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Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

The following tables present our revenue disaggregated by revenue source for the periods indicated:


	Three Months Ended March 31, 2022								Three Months Ended March 31, 2021
	Jackups		Deepwater		Managed		Consolidated		Jackups		Deepwater		Managed		Consolidated
(unaudited, in thousands)
Dayrate revenue	$	15,331	$	25,996	$	1,103	$	42,430	$	8,898	$	8,827	$	98	$	17,823
Amortized revenue		220		3,366		—		3,586		—		—		—		—
Reimbursable revenue		2,207		2,976		7,132		12,315		2,322		21		—		2,343
Total revenue	$	17,758	$	32,338	$	8,235	$	58,331	$	11,220	$	8,848	$	98	$	20,166

Schedule of Contract Cost Assets and Contract Revenue Liabilities from Contracts with Customers

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


	March 31, 2022		December 31, 2021
(unaudited, in thousands)
Current contract cost assets	$	1,625	$	1,405
Noncurrent contract cost assets		5,917		6,832
Noncurrent contract cost assets - held for sale		20,095		4,196
Current contract revenue assets		—		1,903
Current contract revenue liabilities		17,872		12,311
Noncurrent contract revenue liabilities		1,647		1,893

Schedule of Significant Changes in Contract Cost Assets and Contract Revenue Liabilities

Significant changes in contract cost assets and contract revenue liabilities during the three months ended March 31, 2022 are as follows:


	Contract Cost Assets			Contract Revenue Assets			Contract Revenues
(unaudited, in thousands)
Balance as of December 31, 2021	$	12,433		$	1,903		$	14,204
Increase (decrease) due to contractual changes		17,899			—			14,187
Decrease due to recognition of revenue		(2,695	)		(1,903	)		(8,872	)
Balance as of March 31, 2022 (1)	$	27,637		$	—		$	19,519

(1)

We expect to recognize contract revenues of approximately $18.6 million during the remaining nine months of 2022 and $0.9 million thereafter related to unsatisfied performance obligations existing as of March 31, 2022.