Drilling and Other Property and Equipment

3 Months Ended

Mar. 31, 2021

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,
	2021			2020
Drilling rigs and equipment	$	6,558,577		$	6,987,630
Land and buildings		40,425			41,072
Office equipment and other		83,226			83,016
Cost		6,682,228			7,111,718
Less: accumulated depreciation		(2,781,814	)		(2,988,909	)
Drilling and other property and equipment, net	$	3,900,414		$	4,122,809

During the first quarter of 2021, we recorded an impairment charge of $197.0 million to write down a drilling rig with indicators of impairment to its estimated fair values. See Notes 4 and 6.  

We have reported the $1.0 million net book value of the Ocean Valor, a previously impaired semisubmersible rig, as “Assets held for sale” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2021. During the first quarter of 2021, we sold the Ocean America and Ocean Rover, both previously impaired semisubmersible rigs that were reported as “Assets held for sale” in our Consolidated Balance Sheets at December 31, 2020, for an aggregate net pre-tax gain of $4.4 million.