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Financial Instruments and Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2022

Assets Measured at Fair Value on Nonrecurring and Recurring Basis

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


	Successor
	December 31, 2022
	Fair Value Measurements Using
	Level 1			Level 2	Level 3	Assets and Liabilities at Fair Value			Total Losses for Year Ended (1)

Recurring fair value measurements
Liability-classified Director restricted stock units	$	(818	)			$	(818	)	$	(230	)


	Successor
	December 31, 2021
	Fair Value Measurements Using													Predecessor
	Level 1			Level 2		Level 3		Assets and Liabilities at Fair Value			Total Losses for Period from April 24, 2021 through December 31, 2021 (2)			Total Losses for Period from January 1, 2021 to April 23, 2021 (3)

Recurring fair value measurements
Liability-classified Director restricted stock units	$	(528	)	$	—	$	—	$	(528	)	$	(528	)	$	—

Nonrecurring fair value measurements
Impaired assets (4)	$	—		$	—	$	77,900	$	77,900		$	132,449		$	197,027


	Predecessor
	December 31, 2020
	Fair Value Measurements Using
Nonrecurring fair value measurements	Level 1		Level 2		Level 3		Assets at Fair Value		Total Losses for Year Ended (5)

Impaired assets (6)	$	—	$	—	$	1,000	$	1,000	$	842,016

(1)

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

(2)

Represents an impairment charge recognized during the Successor period from April 24, 2021 through December 31, 2021 related to two semisubmersible rigs that were written down to their estimated fair value.

(3)

Represents an impairment charge recognized during the Predecessor period from January 1, 2021 through April 23, 2021 related to one semisubmersible rig, which was written down to its estimated fair value.

(4)

Represents the total book value as of December 31, 2021 of two semisubmersible rigs, which were written down to estimated fair value during the Successor period from April 24, 2021 through December 31, 2021.

(5)

Represents impairment losses of $774.0 million and $68.0 million recognized during the first and fourth quarters of the Predecessor year ended December 31, 2020, respectively, related to four semisubmersible rigs which were written down to their estimated fair value.

(6)

Represents the total book value as of December 31, 2020 of one semisubmersible rig, which was written down to its estimated fair value during the fourth quarter of the Predecessor year ended December 31, 2020.

Fair Values and Related Carrying Values of Our Debt Instruments

Fair values and related carrying values of our Exit Term Loans, First Lien Notes and the Predecessor Senior Notes Senior Notes (see Note 11 "Prepetition Revolving Credit Facility, Senior Notes and Exit Debt") are shown below (in millions).


	December 31,
	2022				2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
Exit Term Loans	$	91.1	$	100.0	$	100.0	$	100.0
First Lien Notes		78.3		85.3		86.2		86.1