Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2022

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 related to our contracts with customers (in thousands):

	Successor
	September 30,			December 31,
	2022			2021
Trade receivables	$	167,570		$	130,021
Current contract assets (1)		505			1,835
Current contract liabilities (deferred revenue) (1)		(25,833	)		(38,506	)
Noncurrent contract liabilities (deferred revenue) (1)		(2,734	)		(9,787	)

(1)Contract assets and contract liabilities may reflect balances which 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 liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets.

Summary of Significant Changes in Contract Assets and Contract Liabilities Balances

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

	Successor
	Net Contract
	Balances
Contract assets at January 1, 2022	$	1,835
Contract liabilities at January 1, 2022		(48,293	)
Net balance at January 1, 2022		(46,458	)
Decrease due to amortization of revenue included in the beginning contract liability balance		25,052
Increase due to cash received, excluding amounts recognized as revenue during the period		(5,326	)
Increase due to revenue recognized during the period but contingent on future performance		6,205
Decrease due to transfer to receivables during the period		(7,535	)
Net balance at September 30, 2022	$	(28,062	)
Contract assets at September 30, 2022	$	505
Contract liabilities at September 30, 2022		(28,567	)

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

The following table reflects the specified types of revenue expected to be recognized in the future related to unsatisfied performance obligations as of September 30, 2022 (in thousands):

	For the Years Ending December 31,
	2022 (1)		2023			2024		Total
Mobilization and contract preparation revenue	$	2,280	$	6,344		$	225	$	8,849
Capital modification revenue		1,593		5,137			287		7,017
Demobilization and other deferred revenue		12,672		(79	)		—		12,593
Total	$	16,545	$	11,402		$	512	$	28,459

(1)Represents the three-month period beginning October 1, 2022.