Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Summary of Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers

The following table provides information about receivables, contract assets and contract liabilities from our contracts with customers (in thousands):

	Successor			Predecessor
	December 31, 2021			December 31, 2020
Trade receivables	$	130,021		$	115,732
Current contract assets (1)		1,835			2,870
Noncurrent contract assets (1)		—			—
Current contract liabilities (deferred revenue) (1)		(38,506	)		(51,763	)
Noncurrent contract liabilities (deferred revenue) (1)		(9,787	)		(5,164	)

(1)Contract assets and contract liabilities may reflect balances that have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract asset and liability balances are included in “Other assets” and “Other liabilities,” respectively, in our Consolidated Balance Sheets as of December 31, 2021 and 2020.

Summary of Significant Changes in Net Contract Assets and Contract Liabilities Balances

Significant changes in net contract assets and the contract liabilities balances during the period are as follows (in thousands):

	Successor			Predecessor
	April 24, 2021 through			January 1, 2021 through			December 31,
	December 31, 2021			April 23, 2021			2020
Contract assets, beginning of period	$	418		$	2,870		$	6,314
Contract liabilities, beginning of period		—			(56,927	)		(48,104	)
Net balance at beginning of period		418			(54,057	)		(41,790	)
Decrease due to amortization of revenue that was    included in the beginning contract liability    balance		—			15,341			35,231
Increase due to cash received, excluding amounts    recognized as revenue during the period		(48,293	)		(22,553	)		(44,081	)
Increase due to revenue recognized during the    period but contingent on future performance		1,417			1,442			4,748
Decrease due to transfer to receivables during the    period		—			(700	)		(7,466	)
Write-off of deferred revenue due to application of fresh start accounting		—			60,945			—
Adjustments		—			—			(699	)
Net balance at end of period	$	(46,458	)	$	418		$	(54,057	)
Contract assets at end of period	$	1,835		$	418		$	2,870
Contract liabilities at end of period		(48,293	)		—			(56,927	)

Summary of Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations

The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations as of December 31, 2021 (in thousands):

	For the Years Ending December 31,
	2022		2023		2024		Total
Mobilization and contract    preparation revenue	$	3,981	$	3,912	$	225	$	8,118
Capital modification    revenue		23,407		5,374		287		29,068
Demobilization and other deferred revenue		11,581		—		—		11,581
Total	$	38,969	$	9,286	$	512	$	48,767