Financial Instruments and Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Values and Related Carrying Values of Our Debt Instruments

Fair values and related carrying values of our long-term debt are shown below (in millions).

	Successor
	September 30, 2022				December 31, 2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
Exit Term Loans	$	90.9	$	100.0	$	100.0	$	100.0
First Lien Notes		79.6		86.0		86.2		86.1

Recurring Fair Value Measurements [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis

Assets and liabilities measured at fair value are summarized below (in thousands).

	Successor
	September 30, 2022
	Fair Value Measurements Using								Total (Loss) Gain
	Level 1		Level 2		Level 3		Liabilities at  Fair Value		Three Months Ended (1)			Nine Months Ended (1)
Recurring fair value measurements:
Liability-classified Director restricted stock units	$	719	$	—	$	—	$	719	$	(80	)	$	229

Represents an (increase) reduction in stock compensation expense due to the “marking-to-market” of liability-classified restricted stock units granted to our non-employee directors in April 2021.

Nonrecurring Fair Value Measurements [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets Measured at Fair Value on Recurring and Nonrecurring Basis

	Successor
	December 31, 2021
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Assets at  Fair Value
Nonrecurring fair value measurements:
Impaired assets (1)	$	—	$	—	$	77,900	$	77,900

Represents the total book value as of December 31, 2021 of two semisubmersible rigs, which were written down to estimated fair value.