Ocean GreatWhite Insurance Claim	6 Months Ended
Jun. 30, 2024
Insurance [Abstract]
Ocean GreatWhite Insurance Claim	8. Ocean GreatWhite Insurance Claim On February 1, 2024, the Ocean GreatWhite reported an equipment incident while located in the North Sea west of the Shetland Islands. The rig’s lower marine riser package (or LMRP) and deployed riser string unintentionally separated from the rig at the slip joint tensioner ring, and the LMRP and riser dropped to the seabed. We have recovered the LMRP from the seabed and the Ocean GreatWhite resumed operations under the rig’s drilling contract in early July 2024. As of the date of this report, we have incurred $51.7 million of incremental recovery and repair costs related to the Ocean GreatWhite, including $4.2 million in capitalized costs. At June 30, 2024, we had retired assets with an aggregate net book value of $4.4 million as a result of the incident. We anticipate that the repairs and equipment replacement will be covered by our hull and machinery insurance policy and that all incremental costs, less our $10.0 million deductible, will be reimbursable under that policy. As of June 30, 2024, we had received insurance proceeds of $20.0 million. Our insurance receivable related to the claim was $21.7 million at June 30, 2024. However, we cannot fully predict the extent of such insurance coverage or the timing of such claims. In addition, we will be required to pay an additional loss premium of up to 3.5% of net insurance proceeds received, payable after the claim is closed and all proceeds known.

Ocean GreatWhite Insurance Claim

6 Months Ended

Jun. 30, 2024

8. Ocean GreatWhite Insurance Claim

On February 1, 2024, the Ocean GreatWhite reported an equipment incident while located in the North Sea west of the Shetland Islands. The rig’s lower marine riser package (or LMRP) and deployed riser string unintentionally separated from the rig at the slip joint tensioner ring, and the LMRP and riser dropped to the seabed. We have recovered the LMRP from the seabed and the Ocean GreatWhite resumed operations under the rig’s drilling contract in early July 2024.

As of the date of this report, we have incurred $51.7 million of incremental recovery and repair costs related to the Ocean GreatWhite, including $4.2 million in capitalized costs. At June 30, 2024, we had retired assets with an aggregate net book value of $4.4 million as a result of the incident. We anticipate that the repairs and equipment replacement will be covered by our hull and machinery insurance policy and that all incremental costs, less our $10.0 million deductible, will be reimbursable under that policy. As of June 30, 2024, we had received insurance proceeds of $20.0 million. Our insurance receivable related to the claim was $21.7 million at June 30, 2024. However, we cannot fully predict the extent of such insurance coverage or the timing of such claims. In addition, we will be required to pay an additional loss premium of up to 3.5% of net insurance proceeds received, payable after the claim is closed and all proceeds known.