/label | None | Dayrate-linked revenue |
| /operating_model/cells/upside_2027q4_dayrate_sales:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_dayrate_sales:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_dayrate_sales:upside/value | None | 1193.4673575129534 |
| /operating_model/cells/upside_2027q4_debt_principal:upside/basis | None | Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ. |
| /operating_model/cells/upside_2027q4_debt_principal:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_debt_principal:upside/id | None | upside_2027q4_debt_principal |
| /operating_model/cells/upside_2027q4_debt_principal:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_debt_principal:upside/label | None | Scheduled principal repayment allocation |
| /operating_model/cells/upside_2027q4_debt_principal:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_debt_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_debt_principal:upside/value | None | 83.0 |
| /operating_model/cells/upside_2027q4_eff_baseline:upside/basis | None | August 5 company revenue-efficiency assumption 96.5%. |
| /operating_model/cells/upside_2027q4_eff_baseline:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_eff_baseline:upside/id | None | upside_2027q4_eff_baseline |
| /operating_model/cells/upside_2027q4_eff_baseline:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_eff_baseline:upside/label | None | Baseline revenue efficiency |
| /operating_model/cells/upside_2027q4_eff_baseline:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_eff_baseline:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_eff_baseline:upside/value | None | 0.965 |
| /operating_model/cells/upside_2027q4_eff_ratio:upside/basis | None | Normalize instead of multiplying baseline earned revenue by efficiency twice. |
| /operating_model/cells/upside_2027q4_eff_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_eff_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q4_eff_ratio:upside/formula/refs/0 | None | upside_2027q4_efficiency |
| /operating_model/cells/upside_2027q4_eff_ratio:upside/formula/refs/1 | None | upside_2027q4_eff_baseline |
| /operating_model/cells/upside_2027q4_eff_ratio:upside/id | None | upside_2027q4_eff_ratio |
| /operating_model/cells/upside_2027q4_eff_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_eff_ratio:upside/label | None | Revenue efficiency relative to guidance |
| /operating_model/cells/upside_2027q4_eff_ratio:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_eff_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_eff_ratio:upside/value | None | 1.0155440414507773 |
| /operating_model/cells/upside_2027q4_efficiency:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q4_efficiency:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_efficiency:upside/id | None | upside_2027q4_efficiency |
| /operating_model/cells/upside_2027q4_efficiency:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_efficiency:upside/label | None | Revenue efficiency |
| /operating_model/cells/upside_2027q4_efficiency:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_efficiency:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_efficiency:upside/value | None | 0.98 |
| /operating_model/cells/upside_2027q4_fcf:upside/basis | None | Before financing principal. |
| /operating_model/cells/upside_2027q4_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_fcf:upside/formula/refs/0 | None | upside_2027q4_cfo |
| /operating_model/cells/upside_2027q4_fcf:upside/formula/refs/1 | None | upside_2027q4_capex |
| /operating_model/cells/upside_2027q4_fcf:upside/id | None | upside_2027q4_fcf |
| /operating_model/cells/upside_2027q4_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_fcf:upside/label | None | CFO less capex |
| /operating_model/cells/upside_2027q4_fcf:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_fcf:upside/value | None | 414.6173575129534 |
| /operating_model/cells/upside_2027q4_ga:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q4_ga:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_ga:upside/id | None | upside_2027q4_ga |
| /operating_model/cells/upside_2027q4_ga:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_ga:upside/label | None | General and administrative |
| /operating_model/cells/upside_2027q4_ga:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_ga:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_ga:upside/value | None | 51.0 |
| /operating_model/cells/upside_2027q4_om_anchor:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q4_om_anchor:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_om_anchor:upside/id | None | upside_2027q4_om_anchor |
| /operating_model/cells/upside_2027q4_om_anchor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_om_anchor:upside/label | None | Standalone operating maintenance budget |
| /operating_model/cells/upside_2027q4_om_anchor:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_om_anchor:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_om_anchor:upside/value | None | 615.0 |
| /operating_model/cells/upside_2027q4_om_cost:upside/basis | None | Includes warm/cold stack and ordinary operating costs. |
| /operating_model/cells/upside_2027q4_om_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_om_cost:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_om_cost:upside/formula/refs/0 | None | upside_2027q4_om_anchor |
| /operating_model/cells/upside_2027q4_om_cost:upside/formula/refs/1 | None | upside_2027q4_cost_factor |
| /operating_model/cells/upside_2027q4_om_cost:upside/id | None | upside_2027q4_om_cost |
| /operating_model/cells/upside_2027q4_om_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_om_cost:upside/label | None | Operating and maintenance |
| /operating_model/cells/upside_2027q4_om_cost:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_om_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_om_cost:upside/value | None | 608.85 |
| /operating_model/cells/upside_2027q4_operating_cost:upside/basis | None | G&A includes equity compensation; no additional stock expense deduction. |
| /operating_model/cells/upside_2027q4_operating_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_operating_cost:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_operating_cost:upside/formula/refs/0 | None | upside_2027q4_om_cost |
| /operating_model/cells/upside_2027q4_operating_cost:upside/formula/refs/1 | None | upside_2027q4_ga |
| /operating_model/cells/upside_2027q4_operating_cost:upside/formula/refs/2 | None | upside_2027q4_da |
| /operating_model/cells/upside_2027q4_operating_cost:upside/id | None | upside_2027q4_operating_cost |
| /operating_model/cells/upside_2027q4_operating_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_operating_cost:upside/label | None | Total ordinary operating costs |
| /operating_model/cells/upside_2027q4_operating_cost:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_operating_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_operating_cost:upside/value | None | 815.85 |
| /operating_model/cells/upside_2027q4_operating_days:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q4_operating_days:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_operating_days:upside/id | None | upside_2027q4_operating_days |
| /operating_model/cells/upside_2027q4_operating_days:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_operating_days:upside/label | None | Operating days |
| /operating_model/cells/upside_2027q4_operating_days:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_operating_days:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_operating_days:upside/value | None | 2260.0 |
| /operating_model/cells/upside_2027q4_operating_income:upside/basis | None | No forecast impairments or disposal gains. |
| /operating_model/cells/upside_2027q4_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_operating_income:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_operating_income:upside/formula/refs/0 | None | upside_2027q4_revenue |
| /operating_model/cells/upside_2027q4_operating_income:upside/formula/refs/1 | None | upside_2027q4_operating_cost |
| /operating_model/cells/upside_2027q4_operating_income:upside/id | None | upside_2027q4_operating_income |
| /operating_model/cells/upside_2027q4_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_operating_income:upside/label | None | GAAP operating income proxy |
| /operating_model/cells/upside_2027q4_operating_income:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_operating_income:upside/value | None | 422.6173575129534 |
| /operating_model/cells/upside_2027q4_revenue:upside/basis | None | Ancillary revenue includes contract accounting timing; no Valaris contribution. |
| /operating_model/cells/upside_2027q4_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/refs/0 | None | upside_2027q4_dayrate_sales |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/refs/1 | None | upside_2027q4_ancillary |
| /operating_model/cells/upside_2027q4_revenue:upside/id | None | upside_2027q4_revenue |
| /operating_model/cells/upside_2027q4_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_revenue:upside/label | None | Standalone contract revenue |
| /operating_model/cells/upside_2027q4_revenue:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_revenue:upside/value | None | 1238.4673575129534 |
| /operating_model/cells/upside_2027q4_sbc:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q4_sbc:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_sbc:upside/id | None | upside_2027q4_sbc |
| /operating_model/cells/upside_2027q4_sbc:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_sbc:upside/label | None | Stock compensation |
| /operating_model/cells/upside_2027q4_sbc:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_sbc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_sbc:upside/value | None | 8.0 |
| /operating_model/cells/upside_2027q4_wc_use:upside/basis | None | Desk assumption, not company guidance. |
| /operating_model/cells/upside_2027q4_wc_use:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_wc_use:upside/id | None | upside_2027q4_wc_use |
| /operating_model/cells/upside_2027q4_wc_use:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_wc_use:upside/label | None | Net contract timing and other working-capital use |
| /operating_model/cells/upside_2027q4_wc_use:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_wc_use:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_wc_use:upside/value | None | 5.0 |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/formula/refs/0 | None | h1_adj_ebitda |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/formula/refs/1 | None | upside_2026q3_adj_ebitda |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/formula/refs/2 | None | upside_2026q4_adj_ebitda |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/id | None | upside_fy2026_adj_ebitda |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/label | None | Adjusted EBITDA proxy ($M) |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/value | None | 1524.774896373057 |
| /operating_model/cells/upside_fy2026_capex:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_capex:upside/formula/refs/0 | None | h1_capex |
| /operating_model/cells/upside_fy2026_capex:upside/formula/refs/1 | None | upside_2026q3_capex |
| /operating_model/cells/upside_fy2026_capex:upside/formula/refs/2 | None | upside_2026q4_capex |
| /operating_model/cells/upside_fy2026_capex:upside/id | None | upside_fy2026_capex |
| /operating_model/cells/upside_fy2026_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_capex:upside/label | None | Cash capital expenditure ($M) |
| /operating_model/cells/upside_fy2026_capex:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_capex:upside/value | None | 150.0 |
| /operating_model/cells/upside_fy2026_cash_after_principal:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_cash_after_principal:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_cash_after_principal:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_cash_after_principal:upside/formula/refs/0 | None | h1_cash_after_principal |
| /operating_model/cells/upside_fy2026_cash_after_principal:upside/formula/refs/1 | None | upside_2026q3_cash_after_principal |
| /operating_model/cells/upside_fy2026_cash_after_principal:upside/formula/refs/2 | None | upside_2026q4_cash_after_principal |
| /operating_model/cells/upside_fy2026_cash_after_principal:upside/id | None | upside_fy2026_cash_after_principal |
| /operating_model/cells/upside_fy2026_cash_after_principal:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_cash_after_principal:upside/label | None | Cash after principal ($M) |
| /operating_model/cells/upside_fy2026_cash_after_principal:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_cash_after_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_cash_after_principal:upside/value | None | -71.72510362694311 |
| /operating_model/cells/upside_fy2026_cfo:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_cfo:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_cfo:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_cfo:upside/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/upside_fy2026_cfo:upside/formula/refs/1 | None | upside_2026q3_cfo |
| /operating_model/cells/upside_fy2026_cfo:upside/formula/refs/2 | None | upside_2026q4_cfo |
| /operating_model/cells/upside_fy2026_cfo:upside/id | None | upside_fy2026_cfo |
| /operating_model/cells/upside_fy2026_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_cfo:upside/label | None | Operating cash flow proxy ($M) |
| /operating_model/cells/upside_fy2026_cfo:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_cfo:upside/value | None | 874.2748963730569 |
| /operating_model/cells/upside_fy2026_debt_principal:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_debt_principal:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_debt_principal:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_debt_principal:upside/formula/refs/0 | None | h1_debt_principal |
| /operating_model/cells/upside_fy2026_debt_principal:upside/formula/refs/1 | None | upside_2026q3_debt_principal |
| /operating_model/cells/upside_fy2026_debt_principal:upside/formula/refs/2 | None | upside_2026q4_debt_principal |
| /operating_model/cells/upside_fy2026_debt_principal:upside/id | None | upside_fy2026_debt_principal |
| /operating_model/cells/upside_fy2026_debt_principal:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_debt_principal:upside/label | None | Debt principal repayments ($M) |
| /operating_model/cells/upside_fy2026_debt_principal:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_debt_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_debt_principal:upside/value | None | 796.0 |
| /operating_model/cells/upside_fy2026_fcf:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_fcf:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_fcf:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_fcf:upside/formula/refs/0 | None | h1_fcf |
| /operating_model/cells/upside_fy2026_fcf:upside/formula/refs/1 | None | upside_2026q3_fcf |
| /operating_model/cells/upside_fy2026_fcf:upside/formula/refs/2 | None | upside_2026q4_fcf |
| /operating_model/cells/upside_fy2026_fcf:upside/id | None | upside_fy2026_fcf |
| /operating_model/cells/upside_fy2026_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_fcf:upside/label | None | CFO less capex ($M) |
| /operating_model/cells/upside_fy2026_fcf:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_fcf:upside/value | None | 724.2748963730569 |
| /operating_model/cells/upside_fy2026_operating_income:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_operating_income:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_operating_income:upside/formula/refs/0 | None | h1_operating_income |
| /operating_model/cells/upside_fy2026_operating_income:upside/formula/refs/1 | None | upside_2026q3_operating_income |
| /operating_model/cells/upside_fy2026_operating_income:upside/formula/refs/2 | None | upside_2026q4_operating_income |
| /operating_model/cells/upside_fy2026_operating_income:upside/id | None | upside_fy2026_operating_income |
| /operating_model/cells/upside_fy2026_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_operating_income:upside/label | None | GAAP operating income proxy ($M) |
| /operating_model/cells/upside_fy2026_operating_income:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_operating_income:upside/value | None | 899.7748963730569 |
| /operating_model/cells/upside_fy2026_revenue:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_revenue:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/refs/0 | None | h1_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/refs/1 | None | upside_2026q3_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/refs/2 | None | upside_2026q4_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/id | None | upside_fy2026_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_revenue:upside/label | None | Standalone contract revenue ($M) |
| /operating_model/cells/upside_fy2026_revenue:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_revenue:upside/value | None | 4010.7898963730568 |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/refs/0 | None | upside_2027q1_adj_ebitda |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/refs/1 | None | upside_2027q2_adj_ebitda |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/refs/2 | None | upside_2027q3_adj_ebitda |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/refs/3 | None | upside_2027q4_adj_ebitda |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/id | None | upside_fy2027_adj_ebitda |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/label | None | Adjusted EBITDA proxy ($M) |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/value | None | 2137.9772020725386 |
| /operating_model/cells/upside_fy2027_capex:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/0 | None | upside_2027q1_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/1 | None | upside_2027q2_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/2 | None | upside_2027q3_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/3 | None | upside_2027q4_capex |
| /operating_model/cells/upside_fy2027_capex:upside/id | None | upside_fy2027_capex |
| /operating_model/cells/upside_fy2027_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_capex:upside/label | None | Cash capital expenditure ($M) |
| /operating_model/cells/upside_fy2027_capex:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_capex:upside/value | None | 210.0 |
| /operating_model/cells/upside_fy2027_cash_after_principal:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_cash_after_principal:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_cash_after_principal:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_cash_after_principal:upside/formula/refs/0 | None | upside_2027q1_cash_after_principal |
| /operating_model/cells/upside_fy2027_cash_after_principal:upside/formula/refs/1 | None | upside_2027q2_cash_after_principal |
| /operating_model/cells/upside_fy2027_cash_after_principal:upside/formula/refs/2 | None | upside_2027q3_cash_after_principal |
| /operating_model/cells/upside_fy2027_cash_after_principal:upside/formula/refs/3 | None | upside_2027q4_cash_after_principal |
| /operating_model/cells/upside_fy2027_cash_after_principal:upside/id | None | upside_fy2027_cash_after_principal |
| /operating_model/cells/upside_fy2027_cash_after_principal:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_cash_after_principal:upside/label | None | Cash after principal ($M) |
| /operating_model/cells/upside_fy2027_cash_after_principal:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_cash_after_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_cash_after_principal:upside/value | None | 1046.9772020725388 |
| /operating_model/cells/upside_fy2027_cfo:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_cfo:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/refs/0 | None | upside_2027q1_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/refs/1 | None | upside_2027q2_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/refs/2 | None | upside_2027q3_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/refs/3 | None | upside_2027q4_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/id | None | upside_fy2027_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_cfo:upside/label | None | Operating cash flow proxy ($M) |
| /operating_model/cells/upside_fy2027_cfo:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_cfo:upside/value | None | 1617.9772020725386 |
| /operating_model/cells/upside_fy2027_debt_principal:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_debt_principal:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_debt_principal:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_debt_principal:upside/formula/refs/0 | None | upside_2027q1_debt_principal |
| /operating_model/cells/upside_fy2027_debt_principal:upside/formula/refs/1 | None | upside_2027q2_debt_principal |
| /operating_model/cells/upside_fy2027_debt_principal:upside/formula/refs/2 | None | upside_2027q3_debt_principal |
| /operating_model/cells/upside_fy2027_debt_principal:upside/formula/refs/3 | None | upside_2027q4_debt_principal |
| /operating_model/cells/upside_fy2027_debt_principal:upside/id | None | upside_fy2027_debt_principal |
| /operating_model/cells/upside_fy2027_debt_principal:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_debt_principal:upside/label | None | Debt principal repayments ($M) |
| /operating_model/cells/upside_fy2027_debt_principal:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_debt_principal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_debt_principal:upside/value | None | 361.0 |
| /operating_model/cells/upside_fy2027_fcf:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_fcf:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/refs/0 | None | upside_2027q1_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/refs/1 | None | upside_2027q2_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/refs/2 | None | upside_2027q3_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/refs/3 | None | upside_2027q4_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/id | None | upside_fy2027_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_fcf:upside/label | None | CFO less capex ($M) |
| /operating_model/cells/upside_fy2027_fcf:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_fcf:upside/value | None | 1407.9772020725388 |
| /operating_model/cells/upside_fy2027_operating_income:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_operating_income:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_operating_income:upside/formula/refs/0 | None | upside_2027q1_operating_income |
| /operating_model/cells/upside_fy2027_operating_income:upside/formula/refs/1 | None | upside_2027q2_operating_income |
| /operating_model/cells/upside_fy2027_operating_income:upside/formula/refs/2 | None | upside_2027q3_operating_income |
| /operating_model/cells/upside_fy2027_operating_income:upside/formula/refs/3 | None | upside_2027q4_operating_income |
| /operating_model/cells/upside_fy2027_operating_income:upside/id | None | upside_fy2027_operating_income |
| /operating_model/cells/upside_fy2027_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_operating_income:upside/label | None | GAAP operating income proxy ($M) |
| /operating_model/cells/upside_fy2027_operating_income:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_operating_income:upside/value | None | 1493.9772020725386 |
| /operating_model/cells/upside_fy2027_revenue:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_revenue:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/0 | None | upside_2027q1_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/1 | None | upside_2027q2_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/2 | None | upside_2027q3_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/3 | None | upside_2027q4_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/id | None | upside_fy2027_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_revenue:upside/label | None | Standalone contract revenue ($M) |
| /operating_model/cells/upside_fy2027_revenue:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_revenue:upside/value | None | 4679.9772020725395 |
| /operating_model/highlights/0 | None | fy26_guide |
| /operating_model/highlights/1 | None | q3_guide |
| /operating_model/highlights/10 | None | current_debt_carrying |
| /operating_model/highlights/11 | None | backlog_august |
| /operating_model/highlights/12 | None | equinor_conditional |
| /operating_model/highlights/13 | None | kg2_award |
| /operating_model/highlights/14 | None | conqueror_award |
| /operating_model/highlights/15 | None | cap_guide |
| /operating_model/highlights/16 | None | q2_exchange_gain |
| /operating_model/highlights/2 | None | h1_cfo |
| /operating_model/highlights/3 | None | h1_fcf |
| /operating_model/highlights/4 | None | h1_debt_principal |
| /operating_model/highlights/5 | None | h1_cash_after_principal |
| /operating_model/highlights/6 | None | cash |
| /operating_model/highlights/7 | None | restricted_cash |
| /operating_model/highlights/8 | None | debt_face |
| /operating_model/highlights/9 | None | current_debt_face |
| /operating_model/limitations/0 | None | Standalone Transocean only. The Valaris acquisition remains proposed in reviewed September materials; no acquired sales, new deal shares, combined backlog or projected synergies are consolidated here. |
| /operating_model/limitations/1 | None | Official August 5 backlog is approximately $6.7B. The September presentation headline $7.7B explicitly includes $1B Equinor work still subject to license-partner approval. Neither figure is annual revenue. |
| /operating_model/limitations/2 | None | August KG2 $300M includes services and mobilization; September Conqueror $80M excludes those items. Unexercised options are not firm backlog, and awards are not added twice to a fleet revenue forecast. |
| /operating_model/limitations/3 | None | Operating days, ancillary revenue and quarterly cost allocations are desk assumptions around guidance; this is not a rig-by-rig signed contract schedule. Dayrate units are $M per operating day. |
| /operating_model/limitations/4 | None | GAAP operating earnings proxy assumes no new impairments/disposal gains. Exchange-feature marks and merger financing can materially change net income and diluted EPS, which are not forecast. |
| /operating_model/limitations/5 | None | Debt principal timing is a desk allocation of disclosed twelve-month maturities, not a complete amortization schedule or refinancing commitment. Cash after principal excludes voluntary redemptions, deal costs outside the allowance, acquisitions and new financing. |
| /operating_model/limitations/6 | None | Company liquidity includes restricted cash and revolving availability. June unrestricted cash of $509M is the relevant separate balance; no revolver capacity is treated as cash generated. |
| /operating_model/method | None | Anchor remaining 2026 revenue and operating costs to management guidance after H1 actuals. Express quarterly sales through operating days, effective earned dayrate and ancillary contract revenue, with revenue-efficiency sensitivity normalized to guidance. The effective rate already embeds baseline efficiency; the ratio only changes that baseline. FY2027 varies days and earned rates without automatically adding announced backlog. Bridge ordinary operating earnings to cash through cash interest, taxes, contract timing and working capital, then deduct capex and modeled scheduled principal. |
| /operating_model/metrics/adj_ebitda | None | Adjusted EBITDA proxy ($M) |
| /operating_model/metrics/capex | None | Cash capital expenditure ($M) |
| /operating_model/metrics/cash_after_principal | None | Cash after principal ($M) |
| /operating_model/metrics/cfo | None | Operating cash flow proxy ($M) |
| /operating_model/metrics/debt_principal | None | Debt principal repayments ($M) |
| /operating_model/metrics/fcf | None | CFO less capex ($M) |
| /operating_model/metrics/operating_income | None | GAAP operating income proxy ($M) |
| /operating_model/metrics/revenue | None | Standalone contract revenue ($M) |
| /operating_model/outputs/2026Q3:base/case | None | base |
| /operating_model/outputs/2026Q3:base/frequency | None | quarter |
| /operating_model/outputs/2026Q3:base/metrics/adj_ebitda | None | base_2026q3_adj_ebitda |
| /operating_model/outputs/2026Q3:base/metrics/capex | None | base_2026q3_capex |
| /operating_model/outputs/2026Q3:base/metrics/cash_after_principal | None | base_2026q3_cash_after_principal |
| /operating_model/outputs/2026Q3:base/metrics/cfo | None | base_2026q3_cfo |
| /operating_model/outputs/2026Q3:base/metrics/debt_principal | None | base_2026q3_debt_principal |
| /operating_model/outputs/2026Q3:base/metrics/fcf | None | base_2026q3_fcf |
| /operating_model/outputs/2026Q3:base/metrics/operating_income | None | base_2026q3_operating_income |
| /operating_model/outputs/2026Q3:base/metrics/revenue | None | base_2026q3_revenue |
| /operating_model/outputs/2026Q3:base/period | None | 2026Q3 |
| /operating_model/outputs/2026Q3:base/period_end | None | 2026-09-30 |
| /operating_model/outputs/2026Q3:base/values/adj_ebitda | None | 293.0 |
| /operating_model/outputs/2026Q3:base/values/capex | None | 45.0 |
| /operating_model/outputs/2026Q3:base/values/cash_after_principal | None | -20.0 |
| /operating_model/outputs/2026Q3:base/values/cfo | None | 130.0 |
| /operating_model/outputs/2026Q3:base/values/debt_principal | None | 105.0 |
| /operating_model/outputs/2026Q3:base/values/fcf | None | 85.0 |
| /operating_model/outputs/2026Q3:base/values/operating_income | None | 137.0 |
| /operating_model/outputs/2026Q3:base/values/revenue | None | 940.0 |
| /operating_model/outputs/2026Q3:downside/case | None | downside |
| /operating_model/outputs/2026Q3:downside/frequency | None | quarter |
| /operating_model/outputs/2026Q3:downside/metrics/adj_ebitda | None | downside_2026q3_adj_ebitda |
| /operating_model/outputs/2026Q3:downside/metrics/capex | None | downside_2026q3_capex |
| /operating_model/outputs/2026Q3:downside/metrics/cash_after_principal | None | downside_2026q3_cash_after_principal |
| /operating_model/outputs/2026Q3:downside/metrics/cfo | None | downside_2026q3_cfo |
| /operating_model/outputs/2026Q3:downside/metrics/debt_principal | None | downside_2026q3_debt_principal |
| /operating_model/outputs/2026Q3:downside/metrics/fcf | None | downside_2026q3_fcf |
| /operating_model/outputs/2026Q3:downside/metrics/operating_income | None | downside_2026q3_operating_income |
| /operating_model/outputs/2026Q3:downside/metrics/revenue | None | downside_2026q3_revenue |
| /operating_model/outputs/2026Q3:downside/period | None | 2026Q3 |
| /operating_model/outputs/2026Q3:downside/period_end | None | 2026-09-30 |
| /operating_model/outputs/2026Q3:downside/values/adj_ebitda | None | 189.99585492227982 |
| /operating_model/outputs/2026Q3:downside/values/capex | None | 45.0 |
| /operating_model/outputs/2026Q3:downside/values/cash_after_principal | None | -153.00414507772018 |
| /operating_model/outputs/2026Q3:downside/values/cfo | None | -3.0041450777201817 |
| /operating_model/outputs/2026Q3:downside/values/debt_principal | None | 105.0 |
| /operating_model/outputs/2026Q3:downside/values/fcf | None | -48.00414507772018 |
| /operating_model/outputs/2026Q3:downside/values/operating_income | None | 33.99585492227982 |
| /operating_model/outputs/2026Q3:downside/values/revenue | None | 873.5958549222798 |
| /operating_model/outputs/2026Q3:upside/case | None | upside |
| /operating_model/outputs/2026Q3:upside/frequency | None | quarter |
| /operating_model/outputs/2026Q3:upside/metrics/adj_ebitda | None | upside_2026q3_adj_ebitda |
| /operating_model/outputs/2026Q3:upside/metrics/capex | None | upside_2026q3_capex |
| /operating_model/outputs/2026Q3:upside/metrics/cash_after_principal | None | upside_2026q3_cash_after_principal |
| /operating_model/outputs/2026Q3:upside/metrics/cfo | None | upside_2026q3_cfo |
| /operating_model/outputs/2026Q3:upside/metrics/debt_principal | None | upside_2026q3_debt_principal |
| /operating_model/outputs/2026Q3:upside/metrics/fcf | None | upside_2026q3_fcf |
| /operating_model/outputs/2026Q3:upside/metrics/operating_income | None | upside_2026q3_operating_income |
| /operating_model/outputs/2026Q3:upside/metrics/revenue | None | upside_2026q3_revenue |
| /operating_model/outputs/2026Q3:upside/period | None | 2026Q3 |
| /operating_model/outputs/2026Q3:upside/period_end | None | 2026-09-30 |
| /operating_model/outputs/2026Q3:upside/values/adj_ebitda | None | 335.53005181347146 |
| /operating_model/outputs/2026Q3:upside/values/capex | None | 45.0 |
| /operating_model/outputs/2026Q3:upside/values/cash_after_principal | None | 32.53005181347146 |
| /operating_model/outputs/2026Q3:upside/values/cfo | None | 182.53005181347146 |
| /operating_model/outputs/2026Q3:upside/values/debt_principal | None | 105.0 |
| /operating_model/outputs/2026Q3:upside/values/fcf | None | 137.53005181347146 |
| /operating_model/outputs/2026Q3:upside/values/operating_income | None | 179.53005181347146 |
| /operating_model/outputs/2026Q3:upside/values/revenue | None | 976.4300518134714 |
| /operating_model/outputs/2026Q4:base/case | None | base |
| /operating_model/outputs/2026Q4:base/frequency | None | quarter |
| /operating_model/outputs/2026Q4:base/metrics/adj_ebitda | None | base_2026q4_adj_ebitda |
| /operating_model/outputs/2026Q4:base/metrics/capex | None | base_2026q4_capex |
| /operating_model/outputs/2026Q4:base/metrics/cash_after_principal | None | base_2026q4_cash_after_principal |
| /operating_model/outputs/2026Q4:base/metrics/cfo | None | base_2026q4_cfo |
| /operating_model/outputs/2026Q4:base/metrics/debt_principal | None | base_2026q4_debt_principal |
| /operating_model/outputs/2026Q4:base/metrics/fcf | None | base_2026q4_fcf |
| /operating_model/outputs/2026Q4:base/metrics/operating_income | None | base_2026q4_operating_income |
| /operating_model/outputs/2026Q4:base/metrics/revenue | None | base_2026q4_revenue |
| /operating_model/outputs/2026Q4:base/period | None | 2026Q4 |
| /operating_model/outputs/2026Q4:base/period_end | None | 2026-12-31 |
| /operating_model/outputs/2026Q4:base/values/adj_ebitda | None | 395.0 |
| /operating_model/outputs/2026Q4:base/values/capex | None | 53.0 |
| /operating_model/outputs/2026Q4:base/values/cash_after_principal | None | 81.5 |
| /operating_model/outputs/2026Q4:base/values/cfo | None | 239.5 |
| /operating_model/outputs/2026Q4:base/values/debt_principal | None | 105.0 |
| /operating_model/outputs/2026Q4:base/values/fcf | None | 186.5 |
| /operating_model/outputs/2026Q4:base/values/operating_income | None | 239.0 |
| /operating_model/outputs/2026Q4:base/values/revenue | None | 950.5 |
| /operating_model/outputs/2026Q4:downside/case | None | downside |
| /operating_model/outputs/2026Q4:downside/frequency | None | quarter |
| /operating_model/outputs/2026Q4:downside/metrics/adj_ebitda | None | downside_2026q4_adj_ebitda |
| /operating_model/outputs/2026Q4:downside/metrics/capex | None | downside_2026q4_capex |
| /operating_model/outputs/2026Q4:downside/metrics/cash_after_principal | None | downside_2026q4_cash_after_principal |
| /operating_model/outputs/2026Q4:downside/metrics/cfo | None | downside_2026q4_cfo |
| /operating_model/outputs/2026Q4:downside/metrics/debt_principal | None | downside_2026q4_debt_principal |
| /operating_model/outputs/2026Q4:downside/metrics/fcf | None | downside_2026q4_fcf |
| /operating_model/outputs/2026Q4:downside/metrics/operating_income | None | downside_2026q4_operating_income |
| /operating_model/outputs/2026Q4:downside/metrics/revenue | None | downside_2026q4_revenue |
| /operating_model/outputs/2026Q4:downside/period | None | 2026Q4 |
| /operating_model/outputs/2026Q4:downside/period_end | None | 2026-12-31 |
| /operating_model/outputs/2026Q4:downside/values/adj_ebitda | None | 295.50243523316044 |
| /operating_model/outputs/2026Q4:downside/values/capex | None | 53.0 |
| /operating_model/outputs/2026Q4:downside/values/cash_after_principal | None | -42.99756476683956 |
| /operating_model/outputs/2026Q4:downside/values/cfo | None | 115.00243523316044 |
| /operating_model/outputs/2026Q4:downside/values/debt_principal | None | 105.0 |
| /operating_model/outputs/2026Q4:downside/values/fcf | None | 62.00243523316044 |
| /operating_model/outputs/2026Q4:downside/values/operating_income | None | 139.50243523316044 |
| /operating_model/outputs/2026Q4:downside/values/revenue | None | 883.3124352331605 |
| /operating_model/outputs/2026Q4:upside/case | None | upside |
| /operating_model/outputs/2026Q4:upside/frequency | None | quarter |
| /operating_model/outputs/2026Q4:upside/metrics/adj_ebitda | None | upside_2026q4_adj_ebitda |
| /operating_model/outputs/2026Q4:upside/metrics/capex | None | upside_2026q4_capex |
| /operating_model/outputs/2026Q4:upside/metrics/cash_after_principal | None | upside_2026q4_cash_after_principal |
| /operating_model/outputs/2026Q4:upside/metrics/cfo | None | upside_2026q4_cfo |
| /operating_model/outputs/2026Q4:upside/metrics/debt_principal | None | upside_2026q4_debt_principal |
| /operating_model/outputs/2026Q4:upside/metrics/fcf | None | upside_2026q4_fcf |
| /operating_model/outputs/2026Q4:upside/metrics/operating_income | None | upside_2026q4_operating_income |
| /operating_model/outputs/2026Q4:upside/metrics/revenue | None | upside_2026q4_revenue |
| /operating_model/outputs/2026Q4:upside/period | None | 2026Q4 |
| /operating_model/outputs/2026Q4:upside/period_end | None | 2026-12-31 |
| /operating_model/outputs/2026Q4:upside/values/adj_ebitda | None | 437.24484455958543 |
| /operating_model/outputs/2026Q4:upside/values/capex | None | 53.0 |
| /operating_model/outputs/2026Q4:upside/values/cash_after_principal | None | 133.74484455958543 |
| /operating_model/outputs/2026Q4:upside/values/cfo | None | 291.74484455958543 |
| /operating_model/outputs/2026Q4:upside/values/debt_principal | None | 105.0 |
| /operating_model/outputs/2026Q4:upside/values/fcf | None | 238.74484455958543 |
| /operating_model/outputs/2026Q4:upside/values/operating_income | None | 281.24484455958543 |
| /operating_model/outputs/2026Q4:upside/values/revenue | None | 987.3598445595854 |
| /operating_model/outputs/2027Q1:base/case | None | base |
| /operating_model/outputs/2027Q1:base/frequency | None | quarter |
| /operating_model/outputs/2027Q1:base/metrics/adj_ebitda | None | base_2027q1_adj_ebitda |
| /operating_model/outputs/2027Q1:base/metrics/capex | None | base_2027q1_capex |
| /operating_model/outputs/2027Q1:base/metrics/cash_after_principal | None | base_2027q1_cash_after_principal |
| /operating_model/outputs/2027Q1:base/metrics/cfo | None | base_2027q1_cfo |
| /operating_model/outputs/2027Q1:base/metrics/debt_principal | None | base_2027q1_debt_principal |
| /operating_model/outputs/2027Q1:base/metrics/fcf | None | base_2027q1_fcf |
| /operating_model/outputs/2027Q1:base/metrics/operating_income | None | base_2027q1_operating_income |
| /operating_model/outputs/2027Q1:base/metrics/revenue | None | base_2027q1_revenue |
| /operating_model/outputs/2027Q1:base/period | None | 2027Q1 |
| /operating_model/outputs/2027Q1:base/period_end | None | 2027-03-31 |
| /operating_model/outputs/2027Q1:base/values/adj_ebitda | None | 384.25 |
| /operating_model/outputs/2027Q1:base/values/capex | None | 45.0 |
| /operating_model/outputs/2027Q1:base/values/cash_after_principal | None | 111.25 |
| /operating_model/outputs/2027Q1:base/values/cfo | None | 236.25 |
| /operating_model/outputs/2027Q1:base/values/debt_principal | None | 80.0 |
| /operating_model/outputs/2027Q1:base/values/fcf | None | 191.25 |
| /operating_model/outputs/2027Q1:base/values/operating_income | None | 226.25 |
| /operating_model/outputs/2027Q1:base/values/revenue | None | 1009.25 |
| /operating_model/outputs/2027Q1:downside/case | None | downside |
| /operating_model/outputs/2027Q1:downside/frequency | None | quarter |
| /operating_model/outputs/2027Q1:downside/metrics/adj_ebitda | None | downside_2027q1_adj_ebitda |
| /operating_model/outputs/2027Q1:downside/metrics/capex | None | downside_2027q1_capex |
| /operating_model/outputs/2027Q1:downside/metrics/cash_after_principal | None | downside_2027q1_cash_after_principal |
| /operating_model/outputs/2027Q1:downside/metrics/cfo | None | downside_2027q1_cfo |
| /operating_model/outputs/2027Q1:downside/metrics/debt_principal | None | downside_2027q1_debt_principal |
| /operating_model/outputs/2027Q1:downside/metrics/fcf | None | downside_2027q1_fcf |
| /operating_model/outputs/2027Q1:downside/metrics/operating_income | None | downside_2027q1_operating_income |
| /operating_model/outputs/2027Q1:downside/metrics/revenue | None | downside_2027q1_revenue |
| /operating_model/outputs/2027Q1:downside/period | None | 2027Q1 |
| /operating_model/outputs/2027Q1:downside/period_end | None | 2027-03-31 |
| /operating_model/outputs/2027Q1:downside/values/adj_ebitda | None | 222.81502590673574 |
| /operating_model/outputs/2027Q1:downside/values/capex | None | 65.0 |
| /operating_model/outputs/2027Q1:downside/values/cash_after_principal | None | -95.18497409326426 |
| /operating_model/outputs/2027Q1:downside/values/cfo | None | 49.81502590673574 |
| /operating_model/outputs/2027Q1:downside/values/debt_principal | None | 80.0 |
| /operating_model/outputs/2027Q1:downside/values/fcf | None | -15.184974093264259 |
| /operating_model/outputs/2027Q1:downside/values/operating_income | None | 64.81502590673574 |
| /operating_model/outputs/2027Q1:downside/values/revenue | None | 882.9150259067358 |
| /operating_model/outputs/2027Q1:upside/case | None | upside |
| /operating_model/outputs/2027Q1:upside/frequency | None | quarter |
| /operating_model/outputs/2027Q1:upside/metrics/adj_ebitda | None | upside_2027q1_adj_ebitda |
| /operating_model/outputs/2027Q1:upside/metrics/capex | None | upside_2027q1_capex |
| /operating_model/outputs/2027Q1:upside/metrics/cash_after_principal | None | upside_2027q1_cash_after_principal |
| /operating_model/outputs/2027Q1:upside/metrics/cfo | None | upside_2027q1_cfo |
| /operating_model/outputs/2027Q1:upside/metrics/debt_principal | None | upside_2027q1_debt_principal |
| /operating_model/outputs/2027Q1:upside/metrics/fcf | None | upside_2027q1_fcf |
| /operating_model/outputs/2027Q1:upside/metrics/operating_income | None | upside_2027q1_operating_income |
| /operating_model/outputs/2027Q1:upside/metrics/revenue | None | upside_2027q1_revenue |
| /operating_model/outputs/2027Q1:upside/period | None | 2027Q1 |
| /operating_model/outputs/2027Q1:upside/period_end | None | 2027-03-31 |
| /operating_model/outputs/2027Q1:upside/values/adj_ebitda | None | 480.7971502590673 |
| /operating_model/outputs/2027Q1:upside/values/capex | None | 50.0 |
| /operating_model/outputs/2027Q1:upside/values/cash_after_principal | None | 212.79715025906728 |
| /operating_model/outputs/2027Q1:upside/values/cfo | None | 342.7971502590673 |
| /operating_model/outputs/2027Q1:upside/values/debt_principal | None | 80.0 |
| /operating_model/outputs/2027Q1:upside/values/fcf | None | 292.7971502590673 |
| /operating_model/outputs/2027Q1:upside/values/operating_income | None | 322.7971502590673 |
| /operating_model/outputs/2027Q1:upside/values/revenue | None | 1099.9471502590673 |
| /operating_model/outputs/2027Q2:base/case | None | base |
| /operating_model/outputs/2027Q2:base/frequency | None | quarter |
| /operating_model/outputs/2027Q2:base/metrics/adj_ebitda | None | base_2027q2_adj_ebitda |
| /operating_model/outputs/2027Q2:base/metrics/capex | None | base_2027q2_capex |
| /operating_model/outputs/2027Q2:base/metrics/cash_after_principal | None | base_2027q2_cash_after_principal |
| /operating_model/outputs/2027Q2:base/metrics/cfo | None | base_2027q2_cfo |
| /operating_model/outputs/2027Q2:base/metrics/debt_principal | None | base_2027q2_debt_principal |
| /operating_model/outputs/2027Q2:base/metrics/fcf | None | base_2027q2_fcf |
| /operating_model/outputs/2027Q2:base/metrics/operating_income | None | base_2027q2_operating_income |
| /operating_model/outputs/2027Q2:base/metrics/revenue | None | base_2027q2_revenue |
| /operating_model/outputs/2027Q2:base/period | None | 2027Q2 |
| /operating_model/outputs/2027Q2:base/period_end | None | 2027-06-30 |
| /operating_model/outputs/2027Q2:base/values/adj_ebitda | None | 402.5999999999999 |
| /operating_model/outputs/2027Q2:base/values/capex | None | 50.0 |
| /operating_model/outputs/2027Q2:base/values/cash_after_principal | None | 96.59999999999991 |
| /operating_model/outputs/2027Q2:base/values/cfo | None | 261.5999999999999 |
| /operating_model/outputs/2027Q2:base/values/debt_principal | None | 115.0 |
| /operating_model/outputs/2027Q2:base/values/fcf | None | 211.5999999999999 |
| /operating_model/outputs/2027Q2:base/values/operating_income | None | 242.5999999999999 |
| /operating_model/outputs/2027Q2:base/values/revenue | None | 1038.6 |
| /operating_model/outputs/2027Q2:downside/case | None | downside |
| /operating_model/outputs/2027Q2:downside/frequency | None | quarter |
| /operating_model/outputs/2027Q2:downside/metrics/adj_ebitda | None | downside_2027q2_adj_ebitda |
| /operating_model/outputs/2027Q2:downside/metrics/capex | None | downside_2027q2_capex |
| /operating_model/outputs/2027Q2:downside/metrics/cash_after_principal | None | downside_2027q2_cash_after_principal |
| /operating_model/outputs/2027Q2:downside/metrics/cfo | None | downside_2027q2_cfo |
| /operating_model/outputs/2027Q2:downside/metrics/debt_principal | None | downside_2027q2_debt_principal |
| /operating_model/outputs/2027Q2:downside/metrics/fcf | None | downside_2027q2_fcf |
| /operating_model/outputs/2027Q2:downside/metrics/operating_income | None | downside_2027q2_operating_income |
| /operating_model/outputs/2027Q2:downside/metrics/revenue | None | downside_2027q2_revenue |
| /operating_model/outputs/2027Q2:downside/period | None | 2027Q2 |
| /operating_model/outputs/2027Q2:downside/period_end | None | 2027-06-30 |
| /operating_model/outputs/2027Q2:downside/values/adj_ebitda | None | 224.6575129533678 |
| /operating_model/outputs/2027Q2:downside/values/capex | None | 70.0 |
| /operating_model/outputs/2027Q2:downside/values/cash_after_principal | None | -121.34248704663219 |
| /operating_model/outputs/2027Q2:downside/values/cfo | None | 63.657512953367814 |
| /operating_model/outputs/2027Q2:downside/values/debt_principal | None | 115.0 |
| /operating_model/outputs/2027Q2:downside/values/fcf | None | -6.342487046632186 |
| /operating_model/outputs/2027Q2:downside/values/operating_income | None | 64.65751295336781 |
| /operating_model/outputs/2027Q2:downside/values/revenue | None | 896.3575129533679 |
| /operating_model/outputs/2027Q2:upside/case | None | upside |
| /operating_model/outputs/2027Q2:upside/frequency | None | quarter |
| /operating_model/outputs/2027Q2:upside/metrics/adj_ebitda | None | upside_2027q2_adj_ebitda |
| /operating_model/outputs/2027Q2:upside/metrics/capex | None | upside_2027q2_capex |
| /operating_model/outputs/2027Q2:upside/metrics/cash_after_principal | None | upside_2027q2_cash_after_principal |
| /operating_model/outputs/2027Q2:upside/metrics/cfo | None | upside_2027q2_cfo |
| /operating_model/outputs/2027Q2:upside/metrics/debt_principal | None | upside_2027q2_debt_principal |
| /operating_model/outputs/2027Q2:upside/metrics/fcf | None | upside_2027q2_fcf |
| /operating_model/outputs/2027Q2:upside/metrics/operating_income | None | upside_2027q2_operating_income |
| /operating_model/outputs/2027Q2:upside/metrics/revenue | None | upside_2027q2_revenue |
| /operating_model/outputs/2027Q2:upside/period | None | 2027Q2 |
| /operating_model/outputs/2027Q2:upside/period_end | None | 2027-06-30 |
| /operating_model/outputs/2027Q2:upside/values/adj_ebitda | None | 521.8930051813472 |
| /operating_model/outputs/2027Q2:upside/values/capex | None | 55.0 |
| /operating_model/outputs/2027Q2:upside/values/cash_after_principal | None | 220.89300518134723 |
| /operating_model/outputs/2027Q2:upside/values/cfo | None | 390.89300518134723 |
| /operating_model/outputs/2027Q2:upside/values/debt_principal | None | 115.0 |
| /operating_model/outputs/2027Q2:upside/values/fcf | None | 335.89300518134723 |
| /operating_model/outputs/2027Q2:upside/values/operating_income | None | 361.89300518134723 |
| /operating_model/outputs/2027Q2:upside/values/revenue | None | 1151.9430051813472 |
| /operating_model/outputs/FY2026:base/case | None | base |
| /operating_model/outputs/FY2026:base/frequency | None | year |
| /operating_model/outputs/FY2026:base/metrics/adj_ebitda | None | base_fy2026_adj_ebitda |
| /operating_model/outputs/FY2026:base/metrics/capex | None | base_fy2026_capex |
| /operating_model/outputs/FY2026:base/metrics/cash_after_principal | None | base_fy2026_cash_after_principal |
| /operating_model/outputs/FY2026:base/metrics/cfo | None | base_fy2026_cfo |
| /operating_model/outputs/FY2026:base/metrics/debt_principal | None | base_fy2026_debt_principal |
| /operating_model/outputs/FY2026:base/metrics/fcf | None | base_fy2026_fcf |
| /operating_model/outputs/FY2026:base/metrics/operating_income | None | base_fy2026_operating_income |
| /operating_model/outputs/FY2026:base/metrics/revenue | None | base_fy2026_revenue |
| /operating_model/outputs/FY2026:base/period | None | FY2026 |
| /operating_model/outputs/FY2026:base/period_end | None | 2026-12-31 |
| /operating_model/outputs/FY2026:base/values/adj_ebitda | None | 1440.0 |
| /operating_model/outputs/FY2026:base/values/capex | None | 150.0 |
| /operating_model/outputs/FY2026:base/values/cash_after_principal | None | -176.5 |
| /operating_model/outputs/FY2026:base/values/cfo | None | 769.5 |
| /operating_model/outputs/FY2026:base/values/debt_principal | None | 796.0 |
| /operating_model/outputs/FY2026:base/values/fcf | None | 619.5 |
| /operating_model/outputs/FY2026:base/values/operating_income | None | 815.0 |
| /operating_model/outputs/FY2026:base/values/revenue | None | 3937.5 |
| /operating_model/outputs/FY2026:downside/case | None | downside |
| /operating_model/outputs/FY2026:downside/frequency | None | year |
| /operating_model/outputs/FY2026:downside/metrics/adj_ebitda | None | downside_fy2026_adj_ebitda |
| /operating_model/outputs/FY2026:downside/metrics/capex | None | downside_fy2026_capex |
| /operating_model/outputs/FY2026:downside/metrics/cash_after_principal | None | downside_fy2026_cash_after_principal |
| /operating_model/outputs/FY2026:downside/metrics/cfo | None | downside_fy2026_cfo |
| /operating_model/outputs/FY2026:downside/metrics/debt_principal | None | downside_fy2026_debt_principal |
| /operating_model/outputs/FY2026:downside/metrics/fcf | None | downside_fy2026_fcf |
| /operating_model/outputs/FY2026:downside/metrics/operating_income | None | downside_fy2026_operating_income |
| /operating_model/outputs/FY2026:downside/metrics/revenue | None | downside_fy2026_revenue |
| /operating_model/outputs/FY2026:downside/period | None | FY2026 |
| /operating_model/outputs/FY2026:downside/period_end | None | 2026-12-31 |
| /operating_model/outputs/FY2026:downside/values/adj_ebitda | None | 1237.4982901554404 |
| /operating_model/outputs/FY2026:downside/values/capex | None | 150.0 |
| /operating_model/outputs/FY2026:downside/values/cash_after_principal | None | -434.00170984455974 |
| /operating_model/outputs/FY2026:downside/values/cfo | None | 511.99829015544026 |
| /operating_model/outputs/FY2026:downside/values/debt_principal | None | 796.0 |
| /operating_model/outputs/FY2026:downside/values/fcf | None | 361.99829015544026 |
| /operating_model/outputs/FY2026:downside/values/operating_income | None | 612.4982901554403 |
| /operating_model/outputs/FY2026:downside/values/revenue | None | 3803.90829015544 |
| /operating_model/outputs/FY2026:upside/case | None | upside |
| /operating_model/outputs/FY2026:upside/frequency | None | year |
| /operating_model/outputs/FY2026:upside/metrics/adj_ebitda | None | upside_fy2026_adj_ebitda |
| /operating_model/outputs/FY2026:upside/metrics/capex | None | upside_fy2026_capex |
| /operating_model/outputs/FY2026:upside/metrics/cash_after_principal | None | upside_fy2026_cash_after_principal |
| /operating_model/outputs/FY2026:upside/metrics/cfo | None | upside_fy2026_cfo |
| /operating_model/outputs/FY2026:upside/metrics/debt_principal | None | upside_fy2026_debt_principal |
| /operating_model/outputs/FY2026:upside/metrics/fcf | None | upside_fy2026_fcf |
| /operating_model/outputs/FY2026:upside/metrics/operating_income | None | upside_fy2026_operating_income |
| /operating_model/outputs/FY2026:upside/metrics/revenue | None | upside_fy2026_revenue |
| /operating_model/outputs/FY2026:upside/period | None | FY2026 |
| /operating_model/outputs/FY2026:upside/period_end | None | 2026-12-31 |
| /operating_model/outputs/FY2026:upside/values/adj_ebitda | None | 1524.774896373057 |
| /operating_model/outputs/FY2026:upside/values/capex | None | 150.0 |
| /operating_model/outputs/FY2026:upside/values/cash_after_principal | None | -71.72510362694311 |
| /operating_model/outputs/FY2026:upside/values/cfo | None | 874.2748963730569 |
| /operating_model/outputs/FY2026:upside/values/debt_principal | None | 796.0 |
| /operating_model/outputs/FY2026:upside/values/fcf | None | 724.2748963730569 |
| /operating_model/outputs/FY2026:upside/values/operating_income | None | 899.7748963730569 |
| /operating_model/outputs/FY2026:upside/values/revenue | None | 4010.7898963730568 |
| /operating_model/outputs/FY2027:base/case | None | base |
| /operating_model/outputs/FY2027:base/frequency | None | year |
| /operating_model/outputs/FY2027:base/metrics/adj_ebitda | None | base_fy2027_adj_ebitda |
| /operating_model/outputs/FY2027:base/metrics/capex | None | base_fy2027_capex |
| /operating_model/outputs/FY2027:base/metrics/cash_after_principal | None | base_fy2027_cash_after_principal |
| /operating_model/outputs/FY2027:base/metrics/cfo | None | base_fy2027_cfo |
| /operating_model/outputs/FY2027:base/metrics/debt_principal | None | base_fy2027_debt_principal |
| /operating_model/outputs/FY2027:base/metrics/fcf | None | base_fy2027_fcf |
| /operating_model/outputs/FY2027:base/metrics/operating_income | None | base_fy2027_operating_income |
| /operating_model/outputs/FY2027:base/metrics/revenue | None | base_fy2027_revenue |
| /operating_model/outputs/FY2027:base/period | None | FY2027 |
| /operating_model/outputs/FY2027:base/period_end | None | 2027-12-31 |
| /operating_model/outputs/FY2027:base/values/adj_ebitda | None | 1638.9499999999998 |
| /operating_model/outputs/FY2027:base/values/capex | None | 190.0 |
| /operating_model/outputs/FY2027:base/values/cash_after_principal | None | 527.9499999999998 |
| /operating_model/outputs/FY2027:base/values/cfo | None | 1078.9499999999998 |
| /operating_model/outputs/FY2027:base/values/debt_principal | None | 361.0 |
| /operating_model/outputs/FY2027:base/values/fcf | None | 888.9499999999998 |
| /operating_model/outputs/FY2027:base/values/operating_income | None | 994.9499999999998 |
| /operating_model/outputs/FY2027:base/values/revenue | None | 4204.95 |
| /operating_model/outputs/FY2027:downside/case | None | downside |
| /operating_model/outputs/FY2027:downside/frequency | None | year |
| /operating_model/outputs/FY2027:downside/metrics/adj_ebitda | None | downside_fy2027_adj_ebitda |
| /operating_model/outputs/FY2027:downside/metrics/capex | None | downside_fy2027_capex |
| /operating_model/outputs/FY2027:downside/metrics/cash_after_principal | None | downside_fy2027_cash_after_principal |
| /operating_model/outputs/FY2027:downside/metrics/cfo | None | downside_fy2027_cfo |
| /operating_model/outputs/FY2027:downside/metrics/debt_principal | None | downside_fy2027_debt_principal |
| /operating_model/outputs/FY2027:downside/metrics/fcf | None | downside_fy2027_fcf |
| /operating_model/outputs/FY2027:downside/metrics/operating_income | None | downside_fy2027_operating_income |
| /operating_model/outputs/FY2027:downside/metrics/revenue | None | downside_fy2027_revenue |
| /operating_model/outputs/FY2027:downside/period | None | FY2027 |
| /operating_model/outputs/FY2027:downside/period_end | None | 2027-12-31 |
| /operating_model/outputs/FY2027:downside/values/adj_ebitda | None | 912.640414507772 |
| /operating_model/outputs/FY2027:downside/values/capex | None | 260.0 |
| /operating_model/outputs/FY2027:downside/values/cash_after_principal | None | -353.359585492228 |
| /operating_model/outputs/FY2027:downside/values/cfo | None | 267.640414507772 |
| /operating_model/outputs/FY2027:downside/values/debt_principal | None | 361.0 |
| /operating_model/outputs/FY2027:downside/values/fcf | None | 7.640414507771993 |
| /operating_model/outputs/FY2027:downside/values/operating_income | None | 268.640414507772 |
| /operating_model/outputs/FY2027:downside/values/revenue | None | 3622.640414507772 |
| /operating_model/outputs/FY2027:upside/case | None | upside |
| /operating_model/outputs/FY2027:upside/frequency | None | year |
| /operating_model/outputs/FY2027:upside/metrics/adj_ebitda | None | upside_fy2027_adj_ebitda |
| /operating_model/outputs/FY2027:upside/metrics/capex | None | upside_fy2027_capex |
| /operating_model/outputs/FY2027:upside/metrics/cash_after_principal | None | upside_fy2027_cash_after_principal |
| /operating_model/outputs/FY2027:upside/metrics/cfo | None | upside_fy2027_cfo |
| /operating_model/outputs/FY2027:upside/metrics/debt_principal | None | upside_fy2027_debt_principal |
| /operating_model/outputs/FY2027:upside/metrics/fcf | None | upside_fy2027_fcf |
| /operating_model/outputs/FY2027:upside/metrics/operating_income | None | upside_fy2027_operating_income |
| /operating_model/outputs/FY2027:upside/metrics/revenue | None | upside_fy2027_revenue |
| /operating_model/outputs/FY2027:upside/period | None | FY2027 |
| /operating_model/outputs/FY2027:upside/period_end | None | 2027-12-31 |
| /operating_model/outputs/FY2027:upside/values/adj_ebitda | None | 2137.9772020725386 |
| /operating_model/outputs/FY2027:upside/values/capex | None | 210.0 |
| /operating_model/outputs/FY2027:upside/values/cash_after_principal | None | 1046.9772020725388 |
| /operating_model/outputs/FY2027:upside/values/cfo | None | 1617.9772020725386 |
| /operating_model/outputs/FY2027:upside/values/debt_principal | None | 361.0 |
| /operating_model/outputs/FY2027:upside/values/fcf | None | 1407.9772020725388 |
| /operating_model/outputs/FY2027:upside/values/operating_income | None | 1493.9772020725386 |
| /operating_model/outputs/FY2027:upside/values/revenue | None | 4679.9772020725395 |
| /operating_model/reviewed_at | None | 2026-09-19 |
| /operating_model/schema_version | None | operating_model.v1 |
| /operating_model/title | None | Standalone drilling execution and cash after debt service |
| /research/change_note | None | Completed standalone fleet/cash model with conditional backlog, exchange-feature earnings and principal repayment separated. |
| /research/checkpoints/0/date_status | None | estimated |
| /research/checkpoints/0/event | None | Firm contract conversion |
| /research/checkpoints/0/timing | None | Fleet reports and partner approvals |
| /research/checkpoints/0/watch | None | Track Equinor conditions and actual KG2/Conqueror starts; separate options from firm terms. |
| /research/checkpoints/1/date_status | None | estimated |
| /research/checkpoints/1/event | None | Cash and debt service |
| /research/checkpoints/1/timing | None | Quarterly accounts |
| /research/checkpoints/1/watch | None | Reconcile CFO, restricted cash, mandatory principal and any voluntary redemptions. |
| /research/checkpoints/2/date_status | None | estimated |
| /research/checkpoints/2/event | None | Valaris transaction |
| /research/checkpoints/2/timing | None | Approval and closing announcements |
| /research/checkpoints/2/watch | None | Build a new consolidated ownership/debt model only when the transaction perimeter is established. |
| /research/countercase | None | Cash flow can improve while debt principal still absorbs it. Dayrate strength may be offset by idle days, mobilization, maintenance or working-capital timing. A merger would change debt, fleet mix and ownership enough that a standalone cash forecast cannot be read as combined-company value. |
| /research/economics | None | H1 contract revenue was $2.047B and CFO $400M. Capex of $52M leaves $348M before $586M debt repayments. June cash was $509M plus $286M restricted cash, versus $5.107B principal; $405M principal falls due in the next twelve months, while balance-sheet carrying values differ. Q2 net income includes a $134M exchange-feature gain within interest expense, which is not repeatable cash. Annual revenue guidance is $3.900B-$3.975B and Q3 $920M-$960M. September materials headline $7.7B backlog but footnote the $6.7B August base plus $1B Equinor work awaiting partner approvals. KG2 adds $300M for a two-year term starting Q1 2027 including services/mobilization; Conqueror adds $80M over 170 days excluding those items. These awards inform utilization scenarios but are not simply added to guided revenue. The proposed Valaris combination and $200M-plus synergy ambition remain outside this standalone model. |
| /research/limitations/0 | None | Standalone Transocean only. The Valaris acquisition remains proposed in reviewed September materials; no acquired sales, new deal shares, combined backlog or projected synergies are consolidated here. |
| /research/limitations/1 | None | Official August 5 backlog is approximately $6.7B. The September presentation headline $7.7B explicitly includes $1B Equinor work still subject to license-partner approval. Neither figure is annual revenue. |
| /research/limitations/2 | None | August KG2 $300M includes services and mobilization; September Conqueror $80M excludes those items. Unexercised options are not firm backlog, and awards are not added twice to a fleet revenue forecast. |
| /research/limitations/3 | None | Operating days, ancillary revenue and quarterly cost allocations are desk assumptions around guidance; this is not a rig-by-rig signed contract schedule. Dayrate units are $M per operating day. |
| /research/limitations/4 | None | GAAP operating earnings proxy assumes no new impairments/disposal gains. Exchange-feature marks and merger financing can materially change net income and diluted EPS, which are not forecast. |
| /research/limitations/5 | None | Debt principal timing is a desk allocation of disclosed twelve-month maturities, not a complete amortization schedule or refinancing commitment. Cash after principal excludes voluntary redemptions, deal costs outside the allowance, acquisitions and new financing. |
| /research/limitations/6 | None | Company liquidity includes restricted cash and revolving availability. June unrestricted cash of $509M is the relevant separate balance; no revolver capacity is treated as cash generated. |
| /research/question | None | How much standalone rig cash remains after interest, maintenance capex and scheduled principal? |
| /research/reviewed_at | None | 2026-09-19 |
| /research/risks/0 | None | Conditional awards and options may not become firm contracted work. |
| /research/risks/1 | None | Technical downtime and customer schedule changes reduce earned revenue. |
| /research/risks/2 | None | Reactivation and maintenance needs may exceed the modeled capex budget. |
| /research/risks/3 | None | Debt repayment/refinancing and exchangeable-bond marks complicate common earnings. |
| /research/risks/4 | None | Valaris approvals, closing terms and integration remain separate event risks. |
| /research/risks/5 | None | Offshore customer capital spending is cyclical and geographically concentrated. |
| /research/title | None | Backlog is useful only if execution survives the debt schedule |
| /sources/0/retrieved | None | 2026-09-19 |
| /sources/0/title | None | August 7 quarterly filing and maturities |
| /sources/0/url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm |
| /sources/1/retrieved | None | 2026-09-19 |
| /sources/1/title | None | August 5 earnings and annual/Q3 guidance |
| /sources/1/url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm |
| /sources/2/retrieved | None | 2026-09-19 |
| /sources/2/title | None | September conference deck and conditional backlog footnotes |
| /sources/2/url | None | https://investor.deepwater.com/static-files/bcd2d197-49bc-40fb-b296-e7c79f60b7e3 |
| /sources/3/retrieved | None | 2026-09-19 |
| /sources/3/title | None | August 20 KG2 binding award |
| /sources/3/url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000064/rig-20260820xex99d1.htm |
| /sources/4/retrieved | None | 2026-09-19 |
| /sources/4/title | None | September 15 Conqueror award |
| /sources/4/url | None | https://www.sec.gov/Archives/edgar/data/1451505/000145150526000068/rig-20260915xex99d1.htm |
| /thesis/scenario_ranges | None | Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands. |
| /thesis/view | Contract visibility can support cash generation, but the test is delivery after maintenance and debt service. A headline backlog including conditional work is not the same as booked firm revenue, and proposed merger economics need a separate ownership and financing bridge. | |
| /thesis/what_changes_it | Firm approvals, better utilization and consistent cash after principal would strengthen the case. Contract delays, reactivation costs or merger obligations exceeding the standalone cash capacity would weaken it. |