Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2024

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):

	March 31,			December 31,
	2024			2023
Trade receivables	$	206,830		$	253,367
Insurance claim receivable (1)		11,688			—
Value added tax receivables		6,167			5,256
Related party receivables		75			155
Other		894			1,346
		225,654			260,124
Allowance for credit losses (2)		(5,731	)		(5,801	)
Total	$	219,923		$	254,323

(1)See Note 8 “Ocean GreatWhite Insurance Claim” for a discussion of an insurance claim associated with an equipment incident on one of our rigs.

(2)The allowance for credit losses at March 31, 2024 and December 31, 2023 represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 4 “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

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

	March 31,		December 31,
	2024		2023
Deferred contract costs	$	15,211	$	20,552
Collateral deposit		11,857		11,857
Prepaid taxes		7,526		10,868
Rig spare parts and supplies		6,981		4,694
Current contract assets		2,565		2,575
Prepaid insurance		2,117		3,437
Prepaid rig costs		1,978		3,668
Software maintenance agreements and subscriptions		1,650		1,408
Deferred survey costs		1,386		1,418
Other		6,131		2,935
Total	$	57,402	$	63,412

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	March 31,		December 31,
	2024		2023
Rig operating costs	$	47,316	$	42,893
Contract advances		33,225		63,618
Payroll and benefits		26,260		35,215
Interest payable		24,691		13,013
Deferred revenue		17,833		12,634
Personal injury and other claims		6,217		7,391
Current operating lease liability		8,171		8,436
Accrued capital project/upgrade costs		8,059		10,766
Deposit for equipment sale		5,902		1,977
Shorebase and administrative costs		4,967		5,699
Other		2,491		1,694
Total	$	185,132	$	203,336

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):

	Three Months Ended March 31,
	2024		2023
Accrued but unpaid capital expenditures at period end	$	8,059	$	11,697
Common stock withheld for payroll tax obligations (1)		661		134
Cash interest payments		—		7,488
Cash income taxes paid, net of (refunds):
Foreign		1,851		1,258
U.S. Federal		130		(8,966	)

(1)Represents the cost of 302,833 and 10,946 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 three-month periods ended March 31, 2024 and March 31, 2023, respectively, which is presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets.