Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, at Cost

Property and equipment, at cost consisted of the following:

	Successor		Predecessor
	September 30, 2021		December 31, 2020
Drilling equipment and facilities	$	1,396,570	$	4,476,960
Construction in progress	110,972		99,812
Other	11,121		200,925
Property and equipment, at cost	$	1,518,663	$	4,777,697

Disposal Groups, Including Discontinued Operations

The net income before income taxes for the four rigs classified as held for sale was:

	Successor				Predecessor
			Period From		Period From
			February 6, 2021		January 1, 2021
	Three Months Ended		through		through		Three Months Ended		Nine Months Ended
	September 30, 2021		September 30, 2021		February 5, 2021		September 30, 2020		September 30, 2020
Net income before income taxes (1)	$	9,768	$	15,176	$	3,128	$	741	$	20,061

(1)    Excludes Reorganization items, net

The Purchase and Sale Agreement also included certain covenants that the Company has agreed to not carry on or be engaged in the operation of jackup drilling rigs in the territorial waters of the Kingdom of Saudi Arabia in the Arabian Gulf for a term after the closing date of (i) one year for purposes of drilling gas wells and (ii) two years for the purposes of drilling oil wells.