Supplemental Financial Information (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable, Net of Allowance for Credit Losses

Accounts receivable, net of allowance for credit losses, consist of the following (in thousands):

	Successor
	June 30,			December 31,
	2022			2021
Trade receivables	$	140,777		$	130,021
Federal income tax receivables		9,320			9,278
Value added tax receivables		4,833			9,729
Related party receivables		76			66
Other		1,978			2,823
		156,984			151,917
Allowance for credit losses		(5,610	)		(5,582	)
Total	$	151,374		$	146,335

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):

	Successor
	June 30,		December 31,
	2022		2021
Prepaid taxes	$	18,989	$	16,163
Deferred contract costs		13,859		7,267
Rig spare parts and supplies		8,847		3,716
Prepaid insurance		6,446		3,436
Current contract assets		5,183		1,835
Prepaid rig costs		4,673		4,048
Collateral deposits		—		17,480
Other		7,874		7,495
Total	$	65,871	$	61,440

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	Successor
	June 30,		December 31,
	2022		2021
Rig operating costs	$	40,250	$	42,532
Deferred revenue		22,442		38,506
Payroll and benefits		32,074		29,268
Current operating lease liability		16,121		15,998
Contract advances		15,699		—
Shorebase and administrative costs		6,729		5,776
Personal injury and other claims		4,776		5,598
Interest payable		2,462		2,986
Accrued capital project/upgrade costs		2,234		2,219
Other		2,943		853
Total	$	145,730	$	143,736

Noncash Operating, Investing and Financing Activities

Noncash operating, investing and financing activities excluded from the unaudited Condensed Consolidated Statements of Cash Flows and other supplemental cash flow information are as follows (in thousands):

	Successor				Predecessor
			Period from		Period from
	Six Months Ended		April 24, 2021		January 1, 2021
	June 30,		through June 30,		through April 23,
	2022		2021		2021
Accrued but unpaid capital expenditures at period end	$	2,234	$	8,805	$	18,617
Accrued but unpaid debt issuance costs and arrangement fees (1)		—		7,047		7,588
Common stock withheld for payroll tax obligations (2)		139		—		—
Cash interest payments		12,514		1,346		37,593
Cash paid for reorganization items, net		—		15,809		37,566
Cash income taxes paid, net of (refunds):
Foreign		11,578		101		3,460
U.S. Federal		2,387		—		—
State		—		—		(34	)

(1)Represents unpaid debt issuance costs related to our exit financing that were incurred and capitalized during the Predecessor period from January 1, 2021 through April 23, 2021.

(2)Represents the cost of 17,806 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock in the Successor six-month period ended June 30, 2022. These costs for the Successor six-month period ended June 30, 2022 are presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Successor Balance Sheet at June 30, 2022.