Includes revenue from related parties of $82 million and $157 million, for the three and six months ended June 30, 2026, respectively, and $79 million and $158 million for the three and six months ended June 30, 2025, respectively. Refer to Note 10 - "Related party transactions" for further details.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income/(loss)	$ 22	$ (56)
Adjustments to reconcile net income/(loss) to net cash used in operating activities:
Depreciation and amortization	143	111
Equity in earnings of equity method investment (net of tax)	(8)	(14)
Deferred tax expense	18	14
Unrealized gain on foreign exchange	0	(2)
Amortization of debt issuance costs	2	2
Share based compensation expense	6	9
Loss on debt extinguishment	35	0
Other	0	27
Other cash movements in operating activities
Additions to long-term maintenance	(70)	(98)
Changes in operating assets and liabilities
Accounts receivable, net	(149)	(7)
Trade accounts payable	5	(41)
Prepaid expenses	3	1
Deferred revenue	(12)	(1)
Deferred contract costs	(31)	26
Related party receivables	(24)	0
Other assets	(8)	(4)
Other liabilities	28	17
Net cash used in operating activities	(40)	(16)
Cash flows from investing activities
Additions to drilling units and equipment	(38)	(68)
Other	0	(4)
Net cash used in investing activities	(38)	(72)
Cash flows from financing activities
Proceeds from issuance of senior bond	700	0
Repayment of secured bond	(575)	0
Payment of make whole premium on secured bond	(25)	0
Payment of debt issuance costs	(8)	0
Shares repurchased	(17)	0
Taxes withheld on employee stock transactions	(2)	0
Net cash provided by financing activities	73	0
Effect of exchange rate changes on cash	0	2
Net decrease in cash and cash equivalents, including restricted cash	(5)	(86)
Cash and cash equivalents, including restricted cash, at beginning of the period	365	505
Cash and cash equivalents, including restricted cash, at the end of period	$ 360	$ 419

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 337,000	$ 339,000
Restricted cash	23,000	26,000
Accounts receivables, net	311,000	162,000
Amounts due from related parties, net	24,000	0
Other current assets	225,000	231,000
Total current assets	920,000	758,000
Non-current assets
Equity method investment	66,000	58,000
Drilling units, net of accumulated depreciation of 827 as of June 30, 2026 (December 31, 2025: 682)	2,926,000	2,969,000
Deferred tax assets	29,000	44,000
Equipment	17,000	8,000
Other non-current assets	148,000	110,000
Total non-current assets	3,186,000	3,189,000
Total assets	4,106,000	3,947,000
Current liabilities
Trade accounts payable	72,000	61,000
Other current liabilities	296,000	313,000
Total current liabilities	368,000	374,000
Non-current liabilities
Long-term debt	737,000	613,000
Deferred tax liabilities	17,000	14,000
Other non-current liabilities	120,000	88,000
Total non-current liabilities	874,000	715,000
Commitments and contingencies (see Note 13)
Shareholders' equity
Common shares of par value $0.01 per share: 375,000,000 shares authorized as of June 30, 2026 (December 31, 2025: 375,000,000) and 62,541,443 issued as of June 30, 2026 (December 31, 2025: 62,374,171)	625	624
Additional paid-in capital	1,970,000	1,986,000
Accumulated other comprehensive income	1,000	1,000
Retained earnings	892,000	870,000
Total shareholders' equity	2,864,000	2,858,000
Total liabilities and shareholders' equity	$ 4,106,000	$ 3,947,000