Vantage Drilling International (VTDRF) 10-Q 8 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 20, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 181,860	$ 195,455
Restricted cash	5,000
Trade receivables	41,090	45,379
Inventory	43,892	43,955
Prepaid expenses and other current assets	14,990	13,207
Total current assets	286,832	297,996
Property and equipment
Property and equipment	919,473	904,584
Accumulated depreciation	(176,431)	(141,393)
Property and equipment, net	743,042	763,191
Other assets	17,583	21,935
Total assets	1,047,457	1,083,122
Current liabilities
Accounts payable	43,032	39,666
Accrued liabilities	22,171	25,117
Current maturities of long-term debt		4,430
Total current liabilities	65,203	69,213
Long–term debt, net of discount and financing costs of $31,294 and $56,174	947,258	919,939
Other long-term liabilities	21,452	17,195
Commitments and contingencies (Note 8)
Shareholders' equity
Ordinary shares, $0.001 par value, 50 million shares authorized; 5,000,053 shares issued and outstanding	5	5
Additional paid-in capital	373,972	373,972
Accumulated deficit	(360,433)	(297,202)
Total shareholders' equity	13,544	76,775
Total liabilities and shareholders’ equity	$ 1,047,457	$ 1,083,122

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Long-term debt unamortized discount	$ 31,294	$ 56,174
Ordinary shares, par value	$ 0.001	$ 0.001
Ordinary shares, shares authorized	50,000,000	50,000,000
Ordinary shares, shares issued	5,000,053	5,000,053
Ordinary shares, shares outstanding	5,000,053	5,000,053

Consolidated Statement of Opera

Consolidated Statement of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue
Total revenue	$ 60,461	$ 53,263	$ 118,124	$ 95,312
Operating costs and expenses
Operating costs	44,650	40,363	85,635	69,361
General and administrative	6,278	11,501	13,632	22,980
Depreciation	17,711	18,554	35,579	36,993
Total operating costs and expenses	68,639	70,418	134,846	129,334
Loss from operations	(8,178)	(17,155)	(16,722)	(34,022)
Other income (expense)
Interest income	220	215	441	356
Interest expense and other financing charges	(19,412)	(19,023)	(38,683)	(37,922)
Other, net	(514)	842	(1,084)	1,394
Bargain purchase gain		1,910		1,910
Total other expense	(19,706)	(16,056)	(39,326)	(34,262)
Loss before income taxes	(27,884)	(33,211)	(56,048)	(68,284)
Income tax provision	3,210	3,381	7,183	4,807
Net loss	$ (31,094)	$ (36,592)	$ (63,231)	$ (73,091)
Net loss per share, basic and diluted	$ (6.22)	$ (7.32)	$ (12.65)	$ (14.62)
Weighted average ordinary shares outstanding, basic and diluted	5,000	5,000	5,000	5,000
Contract Drilling Services
Revenue
Total revenue	$ 55,183	$ 47,785	$ 106,778	$ 85,841
Management Fees
Revenue
Total revenue	304	405	605	806
Reimbursables
Revenue
Total revenue	$ 4,974	$ 5,073	$ 10,741	$ 8,665

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (63,231)	$ (73,091)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense	35,579	36,993
Amortization of debt financing costs	234	234
Amortization of debt discount	24,647	24,401
Amortization of contract value	3,130	1,504
PIK interest on the Convertible Notes	3,823	3,780
Share-based compensation expense	3,772	1,727
Bargain purchase gain		(1,910)
Deferred income tax benefit (expense)	592	(3,315)
(Gain) loss on disposal of assets	(2,524)	191
Changes in operating assets and liabilities:
Trade receivables	4,289	(12,614)
Inventory	63	815
Prepaid expenses and other current assets	(3,833)	(422)
Other assets	865	5,471
Accounts payable	3,366	4,135
Accrued liabilities and other long-term liabilities	(2,441)	(3,768)
Net cash provided by (used in) operating activities	8,331	(15,869)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment	(771)	(1,203)
Net proceeds from sale of Vantage 260	4,660
Net cash used in investing activities	(11,111)	(14,203)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt	(5,815)	(715)
Net cash used in financing activities	(5,815)	(715)
Net decrease in cash and cash equivalents	(8,595)	(30,787)
Unrestricted and restricted cash and cash equivalents—beginning of period	195,455	231,727
Unrestricted and restricted cash and cash equivalents—end of period	186,860	200,940
Cash paid for:
Interest	10,014	9,535
Income taxes (net of refunds)	7,374	8,499
Non-cash investing and financing transactions:
Payment of interest in kind on the Convertible Notes	3,824	3,780
Entity Owns Baker Marine Pacific Class 375 Jackup Rig
CASH FLOWS FROM INVESTING ACTIVITIES
Down payment on purchase/ Cash paid for acquisition	$ (15,000)
Vantage 260
CASH FLOWS FROM INVESTING ACTIVITIES
Down payment on purchase/ Cash paid for acquisition		$ (13,000)

Organization and Recent Events

Organization and Recent Events	6 Months Ended
	Jun. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Recent Events	1. Organization and Recent Events Vantage Drilling International, 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. 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 on international markets. Additionally, for drilling units owned by others, we provide construction supervision services while under construction, preservation management services when stacked and operations and marketing services for operating rigs. Drilling Contract Arbitration On August 31, 2015, Petrobras America, Inc. (“PAI”) and Petrobras Venezuela Investments & Services, BV (“PVIS”), both subsidiaries of Petrobras (as defined below), notified the Company of the termination of the Agreement for the Provision of Drilling Services for the Titanium Explorer On July 2, 2018, an international arbitration tribunal issued an award in favor of Vantage Deepwater Company and Vantage Deepwater Drilling, Inc. The tribunal found that PAI and PVIS breached the Drilling Contract, and awarded Vantage Deepwater Company and Vantage Deepwater Drilling, Inc. damages in the aggregate amount of $622.0 million against PAI, PVIS, and Petrobras and dismissed the Petrobras entities’ counterclaims against the Company with prejudice. The tribunal also awarded the Company interest on the foregoing award amount at an annual rate of 15.2%, compounded monthly, to accrue from (i) April 1, 2018, with respect to $615.6 million thereof, (ii) October 20, 2015, with respect to $5.2 million thereof, and (iii) November 19, 2015, with respect to $1.2 million thereof, in each case, until final payment of the awarded sums. Per the terms of the award, each of the Company and Petrobras will bear its own legal fees, and the fees and expenses of the tribunal, including the compensation of the arbitrators, aggregating approximately $1.5 million, will be borne equally by both sides. The Company’s ability to fully recover the award against Petrobras is subject to legal, procedural, solvency and other risks associated with enforcing arbitration awards in these circumstances. Accordingly, no assurances can be given as to whether or to what extent such award will ultimately be recovered, if at all. On April 27, 2018, we understand that Vantage was added as an additional defendant in a legal proceeding by the Brazilian federal public prosecutor’s office in the State of Parana (the “Brazilian Federal Prosecutor”) against certain individuals, including an executive of Petrobras and two political lobbyists, in connection with the contracting of the Titanium Explorer Hamylton Padilha, the Brazilian agent our former parent company, Vantage Drilling Company (“VDC”), used in the contracting of the Titanium Explorer drillship to Petrobras, and Mr. Hsin-Chi Su, a former member of the Board of Directors and a significant shareholder of VDC The damages claimed in the proceeding are in the amount of BRL 102.8 million (approximately $31 million), together with a civil fine equal to three times that amount. The Company understands that the court hearing the proceeding has issued an order authorizing the seizure and freezing of the assets of the defendants in the legal proceeding, including any assets of Vantage, as a precautionary measure, in the amount of approximately $124 million. The seizure order has not had an effect on the Company’s assets or operations, as Vantage does not own any assets in Brazil. The Company intends to vigorously defend any such allegations and seizures; however, we cannot predict the ultimate outcome of this matter nor that there will not be further developments in the Car Wash investigation or in any other ongoing investigation or proceeding that could adversely affect us. Acquisitions and Disposals On April 5, 2017, pursuant to a purchase and sale agreement with a third party, we completed the purchase of a class 154-44C jackup rig and related multi-year drilling contract for $13.0 million. A down payment of $1.3 million was made in February 2017 upon execution of the agreement and the remaining $11.7 million was paid at closing. The rig was renamed the Vantage 260 Sapphire Driller Vantage 260 Vantage 260 On June 13, 2018, we entered into a share purchase agreement with a third party to acquire the shares of an entity that owns a Baker Marine Pacific Class 375 jackup rig, and related bareboat charter to which the entity is a party, for $84.0 million, subject to certain adjustments for working capital and liabilities of the entity not discharged by the acquisition date. We made a down payment of $15.0 million in connection with the execution of the share purchase agreement and the remaining $69.0 million (as may be adjusted pursuant to the terms of the share purchase agreement) is due at closing, which must occur not later than by the close of business on December 10, 2018. If the closing does not occur by such time, the down payment will be forfeited to the extent the failure to close resulted from (i) a breach by us of our representations, warranties, or other obligations under the share purchase agreement, or (ii) the failure by us to consummate the sale despite being otherwise obligated to do so under the terms of the share purchase agreement. Otherwise, the transaction is subject to customary closing conditions, including, to the extent required by law, certain regulatory approvals. Restructuring Agreement and Emergence from Voluntary Reorganization under Chapter 11 Proceeding On December 1, 2015, we and 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 agreed to 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. Effective as of the Company’s emergence from bankruptcy on February 10, 2016 (the “Effective Date”), VDC’s former equity interest in the Company was cancelled. Immediately following that event, the VDC Note was converted into 655,094 new ordinary shares of the reorganized Company (the “New Shares”) in accordance with the terms thereof, in satisfaction of the obligation thereunder, which, including accrued interest, totaled approximately $62.6 million as of such date. 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. Pursuant to the terms of the Reorganization Plan, the pre-bankruptcy term loans and senior notes were retired on the Effective Date by issuing to the debtholders 4,344,959 units in the reorganized Company (the “Units”). Each Unit of securities originally consisted of one New Share and $172.61 of principal of the Company’s 1%/12% Step-Up Senior Secured Third Lien Convertible Notes due 2030 (the “Convertible Notes”), subject to adjustment upon the payment of interest in kind (“PIK interest”) and certain cases of redemption or conversion of the Convertible Notes, as well as share splits, share dividends, consolidation or reclassification of the New Shares 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, among other things, the granting of liens and customary events of default, including among other things, failure to issue securities upon conversion of the Convertible Notes. As of June 30, 2018, after taking into account the payment of PIK interest on the Convertible Notes to such date, each such Unit consisted of one New Share and $176.78 of principal of Convertible Notes. Other significant elements of the Reorganization Plan included: Second Amended and Restated Credit Agreement . The Company’s pre-petition credit agreement was amended and restated to (i) replace the $32.0 million revolving letter of credit commitment under its pre-petition facility 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 term loans and senior notes 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, which was 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 net cash proceeds to the Company of $73.9 million, after deducting the cash portion of the backstop premium. 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: Since July 2015, the Company has been cooperating in an investigation by the U.S. Department of Justice (“DOJ”) and the SEC arising from allegations that Hamylton Padilha, the Brazilian agent VDC used in the contracting of the drillship to Petroleo Brasileiro S.A. (“Petrobras”), and Mr. Hsin-Chi Su, a former member of the Board of Directors and a significant shareholder of our former parent company, VDC, had engaged in an alleged scheme to pay bribes to former Petrobras executives, in violation of the U.S. Foreign Corrupt Practices Act (“FCPA”). In August 2017, we received a letter from the DOJ acknowledging our full cooperation in the DOJ’s investigation and closing the investigation without any action against the Company. We have continued our cooperation in the investigation by the SEC into the same allegations and engaged in negotiations with the staff of the Division of Enforcement of the SEC to resolve their investigation. We have reached an agreement in principle with the staff relating to terms of a proposed offer of settlement, which is being presented to the Commission for approval. While there can be no assurance that the proposed offer of settlement will be accepted by the Commission, the Company believes the proposed resolution will become final in 2018. In connection with the proposed offer of settlement, we accrued a liability in the amount of $5 million. If the Commission does not accept the proposed offer of settlement and the SEC determines that violations of the 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. For more information about this matter, please see “ Note 8. Commitments and Contingencies. ”

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Basis of Consolidation: The accompanying interim consolidated financial information as of June 30, 2018 and for the three and six months ended June 30, 2018 and 2017 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. All significant intercompany transactions and accounts have been eliminated. They reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to 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, 2017 is derived from our December 31, 2017 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, 2017. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. Certain previously reported amounts have been reclassified to conform to the current period presentation. Cash and Cash Equivalents: Includes deposits with financial institutions as well as short-term money market instruments with maturities of three months or less when purchased. Inventory: Consists of materials, spare parts, consumables and related supplies for our drilling rigs. 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 initial 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 initial useful lives ranging from three to seven years on a straight-line basis. When assets are sold, retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the balance sheet and the resulting gain or loss is included in operating costs or general and administrative expenses, depending on nature of the asset. For the three months ended June 30, 2018 and 2017, we recognized a net loss of $158,000 and a net loss $191,000, respectively, related to the sale or retirement of assets. For the six months ended June 30, 2018 and 2017, we recognized a net gain of $2.5 million and a net loss of $191,000, respectively, related to the sale or retirement of assets. 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 be computed as the excess of the asset’s carrying value over the estimated fair value. Estimates of future cash flows require us to make long-term forecasts of our future revenues and operating costs with regard to the assets subject to review. Our business, including the utilization rates and dayrates we receive for our drilling rigs, depends on the level of our customers’ expenditures for oil and natural gas exploration, development and production expenditures. Oil and natural gas prices and customers’ expectations of potential changes in these prices, the general outlook for worldwide economic growth, political and social stability in the major oil and natural gas producing basins of the world, availability of credit and changes in governmental laws and regulations, among many other factors, significantly affect our customers’ levels of expenditures. Sustained declines in or persistent depressed levels of oil and natural gas prices, worldwide rig counts and utilization, reduced access to credit markets, reduced or depressed sale prices of comparably equipped jackups and drillships and any other significant adverse economic news could require us to evaluate the realization of our drilling rigs. In connection with our adoption of fresh-start accounting upon our emergence from bankruptcy on February 10, 2016, an adjustment of $2.0 billion was recorded to decrease the net book value of our drilling rigs to estimated fair value. The projections and assumptions used in that valuation have not changed significantly as of June 30, 2018; accordingly, no triggering event has occurred to indicate that the current carrying value of our drilling rigs may not be recoverable. 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. Intangible assets: In April 2017, pursuant to a purchase and sale agreement with a third party, we completed the purchase of the , a class 154-44C jackup rig, and a related multi-year drilling contract for $13.0 million. In connection with our acquisition, the Company recorded an identifiable intangible asset of $12.6 million for the fair value of the acquired favorable drilling contract. The resulting intangible asset is being amortized on a straight-line basis over the two-year term of the drilling contract. We recognized approximately $1.6 million and $3.2 million of amortization expense for intangible assets for the three and six months ended June 30, 2018, respectively, and approximately $1.5 million during each of the three and six months ended June 30, 2017. Expected future intangible asset amortization as of June 30, 2018 is as follows: (in thousands) Fiscal year: 2018 $ 3,181 2019 1,643 Thereafter - Total $ 4,824 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. 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 tax 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. 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. 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. Payment terms on customer invoices typically range from 30 to 45 days. Outstanding receivables beyond payment terms are promptly investigated and discussed with the specific customer. We do not have an allowance for doubtful accounts on our trade receivables as of June 30, 2018 or December 31, 2017. 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. Functional Currency: We consider the U.S. dollar to be the functional currency for all of our operations since the majority of our revenues and expenditures are denominated in U.S. dollars, which limits our exposure to currency exchange rate fluctuations. We recognize currency exchange rate gains and losses in other, net. For the three months ended June 30, 2018 and 2017, we recognized a net loss of $0.5 million and a net gain of $0.9 million, respectively, related to currency exchange rates. For the six months ended June 30, 2018 and 2017, we recognized a net loss of $1.1 million and a net gain of $1.4 million, respectively, related to currency exchange rates. Fair Value of Financial Instruments: The fair value of our short-term financial assets and liabilities approximates the carrying amounts represented in the consolidated balance sheet principally due to the short-term nature or floating rate nature of these instruments. At June 30, 2018, the fair value of the 2016 Term Loan Facility, the 10% Second Lien Notes and the Convertible Notes was approximately $134.7 million, $74.7 million and $1.07 billion, respectively, based on quoted market prices in a less active market, a Level 2 measurement. Recently Adopted Accounting Standards: We adopted ASU No. 2014-09, Revenue from Contracts with Customers See “Note 3. Revenue from Contracts with Customers.” We adopted ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments, We adopted ASU No. 2016-18, Statement of Cash Flows ( ASC 230): Restricted Cash We adopted ASU No. 2016-16, Income Taxes (ASC 740): Intra-Entity Transfers of Assets Other Than Inventory We adopted ASU No. 2017-01, Business Combinations (ASC 805): Clarifying the Definition of a Business, Recently Issued Accounting Standards: In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842): Amendments to the FASB ASC Leases (ASC 842): Targeted Improvements Prior to the issuance of ASU No. 2018-11, we had preliminarily determined that our drilling contracts could contain a lease component, and our adoption, therefore, could require that we separately recognize revenues associated with the lease of our drilling rigs and the provision of contract drilling services. However, the recently issued ASU No. 2018-11 provides a practical expedient allowing lessors to combine the lease and non ‑ Revenue from Contracts with Customers The adoption of ASC 842 will have an impact on how our consolidated financial statements and disclosures will be presented; however, because we are currently still evaluating the impact of ASU No. 2018-11, we are unable to quantify the overall impact at this time. Additionally, based on the lease arrangements under which we are the lessee as of June 30, 2018, we expect to recognize an aggregate lease liability and a corresponding right ‑ ‑

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2018
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers	3. Revenue from Contracts with Customers The activities that primarily drive the revenue earned in our drilling contracts with customers include (i) providing our drilling rig, work crews, related equipment and services necessary to operate the rig, (ii) delivering the drilling rig by mobilizing to and demobilizing from the drill site, and (iii) performing pre-operating activities, including rig preparation activities and/or equipment modifications required for the contract. The integrated drilling services that we perform under each drilling contract represents a single performance obligation satisfied over time and comprised of a series of distinct time increments, or service periods. Dayrate Drilling Revenue. Our drilling contracts generally provide for payment on a dayrate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate billed to the customer is determined based on varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is allocated to the distinct hourly increment it relates to within the contract term and therefore, recognized as we perform the daily drilling services. Mobilization/Demobilization Revenue. In connection with certain contracts, we receive lump-sum fees or similar compensation for the mobilization of equipment and personnel prior to the commencement of drilling services or the demobilization of equipment and personnel upon contract completion. These activities are not considered to be distinct within the context of the contract and therefore, the associated revenue is allocated to the overall single performance obligation. Mobilization fees received prior to commencement of drilling operations are recorded as a contract liability and amortized on a straight ‑ Capital Upgrade / Contract Preparation Revenue. In connection with certain contracts, we receive lump-sum fees or similar compensation for requested capital upgrades to our drilling rigs or for other contract preparation work. These activities are not considered to be distinct within the context of the contract and therefore, fees received are recorded as a contract liability and amortized to contract drilling revenues on a straight-line basis over the initial contract term. Revenues Related to Reimbursable Expenses . We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. We are generally considered a principal in such transactions and therefore, recognize reimbursable revenues and the corresponding costs as we provide the customer ‑ requested goods and services. We have elected to exclude from the transaction price measurement all taxes assessed by a governmental authority. Disaggregation of Revenue The following tables present our revenue disaggregated by revenue source for the periods indicated: Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (unaudited, in thousands) Dayrate revenue $ 19,750 $ 34,578 $ 304 $ 54,632 $ 22,733 $ 24,844 $ 405 $ 47,982 Amortized revenue 273 582 — 855 208 — — 208 Reimbursable revenue 2,074 1,735 1,165 4,974 2,036 1,613 1,424 5,073 Total revenue $ 22,097 $ 36,895 $ 1,469 $ 60,461 $ 24,977 $ 26,457 $ 1,829 $ 53,263 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (unaudited, in thousands) Dayrate revenue $ 39,699 $ 65,648 $ 605 $ 105,952 $ 35,080 $ 50,553 $ 806 $ 86,439 Amortized revenue 274 1,157 — 1,431 208 — — 208 Reimbursable revenue 5,201 3,312 2,228 10,741 3,396 2,779 2,490 8,665 Total revenue $ 45,174 $ 70,117 $ 2,833 $ 118,124 $ 38,684 $ 53,332 $ 3,296 $ 95,312 Accounts Receivable, Contract Liabilities and Contract Costs Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on customer invoices typically range from 30 to 45 days. We recognize contract liabilities, recorded in other “Accrued liabilities” and “Long-term liabilities”, for prepayments received from customers and for deferred revenue received for mobilization, contract preparation and capital upgrades. Certain direct and incremental costs incurred for contract preparation, initial mobilization and modifications of contracted rigs represent contract fulfillment costs as they relate directly to a contract, enhance resources that will be used to satisfy our performance obligations in the future and are expected to be recovered. These costs are deferred as a current or noncurrent asset depending on the length of the initial contract term and are amortized on a straight-line basis to operating costs as services are rendered over the initial term of the related drilling contract. Costs incurred for capital upgrades are capitalized and depreciated over the useful life of the asset. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process. Costs incurred to mobilize a rig without a contract are expensed as incurred. The following table provides information about contract cost assets and contract revenue liabilities from contracts with customers: June 30, 2018 December 31, 2017 (unaudited, in thousands) Current contract cost assets $ 2,249 $ 217 Noncurrent contract cost assets 5,361 6,216 Current contract revenue liabilities 1,938 510 Noncurrent contract revenue liabilities 5,600 6,757 Significant changes in contract cost assets and contract revenue liabilities during the six months ended June 30, 2018 are as follows: Contract Costs Contract Revenues (unaudited, in thousands) Balance as of December 31, 2017 $ 6,433 $ 7,267 Increase due to contractual additions 4,815 790 Decrease due to recognition of revenue (3,638 ) (519 ) Balance as of June 30, 2018 $ 7,610 $ 7,538 We have taken the optional exemption that permits us to exclude disclosure of the estimated transaction price related to the variable portion of unsatisfied performance obligations at the end of the reporting period, as our transaction price is based on a single performance obligation consisting of a series of distinct hourly increments, the variability of which will be resolved at the time of the future services.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Acquisitions	4. Acquisitions On June 13, 2018, we entered into a share purchase agreement with a third party to acquire the shares of an entity that owns a Baker Marine Pacific Class 375 jackup rig, and related bareboat charter to which the entity is a party, for $84.0 million, subject to certain adjustments for working capital and liabilities of the entity not discharged by the acquisition date. We made a down payment of $15.0 million in connection with the execution of the share purchase agreement and the remaining $69.0 million (as may be adjusted pursuant to the terms of the share purchase agreement) is due at closing, which must occur not later than by the close of business on December 10, 2018. In April 2017, pursuant to a purchase and sale agreement with a third party, we completed the purchase of the Vantage 260 Sapphire Driller Vantage 260 We accounted for the acquisition of the Vantage 260 The following table provides the acquisition date estimated fair values of the assets acquired and liabilities assumed: (in thousands) Total cash consideration $ 13,000 Purchase price allocation: Drilling contract value 12,640 Rig equipment to be sold (net of disposal costs) 2,050 Drillpipe assets 700 Severance liabilities assumed (480 ) Net assets acquired 14,910 Bargain purchase gain $ 1,910 Under accounting guidance, a bargain purchase gain results from an acquisition if the fair value of the purchase consideration paid in connection with such acquisition is less than the net fair value of the assets acquired and liabilities assumed. We recorded a bargain purchase gain of approximately $1.9 million related to the acquisition in the three months ended June 30, 2017. We believe that we were able to negotiate a bargain purchase price as a result of our operational presence in West Africa and the seller’s liquidation. The purchase of the Vantage 260 Sapphire Driller

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	5. Debt Our debt was composed of the following as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) 2016 Term Loan Facility $ 134,325 $ 140,140 10% Second Lien Notes, net of financing costs of $1,170 and $1,404 74,955 74,721 Convertible Notes, net of discount of $30,124 and $54,770 737,978 709,508 947,258 924,369 Less current maturities of long-term debt — 4,430 Long-term debt, net $ 947,258 $ 919,939 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 then 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. In June 2018, in conjunction with entering into a share purchase agreement with a third party to acquire the shares of an entity that owns a jackup rig, the 2016 Term Loan Facility was amended to reduce the revolving letter of credit facility from $32.0 million to $25.0 million. We have issued $12.0 million in letters of credit under the 2016 Term Loan Facility as of June 30, 2018. 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 term loans are currently bearing interest at 8.6%. The 2016 Term Loan Facility has quarterly scheduled debt maturities of $357,500 which commenced in March 2016. In conjunction with the sale of the Vantage 260 Fees are payable on the outstanding face amount of letters of credit at a rate per annum equal to 5.5% pursuant to the terms of the 2016 Term Loan Facility. The Company is also required to pay fees on the unused amount of letters of credit at a rate per annum equal to 0.5%. 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). 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, which was 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 in net cash proceeds of approximately $73.9 million 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, which commenced 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 Indenture for the Convertible Notes includes customary covenants that restrict, among other things, the granting of liens and customary events of default, including among other things, failure to issue securities upon conversion of the Convertible Notes. As of June 30, 2018, taking into account the payment of PIK interest on the Convertible Notes to such date, each such unit of securities was comprised of one New Share and $176.78 of principal of Convertible Notes. As of June 30, 2018, we would be required to issue approximately 8.0 million New Shares if the Convertible Notes were converted. The Convertible Notes were initially 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. 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. 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. 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. In addition, the Indenture, and the applicable collateral agreements, provide that any capital stock and other securities of any of the guarantors will be excluded from the collateral to the extent the pledge of such capital stock or other securities to secure the Convertible Notes would cause such guarantor to be required to file separate financial statements with the SEC pursuant to Rule 3-16 of Regulation S-X (as in effect from time to time). The Convertible Notes will convert only (a) prior to the third anniversary of the issue date (such anniversary date, February 10, 2019), (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 valued at fair value 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 as of December 31, 2017 and June 30, 2018. 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. In addition, in connection with their investigation, if the SEC determines that violations of the FCPA have occurred, the Company could be subject to civil and criminal sanctions, including monetary penalties, and 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, following notice from the requisite lenders and/or noteholders, as applicable, result in our outstanding debt under the 2016 Term Loan Facility and 10% Second Lien Notes becoming immediately due and payable at par, and our outstanding debt under Convertible Notes becoming immediately due and payable at the make-whole amount specified in the Indenture governing the Convertible Notes.

Shareholder's Equity

Shareholder's Equity	6 Months Ended
	Jun. 30, 2018
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 Liabilities Subject To Compromise in accordance with the Reorganization Plan and the VDC Note. As of June 30, 2018, 5,000,053 ordinary shares were issued and outstanding. On August 9, 2016, the Company adopted the Amended and Restated 2016 Management Incentive Plan (the “2016 Amended MIP”) to align the interests of participants with those of the shareholders by providing incentive compensation opportunities tied to the performance of the Company’s equity securities. Pursuant to the 2016 Amended MIP, the Compensation Committee may grant to employees, directors and consultants stock options, restricted stock, restricted stock units or other awards. During the six months ended June 30, 2018, we granted to an employee 1,030 time-based restricted stock units (“TBGs”) and 2,403 performance-based restricted stock units (“PBGs”) under our 2016 Amended MIP. The TBGs vest annually, ratably over four years; however, accelerated vesting is provided for in the event of a qualified liquidity event as defined in the 2016 Amended MIP (a “QLE”). Otherwise, the settlement of any vested TBGs occurs upon the seventh anniversary of the Effective Date. The PBGs contain vesting eligibility provisions tied to the earlier of a QLE or seven years from the Effective Date. Upon the occurrence of a vesting eligibility event, the number of PBGs that actually vest will be dependent on the achievement of pre-determined Total Enterprise Value (“TEV”) targets specified in the grants. In the six months ended June 30, 2018, 19,419 of previously granted TBGs vested. Both the TBGs and PBGs are classified as liabilities consistent with the classification of the underlying securities and under the provisions of ASC 718 Compensation – Stock Compensation Share based compensation expense for PBGs will be recognized when it is probable that the TEV targets will be met. Once it is probable the performance condition will be met, compensation expense based on the fair value of the PBGs at the balance sheet date will be recognized for the service period completed. As of June 30, 2018, we concluded that it was not probable that the TEV performance condition would be met and therefore, no share based compensation expense was recognized for PBGs.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes We are a Cayman Islands entity. The Cayman Islands do not impose corporate income taxes. 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 as withholding tax on revenues. 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 disposal gains or losses. On December 22, 2017, Public Law 115-97, commonly known as the Tax Cuts and Jobs Act of 2017 (the “Act”) was enacted. The Act, among other things, makes significant changes to the U.S. corporate income tax system, including reducing the federal corporate income tax rate from 35% to 21%; changes certain business-related deductions, including modifying the rules regarding limitations on certain deductions for executive compensation, introducing a capital investment deduction in certain circumstances, placing certain limitations on the interest deduction, modifying the rules regarding the usability of certain net operating losses; and transitions U.S. international taxation from a worldwide tax system to a territorial tax system. Our current tax liability and deferred tax assets in relation to the U.S. operations are based on the newly enacted corporate income tax rate. We continue to monitor and evaluate any new guidance in relation to the Act and potential impact on our financial statements. 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 loss and 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 applicable in a particular 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 2010 and forward remain open to examination in many of our jurisdictions and we are currently involved in several tax examinations in jurisdictions where we are operating or have previously operated. As information becomes available during the course of these examinations, we may increase or decrease our estimates of tax assessments and accruals.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies We are subject to litigation, claims and disputes in the ordinary course of business, some of which may not be covered by insurance. There is an inherent risk in any litigation or dispute and no assurance can be given as to the outcome of any claims. In July 2015, we became aware of media reports that Hamylton Padilha, the Brazilian agent VDC used in the contracting of the Titanium Explorer In August 2017, we received a letter from the DOJ acknowledging our full cooperation in the DOJ’s investigation into the Company concerning possible violations of the FCPA by VDC in the Petrobras matter and indicating that the DOJ has closed such investigation without any action. In addition, the Company has the SEC determines that violations of the FCPA In connection with our bankruptcy cases, two appeals were filed relating to the confirmation of the Reorganization Plan. Specifically, on January 29, 2016, Hsin Chi Su and F3 Capital filed two appeals before the United States District Court for the District of Delaware seeking a reversal of (i) the Court’s determination that Hsin Chi Su and F3 Capital did not have standing to appear and be heard in the bankruptcy cases, which was made on the record at a hearing held on January 14, 2016, and (ii) the Court’s Findings of Fact, Conclusions of Law, and Order (I) Approving the Debtors’ (A) Disclosure Statement Pursuant to Sections 1125 and 1126(b) of the Bankruptcy Code, (B) Solicitation of Votes and Voting Procedures, and (C) Forms of Ballots, and (II) Confirming the Amended Joint Prepackaged Chapter 11 Plan of Offshore Group Investment Limited and its Affiliated Debtors [Docket No. 188], which was entered on January 15, 2016. The appeals were consolidated on June 14, 2016. We cannot predict with certainty the ultimate outcome of any such appeals. An adverse outcome could negatively affect our business, results of operations and financial condition. On August 31, 2015, PAI and PVIS, both subsidiaries of Petrobras, notified the Company of the termination of the Drilling Contract between PVIS and Vantage Deepwater Company and which had been novated to PAI and Vantage Deepwater Drilling, Inc., claiming the Company had breached its obligations under the Drilling Contract. Vantage Deepwater Company and Vantage Deepwater Drilling, Inc. are both wholly-owned subsidiaries of the Company. We immediately filed an international arbitration claim against PAI, PVIS, and Petrobras, claiming wrongful termination of the Drilling Contract. On July 2, 2018, an international arbitration tribunal issued an award in favor of Vantage Deepwater Company and Vantage Deepwater Drilling, Inc. The tribunal found that PAI and PVIS breached the Drilling Contract, and awarded Vantage Deepwater Company and Vantage Deepwater Drilling, Inc. damages in the aggregate amount of $622.0 million against PAI, PVIS, and Petrobras and dismissed the Petrobras entities’ counterclaims against the Company with prejudice. The tribunal also awarded the Company interest on the foregoing award amount at an annual rate of 15.2%, compounded monthly, to accrue from (i) April 1, 2018, with respect to $615.6 million thereof, (ii) October 20, 2015, with respect to $5.2 million thereof, and (iii) November 19, 2015, with respect to $1.2 million thereof, in each case, until final payment of the awarded sums. Per the terms of the award, each of the Company and Petrobras will bear its own legal fees, and the fees and expenses of the tribunal, including the compensation of the arbitrators, aggregating approximately $1.5 million, will be borne equally by both sides. The Company’s ability to fully recover the award against Petrobras is subject to legal, procedural, solvency and other risks associated with enforcing arbitration awards in these circumstances. Accordingly, no assurances can be given as to whether or to what extent such award will ultimately be recovered, if at all. On April 27, 2018, we understand that Vantage was added as an additional defendant in a legal proceeding by the Brazilian federal public prosecutor’s office in the State of Parana (the “Brazilian Federal Prosecutor”) against certain individuals, including an executive of Petrobras and two political lobbyists, in connection with the contracting of the Titanium Explorer The damages claimed in the proceeding are in the amount of BRL 102.8 million (approximately $31 million), together with a civil fine equal to three times that amount. The Company understands that the court hearing the proceeding has issued an order authorizing the seizure and freezing of the assets of the defendants in the legal proceeding, including any assets of Vantage, as a precautionary measure, in the amount of approximately $124 million. The seizure order has not had an effect on the Company’s assets or operations, as Vantage does not own any assets in Brazil. The Company intends to vigorously defend any such allegations and seizures; however, we cannot predict the ultimate outcome of this matter nor that there will not be further developments in the Car Wash investigation or in any other ongoing investigation or proceeding that could adversely affect us. Pursuant to the terms of the Restructuring Agreement, the Company agreed to the Reorganization Plan and VDC agreed to 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 the VDC Note. In connection with our separation from our former parent company, we and the Joint Official Liquidators, appointed to oversee the liquidation of VDC, are in discussions regarding the settlement of certain intercompany receivables and payables as between the Company and its subsidiaries, on the one hand, and VDC and its subsidiaries on the other. While we continue to believe that our position regarding the settlement of such amounts is correct, we cannot predict the ultimate outcome of this matter should legal proceedings between the parties transpire.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Jun. 30, 2018
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 as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Prepaid insurance $ 1,244 $ 294 Sales tax receivable 5,492 5,652 Income tax receivable 1,243 1,374 Other receivables 935 158 Assets held for sale — 2,050 Deferred mobilization costs 2,249 217 Other 3,827 3,462 $ 14,990 $ 13,207 Property and Equipment, net Property and equipment, net, consisted of the following as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Drilling equipment $ 883,413 $ 883,598 Down payment on rig purchase 15,000 — Assets under construction 1,443 1,043 Office and technology equipment 18,452 18,778 Leasehold improvements 1,165 1,165 919,473 904,584 Accumulated depreciation (176,431 ) (141,393 ) Property and equipment, net $ 743,042 $ 763,191 Other Assets Other assets consisted of the following as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Contract value, net $ 4,824 $ 7,954 Deferred certification costs 3,156 3,497 Deferred mobilization costs 5,361 6,216 Deferred income taxes 2,804 3,162 Other non-current assets 1,438 1,106 $ 17,583 $ 21,935 Accrued Liabilities Accrued liabilities consisted of the following as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Interest $ 3,918 $ 3,952 Compensation 6,892 10,285 Income taxes payable 2,989 3,740 SEC penalty payable 5,000 5,000 Current deferred revenue 516 — Unearned income 1,422 510 Other 1,434 1,630 $ 22,171 $ 25,117 Long-term Liabilities Long-term liabilities consisted of the following as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Non-current deferred revenue $ 5,600 $ 6,757 Deferred income taxes 530 296 2016 MIP 8,171 4,399 Other non-current liabilities 7,151 5,743 $ 21,452 $ 17,195 Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheet that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Cash and cash equivalents $ 181,860 $ 195,455 Restricted cash 5,000 — Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 186,860 $ 195,455 The restricted cash balance as of June 30, 2018 relates to funds held in escrow in connection with the proposed offer of settlement with the SEC, as described in "Note 8. Commitments and Contingencies." Transactions with Former Parent Company The following table summarizes the balances payable to VDC included in the Company's Consolidated Balance Sheet as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Accounts payable to related parties, net $ 17,278 $ 17,278 $ 17,278 $ 17,278 Pursuant to the terms of the Restructuring Agreement, the Company agreed to the Reorganization Plan and VDC agreed to 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 the VDC Note. In connection with our separation from our former parent company, we and the Joint Official Liquidators, appointed to oversee the liquidation of VDC, are in discussions regarding the settlement of certain intercompany receivables and payables as between the Company and its subsidiaries, on the one hand, and VDC and its subsidiaries on the other. While we continue to believe that our position regarding the settlement of such amounts is correct, we cannot predict the ultimate outcome of this matter should legal proceedings between the parties transpire.

Business Segment and Significan

Business Segment and Significant Customer Information	6 Months Ended
	Jun. 30, 2018
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. Additionally, for drilling units owned by others, we provide construction supervision services while under construction, preservation management services when stacked and operations and marketing services for operating rigs. Our management business represented less than 4% of our total revenue for each of the six months ended June 30, 2018 and 2017. For the three and six months ended June 30, 2018 and 2017, all 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 46%, 15% and 13% of consolidated revenue for the three months ended June 30, 2018. For the six months ended June 30, 2018, three customers accounted for approximately 46%, 14% and 13% of consolidated revenue. Three customers accounted for approximately 50%, 18% and 12% of consolidated revenue for the three months ended June 30, 2017. For the six months ended June 30, 2017, three customers accounted for approximately 56%, 15% and 12% of consolidated revenue. Our revenue by country was as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (unaudited, in thousands) Congo $ 35,874 $ 35,811 $ 71,728 $ 62,687 India 8,842 — 15,372 — Malaysia — 6,581 — 14,504 Qatar — 5,909 — 11,693 Other countries (a) 15,745 4,962 31,024 6,428 Total revenues $ 60,461 $ 53,263 $ 118,124 $ 95,312 (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 as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Congo $ 245,373 $ 256,200 India 148,951 155,362 Malaysia — 103,603 South Africa 171,745 179,468 Other countries (a) 176,973 68,558 Total property and equipment $ 743,042 $ 763,191 (a) Other countries represent countries in which we 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 Sig16

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation: The accompanying interim consolidated financial information as of June 30, 2018 and for the three and six months ended June 30, 2018 and 2017 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. All significant intercompany transactions and accounts have been eliminated. They reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to 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, 2017 is derived from our December 31, 2017 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, 2017. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. Certain previously reported amounts have been reclassified to conform to the current period presentation.
Cash and Cash Equivalents	Cash and Cash Equivalents: Includes deposits with financial institutions as well as short-term money market instruments with maturities of three months or less when purchased.
Inventory	Inventory: Consists of materials, spare parts, consumables and related supplies for our drilling rigs.
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 initial 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 initial useful lives ranging from three to seven years on a straight-line basis. When assets are sold, retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the balance sheet and the resulting gain or loss is included in operating costs or general and administrative expenses, depending on nature of the asset. For the three months ended June 30, 2018 and 2017, we recognized a net loss of $158,000 and a net loss $191,000, respectively, related to the sale or retirement of assets. For the six months ended June 30, 2018 and 2017, we recognized a net gain of $2.5 million and a net loss of $191,000, respectively, related to the sale or retirement of assets. 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 be computed as the excess of the asset’s carrying value over the estimated fair value. Estimates of future cash flows require us to make long-term forecasts of our future revenues and operating costs with regard to the assets subject to review. Our business, including the utilization rates and dayrates we receive for our drilling rigs, depends on the level of our customers’ expenditures for oil and natural gas exploration, development and production expenditures. Oil and natural gas prices and customers’ expectations of potential changes in these prices, the general outlook for worldwide economic growth, political and social stability in the major oil and natural gas producing basins of the world, availability of credit and changes in governmental laws and regulations, among many other factors, significantly affect our customers’ levels of expenditures. Sustained declines in or persistent depressed levels of oil and natural gas prices, worldwide rig counts and utilization, reduced access to credit markets, reduced or depressed sale prices of comparably equipped jackups and drillships and any other significant adverse economic news could require us to evaluate the realization of our drilling rigs. In connection with our adoption of fresh-start accounting upon our emergence from bankruptcy on February 10, 2016, an adjustment of $2.0 billion was recorded to decrease the net book value of our drilling rigs to estimated fair value. The projections and assumptions used in that valuation have not changed significantly as of June 30, 2018; accordingly, no triggering event has occurred to indicate that the current carrying value of our drilling rigs may not be recoverable. 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.
Intangible Assets	Intangible assets: In April 2017, pursuant to a purchase and sale agreement with a third party, we completed the purchase of the , a class 154-44C jackup rig, and a related multi-year drilling contract for $13.0 million. In connection with our acquisition, the Company recorded an identifiable intangible asset of $12.6 million for the fair value of the acquired favorable drilling contract. The resulting intangible asset is being amortized on a straight-line basis over the two-year term of the drilling contract. We recognized approximately $1.6 million and $3.2 million of amortization expense for intangible assets for the three and six months ended June 30, 2018, respectively, and approximately $1.5 million during each of the three and six months ended June 30, 2017. Expected future intangible asset amortization as of June 30, 2018 is as follows: (in thousands) Fiscal year: 2018 $ 3,181 2019 1,643 Thereafter - Total $ 4,824
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.
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 tax 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.
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. 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. Payment terms on customer invoices typically range from 30 to 45 days. Outstanding receivables beyond payment terms are promptly investigated and discussed with the specific customer. We do not have an allowance for doubtful accounts on our trade receivables as of June 30, 2018 or December 31, 2017.
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.
Functional Currency	Functional Currency: W e consider the U.S. dollar to be the functional currency for all of our operations since the majority of our revenues and expenditures are denominated in U.S. dollars, which limits our exposure to currency exchange rate fluctuations. We recognize currency exchange rate gains and losses in other, net. For the three months ended June 30, 2018 and 2017, we recognized a net loss of $0.5 million and a net gain of $0.9 million, respectively, related to currency exchange rates. For the six months ended June 30, 2018 and 2017, we recognized a net loss of $1.1 million and a net gain of $1.4 million, respectively, related to currency exchange rates.
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 consolidated balance sheet principally due to the short-term nature or floating rate nature of these instruments. At June 30, 2018, the fair value of the 2016 Term Loan Facility, the 10% Second Lien Notes and the Convertible Notes was approximately $134.7 million, $74.7 million and $1.07 billion, respectively, based on quoted market prices in a less active market, a Level 2 measurement.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards: We adopted ASU No. 2014-09, Revenue from Contracts with Customers See “Note 3. Revenue from Contracts with Customers.” We adopted ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments, We adopted ASU No. 2016-18, Statement of Cash Flows ( ASC 230): Restricted Cash We adopted ASU No. 2016-16, Income Taxes (ASC 740): Intra-Entity Transfers of Assets Other Than Inventory We adopted ASU No. 2017-01, Business Combinations (ASC 805): Clarifying the Definition of a Business,
Recently Issued Accounting Standards	Recently Issued Accounting Standards: In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842): Amendments to the FASB ASC Leases (ASC 842): Targeted Improvements Prior to the issuance of ASU No. 2018-11, we had preliminarily determined that our drilling contracts could contain a lease component, and our adoption, therefore, could require that we separately recognize revenues associated with the lease of our drilling rigs and the provision of contract drilling services. However, the recently issued ASU No. 2018-11 provides a practical expedient allowing lessors to combine the lease and non ‑ Revenue from Contracts with Customers The adoption of ASC 842 will have an impact on how our consolidated financial statements and disclosures will be presented; however, because we are currently still evaluating the impact of ASU No. 2018-11, we are unable to quantify the overall impact at this time. Additionally, based on the lease arrangements under which we are the lessee as of June 30, 2018, we expect to recognize an aggregate lease liability and a corresponding right ‑ ‑
Revenue from Contracts with Customers	Revenue from Contracts with Customers The activities that primarily drive the revenue earned in our drilling contracts with customers include (i) providing our drilling rig, work crews, related equipment and services necessary to operate the rig, (ii) delivering the drilling rig by mobilizing to and demobilizing from the drill site, and (iii) performing pre-operating activities, including rig preparation activities and/or equipment modifications required for the contract. The integrated drilling services that we perform under each drilling contract represents a single performance obligation satisfied over time and comprised of a series of distinct time increments, or service periods. Dayrate Drilling Revenue. Our drilling contracts generally provide for payment on a dayrate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate billed to the customer is determined based on varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is allocated to the distinct hourly increment it relates to within the contract term and therefore, recognized as we perform the daily drilling services. Mobilization/Demobilization Revenue. In connection with certain contracts, we receive lump-sum fees or similar compensation for the mobilization of equipment and personnel prior to the commencement of drilling services or the demobilization of equipment and personnel upon contract completion. These activities are not considered to be distinct within the context of the contract and therefore, the associated revenue is allocated to the overall single performance obligation. Mobilization fees received prior to commencement of drilling operations are recorded as a contract liability and amortized on a straight ‑ Capital Upgrade / Contract Preparation Revenue. In connection with certain contracts, we receive lump-sum fees or similar compensation for requested capital upgrades to our drilling rigs or for other contract preparation work. These activities are not considered to be distinct within the context of the contract and therefore, fees received are recorded as a contract liability and amortized to contract drilling revenues on a straight-line basis over the initial contract term. Revenues Related to Reimbursable Expenses . We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. We are generally considered a principal in such transactions and therefore, recognize reimbursable revenues and the corresponding costs as we provide the customer ‑ requested goods and services. We have elected to exclude from the transaction price measurement all taxes assessed by a governmental authority. Disaggregation of Revenue The following tables present our revenue disaggregated by revenue source for the periods indicated: Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (unaudited, in thousands) Dayrate revenue $ 19,750 $ 34,578 $ 304 $ 54,632 $ 22,733 $ 24,844 $ 405 $ 47,982 Amortized revenue 273 582 — 855 208 — — 208 Reimbursable revenue 2,074 1,735 1,165 4,974 2,036 1,613 1,424 5,073 Total revenue $ 22,097 $ 36,895 $ 1,469 $ 60,461 $ 24,977 $ 26,457 $ 1,829 $ 53,263 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (unaudited, in thousands) Dayrate revenue $ 39,699 $ 65,648 $ 605 $ 105,952 $ 35,080 $ 50,553 $ 806 $ 86,439 Amortized revenue 274 1,157 — 1,431 208 — — 208 Reimbursable revenue 5,201 3,312 2,228 10,741 3,396 2,779 2,490 8,665 Total revenue $ 45,174 $ 70,117 $ 2,833 $ 118,124 $ 38,684 $ 53,332 $ 3,296 $ 95,312 Accounts Receivable, Contract Liabilities and Contract Costs Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on customer invoices typically range from 30 to 45 days. We recognize contract liabilities, recorded in other “Accrued liabilities” and “Long-term liabilities”, for prepayments received from customers and for deferred revenue received for mobilization, contract preparation and capital upgrades. Certain direct and incremental costs incurred for contract preparation, initial mobilization and modifications of contracted rigs represent contract fulfillment costs as they relate directly to a contract, enhance resources that will be used to satisfy our performance obligations in the future and are expected to be recovered. These costs are deferred as a current or noncurrent asset depending on the length of the initial contract term and are amortized on a straight-line basis to operating costs as services are rendered over the initial term of the related drilling contract. Costs incurred for capital upgrades are capitalized and depreciated over the useful life of the asset. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process. Costs incurred to mobilize a rig without a contract are expensed as incurred. The following table provides information about contract cost assets and contract revenue liabilities from contracts with customers: June 30, 2018 December 31, 2017 (unaudited, in thousands) Current contract cost assets $ 2,249 $ 217 Noncurrent contract cost assets 5,361 6,216 Current contract revenue liabilities 1,938 510 Noncurrent contract revenue liabilities 5,600 6,757 Significant changes in contract cost assets and contract revenue liabilities during the six months ended June 30, 2018 are as follows: Contract Costs Contract Revenues (unaudited, in thousands) Balance as of December 31, 2017 $ 6,433 $ 7,267 Increase due to contractual additions 4,815 790 Decrease due to recognition of revenue (3,638 ) (519 ) Balance as of June 30, 2018 $ 7,610 $ 7,538 We have taken the optional exemption that permits us to exclude disclosure of the estimated transaction price related to the variable portion of unsatisfied performance obligations at the end of the reporting period, as our transaction price is based on a single performance obligation consisting of a series of distinct hourly increments, the variability of which will be resolved at the time of the future services.

Basis of Presentation and Sig17

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Expected Future Intangible Asset Amortization	Expected future intangible asset amortization as of June 30, 2018 is as follows: (in thousands) Fiscal year: 2018 $ 3,181 2019 1,643 Thereafter - Total $ 4,824

Revenue from Contracts with C18

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue From Contract With Customer [Abstract]
Schedule of Disaggregated by Revenue	The following tables present our revenue disaggregated by revenue source for the periods indicated: Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (unaudited, in thousands) Dayrate revenue $ 19,750 $ 34,578 $ 304 $ 54,632 $ 22,733 $ 24,844 $ 405 $ 47,982 Amortized revenue 273 582 — 855 208 — — 208 Reimbursable revenue 2,074 1,735 1,165 4,974 2,036 1,613 1,424 5,073 Total revenue $ 22,097 $ 36,895 $ 1,469 $ 60,461 $ 24,977 $ 26,457 $ 1,829 $ 53,263 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (unaudited, in thousands) Dayrate revenue $ 39,699 $ 65,648 $ 605 $ 105,952 $ 35,080 $ 50,553 $ 806 $ 86,439 Amortized revenue 274 1,157 — 1,431 208 — — 208 Reimbursable revenue 5,201 3,312 2,228 10,741 3,396 2,779 2,490 8,665 Total revenue $ 45,174 $ 70,117 $ 2,833 $ 118,124 $ 38,684 $ 53,332 $ 3,296 $ 95,312
Schedule of Contract Cost Assets and Contract Revenue Liabilities from Contracts with Customers	The following table provides information about contract cost assets and contract revenue liabilities from contracts with customers: June 30, 2018 December 31, 2017 (unaudited, in thousands) Current contract cost assets $ 2,249 $ 217 Noncurrent contract cost assets 5,361 6,216 Current contract revenue liabilities 1,938 510 Noncurrent contract revenue liabilities 5,600 6,757
Schedule of Significant Changes in Contract Cost Assets and Contract Revenue Liabilities	Significant changes in contract cost assets and contract revenue liabilities during the six months ended June 30, 2018 are as follows: Contract Costs Contract Revenues (unaudited, in thousands) Balance as of December 31, 2017 $ 6,433 $ 7,267 Increase due to contractual additions 4,815 790 Decrease due to recognition of revenue (3,638 ) (519 ) Balance as of June 30, 2018 $ 7,610 $ 7,538

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table provides the acquisition date estimated fair values of the assets acquired and liabilities assumed: (in thousands) Total cash consideration $ 13,000 Purchase price allocation: Drilling contract value 12,640 Rig equipment to be sold (net of disposal costs) 2,050 Drillpipe assets 700 Severance liabilities assumed (480 ) Net assets acquired 14,910 Bargain purchase gain $ 1,910

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-term Debt	Our debt was composed of the following as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) 2016 Term Loan Facility $ 134,325 $ 140,140 10% Second Lien Notes, net of financing costs of $1,170 and $1,404 74,955 74,721 Convertible Notes, net of discount of $30,124 and $54,770 737,978 709,508 947,258 924,369 Less current maturities of long-term debt — 4,430 Long-term debt, net $ 947,258 $ 919,939

Supplemental Financial Inform21

Supplemental Financial Information (Tables)	6 Months Ended
	Jun. 30, 2018
Balance Sheet Related Disclosures [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Prepaid insurance $ 1,244 $ 294 Sales tax receivable 5,492 5,652 Income tax receivable 1,243 1,374 Other receivables 935 158 Assets held for sale — 2,050 Deferred mobilization costs 2,249 217 Other 3,827 3,462 $ 14,990 $ 13,207
Property and Equipment, Net	Property and equipment, net, consisted of the following as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Drilling equipment $ 883,413 $ 883,598 Down payment on rig purchase 15,000 — Assets under construction 1,443 1,043 Office and technology equipment 18,452 18,778 Leasehold improvements 1,165 1,165 919,473 904,584 Accumulated depreciation (176,431 ) (141,393 ) Property and equipment, net $ 743,042 $ 763,191
Other Assets	Other assets consisted of the following as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Contract value, net $ 4,824 $ 7,954 Deferred certification costs 3,156 3,497 Deferred mobilization costs 5,361 6,216 Deferred income taxes 2,804 3,162 Other non-current assets 1,438 1,106 $ 17,583 $ 21,935
Accrued Liabilities	Accrued liabilities consisted of the following as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Interest $ 3,918 $ 3,952 Compensation 6,892 10,285 Income taxes payable 2,989 3,740 SEC penalty payable 5,000 5,000 Current deferred revenue 516 — Unearned income 1,422 510 Other 1,434 1,630 $ 22,171 $ 25,117
Long-term Liabilities	Long-term liabilities consisted of the following as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Non-current deferred revenue $ 5,600 $ 6,757 Deferred income taxes 530 296 2016 MIP 8,171 4,399 Other non-current liabilities 7,151 5,743 $ 21,452 $ 17,195
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheet that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Cash and cash equivalents $ 181,860 $ 195,455 Restricted cash 5,000 — Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 186,860 $ 195,455
Consolidated Balance Sheet Balances Payable to Former Parent Company	The following table summarizes the balances payable to VDC included in the Company's Consolidated Balance Sheet as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Accounts payable to related parties, net $ 17,278 $ 17,278 $ 17,278 $ 17,278

Business Segment and Signific22

Business Segment and Significant Customer Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Summary of Revenues by Country	Our revenue by country was as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (unaudited, in thousands) Congo $ 35,874 $ 35,811 $ 71,728 $ 62,687 India 8,842 — 15,372 — Malaysia — 6,581 — 14,504 Qatar — 5,909 — 11,693 Other countries (a) 15,745 4,962 31,024 6,428 Total revenues $ 60,461 $ 53,263 $ 118,124 $ 95,312 (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 as of the dates indicated: June 30, 2018 December 31, 2017 (unaudited, in thousands) Congo $ 245,373 $ 256,200 India 148,951 155,362 Malaysia — 103,603 South Africa 171,745 179,468 Other countries (a) 176,973 68,558 Total property and equipment $ 743,042 $ 763,191 (a) Other countries represent countries in which we individually had property and equipment, net, representing less than 10% of total property and equipment, net.

Organization and Recent Events

Organization and Recent Events - Additional Information (Detail)

Jul. 02, 2018USD ($)

Jun. 13, 2018USD ($)

Apr. 27, 2018USD ($)

Apr. 27, 2018BRL (R$)

Oct. 19, 2017USD ($)

Apr. 05, 2017USD ($)

Feb. 11, 2016USD ($)shares

Dec. 03, 2015USD ($)$ / sharesshares

Dec. 02, 2015USD ($)Subsidiary

Apr. 30, 2017USD ($)

Feb. 28, 2017USD ($)

Jun. 30, 2018USD ($)$ / sharesshares

Dec. 10, 2018USD ($)

Organization And Recent Events [Line Items]

Share purchase agreement, down payment

$ 13,000,000

Repayments of Parent Note

$ 62,600,000

Number of share embedded in each note holder units | shares

1

Convertible notes payable

$ 172.61

Loss contingency accrual

$ 5,000,000

1%/12% Step-Up Senior Secured Third Lien Convertible Notes

Organization And Recent Events [Line Items]

Share issued during period for repayment of debt | shares

4,344,959

Debt Instrument, interest rate

0.083%

Debt instrument, maturity year

2,030

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 | 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

Net cash proceeds from issuance of senior notes

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

Letter Of Credit | 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

$ 150,000,000

Ordinary Shares | 1%/12% Step-Up Senior Secured Third Lien Convertible Notes

Organization And Recent Events [Line Items]

Number of share embedded in each note holder units | shares

1

Convertible notes payable

$ 176.78

Convertible notes, conversion price | $ / shares

$ 95.60

$ 95.60

Ordinary Shares | Promissory Notes

Organization And Recent Events [Line Items]

Share issued during period for repayment of debt | shares

655,094

Entity Owns Baker Marine Pacific Class 375 Jackup Rig

Organization And Recent Events [Line Items]

Share purchase agreement, consideration

$ 84,000,000

Share purchase agreement, down payment

$ 15,000,000

$ 15,000,000

Entity Owns Baker Marine Pacific Class 375 Jackup Rig | Scenario, Forecast

Organization And Recent Events [Line Items]

Share purchase agreement, remaining consideration

$ 69,000,000

Drilling Equipment | Purchase and Sale Agreement

Organization And Recent Events [Line Items]

Purchase price of assets

$ 13,000,000

$ 13,000,000

Payments to acquire assets

$ 11,700,000

$ 1,300,000

Vantage 260 | Purchase and Sale Agreement

Organization And Recent Events [Line Items]

Proceeds from sale of assets

$ 5,100,000

Brazil

Organization And Recent Events [Line Items]

Loss contingency, damages claimed

$ 31,000

R$ 102800

Court authorization to seizure and freezing assets of defendants

$ 124,000

Brazil | Petrobras

Organization And Recent Events [Line Items]

Allegations - description

On April 27, 2018, we understand that Vantage was added as an additional defendant in a legal proceeding by the Brazilian federal public prosecutor’s office in the State of Parana (the “Brazilian Federal Prosecutor”) against certain individuals, including an executive of Petrobras and two political lobbyists, in connection with the contracting of the Titanium Explorer drillship to Petrobras under the Drilling Contract, with the Brazilian Government and Petrobras as interested parties. Vantage is alleged to have been involved in and benefitted from the purported bribery scheme at Petrobras through Hamylton Padilha, the Brazilian agent our former parent company, Vantage Drilling Company (“VDC”), used in the contracting of the Titanium Explorer drillship to Petrobras, and Mr. Hsin-Chi Su, a former member of the Board of Directors and a significant shareholder of VDC. It was not until July 19, 2018 that we became aware of the legal proceeding as it was previously under seal.

Petrobras America, Inc. (“PAI”) and Petrobras Venezuela Investments & Services, BV

Organization And Recent Events [Line Items]

Loss contingency, settlement agreement, terms

The tribunal also awarded the Company interest on the foregoing award amount at an annual rate of 15.2%, compounded monthly, to accrue from (i) April 1, 2018, with respect to $615.6 million thereof, (ii) October 20, 2015, with respect to $5.2 million thereof, and (iii) November 19, 2015, with respect to $1.2 million thereof, in each case, until final payment of the awarded sums.

Petrobras America, Inc. (“PAI”) and Petrobras Venezuela Investments & Services, BV | Subsequent Event

Organization And Recent Events [Line Items]

Damages awarded, aggregate amount

$ 622,000,000

Annual interest rate on foregoing award amount

15.20%

Aggregate fees and expenses of tribunal, including compensation of arbitrators

$ 1,500,000

Petrobras America, Inc. (“PAI”) and Petrobras Venezuela Investments & Services, BV | Subsequent Event | April 1, 2018

Organization And Recent Events [Line Items]

Damages awarded, aggregate amount

615,600,000

Petrobras America, Inc. (“PAI”) and Petrobras Venezuela Investments & Services, BV | Subsequent Event | October 20, 2015

Organization And Recent Events [Line Items]

Damages awarded, aggregate amount

5,200,000

Petrobras America, Inc. (“PAI”) and Petrobras Venezuela Investments & Services, BV | Subsequent Event | November 19, 2015

Organization And Recent Events [Line Items]

Damages awarded, aggregate amount

$ 1,200,000

Basis of Presentation and Sig24

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)	Apr. 05, 2017	Apr. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 03, 2015
Basis Of Presentation And Significant Accounting Policies [Line Items]
Net gain (loss) on sale or retirement of assets			$ (158,000)	$ (191,000)	$ 2,524,000	$ (191,000)
Decrease the net book value of property and equipment			2,000,000,000		2,000,000,000
Capitalized interest			0		0
Recognition of amortization expense of intangible assets					3,130,000	1,504,000
Allowance for doubtful accounts on trade receivables			0		0		$ 0
Foreign currency transaction gain (loss)			(500,000)	900,000	(1,100,000)	1,400,000
ASU No. 2016-02
Basis Of Presentation And Significant Accounting Policies [Line Items]
Aggregate operating lease, liability			6,500,000		6,500,000
Aggregate operating lease, right-to-use asset			7,500,000		7,500,000
Convertible Notes Payable
Basis Of Presentation And Significant Accounting Policies [Line Items]
Fair value of notes outstanding			1,070,000,000		1,070,000,000
2016 Term Loan Facility
Basis Of Presentation And Significant Accounting Policies [Line Items]
Fair value of notes outstanding			$ 134,700,000		$ 134,700,000
Debt Instrument, interest rate			8.60%		8.60%
10% Second Lien Notes
Basis Of Presentation And Significant Accounting Policies [Line Items]
Fair value of notes outstanding			$ 74,700,000		$ 74,700,000
Debt Instrument, interest rate			10.00%		10.00%		10.00%	10.00%
Minimum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Term of customer invoice payment					30 days
Maximum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Term of customer invoice payment					45 days
Drilling Equipment | Purchase and Sale Agreement
Basis Of Presentation And Significant Accounting Policies [Line Items]
Purchase price of assets	$ 13,000,000	$ 13,000,000
Drilling Equipment | Minimum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, initial useful lives					5 years
Drilling Equipment | Maximum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, initial useful lives					35 years
Office and Technology Equipment | Minimum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, initial useful lives					3 years
Office and Technology Equipment | Maximum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, initial useful lives					7 years
Vantage 260
Basis Of Presentation And Significant Accounting Policies [Line Items]
Identifiable intangible assets		$ 12,600,000
Intangible asset being amortized over a straight-line basis of drilling contract					2 years
Recognition of amortization expense of intangible assets			$ 1,600,000	$ 1,500,000	$ 3,200,000	$ 1,500,000

Basis of Presentation and Sig25

Basis of Presentation and Significant Accounting Policies - Summary of Expected Future Intangible Asset Amortization (Detail) - Vantage 260 $ in Thousands	Jun. 30, 2018USD ($)
Fiscal year:
2,018	$ 3,181
2,019	1,643
Total	$ 4,824

Revenue from Contracts with C26

Revenue from Contracts with Customers - Schedule of Disaggregated by Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation Of Revenue [Line Items]
Total revenue	$ 60,461	$ 53,263	$ 118,124	$ 95,312
Dayrate Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	54,632	47,982	105,952	86,439
Amortized Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	855	208	1,431	208
Reimbursable Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	4,974	5,073	10,741	8,665
Jackups
Disaggregation Of Revenue [Line Items]
Total revenue	22,097	24,977	45,174	38,684
Jackups | Dayrate Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	19,750	22,733	39,699	35,080
Jackups | Amortized Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	273	208	274	208
Jackups | Reimbursable Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	2,074	2,036	5,201	3,396
Deepwater
Disaggregation Of Revenue [Line Items]
Total revenue	36,895	26,457	70,117	53,332
Deepwater | Dayrate Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	34,578	24,844	65,648	50,553
Deepwater | Amortized Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	582		1,157
Deepwater | Reimbursable Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	1,735	1,613	3,312	2,779
Management
Disaggregation Of Revenue [Line Items]
Total revenue	1,469	1,829	2,833	3,296
Management | Dayrate Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	304	405	605	806
Management | Reimbursable Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	$ 1,165	$ 1,424	$ 2,228	$ 2,490

Revenue from Contracts with C27

Revenue from Contracts with Customers - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018
Minimum
Revenue From Contracts With Customer [Line Items]
Term of customer invoice payment	30 days
Maximum
Revenue From Contracts With Customer [Line Items]
Term of customer invoice payment	45 days

Revenue from Contracts with C28

Revenue from Contracts with Customers - Schedule of Contract Cost Assets and Contract Revenue Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Revenue From Contract With Customer [Abstract]
Current contract cost assets	$ 2,249	$ 217
Noncurrent contract cost assets	5,361	6,216
Current contract revenue liabilities	1,938	510
Noncurrent contract revenue liabilities	$ 5,600	$ 6,757

Revenue from Contracts with C29

Revenue from Contracts with Customers - Schedule of Significant Changes in Contract Cost Assets and Contract Revenue Liabilities (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Revenue From Contract With Customer [Abstract]
Beginning balance, contract costs	$ 6,433
Increase due to contractual additions, contract costs	4,815
Decrease due to recognition of revenue, contract costs	(3,638)
Ending balance, contract costs	7,610
Beginning balance, contract revenues	7,267
Increase due to contractual additions, contract revenues	790
Decrease due to recognition of revenue, contract revenues	(519)
Ending balance, contract revenues	$ 7,538

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 13, 2018	Apr. 05, 2017	Apr. 30, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 10, 2018
Business Acquisition [Line Items]
Share purchase agreement, down payment			$ 13,000
Bargain purchase gain			1,910	$ 1,910		$ 1,910
Drilling Equipment | Purchase and Sale Agreement
Business Acquisition [Line Items]
Purchase price of assets		$ 13,000	$ 13,000
Entity Owns Baker Marine Pacific Class 375 Jackup Rig
Business Acquisition [Line Items]
Share purchase agreement, consideration	$ 84,000
Share purchase agreement, down payment	$ 15,000				$ 15,000
Entity Owns Baker Marine Pacific Class 375 Jackup Rig | Scenario, Forecast
Business Acquisition [Line Items]
Share purchase agreement, remaining consideration							$ 69,000

Acquisitions - Schedule of Esti

Acquisitions - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2017	Jun. 30, 2017	Jun. 30, 2017
Business Combinations [Abstract]
Total cash consideration	$ 13,000
Purchase price allocation:
Drilling contract value	12,640
Rig equipment to be sold (net of disposal costs)	2,050
Drillpipe assets	700
Severance liabilities assumed	(480)
Net assets acquired	14,910
Bargain purchase gain	$ 1,910	$ 1,910	$ 1,910

Long-Term Debt (Detail)

Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt	$ 947,258	$ 924,369
Less current maturities of long-term debt		4,430
Long-term debt, net	947,258	919,939
2016 Term Loan Facility
Debt Instrument [Line Items]
Long-term debt	134,325	140,140
10% Second Lien Notes
Debt Instrument [Line Items]
Long-term debt	74,955	74,721
Convertible Notes Payable
Debt Instrument [Line Items]
Long-term debt	$ 737,978	$ 709,508

Long-Term Debt (Parenthetical)

Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Dec. 03, 2015
10% Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%	10.00%	10.00%
Debt financing cost	$ 1,170	$ 1,404
Convertible Notes Payable
Debt Instrument [Line Items]
Debt discount	$ 30,124	$ 54,770

Debt - Second Amended and Resta

Debt - Second Amended and Restated Credit Agreement - Additional Information (Detail) - USD ($)	Dec. 03, 2015	Mar. 31, 2018	Dec. 31, 2015	Jun. 30, 2018
Letter Of Credit
Debt Instrument [Line Items]
Fees payable on outstanding face amount of unused letters of credit at rate				0.50%
2016 Term Loan Facility
Debt Instrument [Line Items]
Issuance of debt	$ 143,000,000
Credit Facility settled in cash	7,000,000
Letters of credit				$ 12,000,000
Debt Instrument, interest rate				8.60%
Quarterly scheduled debt maturities				$ 357,500
Debt amount prepaid		$ 5,100,000
Debt instrument, maturity date				Dec. 31, 2019
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			$ 25,000,000
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

Debt - 10% Senior Secured Secon

Debt - 10% Senior Secured Second Lien Notes - Additional Information (Detail) - USD ($) $ in Millions	Dec. 03, 2015	Jun. 30, 2018	Dec. 31, 2017
New 10% Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%
Senior notes, noncurrent	$ 75
10% Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%	10.00%	10.00%
Backstop agreement premium paid	$ 2.2
Backstop agreement premium paid in cash	1.1
Backstop agreement premium paid in senior secured second lien notes	1.1
Issuance of debt	76.1
Net cash proceeds from issuance of senior notes	73.9
Debt instrument, maturity date		Dec. 31, 2020
Debt instrument, payment terms		Interest on outstanding 10% Second Lien Notes is payable semi-annually in arrears, which commenced 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		8.60%
Issuance of debt	$ 143
Debt instrument, maturity date		Dec. 31, 2019
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 ($)	Dec. 03, 2015	Jun. 30, 2018
Debt Instrument [Line Items]
Number of share embedded in each note holder units		1
Convertible notes payable		$ 172.61
1%/12% Step-Up Senior Secured Third Lien Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate		0.083%
Shares issued for convertible notes	4,344,959
Pre-petition secured debt claims	$ 2,500,000,000
Convertible notes	$ 750,000,000
Debt instrument, maturity date		Dec. 31, 2030
Debt conversion of shares to be issued		8,000,000
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		$ 603,100,000
1%/12% Step-Up Senior Secured Third Lien Convertible Notes | Ordinary Shares
Debt Instrument [Line Items]
Convertible notes	$ 95.60	$ 95.60
Number of share embedded in each note holder units		1
Convertible notes payable		$ 176.78

Shareholder's Equity - Addition

Shareholder's Equity - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
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	5,000,053		5,000,053
Ordinary shares, shares outstanding	5,000,053		5,000,053
Time-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of previously granted shares vested in period	19,419
Share based compensation expense allocated from VDC	$ 3,800,000	$ 1,700,000
Time-Based Restricted Stock Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years
Performance-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Terms of award	The TBGs vest annually, ratably over four years; however, accelerated vesting is provided for in the event of a qualified liquidity event as defined in the 2016 Amended MIP (a “QLE”). Otherwise, the settlement of any vested TBGs occurs upon the seventh anniversary of the Effective Date. The PBGs contain vesting eligibility provisions tied to the earlier of a QLE or seven years from the Effective Date.
Share based compensation expense allocated from VDC	$ 0
Performance-Based Restricted Stock Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	7 years
Employee | Time-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	1,030
Employee | Performance-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	2,403

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Income Tax Contingency [Line Items]
Corporate income tax rate	21.00%	35.00%
Minimum
Income Tax Contingency [Line Items]
Open tax year	2,010

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Jul. 02, 2018USD ($)	Apr. 27, 2018USD ($)	Apr. 27, 2018BRL (R$)	Jun. 30, 2018USD ($)	Dec. 31, 2017	Dec. 03, 2015
Loss Contingencies [Line Items]
Loss contingency accrual				$ 5,000
Debt default description of event of default				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, following notice from the requisite lenders and/or noteholders, as applicable, result in our outstanding debt under the 2016 Term Loan Facility and 10% Second Lien Notes becoming immediately due and payable at par, and our outstanding debt under Convertible Notes becoming immediately due and payable at the make-whole amount specified in the indenture governing the Convertible Notes
Brazil
Loss Contingencies [Line Items]
Loss contingency, damages claimed		$ 31	R$ 102800
Court authorization to seizure and freezing assets of defendants		$ 124
PAI & PVIS
Loss Contingencies [Line Items]
Loss contingency, settlement agreement, terms				The tribunal also awarded the Company interest on the foregoing award amount at an annual rate of 15.2%, compounded monthly, to accrue from (i) April 1, 2018, with respect to $615.6 million thereof, (ii) October 20, 2015, with respect to $5.2 million thereof, and (iii) November 19, 2015, with respect to $1.2 million thereof, in each case, until final payment of the awarded sums.
PAI & PVIS | Subsequent Event
Loss Contingencies [Line Items]
Damages awarded, aggregate amount	$ 622,000
Annual interest rate on foregoing award amount	15.20%
Aggregate fees and expenses of tribunal, including compensation of arbitrators	$ 1,500
PAI & PVIS | Subsequent Event | Interest Accrued From April 1, 2018
Loss Contingencies [Line Items]
Damages awarded, aggregate amount	615,600
PAI & PVIS | Subsequent Event | Interest Accrued From October 20, 2015
Loss Contingencies [Line Items]
Damages awarded, aggregate amount	5,200
PAI & PVIS | Subsequent Event | Interest Accrued From November 19, 2015
Loss Contingencies [Line Items]
Damages awarded, aggregate amount	$ 1,200
Petrobras | Brazil
Loss Contingencies [Line Items]
Allegations - description				On April 27, 2018, we understand that Vantage was added as an additional defendant in a legal proceeding by the Brazilian federal public prosecutor’s office in the State of Parana (the “Brazilian Federal Prosecutor”) against certain individuals, including an executive of Petrobras and two political lobbyists, in connection with the contracting of the Titanium Explorer drillship to Petrobras under the Drilling Contract, with the Brazilian Government and Petrobras as interested parties. Vantage is alleged to have been involved in and benefitted from the purported bribery scheme at Petrobras through Hamylton Padilha, the Brazilian agent our former parent company, Vantage Drilling Company (“VDC”), used in the contracting of the Titanium Explorer drillship to Petrobras, and Mr. Hsin-Chi Su, a former member of the Board of Directors and a significant shareholder of VDC. It was not until July 19, 2018 that we became aware of the legal proceeding as it was previously under seal.
10% Second Lien Notes
Loss Contingencies [Line Items]
Debt Instrument, interest rate				10.00%	10.00%	10.00%

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Prepaid Expense And Other Assets Current [Abstract]
Prepaid insurance	$ 1,244	$ 294
Sales tax receivable	5,492	5,652
Income tax receivable	1,243	1,374
Other receivables	935	158
Assets held for sale		2,050
Deferred mobilization costs	2,249	217
Other	3,827	3,462
Prepaid expenses and other current assets	$ 14,990	$ 13,207

Property and Equipment, Net (De

Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property Plant And Equipment [Line Items]
Property and equipment	$ 919,473	$ 904,584
Accumulated depreciation	(176,431)	(141,393)
Property and equipment, net	743,042	763,191
Drilling Equipment
Property Plant And Equipment [Line Items]
Property and equipment	883,413	883,598
Down Payment on Rig Purchase
Property Plant And Equipment [Line Items]
Property and equipment	15,000
Assets under Construction
Property Plant And Equipment [Line Items]
Property and equipment	1,443	1,043
Office and Technology Equipment
Property Plant And Equipment [Line Items]
Property and equipment	18,452	18,778
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	$ 1,165	$ 1,165

Other Assets (Detail)

Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Other Assets Noncurrent Disclosure [Abstract]
Contract value, net	$ 4,824	$ 7,954
Deferred certification costs	3,156	3,497
Deferred mobilization costs	5,361	6,216
Deferred income taxes	2,804	3,162
Other non-current assets	1,438	1,106
Total other assets	$ 17,583	$ 21,935

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Disclosure Accrued Liabilities [Abstract]
Interest	$ 3,918	$ 3,952
Compensation	6,892	10,285
Income taxes payable	2,989	3,740
SEC penalty payable	5,000	5,000
Current deferred revenue	516
Unearned income	1,422	510
Other	1,434	1,630
Accrued liabilities	$ 22,171	$ 25,117

Long-term Liabilities (Detail)

Long-term Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Liabilities Noncurrent [Abstract]
Non-current deferred revenue	$ 5,600	$ 6,757
Deferred income taxes	530	296
2016 MIP	8,171	4,399
Other non-current liabilities	7,151	5,743
Long-term liabilities	$ 21,452	$ 17,195

Reconciliation of Cash, Cash Eq

Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 181,860	$ 195,455
Restricted cash	5,000
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$ 186,860	$ 195,455

Consolidated Balance Sheet Bala

Consolidated Balance Sheet Balances Payable to Former Parent Company (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Disclosure Balances Payable To Related Parties Included In Company Consolidated Balance Sheet [Abstract]
Accounts payable to related parties, net	$ 17,278	$ 17,278
Total payable to related parties	$ 17,278	$ 17,278

Supplemental Financial Inform47

Supplemental Financial Information - Additional Information (Detail)	Dec. 02, 2015Subsidiary
Chapter Eleven Restructuring Agreement and Emergence from Voluntary Reorganization
Supplemental Financial Information [Line Items]
Number of subsidiaries acquired	2

Business Segment and Signific48

Business Segment and Significant Customer Information - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2018Customer	Jun. 30, 2017Customer	Jun. 30, 2018SegmentCustomer	Jun. 30, 2017Customer
Entity Wide Revenue Major Customer [Line Items]
Number of reportable segments | Segment			1
Number of customers accounted for revenues | Customer	3	3	3	3
Product Concentration Risk | Maximum | Sales | Construction Supervision Services
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue			4.00%	4.00%
Customer Concentration Risk | Sales | Customer One
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	46.00%	50.00%	46.00%	56.00%
Customer Concentration Risk | Sales | Customer Two
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	15.00%	18.00%	14.00%	15.00%
Customer Concentration Risk | Sales | Customer Three
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	13.00%	12.00%	13.00%	12.00%

Business Segment and Signific49

Business Segment and Significant Customer Information - Summary of Revenue by Country (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Entity Wide Revenue Major Customer [Line Items]
Revenues		$ 60,461	$ 53,263	$ 118,124	$ 95,312
Congo
Entity Wide Revenue Major Customer [Line Items]
Revenues		35,874	35,811	71,728	62,687
Malaysia
Entity Wide Revenue Major Customer [Line Items]
Revenues			6,581		14,504
India
Entity Wide Revenue Major Customer [Line Items]
Revenues		8,842		15,372
Qatar
Entity Wide Revenue Major Customer [Line Items]
Revenues			5,909		11,693
Other countries
Entity Wide Revenue Major Customer [Line Items]
Revenues	[1]	$ 15,745	$ 4,962	$ 31,024	$ 6,428
[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 Signific50

Business Segment and Significant Customer Information - Schedule of Property,Plant and Equipment,Net by Country (Detail) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		$ 743,042	$ 763,191
Congo
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		245,373	256,200
India
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		148,951	155,362
Malaysia
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment			103,603
South Africa
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		171,745	179,468
Other countries
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment	[1]	$ 176,973	$ 68,558
[1]	Other countries represent countries in which we individually had property and equipment, net, representing less than 10% of total property and equipment, net.