Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

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 from our contracts with customers (in thousands):

	December 31,
	2023			2022
Trade receivables	$	253,367		$	155,956
Current contract assets (1)		2,575			141
Noncurrent contract assets (1)		—			—
Current contract liabilities (deferred revenue) (1)		(12,634	)		(11,513	)
Noncurrent contract liabilities (deferred revenue) (1)		(3,947	)		(487	)

(1)Contract assets and contract liabilities may reflect balances that 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 asset and liability balances are included in “Other assets” and “Other liabilities,” respectively, in our Consolidated Balance Sheets as of December 31, 2023 and 2022.

Summary of Significant Changes in Net Contract Assets and Contract Liabilities Balances

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

	Contract			Contract
	Assets			Liabilities
Balance as of January 1, 2022	$	1,835		$	(48,293	)
Decrease due to amortization of revenue included in the beginning contract liability balance		—			26,909
Increase due to cash received, excluding amounts recognized as revenue during the period		—			(2,444	)
Increase due to revenue recognized during the period but contingent on future performance		6,618			—
Decrease due to transfer to receivables during the period		(8,312	)		—
Adjustments (1)		—			11,828
Balance as of December 31, 2022	$	141		$	(12,000	)
Decrease due to amortization of revenue included in the beginning contract liability balance		—			11,512
Increase due to cash received, excluding amounts recognized as revenue during the period		—			(16,093	)
Increase due to revenue recognized during the period but contingent on future performance		12,177			—
Decrease due to transfer to receivables during the period		(9,743	)		—
Balance as of December 31, 2023	$	2,575		$	(16,581	)

(1) Upon commencement of drilling operations, the MMSA for the managed rigs was suspended and replaced by a charter agreement for the duration of the contract. As a result, we reclassified $11.1 million previously recorded

as a contract liability to “Contract advances,” which was reported as a component of “Accrued liabilities” in our Consolidated Balance Sheets at December 31, 2022.

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

The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations as of December 31, 2023 (in thousands):

	For the Year Ending December 31,
	2024		2025		2026		2027		Total
Mobilization and contract    preparation revenue	$	6,256	$	1,350	$	1,350	$	1,235	$	10,191
Capital modification revenue		4,381		—		—		—		4,381
Blended rate/other revenue		2,009		—		—		—		2,009
Demobilization and other deferred revenue		472		198		198		181		1,049
Total	$	13,118	$	1,548	$	1,548	$	1,416	$	17,630