Revenue and Customers (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Contract Liabilities

The following table provides information about contract assets and contract liabilities from contracts with customers:

	Successor		Predecessor
	September 30, 2021		December 31, 2020
Current contract assets	$	4,143	$	10,687
Noncurrent contract assets	—		3,174
Total contract assets	4,143		13,861
Current contract liabilities (deferred revenue)	(13,025)		(34,990)
Noncurrent contract liabilities (deferred revenue)	(4,466)		(24,896)
Total contract liabilities	$	(17,491)	$	(59,886)

Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the nine months ended September 30, 2021 and 2020 are as follows:

	Contract Assets		Contract Liabilities
Net balance at 12/31/2019 (Predecessor)	$	30,800	$	(65,055)
Amortization of deferred costs	(22,736)		—
Additions to deferred costs	7,365		—
Amortization of deferred revenue	—		46,523
Additions to deferred revenue	—		(41,515)
Total	(15,371)		5,008
Net balance at 9/30/2020 (Predecessor)	$	15,429	$	(60,047)
Net balance at 12/31/2020 (Predecessor)	$	13,861	$	(59,886)
Amortization of deferred costs	(1,607)		—
Additions to deferred costs	432		—
Amortization of deferred revenue	—		4,142
Additions to deferred revenue	—		(25,479)
Fresh start accounting revaluation	(12,686)		72,936
Total	$	(13,861)	$	51,599
Net balance at 2/5/21 (Predecessor)	$	—	$	(8,287)
Net balance at 2/6/21 (Successor)	$	—	$	(8,287)
Amortization of deferred costs	(1,293)		—
Additions to deferred costs	5,436		—
Amortization of deferred revenue	—		5,962
Additions to deferred revenue	—		(15,166)
Total	4,143		(9,204)
Net balance at 9/30/2021 (Successor)	$	4,143	$	(17,491)

Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations, by rig type, as of September 30, 2021:    

	For the Years Ended December 31,
	2021 (1)		2022		2023		2024		2025 and beyond		Total
Floaters	$	2,371	$	14,804	$	316	$	—	$	—	$	17,491
Jackups	—		—		—		—		—		—
Total	$	2,371	$	14,804	$	316	$	—	$	—	$	17,491

(1) Represents a three-month period beginning October 1, 2021.

Schedule of Disaggregation of Revenue by Rig Types

The following table provides information about contract drilling revenue by rig types:

	Successor		Predecessor
	Three Months Ended		Three Months Ended
	September 30, 2021		September 30, 2020
Floaters	$	158,313	$	127,286
Jackups	72,841		99,764
Total	$	231,154	$	227,050

	Successor		Predecessor
	Period From		Period From
	February 6, 2021		January 1, 2021
	through		through		Nine Months Ended
	September 30, 2021		February 5, 2021		September 30, 2020
Floaters	$	349,634	$	50,057	$	367,304
Jackups	166,046		23,994		347,251
Total	$	515,680	$	74,051	$	714,555