Vantage Drilling International (VTDRF) 10-Q 13 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	VDI
Entity Registrant Name	VANTAGE DRILLING INTERNATIONAL
Entity Central Index Key	1,465,872
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		5,000,053

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 249,201
Restricted cash	1,000
Trade receivables	51,668
Inventory	44,463
Prepaid expenses and other current assets	20,167
Total current assets	366,499
Property and equipment
Property and equipment	898,586
Accumulated depreciation	(11,997)
Property and equipment, net	886,589
Other assets	9,872
Total assets	1,262,960
Current liabilities
Accounts payable	41,256
Accrued liabilities	38,757
Current maturities of long-term debt	1,430
Total current liabilities	81,443
Long–term debt, net of discount of $140,073 and $0	825,040
Other long-term liabilities	$ 11,528
Liabilities subject to compromise		$ 2,694,456
Commitments and contingencies (Note 8)
Shareholder's equity
Common shares value	$ 5
Additional paid-in capital	373,972
Accumulated deficit	(29,028)
Total VDI shareholder's equity	344,949
Total equity	344,949
Total liabilities and equity	$ 1,262,960
Predecessor
Current assets
Cash and cash equivalents		203,420
Trade receivables		70,722
Inventory		64,495
Prepaid expenses and other current assets		22,106
Total current assets		360,743
Property and equipment
Property and equipment		3,481,006
Accumulated depreciation		(532,619)
Property and equipment, net		2,948,387
Other assets		23,050
Total assets		3,332,180
Current liabilities
Accounts payable		49,437
Accrued liabilities		21,702
Current maturities of long-term debt		0
VDC note payable		61,477
Total current liabilities		132,616
Other long-term liabilities		33,097
Liabilities subject to compromise		$ 2,694,456
Commitments and contingencies (Note 8)
Shareholder's equity
Additional paid-in capital		$ 595,119
Accumulated deficit		(138,363)
Total VDI shareholder's equity		456,756
Noncontrolling interests		15,255
Total equity		472,011
Total liabilities and equity		$ 3,332,180

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Long-term debt unamortized discount	$ 140,073
Ordinary shares, par value	$ 0.001
Ordinary shares, shares authorized	50,000,000
Ordinary shares, shares issued	5,000,053
Ordinary shares, shares outstanding	5,000,053
Predecessor
Long-term debt unamortized discount		$ 0
Ordinary shares, par value		$ 0.001
Ordinary shares, shares authorized		50,000,000
Ordinary shares, shares issued		1,000,000
Ordinary shares, shares outstanding		1,000,000

Consolidated Statement of Opera

Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 10, 2016	Mar. 31, 2016	Mar. 31, 2015
Revenue
Contract drilling services		$ 24,059
Management fees		959
Reimbursables		4,768
Total revenue		29,786
Operating costs and expenses
Operating costs		27,439
General and administrative		9,168
Depreciation		12,076
Total operating costs and expenses		48,683
Income (loss) from operations		(18,897)
Other income (expense)
Interest income		6
Interest expense and other financing charges (contractual interest of $23,219 for the period from January 1, 2016 to February 10, 2016)		(10,650)
Other, net		1,834
Reorganization items		(154)
Total other income (expense)		(8,964)
Income (loss) before income taxes		(27,861)
Income tax provision		1,167
Net income (loss)		(29,028)
Net income (loss) attributable to VDI		$ (29,028)
Predecessor
Revenue
Contract drilling services	$ 20,891		$ 207,981
Management fees	752		1,881
Reimbursables	1,897		10,659
Total revenue	23,540		220,521
Operating costs and expenses
Operating costs	25,213		95,350
General and administrative	2,558		5,990
Depreciation	10,696		31,623
Total operating costs and expenses	38,467		132,963
Income (loss) from operations	(14,927)		87,558
Other income (expense)
Interest income	3		12
Interest expense and other financing charges (contractual interest of $23,219 for the period from January 1, 2016 to February 10, 2016)	(1,728)		(46,119)
Gain on debt extinguishment			10,825
Other, net	(69)		(151)
Reorganization items	(452,923)
Total other income (expense)	(454,717)		(35,433)
Income (loss) before income taxes	(469,644)		52,125
Income tax provision	2,371		29,289
Net income (loss)	(472,015)		22,836
Net income (loss) attributable to noncontrolling interests	(969)		190
Net income (loss) attributable to VDI	$ (471,046)		$ 22,646

Consolidated Statement of Oper5

Consolidated Statement of Operations (Unaudited) (Parenthetical) $ in Thousands	1 Months Ended
	Feb. 10, 2016USD ($)
Income Statement [Abstract]
Contractual interest	$ 23,219

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 10, 2016	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)		$ (29,028)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation expense		12,076
Amortization of debt financing costs		76
Amortization of debt discount		6,847
Deferred income tax benefit		(606)
Loss on disposal of assets		144
Changes in operating assets and liabilities:
Trade receivables		22,629
Inventory		(221)
Prepaid expenses and other current assets		(4,954)
Other assets		368
Accounts payable		6,708
Accrued liabilities and other long-term liabilities		(5,801)
Net cash provided by (used in) operating activities		8,238
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment		(7,674)
Net cash provided by (used in) investing activities		(7,674)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt		(358)
Debt issuance costs		(51)
Net cash provided by (used in) financing activities		(409)
Net increase (decrease) in cash and cash equivalents		155
Cash and cash equivalents—end of period	$ 249,046	249,201
Cash paid for:
Interest		1,690
Income taxes		$ 4,433
Predecessor
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	(472,015)		$ 22,836
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation expense	10,696		31,623
Amortization of debt financing costs			2,127
Amortization of debt discount			602
Reorganization items	430,210
Non-cash gain on debt extinguishment			(10,816)
Deferred income tax benefit			(525)
Loss on disposal of assets			19
Changes in operating assets and liabilities:
Restricted cash	(1,000)
Trade receivables	(3,575)		(9,162)
Inventory	223		(2,305)
Prepaid expenses and other current assets	6,893		6,101
Other assets	941		2,650
Accounts payable	(14,890)		(41,651)
Accrued liabilities and other long-term liabilities	21,152		41,696
Net cash provided by (used in) operating activities	(21,365)		43,195
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment	116		(5,894)
Net cash provided by (used in) investing activities	116		(5,894)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt	(7,000)		(40,854)
Proceeds from issuance of 10% Second Lien Notes	76,125
Debt issuance costs	(2,250)
Net cash provided by (used in) financing activities	66,875		(40,854)
Net increase (decrease) in cash and cash equivalents	45,626		(3,553)
Cash and cash equivalents—beginning of period			75,801
Cash and cash equivalents—end of period	249,046		72,248
Cash paid for:
Interest	1,568		10,453
Income taxes	$ 2,631		$ 9,331

Consolidated Statement of Cash7

Consolidated Statement of Cash Flows (Parenthetical) (Unaudited)	Mar. 31, 2016
Statement Of Cash Flows [Abstract]
Debt Instrument, interest rate	10.00%

Organization and Recent Events

Organization and Recent Events	3 Months Ended
	Mar. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Recent Events	1. Organization and Recent Events Vantage Drilling International (the “Company” or “VDI”), a Cayman Islands exempted company, is an international offshore drilling company focused on operating a fleet of modern, high specification drilling units. Our principal business is to contract drilling units, related equipment and work crews, primarily on a dayrate basis to drill oil and natural gas wells for our customers. We also provide construction supervision services for drilling units owned by others. Through our fleet of drilling units, we are a provider of offshore contract drilling services to major, national and independent oil and natural gas companies, focused primarily on international markets. The Company was previously known as Offshore Group Investment Limited and changed its corporate name to Vantage Drilling International effective February 11, 2016. Restructuring Agreement and Emergence from Voluntary Reorganization under Chapter 11 Proceeding On December 1, 2015, we and Vantage Drilling Company (“VDC”), our former parent company, entered into a restructuring support agreement (the “Restructuring Agreement”) with a majority of our secured creditors. Pursuant to the terms of the Restructuring Agreement, the Company agreed to pursue a pre-packaged plan of reorganization (the “Reorganization Plan”) under Chapter 11 of Title 11 of the United States Bankruptcy Code and VDC would commence official liquidation proceedings under the laws of the Cayman Islands. On December 2, 2015, pursuant to the Restructuring Agreement, the Company acquired two subsidiaries responsible for the management of the Company from VDC in exchange for a $61.5 million promissory note (the “VDC Note”). As this transaction involved a reorganization of entities under common control, it was reflected in the consolidated financial statements, at carryover basis, on a retrospective basis. On December 3, 2015 (the “Petition Date”), the Company, certain of its subsidiaries and certain VDC subsidiaries who were guarantors of the Company’s pre-bankruptcy secured debt, filed the Reorganization Plan in the United States Bankruptcy Court for the District of Delaware ( In re Vantage Drilling International (F/K/A Offshore Group Investment Limited), et al. The following table summarizes the components of our pre-bankruptcy debt, all of which was reflected as Liabilities Subject to Compromise (“LSTC”) in our consolidated balance sheet as of December 31, 2015 (in thousands): 2017 Term Loan and accrued interest $ 326,420 2019 Term Loan and accrued interest 344,738 7.5% Senior Notes and accrued interest 1,136,748 7.125% Senior Notes and accrued interest 736,550 Old Credit Agreement 150,000 Liabilities Subject to Compromise $ 2,694,456 1%/12% Step-Up Senior Secured Third Lien Convertible Notes due 2030 (the “Convertible Notes”) The New Shares issued to these creditors and the Convertible Notes may only be traded together and not separately. The Convertible Notes are convertible into New Shares in certain circumstances, at a conversion price (subject to adjustment in accordance with the terms of the Indenture for the Convertible Notes) which was $95.60 as of the issue date. The Indenture for the Convertible Notes includes customary covenants that restrict the granting of liens and customary events of default, including, among other things, failure to issue securities upon conversion of the Convertible Notes Other significant elements of the Reorganization Plan included; Second Amended and Restated Credit Agreement . The Company’s existing credit agreement was amended to (i) replace the $32.0 million revolving letter of credit commitment with a new $32.0 million revolving letter of credit facility and (ii) repay the $150 million of outstanding borrowings with (a) $7.0 million of cash and (b) the issuance of $143.0 million initial term loans (the “2016 Term Loan Facility”). 10% Senior Secured Second Lien Notes . Holders of the Company’s pre-petition secured debt claims were eligible to participate in a rights offering conducted by the Company for $75.0 million of the Company’s new 10% Senior Secured Second Lien Notes due 2020 (the “10% Second Lien Notes”). In connection with this rights offering, certain creditors entered into a “backstop” agreement to purchase 10% Second Lien Notes if the offer was not fully subscribed. The premium paid to such creditors under the backstop agreement was approximately $2.2 million, paid $1.1 million in cash and $1.1 million in additional 10% Second Lien Notes, resulting in a total issued amount of $76.1 million of 10% Second Lien Notes, and raising $73.9 million, after deducting the cash portion of the backstop premium. VDC Note . Effective with the Company’s emergence from bankruptcy, VDC’s former equity interest in the Company was cancelled. Immediately following that event, the VDC Note was converted into 655,094 New Shares in accordance with the terms thereof, in satisfaction of the obligation thereunder, which, including accrued interest, totaled approximately $62.0 million as of such date. The Reorganization Plan allowed the Company to continue business operations during the court proceedings and maintain all operating assets and agreements. The Company had adequate liquidity prior to the filing and did not have to seek any debtor-in-possession financing. All trade payables, credits, wages and other related obligations were unimpaired by the Reorganization Plan. Other Events: In July 2015, we became aware of media reports that Hamylton Padilha, the Brazilian agent the Company used in the contracting of the drillship to Petroleo Brasileiro S.A. (“Petrobras”), had entered into a plea arrangement with the Brazilian authorities in connection with his role in facilitating the payment of bribes to former Petrobras executives. Among other things, Mr. Padilha provided information to the Brazilian authorities of an alleged bribery scheme between former Petrobras executives and Mr. Hsin-Chi Su, who was, at the time of the alleged bribery scheme, a member of the Board of Directors and a significant shareholder of VDC. When we learned of Mr. Padilha’s plea agreement and the allegations, we voluntarily contacted the U.S. Department of Justice (“DOJ”) and the SEC to advise them of these recent developments, as well as the fact that we had engaged outside counsel to conduct an internal investigation of the allegations. Our internal investigation is ongoing and we are cooperating with the DOJ and SEC in their investigation of these allegations. In connection with our cooperation with the DOJ and SEC, we recently advised both agencies that in early 2010, we engaged outside counsel to investigate a report of allegations of improper payments to customs and immigration officials in Asia. That investigation was concluded in 2011, and we determined at that time that no disclosure was warranted; however, in an abundance of caution, we are reviewing the matter again in light of the allegations in the Petrobras matter. Although we cannot predict the outcome of this matter, if the DOJ or the SEC determine that violations of the U.S. Foreign Corrupt Practices Act (“FCPA”) have occurred, the Company could be subject to civil and criminal sanctions, including monetary penalties, as well as additional requirements or changes to our business practices and compliance programs, any or all of which could have a material adverse effect on our business and financial condition. Additionally, if we become subject to any judgment, decree, order, governmental penalty or fine, this may constitute an event of default under the terms of our secured debt agreements and result in our outstanding debt becoming immediately due and payable.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and for the periods from February 10, 2016 to March 31, 2016, from January 1, 2016 to February 10, 2016 and the three months ended March 31, 2015 has been prepared without audit, pursuant to the rules and regulations of the SEC and includes our accounts and those of our majority owned subsidiaries and VIEs discussed below. 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 (except for the impact of the application of fresh-start accounting). 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 the rules and regulations of the SEC, although we believe that the disclosures made are adequate to provide for fair presentation. The balance sheet at December 31, 2015 is derived from our December 31, 2015 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, 2015 though, as described below, such prior financial statements may not be comparable to our interim financial statements due to the adoption of fresh-start accounting. 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. In connection with our bankruptcy filing, we were subject to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 852 Reorganizations Certain pre-petition liabilities subject to Chapter 11 proceedings were considered as LSTC on the Petition Date and just prior to our emergence from bankruptcy on the Effective Date. The LSTC classification distinguished such liabilities from the liabilities that were not expected to be compromised and liabilities incurred post-petition. ASC 852 requires that subsequent to the Petition Date, expenses, realized gains and losses and provisions for losses that can be directly associated with the reorganization of the business be reported separately as reorganization items in the consolidated statements of operations. We were required to distinguish pre-petition liabilities subject to compromise from those that are not and post-petition liabilities in our balance sheet. Liabilities that were subject to compromise were reported at the amounts expected to be allowed by the Bankruptcy Court, even if they were settled for lesser amounts as a result of the Reorganization Plan. Upon emergence from bankruptcy on the Effective Date, we adopted fresh-start accounting in accordance with ASC 852, which resulted in the Company becoming a new entity for financial reporting purposes. Upon adoption of fresh-start accounting, our assets and liabilities were recorded at their fair values as of the Effective Date. The Effective Date fair values of our assets and liabilities differed materially from the recorded values of our assets and liabilities as reflected in our historical consolidated balance sheets. The effects of the Reorganization Plan and the application of fresh-start accounting were reflected in our consolidated financial statements as of February 10, 2016 and the related adjustments thereto were recorded in our consolidated statements of operations as reorganization items for the period January 1 to February 10, 2016. As a result, our consolidated balance sheets and consolidated statement of operations subsequent to the Effective Date will not be comparable to our consolidated balance sheets and statements of operations prior to the Effective Date. Our consolidated financial statements and related footnotes are presented with a black line division which delineates the lack of comparability between amounts presented on or after February 10, 2016 and dates prior. Our financial results for future periods following the application of fresh-start accounting will be different from historical trends and the differences may be material. References to “Successor” relate to the Company on and subsequent to the Effective Date. References to “Predecessor” refer to the Company prior to the Effective Date. The consolidated financial statements of the Successor have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIEs”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE. We consolidated these entities in our Predecessor consolidated financial statements because we determined that they were VIEs and that we were the primary beneficiary.These VIEs who were subsidiaries of VDC, guarantors of our pre-petition debt and were part of the Reorganization Plan, became our subsidiaries upon emergence from bankruptcy on the Effective Date. The following table summarizes the net effect of consolidating these entities on our Predecessor consolidated statement of operations. Predecessor Period from January 1, 2016 to February 10, 2016 Three Months Ended March 31, 2015 (in thousands) Revenue $ 1,219 $ 5,730 Operating costs and expenses 1,240 5,077 Income before taxes 22 740 Income tax provision 991 550 Net income (loss) attributable to noncontrolling interests (969 ) 190 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. Inventory: Consists of materials, consumables, spare parts 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 a gain or loss is recognized. 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. Interest costs and the amortization of debt financing costs related to the financings of our drilling rigs are capitalized as part of the cost while they are under construction and prior to the commencement of each vessel’s first contract. We did not capitalize any interest for the reported periods. 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. Debt issuance costs related to a recognized debt liability are presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability. 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. We have early adopted the provisions of ASU 2015-17 effective January 1, 2016 and have retrospectively applied its provisions to all periods presented in our Consolidated Financial Statements. Application of the ASU did not have a material impact on our consolidated financial statements. Concentrations 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 March 31, 2016 or December 31, 2015. 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 revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to property and equipment, income taxes, insurance, employee benefits and contingent liabilities. Actual results could differ from these 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 December 31, 2015, the fair value of the 7.125% Senior Notes and the 7.5% Senior Notes was approximately $15.7 million and $23.5 million, respectively, based on quoted market prices, a Level 1 measurement. These notes are classified as LSTC as of December 31, 2015 and were discharged under the Reorganization Plan on the Effective Date. See “ ” for the fair value of our post-petition bankruptcy debt. Recent Accounting Standards: In May 2014, the FASB issued 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. T he 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. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification We are evaluating the provisions of ASU 2016-02 and ASU 2014-09 and have not yet determined the impact of these ASUs on our financial position, results of operations or cash flows.

Fresh Start Accounting

Fresh Start Accounting	3 Months Ended
	Mar. 31, 2016
Reorganizations [Abstract]
Fresh Start Accounting	3. Fresh-Start Accounting Upon our emergence from bankruptcy, we adopted fresh-start accounting in accordance with ASC 852. We qualified for fresh-start accounting because (i) the reorganization value of the our assets immediately prior to the confirmation was less than the post-petition liabilities and allowed claims and (ii) the holders of existing voting shares of the Predecessor company received less than 50% of the voting shares of the post-emergence Successor entity. Reorganization Value : Reorganization value represents the fair value of the Successor’s total assets and is intended to approximate the amount a willing buyer would pay for the assets immediately after restructuring. Under fresh-start accounting, we allocated the reorganization value to our individual assets based on their estimated fair values. Our reorganization value is derived from an estimate of enterprise value. Enterprise value represents the estimated fair value of an entity’s long term debt and shareholders’ equity. The estimated enterprise value of the Company of approximately $954.2 million represents management’s best estimate of fair value on the Effective Date and the value contemplated by the Bankruptcy Court in confirmation of the Reorganization Plan after extensive negotiations among the Company and its creditors. The estimated enterprise value, after adding cash plus the estimated fair values of all of the Company’s non-debt liabilities, is intended to approximate the reorganization value. A reconciliation of the reorganization value is provided in the table below: (in thousands) Enterprise value $ 954,242 Plus: Cash, cash equivalents and restricted cash 250,046 Plus: Working capital surplus 712 Plus: Current liabilities 80,284 Reorganization value of Successor assets $ 1,285,284 Reorganization value and enterprise value were estimated using numerous projections and assumptions that are inherently subject to significant uncertainties and resolution of contingencies that are beyond our control. Accordingly, the estimates set forth herein are not necessarily indicative of actual outcomes, and there can be no assurance that the estimates, projections or assumption will be realized. In order to estimate the enterprise value of the Company, we used a discounted cash flow methodology. The discounted cash flow analysis estimates the value of a business by calculating the present value of expected future unlevered after-tax free cash flows to be generated by such business. This analysis is supported through a comparison of indicated values resulting from the use of other valuation techniques including: (i) a comparison of financial multiples implied by the estimated enterprise value to a range of multiples of publicly held companies with similar characteristics, and (ii) an analysis of comparable valuations indicated by precedent mergers or acquisitions of such companies. The financial projections used to estimate the expected future unlevered after-tax free cash flows were based on our 5-year forecast. The projections were prepared by management and are based on a number of estimates including various assumptions regarding the anticipated future performance of the Company, industry performance, general business and economic conditions and other matters, many of which are beyond our control. The discounted cash flow method also includes assumptions of the weighted average cost of capital (the “Discount Rate”) as well as an estimate of a residual growth rate used to determine the enterprise value represented by the time period beyond the 5-year plan. The Discount Rate was calculated using the capital asset pricing model and resulted in a Discount Rate of 15.2%. The estimated residual growth rate was developed considering the long-term economic outlook of the industry and geographical regions that the Company operates in and resulted in an estimated rate of 2.0%. Consolidated Balance Sheet : The adjustments set forth in the following condensed consolidated balance sheet reflect the effect of the consummation of the transactions contemplated by the Reorganization Plan (reflected in the column “Reorganization Adjustments”) as well as fair value adjustments as a result of the adoption of fresh-start accounting (reflected in the column “Fresh-Start Adjustments”). The explanatory notes highlight methods used to determine fair values or other amounts of the assets and liabilities as well as significant assumptions or inputs. Predecessor Company February 10, 2016 Reorganization Adjustments Fresh-Start Adjustments Successor Company February 10, 2016 (in thousands, except par value information) ASSETS Current assets Cash and cash equivalents $ 182,171 $ 66,875 (a) $ — $ 249,046 Trade receivables 74,297 — — 74,297 Inventory 64,272 — (20,030 ) (f) 44,242 Prepaid expenses and other current assets 16,511 — 16,511 Total current assets 337,251 66,875 (20,030 ) 384,096 Property and equipment Property and equipment 3,480,890 — (2,589,755 ) 891,135 Accumulated depreciation (543,315 ) — 543,315 - Property and equipment, net 2,937,575 — (2,046,440 ) (g) 891,135 Other assets Other assets 21,963 — (11,910 ) (h) 10,053 Total other assets 21,963 — (11,910 ) 10,053 Total assets $ 3,296,789 $ 66,875 $ (2,078,380 ) $ 1,285,284 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities Accounts payable $ 34,547 $ — $ — $ 34,547 Accrued liabilities 44,307 — — 44,307 Current maturities of long-term debt — 1,430 (b) — 1,430 VDC note payable 62,627 (62,627 ) (c) — — Total current liabilities 141,481 (61,197 ) — 80,284 Long–term debt — 818,525 (b) — 818,525 Other long-term liabilities 30,645 — (18,148 ) (h) 12,497 Liabilities subject to compromise 2,694,456 (2,694,456 ) (d) — Commitments and contingencies Shareholder's equity Predecessor ordinary shares, $0.001 par value, 50 million shares authorized; one thousand shares issued and outstanding — — — — Predecessor additional paid-in capital 595,119 (595,119 ) (e) — — Successor ordinary shares, $0.001 par value, 50 million shares authorized; 5,000 shares issued and outstanding — 5 (b)(c) — 5 Successor additional paid-in capital — 373,973 (b)(c) — 373,973 Accumulated deficit (179,198 ) 2,239,430 (e) (2,060,232 ) (i) — Total VDI shareholder's equity 415,921 2,018,289 (2,060,232 ) 373,978 Noncontrolling interests 14,286 (14,286 ) (e) — — Total equity 430,207 2,004,003 (2,060,232 ) 373,978 Total liabilities and equity $ 3,296,789 $ 66,875 $ (2,078,380 ) $ 1,285,284 (a) Reflects the net use of cash on the Effective Date from implementation of the Reorganization Plan (in thousands): Sources: Net proceeds from 10% Second Lien Notes $ 76,125 Total Sources 76,125 Uses: Repayment of Credit Facility borrowings (7,000 ) Debt issuance costs (2,250 ) Total Uses (9,250 ) Net Sources $ 66,875 (b) Represents the issuance of the new debt in connection with the Reorganization Plan; (1) the conversion of the pre-petition revolving credit facility into (i) $143.0 million of the 2016 Term Loan Facility and (ii) $7.0 million of cash; (2) the issuance of $76.1 million of new 10% Second Lien Notes due December 31, 2020 in a rights offering raising net proceeds of approximately $73.9 million after backstop premium and offering costs and (3) issuance of 4,344,959 new ordinary shares of the Company and $750.0 million face value of Convertible Notes. (c) Reflects the settlement of the VDC Note by issuing 655,094 new ordinary shares in accordance with the Reorganization Plan. (d) Reflects the settlement of LSTC in accordance with the Reorganization Plan as follows: (in thousands) 2017 Term Loan $ 323,543 2019 Term Loan 341,250 7.5% Senior Notes 1,086,815 7.125% Senior Notes 727,622 Prepetition credit facility 150,000 Accrued interest 65,226 Liabilities subject to compromise of the Predecessor Company 2,694,456 Fair value of equity issued to debtholders (311,351 ) Fair value of Convertible Notes issued to debtholders (603,080 ) Issuance of 2016 Term Loan Facility (143,000 ) Credit Facility settled in cash (7,000 ) Gain on settlement of liabilities subject to compromise (debt forgiveness) $ 1,630,025 (e) Reflects the cumulative impact of reorganization adjustments discussed above: (in thousands) Gain on settlement of liabilities subject to compromise $ 1,630,025 Cancellation of Predecessor company equity 595,119 Acquisition of non-controlling interests 14,286 Net impact to retained earnings (deficit) $ 2,239,430 (f) An adjustment of $20.0 million was recorded to inventory to decrease its net book value to estimated fair value. This inventory was part of the original shipyard value and the adjustment is based on the adjustment for the decrease in value for the individual drilling rigs; see (g) below. (g) An adjustment of $2.0 billion was recorded to decrease the net book value of property and equipment to estimated fair value. The fair value was determined utilizing the income approach for drilling rigs and related rig equipment. The discounted cash flow method under the income approach estimates the future cash flow that an asset is expected to generate. Future cash flow is converted to a present value equivalent using the estimated Discount Rate. The components of property and equipment, net as of February 10, 2016 and the fair value at February 10, 2016 are summarized in the following table (in thousands): Successor Predecessor February 10, 2016 February 10, 2016 (in thousands) Drilling rigs $ 847,035 $ 2,863,307 Capital spares 16,422 32,080 Leasehold improvements, office and technology equipment 18,389 18,389 Assets under construction 9,289 23,799 $ 891,135 $ 2,937,575 (h) Represents the adjustments of deferred equipment survey and inspection costs, mobilization costs and mobilization revenue to estimated fair value. (i) Reflects the cumulative impact of fresh-start adjustments discussed above: (in thousands) Property and equipment fair value adjustments $ (2,046,440 ) Inventory fair value adjustments (20,030 ) Deferred mobilization expense write-off (7,654 ) Deferred equipment certification write-off (4,256 ) Deferred mobilization revenue write-off 18,148 Net impact to retained earnings (deficit) $ (2,060,232 )

Reorganization Items

Reorganization Items	3 Months Ended
	Mar. 31, 2016
Reorganization Items [Abstract]
Reorganization Items	4. Reorganization Items Reorganization items represent amounts incurred subsequent to the Petition Date as a direct result of the filing of the Reorganization Plan and are comprised of the following: Successor Predecessor Period from February 10, 2016 to March 31, 2016 Period from January 1, 2016 to February 10, 2016 (in thousands) Professional fees $ 154 $ 22,716 Net gain on settlement of LSTC — (1,630,025 ) Fresh-start adjustments — 2,060,232 $ 154 $ 452,923 For the periods from February 10, 2016 to March 31, 2016 and from January 1, 2016 to February 10, 2016, cash payments for reorganization items totaled $201,000 and $7.3 million, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	5. Debt Following our emergence from bankruptcy, our debt as of March 31, 2016 and February 10, 2016 was comprised of the following: March 31, 2016 February 10, 2016 (in thousands) 10% Second Lien Notes, net of financing costs of $2,225 and $2,250 $ 73,900 $ 73,875 Convertible Notes, net of discount of $140,073 and $146,920 609,927 603,080 2016 Term Loan Facility 142,643 143,000 826,470 819,955 Less current maturities of long-term debt 1,430 1,430 Long-term debt, net $ 825,040 $ 818,525 10% Senior Secured Second Lien Notes. The Company engaged in a rights offering for $75.0 million of new 10% Second Lien Notes for certain holders of its secured debt claims. In connection with this rights offering, certain creditors entered into a “backstop” agreement to purchase 10% Second Lien Notes if the offer was not fully subscribed. The premium paid to such creditors under the backstop agreement was approximately $2.2 million, paid $1.1 million in cash and $1.1 million in additional 10% Second Lien Notes, resulting in a total issued amount of $76.1 million of 10% Second Lien Notes, and raising approximately $73.9 million in proceeds to the Company, after deducting the cash portion of the backstop premium. The 10% Second Lien Notes were issued at par and are fully and unconditionally guaranteed (except for customary release provisions), on a senior secured basis, by all of the subsidiaries of the Company. The 10% Second Lien Notes mature on December 31, 2020, and bear interest from the date of their issuance at the rate of 10% per year. Interest on outstanding 10% Second Lien Notes is payable semi-annually in arrears, commencing on June 30, 2016. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months. The 10% Second Lien Notes rank behind the 2016 Term Loan Facility as to collateral. The Indenture for the 10% Second Lien Notes includes customary covenants and events of default, including covenants that, among other things, restrict the granting of liens, restrict the making of investments, restrict the incurrence of indebtedness and the conveyance of vessels, limit transactions with affiliates, and require that the Company provide periodic financial reports. 1%/12% Step-Up Senior Secured Third Lien Convertible Notes. The Company issued 4,344,959 New Shares and $750.0 million of the Convertible Notes to certain creditors holding approximately $2.5 billion of pre-petition secured debt claims. The New Shares issued to the creditors and the Convertible Notes may only be traded together and not separately. The Convertible Notes mature on December 31, 2030 and are convertible into New Shares, in certain circumstances, at a conversion price (subject to adjustment in accordance with the terms of the Indenture for the Convertible Notes) which was $95.60 as of the issue date. The Company’s obligations under the Convertible Notes are fully and unconditionally guaranteed (except for customary release provisions), on a senior secured basis, by all of the subsidiaries of the Company, and the obligations of the Company and guarantors are secured by liens on substantially all of their respective assets. The guarantees by the Company’s subsidiaries of the Convertible Notes are joint and several. The Company has no independent assets or operations apart from the assets and operations of its wholly-owned subsidiaries. Any subsidiaries of the Company other than the subsidiary guarantors are minor. In addition, there are no significant restrictions on the Company’s or any subsidiary guarantor’s ability to obtain funds from its subsidiaries by dividend or loan. The Indenture for the Convertible Notes includes customary covenants that restrict the granting of liens and customary events of default, including, among other things, failure to issue securities upon conversion of the Convertible Notes. Interest on the Convertible Notes is payable semi-annually in arrears commencing June 30, 2016 as a payment in kind, either through an increase in the outstanding principal amount of the Convertible Notes or, if the Company is unable to increase such principal amount, by the issuance of additional Convertible Notes. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months at a rate of 1% per annum for the first four years and then increasing to 12% per annum until maturity. In connection with the adoption of fresh-start accounting, the Convertible Notes were recorded at an estimated fair value of approximately $603.1 million. The difference between face value and the fair value at date of issuance of the Convertible Notes was recorded as a debt discount and is being amortized to interest expense over the expected life of the Convertible Notes using the effective interest rate method. The principal balance of the Convertible Notes (including payment in kind interest thereon) is convertible into New Shares at a conversion rate based on an initial price per share of $95.60 per New Share, subject to adjustment, as described in the Indenture for the Convertible Notes. The Convertible Notes are convertible only (a) prior to the third anniversary of the issue date (February 10, 2016), (i) upon the instruction of holders of a majority in principal amount of the Convertible Notes or (ii) upon the full and final resolution of all potential Investigation Claims (as defined below), as determined in good faith by the board of directors of the Company (the “Board”) (which determination shall require the affirmative vote of a supermajority of the non-management directors), and (b) from and after February 10, 2019 through their maturity date of December 31, 2030, upon the approval of the Board (which approval shall require the affirmative vote of a supermajority of the non-management directors). For these purposes, (i) “supermajority of the non-management directors” means five affirmative votes of non-management directors assuming six non-management directors eligible to vote and, in all other circumstances, the affirmative vote of at least 75% of the non-management directors eligible to vote and (ii) “Investigation Claim” means any claim held by a United States or Brazilian governmental unit and arising from or related to the procurement of that certain Agreement for the Provision of Drilling Services, dated as of February 4, 2009, by and between Petrobras Venezuela Investments & Services B.V. and Vantage Deepwater Company, as amended, modified, supplemented, or novated from time to time. In the event of a change in control, the holders of our Convertible Notes have the right to require us to repurchase all or any part of the Convertible Notes at a price equal to 101% of their principal amount. We assessed the prepayment requirements and concluded that this feature met the criteria to be considered an embedded derivative and must be bifurcated and separately fair valued due to the discount on the Convertible Notes at issuance. We considered the probabilities of a change of control occurring and determined that the derivative had a de minimis value at March 31, 2016. Second Amended and Restated Credit Agreement. The Company entered into the 2016 Term Loan Facility providing for (i) a $32.0 million revolving letter of credit facility to replace the Company’s existing $32.0 million revolving letter of credit commitment under its pre-petition credit facility and (ii) $143.0 million of term loans into which the claims of the lenders under the Company’s pre-petition credit facility were converted. The lenders under the Company’s pre-petition credit facility also received $7.0 million of cash under the Reorganization Plan. The obligations under the 2016 Term Loan Facility are guaranteed by substantially all of the Company’s subsidiaries, subject to limited exceptions, and secured on a first priority basis by substantially all of the Company’s and the guarantors’ assets, including ship mortgages on all vessels, assignments of related earnings and insurance and pledges of the capital stock of all guarantors, in each case, subject to certain exceptions. The maturity date of the term loans and commitments established under the 2016 Term Loan Facility is December 31, 2019. Interest is payable on the unpaid principal amount of each term loan under the 2016 Term Loan Facility at LIBOR plus 6.5%, with a LIBOR floor of 0.5%. The initial term loans are currently bearing interest at 7.1%. The 2016 Term Loan Facility has quarterly scheduled debt maturities of $357,500 commencing in March 2016. Fees are payable on the outstanding face amount of letters of credit at a rate per annum equal to 5.50% as such rate may be increased from time to time pursuant to the terms of the 2016 Term Loan Facility. The 2016 Term Loan Facility includes customary representations and warranties, mandatory prepayments, affirmative and negative covenants and events of default, including covenants that, among other things, restrict the granting of liens, the incurrence of indebtedness, the making of investments and capital expenditures, the sale or other conveyance of assets, including vessels, transactions with affiliates, prepayments of certain debt and the operation of vessels. The 2016 Term Loan Facility also requires that the Company maintain $75.0 million of available cash (defined to include unrestricted cash and cash equivalents plus undrawn commitments). Upon the occurrence of specified change of control events or certain losses of our vessels in the agreements governing our 10% Second Lien Notes, Convertible Notes or 2016 Term Loan Facility, we will be required to offer to repurchase or repay all (or in the case of events of losses of vessels, an amount up to the amount of proceeds received from such event of loss) of such outstanding debt under such debt agreements at the prices and upon the terms set forth in the applicable agreements. In addition, in connection with certain asset sales, we will be required to offer to repurchase or repay such outstanding debt as set forth in the applicable debt agreements.

Shareholder's Equity

Shareholder's Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Shareholder's Equity	6. Shareholders’ Equity We have 50,000,000 authorized ordinary shares, par value $0.001 per share. Upon emergence from bankruptcy, we issued 5,000,053 ordinary shares in connection with the settlement of LSTC and the VDC Note. As of March 31, 2016, 5,000,053 ordinary shares were issued and outstanding. As of December 31, 2015, the Company was a 100% owned subsidiary of VDC and did not have any equity incentive plans of its own. VDC had the 2007 Long-Term Incentive Plan under which time-vested and performance units were awarded to officers and employees of the Company and related share compensation expense was recognized. The vesting of outstanding equity awards provided by VDC was suspended prior to December 31, 2015 as the trading value of the shares of VDC was below the administrative costs of vesting the awards. Outstanding share awards at December 31, 2015 were cancelled due to VDC’s liquidation filing in the Cayman Islands. We recognized share compensation expense allocated from VDC of $1.8 million for the three months ended March 31, 2015. On February 10, 2016, the Company adopted the 2016 Management Incentive Plan (the “2016 MIP”). Pursuant to the 2016 MIP, the Compensation Committee may grant to executive officers and certain other employees determined by the Compensation Committee, stock options, restricted stock or restricted stock units of the Company, subject to time based vesting and performance based vesting, as determined by the Compensation Committee. As of the Effective Date, the Company established a pool of restricted stock units with an estimated value of $44.5 million for issuance by the Compensation Committee. No grants from the 2016 MIP have been made to date.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes We are a Cayman Islands entity. The Cayman Islands does not impose corporate income taxes. We do not have any domestic earnings; all of our earnings are foreign. Consequently, we have calculated income taxes based on the laws and tax 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 or gross revenues or withholding taxes on revenue. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events, such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. 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. Furthermore, our income taxes are generally dependent upon the results of our operations and, when we generate significant revenues in jurisdictions where the income tax liability is based on gross revenues or asset values, there is no correlation between our operating results and the income tax expense. Furthermore, in some jurisdictions we do not pay taxes or receive benefits for certain income and expense items, including interest expense, loss on extinguishment of debt and write-off of development costs. Deferred income tax assets and liabilities are recorded for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. We provide for deferred taxes on temporary differences between the financial statements and tax bases of assets and liabilities using the enacted tax rates which are expected to apply to taxable income when the temporary differences are expected to reverse. Deferred tax assets are also provided for certain tax credit carryforwards. A valuation allowance is established to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. 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 statute 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	3 Months Ended
	Mar. 31, 2016
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. Management does not believe any of these matters will have a material adverse impact on the Company’s financial position or results of operations. There is an inherent risk in any litigation or dispute and no assurance can be given as to the outcome of any claims. In July 2015, we became aware of media reports that Hamylton Padilha, the Brazilian agent the Company used in the contracting of the Titanium Explorer

Supplemental Financial Informat

Supplemental Financial Information	3 Months Ended
	Mar. 31, 2016
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: Successor Predecessor March 31, 2016 December 31, 2015 (in thousands) Prepaid insurance $ 2,751 $ 1,394 Sales tax receivable 10,166 8,203 Income tax receivable 465 5,398 Other receivables 265 734 Other 6,520 6,377 $ 20,167 $ 22,106 Property and Equipment, net Property and equipment, net, consisted of the following: Successor Predecessor March 31, 2016 December 31, 2015 (in thousands) Drilling equipment $ 863,262 $ 3,425,738 Assets under construction 16,880 23,421 Office and technology equipment 17,491 29,405 Leasehold improvements 953 2,442 898,586 3,481,006 Accumulated depreciation (11,997 ) (532,619 ) Property and equipment, net $ 886,589 $ 2,948,387 Other Assets Other assets consisted of the following: Successor Predecessor March 31, 2016 December 31, 2015 (in thousands) Performance bond collateral $ 3,197 $ 3,197 Deferred certification costs 5,433 10,050 Deferred mobilization costs — 8,454 Deferred income taxes 192 152 Deposits 1,050 1,197 $ 9,872 $ 23,050 Accrued Liabilities Accrued liabilities consisted of the following: Successor Predecessor March 31, 2016 December 31, 2015 (in thousands) Interest $ 2,172 $ 1,125 Reorganization professional fees 16,637 — Compensation 7,955 8,360 Income taxes payable 4,842 8,901 Other 7,151 3,316 $ 38,757 $ 21,702 Other Long-Term Liabilities Other long-term liabilities consisted of the following: Successor Predecessor March 31, 2016 December 31, 2015 (in thousands) Deferred revenue $ — $ 20,247 Deferred income taxes 2,070 2,635 Other non-current liabilities 9,458 10,215 $ 11,528 $ 33,097 Transactions with Former Parent Company The Company's Consolidated Statement of Operations included the following transactions with VDC for the periods indicated: Successor Predecessor Period from February 10, 2016 to March 31, 2016 Period from January 1, 2016 to February 10, 2016 Three Months Ended March 31, 2015 (in thousands) Reimbursable revenues $ — $ — $ 2,066 Interest income 4 3 7 Interest expense — (662 ) — $ 4 $ (659 ) $ 2,073 The following table summarizes the balances payable to VDC included in the Company's Consolidated Balance Sheet as of the periods indicated: Successor Predecessor March 31, 2016 December 31, 2015 (in thousands) Accounts payable to related parties, net $ 17,282 $ 17,340 VDC Note — 61,477 Accrued liabilities — 489 $ 17,282 $ 79,306

Business Segment and Significan

Business Segment and Significant Customer Information	3 Months Ended
	Mar. 31, 2016
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 rigs, including jackup rigs and drillships, and in different geographic regions. Our operations are dependent on the global oil and gas industry and our rigs 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. In September 2013, we signed an agreement to supervise and manage the construction of two ultra-deepwater drillships for a third party. We will receive management fees and reimbursable costs during the construction phase of the two drillships, subject to a maximum amount for each drillship. This business represented approximately 3.2%, 3.2% and 0.9% of our total revenue for the periods from February 10, 2016 to March 31, 2016, from January 1, 2016 to February 10, 2016 and for the three months ended March 31 2015, respectively. For the three months ended March 31, 2016 and 2015, the majority of our revenue was from countries outside of the United States. Consequently, we are exposed to the risk of changes in economic, political and social conditions inherent in foreign operations. Three customers accounted for approximately 58%, 18% and 14% of consolidated revenue for the period from February 10, 2016 2016 to March 31, 2016. Three customers accounted for approximately 47%, 20% and 17% of consolidated revenue for the period from January 1, 2016 to February 10, 2016. Three customers accounted for approximately 27%, 24% and 19% of consolidated revenue for the three months ended March 31, 2015. Our revenue by country was as follows (in thousands): Successor Predecessor Period from February 10, 2016 to March 31, 2016 Period from January 1, 2016 to February 10, 2016 Three Months Ended March 31, 2015 Congo $ 13,859 $ 13,769 $ 59,836 Malaysia 5,936 3,319 — Indonesia 5,235 4,214 — India — — 52,974 U.S. — — 42,977 Other countries (a) 4,756 2,238 64,734 Total revenues $ 29,786 $ 23,540 $ 220,521 (a) Other countries represent countries in which we operate that individually had operating revenues representing less than 10% of total revenues earned. Our property and equipment, net by country was as follows (in thousands): Successor Predecessor March 31, 2016 December 31, 2015 Congo $ 253,637 $ 582,590 Malaysia 248,228 — South Africa 208,983 851,099 India — 718,966 Other countries (a) 175,741 795,732 Total property and equipment $ 886,589 $ 2,948,387 (a) Other countries represent countries in which we operate that individually had property and equipment, net representing less than 10% of total property and equipment, net. A substantial portion of our assets are mobile drilling units. Asset locations at the end of the period are not necessarily indicative of the geographic distribution of the revenues generated by such assets during the periods.

Basis of Presentation and Sig18

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation: The accompanying interim consolidated financial information as of March 31, 2016 and for the periods from February 10, 2016 to March 31, 2016, from January 1, 2016 to February 10, 2016 and the three months ended March 31, 2015 has been prepared without audit, pursuant to the rules and regulations of the SEC and includes our accounts and those of our majority owned subsidiaries and VIEs discussed below. 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 (except for the impact of the application of fresh-start accounting). 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 the rules and regulations of the SEC, although we believe that the disclosures made are adequate to provide for fair presentation. The balance sheet at December 31, 2015 is derived from our December 31, 2015 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, 2015 though, as described below, such prior financial statements may not be comparable to our interim financial statements due to the adoption of fresh-start accounting. 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. In connection with our bankruptcy filing, we were subject to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 852 Reorganizations Certain pre-petition liabilities subject to Chapter 11 proceedings were considered as LSTC on the Petition Date and just prior to our emergence from bankruptcy on the Effective Date. The LSTC classification distinguished such liabilities from the liabilities that were not expected to be compromised and liabilities incurred post-petition. ASC 852 requires that subsequent to the Petition Date, expenses, realized gains and losses and provisions for losses that can be directly associated with the reorganization of the business be reported separately as reorganization items in the consolidated statements of operations. We were required to distinguish pre-petition liabilities subject to compromise from those that are not and post-petition liabilities in our balance sheet. Liabilities that were subject to compromise were reported at the amounts expected to be allowed by the Bankruptcy Court, even if they were settled for lesser amounts as a result of the Reorganization Plan. Upon emergence from bankruptcy on the Effective Date, we adopted fresh-start accounting in accordance with ASC 852, which resulted in the Company becoming a new entity for financial reporting purposes. Upon adoption of fresh-start accounting, our assets and liabilities were recorded at their fair values as of the Effective Date. The Effective Date fair values of our assets and liabilities differed materially from the recorded values of our assets and liabilities as reflected in our historical consolidated balance sheets. The effects of the Reorganization Plan and the application of fresh-start accounting were reflected in our consolidated financial statements as of February 10, 2016 and the related adjustments thereto were recorded in our consolidated statements of operations as reorganization items for the period January 1 to February 10, 2016. As a result, our consolidated balance sheets and consolidated statement of operations subsequent to the Effective Date will not be comparable to our consolidated balance sheets and statements of operations prior to the Effective Date. Our consolidated financial statements and related footnotes are presented with a black line division which delineates the lack of comparability between amounts presented on or after February 10, 2016 and dates prior. Our financial results for future periods following the application of fresh-start accounting will be different from historical trends and the differences may be material. References to “Successor” relate to the Company on and subsequent to the Effective Date. References to “Predecessor” refer to the Company prior to the Effective Date. The consolidated financial statements of the Successor have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIEs”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE. We consolidated these entities in our Predecessor consolidated financial statements because we determined that they were VIEs and that we were the primary beneficiary.These VIEs who were subsidiaries of VDC, guarantors of our pre-petition debt and were part of the Reorganization Plan, became our subsidiaries upon emergence from bankruptcy on the Effective Date. The following table summarizes the net effect of consolidating these entities on our Predecessor consolidated statement of operations. Predecessor Period from January 1, 2016 to February 10, 2016 Three Months Ended March 31, 2015 (in thousands) Revenue $ 1,219 $ 5,730 Operating costs and expenses 1,240 5,077 Income before taxes 22 740 Income tax provision 991 550 Net income (loss) attributable to noncontrolling interests (969 ) 190
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.
Inventory	Inventory: Consists of materials, consumables, spare parts 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 a gain or loss is recognized. 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. Interest costs and the amortization of debt financing costs related to the financings of our drilling rigs are capitalized as part of the cost while they are under construction and prior to the commencement of each vessel’s first contract. We did not capitalize any interest for the reported periods.
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. Debt issuance costs related to a recognized debt liability are presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability.
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. We have early adopted the provisions of ASU 2015-17 effective January 1, 2016 and have retrospectively applied its provisions to all periods presented in our Consolidated Financial Statements. Application of the ASU did not have a material impact on our consolidated financial statements.
Concentrations of Credit Risk	Concentrations 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 March 31, 2016 or December 31, 2015.
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 revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to property and equipment, income taxes, insurance, employee benefits and contingent liabilities. Actual results could differ from these 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 December 31, 2015, the fair value of the 7.125% Senior Notes and the 7.5% Senior Notes was approximately $15.7 million and $23.5 million, respectively, based on quoted market prices, a Level 1 measurement. These notes are classified as LSTC as of December 31, 2015 and were discharged under the Reorganization Plan on the Effective Date. See “ ” for the fair value of our post-petition bankruptcy debt.
Recent Accounting Standards	Recent Accounting Standards: In May 2014, the FASB issued 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. T he 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. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification We are evaluating the provisions of ASU 2016-02 and ASU 2014-09 and have not yet determined the impact of these ASUs on our financial position, results of operations or cash flows.

Organization and Recent Events

Organization and Recent Events (Tables)	3 Months Ended
	Mar. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Liabilities Subject to Compromise	The following table summarizes the components of our pre-bankruptcy debt, all of which was reflected as Liabilities Subject to Compromise (“LSTC”) in our consolidated balance sheet as of December 31, 2015 (in thousands): 2017 Term Loan and accrued interest $ 326,420 2019 Term Loan and accrued interest 344,738 7.5% Senior Notes and accrued interest 1,136,748 7.125% Senior Notes and accrued interest 736,550 Old Credit Agreement 150,000 Liabilities Subject to Compromise $ 2,694,456

Basis of Presentation and Sig20

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Net Effect of Consolidating Entities on Predecessor Consolidated Statement of Operations	The following table summarizes the net effect of consolidating these entities on our Predecessor consolidated statement of operations. Predecessor Period from January 1, 2016 to February 10, 2016 Three Months Ended March 31, 2015 (in thousands) Revenue $ 1,219 $ 5,730 Operating costs and expenses 1,240 5,077 Income before taxes 22 740 Income tax provision 991 550 Net income (loss) attributable to noncontrolling interests (969 ) 190

Fresh Start Accounting (Tables)

Fresh Start Accounting (Tables)	3 Months Ended
	Mar. 31, 2016
Reorganizations [Abstract]
Schedule of Reconciliation of the Reorganization Value	A reconciliation of the reorganization value is provided in the table below: (in thousands) Enterprise value $ 954,242 Plus: Cash, cash equivalents and restricted cash 250,046 Plus: Working capital surplus 712 Plus: Current liabilities 80,284 Reorganization value of Successor assets $ 1,285,284
Schedule of Fresh Start Adjustments	Predecessor Company February 10, 2016 Reorganization Adjustments Fresh-Start Adjustments Successor Company February 10, 2016 (in thousands, except par value information) ASSETS Current assets Cash and cash equivalents $ 182,171 $ 66,875 (a) $ — $ 249,046 Trade receivables 74,297 — — 74,297 Inventory 64,272 — (20,030 ) (f) 44,242 Prepaid expenses and other current assets 16,511 — 16,511 Total current assets 337,251 66,875 (20,030 ) 384,096 Property and equipment Property and equipment 3,480,890 — (2,589,755 ) 891,135 Accumulated depreciation (543,315 ) — 543,315 - Property and equipment, net 2,937,575 — (2,046,440 ) (g) 891,135 Other assets Other assets 21,963 — (11,910 ) (h) 10,053 Total other assets 21,963 — (11,910 ) 10,053 Total assets $ 3,296,789 $ 66,875 $ (2,078,380 ) $ 1,285,284 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities Accounts payable $ 34,547 $ — $ — $ 34,547 Accrued liabilities 44,307 — — 44,307 Current maturities of long-term debt — 1,430 (b) — 1,430 VDC note payable 62,627 (62,627 ) (c) — — Total current liabilities 141,481 (61,197 ) — 80,284 Long–term debt — 818,525 (b) — 818,525 Other long-term liabilities 30,645 — (18,148 ) (h) 12,497 Liabilities subject to compromise 2,694,456 (2,694,456 ) (d) — Commitments and contingencies Shareholder's equity Predecessor ordinary shares, $0.001 par value, 50 million shares authorized; one thousand shares issued and outstanding — — — — Predecessor additional paid-in capital 595,119 (595,119 ) (e) — — Successor ordinary shares, $0.001 par value, 50 million shares authorized; 5,000 shares issued and outstanding — 5 (b)(c) — 5 Successor additional paid-in capital — 373,973 (b)(c) — 373,973 Accumulated deficit (179,198 ) 2,239,430 (e) (2,060,232 ) (i) — Total VDI shareholder's equity 415,921 2,018,289 (2,060,232 ) 373,978 Noncontrolling interests 14,286 (14,286 ) (e) — — Total equity 430,207 2,004,003 (2,060,232 ) 373,978 Total liabilities and equity $ 3,296,789 $ 66,875 $ (2,078,380 ) $ 1,285,284 (a) Reflects the net use of cash on the Effective Date from implementation of the Reorganization Plan (in thousands): Sources: Net proceeds from 10% Second Lien Notes $ 76,125 Total Sources 76,125 Uses: Repayment of Credit Facility borrowings (7,000 ) Debt issuance costs (2,250 ) Total Uses (9,250 ) Net Sources $ 66,875 (b) Represents the issuance of the new debt in connection with the Reorganization Plan; (1) the conversion of the pre-petition revolving credit facility into (i) $143.0 million of the 2016 Term Loan Facility and (ii) $7.0 million of cash; (2) the issuance of $76.1 million of new 10% Second Lien Notes due December 31, 2020 in a rights offering raising net proceeds of approximately $73.9 million after backstop premium and offering costs and (3) issuance of 4,344,959 new ordinary shares of the Company and $750.0 million face value of Convertible Notes. (c) Reflects the settlement of the VDC Note by issuing 655,094 new ordinary shares in accordance with the Reorganization Plan. (d) Reflects the settlement of LSTC in accordance with the Reorganization Plan as follows: (in thousands) 2017 Term Loan $ 323,543 2019 Term Loan 341,250 7.5% Senior Notes 1,086,815 7.125% Senior Notes 727,622 Prepetition credit facility 150,000 Accrued interest 65,226 Liabilities subject to compromise of the Predecessor Company 2,694,456 Fair value of equity issued to debtholders (311,351 ) Fair value of Convertible Notes issued to debtholders (603,080 ) Issuance of 2016 Term Loan Facility (143,000 ) Credit Facility settled in cash (7,000 ) Gain on settlement of liabilities subject to compromise (debt forgiveness) $ 1,630,025 (e) Reflects the cumulative impact of reorganization adjustments discussed above: (in thousands) Gain on settlement of liabilities subject to compromise $ 1,630,025 Cancellation of Predecessor company equity 595,119 Acquisition of non-controlling interests 14,286 Net impact to retained earnings (deficit) $ 2,239,430 (f) An adjustment of $20.0 million was recorded to inventory to decrease its net book value to estimated fair value. This inventory was part of the original shipyard value and the adjustment is based on the adjustment for the decrease in value for the individual drilling rigs; see (g) below. (g) An adjustment of $2.0 billion was recorded to decrease the net book value of property and equipment to estimated fair value. The fair value was determined utilizing the income approach for drilling rigs and related rig equipment. The discounted cash flow method under the income approach estimates the future cash flow that an asset is expected to generate. Future cash flow is converted to a present value equivalent using the estimated Discount Rate. The components of property and equipment, net as of February 10, 2016 and the fair value at February 10, 2016 are summarized in the following table (in thousands): Successor Predecessor February 10, 2016 February 10, 2016 (in thousands) Drilling rigs $ 847,035 $ 2,863,307 Capital spares 16,422 32,080 Leasehold improvements, office and technology equipment 18,389 18,389 Assets under construction 9,289 23,799 $ 891,135 $ 2,937,575 (h) Represents the adjustments of deferred equipment survey and inspection costs, mobilization costs and mobilization revenue to estimated fair value. (i) Reflects the cumulative impact of fresh-start adjustments discussed above: (in thousands) Property and equipment fair value adjustments $ (2,046,440 ) Inventory fair value adjustments (20,030 ) Deferred mobilization expense write-off (7,654 ) Deferred equipment certification write-off (4,256 ) Deferred mobilization revenue write-off 18,148 Net impact to retained earnings (deficit) $ (2,060,232 )

Reorganization Items (Tables)

Reorganization Items (Tables)	3 Months Ended
	Mar. 31, 2016
Reorganization Items [Abstract]
Schedule of Reorganization Items	Reorganization items represent amounts incurred subsequent to the Petition Date as a direct result of the filing of the Reorganization Plan and are comprised of the following: Successor Predecessor Period from February 10, 2016 to March 31, 2016 Period from January 1, 2016 to February 10, 2016 (in thousands) Professional fees $ 154 $ 22,716 Net gain on settlement of LSTC — (1,630,025 ) Fresh-start adjustments — 2,060,232 $ 154 $ 452,923

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Bankruptcy Long-term Debt	Following our emergence from bankruptcy, our debt as of March 31, 2016 and February 10, 2016 was comprised of the following: March 31, 2016 February 10, 2016 (in thousands) 10% Second Lien Notes, net of financing costs of $2,225 and $2,250 $ 73,900 $ 73,875 Convertible Notes, net of discount of $140,073 and $146,920 609,927 603,080 2016 Term Loan Facility 142,643 143,000 826,470 819,955 Less current maturities of long-term debt 1,430 1,430 Long-term debt, net $ 825,040 $ 818,525

Supplemental Financial Inform24

Supplemental Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: Successor Predecessor March 31, 2016 December 31, 2015 (in thousands) Prepaid insurance $ 2,751 $ 1,394 Sales tax receivable 10,166 8,203 Income tax receivable 465 5,398 Other receivables 265 734 Other 6,520 6,377 $ 20,167 $ 22,106
Property and Equipment, Net	Property and equipment, net, consisted of the following: Successor Predecessor March 31, 2016 December 31, 2015 (in thousands) Drilling equipment $ 863,262 $ 3,425,738 Assets under construction 16,880 23,421 Office and technology equipment 17,491 29,405 Leasehold improvements 953 2,442 898,586 3,481,006 Accumulated depreciation (11,997 ) (532,619 ) Property and equipment, net $ 886,589 $ 2,948,387
Other Assets	Other assets consisted of the following: Successor Predecessor March 31, 2016 December 31, 2015 (in thousands) Performance bond collateral $ 3,197 $ 3,197 Deferred certification costs 5,433 10,050 Deferred mobilization costs — 8,454 Deferred income taxes 192 152 Deposits 1,050 1,197 $ 9,872 $ 23,050
Accrued Liabilities	Accrued liabilities consisted of the following: Successor Predecessor March 31, 2016 December 31, 2015 (in thousands) Interest $ 2,172 $ 1,125 Reorganization professional fees 16,637 — Compensation 7,955 8,360 Income taxes payable 4,842 8,901 Other 7,151 3,316 $ 38,757 $ 21,702
Other Long-term Liabilities	Other long-term liabilities consisted of the following: Successor Predecessor March 31, 2016 December 31, 2015 (in thousands) Deferred revenue $ — $ 20,247 Deferred income taxes 2,070 2,635 Other non-current liabilities 9,458 10,215 $ 11,528 $ 33,097
Consolidated Statement of Operations Included with Vantage Drilling Company	The Company's Consolidated Statement of Operations included the following transactions with VDC for the periods indicated: Successor Predecessor Period from February 10, 2016 to March 31, 2016 Period from January 1, 2016 to February 10, 2016 Three Months Ended March 31, 2015 (in thousands) Reimbursable revenues $ — $ — $ 2,066 Interest income 4 3 7 Interest expense — (662 ) — $ 4 $ (659 ) $ 2,073
Summarizes of Payable to Vantage Drilling Company Included Consolidated Balance Sheet	The following table summarizes the balances payable to VDC included in the Company's Consolidated Balance Sheet as of the periods indicated: Successor Predecessor March 31, 2016 December 31, 2015 (in thousands) Accounts payable to related parties, net $ 17,282 $ 17,340 VDC Note — 61,477 Accrued liabilities — 489 $ 17,282 $ 79,306

Business Segment and Signific25

Business Segment and Significant Customer Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Summary of Revenue by Country	Our revenue by country was as follows (in thousands): Successor Predecessor Period from February 10, 2016 to March 31, 2016 Period from January 1, 2016 to February 10, 2016 Three Months Ended March 31, 2015 Congo $ 13,859 $ 13,769 $ 59,836 Malaysia 5,936 3,319 — Indonesia 5,235 4,214 — India — — 52,974 U.S. — — 42,977 Other countries (a) 4,756 2,238 64,734 Total revenues $ 29,786 $ 23,540 $ 220,521 (a) Other countries represent countries in which we operate that individually had operating revenues representing less than 10% of total revenues earned.
Schedule of Property, Plant and Equipment, Net by Country	Our property and equipment, net by country was as follows (in thousands): Successor Predecessor March 31, 2016 December 31, 2015 Congo $ 253,637 $ 582,590 Malaysia 248,228 — South Africa 208,983 851,099 India — 718,966 Other countries (a) 175,741 795,732 Total property and equipment $ 886,589 $ 2,948,387 (a) Other countries represent countries in which we operate that individually had property and equipment, net representing less than 10% of total property and equipment, net.

Organization and Recent Event26

Organization and Recent Events - Additional Information (Detail)	Dec. 03, 2015USD ($)$ / sharesshares	Dec. 02, 2015USD ($)Subsidiary	Feb. 10, 2016USD ($)	Mar. 31, 2016USD ($)$ / sharesshares
Organization And Recent Events [Line Items]
Change of corporate name, effective date				Feb. 11, 2016
Number of share embedded in each note holder units | shares				1
Convertible notes payable				$ 172.61
Debt Instrument, interest rate				10.00%
Repayments of lines of credit			$ 7,000,000
Repayments of Parent Note	$ 62,000,000
Ordinary Shares | Promissory Notes
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares	655,094
1%/12% Step-Up Senior Secured Third Lien Convertible Notes
Organization And Recent Events [Line Items]
Debt Instrument, interest rate				0.083%
Debt instrument, maturity year				2,030
1%/12% Step-Up Senior Secured Third Lien Convertible Notes | Ordinary Shares
Organization And Recent Events [Line Items]
Convertible notes | $ / shares	$ 95.60			$ 95.60
2017 Term Loan
Organization And Recent Events [Line Items]
Convertible notes payable				$ 1,000
Share issued during period for repayment of debt | shares				1.722798
Convertible notes issued per 1000 face values of notes converted				$ 297.37
2019 Term Loan
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares				1.725087
Convertible notes issued per 1000 face values of notes converted				$ 297.77
7.5% Senior Notes
Organization And Recent Events [Line Items]
Debt Instrument, interest rate				7.50%
Share issued during period for repayment of debt | shares				1.786070
Convertible notes issued per 1000 face values of notes converted				$ 308.29
7.125% Senior Notes
Organization And Recent Events [Line Items]
Debt Instrument, interest rate				7.125%
Share issued during period for repayment of debt | shares				1.728569
Convertible notes issued per 1000 face values of notes converted				$ 298.37
Second Amended and Restated Credit Agreement
Organization And Recent Events [Line Items]
Revolving letter of credit commitment	$ 32,000,000
Repayments of lines of credit	7,000,000
Second Amended and Restated Credit Agreement | Letter Of Credit
Organization And Recent Events [Line Items]
Revolving letter of credit commitment	32,000,000
Repayments of lines of credit	150,000,000
Second Amended and Restated Credit Agreement | Term Loan
Organization And Recent Events [Line Items]
Issuance of senior notes	$ 143,000,000
New 10% Senior Secured Second Lien Notes
Organization And Recent Events [Line Items]
Debt Instrument, interest rate	10.00%
Debt instrument, maturity year	2,020
Senior notes, noncurrent	$ 75,000,000
10% Senior Secured Second Lien Notes
Organization And Recent Events [Line Items]
Debt Instrument, interest rate	10.00%
Issuance of senior notes	$ 76,100,000
Backstop agreement premium paid	2,200,000
Backstop agreement premium paid in cash	1,100,000
Backstop agreement premium paid in senior secured second lien notes	1,100,000
Proceeds from issuance of senior notes net of fees paid	$ 73,900,000
Chapter Eleven Restructuring Agreement and Emergence from Voluntary Reorganization
Organization And Recent Events [Line Items]
Number of subsidiaries acquired | Subsidiary		2
Promissory note issue to acquire subsidiaries		$ 61,500,000
Reorganization Plan
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares				4,344,959

Summary of Liabilities Subject

Summary of Liabilities Subject to Compromise (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Liabilities subject to compromise	$ 2,694,456
2017 Term Loan
Debt Instrument [Line Items]
Liabilities subject to compromise	326,420
2019 Term Loan
Debt Instrument [Line Items]
Liabilities subject to compromise	344,738
7.5% Senior Notes
Debt Instrument [Line Items]
Liabilities subject to compromise	1,136,748
7.125% Senior Notes
Debt Instrument [Line Items]
Liabilities subject to compromise	736,550
Old Credit Agreement
Debt Instrument [Line Items]
Liabilities subject to compromise	$ 150,000

Summary of Net Effect of Consol

Summary of Net Effect of Consolidating Entities on Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 10, 2016	Mar. 31, 2016	Mar. 31, 2015
Variable Interest Entity [Line Items]
Revenue		$ 29,786
Operating costs and expenses		48,683
Income before taxes		(27,861)
Income tax provision		$ 1,167
Predecessor
Variable Interest Entity [Line Items]
Revenue	$ 23,540		$ 220,521
Operating costs and expenses	38,467		132,963
Income before taxes	(469,644)		52,125
Income tax provision	2,371		29,289
Net income (loss) attributable to noncontrolling interests	(969)		190
Variable Interest Entity, Primary Beneficiary | Predecessor
Variable Interest Entity [Line Items]
Revenue	1,219		5,730
Operating costs and expenses	1,240		5,077
Income before taxes	22		740
Income tax provision	991		550
Net income (loss) attributable to noncontrolling interests	$ (969)		$ 190

Basis of Presentation and Sig29

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Basis Of Presentation And Significant Accounting Policies [Line Items]
Capitalized interest	$ 0	$ 0
Allowance for doubtful accounts	$ 0		$ 0
Debt Instrument, interest rate	10.00%
7.125% Senior Notes
Basis Of Presentation And Significant Accounting Policies [Line Items]
Fair value of notes outstanding	$ 15,700,000
Debt Instrument, interest rate	7.125%
7.5% Senior Notes
Basis Of Presentation And Significant Accounting Policies [Line Items]
Fair value of notes outstanding	$ 23,500,000
Debt Instrument, interest rate	7.50%
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

Fresh Start Accounting - Additi

Fresh Start Accounting - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Feb. 10, 2016
Reorganizations [Abstract]
Existing voting shares percentage of the predecessor company is less than	50.00%
Estimated enterprise value	$ 954,242	$ 954,242
Discount rate at capital asset pricing model	15.20%
Long-term out outlook and geographical regions of operates estimated rate	2.00%

Fresh Start Accounting - Reconc

Fresh Start Accounting - Reconciliation of Reorganization Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Feb. 10, 2016
Reorganizations [Abstract]
Enterprise value	$ 954,242	$ 954,242
Plus: Cash, cash equivalents and restricted cash		250,046
Plus: Working capital surplus		712
Plus: Current liabilities	$ 81,443	80,284
Reorganization value of Successor assets		$ 1,285,284

Fresh Start Accounting - Consol

Fresh Start Accounting - Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Feb. 10, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 249,201	$ 249,046
Trade receivables	51,668	74,297
Inventory	44,463	44,242
Prepaid expenses and other current assets	20,167	16,511
Total current assets	366,499	384,096
Property and equipment
Property and equipment	898,586	891,135
Property and equipment, net	886,589	891,135
Other assets
Other assets	9,872	10,053
Total other assets		10,053
Total assets	1,262,960	1,285,284
Current liabilities
Accounts payable	41,256	34,547
Accrued liabilities	38,757	44,307
Current maturities of long-term debt	1,430	1,430
Total current liabilities	81,443	80,284
Long–term debt	825,040	818,525
Other long-term liabilities	$ 11,528	$ 12,497
Commitments and contingencies (Note 8)
Shareholder's equity
Common shares value	$ 5	$ 5
Additional paid-in capital	373,972	373,973
Accumulated deficit	(29,028)
Total VDI shareholder's equity	344,949	373,978
Total equity	344,949	373,978
Total liabilities and equity	$ 1,262,960	1,285,284
Predecessor
Current assets
Cash and cash equivalents		249,046	$ 203,420	$ 72,248	$ 75,801
Trade receivables		74,297	70,722
Inventory		64,272	64,495
Prepaid expenses and other current assets		16,511	22,106
Total current assets		337,251	360,743
Property and equipment
Property and equipment		3,480,890	3,481,006
Accumulated depreciation		(543,315)
Property and equipment, net		2,937,575	2,948,387
Other assets
Other assets		21,963	23,050
Total other assets		21,963
Total assets		3,296,789	3,332,180
Current liabilities
Accounts payable		34,547	49,437
Accrued liabilities		44,307	21,702
Current maturities of long-term debt			0
VDC note payable		62,627	61,477
Total current liabilities		141,481	132,616
Other long-term liabilities		30,645	$ 33,097
Liabilities subject to compromise		$ 2,694,456
Commitments and contingencies (Note 8)
Shareholder's equity
Additional paid-in capital		$ 595,119	$ 595,119
Accumulated deficit		(179,198)	(138,363)
Total VDI shareholder's equity		415,921	456,756
Noncontrolling interests		14,286	15,255
Total equity		430,207	472,011
Total liabilities and equity		3,296,789	$ 3,332,180
Reorganization under Chapter 11 | Predecessor
Current assets
Cash and cash equivalents		182,171
Reorganization Adjustments
Current assets
Cash and cash equivalents		66,875
Total current assets		66,875
Other assets
Total assets		66,875
Current liabilities
Current maturities of long-term debt		1,430
VDC note payable		(62,627)
Total current liabilities		(61,197)
Long–term debt		818,525
Liabilities subject to compromise		$ (2,694,456)
Commitments and contingencies (Note 8)
Shareholder's equity
Common shares value		$ 5
Additional paid-in capital		373,973
Accumulated deficit		2,239,430
Total VDI shareholder's equity		2,018,289
Noncontrolling interests		(14,286)
Total equity		2,004,003
Total liabilities and equity		66,875
Reorganization Adjustments | Predecessor
Shareholder's equity
Additional paid-in capital		(595,119)
Fresh Start Adjustments
Current assets
Inventory		(20,030)
Total current assets		(20,030)
Property and equipment
Property and equipment		(2,589,755)
Accumulated depreciation		543,315
Property and equipment, net		(2,046,440)
Other assets
Other assets		(11,910)
Total other assets		(11,910)
Total assets		(2,078,380)
Current liabilities
Other long-term liabilities		$ (18,148)
Commitments and contingencies (Note 8)
Shareholder's equity
Accumulated deficit		$ (2,060,232)
Total VDI shareholder's equity		(2,060,232)
Total equity		(2,060,232)
Total liabilities and equity		$ (2,078,380)

Fresh Start Accounting - Cons33

Fresh Start Accounting - Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands	Dec. 03, 2015	Feb. 10, 2016	Mar. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Ordinary shares, par value		$ 0.001	$ 0.001	$ 0.001
Ordinary shares, shares authorized		50,000,000	50,000,000	50,000,000
Ordinary shares, shares issued		5,000,000	5,000,053	5,000,053
Ordinary shares, shares outstanding		5,000,000	5,000,053	5,000,053
Debt Instrument, interest rate			10.00%	10.00%
Repayment of Credit Facility borrowings		$ (7,000)
Debt issuance costs			$ (51)
Repayments of lines of credit		7,000
Fair value of equity issued to debtholders		(311,351)
Fair value of Convertible Notes issued to debtholders		(603,080)
Gain on settlement of liabilities subject to compromise (debt forgiveness)		1,630,025
Property Plant And Equipment Net		891,135	886,589	$ 886,589
Property and equipment fair value adjustments			(2,046,440)	(2,046,440)
Inventory fair value adjustments			(20,030)	(20,030)
Deferred mobilization expense write-off			(7,654)	(7,654)
Deferred equipment certification write-off			(4,256)	(4,256)
Deferred mobilization revenue write-off			18,148	18,148
Net impact to retained earnings (deficit)			$ (2,060,232)	$ (2,060,232)
Drilling Rigs
Property Plant And Equipment Net		847,035
Capital Spares
Property Plant And Equipment Net		16,422
Leasehold Improvements Office And Technology Equipment
Property Plant And Equipment Net		18,389
Assets under Construction
Property Plant And Equipment Net		$ 9,289
V D C Note
Share issued during period for repayment of debt				5,000,053
10% Second Lien Notes
Debt Instrument, interest rate	10.00%	10.00%	10.00%	10.00%
Net proceeds from 10% Second Lien Notes		$ 76,125
Issuance of senior notes	$ 76,100
Debt instrument, maturity date				Dec. 31, 2020
Proceeds from issuance of senior notes net of fees paid	73,900
Issuance of debt	(76,100)
2016 Term Loan Facility
Debt Instrument, interest rate			7.10%	7.10%
Repayment of Credit Facility borrowings	(7,000)
Issuance of senior notes	143,000	143,000
Repayments of lines of credit	7,000
Issuance of debt	$ (143,000)	(143,000)
Reorganization Adjustments
Repayment of Credit Facility borrowings		(7,000)		$ (7,000)
Debt issuance costs		(2,250)
Total Uses		(9,250)
Net Sources		66,875
Repayments of lines of credit		7,000		$ 7,000
Liabilities subject to compromise of the Predecessor Company		(2,694,456)
Gain on settlement of liabilities subject to compromise (debt forgiveness)		1,630,025
Cancellation of Predecessor company equity		595,119
Acquisition of non-controlling interests		14,286
Net impact to retained earnings (deficit)		$ 2,239,430
Reorganization Adjustments | V D C Note
Share issued during period for repayment of debt		655,094
Reorganization Adjustments | Ordinary Shares
Share issued during period for repayment of debt				4,344,959
Reorganization Adjustments | Convertible Notes Payable
Issuance of senior notes			$ 750,000	$ 750,000
Issuance of debt			(750,000)	(750,000)
Reorganization Adjustments | 10% Second Lien Notes
Issuance of senior notes			76,100	$ 76,100
Debt instrument, maturity date				Dec. 31, 2020
Proceeds from issuance of senior notes net of fees paid				$ 73,900
Issuance of debt			(76,100)	(76,100)
Reorganization Adjustments | 2016 Term Loan Facility
Issuance of senior notes			143,000	143,000
Issuance of debt			(143,000)	(143,000)
Fresh Start Adjustments
Decrease the net book value of inventory			(20,000)	(20,000)
Decrease the net book value of property and equipment			$ (2,000,000)	$ (2,000,000)
Property Plant And Equipment Net		$ (2,046,440)
Predecessor
Ordinary shares, par value		$ 0.001			$ 0.001
Ordinary shares, shares authorized		50,000,000			50,000,000
Ordinary shares, shares issued		1,000,000			1,000,000
Ordinary shares, shares outstanding		1,000,000			1,000,000
Debt issuance costs		$ (2,250)
Prepetition credit facility		150,000
Accrued interest		65,226
Liabilities subject to compromise of the Predecessor Company		2,694,456
Gain on settlement of liabilities subject to compromise (debt forgiveness)		1,630,025
Property Plant And Equipment Net		2,937,575			$ 2,948,387
Predecessor | Drilling Rigs
Property Plant And Equipment Net		2,863,307
Predecessor | Capital Spares
Property Plant And Equipment Net		32,080
Predecessor | Leasehold Improvements Office And Technology Equipment
Property Plant And Equipment Net		18,389
Predecessor | Assets under Construction
Property Plant And Equipment Net		23,799
Predecessor | 2017 Term Loan
Long-term debt		323,543
Predecessor | 2019 Term Loan
Long-term debt		341,250
Predecessor | 7.5% Senior Notes
Long-term debt		1,086,815
Predecessor | 7.125% Senior Notes
Long-term debt		$ 727,622

Reorganization Items - Schedule

Reorganization Items - Schedule of Reorganization Items (Detail) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended
	Feb. 10, 2016	Mar. 31, 2016
Reorganization Items [Line Items]
Professional fees		$ 154
Net gain on settlement of LSTC	$ (1,630,025)
Reorganization Items		$ 154
Predecessor
Reorganization Items [Line Items]
Professional fees	22,716
Net gain on settlement of LSTC	(1,630,025)
Fresh-start adjustments	2,060,232
Reorganization Items	$ 452,923

Reorganization Items - Addition

Reorganization Items - Additional Information (Detail) - USD ($)	1 Months Ended	2 Months Ended
	Feb. 10, 2016	Mar. 31, 2016
Successor
Reorganization Items [Line Items]
Cash payment for reorganization items		$ 201,000
Predecessor
Reorganization Items [Line Items]
Cash payment for reorganization items	$ 7,300,000

Bankruptcy Long-Term Debt (Deta

Bankruptcy Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Feb. 10, 2016
Debt Instrument [Line Items]
Long-term debt	$ 826,470	$ 819,955
Current maturities of long-term debt	1,430	1,430
Long-term debt, net	825,040	818,525
10% Second Lien Notes
Debt Instrument [Line Items]
Long-term debt	73,900	73,875
2016 Term Loan Facility
Debt Instrument [Line Items]
Long-term debt	142,643	143,000
Convertible Notes Payable
Debt Instrument [Line Items]
Long-term debt	$ 609,927	$ 603,080

Bankruptcy Long-Term Debt (Pare

Bankruptcy Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Feb. 10, 2016	Dec. 03, 2015
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%
10% Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%	10.00%	10.00%
Dent financing cost	$ 2,225	$ 2,250
Convertible Notes Payable
Debt Instrument [Line Items]
Debt discount	$ 140,073	$ 146,920

Debt - 10% Senior Secured Secon

Debt - 10% Senior Secured Second Lien Notes - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 03, 2015	Mar. 31, 2016	Feb. 10, 2016
Debt Instrument [Line Items]
Debt Instrument, interest rate		10.00%
New 10% Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%
Senior notes, noncurrent	$ 75,000
10% Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%	10.00%	10.00%
Backstop agreement premium paid	$ 2,200
Backstop agreement premium paid in cash	1,100
Backstop agreement premium paid in senior secured second lien notes	1,100
Issuance of debt	76,100
Proceeds from issuance of senior notes net of fees paid	73,900
Debt instrument, maturity date		Dec. 31, 2020
Debt instrument, payment terms		Interest on outstanding 10% Second Lien Notes is payable semi-annually in arrears, commencing on June 30, 2016. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months.
2016 Term Loan Facility
Debt Instrument [Line Items]
Debt Instrument, interest rate		7.10%
Issuance of debt	$ 143,000		$ 143,000
2016 Term Loan Facility | Collateral
Debt Instrument [Line Items]
Debt Instrument, interest rate		10.00%

Debt - 1%_12% Step-Up Senior Se

Debt - 1%/12% Step-Up Senior Secured Third Lien Convertible Notes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Dec. 03, 2015	Mar. 31, 2016
Debt Instrument [Line Items]
Debt Instrument, interest rate		10.00%
1%/12% Step-Up Senior Secured Third Lien Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate		0.083%
Stock issued during period, shares, new issues	4,344,959
Pre-petition secured debt claims	$ 2,500
Convertible notes	$ 750
Debt instrument, maturity date		Dec. 31, 2030
Debt instrument, payment terms		Interest is computed on the basis of a 360-day year comprised of twelve 30-day months at a rate of 1% per annum for the first four years and then increasing to 12% per annum until maturity.
Interest rate per annum for the first four years		1.00%
Interest rate per annum until maturity		12.00%
Minimum affirmative vote percentage	75.00%
Percentage of repurchase of convertible notes		101.00%
1%/12% Step-Up Senior Secured Third Lien Convertible Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Debt instrument estimated fair value		$ 603.1
1%/12% Step-Up Senior Secured Third Lien Convertible Notes | Ordinary Shares
Debt Instrument [Line Items]
Convertible notes	$ 95.60	$ 95.60

Debt - Second Amended and Resta

Debt - Second Amended and Restated Credit Agreement - Additional Information (Detail) - USD ($)	Dec. 03, 2015	Feb. 10, 2016	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Credit Facility settled in cash		$ 7,000,000
Debt Instrument, interest rate			10.00%
2016 Term Loan Facility
Debt Instrument [Line Items]
Issuance of debt	$ 143,000,000	$ 143,000,000
Credit Facility settled in cash	7,000,000
Debt Instrument, interest rate			7.10%
Quarterly scheduled debt maturities			$ 357,500
Unrestricted cash and cash equivalents			$ 75,000,000
2016 Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Applicable margin on interest			6.50%
Debt Instrument Floor Rate			0.50%
2016 Term Loan Facility | Letter Of Credit
Debt Instrument [Line Items]
Revolving letter of credit commitment	$ 32,000,000
Fees payable on outstanding face amount of letters of credit at rate			5.50%
2016 Term Loan Facility | Pre Petition Credit Facility
Debt Instrument [Line Items]
Extinguishment of debt amount				$ 32,000,000

Shareholder's Equity - Addition

Shareholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Feb. 10, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares, shares authorized	50,000,000	50,000,000
Ordinary shares, par value	$ 0.001	$ 0.001
Ordinary shares, shares issued	5,000,000	5,000,053
Ordinary shares, shares outstanding	5,000,000	5,000,053
Ownership percentage by parent				100.00%
Share based compensation expense allocated from VDC			$ 1.8
2016 MIP | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated stock-based compensation cost	$ 44.5
VDC Note
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share issued during period for repayment of debt		5,000,053

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016
Minimum
Income Tax Contingency [Line Items]
Open tax year	2,008

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Feb. 10, 2016	Dec. 31, 2015
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid insurance	$ 2,751
Sales tax receivable	10,166
Income tax receivable	465
Other receivables	265
Other	6,520
Prepaid expenses and other current assets	$ 20,167	$ 16,511
Predecessor
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid insurance			$ 1,394
Sales tax receivable			8,203
Income tax receivable			5,398
Other receivables			734
Other			6,377
Prepaid expenses and other current assets		$ 16,511	$ 22,106

Property and Equipment, Net (De

Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Feb. 10, 2016	Dec. 31, 2015
Property Plant And Equipment [Line Items]
Property and equipment	$ 898,586	$ 891,135
Accumulated depreciation	(11,997)
Property and equipment, net	886,589	891,135
Predecessor
Property Plant And Equipment [Line Items]
Property and equipment		3,480,890	$ 3,481,006
Accumulated depreciation			(532,619)
Property and equipment, net		2,937,575	2,948,387
Drilling Equipment
Property Plant And Equipment [Line Items]
Property and equipment	863,262
Drilling Equipment | Predecessor
Property Plant And Equipment [Line Items]
Property and equipment			3,425,738
Assets under Construction
Property Plant And Equipment [Line Items]
Property and equipment	16,880
Property and equipment, net		9,289
Assets under Construction | Predecessor
Property Plant And Equipment [Line Items]
Property and equipment			23,421
Property and equipment, net		$ 23,799
Office and Technology Equipment
Property Plant And Equipment [Line Items]
Property and equipment	17,491
Office and Technology Equipment | Predecessor
Property Plant And Equipment [Line Items]
Property and equipment			29,405
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	$ 953
Leasehold Improvements | Predecessor
Property Plant And Equipment [Line Items]
Property and equipment			$ 2,442

Other Assets (Detail)

Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Feb. 10, 2016	Dec. 31, 2015
Other Assets [Line Items]
Performance bond collateral	$ 3,197
Deferred certification costs	5,433
Deferred income taxes	192
Deposits	1,050
Total other assets	$ 9,872	$ 10,053
Predecessor
Other Assets [Line Items]
Performance bond collateral			$ 3,197
Deferred certification costs			10,050
Deferred mobilization costs			8,454
Deferred income taxes			152
Deposits			1,197
Total other assets		$ 21,963	$ 23,050

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Feb. 10, 2016	Dec. 31, 2015
Accrued Liabilities [Line Items]
Interest	$ 2,172
Reorganization professional fees	16,637
Compensation	7,955
Income taxes payable	4,842
Other	7,151
Accrued liabilities	$ 38,757	$ 44,307
Predecessor
Accrued Liabilities [Line Items]
Interest			$ 1,125
Compensation			8,360
Income taxes payable			8,901
Other			3,316
Accrued liabilities		$ 44,307	$ 21,702

Other Long-term Liabilities (De

Other Long-term Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Feb. 10, 2016	Dec. 31, 2015
Other Long Term Liabilities [Line Items]
Deferred income taxes	$ 2,070
Other non-current liabilities	9,458
Other long-term liabilities Total	$ 11,528	$ 12,497
Predecessor
Other Long Term Liabilities [Line Items]
Deferred revenue			$ 20,247
Deferred income taxes			2,635
Other non-current liabilities			10,215
Other long-term liabilities Total		$ 30,645	$ 33,097

Consolidated Statement of Ope48

Consolidated Statement of Operations Included Transactions with Vantage Drilling Company (Detail) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 10, 2016	Mar. 31, 2016	Mar. 31, 2015
Interest income		$ 4
Operating income with related parties		$ 4
Predecessor
Reimbursable revenues			$ 2,066
Interest income	$ 3		7
Interest expense	(662)
Operating income with related parties	$ (659)		$ 2,073

Summarizes of Payable to Vantag

Summarizes of Payable to Vantage Drilling Company Included Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Feb. 10, 2016	Dec. 31, 2015
Accounts payable to related parties, net	$ 17,282
Total payable to related parties	$ 17,282
Predecessor
Accounts payable to related parties, net			$ 17,340
VDC Note		$ 62,627	61,477
Accrued liabilities			489
Total payable to related parties			$ 79,306

Business Segment and Signific50

Business Segment and Significant Customer Information - Additional Information (Detail)	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 10, 2016Customer	Mar. 31, 2016Customer	Mar. 31, 2016Segment	Mar. 31, 2015Customer	Sep. 30, 2013Drillship
Entity Wide Revenue Major Customer [Line Items]
Number of reportable segments | Segment			1
Number of ultra deepwater drillships for supervise and manage construction | Drillship					2
Customer Concentration Risk | Sales
Entity Wide Revenue Major Customer [Line Items]
Number of customers accounted for revenues | Customer	3	3		3
Customer Concentration Risk | Sales | Customer One
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	47.00%	58.00%		27.00%
Customer Concentration Risk | Sales | Customer Two
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	20.00%	18.00%		24.00%
Customer Concentration Risk | Sales | Customer Three
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	17.00%	14.00%		19.00%
Customer Concentration Risk | Sales | Ultra Deep Water Drillship
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	3.20%	3.20%		0.90%

Business Segment and Signific51

Business Segment and Significant Customer Information - Summary of Revenue by Country (Detail) - USD ($) $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended
		Feb. 10, 2016	Mar. 31, 2016	Mar. 31, 2015
Entity Wide Revenue Major Customer [Line Items]
Revenues			$ 29,786
Predecessor
Entity Wide Revenue Major Customer [Line Items]
Revenues		$ 23,540		$ 220,521
Congo
Entity Wide Revenue Major Customer [Line Items]
Revenues			13,859
Congo | Predecessor
Entity Wide Revenue Major Customer [Line Items]
Revenues		13,769		59,836
Malaysia
Entity Wide Revenue Major Customer [Line Items]
Revenues			5,936
Malaysia | Predecessor
Entity Wide Revenue Major Customer [Line Items]
Revenues		3,319
Indonesia
Entity Wide Revenue Major Customer [Line Items]
Revenues			5,235
Indonesia | Predecessor
Entity Wide Revenue Major Customer [Line Items]
Revenues		4,214
India | Predecessor
Entity Wide Revenue Major Customer [Line Items]
Revenues				52,974
U.S. | Predecessor
Entity Wide Revenue Major Customer [Line Items]
Revenues				42,977
Other countries
Entity Wide Revenue Major Customer [Line Items]
Revenues	[1]		$ 4,756
Other countries | Predecessor
Entity Wide Revenue Major Customer [Line Items]
Revenues	[1]	$ 2,238		$ 64,734
[1]	Other countries represent countries in which we operate that individually had operating revenues representing less than 10% of total revenues earned.

Business Segment and Signific52

Business Segment and Significant Customer Information - Schedule of Property,Plant and Equipment,Net by Country (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Feb. 10, 2016	Dec. 31, 2015
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		$ 886,589	$ 891,135
Predecessor
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment			$ 2,937,575	$ 2,948,387
Congo
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		253,637
Congo | Predecessor
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment				582,590
Malaysia
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		248,228
South Africa
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		208,983
South Africa | Predecessor
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment				851,099
India | Predecessor
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment				718,966
Other countries
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment	[1]	$ 175,741
Other countries | Predecessor
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment	[1]			$ 795,732
[1]	Other countries represent countries in which we operate that individually had property and equipment, net representing less than 10% of total property and equipment, net.