Financial Instruments and Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2021

Assets Measured at Fair Value on Nonrecurring Basis

Assets measured at fair value are summarized below (in thousands).

	Successor
	June 30, 2021
	Fair Value Measurements Using								Successor		Predecessor
	Level 1		Level 2		Level 3		Assets at Fair Value		Total Losses for Period from April 24 to June 30, 2021		Total Losses for Period from January 1 to April 23, 2021 ⁽¹⁾
Nonrecurring fair value measurements:
Impaired assets ⁽¹⁾	$	—	$	—	$	—	$	—	$	—	$	197,027

(1)

Represents an impairment charge recognized during the three months ended March 31, 2021 of one semisubmersible rig, which was written down to its estimated fair value. See Note 5 “Impairment of Assets.”

	Predecessor
	December 31, 2020
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Assets at Fair Value		Total Losses for Year Ended ⁽¹⁾
Nonrecurring fair value measurements:
Impaired assets ⁽²⁾	$	—	$	—	$	1,000	$	1,000	$	842,016

(1)

Represents impairment losses of $774.0 million and $68.0 million recognized during the first and fourth quarters of 2020, respectively, related to four semisubmersible rigs which were written down to their estimated fair values. See Note 5 “Impairment of Assets.”

(2)

Represents the total book value as of December 31, 2020 of one semisubmersible rig, which was written down to its estimated fair value during the fourth quarter of 2020.

Fair Values and Related Carrying Values of Our Debt Instruments

Fair values and related carrying values of our long-term debt and the Senior Notes are shown below (in millions).

	Successor				Predecessor
	June 30, 2021				December 31, 2020
	Fair Value		Carrying Value		Fair Value		Carrying Value
Exit Term Loans	$	100.0	$	100.0		—		—
Exit Notes		86.2		86.2		—		—
3.45% Senior Notes due 2023		—		—	$	30.6	$	250.0
7.875% Senior Notes due 2025		—		—		61.3		500.0
5.70% Senior Notes due 2039		—		—		61.2		500.0
4.875% Senior Notes due 2043		—		—		91.9		750.0