ALPHAFORGE RESEARCH · COMPANY FILE · ENERGY, MATERIALS & POWER

$RIG

Transocean Ltd. · NYSE · SIC 1381 · CIK 1451505 · revision 4 as of 2026-09-19

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Business

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.

Three drivers

Operating days, effective earned rates and revenue efficiency
Rig operating costs, mobilization and contract timing
Interest, capex and debt principal before common cash

Thesis

Our 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.

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.

Scenario ranges

Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	948.0¹	952.0†²	906.0³	988.0⁴	1,028.0¹	1,043.0†²	1,081.0³	966.0⁴
Gross profit ($M)	—	—	—	—	—	—	—	—
Operating income ($M)	-485.0⁵	130.0†⁶	64.0⁷	-964.0⁸	-1,677.0⁵	240.0†⁶	287.0⁷	152.0⁸
Net income ($M)	-494.0⁹	7.0†¹⁰	-79.0¹¹	-938.0¹²	-1,923.0⁹	25.0†¹⁰	71.0¹¹	170.0¹²
EPS, diluted ($)	-0.58¹³	—	-0.11¹⁴	-1.06¹⁵	-2.00¹³	—	0.06¹⁴	0.04¹⁵
Diluted shares (M)	954.0¹⁶	—	958.0¹⁷	888.0¹⁸	961.0¹⁶	—	1,124.0¹⁷	1,202.0¹⁸
Cash ($M)	435.0¹⁹	560.0²⁰	263.0²¹	377.0²²	833.0²³	620.0²⁴	330.0²⁵	509.0²⁴
Long-term debt ($M)	—	—	—	—	—	—	—	—
Cash from operations ($M)	194.0†²⁶	206.0†²⁷	26.0²⁸	128.0†²⁹	246.0†²⁶	349.0†²⁷	164.0²⁸	236.0†²⁹
Capex ($M)	58.0†³⁰	29.0†³¹	60.0³²	24.0†³³	11.0†³⁰	28.0†³¹	28.0³²	24.0†³³
Free cash flow ($M)	136.0†³⁴	177.0†³⁵	-34.0†³⁶	104.0†³⁷	235.0†³⁴	321.0†³⁵	136.0†³⁶	212.0†³⁷

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	940.0	—	2026-09-19	Desk base scenario. Revenue basis: Standalone contract revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	950.5	—	2026-09-19	Desk base scenario. Revenue basis: Standalone contract revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	1,009.2	—	2026-09-19	Desk base scenario. Revenue basis: Standalone contract revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	1,038.6	—	2026-09-19	Desk base scenario. Revenue basis: Standalone contract revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Standalone drilling execution and cash after debt service

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

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.

Reported anchors and guidance

Measure	Period	Value	Basis
FY2026 standalone revenue midpoint	FY2026	3,937.50	derived. Calculated midpoint of the company range; not an additional company forecast.
Q3 standalone revenue midpoint	2026Q3	940.00	derived. Calculated midpoint of the company range; not an additional company forecast.
H1 cfo	H1 2026	400.00	reported. Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. Source · 2026-08-07
H1 CFO less capex	H1 2026	348.00	derived. Reported cash flow baseline.
H1 debt principal	H1 2026	586.00	reported. Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. Source · 2026-08-07
H1 cash after principal	H1 2026	-238.00	derived. Includes H1 early debt retirement; no automatic forecast repetition.
cash	June/August 2026	509.00	reported. 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. Source · 2026-08-07
restricted cash	June/August 2026	286.00	reported. 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. Source · 2026-08-07
debt face	June/August 2026	5,107.00	reported. 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. Source · 2026-08-07
current debt face	June/August 2026	405.00	reported. 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. Source · 2026-08-07
current debt carrying	June/August 2026	397.00	reported. 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. Source · 2026-08-07
backlog august	June/August 2026	6,700.00	reported. 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. Source · 2026-08-07
equinor conditional	June/August 2026	1,000.00	reported. 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. Source · 2026-08-07
KG2 two-year award including services and mobilization	August 2026	300.00	reported. Binding letter of award for Q1 2027 start; optional extensions excluded. Source · 2026-08-20
Conqueror 170-day award excluding services and mobilization	September 2026	80.00	reported. Two wells starting in 2027; distinct award economics from KG2. Source · 2026-09-15
FY2026 capex guidance	FY2026	150.00	management guidance. Company approximate cash capital expenditure outlook. Source · 2026-08-05
q2 exchange gain	June/August 2026	134.00	reported. 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. Source · 2026-08-07

Downside scenario

Period	Operating cash flow proxy ($M)	CFO less capex ($M)	Cash capital expenditure ($M)	Standalone contract revenue ($M)	Adjusted EBITDA proxy ($M)	Debt principal repayments ($M)	GAAP operating income proxy ($M)	Cash after principal ($M)
2026Q3	-3.00	-48.00	45.00	873.60	190.00	105.00	34.00	-153.00
2026Q4	115.00	62.00	53.00	883.31	295.50	105.00	139.50	-43.00
2027Q1	49.82	-15.18	65.00	882.92	222.82	80.00	64.82	-95.18
2027Q2	63.66	-6.34	70.00	896.36	224.66	115.00	64.66	-121.34
FY2026	512.00	362.00	150.00	3,803.91	1,237.50	796.00	612.50	-434.00
FY2027	267.64	7.64	260.00	3,622.64	912.64	361.00	268.64	-353.36

Base scenario

Period	Operating cash flow proxy ($M)	CFO less capex ($M)	Cash capital expenditure ($M)	Standalone contract revenue ($M)	Adjusted EBITDA proxy ($M)	Debt principal repayments ($M)	GAAP operating income proxy ($M)	Cash after principal ($M)
2026Q3	130.00	85.00	45.00	940.00	293.00	105.00	137.00	-20.00
2026Q4	239.50	186.50	53.00	950.50	395.00	105.00	239.00	81.50
2027Q1	236.25	191.25	45.00	1,009.25	384.25	80.00	226.25	111.25
2027Q2	261.60	211.60	50.00	1,038.60	402.60	115.00	242.60	96.60
FY2026	769.50	619.50	150.00	3,937.50	1,440.00	796.00	815.00	-176.50
FY2027	1,078.95	888.95	190.00	4,204.95	1,638.95	361.00	994.95	527.95

Upside scenario

Period	Operating cash flow proxy ($M)	CFO less capex ($M)	Cash capital expenditure ($M)	Standalone contract revenue ($M)	Adjusted EBITDA proxy ($M)	Debt principal repayments ($M)	GAAP operating income proxy ($M)	Cash after principal ($M)
2026Q3	182.53	137.53	45.00	976.43	335.53	105.00	179.53	32.53
2026Q4	291.74	238.74	53.00	987.36	437.24	105.00	281.24	133.74
2027Q1	342.80	292.80	50.00	1,099.95	480.80	80.00	322.80	212.80
2027Q2	390.89	335.89	55.00	1,151.94	521.89	115.00	361.89	220.89
FY2026	874.27	724.27	150.00	4,010.79	1,524.77	796.00	899.77	-71.73
FY2027	1,617.98	1,407.98	210.00	4,679.98	2,137.98	361.00	1,493.98	1,046.98

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 2026 / shared	2,047.00 USD_millions	reported: Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. Primary source · 2026-08-07
H1 operating income h1_operating_income	H1 2026 / shared	439.00 USD_millions	reported: Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. Primary source · 2026-08-07
H1 adj ebitda h1_adj_ebitda	H1 2026 / shared	752.00 USD_millions	reported: Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. Primary source · 2026-08-07
H1 cfo h1_cfo	H1 2026 / shared	400.00 USD_millions	reported: Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. Primary source · 2026-08-07
H1 capex h1_capex	H1 2026 / shared	52.00 USD_millions	reported: Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. Primary source · 2026-08-07
H1 debt principal h1_debt_principal	H1 2026 / shared	586.00 USD_millions	reported: Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. Primary source · 2026-08-07
H1 da h1_da	H1 2026 / shared	291.00 USD_millions	reported: Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. Primary source · 2026-08-07
H1 sbc h1_sbc	H1 2026 / shared	15.00 USD_millions	reported: Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. Primary source · 2026-08-07
H1 net income h1_net_income	H1 2026 / shared	241.00 USD_millions	reported: Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. Primary source · 2026-08-07
H1 contract liability use h1_contract_liability_use	H1 2026 / shared	83.00 USD_millions	reported: Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. Primary source · 2026-08-07
H1 deferred cost source h1_deferred_cost_source	H1 2026 / shared	46.00 USD_millions	reported: Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release. Primary source · 2026-08-07
H1 CFO less capex h1_fcf	H1 2026 / shared	348.00 USD_millions	derived: Reported cash flow baseline. Formula: subtract(h1_cfo, h1_capex).
H1 cash after principal h1_cash_after_principal	H1 2026 / shared	-238.00 USD_millions	derived: Includes H1 early debt retirement; no automatic forecast repetition. Formula: subtract(h1_fcf, h1_debt_principal).
cash cash	June/August 2026 / shared	509.00 USD_millions	reported: 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. Primary source · 2026-08-07
restricted cash restricted_cash	June/August 2026 / shared	286.00 USD_millions	reported: 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. Primary source · 2026-08-07
debt face debt_face	June/August 2026 / shared	5,107.00 USD_millions	reported: 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. Primary source · 2026-08-07
debt carrying debt_carrying	June/August 2026 / shared	5,119.00 USD_millions	reported: 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. Primary source · 2026-08-07
current debt face current_debt_face	June/August 2026 / shared	405.00 USD_millions	reported: 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. Primary source · 2026-08-07
current debt carrying current_debt_carrying	June/August 2026 / shared	397.00 USD_millions	reported: 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. Primary source · 2026-08-07
backlog august backlog_august	June/August 2026 / shared	6,700.00 USD_millions	reported: 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. Primary source · 2026-08-07
equinor conditional equinor_conditional	June/August 2026 / shared	1,000.00 USD_millions	reported: 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. Primary source · 2026-08-07
q2 exchange gain q2_exchange_gain	June/August 2026 / shared	134.00 USD_millions	reported: 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. Primary source · 2026-08-07
q2 operating days q2_operating_days	June/August 2026 / shared	192,200.0% ratio	reported: 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. Primary source · 2026-08-07
q2 ancillary q2_ancillary	June/August 2026 / shared	57.85 USD_millions	assumption: 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. Primary source · 2026-08-07
KG2 two-year award including services and mobilization kg2_award	August 2026 / shared	300.00 USD_millions	reported: Binding letter of award for Q1 2027 start; optional extensions excluded. Primary source · 2026-08-20
Conqueror 170-day award excluding services and mobilization conqueror_award	September 2026 / shared	80.00 USD_millions	reported: Two wells starting in 2027; distinct award economics from KG2. Primary source · 2026-09-15
FY2026 standalone revenue low fy26_guide_low	FY2026 / shared	3,900.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
FY2026 standalone revenue high fy26_guide_high	FY2026 / shared	3,975.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
FY2026 standalone revenue endpoint sum fy26_guide_sum	FY2026 / shared	7,875.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_guide_low, fy26_guide_high).
FY2026 standalone revenue midpoint fy26_guide	FY2026 / shared	3,937.50 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_guide_sum, two).
Q3 standalone revenue low q3_guide_low	2026Q3 / shared	920.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
Q3 standalone revenue high q3_guide_high	2026Q3 / shared	960.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
Q3 standalone revenue endpoint sum q3_guide_sum	2026Q3 / shared	1,880.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_guide_low, q3_guide_high).
Q3 standalone revenue midpoint q3_guide	2026Q3 / shared	940.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_guide_sum, two).
FY2026 operating and maintenance expense low om_annual_low	FY2026 / shared	2,325.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
FY2026 operating and maintenance expense high om_annual_high	FY2026 / shared	2,400.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
FY2026 operating and maintenance expense endpoint sum om_annual_sum	FY2026 / shared	4,725.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(om_annual_low, om_annual_high).
FY2026 operating and maintenance expense midpoint om_annual	FY2026 / shared	2,362.50 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(om_annual_sum, two).
Q3 operating and maintenance expense low om_q3_low	2026Q3 / shared	595.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
Q3 operating and maintenance expense high om_q3_high	2026Q3 / shared	625.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
Q3 operating and maintenance expense endpoint sum om_q3_sum	2026Q3 / shared	1,220.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(om_q3_low, om_q3_high).
Q3 operating and maintenance expense midpoint om_q3	2026Q3 / shared	610.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(om_q3_sum, two).
FY2026 general and administrative expense low ga_annual_low	FY2026 / shared	170.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
FY2026 general and administrative expense high ga_annual_high	FY2026 / shared	180.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
FY2026 general and administrative expense endpoint sum ga_annual_sum	FY2026 / shared	350.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(ga_annual_low, ga_annual_high).
FY2026 general and administrative expense midpoint ga_annual	FY2026 / shared	175.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(ga_annual_sum, two).
FY2026 capex guidance cap_guide	FY2026 / shared	150.00 USD_millions	management guidance: Company approximate cash capital expenditure outlook. Primary source · 2026-08-05
H1 operating and maintenance h1_om	H1 2026 / shared	1,214.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 general and administrative h1_ga	H1 2026 / shared	105.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H2 guided revenue remaining_guide	H2 2026 / shared	1,890.50 USD_millions	derived: Full-year midpoint less reported H1. Formula: subtract(fy26_guide, h1_revenue).
Q4 revenue implied by annual and Q3 midpoints q4_guide_residual	2026Q4 / shared	950.50 USD_millions	derived: Desk residual, not separate Q4 company guidance. Formula: subtract(remaining_guide, q3_guide).
H2 operating and maintenance residual h2_om	H2 2026 / shared	1,148.50 USD_millions	derived: Annual midpoint less reported first half. Formula: subtract(om_annual, h1_om).
Q4 operating and maintenance residual q4_om	2026Q4 / shared	538.50 USD_millions	derived: Allocation residual; not separate company guidance. Formula: subtract(h2_om, om_q3).
H2 general and administrative residual h2_ga	H2 2026 / shared	70.00 USD_millions	derived: Annual midpoint less reported first half. Formula: subtract(ga_annual, h1_ga).
Ancillary and contract-accounting revenue downside_2026q3_ancillary	2026Q3 / downside	50.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day downside_2026q3_daily_rate	2026Q3 / downside	0.47 USD_millions	assumption: $0.475M/day at baseline efficiency; this is not the gross contractual dayrate.
Guided revenue less ancillary downside_2026q3_daily_sales_anchor	2026Q3 / downside	890.00 USD_millions	derived: Baseline dayrate-linked revenue. Formula: subtract(q3_guide, downside_2026q3_ancillary).
Baseline operating days downside_2026q3_implied_days	2026Q3 / downside	187,368.4% ratio	derived: Guidance-calibrated operating days, not disclosed fleet utilization. Formula: divide(downside_2026q3_daily_sales_anchor, downside_2026q3_daily_rate).
Operating-days delivery factor downside_2026q3_execution	2026Q3 / downside	95.0% ratio	assumption: Desk assumption, not company guidance.
Scenario operating days downside_2026q3_operating_days	2026Q3 / downside	178,000.0% ratio	derived: Changes activity without adding backlog a second time. Formula: multiply(downside_2026q3_implied_days, downside_2026q3_execution).
Revenue efficiency downside_2026q3_efficiency	2026Q3 / downside	94.0% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency downside_2026q3_eff_baseline	2026Q3 / downside	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance downside_2026q3_eff_ratio	2026Q3 / downside	97.4% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(downside_2026q3_efficiency, downside_2026q3_eff_baseline).
Dayrate-linked revenue downside_2026q3_dayrate_sales	2026Q3 / downside	823.60 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(downside_2026q3_operating_days, downside_2026q3_daily_rate, downside_2026q3_eff_ratio).
Standalone contract revenue downside_2026q3_revenue	2026Q3 / downside	873.60 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(downside_2026q3_dayrate_sales, downside_2026q3_ancillary).
Operating-cost stress factor downside_2026q3_cost_factor	2026Q3 / downside	106.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance downside_2026q3_om_cost	2026Q3 / downside	646.60 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(om_q3, downside_2026q3_cost_factor).
General and administrative downside_2026q3_ga	2026Q3 / downside	45.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization downside_2026q3_da	2026Q3 / downside	148.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation downside_2026q3_sbc	2026Q3 / downside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs downside_2026q3_operating_cost	2026Q3 / downside	839.60 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(downside_2026q3_om_cost, downside_2026q3_ga, downside_2026q3_da).
GAAP operating income proxy downside_2026q3_operating_income	2026Q3 / downside	34.00 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(downside_2026q3_revenue, downside_2026q3_operating_cost).
Adjusted EBITDA proxy downside_2026q3_adj_ebitda	2026Q3 / downside	190.00 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(downside_2026q3_operating_income, downside_2026q3_da, downside_2026q3_sbc).
Net cash interest downside_2026q3_cash_interest	2026Q3 / downside	100.50 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes downside_2026q3_cash_tax	2026Q3 / downside	27.50 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use downside_2026q3_wc_use	2026Q3 / downside	65.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses downside_2026q3_cash_uses	2026Q3 / downside	193.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(downside_2026q3_cash_interest, downside_2026q3_cash_tax, downside_2026q3_wc_use).
Operating cash flow proxy downside_2026q3_cfo	2026Q3 / downside	-3.00 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(downside_2026q3_adj_ebitda, downside_2026q3_cash_uses).
Cash capital expenditure downside_2026q3_capex	2026Q3 / downside	45.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex downside_2026q3_fcf	2026Q3 / downside	-48.00 USD_millions	derived: Before financing principal. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Scheduled principal repayment allocation downside_2026q3_debt_principal	2026Q3 / downside	105.00 USD_millions	assumption: 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.
Cash after principal downside_2026q3_cash_after_principal	2026Q3 / downside	-153.00 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(downside_2026q3_fcf, downside_2026q3_debt_principal).
Ancillary and contract-accounting revenue downside_2026q4_ancillary	2026Q4 / downside	50.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day downside_2026q4_daily_rate	2026Q4 / downside	0.47 USD_millions	assumption: $0.475M/day at baseline efficiency; this is not the gross contractual dayrate.
Guided revenue less ancillary downside_2026q4_daily_sales_anchor	2026Q4 / downside	900.50 USD_millions	derived: Baseline dayrate-linked revenue. Formula: subtract(q4_guide_residual, downside_2026q4_ancillary).
Baseline operating days downside_2026q4_implied_days	2026Q4 / downside	189,578.9% ratio	derived: Guidance-calibrated operating days, not disclosed fleet utilization. Formula: divide(downside_2026q4_daily_sales_anchor, downside_2026q4_daily_rate).
Operating-days delivery factor downside_2026q4_execution	2026Q4 / downside	95.0% ratio	assumption: Desk assumption, not company guidance.
Scenario operating days downside_2026q4_operating_days	2026Q4 / downside	180,100.0% ratio	derived: Changes activity without adding backlog a second time. Formula: multiply(downside_2026q4_implied_days, downside_2026q4_execution).
Revenue efficiency downside_2026q4_efficiency	2026Q4 / downside	94.0% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency downside_2026q4_eff_baseline	2026Q4 / downside	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance downside_2026q4_eff_ratio	2026Q4 / downside	97.4% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(downside_2026q4_efficiency, downside_2026q4_eff_baseline).
Dayrate-linked revenue downside_2026q4_dayrate_sales	2026Q4 / downside	833.31 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(downside_2026q4_operating_days, downside_2026q4_daily_rate, downside_2026q4_eff_ratio).
Standalone contract revenue downside_2026q4_revenue	2026Q4 / downside	883.31 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(downside_2026q4_dayrate_sales, downside_2026q4_ancillary).
Operating-cost stress factor downside_2026q4_cost_factor	2026Q4 / downside	106.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance downside_2026q4_om_cost	2026Q4 / downside	570.81 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(q4_om, downside_2026q4_cost_factor).
Q3 G&A budget downside_2026q4_q3_ga	2026Q4 / downside	45.00 USD_millions	assumption: Desk assumption, not company guidance.
General and administrative downside_2026q4_ga	2026Q4 / downside	25.00 USD_millions	derived: Q4 annual-midpoint residual. Formula: subtract(h2_ga, downside_2026q4_q3_ga).
Depreciation and amortization downside_2026q4_da	2026Q4 / downside	148.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation downside_2026q4_sbc	2026Q4 / downside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs downside_2026q4_operating_cost	2026Q4 / downside	743.81 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(downside_2026q4_om_cost, downside_2026q4_ga, downside_2026q4_da).
GAAP operating income proxy downside_2026q4_operating_income	2026Q4 / downside	139.50 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(downside_2026q4_revenue, downside_2026q4_operating_cost).
Adjusted EBITDA proxy downside_2026q4_adj_ebitda	2026Q4 / downside	295.50 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(downside_2026q4_operating_income, downside_2026q4_da, downside_2026q4_sbc).
Net cash interest downside_2026q4_cash_interest	2026Q4 / downside	103.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes downside_2026q4_cash_tax	2026Q4 / downside	27.50 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use downside_2026q4_wc_use	2026Q4 / downside	50.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses downside_2026q4_cash_uses	2026Q4 / downside	180.50 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(downside_2026q4_cash_interest, downside_2026q4_cash_tax, downside_2026q4_wc_use).
Operating cash flow proxy downside_2026q4_cfo	2026Q4 / downside	115.00 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(downside_2026q4_adj_ebitda, downside_2026q4_cash_uses).
Cash capital expenditure downside_2026q4_capex	2026Q4 / downside	53.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex downside_2026q4_fcf	2026Q4 / downside	62.00 USD_millions	derived: Before financing principal. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Scheduled principal repayment allocation downside_2026q4_debt_principal	2026Q4 / downside	105.00 USD_millions	assumption: 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.
Cash after principal downside_2026q4_cash_after_principal	2026Q4 / downside	-43.00 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(downside_2026q4_fcf, downside_2026q4_debt_principal).
Ancillary and contract-accounting revenue downside_2027q1_ancillary	2027Q1 / downside	45.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day downside_2027q1_daily_rate	2027Q1 / downside	0.46 USD_millions	assumption: USD millions per operating day; standalone fleet average desk sensitivity.
Operating days downside_2027q1_operating_days	2027Q1 / downside	187,000.0% ratio	assumption: Desk assumption, not company guidance.
Revenue efficiency downside_2027q1_efficiency	2027Q1 / downside	94.0% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency downside_2027q1_eff_baseline	2027Q1 / downside	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance downside_2027q1_eff_ratio	2027Q1 / downside	97.4% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(downside_2027q1_efficiency, downside_2027q1_eff_baseline).
Dayrate-linked revenue downside_2027q1_dayrate_sales	2027Q1 / downside	837.92 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(downside_2027q1_operating_days, downside_2027q1_daily_rate, downside_2027q1_eff_ratio).
Standalone contract revenue downside_2027q1_revenue	2027Q1 / downside	882.92 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(downside_2027q1_dayrate_sales, downside_2027q1_ancillary).
Standalone operating maintenance budget downside_2027q1_om_anchor	2027Q1 / downside	585.00 USD_millions	assumption: Desk assumption, not company guidance.
Operating-cost stress factor downside_2027q1_cost_factor	2027Q1 / downside	106.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance downside_2027q1_om_cost	2027Q1 / downside	620.10 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(downside_2027q1_om_anchor, downside_2027q1_cost_factor).
General and administrative downside_2027q1_ga	2027Q1 / downside	48.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization downside_2027q1_da	2027Q1 / downside	150.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation downside_2027q1_sbc	2027Q1 / downside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs downside_2027q1_operating_cost	2027Q1 / downside	818.10 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(downside_2027q1_om_cost, downside_2027q1_ga, downside_2027q1_da).
GAAP operating income proxy downside_2027q1_operating_income	2027Q1 / downside	64.82 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(downside_2027q1_revenue, downside_2027q1_operating_cost).
Adjusted EBITDA proxy downside_2027q1_adj_ebitda	2027Q1 / downside	222.82 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(downside_2027q1_operating_income, downside_2027q1_da, downside_2027q1_sbc).
Net cash interest downside_2027q1_cash_interest	2027Q1 / downside	98.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes downside_2027q1_cash_tax	2027Q1 / downside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use downside_2027q1_wc_use	2027Q1 / downside	50.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses downside_2027q1_cash_uses	2027Q1 / downside	173.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(downside_2027q1_cash_interest, downside_2027q1_cash_tax, downside_2027q1_wc_use).
Operating cash flow proxy downside_2027q1_cfo	2027Q1 / downside	49.82 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(downside_2027q1_adj_ebitda, downside_2027q1_cash_uses).
Cash capital expenditure downside_2027q1_capex	2027Q1 / downside	65.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex downside_2027q1_fcf	2027Q1 / downside	-15.18 USD_millions	derived: Before financing principal. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Scheduled principal repayment allocation downside_2027q1_debt_principal	2027Q1 / downside	80.00 USD_millions	assumption: 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.
Cash after principal downside_2027q1_cash_after_principal	2027Q1 / downside	-95.18 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(downside_2027q1_fcf, downside_2027q1_debt_principal).
Ancillary and contract-accounting revenue downside_2027q2_ancillary	2027Q2 / downside	45.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day downside_2027q2_daily_rate	2027Q2 / downside	0.46 USD_millions	assumption: USD millions per operating day; standalone fleet average desk sensitivity.
Operating days downside_2027q2_operating_days	2027Q2 / downside	190,000.0% ratio	assumption: Desk assumption, not company guidance.
Revenue efficiency downside_2027q2_efficiency	2027Q2 / downside	94.0% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency downside_2027q2_eff_baseline	2027Q2 / downside	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance downside_2027q2_eff_ratio	2027Q2 / downside	97.4% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(downside_2027q2_efficiency, downside_2027q2_eff_baseline).
Dayrate-linked revenue downside_2027q2_dayrate_sales	2027Q2 / downside	851.36 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(downside_2027q2_operating_days, downside_2027q2_daily_rate, downside_2027q2_eff_ratio).
Standalone contract revenue downside_2027q2_revenue	2027Q2 / downside	896.36 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(downside_2027q2_dayrate_sales, downside_2027q2_ancillary).
Standalone operating maintenance budget downside_2027q2_om_anchor	2027Q2 / downside	595.00 USD_millions	assumption: Desk assumption, not company guidance.
Operating-cost stress factor downside_2027q2_cost_factor	2027Q2 / downside	106.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance downside_2027q2_om_cost	2027Q2 / downside	630.70 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(downside_2027q2_om_anchor, downside_2027q2_cost_factor).
General and administrative downside_2027q2_ga	2027Q2 / downside	49.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization downside_2027q2_da	2027Q2 / downside	152.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation downside_2027q2_sbc	2027Q2 / downside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs downside_2027q2_operating_cost	2027Q2 / downside	831.70 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(downside_2027q2_om_cost, downside_2027q2_ga, downside_2027q2_da).
GAAP operating income proxy downside_2027q2_operating_income	2027Q2 / downside	64.66 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(downside_2027q2_revenue, downside_2027q2_operating_cost).
Adjusted EBITDA proxy downside_2027q2_adj_ebitda	2027Q2 / downside	224.66 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(downside_2027q2_operating_income, downside_2027q2_da, downside_2027q2_sbc).
Net cash interest downside_2027q2_cash_interest	2027Q2 / downside	96.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes downside_2027q2_cash_tax	2027Q2 / downside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use downside_2027q2_wc_use	2027Q2 / downside	40.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses downside_2027q2_cash_uses	2027Q2 / downside	161.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(downside_2027q2_cash_interest, downside_2027q2_cash_tax, downside_2027q2_wc_use).
Operating cash flow proxy downside_2027q2_cfo	2027Q2 / downside	63.66 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(downside_2027q2_adj_ebitda, downside_2027q2_cash_uses).
Cash capital expenditure downside_2027q2_capex	2027Q2 / downside	70.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex downside_2027q2_fcf	2027Q2 / downside	-6.34 USD_millions	derived: Before financing principal. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Scheduled principal repayment allocation downside_2027q2_debt_principal	2027Q2 / downside	115.00 USD_millions	assumption: 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.
Cash after principal downside_2027q2_cash_after_principal	2027Q2 / downside	-121.34 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(downside_2027q2_fcf, downside_2027q2_debt_principal).
Ancillary and contract-accounting revenue downside_2027q3_ancillary	2027Q3 / downside	45.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day downside_2027q3_daily_rate	2027Q3 / downside	0.47 USD_millions	assumption: USD millions per operating day; standalone fleet average desk sensitivity.
Operating days downside_2027q3_operating_days	2027Q3 / downside	190,000.0% ratio	assumption: Desk assumption, not company guidance.
Revenue efficiency downside_2027q3_efficiency	2027Q3 / downside	94.0% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency downside_2027q3_eff_baseline	2027Q3 / downside	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance downside_2027q3_eff_ratio	2027Q3 / downside	97.4% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(downside_2027q3_efficiency, downside_2027q3_eff_baseline).
Dayrate-linked revenue downside_2027q3_dayrate_sales	2027Q3 / downside	860.61 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(downside_2027q3_operating_days, downside_2027q3_daily_rate, downside_2027q3_eff_ratio).
Standalone contract revenue downside_2027q3_revenue	2027Q3 / downside	905.61 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(downside_2027q3_dayrate_sales, downside_2027q3_ancillary).
Standalone operating maintenance budget downside_2027q3_om_anchor	2027Q3 / downside	605.00 USD_millions	assumption: Desk assumption, not company guidance.
Operating-cost stress factor downside_2027q3_cost_factor	2027Q3 / downside	106.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance downside_2027q3_om_cost	2027Q3 / downside	641.30 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(downside_2027q3_om_anchor, downside_2027q3_cost_factor).
General and administrative downside_2027q3_ga	2027Q3 / downside	50.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization downside_2027q3_da	2027Q3 / downside	154.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation downside_2027q3_sbc	2027Q3 / downside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs downside_2027q3_operating_cost	2027Q3 / downside	845.30 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(downside_2027q3_om_cost, downside_2027q3_ga, downside_2027q3_da).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	60.31 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(downside_2027q3_revenue, downside_2027q3_operating_cost).
Adjusted EBITDA proxy downside_2027q3_adj_ebitda	2027Q3 / downside	222.31 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(downside_2027q3_operating_income, downside_2027q3_da, downside_2027q3_sbc).
Net cash interest downside_2027q3_cash_interest	2027Q3 / downside	94.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes downside_2027q3_cash_tax	2027Q3 / downside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use downside_2027q3_wc_use	2027Q3 / downside	40.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses downside_2027q3_cash_uses	2027Q3 / downside	159.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(downside_2027q3_cash_interest, downside_2027q3_cash_tax, downside_2027q3_wc_use).
Operating cash flow proxy downside_2027q3_cfo	2027Q3 / downside	63.31 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(downside_2027q3_adj_ebitda, downside_2027q3_cash_uses).
Cash capital expenditure downside_2027q3_capex	2027Q3 / downside	65.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex downside_2027q3_fcf	2027Q3 / downside	-1.69 USD_millions	derived: Before financing principal. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Scheduled principal repayment allocation downside_2027q3_debt_principal	2027Q3 / downside	83.00 USD_millions	assumption: 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.
Cash after principal downside_2027q3_cash_after_principal	2027Q3 / downside	-84.69 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(downside_2027q3_fcf, downside_2027q3_debt_principal).
Ancillary and contract-accounting revenue downside_2027q4_ancillary	2027Q4 / downside	45.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day downside_2027q4_daily_rate	2027Q4 / downside	0.47 USD_millions	assumption: USD millions per operating day; standalone fleet average desk sensitivity.
Operating days downside_2027q4_operating_days	2027Q4 / downside	195,000.0% ratio	assumption: Desk assumption, not company guidance.
Revenue efficiency downside_2027q4_efficiency	2027Q4 / downside	94.0% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency downside_2027q4_eff_baseline	2027Q4 / downside	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance downside_2027q4_eff_ratio	2027Q4 / downside	97.4% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(downside_2027q4_efficiency, downside_2027q4_eff_baseline).
Dayrate-linked revenue downside_2027q4_dayrate_sales	2027Q4 / downside	892.76 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(downside_2027q4_operating_days, downside_2027q4_daily_rate, downside_2027q4_eff_ratio).
Standalone contract revenue downside_2027q4_revenue	2027Q4 / downside	937.76 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(downside_2027q4_dayrate_sales, downside_2027q4_ancillary).
Standalone operating maintenance budget downside_2027q4_om_anchor	2027Q4 / downside	615.00 USD_millions	assumption: Desk assumption, not company guidance.
Operating-cost stress factor downside_2027q4_cost_factor	2027Q4 / downside	106.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance downside_2027q4_om_cost	2027Q4 / downside	651.90 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(downside_2027q4_om_anchor, downside_2027q4_cost_factor).
General and administrative downside_2027q4_ga	2027Q4 / downside	51.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization downside_2027q4_da	2027Q4 / downside	156.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation downside_2027q4_sbc	2027Q4 / downside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs downside_2027q4_operating_cost	2027Q4 / downside	858.90 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(downside_2027q4_om_cost, downside_2027q4_ga, downside_2027q4_da).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	78.86 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(downside_2027q4_revenue, downside_2027q4_operating_cost).
Adjusted EBITDA proxy downside_2027q4_adj_ebitda	2027Q4 / downside	242.86 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(downside_2027q4_operating_income, downside_2027q4_da, downside_2027q4_sbc).
Net cash interest downside_2027q4_cash_interest	2027Q4 / downside	92.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes downside_2027q4_cash_tax	2027Q4 / downside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use downside_2027q4_wc_use	2027Q4 / downside	35.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses downside_2027q4_cash_uses	2027Q4 / downside	152.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(downside_2027q4_cash_interest, downside_2027q4_cash_tax, downside_2027q4_wc_use).
Operating cash flow proxy downside_2027q4_cfo	2027Q4 / downside	90.86 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(downside_2027q4_adj_ebitda, downside_2027q4_cash_uses).
Cash capital expenditure downside_2027q4_capex	2027Q4 / downside	60.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex downside_2027q4_fcf	2027Q4 / downside	30.86 USD_millions	derived: Before financing principal. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Scheduled principal repayment allocation downside_2027q4_debt_principal	2027Q4 / downside	83.00 USD_millions	assumption: Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ.
Cash after principal downside_2027q4_cash_after_principal	2027Q4 / downside	-52.14 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(downside_2027q4_fcf, downside_2027q4_debt_principal).
Standalone contract revenue ($M) downside_fy2026_revenue	FY2026 / downside	3,803.91 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
GAAP operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	612.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Adjusted EBITDA proxy ($M) downside_fy2026_adj_ebitda	FY2026 / downside	1,237.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, downside_2026q3_adj_ebitda, downside_2026q4_adj_ebitda).
Operating cash flow proxy ($M) downside_fy2026_cfo	FY2026 / downside	512.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Cash capital expenditure ($M) downside_fy2026_capex	FY2026 / downside	150.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
CFO less capex ($M) downside_fy2026_fcf	FY2026 / downside	362.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf).
Debt principal repayments ($M) downside_fy2026_debt_principal	FY2026 / downside	796.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, downside_2026q3_debt_principal, downside_2026q4_debt_principal).
Cash after principal ($M) downside_fy2026_cash_after_principal	FY2026 / downside	-434.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_principal, downside_2026q3_cash_after_principal, downside_2026q4_cash_after_principal).
Standalone contract revenue ($M) downside_fy2027_revenue	FY2027 / downside	3,622.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	268.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Adjusted EBITDA proxy ($M) downside_fy2027_adj_ebitda	FY2027 / downside	912.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adj_ebitda, downside_2027q2_adj_ebitda, downside_2027q3_adj_ebitda, downside_2027q4_adj_ebitda).
Operating cash flow proxy ($M) downside_fy2027_cfo	FY2027 / downside	267.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Cash capital expenditure ($M) downside_fy2027_capex	FY2027 / downside	260.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less capex ($M) downside_fy2027_fcf	FY2027 / downside	7.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
Debt principal repayments ($M) downside_fy2027_debt_principal	FY2027 / downside	361.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_debt_principal, downside_2027q2_debt_principal, downside_2027q3_debt_principal, downside_2027q4_debt_principal).
Cash after principal ($M) downside_fy2027_cash_after_principal	FY2027 / downside	-353.36 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_principal, downside_2027q2_cash_after_principal, downside_2027q3_cash_after_principal, downside_2027q4_cash_after_principal).
Ancillary and contract-accounting revenue base_2026q3_ancillary	2026Q3 / base	50.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day base_2026q3_daily_rate	2026Q3 / base	0.47 USD_millions	assumption: $0.475M/day at baseline efficiency; this is not the gross contractual dayrate.
Guided revenue less ancillary base_2026q3_daily_sales_anchor	2026Q3 / base	890.00 USD_millions	derived: Baseline dayrate-linked revenue. Formula: subtract(q3_guide, base_2026q3_ancillary).
Baseline operating days base_2026q3_implied_days	2026Q3 / base	187,368.4% ratio	derived: Guidance-calibrated operating days, not disclosed fleet utilization. Formula: divide(base_2026q3_daily_sales_anchor, base_2026q3_daily_rate).
Operating-days delivery factor base_2026q3_execution	2026Q3 / base	100.0% ratio	assumption: Desk assumption, not company guidance.
Scenario operating days base_2026q3_operating_days	2026Q3 / base	187,368.4% ratio	derived: Changes activity without adding backlog a second time. Formula: multiply(base_2026q3_implied_days, base_2026q3_execution).
Revenue efficiency base_2026q3_efficiency	2026Q3 / base	96.5% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency base_2026q3_eff_baseline	2026Q3 / base	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance base_2026q3_eff_ratio	2026Q3 / base	100.0% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(base_2026q3_efficiency, base_2026q3_eff_baseline).
Dayrate-linked revenue base_2026q3_dayrate_sales	2026Q3 / base	890.00 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(base_2026q3_operating_days, base_2026q3_daily_rate, base_2026q3_eff_ratio).
Standalone contract revenue base_2026q3_revenue	2026Q3 / base	940.00 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(base_2026q3_dayrate_sales, base_2026q3_ancillary).
Operating-cost stress factor base_2026q3_cost_factor	2026Q3 / base	100.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance base_2026q3_om_cost	2026Q3 / base	610.00 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(om_q3, base_2026q3_cost_factor).
General and administrative base_2026q3_ga	2026Q3 / base	45.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization base_2026q3_da	2026Q3 / base	148.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation base_2026q3_sbc	2026Q3 / base	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs base_2026q3_operating_cost	2026Q3 / base	803.00 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(base_2026q3_om_cost, base_2026q3_ga, base_2026q3_da).
GAAP operating income proxy base_2026q3_operating_income	2026Q3 / base	137.00 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(base_2026q3_revenue, base_2026q3_operating_cost).
Adjusted EBITDA proxy base_2026q3_adj_ebitda	2026Q3 / base	293.00 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(base_2026q3_operating_income, base_2026q3_da, base_2026q3_sbc).
Net cash interest base_2026q3_cash_interest	2026Q3 / base	100.50 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes base_2026q3_cash_tax	2026Q3 / base	27.50 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use base_2026q3_wc_use	2026Q3 / base	35.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses base_2026q3_cash_uses	2026Q3 / base	163.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(base_2026q3_cash_interest, base_2026q3_cash_tax, base_2026q3_wc_use).
Operating cash flow proxy base_2026q3_cfo	2026Q3 / base	130.00 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(base_2026q3_adj_ebitda, base_2026q3_cash_uses).
Cash capital expenditure base_2026q3_capex	2026Q3 / base	45.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex base_2026q3_fcf	2026Q3 / base	85.00 USD_millions	derived: Before financing principal. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Scheduled principal repayment allocation base_2026q3_debt_principal	2026Q3 / base	105.00 USD_millions	assumption: 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.
Cash after principal base_2026q3_cash_after_principal	2026Q3 / base	-20.00 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(base_2026q3_fcf, base_2026q3_debt_principal).
Ancillary and contract-accounting revenue base_2026q4_ancillary	2026Q4 / base	50.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day base_2026q4_daily_rate	2026Q4 / base	0.47 USD_millions	assumption: $0.475M/day at baseline efficiency; this is not the gross contractual dayrate.
Guided revenue less ancillary base_2026q4_daily_sales_anchor	2026Q4 / base	900.50 USD_millions	derived: Baseline dayrate-linked revenue. Formula: subtract(q4_guide_residual, base_2026q4_ancillary).
Baseline operating days base_2026q4_implied_days	2026Q4 / base	189,578.9% ratio	derived: Guidance-calibrated operating days, not disclosed fleet utilization. Formula: divide(base_2026q4_daily_sales_anchor, base_2026q4_daily_rate).
Operating-days delivery factor base_2026q4_execution	2026Q4 / base	100.0% ratio	assumption: Desk assumption, not company guidance.
Scenario operating days base_2026q4_operating_days	2026Q4 / base	189,578.9% ratio	derived: Changes activity without adding backlog a second time. Formula: multiply(base_2026q4_implied_days, base_2026q4_execution).
Revenue efficiency base_2026q4_efficiency	2026Q4 / base	96.5% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency base_2026q4_eff_baseline	2026Q4 / base	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance base_2026q4_eff_ratio	2026Q4 / base	100.0% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(base_2026q4_efficiency, base_2026q4_eff_baseline).
Dayrate-linked revenue base_2026q4_dayrate_sales	2026Q4 / base	900.50 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(base_2026q4_operating_days, base_2026q4_daily_rate, base_2026q4_eff_ratio).
Standalone contract revenue base_2026q4_revenue	2026Q4 / base	950.50 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(base_2026q4_dayrate_sales, base_2026q4_ancillary).
Operating-cost stress factor base_2026q4_cost_factor	2026Q4 / base	100.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance base_2026q4_om_cost	2026Q4 / base	538.50 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(q4_om, base_2026q4_cost_factor).
Q3 G&A budget base_2026q4_q3_ga	2026Q4 / base	45.00 USD_millions	assumption: Desk assumption, not company guidance.
General and administrative base_2026q4_ga	2026Q4 / base	25.00 USD_millions	derived: Q4 annual-midpoint residual. Formula: subtract(h2_ga, base_2026q4_q3_ga).
Depreciation and amortization base_2026q4_da	2026Q4 / base	148.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation base_2026q4_sbc	2026Q4 / base	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs base_2026q4_operating_cost	2026Q4 / base	711.50 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(base_2026q4_om_cost, base_2026q4_ga, base_2026q4_da).
GAAP operating income proxy base_2026q4_operating_income	2026Q4 / base	239.00 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(base_2026q4_revenue, base_2026q4_operating_cost).
Adjusted EBITDA proxy base_2026q4_adj_ebitda	2026Q4 / base	395.00 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(base_2026q4_operating_income, base_2026q4_da, base_2026q4_sbc).
Net cash interest base_2026q4_cash_interest	2026Q4 / base	103.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes base_2026q4_cash_tax	2026Q4 / base	27.50 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use base_2026q4_wc_use	2026Q4 / base	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses base_2026q4_cash_uses	2026Q4 / base	155.50 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(base_2026q4_cash_interest, base_2026q4_cash_tax, base_2026q4_wc_use).
Operating cash flow proxy base_2026q4_cfo	2026Q4 / base	239.50 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(base_2026q4_adj_ebitda, base_2026q4_cash_uses).
Cash capital expenditure base_2026q4_capex	2026Q4 / base	53.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex base_2026q4_fcf	2026Q4 / base	186.50 USD_millions	derived: Before financing principal. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Scheduled principal repayment allocation base_2026q4_debt_principal	2026Q4 / base	105.00 USD_millions	assumption: 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.
Cash after principal base_2026q4_cash_after_principal	2026Q4 / base	81.50 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(base_2026q4_fcf, base_2026q4_debt_principal).
Ancillary and contract-accounting revenue base_2027q1_ancillary	2027Q1 / base	45.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day base_2027q1_daily_rate	2027Q1 / base	0.47 USD_millions	assumption: USD millions per operating day; standalone fleet average desk sensitivity.
Operating days base_2027q1_operating_days	2027Q1 / base	203,000.0% ratio	assumption: Desk assumption, not company guidance.
Revenue efficiency base_2027q1_efficiency	2027Q1 / base	96.5% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency base_2027q1_eff_baseline	2027Q1 / base	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance base_2027q1_eff_ratio	2027Q1 / base	100.0% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(base_2027q1_efficiency, base_2027q1_eff_baseline).
Dayrate-linked revenue base_2027q1_dayrate_sales	2027Q1 / base	964.25 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(base_2027q1_operating_days, base_2027q1_daily_rate, base_2027q1_eff_ratio).
Standalone contract revenue base_2027q1_revenue	2027Q1 / base	1,009.25 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(base_2027q1_dayrate_sales, base_2027q1_ancillary).
Standalone operating maintenance budget base_2027q1_om_anchor	2027Q1 / base	585.00 USD_millions	assumption: Desk assumption, not company guidance.
Operating-cost stress factor base_2027q1_cost_factor	2027Q1 / base	100.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance base_2027q1_om_cost	2027Q1 / base	585.00 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(base_2027q1_om_anchor, base_2027q1_cost_factor).
General and administrative base_2027q1_ga	2027Q1 / base	48.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization base_2027q1_da	2027Q1 / base	150.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation base_2027q1_sbc	2027Q1 / base	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs base_2027q1_operating_cost	2027Q1 / base	783.00 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(base_2027q1_om_cost, base_2027q1_ga, base_2027q1_da).
GAAP operating income proxy base_2027q1_operating_income	2027Q1 / base	226.25 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(base_2027q1_revenue, base_2027q1_operating_cost).
Adjusted EBITDA proxy base_2027q1_adj_ebitda	2027Q1 / base	384.25 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(base_2027q1_operating_income, base_2027q1_da, base_2027q1_sbc).
Net cash interest base_2027q1_cash_interest	2027Q1 / base	98.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes base_2027q1_cash_tax	2027Q1 / base	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use base_2027q1_wc_use	2027Q1 / base	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses base_2027q1_cash_uses	2027Q1 / base	148.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(base_2027q1_cash_interest, base_2027q1_cash_tax, base_2027q1_wc_use).
Operating cash flow proxy base_2027q1_cfo	2027Q1 / base	236.25 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(base_2027q1_adj_ebitda, base_2027q1_cash_uses).
Cash capital expenditure base_2027q1_capex	2027Q1 / base	45.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex base_2027q1_fcf	2027Q1 / base	191.25 USD_millions	derived: Before financing principal. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Scheduled principal repayment allocation base_2027q1_debt_principal	2027Q1 / base	80.00 USD_millions	assumption: 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.
Cash after principal base_2027q1_cash_after_principal	2027Q1 / base	111.25 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(base_2027q1_fcf, base_2027q1_debt_principal).
Ancillary and contract-accounting revenue base_2027q2_ancillary	2027Q2 / base	45.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day base_2027q2_daily_rate	2027Q2 / base	0.48 USD_millions	assumption: USD millions per operating day; standalone fleet average desk sensitivity.
Operating days base_2027q2_operating_days	2027Q2 / base	207,000.0% ratio	assumption: Desk assumption, not company guidance.
Revenue efficiency base_2027q2_efficiency	2027Q2 / base	96.5% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency base_2027q2_eff_baseline	2027Q2 / base	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance base_2027q2_eff_ratio	2027Q2 / base	100.0% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(base_2027q2_efficiency, base_2027q2_eff_baseline).
Dayrate-linked revenue base_2027q2_dayrate_sales	2027Q2 / base	993.60 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(base_2027q2_operating_days, base_2027q2_daily_rate, base_2027q2_eff_ratio).
Standalone contract revenue base_2027q2_revenue	2027Q2 / base	1,038.60 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(base_2027q2_dayrate_sales, base_2027q2_ancillary).
Standalone operating maintenance budget base_2027q2_om_anchor	2027Q2 / base	595.00 USD_millions	assumption: Desk assumption, not company guidance.
Operating-cost stress factor base_2027q2_cost_factor	2027Q2 / base	100.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance base_2027q2_om_cost	2027Q2 / base	595.00 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(base_2027q2_om_anchor, base_2027q2_cost_factor).
General and administrative base_2027q2_ga	2027Q2 / base	49.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization base_2027q2_da	2027Q2 / base	152.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation base_2027q2_sbc	2027Q2 / base	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs base_2027q2_operating_cost	2027Q2 / base	796.00 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(base_2027q2_om_cost, base_2027q2_ga, base_2027q2_da).
GAAP operating income proxy base_2027q2_operating_income	2027Q2 / base	242.60 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(base_2027q2_revenue, base_2027q2_operating_cost).
Adjusted EBITDA proxy base_2027q2_adj_ebitda	2027Q2 / base	402.60 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(base_2027q2_operating_income, base_2027q2_da, base_2027q2_sbc).
Net cash interest base_2027q2_cash_interest	2027Q2 / base	96.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes base_2027q2_cash_tax	2027Q2 / base	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use base_2027q2_wc_use	2027Q2 / base	20.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses base_2027q2_cash_uses	2027Q2 / base	141.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(base_2027q2_cash_interest, base_2027q2_cash_tax, base_2027q2_wc_use).
Operating cash flow proxy base_2027q2_cfo	2027Q2 / base	261.60 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(base_2027q2_adj_ebitda, base_2027q2_cash_uses).
Cash capital expenditure base_2027q2_capex	2027Q2 / base	50.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex base_2027q2_fcf	2027Q2 / base	211.60 USD_millions	derived: Before financing principal. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Scheduled principal repayment allocation base_2027q2_debt_principal	2027Q2 / base	115.00 USD_millions	assumption: 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.
Cash after principal base_2027q2_cash_after_principal	2027Q2 / base	96.60 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(base_2027q2_fcf, base_2027q2_debt_principal).
Ancillary and contract-accounting revenue base_2027q3_ancillary	2027Q3 / base	45.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day base_2027q3_daily_rate	2027Q3 / base	0.48 USD_millions	assumption: USD millions per operating day; standalone fleet average desk sensitivity.
Operating days base_2027q3_operating_days	2027Q3 / base	210,000.0% ratio	assumption: Desk assumption, not company guidance.
Revenue efficiency base_2027q3_efficiency	2027Q3 / base	96.5% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency base_2027q3_eff_baseline	2027Q3 / base	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance base_2027q3_eff_ratio	2027Q3 / base	100.0% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(base_2027q3_efficiency, base_2027q3_eff_baseline).
Dayrate-linked revenue base_2027q3_dayrate_sales	2027Q3 / base	1,018.50 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(base_2027q3_operating_days, base_2027q3_daily_rate, base_2027q3_eff_ratio).
Standalone contract revenue base_2027q3_revenue	2027Q3 / base	1,063.50 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(base_2027q3_dayrate_sales, base_2027q3_ancillary).
Standalone operating maintenance budget base_2027q3_om_anchor	2027Q3 / base	605.00 USD_millions	assumption: Desk assumption, not company guidance.
Operating-cost stress factor base_2027q3_cost_factor	2027Q3 / base	100.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance base_2027q3_om_cost	2027Q3 / base	605.00 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(base_2027q3_om_anchor, base_2027q3_cost_factor).
General and administrative base_2027q3_ga	2027Q3 / base	50.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization base_2027q3_da	2027Q3 / base	154.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation base_2027q3_sbc	2027Q3 / base	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs base_2027q3_operating_cost	2027Q3 / base	809.00 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(base_2027q3_om_cost, base_2027q3_ga, base_2027q3_da).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	254.50 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(base_2027q3_revenue, base_2027q3_operating_cost).
Adjusted EBITDA proxy base_2027q3_adj_ebitda	2027Q3 / base	416.50 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(base_2027q3_operating_income, base_2027q3_da, base_2027q3_sbc).
Net cash interest base_2027q3_cash_interest	2027Q3 / base	94.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes base_2027q3_cash_tax	2027Q3 / base	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use base_2027q3_wc_use	2027Q3 / base	20.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses base_2027q3_cash_uses	2027Q3 / base	139.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(base_2027q3_cash_interest, base_2027q3_cash_tax, base_2027q3_wc_use).
Operating cash flow proxy base_2027q3_cfo	2027Q3 / base	277.50 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(base_2027q3_adj_ebitda, base_2027q3_cash_uses).
Cash capital expenditure base_2027q3_capex	2027Q3 / base	50.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex base_2027q3_fcf	2027Q3 / base	227.50 USD_millions	derived: Before financing principal. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Scheduled principal repayment allocation base_2027q3_debt_principal	2027Q3 / base	83.00 USD_millions	assumption: 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.
Cash after principal base_2027q3_cash_after_principal	2027Q3 / base	144.50 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(base_2027q3_fcf, base_2027q3_debt_principal).
Ancillary and contract-accounting revenue base_2027q4_ancillary	2027Q4 / base	45.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day base_2027q4_daily_rate	2027Q4 / base	0.49 USD_millions	assumption: USD millions per operating day; standalone fleet average desk sensitivity.
Operating days base_2027q4_operating_days	2027Q4 / base	214,000.0% ratio	assumption: Desk assumption, not company guidance.
Revenue efficiency base_2027q4_efficiency	2027Q4 / base	96.5% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency base_2027q4_eff_baseline	2027Q4 / base	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance base_2027q4_eff_ratio	2027Q4 / base	100.0% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(base_2027q4_efficiency, base_2027q4_eff_baseline).
Dayrate-linked revenue base_2027q4_dayrate_sales	2027Q4 / base	1,048.60 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(base_2027q4_operating_days, base_2027q4_daily_rate, base_2027q4_eff_ratio).
Standalone contract revenue base_2027q4_revenue	2027Q4 / base	1,093.60 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(base_2027q4_dayrate_sales, base_2027q4_ancillary).
Standalone operating maintenance budget base_2027q4_om_anchor	2027Q4 / base	615.00 USD_millions	assumption: Desk assumption, not company guidance.
Operating-cost stress factor base_2027q4_cost_factor	2027Q4 / base	100.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance base_2027q4_om_cost	2027Q4 / base	615.00 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(base_2027q4_om_anchor, base_2027q4_cost_factor).
General and administrative base_2027q4_ga	2027Q4 / base	51.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization base_2027q4_da	2027Q4 / base	156.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation base_2027q4_sbc	2027Q4 / base	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs base_2027q4_operating_cost	2027Q4 / base	822.00 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(base_2027q4_om_cost, base_2027q4_ga, base_2027q4_da).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	271.60 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(base_2027q4_revenue, base_2027q4_operating_cost).
Adjusted EBITDA proxy base_2027q4_adj_ebitda	2027Q4 / base	435.60 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(base_2027q4_operating_income, base_2027q4_da, base_2027q4_sbc).
Net cash interest base_2027q4_cash_interest	2027Q4 / base	92.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes base_2027q4_cash_tax	2027Q4 / base	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use base_2027q4_wc_use	2027Q4 / base	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses base_2027q4_cash_uses	2027Q4 / base	132.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(base_2027q4_cash_interest, base_2027q4_cash_tax, base_2027q4_wc_use).
Operating cash flow proxy base_2027q4_cfo	2027Q4 / base	303.60 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(base_2027q4_adj_ebitda, base_2027q4_cash_uses).
Cash capital expenditure base_2027q4_capex	2027Q4 / base	45.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex base_2027q4_fcf	2027Q4 / base	258.60 USD_millions	derived: Before financing principal. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Scheduled principal repayment allocation base_2027q4_debt_principal	2027Q4 / base	83.00 USD_millions	assumption: Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ.
Cash after principal base_2027q4_cash_after_principal	2027Q4 / base	175.60 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(base_2027q4_fcf, base_2027q4_debt_principal).
Standalone contract revenue ($M) base_fy2026_revenue	FY2026 / base	3,937.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
GAAP operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	815.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Adjusted EBITDA proxy ($M) base_fy2026_adj_ebitda	FY2026 / base	1,440.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, base_2026q3_adj_ebitda, base_2026q4_adj_ebitda).
Operating cash flow proxy ($M) base_fy2026_cfo	FY2026 / base	769.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Cash capital expenditure ($M) base_fy2026_capex	FY2026 / base	150.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
CFO less capex ($M) base_fy2026_fcf	FY2026 / base	619.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf).
Debt principal repayments ($M) base_fy2026_debt_principal	FY2026 / base	796.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, base_2026q3_debt_principal, base_2026q4_debt_principal).
Cash after principal ($M) base_fy2026_cash_after_principal	FY2026 / base	-176.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_principal, base_2026q3_cash_after_principal, base_2026q4_cash_after_principal).
Standalone contract revenue ($M) base_fy2027_revenue	FY2027 / base	4,204.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	994.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Adjusted EBITDA proxy ($M) base_fy2027_adj_ebitda	FY2027 / base	1,638.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adj_ebitda, base_2027q2_adj_ebitda, base_2027q3_adj_ebitda, base_2027q4_adj_ebitda).
Operating cash flow proxy ($M) base_fy2027_cfo	FY2027 / base	1,078.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Cash capital expenditure ($M) base_fy2027_capex	FY2027 / base	190.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
CFO less capex ($M) base_fy2027_fcf	FY2027 / base	888.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
Debt principal repayments ($M) base_fy2027_debt_principal	FY2027 / base	361.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_debt_principal, base_2027q2_debt_principal, base_2027q3_debt_principal, base_2027q4_debt_principal).
Cash after principal ($M) base_fy2027_cash_after_principal	FY2027 / base	527.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_principal, base_2027q2_cash_after_principal, base_2027q3_cash_after_principal, base_2027q4_cash_after_principal).
Ancillary and contract-accounting revenue upside_2026q3_ancillary	2026Q3 / upside	50.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day upside_2026q3_daily_rate	2026Q3 / upside	0.47 USD_millions	assumption: $0.475M/day at baseline efficiency; this is not the gross contractual dayrate.
Guided revenue less ancillary upside_2026q3_daily_sales_anchor	2026Q3 / upside	890.00 USD_millions	derived: Baseline dayrate-linked revenue. Formula: subtract(q3_guide, upside_2026q3_ancillary).
Baseline operating days upside_2026q3_implied_days	2026Q3 / upside	187,368.4% ratio	derived: Guidance-calibrated operating days, not disclosed fleet utilization. Formula: divide(upside_2026q3_daily_sales_anchor, upside_2026q3_daily_rate).
Operating-days delivery factor upside_2026q3_execution	2026Q3 / upside	102.5% ratio	assumption: Desk assumption, not company guidance.
Scenario operating days upside_2026q3_operating_days	2026Q3 / upside	192,052.6% ratio	derived: Changes activity without adding backlog a second time. Formula: multiply(upside_2026q3_implied_days, upside_2026q3_execution).
Revenue efficiency upside_2026q3_efficiency	2026Q3 / upside	98.0% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency upside_2026q3_eff_baseline	2026Q3 / upside	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance upside_2026q3_eff_ratio	2026Q3 / upside	101.6% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(upside_2026q3_efficiency, upside_2026q3_eff_baseline).
Dayrate-linked revenue upside_2026q3_dayrate_sales	2026Q3 / upside	926.43 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(upside_2026q3_operating_days, upside_2026q3_daily_rate, upside_2026q3_eff_ratio).
Standalone contract revenue upside_2026q3_revenue	2026Q3 / upside	976.43 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(upside_2026q3_dayrate_sales, upside_2026q3_ancillary).
Operating-cost stress factor upside_2026q3_cost_factor	2026Q3 / upside	99.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance upside_2026q3_om_cost	2026Q3 / upside	603.90 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(om_q3, upside_2026q3_cost_factor).
General and administrative upside_2026q3_ga	2026Q3 / upside	45.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization upside_2026q3_da	2026Q3 / upside	148.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation upside_2026q3_sbc	2026Q3 / upside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs upside_2026q3_operating_cost	2026Q3 / upside	796.90 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(upside_2026q3_om_cost, upside_2026q3_ga, upside_2026q3_da).
GAAP operating income proxy upside_2026q3_operating_income	2026Q3 / upside	179.53 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(upside_2026q3_revenue, upside_2026q3_operating_cost).
Adjusted EBITDA proxy upside_2026q3_adj_ebitda	2026Q3 / upside	335.53 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(upside_2026q3_operating_income, upside_2026q3_da, upside_2026q3_sbc).
Net cash interest upside_2026q3_cash_interest	2026Q3 / upside	100.50 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes upside_2026q3_cash_tax	2026Q3 / upside	27.50 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use upside_2026q3_wc_use	2026Q3 / upside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses upside_2026q3_cash_uses	2026Q3 / upside	153.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(upside_2026q3_cash_interest, upside_2026q3_cash_tax, upside_2026q3_wc_use).
Operating cash flow proxy upside_2026q3_cfo	2026Q3 / upside	182.53 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(upside_2026q3_adj_ebitda, upside_2026q3_cash_uses).
Cash capital expenditure upside_2026q3_capex	2026Q3 / upside	45.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex upside_2026q3_fcf	2026Q3 / upside	137.53 USD_millions	derived: Before financing principal. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Scheduled principal repayment allocation upside_2026q3_debt_principal	2026Q3 / upside	105.00 USD_millions	assumption: 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.
Cash after principal upside_2026q3_cash_after_principal	2026Q3 / upside	32.53 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(upside_2026q3_fcf, upside_2026q3_debt_principal).
Ancillary and contract-accounting revenue upside_2026q4_ancillary	2026Q4 / upside	50.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day upside_2026q4_daily_rate	2026Q4 / upside	0.47 USD_millions	assumption: $0.475M/day at baseline efficiency; this is not the gross contractual dayrate.
Guided revenue less ancillary upside_2026q4_daily_sales_anchor	2026Q4 / upside	900.50 USD_millions	derived: Baseline dayrate-linked revenue. Formula: subtract(q4_guide_residual, upside_2026q4_ancillary).
Baseline operating days upside_2026q4_implied_days	2026Q4 / upside	189,578.9% ratio	derived: Guidance-calibrated operating days, not disclosed fleet utilization. Formula: divide(upside_2026q4_daily_sales_anchor, upside_2026q4_daily_rate).
Operating-days delivery factor upside_2026q4_execution	2026Q4 / upside	102.5% ratio	assumption: Desk assumption, not company guidance.
Scenario operating days upside_2026q4_operating_days	2026Q4 / upside	194,318.4% ratio	derived: Changes activity without adding backlog a second time. Formula: multiply(upside_2026q4_implied_days, upside_2026q4_execution).
Revenue efficiency upside_2026q4_efficiency	2026Q4 / upside	98.0% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency upside_2026q4_eff_baseline	2026Q4 / upside	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance upside_2026q4_eff_ratio	2026Q4 / upside	101.6% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(upside_2026q4_efficiency, upside_2026q4_eff_baseline).
Dayrate-linked revenue upside_2026q4_dayrate_sales	2026Q4 / upside	937.36 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(upside_2026q4_operating_days, upside_2026q4_daily_rate, upside_2026q4_eff_ratio).
Standalone contract revenue upside_2026q4_revenue	2026Q4 / upside	987.36 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(upside_2026q4_dayrate_sales, upside_2026q4_ancillary).
Operating-cost stress factor upside_2026q4_cost_factor	2026Q4 / upside	99.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance upside_2026q4_om_cost	2026Q4 / upside	533.12 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(q4_om, upside_2026q4_cost_factor).
Q3 G&A budget upside_2026q4_q3_ga	2026Q4 / upside	45.00 USD_millions	assumption: Desk assumption, not company guidance.
General and administrative upside_2026q4_ga	2026Q4 / upside	25.00 USD_millions	derived: Q4 annual-midpoint residual. Formula: subtract(h2_ga, upside_2026q4_q3_ga).
Depreciation and amortization upside_2026q4_da	2026Q4 / upside	148.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation upside_2026q4_sbc	2026Q4 / upside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs upside_2026q4_operating_cost	2026Q4 / upside	706.12 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(upside_2026q4_om_cost, upside_2026q4_ga, upside_2026q4_da).
GAAP operating income proxy upside_2026q4_operating_income	2026Q4 / upside	281.24 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(upside_2026q4_revenue, upside_2026q4_operating_cost).
Adjusted EBITDA proxy upside_2026q4_adj_ebitda	2026Q4 / upside	437.24 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(upside_2026q4_operating_income, upside_2026q4_da, upside_2026q4_sbc).
Net cash interest upside_2026q4_cash_interest	2026Q4 / upside	103.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes upside_2026q4_cash_tax	2026Q4 / upside	27.50 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use upside_2026q4_wc_use	2026Q4 / upside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses upside_2026q4_cash_uses	2026Q4 / upside	145.50 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(upside_2026q4_cash_interest, upside_2026q4_cash_tax, upside_2026q4_wc_use).
Operating cash flow proxy upside_2026q4_cfo	2026Q4 / upside	291.74 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(upside_2026q4_adj_ebitda, upside_2026q4_cash_uses).
Cash capital expenditure upside_2026q4_capex	2026Q4 / upside	53.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex upside_2026q4_fcf	2026Q4 / upside	238.74 USD_millions	derived: Before financing principal. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Scheduled principal repayment allocation upside_2026q4_debt_principal	2026Q4 / upside	105.00 USD_millions	assumption: 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.
Cash after principal upside_2026q4_cash_after_principal	2026Q4 / upside	133.74 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(upside_2026q4_fcf, upside_2026q4_debt_principal).
Ancillary and contract-accounting revenue upside_2027q1_ancillary	2027Q1 / upside	45.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day upside_2027q1_daily_rate	2027Q1 / upside	0.49 USD_millions	assumption: USD millions per operating day; standalone fleet average desk sensitivity.
Operating days upside_2027q1_operating_days	2027Q1 / upside	212,000.0% ratio	assumption: Desk assumption, not company guidance.
Revenue efficiency upside_2027q1_efficiency	2027Q1 / upside	98.0% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency upside_2027q1_eff_baseline	2027Q1 / upside	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance upside_2027q1_eff_ratio	2027Q1 / upside	101.6% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(upside_2027q1_efficiency, upside_2027q1_eff_baseline).
Dayrate-linked revenue upside_2027q1_dayrate_sales	2027Q1 / upside	1,054.95 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(upside_2027q1_operating_days, upside_2027q1_daily_rate, upside_2027q1_eff_ratio).
Standalone contract revenue upside_2027q1_revenue	2027Q1 / upside	1,099.95 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(upside_2027q1_dayrate_sales, upside_2027q1_ancillary).
Standalone operating maintenance budget upside_2027q1_om_anchor	2027Q1 / upside	585.00 USD_millions	assumption: Desk assumption, not company guidance.
Operating-cost stress factor upside_2027q1_cost_factor	2027Q1 / upside	99.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance upside_2027q1_om_cost	2027Q1 / upside	579.15 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(upside_2027q1_om_anchor, upside_2027q1_cost_factor).
General and administrative upside_2027q1_ga	2027Q1 / upside	48.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization upside_2027q1_da	2027Q1 / upside	150.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation upside_2027q1_sbc	2027Q1 / upside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs upside_2027q1_operating_cost	2027Q1 / upside	777.15 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(upside_2027q1_om_cost, upside_2027q1_ga, upside_2027q1_da).
GAAP operating income proxy upside_2027q1_operating_income	2027Q1 / upside	322.80 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(upside_2027q1_revenue, upside_2027q1_operating_cost).
Adjusted EBITDA proxy upside_2027q1_adj_ebitda	2027Q1 / upside	480.80 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(upside_2027q1_operating_income, upside_2027q1_da, upside_2027q1_sbc).
Net cash interest upside_2027q1_cash_interest	2027Q1 / upside	98.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes upside_2027q1_cash_tax	2027Q1 / upside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use upside_2027q1_wc_use	2027Q1 / upside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses upside_2027q1_cash_uses	2027Q1 / upside	138.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(upside_2027q1_cash_interest, upside_2027q1_cash_tax, upside_2027q1_wc_use).
Operating cash flow proxy upside_2027q1_cfo	2027Q1 / upside	342.80 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(upside_2027q1_adj_ebitda, upside_2027q1_cash_uses).
Cash capital expenditure upside_2027q1_capex	2027Q1 / upside	50.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex upside_2027q1_fcf	2027Q1 / upside	292.80 USD_millions	derived: Before financing principal. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Scheduled principal repayment allocation upside_2027q1_debt_principal	2027Q1 / upside	80.00 USD_millions	assumption: 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.
Cash after principal upside_2027q1_cash_after_principal	2027Q1 / upside	212.80 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(upside_2027q1_fcf, upside_2027q1_debt_principal).
Ancillary and contract-accounting revenue upside_2027q2_ancillary	2027Q2 / upside	45.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day upside_2027q2_daily_rate	2027Q2 / upside	0.50 USD_millions	assumption: USD millions per operating day; standalone fleet average desk sensitivity.
Operating days upside_2027q2_operating_days	2027Q2 / upside	218,000.0% ratio	assumption: Desk assumption, not company guidance.
Revenue efficiency upside_2027q2_efficiency	2027Q2 / upside	98.0% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency upside_2027q2_eff_baseline	2027Q2 / upside	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance upside_2027q2_eff_ratio	2027Q2 / upside	101.6% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(upside_2027q2_efficiency, upside_2027q2_eff_baseline).
Dayrate-linked revenue upside_2027q2_dayrate_sales	2027Q2 / upside	1,106.94 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(upside_2027q2_operating_days, upside_2027q2_daily_rate, upside_2027q2_eff_ratio).
Standalone contract revenue upside_2027q2_revenue	2027Q2 / upside	1,151.94 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(upside_2027q2_dayrate_sales, upside_2027q2_ancillary).
Standalone operating maintenance budget upside_2027q2_om_anchor	2027Q2 / upside	595.00 USD_millions	assumption: Desk assumption, not company guidance.
Operating-cost stress factor upside_2027q2_cost_factor	2027Q2 / upside	99.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance upside_2027q2_om_cost	2027Q2 / upside	589.05 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(upside_2027q2_om_anchor, upside_2027q2_cost_factor).
General and administrative upside_2027q2_ga	2027Q2 / upside	49.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization upside_2027q2_da	2027Q2 / upside	152.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation upside_2027q2_sbc	2027Q2 / upside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs upside_2027q2_operating_cost	2027Q2 / upside	790.05 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(upside_2027q2_om_cost, upside_2027q2_ga, upside_2027q2_da).
GAAP operating income proxy upside_2027q2_operating_income	2027Q2 / upside	361.89 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(upside_2027q2_revenue, upside_2027q2_operating_cost).
Adjusted EBITDA proxy upside_2027q2_adj_ebitda	2027Q2 / upside	521.89 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(upside_2027q2_operating_income, upside_2027q2_da, upside_2027q2_sbc).
Net cash interest upside_2027q2_cash_interest	2027Q2 / upside	96.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes upside_2027q2_cash_tax	2027Q2 / upside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use upside_2027q2_wc_use	2027Q2 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses upside_2027q2_cash_uses	2027Q2 / upside	131.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(upside_2027q2_cash_interest, upside_2027q2_cash_tax, upside_2027q2_wc_use).
Operating cash flow proxy upside_2027q2_cfo	2027Q2 / upside	390.89 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(upside_2027q2_adj_ebitda, upside_2027q2_cash_uses).
Cash capital expenditure upside_2027q2_capex	2027Q2 / upside	55.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex upside_2027q2_fcf	2027Q2 / upside	335.89 USD_millions	derived: Before financing principal. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Scheduled principal repayment allocation upside_2027q2_debt_principal	2027Q2 / upside	115.00 USD_millions	assumption: 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.
Cash after principal upside_2027q2_cash_after_principal	2027Q2 / upside	220.89 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(upside_2027q2_fcf, upside_2027q2_debt_principal).
Ancillary and contract-accounting revenue upside_2027q3_ancillary	2027Q3 / upside	45.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day upside_2027q3_daily_rate	2027Q3 / upside	0.51 USD_millions	assumption: USD millions per operating day; standalone fleet average desk sensitivity.
Operating days upside_2027q3_operating_days	2027Q3 / upside	221,000.0% ratio	assumption: Desk assumption, not company guidance.
Revenue efficiency upside_2027q3_efficiency	2027Q3 / upside	98.0% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency upside_2027q3_eff_baseline	2027Q3 / upside	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance upside_2027q3_eff_ratio	2027Q3 / upside	101.6% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(upside_2027q3_efficiency, upside_2027q3_eff_baseline).
Dayrate-linked revenue upside_2027q3_dayrate_sales	2027Q3 / upside	1,144.62 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(upside_2027q3_operating_days, upside_2027q3_daily_rate, upside_2027q3_eff_ratio).
Standalone contract revenue upside_2027q3_revenue	2027Q3 / upside	1,189.62 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(upside_2027q3_dayrate_sales, upside_2027q3_ancillary).
Standalone operating maintenance budget upside_2027q3_om_anchor	2027Q3 / upside	605.00 USD_millions	assumption: Desk assumption, not company guidance.
Operating-cost stress factor upside_2027q3_cost_factor	2027Q3 / upside	99.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance upside_2027q3_om_cost	2027Q3 / upside	598.95 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(upside_2027q3_om_anchor, upside_2027q3_cost_factor).
General and administrative upside_2027q3_ga	2027Q3 / upside	50.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization upside_2027q3_da	2027Q3 / upside	154.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation upside_2027q3_sbc	2027Q3 / upside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs upside_2027q3_operating_cost	2027Q3 / upside	802.95 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(upside_2027q3_om_cost, upside_2027q3_ga, upside_2027q3_da).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	386.67 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(upside_2027q3_revenue, upside_2027q3_operating_cost).
Adjusted EBITDA proxy upside_2027q3_adj_ebitda	2027Q3 / upside	548.67 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(upside_2027q3_operating_income, upside_2027q3_da, upside_2027q3_sbc).
Net cash interest upside_2027q3_cash_interest	2027Q3 / upside	94.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes upside_2027q3_cash_tax	2027Q3 / upside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use upside_2027q3_wc_use	2027Q3 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses upside_2027q3_cash_uses	2027Q3 / upside	129.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(upside_2027q3_cash_interest, upside_2027q3_cash_tax, upside_2027q3_wc_use).
Operating cash flow proxy upside_2027q3_cfo	2027Q3 / upside	419.67 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(upside_2027q3_adj_ebitda, upside_2027q3_cash_uses).
Cash capital expenditure upside_2027q3_capex	2027Q3 / upside	55.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex upside_2027q3_fcf	2027Q3 / upside	364.67 USD_millions	derived: Before financing principal. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Scheduled principal repayment allocation upside_2027q3_debt_principal	2027Q3 / upside	83.00 USD_millions	assumption: 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.
Cash after principal upside_2027q3_cash_after_principal	2027Q3 / upside	281.67 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(upside_2027q3_fcf, upside_2027q3_debt_principal).
Ancillary and contract-accounting revenue upside_2027q4_ancillary	2027Q4 / upside	45.00 USD_millions	assumption: Residual beyond dayrate times operating days; excludes treating the entire contract award as current sales.
Effective earned revenue per operating day upside_2027q4_daily_rate	2027Q4 / upside	0.52 USD_millions	assumption: USD millions per operating day; standalone fleet average desk sensitivity.
Operating days upside_2027q4_operating_days	2027Q4 / upside	226,000.0% ratio	assumption: Desk assumption, not company guidance.
Revenue efficiency upside_2027q4_efficiency	2027Q4 / upside	98.0% ratio	assumption: Desk assumption, not company guidance.
Baseline revenue efficiency upside_2027q4_eff_baseline	2027Q4 / upside	96.5% ratio	assumption: August 5 company revenue-efficiency assumption 96.5%.
Revenue efficiency relative to guidance upside_2027q4_eff_ratio	2027Q4 / upside	101.6% ratio	derived: Normalize instead of multiplying baseline earned revenue by efficiency twice. Formula: divide(upside_2027q4_efficiency, upside_2027q4_eff_baseline).
Dayrate-linked revenue upside_2027q4_dayrate_sales	2027Q4 / upside	1,193.47 USD_millions	derived: Operating days times earned daily revenue and relative efficiency. Formula: multiply(upside_2027q4_operating_days, upside_2027q4_daily_rate, upside_2027q4_eff_ratio).
Standalone contract revenue upside_2027q4_revenue	2027Q4 / upside	1,238.47 USD_millions	derived: Ancillary revenue includes contract accounting timing; no Valaris contribution. Formula: sum(upside_2027q4_dayrate_sales, upside_2027q4_ancillary).
Standalone operating maintenance budget upside_2027q4_om_anchor	2027Q4 / upside	615.00 USD_millions	assumption: Desk assumption, not company guidance.
Operating-cost stress factor upside_2027q4_cost_factor	2027Q4 / upside	99.0% ratio	assumption: Desk assumption, not company guidance.
Operating and maintenance upside_2027q4_om_cost	2027Q4 / upside	608.85 USD_millions	derived: Includes warm/cold stack and ordinary operating costs. Formula: multiply(upside_2027q4_om_anchor, upside_2027q4_cost_factor).
General and administrative upside_2027q4_ga	2027Q4 / upside	51.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization upside_2027q4_da	2027Q4 / upside	156.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation upside_2027q4_sbc	2027Q4 / upside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
Total ordinary operating costs upside_2027q4_operating_cost	2027Q4 / upside	815.85 USD_millions	derived: G&A includes equity compensation; no additional stock expense deduction. Formula: sum(upside_2027q4_om_cost, upside_2027q4_ga, upside_2027q4_da).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	422.62 USD_millions	derived: No forecast impairments or disposal gains. Formula: subtract(upside_2027q4_revenue, upside_2027q4_operating_cost).
Adjusted EBITDA proxy upside_2027q4_adj_ebitda	2027Q4 / upside	586.62 USD_millions	derived: Noncash equity expense is added once; no repeat of exchange-feature gain. Formula: sum(upside_2027q4_operating_income, upside_2027q4_da, upside_2027q4_sbc).
Net cash interest upside_2027q4_cash_interest	2027Q4 / upside	92.00 USD_millions	assumption: Q3 expense guide $113M less assumed $5M noncash amortization and $7.5M cash interest income. Later quarters desk coupon/repayment proxy.
Cash income taxes upside_2027q4_cash_tax	2027Q4 / upside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Net contract timing and other working-capital use upside_2027q4_wc_use	2027Q4 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash interest taxes and operating timing uses upside_2027q4_cash_uses	2027Q4 / upside	122.00 USD_millions	derived: Contract liabilities and deferred costs affect cash independently of backlog. Formula: sum(upside_2027q4_cash_interest, upside_2027q4_cash_tax, upside_2027q4_wc_use).
Operating cash flow proxy upside_2027q4_cfo	2027Q4 / upside	464.62 USD_millions	derived: No new debt proceeds or asset-sale cash in operating cash. Formula: subtract(upside_2027q4_adj_ebitda, upside_2027q4_cash_uses).
Cash capital expenditure upside_2027q4_capex	2027Q4 / upside	50.00 USD_millions	assumption: 2026 base totals $150M including H1 $52M; FY2027 is a desk budget.
CFO less capex upside_2027q4_fcf	2027Q4 / upside	414.62 USD_millions	derived: Before financing principal. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Scheduled principal repayment allocation upside_2027q4_debt_principal	2027Q4 / upside	83.00 USD_millions	assumption: Desk allocation: next four quarters total disclosed $405M twelve months through June 2027; later two quarters use half the $332M next twelve-month maturity bucket. Exact timing may differ.
Cash after principal upside_2027q4_cash_after_principal	2027Q4 / upside	331.62 USD_millions	derived: Before new financing, voluntary redemptions and Valaris deal cash needs. Formula: subtract(upside_2027q4_fcf, upside_2027q4_debt_principal).
Standalone contract revenue ($M) upside_fy2026_revenue	FY2026 / upside	4,010.79 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
GAAP operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	899.77 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Adjusted EBITDA proxy ($M) upside_fy2026_adj_ebitda	FY2026 / upside	1,524.77 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, upside_2026q3_adj_ebitda, upside_2026q4_adj_ebitda).
Operating cash flow proxy ($M) upside_fy2026_cfo	FY2026 / upside	874.27 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Cash capital expenditure ($M) upside_fy2026_capex	FY2026 / upside	150.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
CFO less capex ($M) upside_fy2026_fcf	FY2026 / upside	724.27 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf).
Debt principal repayments ($M) upside_fy2026_debt_principal	FY2026 / upside	796.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, upside_2026q3_debt_principal, upside_2026q4_debt_principal).
Cash after principal ($M) upside_fy2026_cash_after_principal	FY2026 / upside	-71.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_principal, upside_2026q3_cash_after_principal, upside_2026q4_cash_after_principal).
Standalone contract revenue ($M) upside_fy2027_revenue	FY2027 / upside	4,679.98 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	1,493.98 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Adjusted EBITDA proxy ($M) upside_fy2027_adj_ebitda	FY2027 / upside	2,137.98 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adj_ebitda, upside_2027q2_adj_ebitda, upside_2027q3_adj_ebitda, upside_2027q4_adj_ebitda).
Operating cash flow proxy ($M) upside_fy2027_cfo	FY2027 / upside	1,617.98 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Cash capital expenditure ($M) upside_fy2027_capex	FY2027 / upside	210.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less capex ($M) upside_fy2027_fcf	FY2027 / upside	1,407.98 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
Debt principal repayments ($M) upside_fy2027_debt_principal	FY2027 / upside	361.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_debt_principal, upside_2027q2_debt_principal, upside_2027q3_debt_principal, upside_2027q4_debt_principal).
Cash after principal ($M) upside_fy2027_cash_after_principal	FY2027 / upside	1,046.98 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_principal, upside_2027q2_cash_after_principal, upside_2027q3_cash_after_principal, upside_2027q4_cash_after_principal).

Model boundaries

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.
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.
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 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.
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.
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.
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.

Backlog is useful only if execution survives the debt schedule

Research reviewed 2026-09-19

How much standalone rig cash remains after interest, maintenance capex and scheduled principal?

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.

The competing explanation

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.

Risks to track

Conditional awards and options may not become firm contracted work.
Technical downtime and customer schedule changes reduce earned revenue.
Reactivation and maintenance needs may exceed the modeled capex budget.
Debt repayment/refinancing and exchangeable-bond marks complicate common earnings.
Valaris approvals, closing terms and integration remain separate event risks.
Offshore customer capital spending is cyclical and geographically concentrated.

Next checkpoints

Firm contract conversion · Fleet reports and partner approvals (estimated). Track Equinor conditions and actual KG2/Conqueror starts; separate options from firm terms.
Cash and debt service · Quarterly accounts (estimated). Reconcile CFO, restricted cash, mandatory principal and any voluntary redemptions.
Valaris transaction · Approval and closing announcements (estimated). Build a new consolidated ownership/debt model only when the transaction perimeter is established.

Data coverage and open work

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.
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.
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 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.
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.
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.
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.

This review: Completed standalone fleet/cash model with conditional backlog, exchange-feature earnings and principal repayment separated.

What the memory says

State as of the 2026-09-18 close: in a 120-day downtrend, above its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-1.9	+0.0	+2.1	51%
5 sessions	-4.3	+0.3	+5.8	54%
10 sessions	-6.4	+0.3	+8.4	54%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-05 (source: estimated from 10-Q filed 2026-08-07 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001451505-25-000123, 10-Q filed 2025-10-30; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001451505-26-000018, 10-K filed 2026-02-23; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001451505-26-000044, 10-Q filed 2026-05-05; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001451505-26-000061, 10-Q filed 2026-08-07; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[5] reported: OperatingIncomeLoss, accession 0001451505-25-000123, 10-Q filed 2025-10-30; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[6] derived: OperatingIncomeLoss, accession 0001451505-26-000018, 10-K filed 2026-02-23; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[7] reported: OperatingIncomeLoss, accession 0001451505-26-000044, 10-Q filed 2026-05-05; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[8] reported: OperatingIncomeLoss, accession 0001451505-26-000061, 10-Q filed 2026-08-07; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[9] reported: NetIncomeLoss, accession 0001451505-25-000123, 10-Q filed 2025-10-30; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[10] derived: NetIncomeLoss, accession 0001451505-26-000018, 10-K filed 2026-02-23; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[11] reported: NetIncomeLoss, accession 0001451505-26-000044, 10-Q filed 2026-05-05; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[12] reported: NetIncomeLoss, accession 0001451505-26-000061, 10-Q filed 2026-08-07; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[13] reported: EarningsPerShareDiluted, accession 0001451505-25-000123, 10-Q filed 2025-10-30; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[14] reported: EarningsPerShareDiluted, accession 0001451505-26-000044, 10-Q filed 2026-05-05; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[15] reported: EarningsPerShareDiluted, accession 0001451505-26-000061, 10-Q filed 2026-08-07; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[16] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001451505-25-000123, 10-Q filed 2025-10-30; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[17] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001451505-26-000044, 10-Q filed 2026-05-05; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[18] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001451505-26-000061, 10-Q filed 2026-08-07; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[19] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001451505-24-000142, 10-Q filed 2024-10-31; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001451505-26-000018, 10-K filed 2026-02-23; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[21] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001451505-25-000049, 10-Q filed 2025-04-29; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[22] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001451505-25-000079, 10-Q filed 2025-08-05; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001451505-25-000123, 10-Q filed 2025-10-30; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001451505-26-000061, 10-Q filed 2026-08-07; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001451505-26-000044, 10-Q filed 2026-05-05; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[26] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001451505-25-000123, 10-Q filed 2025-10-30; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[27] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001451505-26-000018, 10-K filed 2026-02-23; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[28] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001451505-26-000044, 10-Q filed 2026-05-05; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[29] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001451505-26-000061, 10-Q filed 2026-08-07; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[30] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001451505-25-000123, 10-Q filed 2025-10-30; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[31] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001451505-26-000018, 10-K filed 2026-02-23; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[32] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001451505-26-000044, 10-Q filed 2026-05-05; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[33] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001451505-26-000061, 10-Q filed 2026-08-07; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[34] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001451505-25-000123, 10-Q filed 2025-10-30; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[35] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001451505-26-000018, 10-K filed 2026-02-23; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[36] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001451505-26-000044, 10-Q filed 2026-05-05; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json
[37] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001451505-26-000061, 10-Q filed 2026-08-07; retrieved 2026-09-19T22:22:03+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json

What the author read

August 7 quarterly filing and maturities · retrieved 2026-09-19
August 5 earnings and annual/Q3 guidance · retrieved 2026-09-19
September conference deck and conditional backlog footnotes · retrieved 2026-09-19
August 20 KG2 binding award · retrieved 2026-09-19
September 15 Conqueror award · retrieved 2026-09-19

Compiled 2026-09-19T22:22:04.120606+00:00 · authored b42a1663d92f · generated 8c47ecc7ea37 · JSON

Daily notes · Scorecard