Drilling and Other Property and Equipment

3 Months Ended

Mar. 31, 2019

Property Plant And Equipment [Abstract]

Drilling and Other Property and Equipment

7. Drilling and Other Property and Equipment

Cost and accumulated depreciation of drilling and other property and equipment are summarized as follows (in thousands):

	March 31,			December 31,
	2019			2018
Drilling rigs and equipment	$	8,149,585		$	8,210,824
Land and buildings		63,916			63,757
Office equipment and other		92,095			91,819
Cost		8,305,596			8,366,400
Less: accumulated depreciation		(3,134,738	)		(3,182,178	)
Drilling and other property and equipment, net	$	5,170,858		$	5,184,222

During the three-month period ended March 31, 2019, we retired or scrapped certain rig equipment, a significant portion of which was fully depreciated, and also transferred the net book value of a previously impaired semisubmersible rig, the Ocean Guardian, to “Assets held for sale” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2019. We have entered into an agreement to sell the Ocean Guardian and expect to complete the sale in the second quarter of 2019 for a net gain.