Prepaid expenses and other current assets consisted of the following as of the dates indicated:


	March 31, 2022		December 31, 2021
(unaudited, in thousands)
Sales tax receivable	$	6,547	$	8,445
Other receivables		293		234
Income tax receivable		761		1,423
Prepaid insurance		695		257
Current deferred contract costs		1,625		1,405
Current contract asset		—		1,903
Other		4,851		4,642
	$	14,772	$	18,309

Assets held for sale consisted of the following as of the dates indicated:


	March 31, 2022		December 31, 2021
(unaudited, in thousands)
Trade receivables, net	$	7,307	$	7,306
Materials and supplies		13,194		13,510
Prepaid expenses and other current assets		7,561		3,768
Property & equipment, net		100,903		87,441
Noncurrent deferred contract costs		20,095		4,196
Operating lease ROU asset		205		197
Other noncurrent assets		1,200		699
	$	150,465	$	117,117

Property and equipment, net, consisted of the following as of the dates indicated:


	March 31, 2022			December 31, 2021
(unaudited, in thousands)
Drilling equipment	$	625,134		$	626,546
Assets under construction		1,560			148
Office and technology equipment		18,405			18,405
Leasehold improvements		523			523
		645,622			645,622
Accumulated depreciation		(276,751	)		(266,018	)
Property and equipment, net	$	368,871		$	379,604

Other assets consisted of the following as of the dates indicated:


	March 31, 2022		December 31, 2021
(unaudited, in thousands)
Noncurrent restricted cash	$	15,644	$	15,644
Deferred certification costs		5,182		5,199
Noncurrent deferred contract costs		5,917		6,832
Deferred income taxes		1,627		1,776
Other noncurrent assets		3,545		2,392
	$	31,915	$	31,843

Other current liabilities consisted of the following as of the dates indicated:


	March 31, 2022		December 31, 2021
(unaudited, in thousands)
Interest	$	12,230	$	4,136
Compensation (1)		7,207		7,040
Income taxes payable		3,129		5,589
Current deferred revenue		17,872		12,311
Current portion of operating lease liabilities		1,580		1,710
Other		674		747
	$	42,692	$	31,533

(1) Includes $3.5 million as of March 31, 2022 and $2.3 million as of December 31, 2021 related to cash awards granted to certain key employees of the Company pursuant to underlying award agreements and issued under the 2016 Amended MIP.

Liabilities held for sale consisted of the following as of the dates indicated:


	March 31, 2022		December 31, 2021
(unaudited, in thousands)
Accounts payable	$	12,889	$	4,140
Compensation		542		464
Income taxes payable		919		716
Current portion of operating lease liabilities		150		103
Deferred income taxes		1,407		1,190
Noncurrent operating lease liabilities		66		93
Other		12		14
	$	15,985	$	6,720

Other Long-term liabilities consisted of the following as of the dates indicated:


	March 31, 2022		December 31, 2021
(unaudited, in thousands)
2016 MIP - Dividend equivalent (1)	$	8,798	$	8,735
Noncurrent deferred revenue		1,647		1,893
Noncurrent operating lease liabilities		644		969
Other non-current liabilities		5,415		5,415
	$	16,504	$	17,012

(1) Dividend Equivalents on vested TBGs are payable on settlement of the applicable award.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows as of the dates indicated:


	March 31, 2022		December 31, 2021
(unaudited, in thousands)
Cash and cash equivalents	$	62,234	$	73,343
Restricted cash		726		1,621
Restricted cash included within Other Assets		15,644		15,644
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	78,604	$	90,608

Restricted cash represents cash held by banks as collateralizing letters of credit.

In conjunction with the establishment of ADVantage, the Company entered into a series of agreements with ADES, including: (i) a Secondment Agreement; (ii) a Manpower Agreement; and (iii) a Supply Services Agreement. Pursuant to these agreements, the Company, largely through its seconded employees, has agreed to provide various services to ADES and ADES has agreed in turn to provide various services to ADVantage. As of March 31, 2022 and December 31, 2021, accounts receivable from ADES totaled $2.6 million and $0.5 million, respectively, included in “Trade Receivables” on the Consolidated Balance Sheets. As of March 31, 2022 and December 31, 2021, accounts payable to ADES totaled approximately $6.3 million and $2.1 million, respectively, included in “Accounts payable,” on the Consolidated Balance Sheets.

On December 20, 2021, we entered into the ADES Purchase Agreement to sell to ADES Arabia all of the issued and outstanding equity of EDC, which owns the Emerald Driller, Sapphire Driller and Aquamarine Driller. We anticipate that the transactions contemplated by the ADES Purchase Agreement will close in the second quarter of 2022. For additional information regarding the ADES Purchase Agreement and the transactions contemplated thereunder, please see “Share Purchase Agreement to Sell EDC to ADES Arabia Holding” under “Note 1. Organization and Recent Events” of these Notes to Unaudited Financial Statements. In addition, the Company and ADES also entered into an agreement on December 6, 2021 (the “Collaboration Agreement”) to pursue a global strategic alliance in order to leverage both the ADES Support Services Agreement and ADVantage, the parties’ existing joint venture in Egypt. Pursuant to the Collaboration Agreement, the parties agreed to collaborate on exploring future commercial and operational opportunities.

VHI has entered into Framework Agreements and related Management and Marketing Agreements, as amended, on March 16, 2021 with Aquadrill, pursuant to which certain subsidiaries of VHI agreed to provide operating, management and marketing services to

Aquadrill and its subsidiaries (the “Aquadrill Entities”). Fees earned as a result of these agreements are included in “Management fees” and “Reimbursable and other” in our Consolidated Statement of Operations within the Managed Services segment as reported in “Note 10. Business Segment and Significant Customer Information.” Two of our shareholders that own a significant portion of our Ordinary shares also own an interest in Aquadrill LLC, formerly known as Seadrill Partners LLC (”Aquadrill”).

We did not have any related party transactions that were not conducted in the ordinary course of business as of March 31, 2022.