Drilling and Other Property and Equipment

9 Months Ended

Sep. 30, 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):

	September 30,			December 31,
	2019			2018
Drilling rigs and equipment	$	7,911,380		$	8,210,824
Land and buildings		64,102			63,757
Office equipment and other		91,952			91,819
Cost		8,067,434			8,366,400
Less: accumulated depreciation		(2,916,558	)		(3,182,178	)
Drilling and other property and equipment, net	$	5,150,876		$	5,184,222

In April 2019, we sold the Ocean Guardian, a previously impaired semisubmersible rig, for a net pre-tax gain of $14.3 million. In addition, during the nine months ended September 30, 2019, we disposed of certain other property and equipment and recognized an aggregate net pre-tax loss of $15.5 million. During the third quarter of 2019, we transferred the net book value of the Ocean Confidence, a previously impaired semisubmersible rig, to “Asset held for sale” in our unaudited Condensed Consolidated Balance Sheets at September 30, 2019.