Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2023

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):

	September 30,			December 31,
	2023			2022
Trade receivables	$	170,596		$	155,956
Value added tax receivables		5,560			6,075
Related party receivables		42			73
Federal income tax receivables		—			9,450
Other		925			6,121
		177,123			177,675
Allowance for bad debts		(5,698	)		(5,622	)
Total	$	171,425		$	172,053

Prepaid Expenses and Other Current Assets

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

	September 30,		December 31,
	2023		2022
Current income tax asset	$	49,664	$	—
Prepaid taxes		21,918		16,922
Deferred contract costs		17,525		14,373
Collateral deposit		16,773		—
Rig spare parts and supplies		10,824		5,091
Prepaid insurance		4,457		3,022
Current contract assets		4,324		141
Prepaid rig costs		4,185		4,001
Software maintenance agreements and subscriptions		1,560		1,212
Deferred survey costs		1,240		838
Other		3,741		3,095
Total	$	136,211	$	48,695

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	September 30,		December 31,
	2023		2022
Contract advances	$	52,414	$	52,743
Rig operating costs		36,692		39,288
Payroll and benefits		33,211		29,408
Accrued capital project/upgrade costs		13,764		8,419
Personal injury and other claims		6,198		3,738
Shorebase and administrative costs		5,457		4,365
Current operating lease liability		4,905		13,480
Deferred revenue		4,888		11,513
Interest payable		1,334		1,897
Deposit for equipment sale		1,207		1,670
Other		3,342		264
Total	$	163,412	$	166,785

Schedule of Other Assets

Other assets consist of the following (in thousands):

	September 30,		December 31,
	2023		2022
Noncurrent deferred tax assets	$	121,264	$	10,612
Operating lease right of use assets		18,810		30,332
Noncurrent receivables		8,677		13,030
Noncurrent milestone payments		5,804		856
Deferred debt arrangement fees		4,188		6,716
Deferred inspection costs, noncurrent		3,829		2,489
Noncurrent deposits		1,461		1,531
Other		3,420		2,400
Total	$	167,453	$	67,966

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):

	Nine Months Ended September 30,
	2023			2022
Accrued but unpaid capital expenditures at period end	$	13,764		$	2,226
Common stock withheld for payroll tax obligations (1)		4,241			3,214
Cash interest payments		30,552			17,718
Cash income taxes paid, net of (refunds):
Foreign		5,603			12,187
U.S. Federal		(5,019	)		2,855
State		1			—

(1)Represents the cost of 302,833 and 463,951 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock and restricted stock units during the nine-month periods ended September 30, 2023 and September 30, 2022, respectively, which is presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets.