Supplemental Financial Information

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

5. Supplemental Financial Information

Consolidated Balance Sheets Information

Accounts receivable, net of allowance for bad debts, consists of the following (in thousands):


	December 31,
	2023			2022
Trade receivables	$	253,367		$	155,956
Value added tax receivables		5,256			6,075
Related party receivables		155			73
Federal income tax receivables		—			9,450
Other		1,346			6,121
		260,124			177,675
Allowance for credit losses		(5,801	)		(5,622	)
Total	$	254,323		$	172,053

The allowance for credit losses at December 31, 2023 and 2022 represents our current estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 8 “Financial Instruments and Fair Value Disclosures” for a discussion of our concentrations of credit risk and allowance for credit losses.

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


	December 31,
	2023		2022
Deferred contract costs		20,552		14,373
Collateral deposit		11,857		—
Prepaid taxes		10,868		16,922
Rig spare parts and supplies		4,694		5,091
Prepaid rig costs		3,668		4,001
Prepaid insurance		3,437		3,022
Current contract assets		2,575		141
Deferred survey costs		1,418		838
Software maintenance agreements and subscriptions		1,408		1,212
Other		2,935		3,095
Total	$	63,412	$	48,695

Accrued liabilities consist of the following (in thousands):


	December 31,
	2023		2022
Contract advances	$	63,618	$	52,743
Rig operating costs		42,893		39,288
Payroll and benefits		35,215		29,408
Interest payable		13,013		1,897
Deferred revenue		12,634		11,513
Accrued capital project/upgrade costs		10,766		8,419
Current operating lease liability		8,436		13,480
Personal injury and other claims		7,391		3,738
Shorebase and administrative costs		5,699		4,365
Deposit for equipment sale		1,977		1,670
Other		1,694		264
Total	$	203,336	$	166,785

Consolidated Statements of Cash Flows Information

Noncash investing activities excluded from the Consolidated Statements of Cash Flows and other supplemental cash flow information is as follows (in thousands):


	Successor							Predecessor
	Year Ended					Period from April 24		Period from January 1
	December 31,					through December 31,		through April 23,
	2023			2022		2021		2021
Accrued but unpaid capital expenditures at period end	$	10,766		$	8,419	$	2,219	$	18,617
Accrued but unpaid debt issuance costs and arrangement fees (1)		—			—		—		7,588
Common stock withheld for payroll tax obligations (2)		4,241			4,252		—		—
Cash interest payments		30,949			27,767		13,671		37,593
Cash paid for reorganization items, net		—			—		36,154		37,566
Cash income taxes paid (refunded), net:
Foreign		7,449			13,178		1,969		3,460
U.S. federal		(2,446	)		110		468		—
State		4			—		—		(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, which were accrued at April 23, 2021. In total, we incurred and capitalized financing costs of $13.8 million in relation to our exit financing.

(2)

Represents the cost of 302,833 and 563,727 shares of common stock withheld to satisfy the payroll tax obligation incurred as a result of the vesting of equity awards in the years ended December 31, 2023 and 2022, respectively. These costs are presented as a deduction from stockholders’ equity in “Treasury stock” in our Consolidated Balance Sheets at December 31, 2023 and 2022, respectively.