Vantage Drilling 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 23, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	VTG
Entity Registrant Name	Vantage Drilling CO
Entity Central Index Key	1,419,428
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		311,024,181

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 30,556	$ 82,812
Trade receivables	141,932	153,428
Inventory	67,037	65,892
Prepaid expenses and other current assets	20,188	28,618
Total current assets	259,713	330,750
Property and equipment
Property and equipment	3,553,789	3,524,566
Accumulated depreciation	(469,361)	(406,674)
Property and equipment, net	3,084,428	3,117,892
Other assets
Investment in joint venture	1,106	1,318
Other assets	68,603	79,897
Total other assets	69,709	81,215
Total assets	3,413,850	3,529,857
Current liabilities
Accounts payable	46,540	59,139
Accrued liabilities	97,088	101,537
Current maturities of long-term debt, net of discount of $42 and $1,181	65,314	95,378
Total current liabilities	208,942	256,054
Long–term debt, net of discount of $18,903 and $25,875 and current maturities	2,531,003	2,632,802
Other long-term liabilities	$ 69,363	$ 85,327
Commitments and contingencies (Note 8)
Shareholders’ equity
Preferred shares, $0.001 par value, 10,000 shares authorized; none issued or outstanding
Ordinary shares, $0.001 par value, 500,000 shares authorized; 311,024 and 307,808 shares issued and outstanding	$ 311	$ 308
Additional paid-in capital	907,607	905,136
Accumulated deficit	(303,376)	(349,770)
Total shareholders’ equity	604,542	555,674
Total liabilities and shareholders’ equity	$ 3,413,850	$ 3,529,857

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Current maturities of long term debt and revolving credit agreement unamortized discount	$ 42	$ 1,181
Long-term debt unamortized discount	$ 18,903	$ 25,875
Preferred shares, par value	$ 0.001	$ 0.001
Preferred shares, shares authorized	10,000,000	10,000,000
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0
Ordinary shares, par value	$ 0.001	$ 0.001
Ordinary shares, shares authorized	500,000,000	500,000,000
Ordinary shares, shares issued	311,024,181	307,808,000
Ordinary shares, shares outstanding	311,024,181	307,808,000

Consolidated Statement of Opera

Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue
Contract drilling services	$ 202,888	$ 198,279	$ 410,869	$ 413,211
Management fees	1,902	5,969	3,783	10,551
Reimbursables	7,471	15,470	15,258	28,421
Total revenue	212,261	219,718	429,910	452,183
Operating costs and expenses
Operating costs	95,249	98,002	191,357	199,724
General and administrative	8,066	8,366	16,931	16,481
Depreciation	31,781	31,630	63,404	63,255
Total operating costs and expenses	135,096	137,998	271,692	279,460
Income from operations	77,165	81,720	158,218	172,723
Other income (expense)
Interest income	5	11	11	24
Interest expense and other financing charges	(48,641)	(54,286)	(99,195)	(108,773)
Gain (loss) on debt extinguishment	5,616	(1,407)	26,222	(1,513)
Other, net	1,962	(539)	1,624	240
Total other income (expense)	(41,058)	(56,221)	(71,338)	(110,022)
Income before income taxes	36,107	25,499	86,880	62,701
Income tax provision	11,143	15,321	40,486	27,699
Net income	$ 24,964	$ 10,178	$ 46,394	$ 35,002
Earnings per share
Basic	$ 0.08	$ 0.03	$ 0.15	$ 0.11
Diluted	$ 0.07	$ 0.03	$ 0.15	$ 0.11

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 46,394	$ 35,002
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	63,404	63,255
Amortization of debt financing costs	5,139	5,834
Amortization of debt discount	5,392	5,676
Non-cash (gain) loss on debt extinguishment	(26,213)	1,513
Share-based compensation expense	3,370	4,284
Deferred income tax benefit	(534)	(343)
Equity in loss of joint venture	212	235
Loss on disposal of assets	158	663
Changes in operating assets and liabilities:
Restricted cash		2,125
Trade receivables	11,496	13,988
Inventory	(1,145)	(5,068)
Prepaid expenses and other current assets	8,905	5,054
Other assets	4,613	10,521
Accounts payable	(12,599)	(7,453)
Accrued liabilities and other long-term liabilities	(23,546)	4,527
Net cash provided by operating activities	85,046	139,813
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment	(26,878)	(19,262)
Net cash used in investing activities	(26,878)	(19,262)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt	(110,424)	(76,261)
Repayment of revolving credit agreement, net		(10,000)
Net cash used in financing activities	(110,424)	(86,261)
Net increase (decrease) in cash and cash equivalents	(52,256)	34,290
Cash and cash equivalents—beginning of period	82,812	54,686
Cash and cash equivalents—end of period	30,556	88,976
Cash paid for:
Interest	92,494	98,330
Taxes	32,458	12,804
Non-cash investing and financing transactions:
Interest capitalized	$ (3,221)	$ (2,420)

Organization and Recent Events

Organization and Recent Events	6 Months Ended
	Jun. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Recent Events	1. Organization and Recent Events Vantage Drilling Company is a holding company organized under the laws of the Cayman Islands on November 14, 2007 with no significant operations or assets, other than its interests in its subsidiaries. Through our direct and indirect subsidiaries, Vantage Drilling Company is an international offshore drilling contractor for the oil and gas industry focused on operating a fleet of modern, high-specification mobile offshore drilling units (“MODUs”). Our operating fleet currently consists of four ultra-premium jackup rigs and three ultra-deepwater drillships. Our global fleet is currently located in India, Southeast Asia, West Africa and the U.S. Gulf of Mexico. During the six months ended June 30, 2015, in addition to scheduled maturity payments of $26.8 million on our various debt issuances, we made discretionary open market purchases of a face value of $31.8 million of our 7.5% Senior Secured First Lien Notes (the “7.5% Senior Notes”), $42.7 million of our 5.50% Convertible Senior Notes (the “5.50% Convertible Notes”), $31.2 million of our 7.875% Senior Convertible Notes (the “7.875% Convertible Notes”) and $7.5 million of our $500 million Term Loan (the “2017 Term Loan”). During July 2015, we acquired an additional $10.0 million of face value of our 7.875% Convertible Notes.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Basis of Consolidation: The accompanying interim consolidated financial information as of June 30, 2015 and for the three and six months ended June 30, 2015 and 2014 has been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and includes our accounts and those of our majority owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. They reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to provide for fair presentation. The balance sheet at December 31, 2014 is derived from our December 31, 2014 audited financial statements. These interim financial statements should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. Certain previously reported amounts have been reclassified to conform to the current period presentation. Cash and Cash Equivalents: Includes deposits with financial institutions as well as short-term money market instruments with maturities of three months or less when purchased. Restricted Cash: Consists of cash and cash equivalents established as debt reserves and posted as collateral for bid tenders and performance bonds. Inventory: Consists of materials, spare parts, consumables and related supplies for our drilling rigs and is carried at the lower of average cost or market. Property and Equipment: Consists of the costs of our drilling rigs, furniture and fixtures, computer equipment and capitalized costs for computer software. Drilling rigs are depreciated on a component basis over estimated useful lives ranging from five to thirty-five years on a straight-line basis as of the date placed in service. Other assets are depreciated upon placement in service over estimated useful lives ranging from three to seven years on a straight-line basis. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and the gain or loss is recognized. Interest costs and the amortization of debt financing costs related to the financings of our MODUs are capitalized as part of the cost while they are under construction and prior to the commencement of each vessel’s first contract. Total interest and amortization costs capitalized for assets under construction for the three and six months ended June 30, 2015 were $1.7 million and $3.2 million, respectively. Total interest and amortization costs capitalized for the three and six months ended June 30, 2014 were $1.2 million and $2.4 million, respectively. We evaluate the realization of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss on our property and equipment exists when estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized would represent the excess of the asset’s carrying value over the estimated fair value. The rapid and significant decline in oil prices over the last six months of 2014, coupled with steep capital budget cuts by exploration and production companies and the significant number of newbuild ultra-deepwater floaters and jackups deliveries scheduled for 2015 and 2016, required us to undertake an analysis of recoverability of the carrying value of our drilling rigs as of December 31, 2014. The results of the analysis indicated that the estimated undiscounted future cash flows exceeded the carrying values of our drilling rigs by factors ranging from 2.6x to 4.5x. We have continued to monitor the recoverability of the carrying value of our drilling rigs in 2015 and we currently believe the future projected undiscounted cash flows exceeds the carrying amounts of our drilling rigs. Debt Financing Costs: Costs incurred with debt financings are deferred and amortized over the term of the related financing facility on a straight-line basis which approximates the interest method. As we make open market purchases to retire debt or discretionary debt payments, we recognize as an expense a proportionate amount of the related deferred financing costs. Investment in Joint Venture: In November 2012, we acquired 41.9% of Sigma Drilling, Ltd. (“Sigma”), which had contracted to build an ultra-deepwater drillship, to be known as the , at STX Offshore & Shipbuilding Co. Ltd.’s (“STX”) shipyard in Korea. We are currently accounting for our interest in Sigma as an equity method investment. Accordingly, we recognize 41.9% of the profit or loss of Sigma as other income (expense) in our consolidated statement of operations with a corresponding adjustment to our investment in joint venture account. We capitalized interest on our investment in Sigma until September 2013 when STX suspended construction of the drillship. In January 2014, Sigma issued a termination notice to STX on the construction contract and Sigma terminated our construction management agreement. In July 2014, a reduction in Sigma’s capital was approved by the appropriate authorities and in August 2014, a distribution of $55.5 million was made to the shareholders of Sigma, of which we received $23.3 million. During the six-month periods ended June 30, 2015 and 2014, Sigma recognized losses from operations consisting primarily of general administrative expenses. The change in our investment in joint venture account was composed of the following (in thousands): Balance, December 31, 2014 $ 1,318 Vantage share of net losses for six months ended June 30, 2015 (212 ) Balance, June 30, 2015 $ 1,106 Sigma commenced arbitration proceedings against STX in 2014 as called for under the construction contract for the Palladium Explorer. Note 4. Construction Supervision and Operations Management Agreements.” Revenue: Revenue is recognized as services are performed based on contracted dayrates and the number of operating days during the period. In connection with a customer contract, we may receive lump-sum fees for the mobilization of equipment and personnel or the demobilization of equipment and personnel upon completion. Mobilization fees received and costs incurred to mobilize a rig from one geographic market to another are deferred and recognized on a straight-line basis over the term of such contract, excluding any option periods. Costs incurred to mobilize a rig without a contract are expensed as incurred. Fees or lump-sum payments received for capital improvements to rigs are deferred and amortized to income over the term of the related drilling contract. The costs of such capital improvements are capitalized and depreciated over the useful lives of the assets. Upon completion of drilling contracts, any demobilization fees received are recorded as revenue. We record reimbursements from customers for rebillable costs and expenses as revenue and the related direct costs as operating expenses. Rig and Equipment Certifications: We are required to obtain regulatory certifications to operate our drilling rigs and certain specified equipment and must maintain such certifications through periodic inspections and surveys. The costs associated with these certifications, including drydock costs, are deferred and amortized over the corresponding certification periods. Income Taxes: Income taxes are provided for based upon the tax laws and rates in effect in the countries in which operations are conducted and income is earned. Deferred income tax assets and liabilities are computed for differences between the financial statement basis and tax basis of assets and liabilities that will result in future taxable or deductible amounts and are based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. We recognize interest and penalties related to income taxes as a component of income tax expense. Earnings per Share: Basic earnings per share are based on the weighted average number of ordinary shares outstanding during the applicable period. Diluted earnings per share are computed based on the weighted average number of ordinary shares and ordinary share equivalents outstanding in the applicable period, as if all potentially dilutive securities were converted into ordinary shares. The following is a reconciliation of the number of shares used for the basic and diluted earnings per share (“EPS”) computations: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Weighted average ordinary shares outstanding for basic EPS 310,964 306,080 310,411 305,683 Convertible notes 28,400 — — 78,907 Restricted share equity awards 996 3,996 1,085 476 Adjusted weighted average ordinary shares outstanding for diluted EPS 340,360 310,076 311,496 385,066 The following is a detail of the number of shares excluded from diluted EPS computations: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Options and warrants 2,087 2,097 2,087 2,097 Convertible notes 7,513 78,907 35,913 — Restricted share equity awards 7,750 — 7,750 11,942 Future potentially dilutive ordinary shares excluded from diluted EPS 17,350 81,004 45,750 14,039 The excluded share options, warrants and restricted share equity awards are anti-dilutive as the exercise or conversion price of such securities exceeded the average market price of our shares for the applicable periods. The ordinary shares issuable for the convertible notes are excluded as the effect of including convertible debt and the related adjustments to income under the “if-converted” method of computing diluted earnings per share is anti-dilutive for the applicable periods. Concentration of Credit Risk: Financial instruments that potentially subject us to a significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash and accounts receivable. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We monitor the credit ratings and our concentration of risk with these financial institutions on a continuing basis to safeguard our cash deposits. Some of our restricted cash is invested in certificates of deposit. We have a limited number of key customers, who are primarily large international oil and gas operators, national oil companies and other international oil and gas companies. Our contracts provide for monthly billings as services are performed and we monitor compliance with contract payment terms on an ongoing basis. Outstanding receivables beyond payment terms are promptly investigated and discussed with the specific customer. We did not have an allowance for doubtful accounts as of June 30, 2015 or December 31, 2014. Share-Based Compensation: We account for share-based compensation using the fair value method as prescribed under U.S. GAAP. Restricted share grants are valued based on the market price of our ordinary shares on the date of grant and the fair value attributable to share options is calculated based on the Black-Scholes option pricing model. The fair values are amortized to compensation expense over the requisite service period which is generally equivalent to the time required to vest the share options and share grants. Employment agreements with certain executives provide for immediate vesting of outstanding share awards upon retirement, as defined. Retirement is defined as any separation from the Company, other than a termination for cause, so long as the executive has had at least five years of continuous service with the Company and provides at least six months advance notice to the Board of Directors. When a notification of intent to retire is received, making an executive retirement-eligible, the remaining unamortized portion of existing share awards is amortized through the original vesting date or the retirement date, whichever is earlier. We recognized approximately $1.6 million and $2.1 million of share-based compensation expense for the three months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015 and 2014, we recognized $3.4 million and $4.3 million, respectively, of share-based compensation expense. Use of Estimates: The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. While management believes current estimates are appropriate and reasonable, actual results could differ from those estimates. Fair Value of Financial Instruments: The fair value of our short-term financial assets and liabilities approximates the carrying amounts represented in the balance sheet principally due to the short-term nature or floating rate nature of these instruments. At June 30, 2015, the fair value of the 5.50% Convertible Notes, 7.125% Senior Secured Notes (the “7.125% Senior Notes”), the 7.5% Senior Notes and the 7.875% Convertible Notes was approximately $39.5 million, $436.7 million, $649.9 million and $11.5 million, respectively, based on quoted market prices, a Level 1 measurement. Derivative Financial Instruments: We may use derivative financial instruments to reduce our exposure to various market risks, primarily interest rate risk. We have documented policies and procedures to monitor and control the use of derivatives. We do not engage in derivative transactions for speculative or trading purposes. At June 30, 2015 and December 31, 2014, we had no outstanding derivative instruments. Recent Accounting Standards: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-09, . The ASU supersedes most of the existing revenue recognition requirements in U.S. GAAP, including industry-specific guidance. The ASU is based on the principle that revenue is recognized when an entity transfers promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also requires significant additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In April 2015, the FASB issued for public comment a proposed ASU, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which would defer the effective date of the new revenue recognition standard by one year. At the FASB’s July 9, 2015 meeting, the FASB voted to approve this deferral and the ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, using either a full or a modified retrospective application approach. We are beginning the process of evaluating the impact that the pronouncement will have on our consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern We will adopt the accounting standard on January 1, 2016. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs.

Transactions with F3 Capital an

Transactions with F3 Capital and Affiliates	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Transactions with F3 Capital and Affiliates	3. Transactions with F3 Capital and Affiliates F3 Capital Note In connection with the acquisition of the Platinum Explorer, In conjunction with our acquisition of the Titanium Explorer In July 2013, F3 Capital delivered formal notice to us that it believes we breached the F3 Capital Note. Among its claims, F3 Capital alleged that we failed to use commercially reasonable efforts to obtain shareholder approval for the issuance of shares upon the conversion of the F3 Capital Note. In connection with its claims, F3 Capital attempted to accelerate the maturity of the F3 Capital Note in an amount totaling approximately $63.0 million of principal and interest, plus F3 Capital’s claims for penalties and additional interest in excess of $35.0 million. We believe we have met our obligations under the F3 Capital Note to use commercially reasonable efforts to obtain shareholder approvals and we intend to vigorously defend our position. In recognition that the standards of what constitutes commercially reasonable efforts may be subject to interpretation, there can be no assurances that a court will agree with our interpretation. We originally valued the F3 Capital Note based on our weighed average cost of capital which resulted in a discounted present value of $27.8 million. As of June 30, 2015, if we were to value the F3 Capital Note at our current weighted average cost of capital, the current discounted present value would be approximately $46.6 million, a Level 3 measurement. Lawsuit On August 21, 2012, we filed a lawsuit styled Vantage Drilling Company vs. Hsin-Chi Su a/k/a Nobu Su Platinum Explorer Titanium Explorer On June 20, 2014, Mr. Su filed a counterclaim against the Company and certain of our current and former officers and directors. The counterclaim alleges fraud, breach of fiduciary duty, negligent misrepresentation, tortious interference with contract, and unjust enrichment and seeks damages in excess of $2 billion as well as indemnification from us with respect to the matters that are the basis of our lawsuit. The lawsuit had been pending in the 270th Judicial District Court of Harris County, Texas. However, as of February 6, 2015, proceedings associated with our lawsuit and Mr. Su’s counterclaim have been stayed by the Texas state court, pending determination of certain matters in arbitration. We intend to vigorously pursue our claims and vigorously defend against the charges made in the counterclaim either in arbitration or in court, but we can provide no assurance as to the outcome of this legal action.

Construction Supervision and Op

Construction Supervision and Operations Management Agreements	6 Months Ended
	Jun. 30, 2015
Construction Supervision And Operations Management Agreements [Abstract]
Construction Supervision and Operations Management Agreements	4. Construction Supervision and Operations Management Agreements In September 2013, we signed an agreement to supervise and manage the construction of two ultra-deepwater drillships for a third party. We receive management fees and reimbursable costs during the construction phase of the two drillships, subject to a maximum amount for each drillship. In connection with our November 2012 investment of $31 million for a 41.9% ownership interest in Sigma, we entered into an agreement to supervise and manage the construction of the Palladium Explorer Palladium Explorer,

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	5. Debt Our debt was composed of the following: June 30, 2015 December 31, 2014 (Unaudited) (In thousands) 7.5% Senior Notes, issued at par $ 1,086,815 $ 1,118,615 7.125% Senior Notes, issued at par 727,622 727,622 2017 Term Loan, net of discount of $3,548 and $4,406 332,495 364,159 2019 Term Loan, net of discount of $3,235 and $3,668 338,891 340,207 5.50% Convertible Notes, net of discount of $2,228 and $6,016 55,072 93,984 7.875% Convertible Notes, net of discount of $42 and $1,181 11,814 41,878 Revolving credit agreement — — F3 Capital Note, net of discount of $9,892 and $11,785 43,608 41,715 2,596,317 2,728,180 Less current maturities of long-term debt and revolving credit facility 65,314 95,378 Long-term debt, net $ 2,531,003 $ 2,632,802 We have made numerous open market purchases of our outstanding debt issuances. The following table summarizes our debt scheduled principal payments and discretionary repurchases through July 23, 2015 (in thousands). First Quarter Second Quarter Third Quarter Total 7.5% Senior Notes $ 31,800 $ — $ — $ 31,800 7.875% Convertible Notes 4,352 26,851 10,000 41,203 5.50% Convertible Notes 26,232 16,468 — 42,700 2017 Term Loan 7,462 60 — 7,522 Scheduled maturities payments 13,058 13,692 — 26,750 Total $ 82,904 $ 57,071 $ 10,000 $ 149,975 7.5% Senior Notes and $500 Million 2017 Term Loan In October 2012, Offshore Group Investment Limited, one of our wholly-owned subsidiaries (“OGIL”), issued $1.150 billion in aggregate principal amount of 7.5% Senior Notes under an indenture. The 7.5% Senior Notes were issued at par and are fully and unconditionally guaranteed, on a senior secured basis, by us and certain of our subsidiaries. The 7.5% Senior Notes mature on November 1, 2019, and bear interest from the date of their issuance at the rate of 7.5% per year. Interest on outstanding 7.5% Senior Notes is payable semi-annually in arrears, commencing on May 1, 2013. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months. Concurrently with the closing of the 7.5% Senior Notes, we entered into the 2017 Term Loan. The 2017 Term Loan was issued at 98% of the face value and initially had an interest rate of LIBOR plus 5%, with a LIBOR floor of 1.25%. The 2017 Term Loan has scheduled debt maturities, payable quarterly, of 5% in the first year and 10% in subsequent years with final maturity on October 25, 2017. The original issue discount, reported as a direct deduction from the face amount of the 2017 Term Loan, will be recognized over the life of the 2017 Term Loan using the effective interest rate method. The 2017 Term Loan is secured on a senior secured basis by us and certain of our subsidiaries. In November 2013, the 2017 Term Loan was amended to modify the applicable interest rates to: (i) decrease the adjusted LIBOR margin from 5.0% to 4.0% per annum, (ii) decrease the LIBOR floor from 1.25% to 1.0% per annum and (iii) decrease the ABR margin from 4.0% to 3.0%. The amendment also reflected a decrease in the principal amount due from $500 million to $475 million as a result of us making scheduled principal repayments under the original note. The net proceeds from the above described financings, after fees and expenses, of approximately $1.6 billion were used (i) to pay the total consideration and accrued and unpaid interest on a concurrent tender offer of $1.0 billion of OGIL’s existing debt and related consent solicitation, (ii) for general corporate purposes, including the funding of the final construction payment for the Tungsten Explorer In connection with the repurchase of $31.8 million of the 7.5% Senior Notes during the first six months of 2015 (see table above), we recognized a net gain of $9.3 million related to the redemption discount on the debt that was partially offset by the write-off of deferred financing costs on the debt. In connection with the repurchase of $7.5 million of the 2017 Term Loan during the first six months of 2015 (see table above), we recognized a net gain of $1.6 million related to the redemption discount on the debt that was partially offset by the write-off of deferred financing costs and original issuance discount on the debt. 7.125% Senior Notes and $350 Million 2019 Term Loan In March 2013, OGIL issued $775.0 million in aggregate principal amount of 7.125% Senior Notes under an indenture. The 7.125% Senior Notes were issued at par and are fully and unconditionally guaranteed, on a senior secured basis, by us and certain of our subsidiaries. The 7.125% Senior Notes mature on April 1, 2023, and bear interest from the date of their issuance at the rate of 7.125% per year. Interest on outstanding 7.125% Senior Notes is payable semi-annually in arrears, commencing on October 1, 2013. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months. Additionally during March 2013, we entered into the $350 million 2019 Term Loan (the “2019 Term Loan”). The 2019 Term Loan was issued at 98.5% of the face value and bears interest at LIBOR plus 4.5%, with a LIBOR floor of 1.25%. The 2019 Term Loan has annual scheduled debt maturities of 1% of the original principal amount that are payable quarterly commencing in June 2013. The maturity date of the 2019 Term Loan is March 28, 2019. The original issue discount, reported as a direct deduction from the face amount of the 2019 Term Loan, will be recognized over the life of the 2019 Term Loan using the effective interest rate method. The 2019 Term Loan is secured on a senior secured basis by us and certain of our subsidiaries. The net proceeds, after fees and expenses, from the 7.125% Senior Notes and the 2019 Term Loan of approximately $1.1 billion were used to retire approximately $1.0 billion of OGIL’s existing debt for total consideration of approximately $1.1 billion, including $92.3 million paid for the early redemption and consent fees and $18.2 million for accrued and unpaid interest. The balance of the proceeds was used for payment of transaction expenses and general corporate purposes. 5.50% Convertible Senior Notes In July 2013, we issued $100 million aggregate principal amount of 5.50% Convertible Notes under an indenture. The 5.50% Convertible Notes will mature on July 15, 2043, unless earlier converted, redeemed or repurchased, and bear interest at a rate of 5.50% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2014. The 5.50% Convertible Notes are our senior, unsecured obligations, and rank senior in right of payment to all of our existing and future subordinated indebtedness and equal in right of payment with any of our other existing and future senior unsecured indebtedness, including our 7.875% Convertible Notes. The 5.50% Convertible Notes are structurally subordinated to all debt and other liabilities of our subsidiaries and are effectively junior to our secured debt to the extent of the value of the assets securing such debt. The net proceeds, after fees and expenses, of approximately $96.5 million were used to fund the initial payment of $59.5 million under the Cobalt Explorer The 5.50% Convertible Notes are convertible into our ordinary shares, cash or a combination of ordinary shares and cash, at our election, based upon an initial conversion rate of 418.6289 ordinary shares per $1,000 principal amount of 5.50% Convertible Notes (equivalent to an initial conversion price of approximately $2.39 per ordinary share). In addition, for conversions by holders after July 15, 2013 and prior to July 15, 2016, converting holders are entitled to a conversion make-whole payment upon conversion. The 5.50% Convertible Notes contain an embedded conversion option related to the cash settlement provisions and under U.S. GAAP is required to be separated into liability and equity components. We evaluated the 5.50% Convertible Notes based on the market terms of new, nonconvertible debt issuances made by companies with similar credit ratings, adjusting for the unsecured nature of the 5.50% Convertible Notes. Based on this evaluation, we determined that the fair value of the 5.50% Convertible Notes absent the conversion feature was approximately $88.3 million at issuance. The difference between the par value of the 5.50% Convertible Notes and the fair value at date of issuance is recorded as equity and as a discount to the face amount of the 5.50% Convertible Notes and is being amortized to interest expense over the expected life using the effective interest rate method. The 5.50% Convertible Notes are subject to redemption at our option on or after July 15, 2016 and before July 15, 2018 if the volume weighted average price of our ordinary shares is greater than or equal to 150% of the applicable conversion price for at least 20 trading days during any 30 consecutive trading day period ending within five trading days prior to the notice of redemption. In addition, we may redeem the 5.50% Convertible Notes at any time on and after July 15, 2018. In each case, the redemption purchase price is equal to 100% of the principal amount of the 5.50% Convertible Notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The 5.50% Convertible Notes are subject to repurchase by us at the option of holders of the 5.50% Convertible Notes on July 15, 2016 and on July 15, 2018 for cash at a price equal to 100% of the principal amount of the 5.50% Convertible Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. In connection with the repurchase of $42.7 million of the 5.50% Convertible Notes during the first six months of 2015 (see table above), we recognized a net gain of $14.0 million related to the redemption discount on the debt that was partially offset by the write-off of deferred financing costs and original issuance discount on the debt. 7.875% Senior Convertible Notes In August 2012, we issued $56.5 million aggregate principal amount of 7.875% Convertible Notes under an indenture. The 7.875% Convertible Notes will mature on September 1, 2042, unless earlier converted, repurchased or redeemed, and bear interest at a rate of 7.875% per annum, payable semiannually, in arrears, on March 1 and September 1 of each year, commencing on March 1, 2013. The 7.875% Convertible Notes are our senior unsecured obligation and rank equal in payment with our other senior unsecured debt but are structurally subordinated to the debt of our subsidiaries as the 7.875% Convertible Notes are not guaranteed by any of our subsidiaries. We issued $6.5 million of the 7.875% Convertible Notes to F3 Capital. The net proceeds, after fees and expenses, of approximately $48.3 million were used to fund capital expenditures and working capital needs, and for general corporate purposes. The 7.875% Convertible Notes are convertible into our ordinary shares, or a combination of cash and ordinary shares, if any, at our election, based upon an initial conversion rate of 476.1905 ordinary shares per $1,000 principal amount of 7.875% Convertible Notes (equivalent to an initial conversion price of approximately $2.10 per ordinary share). Holders of the 7.875% Convertible Notes may voluntarily elect to convert all, or any portion, of their holdings at any time. In addition, for any conversions prior to September 1, 2017, holders will be entitled to a make-whole payment upon conversion. Due to the embedded conversion option related to the cash settlement provisions, we evaluated the 7.875% Convertible Notes based on the market terms of new, nonconvertible debt issuances made by companies with similar credit ratings, adjusting for the unsecured nature of the 7.875% Convertible Notes. Based on this evaluation, we determined that the fair value of the 7.875% Convertible Notes absent the conversion feature was approximately $53.6 million at issuance. The difference between the par value and the fair value at date of issuance of the 7.875% Convertible Notes was recorded as equity and as a debt discount, and is being amortized to interest expense over the expected life of the 7.875% Convertible Notes using the effective interest rate method. The 7.875% Convertible Notes are subject to redemption at our option on or after September 1, 2015 and before September 1, 2017 if the volume weighted average price of our ordinary shares is greater than or equal to 125% of the applicable conversion price for at least 20 trading days during any 30 consecutive trading day period. Further, the 7.875% Convertible Notes are subject to mandatory conversion at our option on or before September 1, 2015 if the volume weighted average price of our ordinary shares is greater than or equal to 150% of the applicable conversion price for at least 20 trading days during any 30 consecutive trading day period. In each case, the redemption purchase price is equal to 100% of the principal amount of the 7.875% Convertible Notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The 7.875% Convertible Notes are subject to repurchase by us at the option of holders of the notes on September 1, 2015 and on September 1, 2017 for cash at a price equal to 100% of the principal amount of the 7.875% Convertible Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. On July 29, 2015, we sent notice to the noteholders of the 7.875% Convertible Notes informing them of their right to cause us to repurchase the 7.875% Convertible Notes on September 1, 2015. In connection with the repurchase of $31.2 million of the 7.875% Convertible Notes during the first six months of 2015 (see table above), we recognized a net gain of $1.4 million related to the redemption discount on the debt that was partially offset by the write-off of deferred financing costs and original issuance discount on the debt Credit Agreement In June 2012, we entered into a secured revolving credit agreement (the “Credit Agreement”) to provide us with advances and letters of credit up to an aggregate principal amount of $25.0 million. In March 2013, in connection with the issuance of the 7.125% Senior Notes and the 2019 Term Loan, we amended the Credit Agreement to increase the aggregate principal amount to $200.0 million, of which $32.0 million is reserved for letters of credit. The Credit Agreement will mature on April 25, 2017. Advances under the Credit Agreement bear interest at the adjusted base rate (as defined in the Credit Agreement) plus a margin of 2.50% or LIBOR plus a margin of 3.50%, at our option. We may prepay outstanding advances subject to certain prepayment minimums at any time. The Credit Agreement includes customary covenants and events of default, including covenants that, among other things, restrict the granting of liens on certain assets, restrict the incurrence of indebtedness and the conveyance of and modification to vessels and require us to maintain certain financial ratios and provide periodic financial reports. Advances under the Credit Agreement are secured by a lien on certain of our assets, which are substantially similar to those assets pledged in connection with the 7.125% Senior Notes, the 7.5% Senior Notes, the 2017 Term Loan and the 2019 Term Loan. We were in compliance with all financial covenants of the Credit Agreement at June 30, 2015. As of June 30, 2015, we had issued letters of credit for $22.9 million under the Credit Agreement.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Shareholders' Equity	6. Shareholders’ Equity Preferred Shares We have 10,000,000 authorized preferred shares, par value $0.001 per share. As of June 30, 2015, no preferred shares were issued and outstanding. Ordinary Shares We have 500,000,000 authorized ordinary shares, par value $0.001 per share. As of June 30, 2015, 311,024,181 ordinary shares were issued and outstanding. 2007 Long-Term Incentive Plan Under our 2007 Long-Term Incentive Plan (the “LTIP”), we may issue a maximum of 45 million ordinary shares. During the six months ended June 30, 2015, we granted to employees and directors 4,110,109 time-vested restricted shares and 1,872,973 performance unit awards under our LTIP. Time-vested restricted share awards issued to employees vest ratably over four years, while awards to directors vest one year from date of grant. Performance unit awards vest over a three-year period based on the level of attainment of pre-determined criteria; upon vesting, each performance unit award may be converted to ordinary shares at a ratio ranging from 0 to 1.5. The value of the 2015 time-vested restricted share awards and performance units is amortized to expense over the respective vesting period based on the fair value of the awards at the grant dates, which was approximately $2.1 million, based on an average share price of $0.35 per share. For purposes of calculating the grant date fair value of the performance units, the target conversion ratio of one ordinary share for one performance unit was used. In the six months ended June 30, 2015, 3,067,533 of previously granted time-vested restricted share awards vested. Additionally, 148,289 of previously granted performance unit awards vested during the first six months of 2015 in connection with a retiring executive’s employment agreement.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes We are a Cayman Islands entity. The Cayman Islands does not impose corporate income taxes. Consequently, we have calculated income taxes based on the tax laws and rates in effect in the countries in which operations are conducted, or in which we and our subsidiaries are considered resident for income tax purposes. We operate in multiple countries under different legal forms. As a result, we are subject to the jurisdiction of numerous domestic and foreign tax authorities, as well as to tax agreements and treaties among these governments. Tax rates vary between jurisdictions, as does the tax base to which the rates are applied. Taxes may be levied based on net profit before taxes, gross revenues or withholding taxes on revenue. Our income tax expense may vary substantially from one period to another as a result of changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions, rig movements or our level of operations or profitability in each tax jurisdiction. We account for income taxes pursuant to ASC 740, Accounting for Income Taxes In certain jurisdictions we are taxed under preferential tax regimes, which may require our compliance with specified requirements to sustain the tax benefits. We believe we are in compliance with the specified requirements and will continue to make all reasonable efforts to comply; however, our ability to meet the requirements of the preferential tax regimes may be affected by changes in laws, our business operations and other factors affecting our company and industry, many of which are beyond our control. Our periodic tax returns are subject to examination by taxing authorities in the jurisdictions in which we operate in accordance with the normal statutes of limitations in the applicable jurisdiction. These examinations may result in assessments of additional taxes that are resolved with the authorities or through the courts. Resolution of these matters involves uncertainties and there are no assurances as to the outcome. Our tax years 2008 and forward remain open to examination in many of our jurisdictions and we are currently involved in several tax examinations in jurisdictions where we are operating or have previously operated. As information becomes available during the course of these examinations, we may increase or decrease our estimates of tax assessments and accruals.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies We are subject to litigation, claims and disputes in the ordinary course of business, some of which may not be covered by insurance. There is an inherent risk in any litigation or dispute and no assurance can be given as to the outcome of any claims. We do not believe the ultimate resolution of any existing litigation, claims or disputes will have a material adverse effect on our financial position, results of operations or cash flows. In July 2015, we became aware of media reports that our agent utilized in the contracting of the Titanium Explorer drillship has entered into a plea arrangement with the Brazilian authorities in connection with the agent’s role in obtaining bribes on behalf of former Petrobras executives. We have since confirmed that our agent, who has represented multiple international companies in their contracts with Petrobras, has entered into such discussions and provided evidence to the Brazilian authorities of an alleged bribery scheme between the former Petrobras executives and a former director of Vantage. The former director, Mr. Su, was the sole owner of the company that owned the Titanium Explorer at the time the alleged bribe was paid. We have not been contacted by any governmental authority in connection with these allegations. However, we voluntarily contacted the SEC and the Department of Justice (the “DOJ”) to advise them of these recent developments. We continue to investigate the matter, but as of now, our internal and independent investigations have found no evidence of wrongdoing by our employees or participation in any manner with the inappropriate acts alleged to have been conducted by the agent. We cannot predict whether any governmental authority will seek to investigate this matter, or if a proceeding were opened, the scope or ultimate outcome of any such investigation. If the SEC or DOJ determines that we have violated the U.S. Foreign Corrupt Practices Act of 1977 (the "FCPA"), or if any governmental authority determines that we have violated applicable anti-bribery laws, they could seek civil and criminal sanctions, including monetary penalties, against us, as well as changes to our business practices and compliance programs, any of which could have a material adverse effect on our business and financial condition. On August 21, 2012, we filed a lawsuit against Mr. Su, a former member of our Board of Directors and the owner of F3 Capital, our largest shareholder, asserting breach of fiduciary duties, fraud, fraudulent inducement and negligent misrepresentation, and unjust enrichment based on Mr. Su’s conduct in his dealings with the Company both immediately prior to, and during his tenure as one of our directors. On June 20, 2014, we received notice that Mr. Su had filed a countersuit against the Company and certain of the Company’s current and former officers and directors. The countersuit alleges fraud, breach of fiduciary duty, negligent misrepresentation, tortious interference with contract, and unjust enrichment and seeks indemnification from us with respect to the matters that are the basis of our lawsuit. See above under “Note 3. Transactions with F3 Capital and Affiliates—Lawsuit” We made the initial milestone shipyard payment of $59.5 million on the Cobalt Explorer Cobalt Explorer Cobalt Explorer We are currently pursuing drilling contracts for the Cobalt Explorer, and the commencement, duration and profitability of any such contracts is a significant factor that will affect our financing alternatives. We enter into operating leases in the normal course of business for office space, housing, vehicles and specified operating equipment. Some of these leases contain renewal options which would cause our future cash payments to change if we exercised those renewal options.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Jun. 30, 2015
Balance Sheet Related Disclosures [Abstract]
Supplemental Financial Information	9. Supplemental Financial Information Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: June 30, 2015 December 31, 2014 (Unaudited) (In thousands) Prepaid insurance $ 5,523 $ 12,260 Sales tax receivable 7,179 7,847 Income tax receivable 65 279 Current deferred tax asset 2,602 2,126 Other receivables 745 1,468 Other 4,074 4,638 $ 20,188 $ 28,618 Property and Equipment, net Property and equipment, net, consisted of the following: June 30, 2015 December 31, 2014 (Unaudited) (In thousands) Drilling equipment $ 3,402,094 $ 3,391,024 Assets under construction 127,884 113,229 Office and technology equipment 21,369 18,333 Leasehold improvements 2,442 1,980 3,553,789 3,524,566 Accumulated depreciation (469,361 ) (406,674 ) Property and equipment, net $ 3,084,428 $ 3,117,892 Other Assets Other assets consisted of the following: June 30, 2015 December 31, 2014 (Unaudited) (In thousands) Deferred financing costs, net $ 35,641 $ 42,294 Performance bond collateral 6,600 6,600 Deferred certification costs 8,752 7,767 Deferred agent fees 5,616 6,127 Deferred mobilization costs 10,690 15,715 Deferred income taxes — 29 Deposits 1,304 1,365 $ 68,603 $ 79,897 Accrued Liabilities Accrued liabilities consisted of the following: June 30, 2015 December 31, 2014 (Unaudited) (In thousands) Interest $ 44,161 $ 44,770 Compensation 19,768 21,490 Insurance premiums 3,319 9,956 Income taxes payable 26,444 18,358 Other 3,396 6,963 $ 97,088 $ 101,537 Other Long-Term Liabilities Other long-term liabilities consisted of the following: June 30, 2015 December 31, 2014 (Unaudited) (In thousands) Deferred revenue $ 55,899 $ 72,158 Deferred income taxes 2,430 2,517 Other non-current liabilities 11,034 10,652 $ 69,363 $ 85,327

Business Segment and Significan

Business Segment and Significant Customer Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Business Segment and Significant Customer Information	10. Business Segment and Significant Customer Information We aggregate our contract drilling operations into one reportable segment even though we provide contract drilling services with different types of MODUs, including jackup rigs and drillships, and in different geographic regions. Our operations are dependent on the global oil and gas industry and our MODUs are relocated based on demand for our services and customer requirements. Our customers consist primarily of large international oil and gas companies, national or government-controlled oil and gas companies and other international exploration and production companies. We also provide construction supervision services for drilling units owned by others although that business represented less than 1% of our total revenue for the six months ended June 30, 2015. For 2014, the majority of our revenue was from countries outside of the United States. With the relocation of the Titanium Explorer

Supplemental Condensed Consolid

Supplemental Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block Supplement [Abstract]
Supplemental Condensed Consolidating Financial Information	11. Supplemental Condensed Consolidating Financial Information The 7.125% Senior Notes and 7.5% Senior Notes were issued under separate indentures and are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by us and certain of our 100% owned subsidiaries (the “Subsidiary Guarantors”). A guarantor can be released from its obligations under certain customary circumstances contained in the indentures, loan agreements and credit agreement governing the terms of the indebtedness, including when the guarantor sells or otherwise disposes of all, or substantially all, of its assets, all of the capital stock of a guarantor is sold or otherwise disposed of to an unrelated party, the guarantor is declared “unrestricted” for covenant purposes, or the requirements for legal defeasance or covenant defeasance to discharge the indenture have been satisfied. Our other subsidiaries have not guaranteed or pledged assets to secure the 7.125% Senior Notes or the 7.5% Senior Notes (collectively, the “Non-Guarantor Subsidiaries”). The following tables present the condensed consolidating financial information as of June 30, 2015 and 2014 and for the three and six months ended June 30, 2015 and 2014 of (i) Vantage Drilling Company (the “Parent”), (ii) OGIL (the subsidiary issuer), (iii) the Subsidiary Guarantors on a combined basis, (iv) the Non-Guarantor Subsidiaries on a combined basis and (v) consolidating and elimination entries representing adjustments to eliminate (a) investments in our subsidiaries and (b) intercompany transactions. The financial information reflects all adjustments which are, in management’s opinion, necessary for a fair presentation of the financial position as of June 30, 2015 and 2014 and results of operations for the three and six months ended June 30, 2015 and 2014, respectively. Condensed Consolidating Balance Sheet (in thousands) As of June 30, 2015 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 1,445 $ 191 $ 27,205 $ 1,715 $ — $ 30,556 Other current assets 488 119 218,653 9,897 — 229,157 Intercompany receivable 224,376 - — — (224,376 ) — Total current assets 226,309 310 245,858 11,612 (224,376 ) 259,713 Property and equipment, net — 1,780 2,936,718 145,930 — 3,084,428 Investment in and advances to subsidiaries 506,124 2,039,986 1,052,954 2,174 (3,601,238 ) — Investment in joint venture — — — 1,106 — 1,106 Other assets 6,310 34,947 22,684 4,662 — 68,603 Total assets $ 738,743 $ 2,077,023 $ 4,258,214 $ 165,484 $ (3,825,614 ) $ 3,413,850 Accounts payable and accrued liabilities $ 22,985 $ 26,747 $ 73,517 $ 20,379 $ — $ 143,628 Current maturities of long-term debt 11,814 53,500 — — — 65,314 Intercompany payable — 65,556 52,210 106,610 (224,376 ) — Total current liabilities 34,799 145,803 125,727 126,989 (224,376 ) 208,942 Long-term debt 98,680 2,432,323 — — — 2,531,003 Other long term liabilities — — 60,648 8,715 — 69,363 Shareholders’ equity (deficit) 605,264 (501,103 ) 4,071,839 29,780 (3,601,238 ) 604,542 Total liabilities and shareholders’ equity $ 738,743 $ 2,077,023 $ 4,258,214 $ 165,484 $ (3,825,614 ) $ 3,413,850 Condensed Consolidating Statement of Operations (in thousands) Three Months Ended June 30, 2015 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ — $ 208,132 $ 4,129 $ — $ 212,261 Operating costs and expenses 3,007 299 128,301 3,489 — 135,096 Income (loss) from operations (3,007 ) (299 ) 79,831 640 — 77,165 Income (loss) from equity method investees 25,807 70,676 — — (96,483 ) — Other, net 2,886 (45,910 ) 1,729 237 — (41,058 ) Income (loss) before income taxes 25,686 24,467 81,560 877 (96,483 ) 36,107 Income tax provision — — 11,539 (396 ) — 11,143 Net income (loss) $ 25,686 $ 24,467 $ 70,021 $ 1,273 $ (96,483 ) $ 24,964 Condensed Consolidating Statement of Operations (in thousands) Six Months Ended June 30, 2015 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ — $ 421,279 $ 8,631 $ — $ 429,910 Operating costs and expenses 7,542 580 256,690 6,880 — 271,692 Income (loss) from operations (7,542 ) (580 ) 164,589 1,751 — 158,218 Income (loss) from equity method investees 46,425 128,203 — — (174,628 ) — Other, net 8,233 (81,204 ) 1,779 (146 ) — (71,338 ) Income (loss) before income taxes 47,116 46,419 166,368 1,605 (174,628 ) 86,880 Income tax provision — — 38,631 1,855 — 40,486 Net income (loss) $ 47,116 $ 46,419 $ 127,737 $ (250 ) $ (174,628 ) $ 46,394 Condensed Consolidating Statement of Cash Flows (in thousands) Six Months Ended June 30, 2015 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Cash flows from operating activities Net cash provided by (used in) operating activities $ (19,582 ) $ (88,897 ) $ 190,014 $ 3,511 $ 85,046 Cash flows from investing activities Additions to property and equipment — (227 ) (5,160 ) (21,491 ) (26,878 ) Net cash provided by (used in) investing activities — (227 ) (5,160 ) (21,491 ) (26,878 ) Cash flows from financing activities Repayment of debt (55,819 ) (54,605 ) — — (110,424 ) Advances (to) from affiliates 71,115 141,440 (218,071 ) 5,516 — Net cash provided by (used in) financing activities 15,296 86,835 (218,071 ) 5,516 (110,424 ) Net increase (decrease) in cash and cash equivalents (4,286 ) (2,289 ) (33,217 ) (12,464 ) (52,256 ) Cash and cash equivalents—beginning of period 5,731 2,480 60,422 14,179 82,812 Cash and cash equivalents—end of period $ 1,445 $ 191 $ 27,205 $ 1,715 $ 30,556 Condensed Consolidating Balance Sheet (in thousands) As of December 31, 2014 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 5,731 $ 2,480 $ 60,422 $ 14,179 $ — $ 82,812 Other current assets 597 101 236,013 11,227 — 247,938 Intercompany receivable 288,256 682,665 — — (970,921 ) — Total current assets 294,584 685,246 296,435 25,406 (970,921 ) 330,750 Property and equipment, net — 1,694 2,991,530 124,668 — 3,117,892 Investment in and advances to subsidiaries 460,197 1,433,239 1,053,496 2,104 (2,949,036 ) — Investment in joint venture — — — 1,318 — 1,318 Other assets 8,671 39,750 26,793 4,683 — 79,897 Total assets $ 763,452 $ 2,159,929 $ 4,368,254 $ 158,179 $ (3,919,957 ) $ 3,529,857 Accounts payable and accrued liabilities $ 30,201 $ 28,646 $ 79,549 $ 22,280 $ — $ 160,676 Current maturities of long-term debt 41,878 53,500 — — — 95,378 Intercompany payable — — 873,531 97,390 (970,921 ) — Total current liabilities 72,079 82,146 953,080 119,670 (970,921 ) 256,054 Long-term debt 135,699 2,497,103 — — — 2,632,802 Other long term liabilities — — 76,720 8,607 — 85,327 Shareholders’ equity (deficit) 555,674 (419,320 ) 3,338,454 29,902 (2,949,036 ) 555,674 Total liabilities and shareholders’ equity $ 763,452 $ 2,159,929 $ 4,368,254 $ 158,179 $ (3,919,957 ) $ 3,529,857 Condensed Consolidating Statement of Operations (in thousands) Three Months Ended June 30, 2014 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ — $ 207,068 $ 12,650 $ — $ 219,718 Operating costs and expenses 4,255 41 122,356 11,346 — 137,998 Income (loss) from operations (4,255 ) (41 ) 84,712 1,304 — 81,720 Income (loss) from equity method investees 19,006 69,712 — — (88,718 ) — Other income (expense) (4,573 ) (51,117 ) (294 ) (237 ) — (56,221 ) Income (loss) before income taxes 10,178 18,554 84,418 1,067 (88,718 ) 25,499 Income tax provision — — 14,514 807 — 15,321 Net income (loss) $ 10,178 $ 18,554 $ 69,904 $ 260 $ (88,718 ) $ 10,178 Condensed Consolidating Statement of Operations (in thousands) Six Months Ended June 30, 2014 Parent Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ — $ 427,783 $ 24,400 $ — $ 452,183 Operating costs and expenses 7,538 55 250,536 21,331 — 279,460 Income (loss) from operations (7,538 ) (55 ) 177,247 3,069 — 172,723 Income (loss) from equity method investees 51,709 151,186 — — (202,895 ) — Other income (expense) (9,169 ) (101,112 ) 289 (30 ) — (110,022 ) Income (loss) before income taxes 35,002 50,019 177,536 3,039 (202,895 ) 62,701 Income tax provision — — 26,237 1,462 — 27,699 Net income (loss) $ 35,002 $ 50,019 $ 151,299 $ 1,577 $ (202,895 ) $ 35,002 Condensed Consolidating Statement of Cash Flows (in thousands) Six Months Ended June 30, 2014 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Cash flows from operating activities Net cash provided by (used in) operating activities $ (18,789 ) $ (91,262 ) $ 243,655 $ 6,209 $ 139,813 Cash flows from investing activities Additions to property and equipment — (217 ) (3,571 ) (15,474 ) (19,262 ) Net cash provided by (used in) investing activities — (217 ) (3,571 ) (15,474 ) (19,262 ) Cash flows from financing activities Repayment of debt — (86,261 ) — — (86,261 ) Advances (to) from affiliates 17,882 173,597 (205,045 ) 13,566 — Net cash provided by (used in) financing activities 17,882 87,336 (205,045 ) 13,566 (86,261 ) Net increase (decrease) in cash and cash equivalents (907 ) (4,143 ) 35,039 4,301 34,290 Cash and cash equivalents—beginning of period 3,489 5,467 37,489 8,241 54,686 Cash and cash equivalents—end of period $ 2,582 $ 1,324 $ 72,528 $ 12,542 $ 88,976

Basis of Presentation and Sig17

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation: The accompanying interim consolidated financial information as of June 30, 2015 and for the three and six months ended June 30, 2015 and 2014 has been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and includes our accounts and those of our majority owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. They reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to provide for fair presentation. The balance sheet at December 31, 2014 is derived from our December 31, 2014 audited financial statements. These interim financial statements should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. Certain previously reported amounts have been reclassified to conform to the current period presentation.
Cash and Cash Equivalents	Cash and Cash Equivalents: Includes deposits with financial institutions as well as short-term money market instruments with maturities of three months or less when purchased.
Restricted Cash	Restricted Cash: Consists of cash and cash equivalents established as debt reserves and posted as collateral for bid tenders and performance bonds.
Inventory	Inventory: Consists of materials, spare parts, consumables and related supplies for our drilling rigs and is carried at the lower of average cost or market.
Property and Equipment	Property and Equipment: Consists of the costs of our drilling rigs, furniture and fixtures, computer equipment and capitalized costs for computer software. Drilling rigs are depreciated on a component basis over estimated useful lives ranging from five to thirty-five years on a straight-line basis as of the date placed in service. Other assets are depreciated upon placement in service over estimated useful lives ranging from three to seven years on a straight-line basis. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and the gain or loss is recognized. Interest costs and the amortization of debt financing costs related to the financings of our MODUs are capitalized as part of the cost while they are under construction and prior to the commencement of each vessel’s first contract. Total interest and amortization costs capitalized for assets under construction for the three and six months ended June 30, 2015 were $1.7 million and $3.2 million, respectively. Total interest and amortization costs capitalized for the three and six months ended June 30, 2014 were $1.2 million and $2.4 million, respectively. We evaluate the realization of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss on our property and equipment exists when estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized would represent the excess of the asset’s carrying value over the estimated fair value. The rapid and significant decline in oil prices over the last six months of 2014, coupled with steep capital budget cuts by exploration and production companies and the significant number of newbuild ultra-deepwater floaters and jackups deliveries scheduled for 2015 and 2016, required us to undertake an analysis of recoverability of the carrying value of our drilling rigs as of December 31, 2014. The results of the analysis indicated that the estimated undiscounted future cash flows exceeded the carrying values of our drilling rigs by factors ranging from 2.6x to 4.5x. We have continued to monitor the recoverability of the carrying value of our drilling rigs in 2015 and we currently believe the future projected undiscounted cash flows exceeds the carrying amounts of our drilling rigs.
Debt Financing Costs	Debt Financing Costs: Costs incurred with debt financings are deferred and amortized over the term of the related financing facility on a straight -line basis which approximates the interest method. As we make open market purchases to retire debt or discretionary debt payments, we recognize as an expense a proportionate amount of the related deferred financing costs.
Investment in Joint Venture	Investment in Joint Venture: In November 2012, we acquired 41.9% of Sigma Drilling, Ltd. (“Sigma”), which had contracted to build an ultra-deepwater drillship, to be known as the , at STX Offshore & Shipbuilding Co. Ltd.’s (“STX”) shipyard in Korea. We are currently accounting for our interest in Sigma as an equity method investment. Accordingly, we recognize 41.9% of the profit or loss of Sigma as other income (expense) in our consolidated statement of operations with a corresponding adjustment to our investment in joint venture account. We capitalized interest on our investment in Sigma until September 2013 when STX suspended construction of the drillship. In January 2014, Sigma issued a termination notice to STX on the construction contract and Sigma terminated our construction management agreement. In July 2014, a reduction in Sigma’s capital was approved by the appropriate authorities and in August 2014, a distribution of $55.5 million was made to the shareholders of Sigma, of which we received $23.3 million. During the six-month periods ended June 30, 2015 and 2014, Sigma recognized losses from operations consisting primarily of general administrative expenses. The change in our investment in joint venture account was composed of the following (in thousands): Balance, December 31, 2014 $ 1,318 Vantage share of net losses for six months ended June 30, 2015 (212 ) Balance, June 30, 2015 $ 1,106 Sigma commenced arbitration proceedings against STX in 2014 as called for under the construction contract for the Palladium Explorer. Note 4. Construction Supervision and Operations Management Agreements.”
Revenue	Revenue: Revenue is recognized as services are performed based on contracted dayrates and the number of operating days during the period. In connection with a customer contract, we may receive lump-sum fees for the mobilization of equipment and personnel or the demobilization of equipment and personnel upon completion. Mobilization fees received and costs incurred to mobilize a rig from one geographic market to another are deferred and recognized on a straight-line basis over the term of such contract, excluding any option periods. Costs incurred to mobilize a rig without a contract are expensed as incurred. Fees or lump-sum payments received for capital improvements to rigs are deferred and amortized to income over the term of the related drilling contract. The costs of such capital improvements are capitalized and depreciated over the useful lives of the assets. Upon completion of drilling contracts, any demobilization fees received are recorded as revenue. We record reimbursements from customers for rebillable costs and expenses as revenue and the related direct costs as operating expenses.
Rig and Equipment Certifications	Rig and Equipment Certifications: We are required to obtain regulatory certifications to operate our drilling rigs and certain specified equipment and must maintain such certifications through periodic inspections and surveys. The costs associated with these certifications, including drydock costs, are deferred and amortized over the corresponding certification periods.
Income Taxes	Income Taxes: Income taxes are provided for based upon the tax laws and rates in effect in the countries in which operations are conducted and income is earned. Deferred income tax assets and liabilities are computed for differences between the financial statement basis and tax basis of assets and liabilities that will result in future taxable or deductible amounts and are based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. We recognize interest and penalties related to income taxes as a component of income tax expense.
Earnings per Share	Earnings per Share: Basic earnings per share are based on the weighted average number of ordinary shares outstanding during the applicable period. Diluted earnings per share are computed based on the weighted average number of ordinary shares and ordinary share equivalents outstanding in the applicable period, as if all potentially dilutive securities were converted into ordinary shares. The following is a reconciliation of the number of shares used for the basic and diluted earnings per share (“EPS”) computations: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Weighted average ordinary shares outstanding for basic EPS 310,964 306,080 310,411 305,683 Convertible notes 28,400 — — 78,907 Restricted share equity awards 996 3,996 1,085 476 Adjusted weighted average ordinary shares outstanding for diluted EPS 340,360 310,076 311,496 385,066 The following is a detail of the number of shares excluded from diluted EPS computations: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Options and warrants 2,087 2,097 2,087 2,097 Convertible notes 7,513 78,907 35,913 — Restricted share equity awards 7,750 — 7,750 11,942 Future potentially dilutive ordinary shares excluded from diluted EPS 17,350 81,004 45,750 14,039 The excluded share options, warrants and restricted share equity awards are anti-dilutive as the exercise or conversion price of such securities exceeded the average market price of our shares for the applicable periods. The ordinary shares issuable for the convertible notes are excluded as the effect of including convertible debt and the related adjustments to income under the “if-converted” method of computing diluted earnings per share is anti-dilutive for the applicable periods.
Concentration of Credit Risk	Concentration of Credit Risk: Financial instruments that potentially subject us to a significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash and accounts receivable. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We monitor the credit ratings and our concentration of risk with these financial institutions on a continuing basis to safeguard our cash deposits. Some of our restricted cash is invested in certificates of deposit. We have a limited number of key customers, who are primarily large international oil and gas operators, national oil companies and other international oil and gas companies. Our contracts provide for monthly billings as services are performed and we monitor compliance with contract payment terms on an ongoing basis. Outstanding receivables beyond payment terms are promptly investigated and discussed with the specific customer. We did not have an allowance for doubtful accounts as of June 30, 2015 or December 31, 2014.
Share-Based Compensation	Share-Based Compensation: We account for share-based compensation using the fair value method as prescribed under U.S. GAAP. Restricted share grants are valued based on the market price of our ordinary shares on the date of grant and the fair value attributable to share options is calculated based on the Black-Scholes option pricing model. The fair values are amortized to compensation expense over the requisite service period which is generally equivalent to the time required to vest the share options and share grants. Employment agreements with certain executives provide for immediate vesting of outstanding share awards upon retirement, as defined. Retirement is defined as any separation from the Company, other than a termination for cause, so long as the executive has had at least five years of continuous service with the Company and provides at least six months advance notice to the Board of Directors. When a notification of intent to retire is received, making an executive retirement-eligible, the remaining unamortized portion of existing share awards is amortized through the original vesting date or the retirement date, whichever is earlier. We recognized approximately $1.6 million and $2.1 million of share-based compensation expense for the three months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015 and 2014, we recognized $3.4 million and $4.3 million, respectively, of share-based compensation expense.
Use of Estimates	Use of Estimates: The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. While management believes current estimates are appropriate and reasonable, actual results could differ from those estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments: The fair value of our short-term financial assets and liabilities approximates the carrying amounts represented in the balance sheet principally due to the short-term nature or floating rate nature of these instruments. At June 30, 2015, the fair value of the 5.50% Convertible Notes, 7.125% Senior Secured Notes (the “7.125% Senior Notes”), the 7.5% Senior Notes and the 7.875% Convertible Notes was approximately $39.5 million, $436.7 million, $649.9 million and $11.5 million, respectively, based on quoted market prices, a Level 1 measurement.
Derivative Financial Instruments	Derivative Financial Instruments: We may use derivative financial instruments to reduce our exposure to various market risks, primarily interest rate risk. We have documented policies and procedures to monitor and control the use of derivatives. We do not engage in derivative transactions for speculative or trading purposes. At June 30, 2015 and December 31, 2014, we had no outstanding derivative instruments.
Recent Accounting Standards	Recent Accounting Standards: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-09, . The ASU supersedes most of the existing revenue recognition requirements in U.S. GAAP, including industry-specific guidance. The ASU is based on the principle that revenue is recognized when an entity transfers promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also requires significant additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In April 2015, the FASB issued for public comment a proposed ASU, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which would defer the effective date of the new revenue recognition standard by one year. At the FASB’s July 9, 2015 meeting, the FASB voted to approve this deferral and the ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, using either a full or a modified retrospective application approach. We are beginning the process of evaluating the impact that the pronouncement will have on our consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern We will adopt the accounting standard on January 1, 2016. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs.

Basis of Presentation and Sig18

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Change in Investment in Joint Venture	The change in our investment in joint venture account was composed of the following (in thousands): Balance, December 31, 2014 $ 1,318 Vantage share of net losses for six months ended June 30, 2015 (212 ) Balance, June 30, 2015 $ 1,106
Reconciliation of Number of Shares used for Basic and Diluted Earnings (Loss) per Share ("EPS") Computations	The following is a reconciliation of the number of shares used for the basic and diluted earnings per share (“EPS”) computations: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Weighted average ordinary shares outstanding for basic EPS 310,964 306,080 310,411 305,683 Convertible notes 28,400 — — 78,907 Restricted share equity awards 996 3,996 1,085 476 Adjusted weighted average ordinary shares outstanding for diluted EPS 340,360 310,076 311,496 385,066
Number of Shares Excluded from Diluted EPS Computations	The following is a detail of the number of shares excluded from diluted EPS computations: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Options and warrants 2,087 2,097 2,087 2,097 Convertible notes 7,513 78,907 35,913 — Restricted share equity awards 7,750 — 7,750 11,942 Future potentially dilutive ordinary shares excluded from diluted EPS 17,350 81,004 45,750 14,039

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-term Debt	Our debt was composed of the following: June 30, 2015 December 31, 2014 (Unaudited) (In thousands) 7.5% Senior Notes, issued at par $ 1,086,815 $ 1,118,615 7.125% Senior Notes, issued at par 727,622 727,622 2017 Term Loan, net of discount of $3,548 and $4,406 332,495 364,159 2019 Term Loan, net of discount of $3,235 and $3,668 338,891 340,207 5.50% Convertible Notes, net of discount of $2,228 and $6,016 55,072 93,984 7.875% Convertible Notes, net of discount of $42 and $1,181 11,814 41,878 Revolving credit agreement — — F3 Capital Note, net of discount of $9,892 and $11,785 43,608 41,715 2,596,317 2,728,180 Less current maturities of long-term debt and revolving credit facility 65,314 95,378 Long-term debt, net $ 2,531,003 $ 2,632,802
Summary of Quarterly Debt Scheduled Principal Payments and Discretionary Repurchases	The following table summarizes our debt scheduled principal payments and discretionary repurchases through July 23, 2015 (in thousands). First Quarter Second Quarter Third Quarter Total 7.5% Senior Notes $ 31,800 $ — $ — $ 31,800 7.875% Convertible Notes 4,352 26,851 10,000 41,203 5.50% Convertible Notes 26,232 16,468 — 42,700 2017 Term Loan 7,462 60 — 7,522 Scheduled maturities payments 13,058 13,692 — 26,750 Total $ 82,904 $ 57,071 $ 10,000 $ 149,975

Supplemental Financial Inform20

Supplemental Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Balance Sheet Related Disclosures [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: June 30, 2015 December 31, 2014 (Unaudited) (In thousands) Prepaid insurance $ 5,523 $ 12,260 Sales tax receivable 7,179 7,847 Income tax receivable 65 279 Current deferred tax asset 2,602 2,126 Other receivables 745 1,468 Other 4,074 4,638 $ 20,188 $ 28,618
Property and Equipment, Net	Property and equipment, net, consisted of the following: June 30, 2015 December 31, 2014 (Unaudited) (In thousands) Drilling equipment $ 3,402,094 $ 3,391,024 Assets under construction 127,884 113,229 Office and technology equipment 21,369 18,333 Leasehold improvements 2,442 1,980 3,553,789 3,524,566 Accumulated depreciation (469,361 ) (406,674 ) Property and equipment, net $ 3,084,428 $ 3,117,892
Other Assets	Other assets consisted of the following: June 30, 2015 December 31, 2014 (Unaudited) (In thousands) Deferred financing costs, net $ 35,641 $ 42,294 Performance bond collateral 6,600 6,600 Deferred certification costs 8,752 7,767 Deferred agent fees 5,616 6,127 Deferred mobilization costs 10,690 15,715 Deferred income taxes — 29 Deposits 1,304 1,365 $ 68,603 $ 79,897
Accrued Liabilities	Accrued liabilities consisted of the following: June 30, 2015 December 31, 2014 (Unaudited) (In thousands) Interest $ 44,161 $ 44,770 Compensation 19,768 21,490 Insurance premiums 3,319 9,956 Income taxes payable 26,444 18,358 Other 3,396 6,963 $ 97,088 $ 101,537
Other Long-term Liabilities	Other long-term liabilities consisted of the following: June 30, 2015 December 31, 2014 (Unaudited) (In thousands) Deferred revenue $ 55,899 $ 72,158 Deferred income taxes 2,430 2,517 Other non-current liabilities 11,034 10,652 $ 69,363 $ 85,327

Supplemental Condensed Consol21

Supplemental Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Table Text Block Supplement [Abstract]
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet (in thousands) As of June 30, 2015 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 1,445 $ 191 $ 27,205 $ 1,715 $ — $ 30,556 Other current assets 488 119 218,653 9,897 — 229,157 Intercompany receivable 224,376 - — — (224,376 ) — Total current assets 226,309 310 245,858 11,612 (224,376 ) 259,713 Property and equipment, net — 1,780 2,936,718 145,930 — 3,084,428 Investment in and advances to subsidiaries 506,124 2,039,986 1,052,954 2,174 (3,601,238 ) — Investment in joint venture — — — 1,106 — 1,106 Other assets 6,310 34,947 22,684 4,662 — 68,603 Total assets $ 738,743 $ 2,077,023 $ 4,258,214 $ 165,484 $ (3,825,614 ) $ 3,413,850 Accounts payable and accrued liabilities $ 22,985 $ 26,747 $ 73,517 $ 20,379 $ — $ 143,628 Current maturities of long-term debt 11,814 53,500 — — — 65,314 Intercompany payable — 65,556 52,210 106,610 (224,376 ) — Total current liabilities 34,799 145,803 125,727 126,989 (224,376 ) 208,942 Long-term debt 98,680 2,432,323 — — — 2,531,003 Other long term liabilities — — 60,648 8,715 — 69,363 Shareholders’ equity (deficit) 605,264 (501,103 ) 4,071,839 29,780 (3,601,238 ) 604,542 Total liabilities and shareholders’ equity $ 738,743 $ 2,077,023 $ 4,258,214 $ 165,484 $ (3,825,614 ) $ 3,413,850 Condensed Consolidating Balance Sheet (in thousands) As of December 31, 2014 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 5,731 $ 2,480 $ 60,422 $ 14,179 $ — $ 82,812 Other current assets 597 101 236,013 11,227 — 247,938 Intercompany receivable 288,256 682,665 — — (970,921 ) — Total current assets 294,584 685,246 296,435 25,406 (970,921 ) 330,750 Property and equipment, net — 1,694 2,991,530 124,668 — 3,117,892 Investment in and advances to subsidiaries 460,197 1,433,239 1,053,496 2,104 (2,949,036 ) — Investment in joint venture — — — 1,318 — 1,318 Other assets 8,671 39,750 26,793 4,683 — 79,897 Total assets $ 763,452 $ 2,159,929 $ 4,368,254 $ 158,179 $ (3,919,957 ) $ 3,529,857 Accounts payable and accrued liabilities $ 30,201 $ 28,646 $ 79,549 $ 22,280 $ — $ 160,676 Current maturities of long-term debt 41,878 53,500 — — — 95,378 Intercompany payable — — 873,531 97,390 (970,921 ) — Total current liabilities 72,079 82,146 953,080 119,670 (970,921 ) 256,054 Long-term debt 135,699 2,497,103 — — — 2,632,802 Other long term liabilities — — 76,720 8,607 — 85,327 Shareholders’ equity (deficit) 555,674 (419,320 ) 3,338,454 29,902 (2,949,036 ) 555,674 Total liabilities and shareholders’ equity $ 763,452 $ 2,159,929 $ 4,368,254 $ 158,179 $ (3,919,957 ) $ 3,529,857
Condensed Consolidating Statement of Operations	Condensed Consolidating Statement of Operations (in thousands) Three Months Ended June 30, 2015 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ — $ 208,132 $ 4,129 $ — $ 212,261 Operating costs and expenses 3,007 299 128,301 3,489 — 135,096 Income (loss) from operations (3,007 ) (299 ) 79,831 640 — 77,165 Income (loss) from equity method investees 25,807 70,676 — — (96,483 ) — Other, net 2,886 (45,910 ) 1,729 237 — (41,058 ) Income (loss) before income taxes 25,686 24,467 81,560 877 (96,483 ) 36,107 Income tax provision — — 11,539 (396 ) — 11,143 Net income (loss) $ 25,686 $ 24,467 $ 70,021 $ 1,273 $ (96,483 ) $ 24,964 Condensed Consolidating Statement of Operations (in thousands) Six Months Ended June 30, 2015 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ — $ 421,279 $ 8,631 $ — $ 429,910 Operating costs and expenses 7,542 580 256,690 6,880 — 271,692 Income (loss) from operations (7,542 ) (580 ) 164,589 1,751 — 158,218 Income (loss) from equity method investees 46,425 128,203 — — (174,628 ) — Other, net 8,233 (81,204 ) 1,779 (146 ) — (71,338 ) Income (loss) before income taxes 47,116 46,419 166,368 1,605 (174,628 ) 86,880 Income tax provision — — 38,631 1,855 — 40,486 Net income (loss) $ 47,116 $ 46,419 $ 127,737 $ (250 ) $ (174,628 ) $ 46,394 Condensed Consolidating Statement of Operations (in thousands) Three Months Ended June 30, 2014 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ — $ 207,068 $ 12,650 $ — $ 219,718 Operating costs and expenses 4,255 41 122,356 11,346 — 137,998 Income (loss) from operations (4,255 ) (41 ) 84,712 1,304 — 81,720 Income (loss) from equity method investees 19,006 69,712 — — (88,718 ) — Other income (expense) (4,573 ) (51,117 ) (294 ) (237 ) — (56,221 ) Income (loss) before income taxes 10,178 18,554 84,418 1,067 (88,718 ) 25,499 Income tax provision — — 14,514 807 — 15,321 Net income (loss) $ 10,178 $ 18,554 $ 69,904 $ 260 $ (88,718 ) $ 10,178 Condensed Consolidating Statement of Operations (in thousands) Six Months Ended June 30, 2014 Parent Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ — $ 427,783 $ 24,400 $ — $ 452,183 Operating costs and expenses 7,538 55 250,536 21,331 — 279,460 Income (loss) from operations (7,538 ) (55 ) 177,247 3,069 — 172,723 Income (loss) from equity method investees 51,709 151,186 — — (202,895 ) — Other income (expense) (9,169 ) (101,112 ) 289 (30 ) — (110,022 ) Income (loss) before income taxes 35,002 50,019 177,536 3,039 (202,895 ) 62,701 Income tax provision — — 26,237 1,462 — 27,699 Net income (loss) $ 35,002 $ 50,019 $ 151,299 $ 1,577 $ (202,895 ) $ 35,002
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows (in thousands) Six Months Ended June 30, 2015 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Cash flows from operating activities Net cash provided by (used in) operating activities $ (19,582 ) $ (88,897 ) $ 190,014 $ 3,511 $ 85,046 Cash flows from investing activities Additions to property and equipment — (227 ) (5,160 ) (21,491 ) (26,878 ) Net cash provided by (used in) investing activities — (227 ) (5,160 ) (21,491 ) (26,878 ) Cash flows from financing activities Repayment of debt (55,819 ) (54,605 ) — — (110,424 ) Advances (to) from affiliates 71,115 141,440 (218,071 ) 5,516 — Net cash provided by (used in) financing activities 15,296 86,835 (218,071 ) 5,516 (110,424 ) Net increase (decrease) in cash and cash equivalents (4,286 ) (2,289 ) (33,217 ) (12,464 ) (52,256 ) Cash and cash equivalents—beginning of period 5,731 2,480 60,422 14,179 82,812 Cash and cash equivalents—end of period $ 1,445 $ 191 $ 27,205 $ 1,715 $ 30,556 Condensed Consolidating Statement of Cash Flows (in thousands) Six Months Ended June 30, 2014 Parent OGIL Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Cash flows from operating activities Net cash provided by (used in) operating activities $ (18,789 ) $ (91,262 ) $ 243,655 $ 6,209 $ 139,813 Cash flows from investing activities Additions to property and equipment — (217 ) (3,571 ) (15,474 ) (19,262 ) Net cash provided by (used in) investing activities — (217 ) (3,571 ) (15,474 ) (19,262 ) Cash flows from financing activities Repayment of debt — (86,261 ) — — (86,261 ) Advances (to) from affiliates 17,882 173,597 (205,045 ) 13,566 — Net cash provided by (used in) financing activities 17,882 87,336 (205,045 ) 13,566 (86,261 ) Net increase (decrease) in cash and cash equivalents (907 ) (4,143 ) 35,039 4,301 34,290 Cash and cash equivalents—beginning of period 3,489 5,467 37,489 8,241 54,686 Cash and cash equivalents—end of period $ 2,582 $ 1,324 $ 72,528 $ 12,542 $ 88,976

Long-Term Debt (Parenthetical)

Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
2017 Term Loan
Debt Instrument [Line Items]
Discount on senior secured notes	$ 3,548	$ 4,406
2019 Term Loan
Debt Instrument [Line Items]
Discount on senior secured notes	3,235	3,668
F3 Capital Note
Debt Instrument [Line Items]
Discount on senior secured notes	9,892	11,785
5.50% Convertible Notes
Debt Instrument [Line Items]
Discount on senior secured notes	2,228	6,016
7.875% Convertible Notes
Debt Instrument [Line Items]
Discount on senior secured notes	$ 42	$ 1,181

Organization and Recent Events

Organization and Recent Events - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	7 Months Ended
	Jul. 23, 2015USD ($)	Jun. 30, 2015USD ($)RigsDrillship	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)RigsDrillship	Jul. 23, 2015USD ($)	Jul. 31, 2015USD ($)	Jul. 31, 2013USD ($)	Oct. 31, 2012USD ($)	Aug. 31, 2012USD ($)
Organization And Recent Events [Line Items]
Date of incorporation				Nov. 14, 2007
Operating fleet				Our global fleet is currently located in India, Southeast Asia, West Africa and the U.S. Gulf of Mexico.
Debt instrument, extinguishment amount		$ 57,071	$ 82,904
Scheduled maturities payments		26,800		$ 26,800
Subsequent Event
Organization And Recent Events [Line Items]
Debt instrument, extinguishment amount	$ 10,000				$ 149,975
2017 Term Loan
Organization And Recent Events [Line Items]
Debt instrument, extinguishment amount		60	7,462	7,500
Debt instrument, face amount		500,000		500,000
2017 Term Loan | Subsequent Event
Organization And Recent Events [Line Items]
Debt instrument, extinguishment amount					7,522
7.5% Senior Notes
Organization And Recent Events [Line Items]
Debt instrument, repurchased		$ 31,800		$ 31,800
Interest rate on notes		7.50%		7.50%				7.50%
Debt instrument, extinguishment amount			31,800	$ 31,800
Debt instrument, face amount								$ 1,150,000
7.5% Senior Notes | Subsequent Event
Organization And Recent Events [Line Items]
Debt instrument, extinguishment amount					31,800
5.50% Convertible Notes
Organization And Recent Events [Line Items]
Debt instrument, repurchased		$ 42,700		$ 42,700
Interest rate on notes		5.50%		5.50%			5.50%
Debt instrument, extinguishment amount		$ 16,468	26,232
Debt instrument, face amount							$ 100,000
5.50% Convertible Notes | Subsequent Event
Organization And Recent Events [Line Items]
Debt instrument, extinguishment amount					42,700
7.875% Senior Convertible Notes
Organization And Recent Events [Line Items]
Debt instrument, repurchased		$ 31,200		$ 31,200
Interest rate on notes		7.875%		7.875%					7.875%
Debt instrument, extinguishment amount		$ 26,851	$ 4,352	$ 31,200
Debt instrument, face amount									$ 56,500
7.875% Senior Convertible Notes | Subsequent Event
Organization And Recent Events [Line Items]
Debt instrument, extinguishment amount	$ 10,000				$ 41,203
Debt instrument, face amount						$ 10,000
Ultra-Premium Jackup Rigs
Organization And Recent Events [Line Items]
Number of fleet | Rigs		4		4
Ultra-Deepwater Drillships
Organization And Recent Events [Line Items]
Number of fleet | Drillship		3		3

Basis of Presentation and Sig24

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

Aug. 31, 2014

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

May. 31, 2015

Apr. 30, 2015

Dec. 31, 2014

May. 31, 2014

Mar. 31, 2013

Nov. 30, 2012

Oct. 31, 2012

Aug. 31, 2012

Basis Of Presentation And Significant Accounting Policies [Line Items]

Capitalized interest and amortization cost

$ 1,700,000

$ 1,200,000

$ 3,200,000

$ 2,400,000

Future cash flow asset carrying value factor description

The results of the analysis indicated that the estimated undiscounted future cash flows exceeded the carrying values of our drilling rigs by factors ranging from 2.6x to 4.5x.

Share-based compensation expense

1,600,000

$ 2,100,000

$ 3,400,000

$ 4,300,000

Outstanding derivative instruments

$ 0

$ 0

$ 0

5.5% Convertible Notes

Basis Of Presentation And Significant Accounting Policies [Line Items]

Interest rate on notes

5.50%

5.50%

Fair value of notes outstanding

$ 39,500,000

$ 39,500,000

7.125% Senior Notes

Basis Of Presentation And Significant Accounting Policies [Line Items]

Interest rate on notes

7.125%

7.125%

7.125%

Fair value of notes outstanding

$ 436,700,000

$ 436,700,000

7.5% Senior Notes

Basis Of Presentation And Significant Accounting Policies [Line Items]

Interest rate on notes

7.50%

7.50%

7.50%

Fair value of notes outstanding

$ 649,900,000

$ 649,900,000

7.875% Convertible Notes

Basis Of Presentation And Significant Accounting Policies [Line Items]

Interest rate on notes

7.875%

7.875%

7.875%

Fair value of notes outstanding

$ 11,500,000

$ 11,500,000

Sigma Drilling Ltd

Basis Of Presentation And Significant Accounting Policies [Line Items]

Equity method investments ownership percentage

41.90%

Distribution made to shareholders

$ 55,500,000

Return of investment in joint venture

$ 23,300,000

Termination fee

$ 1,700,000

$ 4,000,000

Maximum | Sigma Drilling Ltd

Basis Of Presentation And Significant Accounting Policies [Line Items]

Termination fee

$ 12,000,000

Drilling Equipment | Minimum

Basis Of Presentation And Significant Accounting Policies [Line Items]

Property, plant and equipment, useful lives

5 years

Drilling Equipment | Maximum

Basis Of Presentation And Significant Accounting Policies [Line Items]

Property, plant and equipment, useful lives

35 years

Office and Technology Equipment | Minimum

Basis Of Presentation And Significant Accounting Policies [Line Items]

Property, plant and equipment, useful lives

3 years

Office and Technology Equipment | Maximum

Basis Of Presentation And Significant Accounting Policies [Line Items]

Property, plant and equipment, useful lives

7 years

Change in Investment in Joint V

Change in Investment in Joint Venture (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Equity Method Investments And Joint Ventures [Abstract]
Balance, beginning of year	$ 1,318
Vantage share of net losses for six months ended June 30, 2015	(212)	$ (235)
Balance, end of year	$ 1,106

Reconciliation of Number of Sha

Reconciliation of Number of Shares Used for Basic and Diluted Earnings (Loss) Per Share Computations (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings per share
Weighted average ordinary shares outstanding for basic EPS	310,964	306,080	310,411	305,683
Convertible notes	28,400			78,907
Restricted share equity awards	996	3,996	1,085	476
Adjusted weighted average ordinary shares outstanding for diluted EPS	340,360	310,076	311,496	385,066

Number of Shares Excluded From

Number of Shares Excluded From Diluted EPS Computations (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Future potentially dilutive ordinary shares excluded from diluted EPS	17,350	81,004	45,750	14,039
Options and Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Future potentially dilutive ordinary shares excluded from diluted EPS	2,087	2,097	2,087	2,097
Convertible Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Future potentially dilutive ordinary shares excluded from diluted EPS	7,513	78,907	35,913
Restricted Share Equity Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Future potentially dilutive ordinary shares excluded from diluted EPS	7,750		7,750	11,942

Transactions with F3 Capital 28

Transactions with F3 Capital and Affiliates - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jun. 20, 2014	Jul. 31, 2013	Aug. 31, 2012	Jun. 30, 2015	Jul. 30, 2010
F3 Capital
Related Party Transaction [Line Items]
Actual damages recoverable, maximum amount		$ 63
F3 Capital | Minimum
Related Party Transaction [Line Items]
Penalties and additional interest		$ 35
Nob Su Counter Claim
Related Party Transaction [Line Items]
Loss contingency, damage sought value	$ 2,000
Loss contingency, lawsuit filing date				June 20, 2014
7.875% Convertible Notes
Related Party Transaction [Line Items]
Interest rate on notes			7.875%	7.875%
F3 Capital Note
Related Party Transaction [Line Items]
Interest rate on notes				5.00%
Promissory note maturity period				Jan. 30, 2018
Interest rate on notes in case of payment delay or certain customary default provisions				10.00%
Contingent conversion price				$ 1.10
Additional aggregate principal amount of convertible notes			$ (6.5)
Discounted present value of weighted average cost of capital at the time of issue					$ 27.8
F3 Capital Note | Level 3 Measurement
Related Party Transaction [Line Items]
Current discounted present value of weighted average cost of capital				$ 46.6

Construction Supervision and 29

Construction Supervision and Operations Management Agreements - Additional Information (Detail) $ in Thousands	May. 31, 2014USD ($)	Nov. 30, 2012USD ($)	Jun. 30, 2015USD ($)	May. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2013Drillship
Construction Contracts [Line Items]
Number of ultra-deepwater drillships for supervise and manage construction | Drillship						2
Investment in joint venture			$ 1,106		$ 1,318
Sigma Drilling Ltd
Construction Contracts [Line Items]
Investment in joint venture		$ 31,000
Equity method investments ownership percentage		41.90%
Fixed monthly management fee receiving period during construction		36 months
Termination fee	$ 4,000			$ 1,700
Termination fee	$ 3,000

Long-Term Debt (Detail)

Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 2,596,317	$ 2,728,180
Less current maturities of long-term debt and revolving credit facility	65,314	95,378
Long-term debt, net	2,531,003	2,632,802
7.5% Senior Notes
Debt Instrument [Line Items]
Long-term debt	1,086,815	1,118,615
7.125% Senior Notes
Debt Instrument [Line Items]
Long-term debt	727,622	727,622
5.50% Convertible Notes
Debt Instrument [Line Items]
Long-term debt	55,072	93,984
7.875% Convertible Notes
Debt Instrument [Line Items]
Long-term debt	11,814	41,878
2017 Term Loan
Debt Instrument [Line Items]
Long-term debt	332,495	364,159
2019 Term Loan
Debt Instrument [Line Items]
Long-term debt	338,891	340,207
F3 Capital Note
Debt Instrument [Line Items]
Long-term debt	$ 43,608	$ 41,715

Summary of Quarterly Debt Sched

Summary of Quarterly Debt Scheduled Principal Payments and Discretionary Repurchases (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	7 Months Ended
	Jul. 23, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2015	Jul. 23, 2015
Debt Instrument [Line Items]
Quarterly debt scheduled principal payments and discretionary repurchases		$ 57,071	$ 82,904
7.5% Senior Notes
Debt Instrument [Line Items]
Quarterly debt scheduled principal payments and discretionary repurchases			31,800	$ 31,800
7.875% Senior Convertible Notes
Debt Instrument [Line Items]
Quarterly debt scheduled principal payments and discretionary repurchases		26,851	4,352	31,200
5.50% Convertible Notes
Debt Instrument [Line Items]
Quarterly debt scheduled principal payments and discretionary repurchases		16,468	26,232
Scheduled Maturities Payments
Debt Instrument [Line Items]
Quarterly debt scheduled principal payments and discretionary repurchases		13,692	13,058
Subsequent Event
Debt Instrument [Line Items]
Quarterly debt scheduled principal payments and discretionary repurchases	$ 10,000				$ 149,975
Subsequent Event | 7.5% Senior Notes
Debt Instrument [Line Items]
Quarterly debt scheduled principal payments and discretionary repurchases					31,800
Subsequent Event | 7.875% Senior Convertible Notes
Debt Instrument [Line Items]
Quarterly debt scheduled principal payments and discretionary repurchases	$ 10,000				41,203
Subsequent Event | 5.50% Convertible Notes
Debt Instrument [Line Items]
Quarterly debt scheduled principal payments and discretionary repurchases					42,700
Subsequent Event | Scheduled Maturities Payments
Debt Instrument [Line Items]
Quarterly debt scheduled principal payments and discretionary repurchases					26,750
2017 Term Loan
Debt Instrument [Line Items]
Quarterly debt scheduled principal payments and discretionary repurchases		$ 60	$ 7,462	$ 7,500
2017 Term Loan | Subsequent Event
Debt Instrument [Line Items]
Quarterly debt scheduled principal payments and discretionary repurchases					$ 7,522

Debt - 7.5% Senior Notes and $5

Debt - 7.5% Senior Notes and $500 Million 2017 Term Loan - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended		6 Months Ended
	Nov. 30, 2013	Mar. 31, 2013	Oct. 31, 2012	Jun. 30, 2012	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2015
Debt Instrument [Line Items]
Debt instrument, extinguishment amount					$ 57,071,000	$ 82,904,000
OGIL Existing Debt
Debt Instrument [Line Items]
Debt instrument, extinguishment amount		$ 1,100,000,000	$ 1,000,000,000
LIBOR Plus
Debt Instrument [Line Items]
Applicable margin on interest				3.50%
Base Rate
Debt Instrument [Line Items]
Applicable margin on interest				2.50%
2017 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount					500,000,000		$ 500,000,000
Debt instrument, maturity date							Oct. 25, 2017
Debt instrument, issuance rate of the face value			98.00%
Debt instrument, payment terms							The 2017 Term Loan has scheduled debt maturities, payable quarterly, of 5% in the first year and 10% in subsequent years with final maturity on October 25, 2017.
Debt instrument, extinguishment amount					$ 60,000	7,462,000	$ 7,500,000
Gain (loss) related to write-off of deferred financing costs and original issuance discount							$ 1,600,000
2017 Term Loan | Maximum
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000
2017 Term Loan | Minimum
Debt Instrument [Line Items]
Debt instrument, face amount	$ 475,000,000
2017 Term Loan | LIBOR Plus
Debt Instrument [Line Items]
Applicable margin on interest	4.00%		5.00%
Libor floor rate	1.00%		1.25%
2017 Term Loan | Base Rate | Maximum
Debt Instrument [Line Items]
Applicable margin on interest	4.00%
2017 Term Loan | Base Rate | Minimum
Debt Instrument [Line Items]
Applicable margin on interest	3.00%
2017 Term Loan | First Year
Debt Instrument [Line Items]
Percentage of debt maturities payable			5.00%
2017 Term Loan | Subsequent Years
Debt Instrument [Line Items]
Percentage of debt maturities payable			10.00%
7.5% Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 1,150,000,000
Debt instrument, interest rate			7.50%		7.50%		7.50%
Debt instrument, maturity date			Nov. 1, 2019
Debt instrument, interest rate term							Interest on outstanding 7.5% Senior Notes is payable semi-annually in arrears, commencing on May 1, 2013. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months.
Debt instrument, issuance date			May 1, 2013
Proceed from issuance of long term debt			$ 1,600,000,000
Debt instrument, extinguishment amount						$ 31,800,000	$ 31,800,000
Gain (loss) related to write-off of deferred financing costs and original issuance discount							$ 9,300,000

Debt - 7.125% Senior Notes and

Debt - 7.125% Senior Notes and $350 Million 2019 Term Loan - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended			6 Months Ended
	Mar. 31, 2013	Oct. 31, 2012	Jun. 30, 2012	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2013	Jun. 30, 2015
Debt Instrument [Line Items]
Debt instrument, extinguishment amount				$ 57,071	$ 82,904
OGIL Existing Debt
Debt Instrument [Line Items]
Cash payment for acquired debt	$ 1,000,000
Debt instrument, extinguishment amount	1,100,000	$ 1,000,000
Early extinguishment of debt	92,300
Accrued and unpaid interest	18,200
LIBOR Plus
Debt Instrument [Line Items]
Applicable margin on interest			3.50%
2019 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 350,000
Debt instrument, maturity date	Mar. 28, 2019
Debt instrument, issuance rate of the face value	98.50%
Percentage of debt maturities payable						1.00%
2019 Term Loan | LIBOR Plus
Debt Instrument [Line Items]
Applicable margin on interest	4.50%
Libor floor rate	1.25%
7.125% Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 775,000
Debt instrument, maturity date	Apr. 1, 2023
Debt instrument, interest rate	7.125%			7.125%			7.125%
Debt instrument, interest rate term							Payable semi-annually in arrears, commencing on October 1, 2013.
Debt instrument interest payment commencement date							Oct. 1, 2013
2019 Tem Loan 7.125 % Senior Notes
Debt Instrument [Line Items]
Proceed from issuance of long term debt	$ 1,100,000

Debt - 5.50% Convertible Senior

Debt - 5.50% Convertible Senior Notes - Additional Information (Detail) - 5.5% Convertible Senior Notes $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2013USD ($)	Jun. 30, 2015USD ($)$ / shares
Debt Instrument [Line Items]
Debt instrument, face amount	$ 100,000
Debt instrument, maturity date	Jul. 15, 2043
Debt instrument, interest rate	5.50%	5.50%
Debt instrument, interest rate term		payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2014
Debt instrument, issuance date	Jan. 15, 2014
Proceed from issuance of long term debt	$ 96,500
Conversion rate of ordinary shares		418.6289
Conversion rate of amount of notes		$ 1
Contingent conversion price | $ / shares		$ 2.39
Long-term Debt, Fair Value	88,300
Percent of applicable conversion price required for redemption		150.00%
Debt Instrument, Redemption Price, Percentage		100.00%
Debt instrument repurchase terms		cash at a price equal to 100% of the principal amount of the 5.50% Convertible Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date
Debt instrument repurchased, face amount		$ 42,700
Gain (loss) related to write-off of deferred financing costs and original issuance discount		$ 14,000
On or after July 15, 2016 and before July 15, 2018
Debt Instrument [Line Items]
Policy for redemption		At least 20 trading days during any 30 consecutive trading day period ending within five trading days prior to the notice of redemption.
Debt Instrument, redemption, start date		Jul. 15, 2016
Debt Instrument, redemption, end date		Jul. 15, 2018
On and after July 15, 2018
Debt Instrument [Line Items]
Policy for redemption		Redemption purchase price is equal to 100% of the principal amount of the 5.50% Convertible Notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
Redemption Period, Two
Debt Instrument [Line Items]
Debt Instrument, redemption, start date		Jul. 15, 2018
Cobalt Explorer Construction Contract
Debt Instrument [Line Items]
Payment of construction contract charges	$ 59,500

Debt - 7.875% Senior Convertibl

Debt - 7.875% Senior Convertible Notes - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2012USD ($)	Jun. 30, 2015USD ($)$ / shares	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)$ / shares
Debt Instrument [Line Items]
Quarterly debt scheduled principal payments and discretionary repurchases		$ 57,071	$ 82,904
F3 Capital Note
Debt Instrument [Line Items]
Debt instrument, maturity date				Jan. 30, 2018
Debt instrument, interest rate		5.00%		5.00%
Contingent conversion price | $ / shares		$ 1.10		$ 1.10
7.875% Senior Convertible Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 56,500
Debt instrument, maturity date	Sep. 1, 2042
Debt instrument, interest rate	7.875%	7.875%		7.875%
Debt instrument, interest rate term				Payable semiannually, in arrears, on March 1 and September 1 of each year, commencing on March 1, 2013
Proceed from issuance of long term debt	$ 48,300
Debt instrument interest payment commencement date				Mar. 1, 2013
Conversion rate of ordinary shares				476.1905
Conversion rate of amount of notes				$ 1
Contingent conversion price | $ / shares		$ 2.10		$ 2.10
Long-term Debt, Fair Value	53,600
Policy for redemption				The redemption purchase price is equal to 100% of the principal amount of the 5.50% Convertible Notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
Quarterly debt scheduled principal payments and discretionary repurchases		$ 26,851	$ 4,352	$ 31,200
Gain (loss) related to write-off of deferred financing costs and original issuance discount				$ 1,400
7.875% Senior Convertible Notes | Redemption on or before September 1, 2015
Debt Instrument [Line Items]
Percent of applicable conversion price required for redemption				150.00%
Debt Instrument, redemption, end date				Sep. 1, 2015
Policy for redemption				Volume weighted average price of our ordinary shares is greater than or equal to 150% of the applicable conversion price for at least 20 trading days during any 30 consecutive trading day period.
7.875% Senior Convertible Notes | Redemption on or after September 1, 2015 and before September 1, 2017
Debt Instrument [Line Items]
Percent of applicable conversion price required for redemption				125.00%
Debt Instrument, redemption, start date				Sep. 1, 2015
Debt Instrument, redemption, end date				Sep. 1, 2017
Policy for redemption				Volume weighted average price of our ordinary shares is greater than or equal to 125% of the applicable conversion price for at least 20 trading days during any 30 consecutive trading day period.
7.875% Senior Convertible Notes | F3 Capital Note
Debt Instrument [Line Items]
Debt instrument, face amount	$ 6,500

Debt - Credit Agreement - Addit

Debt - Credit Agreement - Additional Information (Detail) - USD ($)	1 Months Ended
	Jun. 30, 2012	Jun. 30, 2015	Mar. 31, 2013
Debt Instrument [Line Items]
Advances and letter of credit maturity date	Apr. 25, 2017
Revolving credit agreement
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity	$ 25,000,000		$ 200,000,000
Line of Credit Facility, Amount Outstanding		$ 22,900,000
Revolving credit agreement | Letter of Credit
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity			$ 32,000,000
Base Rate
Debt Instrument [Line Items]
Applicable margin on interest	2.50%
LIBOR Plus
Debt Instrument [Line Items]
Applicable margin on interest	3.50%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2014$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred shares, shares authorized	10,000,000	10,000,000
Preferred shares, par value | $ / shares	$ 0.001	$ 0.001
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0
Ordinary shares, shares authorized	500,000,000	500,000,000
Ordinary shares, par value | $ / shares	$ 0.001	$ 0.001
Ordinary shares, shares issued	311,024,181	307,808,000
Ordinary shares, shares outstanding	311,024,181	307,808,000
Maximum | Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares authorized under Long-term incentive plan	45,000,000
Restricted Shares | Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares granted	4,110,109
Time-vested restricted share awards	4 years
Average share price | $ / shares	$ 0.35
Shares vested	3,067,533
Performance Shares | Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares granted	1,872,973
Time-vested restricted share awards	3 years
Performance unit target conversion ratio	1
Shares vested	148,289
Performance Shares | Maximum | Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of target level	1.5
Performance Shares | Minimum | Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of target level	0
Restricted Share Awards And Performance Unit | Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share compensation award date value vested | $	$ 2.1
Director | Restricted Shares | Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Time-vested restricted share awards	1 year

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015
Minimum
Income Tax Contingency [Line Items]
Open tax year	2,008

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Cobalt Explorer Construction Contract - USD ($) $ in Millions	Jul. 15, 2015	Jul. 31, 2013	Jun. 30, 2015
Initial Milestone Payment
Commitments And Contingencies [Line Items]
Payment of construction contract charges		$ 59.5
Second Milestone Payment
Commitments And Contingencies [Line Items]
Debt instrument, payment terms			If we fail to reach an agreement with the shipyard within 30 days of the due date for the second milestone payment, the shipyard may, at its option, terminate the construction contract.
Third Milestone Payment
Commitments And Contingencies [Line Items]
Payment of construction contract charges		$ 476
Debt instrument, payment terms			further delay of this payment and possible extensions for the delivery of the Cobalt Explorer beyond the current scheduled delivery in the first half of 2016.
Subsequent Event | Second Milestone Payment
Commitments And Contingencies [Line Items]
Payment of construction contract charges	$ 59.5

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepaid insurance	$ 5,523	$ 12,260
Sales tax receivable	7,179	7,847
Income tax receivable	65	279
Current deferred tax asset	2,602	2,126
Other receivables	745	1,468
Other	4,074	4,638
Prepaid expenses and other current assets	$ 20,188	$ 28,618

Property and Equipment, Net (De

Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property Plant And Equipment [Line Items]
Property and equipment	$ 3,553,789	$ 3,524,566
Accumulated depreciation	(469,361)	(406,674)
Property and equipment, net	3,084,428	3,117,892
Drilling Equipment
Property Plant And Equipment [Line Items]
Property and equipment	3,402,094	3,391,024
Assets under Construction
Property Plant And Equipment [Line Items]
Property and equipment	127,884	113,229
Office and Technology Equipment
Property Plant And Equipment [Line Items]
Property and equipment	21,369	18,333
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	$ 2,442	$ 1,980

Other Assets (Detail)

Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Deferred financing costs, net	$ 35,641	$ 42,294
Performance bond collateral	6,600	6,600
Deferred certification costs	8,752	7,767
Deferred agent fees	5,616	6,127
Deferred mobilization costs	10,690	15,715
Deferred income taxes		29
Deposits	1,304	1,365
Total other assets	$ 68,603	$ 79,897

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Interest	$ 44,161	$ 44,770
Compensation	19,768	21,490
Insurance premiums	3,319	9,956
Income taxes payable	26,444	18,358
Other	3,396	6,963
Accrued liabilities	$ 97,088	$ 101,537

Other Long-term Liabilities (De

Other Long-term Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts Payable And Accrued Liabilities Noncurrent [Abstract]
Deferred revenue	$ 55,899	$ 72,158
Deferred income taxes	2,430	2,517
Other non-current liabilities	11,034	10,652
Other long-term liabilities Total	$ 69,363	$ 85,327

Business Segment and Signific45

Business Segment and Significant Customer Information - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2015Customer	Jun. 30, 2014Customer	Jun. 30, 2015SegmentCustomer	Jun. 30, 2014Customer
Entity Wide Revenue Major Customer [Line Items]
Number of reportable segments			1
Percentage of revenue from construction business, description			less than 1% of our total revenue for the six months ended June 30, 2015.
Customer Concentration Risk | Sales
Entity Wide Revenue Major Customer [Line Items]
Number of customers accounted for revenues | Customer	3	3	3	3
Customer Concentration Risk | Sales | United States
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue			23.00%
Customer Concentration Risk | Sales | Foreign Countries
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue			77.00%
Customer Concentration Risk | Sales | Customer One
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	29.00%	24.00%	28.00%	25.00%
Customer Concentration Risk | Sales | Customer Two
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	26.00%	24.00%	24.00%	23.00%
Customer Concentration Risk | Sales | Customer Three
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	25.00%	21.00%	23.00%	21.00%

Supplemental Condensed Consol46

Supplemental Condensed Consolidating Financial Information - Additional Information (Detail)	Jun. 30, 2015	Mar. 31, 2013	Oct. 31, 2012
7.125% Senior Notes
Debt Instrument [Line Items]
Interest rate on notes	7.125%	7.125%
7.5% Senior Notes
Debt Instrument [Line Items]
Interest rate on notes	7.50%		7.50%

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Condensed Balance Sheet Statements Captions [Line Items]
Cash and cash equivalents	$ 30,556	$ 82,812	$ 88,976	$ 54,686
Other current assets	229,157	247,938
Total current assets	259,713	330,750
Property and equipment, net	3,084,428	3,117,892
Investment in joint venture	1,106	1,318
Other assets	68,603	79,897
Total assets	3,413,850	3,529,857
Accounts payable and accrued liabilities	143,628	160,676
Current maturities of long-term debt, net of discount of $42 and $1,181	65,314	95,378
Total current liabilities	208,942	256,054
Long-term debt, net	2,531,003	2,632,802
Other long-term liabilities	69,363	85,327
Shareholders’ equity (deficit)	604,542	555,674
Total liabilities and shareholders’ equity	3,413,850	3,529,857
Consolidation, Eliminations
Condensed Balance Sheet Statements Captions [Line Items]
Intercompany receivable	(224,376)	(970,921)
Total current assets	(224,376)	(970,921)
Investment in and advances to subsidiaries	(3,601,238)	(2,949,036)
Total assets	(3,825,614)	(3,919,957)
Intercompany payable	(224,376)	(970,921)
Total current liabilities	(224,376)	(970,921)
Shareholders’ equity (deficit)	(3,601,238)	(2,949,036)
Total liabilities and shareholders’ equity	(3,825,614)	(3,919,957)
Parent
Condensed Balance Sheet Statements Captions [Line Items]
Cash and cash equivalents	1,445	5,731	2,582	3,489
Other current assets	488	597
Intercompany receivable	224,376	288,256
Total current assets	226,309	294,584
Investment in and advances to subsidiaries	506,124	460,197
Other assets	6,310	8,671
Total assets	738,743	763,452
Accounts payable and accrued liabilities	22,985	30,201
Current maturities of long-term debt, net of discount of $42 and $1,181	11,814	41,878
Total current liabilities	34,799	72,079
Long-term debt, net	98,680	135,699
Shareholders’ equity (deficit)	605,264	555,674
Total liabilities and shareholders’ equity	738,743	763,452
OGIL
Condensed Balance Sheet Statements Captions [Line Items]
Cash and cash equivalents	191	2,480	1,324	5,467
Other current assets	119	101
Intercompany receivable		682,665
Total current assets	310	685,246
Property and equipment, net	1,780	1,694
Investment in and advances to subsidiaries	2,039,986	1,433,239
Other assets	34,947	39,750
Total assets	2,077,023	2,159,929
Accounts payable and accrued liabilities	26,747	28,646
Current maturities of long-term debt, net of discount of $42 and $1,181	53,500	53,500
Intercompany payable	65,556
Total current liabilities	145,803	82,146
Long-term debt, net	2,432,323	2,497,103
Shareholders’ equity (deficit)	(501,103)	(419,320)
Total liabilities and shareholders’ equity	2,077,023	2,159,929
Subsidiary Guarantors
Condensed Balance Sheet Statements Captions [Line Items]
Cash and cash equivalents	27,205	60,422	72,528	37,489
Other current assets	218,653	236,013
Total current assets	245,858	296,435
Property and equipment, net	2,936,718	2,991,530
Investment in and advances to subsidiaries	1,052,954	1,053,496
Other assets	22,684	26,793
Total assets	4,258,214	4,368,254
Accounts payable and accrued liabilities	73,517	79,549
Intercompany payable	52,210	873,531
Total current liabilities	125,727	953,080
Other long-term liabilities	60,648	76,720
Shareholders’ equity (deficit)	4,071,839	3,338,454
Total liabilities and shareholders’ equity	4,258,214	4,368,254
Non-Guarantor Subsidiaries
Condensed Balance Sheet Statements Captions [Line Items]
Cash and cash equivalents	1,715	14,179	$ 12,542	$ 8,241
Other current assets	9,897	11,227
Total current assets	11,612	25,406
Property and equipment, net	145,930	124,668
Investment in and advances to subsidiaries	2,174	2,104
Investment in joint venture	1,106	1,318
Other assets	4,662	4,683
Total assets	165,484	158,179
Accounts payable and accrued liabilities	20,379	22,280
Intercompany payable	106,610	97,390
Total current liabilities	126,989	119,670
Other long-term liabilities	8,715	8,607
Shareholders’ equity (deficit)	29,780	29,902
Total liabilities and shareholders’ equity	$ 165,484	$ 158,179

Condensed Consolidating Stateme

Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Income Statements Captions [Line Items]
Revenues	$ 212,261	$ 219,718	$ 429,910	$ 452,183
Operating costs and expenses	135,096	137,998	271,692	279,460
Income from operations	77,165	81,720	158,218	172,723
Income (loss) from equity method investees			(212)	(235)
Other, net	(41,058)	(56,221)	(71,338)	(110,022)
Income before income taxes	36,107	25,499	86,880	62,701
Income tax provision	11,143	15,321	40,486	27,699
Net income	24,964	10,178	46,394	35,002
Consolidation, Eliminations
Condensed Income Statements Captions [Line Items]
Income (loss) from equity method investees	(96,483)	(88,718)	(174,628)	(202,895)
Income before income taxes	(96,483)	(88,718)	(174,628)	(202,895)
Net income	(96,483)	(88,718)	(174,628)	(202,895)
Parent
Condensed Income Statements Captions [Line Items]
Operating costs and expenses	3,007	4,255	7,542	7,538
Income from operations	(3,007)	(4,255)	(7,542)	(7,538)
Income (loss) from equity method investees	25,807	19,006	46,425	51,709
Other, net	2,886	(4,573)	8,233	(9,169)
Income before income taxes	25,686	10,178	47,116	35,002
Net income	25,686	10,178	47,116	35,002
OGIL
Condensed Income Statements Captions [Line Items]
Operating costs and expenses	299	41	580	55
Income from operations	(299)	(41)	(580)	(55)
Income (loss) from equity method investees	70,676	69,712	128,203	151,186
Other, net	(45,910)	(51,117)	(81,204)	(101,112)
Income before income taxes	24,467	18,554	46,419	50,019
Net income	24,467	18,554	46,419	50,019
Subsidiary Guarantors
Condensed Income Statements Captions [Line Items]
Revenues	208,132	207,068	421,279	427,783
Operating costs and expenses	128,301	122,356	256,690	250,536
Income from operations	79,831	84,712	164,589	177,247
Other, net	1,729	(294)	1,779	289
Income before income taxes	81,560	84,418	166,368	177,536
Income tax provision	11,539	14,514	38,631	26,237
Net income	70,021	69,904	127,737	151,299
Non-Guarantor Subsidiaries
Condensed Income Statements Captions [Line Items]
Revenues	4,129	12,650	8,631	24,400
Operating costs and expenses	3,489	11,346	6,880	21,331
Income from operations	640	1,304	1,751	3,069
Other, net	237	(237)	(146)	(30)
Income before income taxes	877	1,067	1,605	3,039
Income tax provision	(396)	807	1,855	1,462
Net income	$ 1,273	$ 260	$ (250)	$ 1,577

Condensed Consolidating State49

Condensed Consolidating Statement of Cash Flow (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net cash provided by (used in) operating activities	$ 85,046	$ 139,813
Cash flows from investing activities
Additions to property and equipment	(26,878)	(19,262)
Net cash used in investing activities	(26,878)	(19,262)
Cash flows from financing activities
Repayment of debt	(110,424)	(86,261)
Net cash used in financing activities	(110,424)	(86,261)
Net increase (decrease) in cash and cash equivalents	(52,256)	34,290
Cash and cash equivalents—beginning of period	82,812	54,686
Cash and cash equivalents—end of period	30,556	88,976
Parent
Cash flows from operating activities
Net cash provided by (used in) operating activities	(19,582)	(18,789)
Cash flows from financing activities
Repayment of debt	(55,819)
Advances (to) from affiliates	71,115	17,882
Net cash used in financing activities	15,296	17,882
Net increase (decrease) in cash and cash equivalents	(4,286)	(907)
Cash and cash equivalents—beginning of period	5,731	3,489
Cash and cash equivalents—end of period	1,445	2,582
OGIL
Cash flows from operating activities
Net cash provided by (used in) operating activities	(88,897)	(91,262)
Cash flows from investing activities
Additions to property and equipment	(227)	(217)
Net cash used in investing activities	(227)	(217)
Cash flows from financing activities
Repayment of debt	(54,605)	(86,261)
Advances (to) from affiliates	141,440	173,597
Net cash used in financing activities	86,835	87,336
Net increase (decrease) in cash and cash equivalents	(2,289)	(4,143)
Cash and cash equivalents—beginning of period	2,480	5,467
Cash and cash equivalents—end of period	191	1,324
Subsidiary Guarantors
Cash flows from operating activities
Net cash provided by (used in) operating activities	190,014	243,655
Cash flows from investing activities
Additions to property and equipment	(5,160)	(3,571)
Net cash used in investing activities	(5,160)	(3,571)
Cash flows from financing activities
Advances (to) from affiliates	(218,071)	(205,045)
Net cash used in financing activities	(218,071)	(205,045)
Net increase (decrease) in cash and cash equivalents	(33,217)	35,039
Cash and cash equivalents—beginning of period	60,422	37,489
Cash and cash equivalents—end of period	27,205	72,528
Non-Guarantor Subsidiaries
Cash flows from operating activities
Net cash provided by (used in) operating activities	3,511	6,209
Cash flows from investing activities
Additions to property and equipment	(21,491)	(15,474)
Net cash used in investing activities	(21,491)	(15,474)
Cash flows from financing activities
Advances (to) from affiliates	5,516	13,566
Net cash used in financing activities	5,516	13,566
Net increase (decrease) in cash and cash equivalents	(12,464)	4,301
Cash and cash equivalents—beginning of period	14,179	8,241
Cash and cash equivalents—end of period	$ 1,715	$ 12,542