Drilling and Other Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of Cost and Accumulated Depreciation of Drilling and Other Property and Equipment

Cost and accumulated depreciation of drilling and other property and equipment are summarized as follows (in thousands):

	Successor			Predecessor
	December 31,			December 31,
	2021			2020
Drilling rigs and equipment	$	1,057,739		$	6,987,631
Finance lease right of use asset (1)		174,571			—
Land and buildings		9,823			41,072
Office equipment and other		2,264			83,015
Cost		1,244,397			7,111,718
Less: accumulated depreciation		(68,502	)		(2,988,909	)
Drilling and other property and equipment, net	$	1,175,895		$	4,122,809

(1)Due to an amendment on the Effective Date, our BOP leases were recharacterized from operating to finance leases. See Note 3 "Fresh Start Accounting" and Note 13 "Leases and Lease Commitments."