Supplemental Financial Information (Tables)

6 Months Ended

Jun. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Prepaid Expenses and Other Current Assets

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

	June 30, 2022		December 31, 2021
(unaudited, in thousands)
Sales tax receivable	$	3,552	$	8,445
Other receivables		1,140		234
Income tax receivable		577		1,423
Prepaid insurance		959		257
Current deferred contract costs		896		1,405
Current contract asset		—		1,903
Other		6,067		4,642
	$	13,191	$	18,309

Assets Held for Sale

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

	June 30, 2022		December 31, 2021
(unaudited, in thousands)
Trade receivables, net	$	—	$	7,306
Materials and supplies		—		13,510
Prepaid expenses and other current assets		—		3,768
Property & equipment, net		—		87,441
Noncurrent deferred contract costs		—		4,196
Operating lease ROU asset		—		197
Other noncurrent assets		—		699
	$	—	$	117,117

Property and Equipment, Net

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

	June 30, 2022			December 31, 2021
(unaudited, in thousands)
Drilling equipment	$	624,419		$	626,546
Assets under construction		1,957			148
Office and technology equipment		18,405			18,405
Leasehold improvements		523			523
		645,304			645,622
Accumulated depreciation		(287,314	)		(266,018	)
Property and equipment, net	$	357,990		$	379,604

Other Assets

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

	June 30, 2022		December 31, 2021
(unaudited, in thousands)
Noncurrent restricted cash	$	15,616	$	15,644
Deferred certification costs		3,976		5,199
Noncurrent deferred contract costs		5,021		6,832
Deferred income taxes		1,473		1,776
Other noncurrent assets		6,463		2,392
	$	32,549	$	31,843

Other Current Liabilities

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

	June 30, 2022		December 31, 2021
(unaudited, in thousands)
Interest	$	4,136	$	4,136
Compensation (1)		5,147		7,040
2016 MIP - Dividend equivalent (2)		5,277		—
Income taxes payable		3,755		5,589
Current deferred revenue		31,557		12,311
Current portion of operating lease liabilities		1,401		1,710
Other		2,546		747
	$	53,819	$	31,533

(1) Includes $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. The final payout of this cash award was made in June 2022.

(2) “Dividend equivalents” on vested TBGs are payable upon settlement of the applicable award.

Liabilities Held for Sale

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

	June 30, 2022		December 31, 2021
(unaudited, in thousands)
Accounts payable	$	—	$	4,140
Compensation		—		464
Income taxes payable		—		716
Current portion of operating lease liabilities		—		103
Deferred income taxes		—		1,190
Noncurrent operating lease liabilities		—		93
Other		—		14
	$	—	$	6,720

Other Long-term Liabilities

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

	June 30, 2022		December 31, 2021
(unaudited, in thousands)
2016 MIP - Dividend equivalent (1)	$	3,521	$	8,735
Noncurrent deferred revenue		1,397		1,893
Noncurrent operating lease liabilities		333		969
Other non-current liabilities		4,707		5,415
	$	9,958	$	17,012

(1) “Dividend equivalents” on vested TBGs are payable upon settlement of the applicable award.

Reconciliation of Cash, Cash Equivalents and Restricted Cash

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:

	June 30, 2022		December 31, 2021
(unaudited, in thousands)
Cash and cash equivalents	$	227,328	$	73,343
Restricted cash		3,323		1,621
Restricted cash included within Other Assets		15,616		15,644
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	246,267	$	90,608