Drilling and Other Property and Equipment

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Drilling and Other Property and Equipment

8. Drilling and Other Property and Equipment

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

	December 31,
	2019			2018
Drilling rigs and equipment	$	8,004,489		$	8,210,824
Land and buildings		64,267			63,757
Office equipment and other		92,289			91,819
Cost		8,161,045			8,366,400
Less: accumulated depreciation		(3,008,217	)		(3,182,178	)
Drilling and other property and equipment, net	$	5,152,828		$	5,184,222

During 2019, we recognized an aggregate pre-tax loss of $1.1 million on the disposal of assets, which included a pre-tax gain on the sale of the Ocean Guardian of $14.3 million offset by an aggregate pre-tax loss of $15.4 million on the disposal of certain other property and equipment. In 2019, we also transferred the $1.0 million net book value of the Ocean Confidence, a previously impaired semisubmersible rig, to “Asset held for sale” in our Consolidated Balance Sheets at December 31, 2019. We expect to complete the sale of the rig in the first quarter of 2020 for a net gain of $3.5 million.