Vantage Drilling International (VTDRF) 10-K 14 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 28, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Trading Symbol	VDI
Entity Registrant Name	VANTAGE DRILLING INTERNATIONAL
Entity Central Index Key	0001465872
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,000,053
Entity Public Float			$ 0

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 224,967	$ 195,455
Restricted cash	10,362
Trade receivables	28,431	45,379
Inventory	45,195	43,955
Prepaid expenses and other current assets	17,278	13,207
Total current assets	326,233	297,996
Property and equipment
Property and equipment	996,139	904,584
Accumulated depreciation	(208,836)	(141,393)
Property and equipment, net	787,303	763,191
Other assets	16,026	21,935
Total assets	1,129,562	1,083,122
Current liabilities
Accounts payable	44,372	39,666
Accrued liabilities	17,983	25,117
Current maturities of long-term debt		4,430
Total current liabilities	62,355	69,213
Long–term debt, net of discount and financing costs of $12,914 and $56,174	1,109,011	919,939
Other long-term liabilities	22,889	17,195
Commitments and contingencies (Note 9)
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	(438,670)	(297,202)
Total shareholders' equity	(64,693)	76,775
Total liabilities and shareholders’ equity	$ 1,129,562	$ 1,083,122

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Long–term debt, discount and financing costs	$ 12,914	$ 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 - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2016	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Revenue
Total revenue	$ 23,540	$ 158,648	$ 225,747	$ 212,846
Operating costs and expenses
Operating costs		123,069	171,041	161,974
General and administrative		36,922	29,544	41,648
Depreciation		67,920	70,447	73,925
Total operating costs and expenses		227,911	271,032	277,547
Loss from operations		(69,263)	(45,285)	(64,701)
Other income (expense)
Interest income		18	1,898	808
Interest expense and other financing charges		(67,023)	(78,779)	(76,441)
Loss on debt extinguishment			(1,271)
Other, net		1,179	(1,505)	2,807
Reorganization items		(1,380)
Bargain purchase gain				1,910
Total other expense		(67,206)	(79,657)	(70,916)
Loss before income taxes		(136,469)	(124,942)	(135,617)
Income tax provision		10,948	16,526	14,168
Net loss		(147,417)	(141,468)	(149,785)
Net loss attributable to VDI		$ (147,417)	$ (141,468)	$ (149,785)
Net loss per share, basic and diluted		$ (29.48)	$ (28.29)	$ (29.96)
Weighted average successor ordinary shares outstanding, basic and diluted		5,000	5,000	5,000
Contract Drilling Services
Revenue
Total revenue		$ 134,370	$ 203,565	$ 190,553
Management Fees
Revenue
Total revenue		4,074	1,220	1,456
Reimbursables
Revenue
Total revenue		$ 20,204	$ 20,962	$ 20,837
Predecessor
Revenue
Total revenue	23,540
Operating costs and expenses
Operating costs	25,213
General and administrative	2,558
Depreciation	10,696
Total operating costs and expenses	38,467
Loss from operations	(14,927)
Other income (expense)
Interest income	3
Interest expense and other financing charges	(1,728)
Other, net	(69)
Reorganization items	(452,919)
Total other expense	(454,713)
Loss before income taxes	(469,640)
Income tax provision	2,371
Net loss	(472,011)
Net loss attributable to noncontrolling interests	(969)
Net loss attributable to VDI	(471,042)
Predecessor | Contract Drilling Services
Revenue
Total revenue	20,891
Predecessor | Management Fees
Revenue
Total revenue	752
Predecessor | Reimbursables
Revenue
Total revenue	$ 1,897

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-in Capital	Accumulated Deficit	Non-Controlling Interests
Beginning Balance (Predecessor) at Dec. 31, 2015	$ 472,011		$ 595,119	$ (138,363)	$ 15,255
Beginning Balance (in shares) (Predecessor) at Dec. 31, 2015		1,000
Acquisition of non-controlling interest | Predecessor				14,286	(14,286)
Cancellation of Predecessor company equity | Predecessor			(595,119)	595,119
Cancellation of Predecessor company equity (in shares) | Predecessor		(1,000)
Net loss | Predecessor	(472,011)			(471,042)	(969)
Ending Balance (Predecessor) at Feb. 09, 2016
Ending Balance at Feb. 09, 2016
Ending Balance (in shares) (Predecessor) at Feb. 09, 2016
Ending Balance (in shares) at Feb. 09, 2016
Issuance of Successor company equity	311,350	$ 4	311,346
Issuance of Successor company equity (in shares)		4,345,000
Issuance of shares in settlement of VDC Note	62,627	$ 1	62,626
Issuance of shares in settlement of VDC Note (in shares)		655,000
Net loss	(147,417)			(147,417)
Ending Balance at Dec. 31, 2016	226,560	$ 5	373,972	(147,417)
Ending Balance (in shares) at Dec. 31, 2016		5,000,000
Net loss	(149,785)			(149,785)
Ending Balance at Dec. 31, 2017	$ 76,775	$ 5	373,972	(297,202)
Ending Balance (in shares) at Dec. 31, 2017	5,000,053	5,000,000
Net loss	$ (141,468)			(141,468)
Ending Balance at Dec. 31, 2018	$ (64,693)	$ 5	$ 373,972	$ (438,670)
Ending Balance (in shares) at Dec. 31, 2018	5,000,053	5,000,000

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($)	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2016	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$ (147,417,000)	$ (141,468,000)	$ (149,785,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense		67,920,000	70,447,000	73,925,000
Amortization of debt financing costs		427,000	556,000	468,000
Amortization of debt discount		43,208,000	49,417,000	48,925,000
Amortization of contract value			6,311,000	4,686,000
PIK interest on the Convertible Notes		6,712,000	7,648,000	7,604,000
Share-based compensation expense		402,000	7,165,000	3,997,000
Gain on bargain purchase				(1,910,000)
Non-cash loss on debt extinguishment			975,000
Deferred income tax benefit		(3,368,000)	1,742,000	(1,964,000)
(Gain) loss on disposal of assets	$ 0	652,000	(1,301,000)	335,000
Changes in operating assets and liabilities:
Trade receivables		53,447,000	16,948,000	(24,529,000)
Inventory		(964,000)	1,911,000	1,251,000
Prepaid expenses and other current assets		2,790,000	(6,121,000)	1,267,000
Other assets		(3,409,000)	2,339,000	2,638,000
Accounts payable		736,000	4,706,000	4,383,000
Accrued liabilities and other long-term liabilities		(26,010,000)	(8,481,000)	8,836,000
Net cash provided by (used in) operating activities		(4,874,000)	12,794,000	(19,873,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment		(11,964,000)	(14,316,000)	(2,224,000)
Net proceeds from sale of Vantage 260			4,703,000	255,000
Net cash provided by (used in) investing activities		(11,964,000)	(94,613,000)	(14,969,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt		(1,430,000)	(216,265,000)	(1,430,000)
Debt issuance costs		(51,000)	(7,688,000)
Debt prepayment costs			(296,000)
Net cash provided by (used in) financing activities		(1,481,000)	125,751,000	(1,430,000)
Net increase (decrease) in cash and cash equivalents		(18,319,000)	43,932,000	(36,272,000)
Unrestricted and restricted cash and cash equivalents—beginning of period		250,046,000	195,455,000	231,727,000
Unrestricted and restricted cash and cash equivalents—end of period	250,046,000	231,727,000	239,387,000	195,455,000
Cash paid for:
Interest		16,704,000	22,538,000	15,596,000
Income taxes (net of refunds)		16,659,000	14,859,000	17,679,000
Non-cash investing and financing transactions:
Payment of interest in kind on the Convertible Notes		6,691,000	7,647,000	7,604,000
Trade-in value on equipment upgrades			570,000
9.25% First Lien Notes
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of Notes			350,000,000
Soehanah
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for acquisition			$ (85,000,000)
Vantage 260
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for acquisition				$ (13,000,000)
Predecessor
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	(472,011,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense	10,696,000
Reorganization items	430,210,000
Changes in operating assets and liabilities:
Trade receivables	(3,575,000)
Inventory	223,000
Prepaid expenses and other current assets	6,893,000
Other assets	941,000
Accounts payable	(14,890,000)
Accrued liabilities and other long-term liabilities	21,148,000
Net cash provided by (used in) operating activities	(20,365,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment	116,000
Net cash provided by (used in) investing activities	116,000
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt	(7,000,000)
Debt issuance costs	(1,125,000)
Net cash provided by (used in) financing activities	66,875,000
Net increase (decrease) in cash and cash equivalents	46,626,000
Unrestricted and restricted cash and cash equivalents—beginning of period	203,420,000	$ 250,046,000
Unrestricted and restricted cash and cash equivalents—end of period	250,046,000
Cash paid for:
Interest	1,568,000
Income taxes (net of refunds)	(1,864,000)
Non-cash investing and financing transactions:
Additional notes issued for backstop premium	1,125,000
Predecessor | 10% Second Lien Notes
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of Notes	$ 75,000,000

Consolidated Statement of Cas_2

Consolidated Statement of Cash Flows (Parenthetical)	Feb. 09, 2016
10% Second Lien Notes | Predecessor
Debt Instrument, interest rate	10.00%

Organization and Recent Events

Organization and Recent Events	12 Months Ended
	Dec. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Recent Events	1. Organization and Recent Events Vantage Drilling International (the “Company” or “VDI”), a Cayman Islands exempted company, is an international offshore drilling company focused on operating a fleet of modern, high specification drilling units. Our principal business is to contract drilling units, related equipment and work crews, primarily on a dayrate basis to drill oil and natural gas wells for our customers. 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 for rigs that are under construction, preservation management services for rigs that are stacked and operations and marketing services for operating rigs. Refinancing On November 30, 2018, we issued $350.0 million in aggregate principal amount of 9.25% Senior Secured First Lien Notes due November 15, 2023 (“9.25% First Lien Notes”) in a private placement at par. The proceeds of the issuance were used (i) to repay all obligations under the 2016 Term Loan Facility and to terminate the Credit Agreement, (ii) to redeem all outstanding 10% Second Lien Notes, (iii) to fund the remaining amounts to be paid in connection with the Rig Purchase (as defined below), (iv) to pay fees and expenses related to the foregoing and to the offering of the 9.25% First Lien Notes and (v) for general corporate purposes. The 9.25% First Lien Notes are guaranteed on a joint and several basis by the Company’s direct and indirect subsidiaries and are secured by a first priority lien on substantially all of the assets of the Company and its subsidiaries, in each case subject to certain exceptions. The 9.25% First Lien Notes will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. Concurrently with the issuance of the 9.25% First Lien Notes, we entered into a new letter of credit facility to replace the letter of credit facility existing under the 2016 Term Loan Facility. The new facility has a capacity of $50.0 million, with all outstanding letters of credit being cash collateralized. As of December 31, 2018, we had $36.3 million available for the issuance of letters of credit under this cash collateralized letter of credit facility. Rig Purchase On June 13, 2018, we entered into a share purchase agreement with Ship Finance International Limited to acquire the shares of Rig Finance Limited, an entity that owns the Soehanah Drilling Contract Arbitration On August 31, 2015, Petrobras America, Inc. (“PAI”) and Petrobras Venezuela Investments & Services, BV (“PVIS”), both subsidiaries of Petroleo Brasileiro S.A. (“ ” 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 counterclaims made by the Petrobras parties 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. In accordance with 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. Pursuant to the terms of the award, the amount due to the Company as of December 31, 2018, totaled approximately $701.4 million, inclusive of interest. On July 2, 2018, our subsidiaries, Vantage Deepwater Company and Vantage Deepwater Drilling, Inc., filed a petition in the U.S. District Court for the Southern District of Texas to confirm the arbitration award against the Petrobras parties. On August 31, 2018, Petrobras, PAI and PVIS filed with the court, among other things, a response to our petition and a motion to vacate the arbitration award. The court heard our petition and their response and motion to vacate on March 8, 2019. In connection with enforcing the arbitration award against the Petrobras parties, we secured an order from the Amsterdam District Court in the Netherlands on August 22, 2018, which froze certain assets of Petrobras and PVIS in the Netherlands that we believe are valued in excess of our claim at this time. On November 15, 2018, we filed a petition in the Court of Appeals in The Hague, the Netherlands, to recognize and enforce the arbitration award against the Petrobras parties in the Netherlands. On March 1, 2019, the Petrobras parties filed their statement of defense with the court. The court is scheduled to hear our petition and the Petrobras parties’ statement of defense on May 14, 2019. The Company’s ability to fully recover the award against the Petrobras parties is subject to legal, procedural, solvency and other risks associated with enforcing arbitration awards in these circumstances. In addition, any award ultimately recovered will be subject to reduction in respect of legal fees owed (including, among others, fees contingent on the size of the award, less amounts previously paid) and any applicable taxes. 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, the Company was added as an additional defendant in a legal proceeding initiated by the Brazilian federal public prosecutor’s office in the State of Parana, Brazil (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 $31.0 million), together with a civil fine equal to three times that amount. The Company understands that the Brazilian court hearing the proceeding has issued an order authorizing the seizure and freezing of the assets of the Company and the other three defendants in the legal proceeding, as a precautionary measure, in the amount of approximately $124.0 million. The Company and the other three defendants are jointly and severally liable for this amount. The seizure order has not had an effect on the Company’s assets or operations, as the Company does not own any assets in Brazil, and does not currently intend to relocate any assets to Brazil. On February 13, 2019, we learned that the Brazilian Federal Prosecutor has requested mutual legal assistance from the U.S. Department of Justice pursuant to the United Nations Convention against Corruption of 2003 to obtain a freezing order against the Company’s U.S. assets in the amount of $124.0 million. The Company believes this request is not supported by applicable law and intends to vigorously oppose and defend against any attempts to seize its assets. Further, the Company intends to vigorously defend against the allegations made in the underlying improbity action. However, we can neither 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 related proceeding that could adversely affect us. Restructuring Agreement and Emergence from Voluntary Reorganization under Chapter 11 Proceeding On December 1, 2015, we and VDC 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 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 December 31, 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 $177.66 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 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 $150.0 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”). In November 2018, all obligations under the 2016 Term Loan Facility were repaid and the 2016 Term Loan Facility and the Credit Agreement were terminated in connection with the issuance of the 9.25% First Lien Notes. “— ”. 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. In November 2018, all of the 10% Second Lien Notes were redeemed in connection with the issuance of the 9.25% First Lien Notes. “— ”. 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.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Basis of Consolidation: The accompanying consolidated financial information as of December 31, 2018 and 2017, for the years ended December 31, 2018 and 2017, and for the periods from February 10, 2016 to December 31, 2016 and from January 1, 2016 to February 10, 2016 have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC and include our accounts and those of our majority owned subsidiaries and variable interest entities (“VIEs”) discussed below. All significant intercompany transactions and accounts have been eliminated. In connection with our bankruptcy filing, we were subject to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 852 Reorganizations Certain pre-petition liabilities subject to Chapter 11 proceedings were considered as LSTC on the Petition Date and just prior to our emergence from bankruptcy on the Effective Date. The LSTC classification distinguished such liabilities from the liabilities that were not expected to be compromised and liabilities incurred post-petition. ASC 852 requires that subsequent to the Petition Date, expenses, realized gains and losses and provisions for losses that can be directly associated with the reorganization of the business be reported separately as reorganization items in the consolidated statements of operations. We were required to distinguish pre-petition liabilities subject to compromise from those that were not and post-petition liabilities in our balance sheet. Liabilities that were subject to compromise were reported at the amounts expected to be allowed by the Bankruptcy Court, even if they were settled for lesser amounts as a result of the Reorganization Plan. Upon emergence from bankruptcy on the Effective Date, we adopted fresh-start accounting in accordance with ASC 852, which resulted in the Company becoming a new entity for financial reporting purposes. Upon adoption of fresh-start accounting, our assets and liabilities were recorded at their fair values as of the Effective Date. The Effective Date fair values of our assets and liabilities differed materially from the recorded values of our assets and liabilities as reflected in our historical consolidated balance sheets. The effects of the Reorganization Plan and the application of fresh-start accounting were reflected in our consolidated financial statements as of February 10, 2016 and the related adjustments thereto were recorded in our consolidated statements of operations as reorganization items for the Predecessor Period January 1 to February 10, 2016. As a result, our consolidated balance sheets and consolidated statement of operations subsequent to the Effective Date are not comparable to our consolidated balance sheets and statements of operations prior to the Effective Date. Our consolidated financial statements and related notes are presented with a black line division which delineates the lack of comparability between amounts presented on or after February 10, 2016 and dates prior. Our financial results for periods following the application of fresh-start accounting are different from historical trends and the differences may be material. References to “Successor” relate to the Company on and subsequent to the Effective Date. References to “Predecessor” refer to the Company prior to the Effective Date. The consolidated financial statements of the Successor have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. In addition to the consolidation of our majority owned subsidiaries, we also consolidate VIEs when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE. Certain subsidiaries of VDC, who were guarantors of our pre-petition debt and part of the Reorganization Plan, became our subsidiaries upon emergence from bankruptcy on the Effective Date. We consolidated these entities in our Predecessor consolidated financial statements because we determined that they were VIEs and that we were the primary beneficiary. The following table summarizes the net effect of consolidating these entities on our Predecessor consolidated statement of operations. Predecessor Period from January 1, 2016 to February 10, 2016 (in thousands) Revenue $ 1,219 Operating costs and expenses 1,240 Income before taxes 22 Income tax provision 991 Net loss attributable to noncontrolling interests (969 ) 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 our drilling rigs, furniture and fixtures, computer equipment and capitalized costs for computer software. Drilling rigs are depreciated on a component basis over estimated useful lives ranging from five to thirty-five years on a straight-line basis as of the date placed in service. Other assets are depreciated upon placement in service over estimated useful lives ranging from three to seven years on a straight-line basis. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and a gain or loss is recognized. For the years ended December 31, 2018 and 2017, and for the period from February 10, 2016 to December 31, 2016, we recognized a net gain of $1.3 million and net losses of $335,000 and $652,000, respectively, related to the sale or retirement of assets. We did not recognize a gain or loss on sale or retirement of assets for the period from January 1, 2016 to February 10, 2016. 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 December 31, 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 connection with our acquisition of the and related multi-year drilling contract, 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 $6.3 million and $4.7 million of amortization expense for intangible assets for the years ended December 31, 2018 and 2017, respectively. We did not recognize any amortization expense for intangible assets for the period from February 10, 2016 to December 31, 2016 or for the period from January 1, 2016 to February 10, 2016. Expected future intangible asset amortization as of December 31, 2018 is as follows: (in thousands) Fiscal year: 2019 $ 1,643 Thereafter - Total $ 1,643 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. We do not establish deferred tax liabilities for certain of our foreign earnings that we intend to indefinitely reinvest to finance foreign activities. 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 December 31, 2018 and 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 years ended December 31, 2018 and 2017, and for the periods from February 10, 2016 to December 31, 2016 and from January 1, 2016 to February 10, 2016, we recognized a net loss of $1.5 million, a net gain of $2.8 million, a net gain of $1.1 million and a net loss of $5,000, 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 balance sheet principally due to the short-term nature or floating rate nature of these instruments. At December 31, 2018, the fair value of the 9.25% First Lien Notes and the Convertible Notes was approximately $340.9 million and $734.5 million, 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. In July 2018, ASC 842 was amended by ASU No. 2018-11, Targeted Improvements. We adopted ASC 842, as amended, on January 1, 2019 electing to apply the standard prospectively and not restating comparative periods. This transition method allows for the initial recognition of a cumulative catch-up adjustment to the opening balance of retained earnings in the year of adoption; however, based on our analysis of current lease arrangements, we do not expect an adjustment to be required. The new standard provides a number of optional practical expedients in transition. We expect to elect the “package of practical expedients”, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. The new standard also provides practical expedients for an entity’s ongoing accounting. We expect to elect the short-term lease recognition exemption for all leases that qualify. We also expect to elect the practical expedient to not separate lease and non-lease components for all of our leases. Our drilling contracts contain a lease component related to the underlying drilling equipment, in addition to the service component provided by our crews and our expertise to operate such drilling equipment. We have determined that the non-lease service component of our drilling contracts is the predominant element of the combined component and will account for the combined components as a single performance obligation under Topic 606, Revenue from Contracts with Customers. The bareboat charter contract on the recently acquired Soehanah Based on the lease arrangements under which we are the lessee as of December 31, 2018, we expect to recognize an aggregate lease liability and a corresponding right-to-use asset of between $9.0 million and $10.0 million based on our currently identified lease portfolio. We will continue to refine this estimate.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2018 Year Ended December 31, 2017 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (in thousands) Dayrate revenue $ 84,777 $ 115,406 $ 1,220 $ 201,403 $ 84,834 $ 105,269 $ 1,456 $ 191,559 Amortized revenue 1,049 2,333 — 3,382 207 243 — 450 Reimbursable revenue 10,229 6,115 4,618 20,962 9,442 6,506 4,889 20,837 Total revenue $ 96,055 $ 123,854 $ 5,838 $ 225,747 $ 94,483 $ 112,018 $ 6,345 $ 212,846 Period from February 10, 2016 to December 31, 2016 Period from January 1, 2016 to February 10, 2016 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (in thousands) Dayrate revenue $ 45,180 $ 86,186 $ 4,074 $ 135,440 $ 7,583 $ 10,600 $ 752 $ 18,935 Amortized revenue 3,613 (609 ) — 3,004 — 2,708 — 2,708 Reimbursable revenue 8,556 5,386 6,262 20,204 326 456 1,115 1,897 Total revenue $ 57,349 $ 90,963 $ 10,336 $ 158,648 $ 7,909 $ 13,764 $ 1,867 $ 23,540 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: December 31, 2018 December 31, 2017 (in thousands) Current contract cost assets $ 774 $ 217 Noncurrent contract cost assets 3,999 6,216 Current contract revenue liabilities 2,309 510 Noncurrent contract revenue liabilities 4,424 6,757 Significant changes in contract cost assets and contract revenue liabilities during the year ended December 31, 2018 are as follows: Contract Costs Contract Revenues (in thousands) Balance as of December 31, 2017 $ 6,433 $ 7,267 Increase due to contractual additions 6,089 2,445 Increase due to Soehanah — 913 Decrease due to recognition (7,749 ) (3,892 ) Balance as of December 31, 2018 (1) $ 4,773 $ 6,733 (1) We expect to recognize contract revenues of approximately $4.6 million in 2019 and $2.1 million thereafter related to unsatisfied performance obligations existing as of December 31, 2018. We have elected to utilize an 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	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Acquisitions	4. Acquisitions On June 13, 2018, we entered into a share purchase agreement with Ship Finance International Limited to acquire the shares of Rig Finance Limited, an entity that owns the Soehanah We accounted for the acquisition as an asset purchase in accordance with accounting guidance considering that substantially all of the fair value of the gross assets acquired was concentrated in the Soehanah (in thousands) Total cash consideration (1) $ 85,000 Purchase price allocation: Soehanah rig and equipment 81,850 Inventory supplies and spare parts 3,150 Cash 913 Charterer deposit (913 ) Net assets acquired $ 85,000 (1) Including $0.4 million of transaction costs. Pro forma results of operations related to the acquisition are not material to our consolidated statement of operations. In April 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, renamed the Vantage 260, Sapphire Driller Vantage 260 (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 year ended December 31, 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 Pro forma results of operations related to the acquisition have not been presented because they are not material to our consolidated statement of operations.

Reorganization Items

Reorganization Items	12 Months Ended
	Dec. 31, 2018
Reorganization Items [Abstract]
Reorganization Items	5. Reorganization Items Reorganization items represent amounts incurred subsequent to the Petition Date as a direct result of the filing of the Reorganization Plan and are comprised of the following: Successor Predecessor Year Ended December 31, 2018 Year Ended December 31, 2017 Period from February 10, 2016 to December 31, 2016 Period from January 1, 2016 to February 10, 2016 (in thousands) Professional fees $ — $ — $ 1,380 $ 22,712 Net gain on settlement of LSTC — — — (1,630,025 ) Fresh-start adjustments — — — 2,060,232 $ — $ — $ 1,380 $ 452,919 For the year ended December 31, 2017, and for the periods from February 10, 2016 to December 31, 2016 and from January 1, 2016 to February 10, 2016, cash payments for reorganization items totaled $208,000, $16.6 million and $7.3 million, respectively.

Debt

Debt	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	6. Debt Our debt was composed of the following: December 31, 2018 2017 (in thousands) 9.25% First Lien Notes, net of financing costs of $7,560 $ 342,439 $ — 2016 Term Loan Facility — 140,140 10% Second Lien Notes, net of financing costs of $1,404 — 74,721 Convertible Notes, net of discount of $5,354 and $54,770 766,572 709,508 1,109,011 924,369 Less current maturities of long-term debt — 4,430 Long-term debt, net $ 1,109,011 $ 919,939 Aggregate scheduled principal maturities of our debt for the next five years and thereafter are as follows (in thousands): 2019 $ — 2020 — 2021 — 2022 — 2023 350,000 Thereafter 2,775,628 Total debt (1) 3,125,628 Less: Current maturities of long-term debt - Future amortization of note discounts (5,354 ) Future amortization of financing costs (7,561 ) Future PIK interest (2,003,702 ) Long-term debt $ 1,109,011 (1) Excludes original issuance discount of $5.4 million on the Convertible Notes and financing costs of $7.6 million on the 9.25% First Lien Notes. 9.25% First Lien Notes. On November 30, 2018, the Company issued $350.0 million in aggregate principal amount of 9.25% First Lien Notes in a private placement. The 9.25% First Lien notes were issued at par and are fully guaranteed on senior secured basis, by the Company’s direct and indirect subsidiaries and are secured by a first priority lien on substantially all of the assets of the Company and its subsidiaries, in each case subject to certain exceptions. The 9.25% First Lien Notes are subject to first payment priority in favor of holders of up to $50.0 million of future super-priority debt and are subject to both mandatory and optional redemption provisions. The 9.25% First Lien Notes mature on November 15, 2023 and bear interest from the date of their issuance at the rate of 9.25% per year. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months and is payable semi-annually in arrears, commencing on May 15, 2019. The Indenture for the 9.25% First 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. The net proceeds from the issuance were used (i) to repay all obligations under the 2016 Term Loan Facility and to terminate the Credit Agreement, (ii) to redeem all outstanding 10% Second Lien Notes, (iii) to fund the remaining amounts to be paid in connection with the Rig Purchase, (iv) to pay fees and expenses related to the foregoing and to the offering of the 9.25% First Lien Notes and (v) for general corporate purposes. Concurrently with the issuance of the 9.25% First Lien Notes, we entered into a new letter of credit facility to replace the letter of credit facility existing under the 2016 Term Loan Facility. The new facility has a capacity of $50.0 million, with all outstanding letters of credit being cash collateralized. We have issued $13.7 million in letters of credit under this facility as of December 31, 2018. Second Amended and Restated Credit Agreement. As part of the Reorganization Plan, the Company entered into the 2016 Term Loan Facility providing for (i) a $32.0 million revolving letter of credit facility to replace the Company’s existing $32.0 million revolving letter of credit commitment under its pre-petition credit facility and (ii) $143.0 million of term loans into which the claims of the lenders under the Company’s pre-petition credit facility were converted. The lenders under the Company’s pre-petition credit facility also received $7.0 million of cash under the Reorganization Plan. The obligations under the 2016 Term Loan Facility were 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 November 2018, all obligations under the 2016 Term Loan Facility were repaid and the 2016 Term Loan Facility and the Credit Agreement were terminated in connection with the issuance of the 9.25% First Lien Notes. 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 pre-petition 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 were 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 were scheduled to mature on December 31, 2020, and bore interest from the date of their issuance at the rate of 10% per year. Interest on outstanding 10% Second Lien Notes was payable semi-annually in arrears, which commenced on June 30, 2016. Interest was computed on the basis of a 360-day year comprised of twelve 30-day months. The 10% Second Lien Notes ranked behind the 2016 Term Loan Facility as to collateral. In November 2018, all of the 10% Second Lien Notes were redeemed in connection with the issuance of the 9.25% First Lien Notes. 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 December 31, 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 $177.66 of principal of Convertible Notes. As of December 31, 2018, we would be required to issue approximately 8.1 million New Shares if the Convertible Notes were converted. In connection with the adoption of fresh-start accounting, the Convertible Notes were recorded at an estimated fair value of approximately $603.1 million. The difference between face value and the fair value at date of issuance of the Convertible Notes was recorded as a debt discount and is being amortized to interest expense over the expected life of the Convertible Notes using the effective interest rate method. 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 1.0% per annum for the first four years and then increasing to 12.0% 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 (February 10, 2016), (i) upon the instruction of holders of a majority in principal amount of the Convertible Notes or (ii) upon the full and final resolution of all potential Investigation Claims (as defined below), as determined in good faith by the board of directors of the Company (the “Board”) (which determination shall require the affirmative vote of a supermajority of the non-management directors), and (b) from and after February 10, 2019 through their maturity date of December 31, 2030, upon the approval of the Board (which approval shall require the affirmative vote of a supermajority of the non-management directors). For these purposes, (i) “supermajority of the non-management directors” means five affirmative votes of non-management directors assuming six non-management directors eligible to vote and, in all other circumstances, the affirmative vote of at least 75% of the non-management directors eligible to vote and (ii) “Investigation Claim” means any claim held by a United States or Brazilian governmental unit and arising from or related to the procurement of the Drilling Contract, as amended, modified, supplemented, or novated from time to time. In the event of a change in control, the holders of the Convertible Notes have the right to require us to repurchase all or any part of the Convertible Notes at a price equal to 101.0% 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 at December 31, 2017 and December 31, 2018, respectively.

Shareholder's Equity

Shareholder's Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Shareholder's Equity	7. Shareholder’s Equity We have 50,000,000 authorized ordinary shares, par value $0.001 per share. Upon emergence from bankruptcy, we issued 5,000,053 ordinary shares in connection with the settlement of LSTC and the VDC Note. As of December 31, 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 year ended December 31, 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. 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 December 31, 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. A summary of the restricted unit awards for the year ended December 31, 2018 is as follows: Year Ended December 31, 2018 Time vested restricted units Units awarded 2,230 Weighted-average unit price at award date $ 241.52 Weighted average vesting period (years) 4.0 Units vested 20,414 Units forfeited 618 Performance vested restricted units Units awarded 2,403 Weighted-average unit price at award date 220 Weighted average vesting period (years) 7 Units vested — Units forfeited 1,923 A summary of the status of non-vested restricted units at December 31, 2018 and changes during the year ended December 31, 2018 is as follows: Time Vested Restricted Units Outstanding Weighted Average Award Date Unit Price Performance Vested Restricted Units Outstanding Weighted Average Award Date Unit Price Nonvested restricted units at December 31, 2017 64,377 $ 118.11 165,435 $ 112.73 Awarded 2,230 241.52 2,403 220.00 Vested (20,414 ) 117.45 — — Forfeited (618 ) 160.00 (1,923 ) 160.00 Nonvested restricted units at December 31, 2018 45,575 $ 123.88 165,915 $ 113.74

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes We are a Cayman Islands entity. The Cayman Islands do not impose corporate income taxes. We do not have any domestic earnings; all of our earnings are foreign. Consequently, we have calculated income taxes based on the laws and tax rates in effect in the countries in which operations are conducted, or in which we and our subsidiaries are considered resident for income tax purposes. We operate in multiple countries under different legal forms. As a result, we are subject to the jurisdiction of numerous domestic and foreign tax authorities, as well as to tax agreements and treaties among these governments. Tax rates vary between jurisdictions, as does the tax base to which the rates are applied. Taxes may be levied based on net profit before taxes or gross revenues or as withholding taxes on revenue. Determination of income tax expense 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 the tax laws, regulations, agreements and treaties, foreign currency exchange restrictions and fluctuations, 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 to the 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, gains or losses on disposal or transfer of assets, reorganization expenses and write-off of development costs. The income tax expense (benefit), all of which relates to foreign income taxes, consisted of the following (in thousands): Successor Predecessor Year Ended December 31, Period from February 10, 2016 to December 31, 2016 Period from January 1, 2016 to February 10, 2016 2018 2017 Current $ 14,784 $ 16,132 $ 14,316 $ 2,371 Deferred 1,742 (1,964 ) (3,368 ) — Total $ 16,526 $ 14,168 $ 10,948 $ 2,371 A reconciliation of statutory and effective income tax rates is shown below: Successor Predecessor Year Ended December 31, Period from February 10, 2016 to December 31, 2016 Period from January 1, 2016 to February 10, 2016 2018 2017 Statutory rate 0.0 % 0.0 % 0.0 % 0.0 % Effect of: Taxes on foreign earnings (14.1 ) % (9.2 ) % (7.2 ) % (0.3 ) % Settlement of prior years’ tax audits 0.0 % (0.5 ) % 1.1 % 0.0 % Tax rate change impact 0.0 % (1.4 ) % 0.0 % 0.0 % Uncertain tax positions 0.3 % 0.8 % (0.7 ) % (0.2 ) % Other 0.6 % (0.2 ) % (1.2 ) % 0.0 % Total (13.2 ) % (10.5 ) % (8.0 ) % (0.5 ) % 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, made significant changes to the U.S. corporate income tax system, including reducing the federal corporate income tax rate from 35% to 21%; changed 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 transitioned U.S. international taxation from a worldwide tax system to a modified territorial tax system. We completed the evaluation of the impact of the Act on our financial statements under the guidance as of December 2018, and have concluded that no further adjustments are required beyond the re-measurement of the deferred taxes recorded in 2017. 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. We do not establish deferred tax liabilities for certain of our foreign earnings that we intend to indefinitely reinvest to finance foreign activities. The components of the net deferred tax assets and liabilities were as follows: December 31, 2018 December 31, 2017 (in thousands) Deferred tax assets: Share-based compensation $ 919 $ 366 Accrued bonuses/compensation 489 547 Start-up costs 43 54 Loss carry-forwards 5,845 6,638 Deferred revenue 183 1,548 Total deferred tax assets 7,479 9,153 Valuation allowance (5,105 ) (5,103 ) Net deferred tax assets 2,374 4,050 Deferred tax liabilities: Property and equipment (1,039 ) (931 ) Deferred cost (74 ) — Other deferred tax liability (137 ) (253 ) Total deferred tax liabilities (1,250 ) (1,184 ) Net deferred tax asset $ 1,124 $ 2,866 At December 31, 2018, we had foreign tax loss carry forwards of approximately $19.3 million which will begin to expire in 2019. We include as a component of our income tax provision potential interest and penalties related to recognized tax contingencies within our global operations. Interest and penalties expense of approximately $3,000 is included in 2018 income tax expense and total interest and penalties of approximately $1.5 million are accrued as of December 31, 2018. A reconciliation of our unrecognized tax benefits amount is as follows (in thousands): Gross balance at January 1, 2018 $ 3,040 Additions based on tax positions related to the current year - Additions for tax positions of prior years 26 Reductions for tax positions of prior years (45 ) Expiration of statues (306 ) Tax settlements - Gross balance at December 31, 2018 2,715 Related tax benefits - Net reserve at December 31, 2018 $ 2,715 In certain jurisdictions we are taxed under preferential tax regimes, which may require our compliance with specified requirements to sustain the tax benefits. We believe we are in compliance with the specified requirements and will continue to make all reasonable efforts to comply; however, our ability to meet the requirements of the preferential tax regimes may be affected by changes in laws, our business operations and other factors affecting our company and industry, many of which are beyond our control. Our periodic tax returns are subject to examination by taxing authorities in the jurisdictions in which we operate in accordance with the normal statute of limitations in the applicable jurisdiction. These examinations may result in assessments of additional taxes that are resolved with the authorities or through the courts. Resolution of these matters involves uncertainties and there are no assurances as to the outcome. Our tax years 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	12 Months Ended
	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. 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. On November 19, 2018, we concluded a settlement agreement with the SEC resolving the SEC’s investigation into possible violations of the internal accounting control provisions of the FCPA by VDC and VDC’s subsidiaries (including Vantage and Vantage’s subsidiaries, the foregoing having been subsidiaries of VDC at the commencement of the investigation). As part of the settlement agreement, we paid the SEC $5.0 million. We neither admitted nor denied any of the SEC’s allegations, except as to jurisdiction, which we admitted. We accrued a liability for the payment in the fourth quarter of 2017. With the settlement of this matter with the SEC and the earlier decision by the DOJ to close its inquiry into Vantage and VDC without taking any action, the U.S. government’s investigation of Vantage and VDC for possible violations of the FCPA has formally concluded. In connection with our bankruptcy cases, two appeals were filed relating to the confirmation of the Reorganization Plan. Specifically, on January 29, 2016, Mr. 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 Mr. 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 January 10, 2019, Mr. Hsin-Chi Su and his company, F3 Capital, filed a declaratory action against us in the United States District Court for the District of Delaware seeking a ruling from the court that the confirmation of the Reorganization Plan does not prevent Mr. Hsin-Chi Su or F3 Capital from suing the Company for certain unspecified claims based on a theory of fraud alleged to be valued in excess of $2.0 billion. We filed a motion to dismiss with the court on March 4, 2019. We intend to vigorously defend against these claims, which we deem to be meritless. However, we cannot predict with certainty the ultimate decision by the court with respect to Mr. Hsin-Chi Su’s request. 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 parties’ 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. In accordance with 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. On July 2, 2018, our subsidiaries, Vantage Deepwater Company and Vantage Deepwater Drilling, Inc., filed a petition in the U.S. District Court for the Southern District of Texas to confirm the arbitration award against the Petrobras parties. On August 31, 2018, Petrobras, PAI and PVIS filed with the court, among other things, a response to our petition and a motion to vacate the arbitration award. The court heard our petition and their response and motion to vacate on March 8, 2019. In connection with enforcing the arbitration award against the Petrobras parties, we secured an order from the Amsterdam District Court in the Netherlands on August 22, 2018, which froze certain assets of Petrobras and PVIS in the Netherlands that we believe are valued in excess of our claim at this time. On November 15, 2018, we filed a petition in the Court of Appeals in The Hague, the Netherlands, to recognize and enforce the arbitration award against the Petrobras parties in the Netherlands. On March 1, 2019, the Petrobras parties filed their statement of defense with the court. The court is scheduled to hear our petition and the Petrobras parties’ statement of defense on May 14, 2019. The Company’s ability to fully recover the award against the Petrobras parties is subject to legal, procedural, solvency and other risks associated with enforcing arbitration awards in these circumstances. In addition, any award ultimately recovered will be subject to reduction in respect of legal fees owed (including, among others, fees contingent on the size of the award, less amounts previously paid) and any applicable taxes. 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, the Company was added as an additional defendant in a legal proceeding initiated by 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 $31.0 million), together with a civil fine equal to three times that amount. The Company understands that the Brazilian court hearing the proceeding has issued an order authorizing the seizure and freezing of the assets of the Company and the other three defendants in the legal proceeding, as a precautionary measure, in the amount of approximately $124.0 million. The Company and the other three defendants are jointly and severally liable for this amount. The seizure order has not had an effect on the Company’s assets or operations, as the Company does not own any assets in Brazil, and does not currently intend to relocate any assets to Brazil. On February 13, 2019, we learned that the Brazilian Federal Prosecutor has requested mutual legal assistance from the U.S. Department of Justice pursuant to the United Nations Convention against Corruption of 2003 to obtain a freezing order against the Company’s U.S. assets in the amount of $124.0 million. The Company believes this request is not supported by applicable law and intends to vigorously oppose and defend against any attempts to seize its assets. Further, the Company intends to vigorously defend against the allegations made in the underlying improbity action. However, we can neither 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 related 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 ongoing 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. We enter into operating leases in the normal course of business for office space, housing, vehicles and specified operating equipment. Some of these leases contain renewal options which would cause our future cash payments to change if we exercised those renewal options. As of December 31, 2018, we were obligated under leases, with varying expiration dates, for office space, housing, vehicles and specified operating equipment. Future minimum annual rentals under these operating leases having initial or remaining terms in excess of one year are $3.3 million, $2.7 million, $0.6 million, $0.6 million and $0.3 million for each of the years ending December 31, 2019, 2020, 2021, 2022 and 2023, respectively, net of sublease proceeds. We have no rental commitments for the years 2024 and thereafter. Rental expenses for the years ended December 31, 2018 and 2017, and for the periods from February 10, 2016 to December 31, 2016 and from January 1, 2016 to February 10, 2016 were approximately $6.0 million, $4.3 million, $4.1 million and $678,000, respectively. At December 31, 2018, we had purchase commitments of $19.1 million. Our purchase commitments consist of obligations outstanding to external vendors primarily related to capital upgrades, materials, spare parts, consumables and related supplies for our drilling rigs.

Supplemental Financial Informat

Supplemental Financial Information	12 Months Ended
	Dec. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Supplemental Financial Information	10 . Supplemental Financial Information Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: December 31, 2018 2017 (in thousands) Prepaid insurance $ 660 $ 294 Sales tax receivable 10,145 5,652 Income tax receivable 874 1,374 Other receivables 1,634 158 Assets held for sale — 2,050 Current deferred contract costs 774 217 Other 3,191 3,462 $ 17,278 $ 13,207 Property and Equipment, net Property and equipment, net consisted of the following: December 31, 2018 2017 (in thousands) Drilling equipment $ 962,618 $ 883,598 Assets under construction 13,969 1,043 Office and technology equipment 18,452 18,778 Leasehold improvements 1,100 1,165 996,139 904,584 Accumulated depreciation (208,836 ) (141,393 ) Property and equipment, net $ 787,303 $ 763,191 Other Assets Other assets consisted of the following: December 31, 2018 2017 (in thousands) Noncurrent restricted cash $ 4,058 $ — Contract value, net 1,643 7,954 Deferred certification costs 3,548 3,497 Noncurrent deferred contract costs 3,999 6,216 Deferred income taxes 1,844 3,162 Deposits 934 1,106 $ 16,026 $ 21,935 Accrued Liabilities Accrued liabilities consisted of the following: December 31, 2018 2017 (in thousands) Interest $ 2,827 $ 3,952 Compensation 7,013 10,285 Income taxes payable 3,175 3,740 SEC penalty payable — 5,000 Current deferred revenue 2,309 510 Other 2,659 1,630 $ 17,983 $ 25,117 Long-term Liabilities Long-term liabilities consisted of the following: December 31, 2018 2017 (in thousands) Noncurrent deferred revenue $ 4,424 $ 6,757 Deferred income taxes 720 296 2016 MIP 11,565 4,399 Other non-current liabilities 6,180 5,743 $ 22,889 $ 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: December 31, 2018 2017 (in thousands) Cash and cash equivalents $ 224,967 $ 195,455 Restricted cash 10,362 — Restricted cash included within Other Assets 4,058 — Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 239,387 $ 195,455 Restricted cash as of December 31, 2018 represents cash held by banks as certificates of deposit collateralizing letters of credit. Transactions with Former Parent Company Our consolidated statement of operations includes the following transactions with VDC for the periods indicated: Successor Predecessor Year Ended December 31, 2018 Year Ended December 31, 2017 Period from February 10, 2016 to December 31, 2016 Period from January 1, 2016 to February 10, 2016 (in thousands) Reimbursable revenues $ — $ — $ — $ — Interest income — — (3 ) 3 Interest expense — — — (662 ) $ — $ — $ (3 ) $ (659 ) The following table summarizes the balances payable to VDC included in our consolidated balance sheet as of the dates indicated: December 31, 2018 2017 (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. Related Party Transactions As of December 31, 2018, we did not have any material related party transactions that were not in the ordinary course of business.

Business Segment Information

Business Segment Information	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Business Segment Information	11. Business Segment 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. In September 2013, we signed an agreement to supervise and manage the construction of two ultra-deepwater drillships for a third party. We receive management fees and reimbursable costs during the construction phase of the two drillships, subject to a maximum amount for each drillship. Our management business represented less than 4% of our total revenue for each of the For the years ended December 31, 2018, 2017 and 2016, the majority of our revenue was from countries outside of the United States. Consequently, we are exposed to the risk of changes in economic, political and social conditions inherent in foreign operations. Three customers accounted for approximately 40%, 15% and 14% of consolidated revenue for the year ended December 31, 2018. Four customers accounted for approximately 51%, 15%, 13% and 11% of consolidated revenue for the year ended December 31, 2017. Three customers accounted for approximately 58%, 19% and 11% of consolidated revenue for the period from February 10, 2016 to December 31, 2016. Three customers accounted for approximately 58%, 18% and 14% of consolidated revenue for the period from January 1, 2016 to February 10, 2016. Our revenues by country were as follows: Successor Predecessor Year Ended December 31, 2018 Year Ended December 31, 2017 Period from February 10, 2016 to December 31, 2016 Period from January 1, 2016 to February 10, 2016 Congo $ 123,605 $ 139,579 $ 91,435 $ 13,769 Malaysia — 26,983 30,397 3,319 Indonesia — 23,477 18,075 4,214 India 32,630 — — — Other countries (a) 69,512 22,807 18,741 2,238 Total revenues $ 225,747 $ 212,846 $ 158,648 $ 23,540 (a) Other countries represent countries in which we operate that individually had operating revenues representing less than 10% of total revenues earned for the respective periods. Our property and equipment, net by country were as follows: December 31, 2018 December 31, 2017 Congo $ — $ 256,200 Canary Islands 216,955 — India 141,342 155,362 Indonesia 81,850 — Malaysia — 103,603 South Africa 164,239 179,468 Other countries (a) 182,917 68,558 Total property and equipment $ 787,303 $ 763,191 (a) Other countries represent countries in which we operate that individually had property equipment, net representing less than 10 percent of total property and equipment at the end of the respective period. 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.

Supplemental Quarterly Informat

Supplemental Quarterly Information (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Supplemental Quarterly Information (Unaudited)	12. Supplemental Quarterly Information (Unaudited) The following table reflects a summary of the unaudited interim results of operations for the years ended December 31, 2018, 2017 and 2016 (in thousands except per share amounts). Successor Quarter Ended March 31 June 30 September 30 December 31 2017 Revenues $ 42,049 $ 53,263 $ 57,696 $ 59,838 Loss from operations (1) (16,855 ) (17,167 ) (17,674 ) (13,005 ) Other expense (18,218 ) (16,044 ) (18,134 ) (18,520 ) Net loss (36,499 ) (36,592 ) (40,068 ) (36,626 ) Loss per share Basic and diluted $ (7.30 ) $ (7.32 ) $ (8.01 ) $ (7.33 ) 2018 Revenues $ 57,663 $ 60,461 $ 64,556 $ 43,067 Loss from operations (8,544 ) (8,178 ) (5,692 ) (22,871 ) Other expense (19,620 ) (19,706 ) (18,853 ) (21,478 ) Net loss (32,137 ) (31,094 ) (26,060 ) (52,177 ) Loss per share Basic and diluted $ (6.43 ) $ (6.22 ) $ (5.21 ) $ (10.44 ) (1) During the quarter ended December 31, 2017 we recorded a loss contingency in the amount of $5.0 million in connection with the proposed offer of settlement with the SEC, as described in “ Note 9. Commitments and Contingencies”. Loss per share is computed independently for each of the periods presented. Therefore, the sum of the periods’ earnings (loss) per share may not agree to the total computed for the year.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation: The accompanying consolidated financial information as of December 31, 2018 and 2017, for the years ended December 31, 2018 and 2017, and for the periods from February 10, 2016 to December 31, 2016 and from January 1, 2016 to February 10, 2016 have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC and include our accounts and those of our majority owned subsidiaries and variable interest entities (“VIEs”) discussed below. All significant intercompany transactions and accounts have been eliminated. In connection with our bankruptcy filing, we were subject to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 852 Reorganizations Certain pre-petition liabilities subject to Chapter 11 proceedings were considered as LSTC on the Petition Date and just prior to our emergence from bankruptcy on the Effective Date. The LSTC classification distinguished such liabilities from the liabilities that were not expected to be compromised and liabilities incurred post-petition. ASC 852 requires that subsequent to the Petition Date, expenses, realized gains and losses and provisions for losses that can be directly associated with the reorganization of the business be reported separately as reorganization items in the consolidated statements of operations. We were required to distinguish pre-petition liabilities subject to compromise from those that were not and post-petition liabilities in our balance sheet. Liabilities that were subject to compromise were reported at the amounts expected to be allowed by the Bankruptcy Court, even if they were settled for lesser amounts as a result of the Reorganization Plan. Upon emergence from bankruptcy on the Effective Date, we adopted fresh-start accounting in accordance with ASC 852, which resulted in the Company becoming a new entity for financial reporting purposes. Upon adoption of fresh-start accounting, our assets and liabilities were recorded at their fair values as of the Effective Date. The Effective Date fair values of our assets and liabilities differed materially from the recorded values of our assets and liabilities as reflected in our historical consolidated balance sheets. The effects of the Reorganization Plan and the application of fresh-start accounting were reflected in our consolidated financial statements as of February 10, 2016 and the related adjustments thereto were recorded in our consolidated statements of operations as reorganization items for the Predecessor Period January 1 to February 10, 2016. As a result, our consolidated balance sheets and consolidated statement of operations subsequent to the Effective Date are not comparable to our consolidated balance sheets and statements of operations prior to the Effective Date. Our consolidated financial statements and related notes are presented with a black line division which delineates the lack of comparability between amounts presented on or after February 10, 2016 and dates prior. Our financial results for periods following the application of fresh-start accounting are different from historical trends and the differences may be material. References to “Successor” relate to the Company on and subsequent to the Effective Date. References to “Predecessor” refer to the Company prior to the Effective Date. The consolidated financial statements of the Successor have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. In addition to the consolidation of our majority owned subsidiaries, we also consolidate VIEs when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE. Certain subsidiaries of VDC, who were guarantors of our pre-petition debt and part of the Reorganization Plan, became our subsidiaries upon emergence from bankruptcy on the Effective Date. We consolidated these entities in our Predecessor consolidated financial statements because we determined that they were VIEs and that we were the primary beneficiary. The following table summarizes the net effect of consolidating these entities on our Predecessor consolidated statement of operations. Predecessor Period from January 1, 2016 to February 10, 2016 (in thousands) Revenue $ 1,219 Operating costs and expenses 1,240 Income before taxes 22 Income tax provision 991 Net loss attributable to noncontrolling interests (969 )
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 our drilling rigs, furniture and fixtures, computer equipment and capitalized costs for computer software. Drilling rigs are depreciated on a component basis over estimated useful lives ranging from five to thirty-five years on a straight-line basis as of the date placed in service. Other assets are depreciated upon placement in service over estimated useful lives ranging from three to seven years on a straight-line basis. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and a gain or loss is recognized. For the years ended December 31, 2018 and 2017, and for the period from February 10, 2016 to December 31, 2016, we recognized a net gain of $1.3 million and net losses of $335,000 and $652,000, respectively, related to the sale or retirement of assets. We did not recognize a gain or loss on sale or retirement of assets for the period from January 1, 2016 to February 10, 2016. 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 December 31, 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 connection with our acquisition of the and related multi-year drilling contract, 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 $6.3 million and $4.7 million of amortization expense for intangible assets for the years ended December 31, 2018 and 2017, respectively. We did not recognize any amortization expense for intangible assets for the period from February 10, 2016 to December 31, 2016 or for the period from January 1, 2016 to February 10, 2016. Expected future intangible asset amortization as of December 31, 2018 is as follows: (in thousands) Fiscal year: 2019 $ 1,643 Thereafter - Total $ 1,643
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. We do not establish deferred tax liabilities for certain of our foreign earnings that we intend to indefinitely reinvest to finance foreign activities. 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 December 31, 2018 and 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: 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 years ended December 31, 2018 and 2017, and for the periods from February 10, 2016 to December 31, 2016 and from January 1, 2016 to February 10, 2016, we recognized a net loss of $1.5 million, a net gain of $2.8 million, a net gain of $1.1 million and a net loss of $5,000, 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 balance sheet principally due to the short-term nature or floating rate nature of these instruments. At December 31, 2018, the fair value of the 9.25% First Lien Notes and the Convertible Notes was approximately $340.9 million and $734.5 million, 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. In July 2018, ASC 842 was amended by ASU No. 2018-11, Targeted Improvements. We adopted ASC 842, as amended, on January 1, 2019 electing to apply the standard prospectively and not restating comparative periods. This transition method allows for the initial recognition of a cumulative catch-up adjustment to the opening balance of retained earnings in the year of adoption; however, based on our analysis of current lease arrangements, we do not expect an adjustment to be required. The new standard provides a number of optional practical expedients in transition. We expect to elect the “package of practical expedients”, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. The new standard also provides practical expedients for an entity’s ongoing accounting. We expect to elect the short-term lease recognition exemption for all leases that qualify. We also expect to elect the practical expedient to not separate lease and non-lease components for all of our leases. Our drilling contracts contain a lease component related to the underlying drilling equipment, in addition to the service component provided by our crews and our expertise to operate such drilling equipment. We have determined that the non-lease service component of our drilling contracts is the predominant element of the combined component and will account for the combined components as a single performance obligation under Topic 606, Revenue from Contracts with Customers. The bareboat charter contract on the recently acquired Soehanah Based on the lease arrangements under which we are the lessee as of December 31, 2018, we expect to recognize an aggregate lease liability and a corresponding right-to-use asset of between $9.0 million and $10.0 million based on our currently identified lease portfolio. We will continue to refine this estimate.
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: Year Ended December 31, 2018 Year Ended December 31, 2017 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (in thousands) Dayrate revenue $ 84,777 $ 115,406 $ 1,220 $ 201,403 $ 84,834 $ 105,269 $ 1,456 $ 191,559 Amortized revenue 1,049 2,333 — 3,382 207 243 — 450 Reimbursable revenue 10,229 6,115 4,618 20,962 9,442 6,506 4,889 20,837 Total revenue $ 96,055 $ 123,854 $ 5,838 $ 225,747 $ 94,483 $ 112,018 $ 6,345 $ 212,846 Period from February 10, 2016 to December 31, 2016 Period from January 1, 2016 to February 10, 2016 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (in thousands) Dayrate revenue $ 45,180 $ 86,186 $ 4,074 $ 135,440 $ 7,583 $ 10,600 $ 752 $ 18,935 Amortized revenue 3,613 (609 ) — 3,004 — 2,708 — 2,708 Reimbursable revenue 8,556 5,386 6,262 20,204 326 456 1,115 1,897 Total revenue $ 57,349 $ 90,963 $ 10,336 $ 158,648 $ 7,909 $ 13,764 $ 1,867 $ 23,540 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: December 31, 2018 December 31, 2017 (in thousands) Current contract cost assets $ 774 $ 217 Noncurrent contract cost assets 3,999 6,216 Current contract revenue liabilities 2,309 510 Noncurrent contract revenue liabilities 4,424 6,757 Significant changes in contract cost assets and contract revenue liabilities during the year ended December 31, 2018 are as follows: Contract Costs Contract Revenues (in thousands) Balance as of December 31, 2017 $ 6,433 $ 7,267 Increase due to contractual additions 6,089 2,445 Increase due to Soehanah — 913 Decrease due to recognition (7,749 ) (3,892 ) Balance as of December 31, 2018 (1) $ 4,773 $ 6,733 (1) We expect to recognize contract revenues of approximately $4.6 million in 2019 and $2.1 million thereafter related to unsatisfied performance obligations existing as of December 31, 2018. We have elected to utilize an 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 Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Net Effect of Consolidating Entities on Predecessor Consolidated Statement of Operations	The following table summarizes the net effect of consolidating these entities on our Predecessor consolidated statement of operations. Predecessor Period from January 1, 2016 to February 10, 2016 (in thousands) Revenue $ 1,219 Operating costs and expenses 1,240 Income before taxes 22 Income tax provision 991 Net loss attributable to noncontrolling interests (969 )
Summary of Expected Future Intangible Asset Amortization	Expected future intangible asset amortization as of December 31, 2018 is as follows: (in thousands) Fiscal year: 2019 $ 1,643 Thereafter - Total $ 1,643

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2018 Year Ended December 31, 2017 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (in thousands) Dayrate revenue $ 84,777 $ 115,406 $ 1,220 $ 201,403 $ 84,834 $ 105,269 $ 1,456 $ 191,559 Amortized revenue 1,049 2,333 — 3,382 207 243 — 450 Reimbursable revenue 10,229 6,115 4,618 20,962 9,442 6,506 4,889 20,837 Total revenue $ 96,055 $ 123,854 $ 5,838 $ 225,747 $ 94,483 $ 112,018 $ 6,345 $ 212,846 Period from February 10, 2016 to December 31, 2016 Period from January 1, 2016 to February 10, 2016 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (in thousands) Dayrate revenue $ 45,180 $ 86,186 $ 4,074 $ 135,440 $ 7,583 $ 10,600 $ 752 $ 18,935 Amortized revenue 3,613 (609 ) — 3,004 — 2,708 — 2,708 Reimbursable revenue 8,556 5,386 6,262 20,204 326 456 1,115 1,897 Total revenue $ 57,349 $ 90,963 $ 10,336 $ 158,648 $ 7,909 $ 13,764 $ 1,867 $ 23,540
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: December 31, 2018 December 31, 2017 (in thousands) Current contract cost assets $ 774 $ 217 Noncurrent contract cost assets 3,999 6,216 Current contract revenue liabilities 2,309 510 Noncurrent contract revenue liabilities 4,424 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 year ended December 31, 2018 are as follows: Contract Costs Contract Revenues (in thousands) Balance as of December 31, 2017 $ 6,433 $ 7,267 Increase due to contractual additions 6,089 2,445 Increase due to Soehanah — 913 Decrease due to recognition (7,749 ) (3,892 ) Balance as of December 31, 2018 (1) $ 4,773 $ 6,733 (1) We expect to recognize contract revenues of approximately $4.6 million in 2019 and $2.1 million thereafter related to unsatisfied performance obligations existing as of December 31, 2018.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2018
Entity Owns Baker Marine Pacific Class 375 Jackup Rig
Schedule of Cost of Acquisition Allocated and Estimated Fair Values of Assets Acquired and Liabilities Assumed	Using the cost accumulation model, the cost of the acquisition was allocated to the assets acquired as follows: (in thousands) Total cash consideration (1) $ 85,000 Purchase price allocation: Soehanah rig and equipment 81,850 Inventory supplies and spare parts 3,150 Cash 913 Charterer deposit (913 ) Net assets acquired $ 85,000 (1) Including $0.4 million of transaction costs.
Vantage 260
Schedule of Cost of Acquisition Allocated and Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table provides the 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

Reorganization Items (Tables)

Reorganization Items (Tables)	12 Months Ended
	Dec. 31, 2018
Reorganization Items [Abstract]
Schedule of Reorganization Items	Reorganization items represent amounts incurred subsequent to the Petition Date as a direct result of the filing of the Reorganization Plan and are comprised of the following: Successor Predecessor Year Ended December 31, 2018 Year Ended December 31, 2017 Period from February 10, 2016 to December 31, 2016 Period from January 1, 2016 to February 10, 2016 (in thousands) Professional fees $ — $ — $ 1,380 $ 22,712 Net gain on settlement of LSTC — — — (1,630,025 ) Fresh-start adjustments — — — 2,060,232 $ — $ — $ 1,380 $ 452,919

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Long-term Debt	Our debt was composed of the following: December 31, 2018 2017 (in thousands) 9.25% First Lien Notes, net of financing costs of $7,560 $ 342,439 $ — 2016 Term Loan Facility — 140,140 10% Second Lien Notes, net of financing costs of $1,404 — 74,721 Convertible Notes, net of discount of $5,354 and $54,770 766,572 709,508 1,109,011 924,369 Less current maturities of long-term debt — 4,430 Long-term debt, net $ 1,109,011 $ 919,939
Schedule of Aggregate Principal Maturities of Long-term Debt	Aggregate scheduled principal maturities of our debt for the next five years and thereafter are as follows (in thousands): 2019 $ — 2020 — 2021 — 2022 — 2023 350,000 Thereafter 2,775,628 Total debt (1) 3,125,628 Less: Current maturities of long-term debt - Future amortization of note discounts (5,354 ) Future amortization of financing costs (7,561 ) Future PIK interest (2,003,702 ) Long-term debt $ 1,109,011 (1) Excludes original issuance discount of $5.4 million on the Convertible Notes and financing costs of $7.6 million on the 9.25% First Lien Notes.

Shareholder's Equity (Tables)

Shareholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Summary of Restricted Unit Awards	A summary of the restricted unit awards for the year ended December 31, 2018 is as follows: Year Ended December 31, 2018 Time vested restricted units Units awarded 2,230 Weighted-average unit price at award date $ 241.52 Weighted average vesting period (years) 4.0 Units vested 20,414 Units forfeited 618 Performance vested restricted units Units awarded 2,403 Weighted-average unit price at award date 220 Weighted average vesting period (years) 7 Units vested — Units forfeited 1,923
Summary of Status of Non-Vested Restricted Units and Changes	A summary of the status of non-vested restricted units at December 31, 2018 and changes during the year ended December 31, 2018 is as follows: Time Vested Restricted Units Outstanding Weighted Average Award Date Unit Price Performance Vested Restricted Units Outstanding Weighted Average Award Date Unit Price Nonvested restricted units at December 31, 2017 64,377 $ 118.11 165,435 $ 112.73 Awarded 2,230 241.52 2,403 220.00 Vested (20,414 ) 117.45 — — Forfeited (618 ) 160.00 (1,923 ) 160.00 Nonvested restricted units at December 31, 2018 45,575 $ 123.88 165,915 $ 113.74

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit) Related to Foreign Income Taxes	The income tax expense (benefit), all of which relates to foreign income taxes, consisted of the following (in thousands): Successor Predecessor Year Ended December 31, Period from February 10, 2016 to December 31, 2016 Period from January 1, 2016 to February 10, 2016 2018 2017 Current $ 14,784 $ 16,132 $ 14,316 $ 2,371 Deferred 1,742 (1,964 ) (3,368 ) — Total $ 16,526 $ 14,168 $ 10,948 $ 2,371
Reconciliation of Statutory and Effective Income Tax Rates	A reconciliation of statutory and effective income tax rates is shown below: Successor Predecessor Year Ended December 31, Period from February 10, 2016 to December 31, 2016 Period from January 1, 2016 to February 10, 2016 2018 2017 Statutory rate 0.0 % 0.0 % 0.0 % 0.0 % Effect of: Taxes on foreign earnings (14.1 ) % (9.2 ) % (7.2 ) % (0.3 ) % Settlement of prior years’ tax audits 0.0 % (0.5 ) % 1.1 % 0.0 % Tax rate change impact 0.0 % (1.4 ) % 0.0 % 0.0 % Uncertain tax positions 0.3 % 0.8 % (0.7 ) % (0.2 ) % Other 0.6 % (0.2 ) % (1.2 ) % 0.0 % Total (13.2 ) % (10.5 ) % (8.0 ) % (0.5 ) %
Components of Net Deferred Tax Assets and Liabilities	The components of the net deferred tax assets and liabilities were as follows: December 31, 2018 December 31, 2017 (in thousands) Deferred tax assets: Share-based compensation $ 919 $ 366 Accrued bonuses/compensation 489 547 Start-up costs 43 54 Loss carry-forwards 5,845 6,638 Deferred revenue 183 1,548 Total deferred tax assets 7,479 9,153 Valuation allowance (5,105 ) (5,103 ) Net deferred tax assets 2,374 4,050 Deferred tax liabilities: Property and equipment (1,039 ) (931 ) Deferred cost (74 ) — Other deferred tax liability (137 ) (253 ) Total deferred tax liabilities (1,250 ) (1,184 ) Net deferred tax asset $ 1,124 $ 2,866
Reconciliation of Unrecognized Tax Benefits	A reconciliation of our unrecognized tax benefits amount is as follows (in thousands): Gross balance at January 1, 2018 $ 3,040 Additions based on tax positions related to the current year - Additions for tax positions of prior years 26 Reductions for tax positions of prior years (45 ) Expiration of statues (306 ) Tax settlements - Gross balance at December 31, 2018 2,715 Related tax benefits - Net reserve at December 31, 2018 $ 2,715

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	12 Months Ended
	Dec. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: December 31, 2018 2017 (in thousands) Prepaid insurance $ 660 $ 294 Sales tax receivable 10,145 5,652 Income tax receivable 874 1,374 Other receivables 1,634 158 Assets held for sale — 2,050 Current deferred contract costs 774 217 Other 3,191 3,462 $ 17,278 $ 13,207
Property and Equipment, Net	Property and equipment, net consisted of the following: December 31, 2018 2017 (in thousands) Drilling equipment $ 962,618 $ 883,598 Assets under construction 13,969 1,043 Office and technology equipment 18,452 18,778 Leasehold improvements 1,100 1,165 996,139 904,584 Accumulated depreciation (208,836 ) (141,393 ) Property and equipment, net $ 787,303 $ 763,191
Other Assets	Other assets consisted of the following: December 31, 2018 2017 (in thousands) Noncurrent restricted cash $ 4,058 $ — Contract value, net 1,643 7,954 Deferred certification costs 3,548 3,497 Noncurrent deferred contract costs 3,999 6,216 Deferred income taxes 1,844 3,162 Deposits 934 1,106 $ 16,026 $ 21,935
Accrued Liabilities	Accrued liabilities consisted of the following: December 31, 2018 2017 (in thousands) Interest $ 2,827 $ 3,952 Compensation 7,013 10,285 Income taxes payable 3,175 3,740 SEC penalty payable — 5,000 Current deferred revenue 2,309 510 Other 2,659 1,630 $ 17,983 $ 25,117
Long-term Liabilities	Long-term liabilities consisted of the following: December 31, 2018 2017 (in thousands) Noncurrent deferred revenue $ 4,424 $ 6,757 Deferred income taxes 720 296 2016 MIP 11,565 4,399 Other non-current liabilities 6,180 5,743 $ 22,889 $ 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: December 31, 2018 2017 (in thousands) Cash and cash equivalents $ 224,967 $ 195,455 Restricted cash 10,362 — Restricted cash included within Other Assets 4,058 — Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 239,387 $ 195,455
Consolidated Statement of Operations Transactions with Former Parent Company	Our consolidated statement of operations includes the following transactions with VDC for the periods indicated: Successor Predecessor Year Ended December 31, 2018 Year Ended December 31, 2017 Period from February 10, 2016 to December 31, 2016 Period from January 1, 2016 to February 10, 2016 (in thousands) Reimbursable revenues $ — $ — $ — $ — Interest income — — (3 ) 3 Interest expense — — — (662 ) $ — $ — $ (3 ) $ (659 )
Consolidated Balance Sheet Balances Payable to Former Parent Company	The following table summarizes the balances payable to VDC included in our consolidated balance sheet as of the dates indicated: December 31, 2018 2017 (in thousands) Accounts payable to related parties, net $ 17,278 $ 17,278 $ 17,278 $ 17,278

Business Segment Information (T

Business Segment Information (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Summary of Revenues by Country	Our revenues by country were as follows: Successor Predecessor Year Ended December 31, 2018 Year Ended December 31, 2017 Period from February 10, 2016 to December 31, 2016 Period from January 1, 2016 to February 10, 2016 Congo $ 123,605 $ 139,579 $ 91,435 $ 13,769 Malaysia — 26,983 30,397 3,319 Indonesia — 23,477 18,075 4,214 India 32,630 — — — Other countries (a) 69,512 22,807 18,741 2,238 Total revenues $ 225,747 $ 212,846 $ 158,648 $ 23,540 (a) Other countries represent countries in which we operate that individually had operating revenues representing less than 10% of total revenues earned for the respective periods.
Schedule of Property and Equipment, Net by Country	Our property and equipment, net by country were as follows: December 31, 2018 December 31, 2017 Congo $ — $ 256,200 Canary Islands 216,955 — India 141,342 155,362 Indonesia 81,850 — Malaysia — 103,603 South Africa 164,239 179,468 Other countries (a) 182,917 68,558 Total property and equipment $ 787,303 $ 763,191 (a) Other countries represent countries in which we operate that individually had property equipment, net representing less than 10 percent of total property and equipment at the end of the respective period.

Supplemental Quarterly Inform_2

Supplemental Quarterly Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summary of Unaudited Interim Results of Operations	The following table reflects a summary of the unaudited interim results of operations for the years ended December 31, 2018, 2017 and 2016 (in thousands except per share amounts). Successor Quarter Ended March 31 June 30 September 30 December 31 2017 Revenues $ 42,049 $ 53,263 $ 57,696 $ 59,838 Loss from operations (1) (16,855 ) (17,167 ) (17,674 ) (13,005 ) Other expense (18,218 ) (16,044 ) (18,134 ) (18,520 ) Net loss (36,499 ) (36,592 ) (40,068 ) (36,626 ) Loss per share Basic and diluted $ (7.30 ) $ (7.32 ) $ (8.01 ) $ (7.33 ) 2018 Revenues $ 57,663 $ 60,461 $ 64,556 $ 43,067 Loss from operations (8,544 ) (8,178 ) (5,692 ) (22,871 ) Other expense (19,620 ) (19,706 ) (18,853 ) (21,478 ) Net loss (32,137 ) (31,094 ) (26,060 ) (52,177 ) Loss per share Basic and diluted $ (6.43 ) $ (6.22 ) $ (5.21 ) $ (10.44 ) (1) During the quarter ended December 31, 2017 we recorded a loss contingency in the amount of $5.0 million in connection with the proposed offer of settlement with the SEC, as described in “ Note 9. Commitments and Contingencies”.

Organization and Recent Events

Organization and Recent Events - Additional Information (Detail) $ / shares in Units, R$ in Millions	Feb. 13, 2019USD ($)	Dec. 31, 2018USD ($)$ / shares	Nov. 30, 2018USD ($)	Jul. 02, 2018USD ($)	Jun. 13, 2018USD ($)	Apr. 27, 2018USD ($)Defendant	Apr. 27, 2018BRL (R$)Defendant	Feb. 11, 2016USD ($)shares	Dec. 03, 2015USD ($)$ / sharesshares	Dec. 02, 2015USD ($)Subsidiary	Dec. 31, 2018USD ($)$ / sharesshares
Organization And Recent Events [Line Items]
Letters of credit			$ 50,000,000
Repayments of Parent Note								$ 62,600,000
Number of share embedded in each note holder units | shares											1
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
Brazil
Organization And Recent Events [Line Items]
Loss contingency, damages claimed						$ 31,000,000	R$ 102.8
Court authorization to seizure and freezing assets of defendants						$ 124,000,000
Loss contingency, number of defendants | Defendant						3	3
Brazil | Petrobras
Organization And Recent Events [Line Items]
Allegations - description											On April 27, 2018, the Company 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. We first became aware of the legal proceeding on July 19, 2018 as it was previously under seal.
United States | Subsequent Event
Organization And Recent Events [Line Items]
Court authorization to seizure and freezing assets of defendants	$ 124,000,000
Petrobras America, Inc. (“PAI”) and Petrobras Venezuela Investments & Services, BV
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
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.
Total amount due, inclusive of interest		$ 701,400,000									$ 701,400,000
Petrobras America, Inc. (“PAI”) and Petrobras Venezuela Investments & Services, BV | 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 | 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 | November 19, 2015
Organization And Recent Events [Line Items]
Damages awarded, aggregate amount				$ 1,200,000
Entity Owns Baker Marine Pacific Class 375 Jackup Rig | Share Purchase Agreement
Organization And Recent Events [Line Items]
Purchase price of assets					$ 84,600,000
Payment made in connection with agreement		69,600,000			15,000,000
Business combination agreement, right to acquire rig					$ 100,000,000
Letter Of Credit
Organization And Recent Events [Line Items]
Available for issuance of letters of credit		$ 36,300,000									$ 36,300,000
Promissory Notes | Ordinary Shares
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares								655,094
9.25% Senior Secured First Lien Notes
Organization And Recent Events [Line Items]
Debt Instrument, interest rate			9.25%
9.25% Senior Secured First Lien Notes | Private Placement
Organization And Recent Events [Line Items]
Issuance of senior notes			$ 350,000,000
Debt Instrument, interest rate			9.25%
Debt instrument, maturity date			Nov. 15, 2023
10% Senior Secured Second Lien Notes
Organization And Recent Events [Line Items]
Issuance of senior notes									$ 76,100,000
Debt Instrument, interest rate			10.00%						10.00%
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
1%/12% Step-Up Senior Secured Third Lien Convertible Notes
Organization And Recent Events [Line Items]
Debt Instrument, interest rate		0.083%									0.083%
Debt instrument, maturity date											Dec. 31, 2030
Share issued during period for repayment of debt | shares									4,344,959
Debt instrument, maturity year											2030
Convertible notes payable											$ 172.61
1%/12% Step-Up Senior Secured Third Lien Convertible Notes | Ordinary Shares
Organization And Recent Events [Line Items]
Number of share embedded in each note holder units | shares											1
Convertible notes payable											$ 177.66
Convertible notes, conversion price | $ / shares		$ 95.60							$ 95.60		$ 95.60
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
Second Amended And Restated Credit Agreement | Letter Of Credit
Organization And Recent Events [Line Items]
Revolving letter of credit commitment									32,000,000
Repayments of lines of credit									$ 150,000,000
New 10% Senior Secured Second Lien Notes
Organization And Recent Events [Line Items]
Debt Instrument, interest rate									10.00%
Debt instrument, maturity year									2020
Senior notes, noncurrent									$ 75,000,000

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Summary of Net Effect of Consolidating Entities on Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								11 Months Ended	12 Months Ended
	Feb. 09, 2016	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Revenue		$ 43,067	$ 64,556	$ 60,461	$ 57,663	$ 59,838	$ 57,696	$ 53,263	$ 42,049
Operating costs and expenses										$ 227,911	$ 271,032	$ 277,547
Income before taxes										(136,469)	(124,942)	(135,617)
Income tax provision										$ 10,948	$ 16,526	$ 14,168
Predecessor
Variable Interest Entity [Line Items]
Operating costs and expenses	$ 38,467
Income before taxes	(469,640)
Income tax provision	2,371
Net loss attributable to noncontrolling interests	(969)
Variable Interest Entity, Primary Beneficiary | Predecessor
Variable Interest Entity [Line Items]
Revenue	1,219
Operating costs and expenses	1,240
Income before taxes	22
Income tax provision	991
Net loss attributable to noncontrolling interests	$ (969)

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2016	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Nov. 30, 2018
Basis Of Presentation And Significant Accounting Policies [Line Items]
Net gain (loss) on sale or retirement of assets	$ 0	$ (652,000)	$ 1,301,000	$ (335,000)
Capitalized interest			0	0
Decrease the net book value of property and equipment			2,000,000,000
Recognition of amortization expense of intangible assets			6,311,000	4,686,000
Allowance for doubtful accounts on trade receivables			0	0
Foreign currency transaction gain (loss)	(5,000)	1,100,000	(1,500,000)	2,800,000
Convertible Notes
Basis Of Presentation And Significant Accounting Policies [Line Items]
Fair value of notes outstanding			734,500,000
9.25% First Lien Notes
Basis Of Presentation And Significant Accounting Policies [Line Items]
Fair value of notes outstanding			$ 340,900,000
Debt Instrument, interest rate			9.25%		9.25%
Minimum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Term of customer invoice payment			30 days
Minimum | ASU No. 2016-02
Basis Of Presentation And Significant Accounting Policies [Line Items]
Aggregate operating lease, liability			$ 9,000,000
Aggregate operating lease, right-to-use asset			$ 9,000,000
Maximum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Term of customer invoice payment			45 days
Maximum | ASU No. 2016-02
Basis Of Presentation And Significant Accounting Policies [Line Items]
Aggregate operating lease, liability			$ 10,000,000
Aggregate operating lease, right-to-use asset			$ 10,000,000
Drilling Equipment | Minimum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful lives			5 years
Drilling Equipment | Maximum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful lives			35 years
Office and Technology Equipment | Minimum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful lives			3 years
Office and Technology Equipment | Maximum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated 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	$ 0	$ 0	$ 6,300,000	$ 4,700,000

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Summary of Expected Future Intangible Asset Amortization (Detail) - Vantage 260 $ in Thousands	Dec. 31, 2018USD ($)
Fiscal year:
2019	$ 1,643
Total	$ 1,643

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Disaggregated by Revenue (Detail) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2016	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Disaggregation Of Revenue [Line Items]
Total revenue	$ 23,540	$ 158,648	$ 225,747	$ 212,846
Jackups
Disaggregation Of Revenue [Line Items]
Total revenue	7,909	57,349	96,055	94,483
Deepwater
Disaggregation Of Revenue [Line Items]
Total revenue	13,764	90,963	123,854	112,018
Management
Disaggregation Of Revenue [Line Items]
Total revenue	1,867	10,336	5,838	6,345
Dayrate Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	18,935	135,440	201,403	191,559
Dayrate Revenue | Jackups
Disaggregation Of Revenue [Line Items]
Total revenue	7,583	45,180	84,777	84,834
Dayrate Revenue | Deepwater
Disaggregation Of Revenue [Line Items]
Total revenue	10,600	86,186	115,406	105,269
Dayrate Revenue | Management
Disaggregation Of Revenue [Line Items]
Total revenue	752	4,074	1,220	1,456
Amortized Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	2,708	3,004	3,382	450
Amortized Revenue | Jackups
Disaggregation Of Revenue [Line Items]
Total revenue		3,613	1,049	207
Amortized Revenue | Deepwater
Disaggregation Of Revenue [Line Items]
Total revenue	2,708	(609)	2,333	243
Reimbursable Revenues
Disaggregation Of Revenue [Line Items]
Total revenue	1,897	20,204	20,962	20,837
Reimbursable Revenues | Jackups
Disaggregation Of Revenue [Line Items]
Total revenue	326	8,556	10,229	9,442
Reimbursable Revenues | Deepwater
Disaggregation Of Revenue [Line Items]
Total revenue	456	5,386	6,115	6,506
Reimbursable Revenues | Management
Disaggregation Of Revenue [Line Items]
Total revenue	$ 1,115	$ 6,262	$ 4,618	$ 4,889

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018
Minimum
Disaggregation Of Revenue [Line Items]
Term of customer invoice payment	30 days
Maximum
Disaggregation Of Revenue [Line Items]
Term of customer invoice payment	45 days

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of Contract Cost Assets and Contract Revenue Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Revenue From Contract With Customer [Abstract]
Current contract cost assets	$ 774	$ 217
Noncurrent contract cost assets	3,999	6,216
Current contract revenue liabilities	2,309	510
Noncurrent contract revenue liabilities	$ 4,424	$ 6,757

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Schedule of Significant Changes in Contract Cost Assets and Contract Revenue Liabilities (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Revenue From Contract With Customer [Abstract]
Beginning balance, contract costs	$ 6,433
Increase due to contractual additions, contract costs	6,089
Decrease due to recognition, contract costs	(7,749)
Ending balance, contract costs	4,773	[1]
Beginning balance, contract revenues	7,267
Increase due to contractual additions, contract revenues	2,445
Increase due to Soehanah acquisition, contract revenues	913
Decrease due to recognition, contract revenues	(3,892)
Ending balance, contract revenues	$ 6,733	[1]
[1]	We expect to recognize contract revenues of approximately $4.6 million in 2019 and $2.1 million thereafter related to unsatisfied performance obligations existing as of December 31, 2018.

Revenue from Contracts with C_7

Revenue from Contracts with Customers - Schedule of Significant Changes in Contract Cost Assets and Contract Revenue Liabilities (Parenthetical) (Detail) $ in Millions	Dec. 31, 2018USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01
Disaggregation Of Revenue [Line Items]
Contract revenues, remainining performance obligation	$ 4.6
Contract revenues, remainining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01
Disaggregation Of Revenue [Line Items]
Contract revenues, remainining performance obligation	$ 2.1
Contract revenues, remainining performance obligation, expected timing of satisfaction, period

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands		Dec. 31, 2018	Jun. 13, 2018	Apr. 30, 2017	Feb. 28, 2017	Dec. 31, 2017
Business Acquisition [Line Items]
Bargain purchase gain						$ 1,910
Entity Owns Baker Marine Pacific Class 375 Jackup Rig | Share Purchase Agreement
Business Acquisition [Line Items]
Purchase price of assets net of transaction costs			$ 84,600
Payment made in connection with agreement		$ 69,600	15,000
Business combination agreement, right to acquire rig			100,000
Purchase price of assets	[1]		$ 85,000
Vantage 260
Business Acquisition [Line Items]
Payment made in connection with agreement						13,000
Vantage 260 | Purchase and Sale Agreement | Drilling Equipment
Business Acquisition [Line Items]
Payment made in connection with agreement				$ 11,700	$ 1,300
Purchase price of assets				13,000
Bargain purchase gain				$ 1,910		$ 1,900
[1]	Including $0.4 million of transaction costs.

Acquisitions - Schedule of Cost

Acquisitions - Schedule of Cost of Acquisition Allocated and Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands		Jun. 13, 2018	Apr. 30, 2017	Dec. 31, 2017
Purchase price allocation:
Bargain purchase gain				$ 1,910
Entity Owns Baker Marine Pacific Class 375 Jackup Rig | Share Purchase Agreement
Business Acquisition [Line Items]
Total cash consideration	[1]	$ 85,000
Purchase price allocation:
Soehanah rig and equipment		81,850
Inventory supplies and spare parts		3,150
Cash		913
Charterer deposit		(913)
Net assets acquired		$ 85,000
Vantage 260 | Purchase and Sale Agreement | Drilling Equipment
Business Acquisition [Line Items]
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	$ 1,900
[1]	Including $0.4 million of transaction costs.

Acquisitions - Schedule of Co_2

Acquisitions - Schedule of Cost of Acquisition Allocated and Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) $ in Millions	Jun. 13, 2018USD ($)
Entity Owns Baker Marine Pacific Class 375 Jackup Rig | Share Purchase Agreement
Business Acquisition [Line Items]
Transaction costs	$ 0.4

Reorganization Items - Schedule

Reorganization Items - Schedule of Reorganization Items (Detail) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended
	Feb. 09, 2016	Dec. 31, 2016
Reorganization Items [Line Items]
Professional fees		$ 1,380
Reorganization Items		$ 1,380
Predecessor
Reorganization Items [Line Items]
Professional fees	$ 22,712
Net gain on settlement of LSTC	(1,630,025)
Fresh-start adjustments	2,060,232
Reorganization Items	$ 452,919

Reorganization Items - Addition

Reorganization Items - Additional Information (Detail) - USD ($)	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2016	Dec. 31, 2016	Dec. 31, 2017
Reorganization Items [Line Items]
Cash payment for reorganization items		$ 16,600,000	$ 208,000
Predecessor
Reorganization Items [Line Items]
Cash payment for reorganization items	$ 7,300,000

Long-Term Debt (Detail)

Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt	$ 1,109,011	$ 924,369
Current maturities of long-term debt		4,430
Long-term debt, net	1,109,011	919,939
2016 Term Loan Facility
Debt Instrument [Line Items]
Long-term debt		140,140
9.25% First Lien Notes
Debt Instrument [Line Items]
Long-term debt	342,439
10% Second Lien Notes
Debt Instrument [Line Items]
Long-term debt		74,721
Convertible Notes
Debt Instrument [Line Items]
Long-term debt	$ 766,572	$ 709,508

Long-Term Debt (Parenthetical)

Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Nov. 30, 2018	Dec. 31, 2017	Dec. 03, 2015
Debt Instrument [Line Items]
Debt financing cost	$ 7,561
Debt discount	$ 5,354
9.25% First Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate	9.25%	9.25%
Debt financing cost	$ 7,560
10% Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%	10.00%	10.00%	10.00%
Debt financing cost			$ 1,404
Convertible Notes
Debt Instrument [Line Items]
Debt financing cost	$ 7,600
Debt discount	$ 5,354		$ 54,770

Schedule of Aggregate Principal

Schedule of Aggregate Principal Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2023		$ 350,000
Thereafter		2,775,628
Total debt	[1]	3,125,628
Current maturities of long-term debt			$ (4,430)
Future amortization of note discounts		(5,354)
Future amortization of financing costs		(7,561)
Future PIK interest		(2,003,702)
Long-term debt		$ 1,109,011	$ 919,939
[1]	Excludes original issuance discount of $5.4 million on the Convertible Notes and financing costs of $7.6 million on the 9.25% First Lien Notes.

Schedule of Aggregate Princip_2

Schedule of Aggregate Principal Maturities of Long-term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Nov. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt financing cost	$ 7,561
Debt discount	$ 5,354
9.25% First Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate	9.25%	9.25%
Debt financing cost	$ 7,560
Convertible Notes
Debt Instrument [Line Items]
Debt financing cost	7,600
Debt discount	$ 5,354		$ 54,770

Debt - 9% First Lien Notes - Ad

Debt - 9% First Lien Notes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Nov. 30, 2018
Debt Instrument [Line Items]
Letters of credit		$ 50,000,000
9.25% First Lien Notes
Debt Instrument [Line Items]
Issuance of debt	$ 350,000
Debt Instrument, interest rate	9.25%	9.25%
Debt instrument, maturity date	Nov. 15, 2023
Debt instrument, payment terms	interest from the date of their issuance at the rate of 9.25% per year. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months and is payable semi-annually in arrears, commencing on May 15, 2019
Line of credit facility, maximum borrowing capacity	$ 50,000
Letters of credit	13,700
9.25% First Lien Notes | First Payment [Member] | Maximum
Debt Instrument [Line Items]
Repayments of debt	$ 50,000

Debt - Second Amended and Resta

Debt - Second Amended and Restated Credit Agreement - Additional Information (Detail) - USD ($)	Dec. 03, 2015	Dec. 31, 2015	Dec. 31, 2018	Nov. 30, 2018
9.25% First Lien Notes
Debt Instrument [Line Items]
Issuance of debt			$ 350,000
Debt Instrument, interest rate			9.25%	9.25%
2016 Term Loan Facility
Debt Instrument [Line Items]
Issuance of debt	$ 143,000,000
Credit Facility settled in cash	7,000,000
Debt Instrument, redeemed description			In November 2018, all obligations under the 2016 Term Loan Facility were repaid and the 2016 Term Loan Facility and the Credit Agreement were terminated in connection with the issuance of the 9.25% First Lien Notes.
2016 Term Loan Facility | Letter Of Credit
Debt Instrument [Line Items]
Revolving letter of credit commitment	$ 32,000,000
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 ($)	Dec. 03, 2015	Dec. 31, 2018	Nov. 30, 2018	Dec. 31, 2017
New 10% Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%
Senior notes, noncurrent	$ 75,000,000
10% Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%	10.00%	10.00%	10.00%
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
Issuance of debt	76,100,000
Net cash proceeds from issuance of senior notes	73,900,000
Debt instrument, maturity date		Dec. 31, 2020
Debt instrument, payment terms		Interest on outstanding 10% Second Lien Notes was payable semi-annually in arrears, which commenced on June 30, 2016. Interest was computed on the basis of a 360-day year comprised of twelve 30-day months.
Debt Instrument, redeemed description		In November 2018, all of the 10% Second Lien Notes were redeemed in connection with the issuance of the 9.25% First Lien Notes.
2016 Term Loan Facility
Debt Instrument [Line Items]
Issuance of debt	$ 143,000,000
Debt Instrument, redeemed description		In November 2018, all obligations under the 2016 Term Loan Facility were repaid and the 2016 Term Loan Facility and the Credit Agreement were terminated in connection with the issuance of the 9.25% First Lien Notes.
2016 Term Loan Facility | Collateral
Debt Instrument [Line Items]
Debt Instrument, interest rate		10.00%
9.25% First Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate		9.25%	9.25%
Issuance of debt		$ 350,000
Debt instrument, maturity date		Nov. 15, 2023
Debt instrument, payment terms		interest from the date of their issuance at the rate of 9.25% per year. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months and is payable semi-annually in arrears, commencing on May 15, 2019

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	Dec. 31, 2018
Debt Instrument [Line Items]
Number of share embedded in each note holder units		1
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
Convertible notes payable		$ 172.61
Debt conversion of shares to be issued		8,100,000
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 1.0% per annum for the first four years and then increasing to 12.0% 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
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		$ 177.66

Shareholder's Equity - Addition

Shareholder's Equity - Additional Information (Detail)	11 Months Ended	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)Director$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares
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 | $ / shares		$ 0.001	$ 0.001
Ordinary shares, shares issued		5,000,053	5,000,053
Ordinary shares, shares outstanding		5,000,053	5,000,053
Number of directors, shares granted | Director		4
Time-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted		2,230
Share based compensation expense allocated from VDC | $	$ 402,000	$ 7,200,000	$ 4,000,000
Unrecognized share based compensation expense | $		$ 8,500,000
Weighted average vesting period (years)		1 year 8 months 12 days
Total award date value of time vested restricted shares | $		$ 2,300,000
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]
Number of shares granted		2,403
Terms of award		TBGs issued under our 2016 Amended MIP 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
Director | Time-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted		1,200
Number of shares granted to each director		300

Shareholder's Equity - Summary

Shareholder's Equity - Summary of Restricted Unit Awards (Detail)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Time Vested Restricted Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units awarded	2,230
Weighted-average unit price at award date | $ / shares	$ 241.52
Weighted average vesting period (years)	4 years
Units vested	20,414
Units forfeited	618
Performance Vested Restricted Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units awarded	2,403
Weighted-average unit price at award date | $ / shares	$ 220
Weighted average vesting period (years)	7 years
Units forfeited	1,923

Shareholder's Equity - Summar_2

Shareholder's Equity - Summary of Status of Non-Vested Restricted Units and Changes (Detail)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Time Vested Restricted Units
Non-vested restricted units
Nonvested restricted units, Beginning balance | shares	64,377
Units awarded | shares	2,230
Vested | shares	(20,414)
Forfeited | shares	(618)
Nonvested restricted units, Ending balance | shares	45,575
Weighted Average Award Date Unit Price
Weighted Average Award Date Unit Price, Beginning balance | $ / shares	$ 118.11
Weighted Average Award Date Unit Price, Awarded | $ / shares	241.52
Weighted Average Award Date Unit Price, Vested | $ / shares	117.45
Weighted Average Award Date Unit Price, Forfeited | $ / shares	160
Weighted Average Award Date Unit Price, Ending balance | $ / shares	$ 123.88
Performance Vested Restricted Units
Non-vested restricted units
Nonvested restricted units, Beginning balance | shares	165,435
Units awarded | shares	2,403
Forfeited | shares	(1,923)
Nonvested restricted units, Ending balance | shares	165,915
Weighted Average Award Date Unit Price
Weighted Average Award Date Unit Price, Beginning balance | $ / shares	$ 112.73
Weighted Average Award Date Unit Price, Awarded | $ / shares	220
Weighted Average Award Date Unit Price, Forfeited | $ / shares	160
Weighted Average Award Date Unit Price, Ending balance | $ / shares	$ 113.74

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) Related to Foreign Income Taxes (Detail) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2016	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Components Of Income Tax Expense Benefit Continuing Operations [Line Items]
Current		$ 14,316	$ 14,784	$ 16,132
Deferred		(3,368)	1,742	(1,964)
Total		$ 10,948	$ 16,526	$ 14,168
Predecessor
Components Of Income Tax Expense Benefit Continuing Operations [Line Items]
Current	$ 2,371
Total	$ 2,371

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory and Effective Income Tax Rates (Detail)	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2016	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Line Items]
Statutory rate		0.00%	0.00%	0.00%
Taxes on foreign earnings		(7.20%)	(14.10%)	(9.20%)
Settlement of prior years’ tax audits		1.10%	0.00%	(0.50%)
Tax rate change impact		0.00%	0.00%	(1.40%)
Uncertain tax positions		(0.70%)	0.30%	0.80%
Other		(1.20%)	0.60%	(0.20%)
Total		(8.00%)	(13.20%)	(10.50%)
Predecessor
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Line Items]
Statutory rate	0.00%
Taxes on foreign earnings	(0.30%)
Settlement of prior years’ tax audits	0.00%
Tax rate change impact	0.00%
Uncertain tax positions	(0.20%)
Other	0.00%
Total	(0.50%)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Income Tax Contingency [Line Items]
corporate income tax rate	0.00%	0.00%	0.00%
Foreign Tax loss carry forwards		$ 19,300,000
Foreign Tax loss carry forwards year of expiration		2019
Income tax interest and penalties expense		$ 3,000
Income Tax expense accrued interest and penalties		$ 1,500,000
Minimum
Income Tax Contingency [Line Items]
Open tax year		2010
United States Tax Department
Income Tax Contingency [Line Items]
corporate income tax rate		21.00%	35.00%

Income Taxes - Components of Ne

Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Share-based compensation	$ 919	$ 366
Accrued bonuses/compensation	489	547
Start-up costs	43	54
Loss carry-forwards	5,845	6,638
Deferred revenue	183	1,548
Total deferred tax assets	7,479	9,153
Valuation allowance	(5,105)	(5,103)
Net deferred tax assets	2,374	4,050
Deferred tax liabilities:
Property and equipment	(1,039)	(931)
Deferred cost	(74)
Other deferred tax liability	(137)	(253)
Total deferred tax liabilities	1,250	1,184
Net deferred tax asset	$ 1,124	$ 2,866

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward
Gross Beginning Balance	$ 3,040
Additions for tax positions of prior years	26
Reductions for tax positions of prior years	(45)
Expiration of statues	(306)
Gross Ending Balance	2,715
Net Reserve Ending Balance	$ 2,715

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) R$ in Millions	Feb. 13, 2019USD ($)	Nov. 19, 2018USD ($)	Jul. 02, 2018USD ($)	Apr. 27, 2018USD ($)Defendant	Apr. 27, 2018BRL (R$)Defendant	Feb. 09, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jan. 10, 2019USD ($)
Loss Contingencies [Line Items]
Future minimum annual rentals under operating leases in 2019								$ 3,300,000
Future minimum annual rentals under operating leases in 2020								2,700,000
Future minimum annual rentals under operating leases in 2021								600,000
Future minimum annual rentals under operating leases in 2022								600,000
Future minimum annual rentals under operating leases in 2023								300,000
Future minimum annual rentals under operating leases in 2024 and thereafter								0
Lease rental expenses						$ 678,000	$ 4,100,000	6,000,000	$ 4,300,000
Purchase commitments								$ 19,100,000
Brazil
Loss Contingencies [Line Items]
Loss contingency, damages claimed				$ 31,000,000	R$ 102.8
Court authorization to seizure and freezing assets of defendants				$ 124,000,000
Loss contingency, number of defendants | Defendant				3	3
Loss contingency, actions taken by court								On February 13, 2019, we learned that the Brazilian Federal Prosecutor has requested mutual legal assistance from the U.S. Department of Justice pursuant to the United Nations Convention against Corruption of 2003 to obtain a freezing order against the Company’s U.S. assets in the amount of $124.0 million.
PAI & PVIS
Loss Contingencies [Line Items]
Damages awarded, aggregate amount			$ 622,000,000
Annual interest rate on foregoing award amount			15.20%
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.
Aggregate fees and expenses of tribunal, including compensation of arbitrators			$ 1,500,000
PAI & PVIS | Interest Accrued From April 1, 2018
Loss Contingencies [Line Items]
Damages awarded, aggregate amount			615,600,000
PAI & PVIS | Interest Accrued From October 20, 2015
Loss Contingencies [Line Items]
Damages awarded, aggregate amount			5,200,000
PAI & PVIS | Interest Accrued From November 19, 2015
Loss Contingencies [Line Items]
Damages awarded, aggregate amount			$ 1,200,000
Petrobras | Brazil
Loss Contingencies [Line Items]
Allegations - description								On April 27, 2018, the Company 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. We first became aware of the legal proceeding on July 19, 2018 as it was previously under seal.
Subsequent Event
Loss Contingencies [Line Items]
Excess of unspecified claims										$ 2,000,000,000
Subsequent Event | United States
Loss Contingencies [Line Items]
Court authorization to seizure and freezing assets of defendants	$ 124,000,000
SEC
Loss Contingencies [Line Items]
Payments to SEC		$ 5,000,000

Supplemental Financial Inform_3

Supplemental Financial Information - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Prepaid Expense And Other Assets Current [Abstract]
Prepaid insurance	$ 660	$ 294
Sales tax receivable	10,145	5,652
Income tax receivable	874	1,374
Other receivables	1,634	158
Assets held for sale		2,050
Current deferred contract costs	774	217
Other	3,191	3,462
Prepaid expenses and other current assets	$ 17,278	$ 13,207

Supplemental Financial Inform_4

Supplemental Financial Information - Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property Plant And Equipment [Line Items]
Property and equipment	$ 996,139	$ 904,584
Accumulated depreciation	(208,836)	(141,393)
Property and equipment, net	787,303	763,191
Drilling Equipment
Property Plant And Equipment [Line Items]
Property and equipment	962,618	883,598
Assets under Construction
Property Plant And Equipment [Line Items]
Property and equipment	13,969	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	$ 1,100	$ 1,165

Supplemental Financial Inform_5

Supplemental Financial Information - Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Other Assets Noncurrent Disclosure [Abstract]
Noncurrent restricted cash	$ 4,058
Contract value, net	1,643	$ 7,954
Deferred certification costs	3,548	3,497
Noncurrent deferred contract costs	3,999	6,216
Deferred income taxes	1,844	3,162
Deposits	934	1,106
Total other assets	$ 16,026	$ 21,935

Supplemental Financial Inform_6

Supplemental Financial Information - Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure Accrued Liabilities [Abstract]
Interest	$ 2,827	$ 3,952
Compensation	7,013	10,285
Income taxes payable	3,175	3,740
SEC penalty payable		5,000
Current deferred revenue	2,309	510
Other	2,659	1,630
Accrued liabilities	$ 17,983	$ 25,117

Supplemental Financial Inform_7

Supplemental Financial Information - Long-term Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Liabilities Noncurrent [Abstract]
Noncurrent deferred revenue	$ 4,424	$ 6,757
Deferred income taxes	720	296
2016 MIP	11,565	4,399
Other non-current liabilities	6,180	5,743
Long-term liabilities	$ 22,889	$ 17,195

Supplemental Financial Inform_8

Supplemental Financial Information - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 224,967	$ 195,455
Restricted cash	10,362
Restricted cash included within Other Assets	$ 4,058
Restricted Cash and Cash Equivalents, Noncurrent, Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$ 239,387	$ 195,455

Supplemental Financial Inform_9

Supplemental Financial Information - Consolidated Statement of Operations Transactions with Former Parent Company (Detail) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended
	Feb. 09, 2016	Dec. 31, 2016
Interest income		$ (3)
Operating income with related parties		$ (3)
Predecessor
Interest income	$ 3
Interest expense	(662)
Operating income with related parties	$ (659)

Supplemental Financial Infor_10

Supplemental Financial Information - Consolidated Balance Sheet Balances Payable to Former Parent Company (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Accounts payable to related parties, net	$ 17,278	$ 17,278
Total payable to related parties	$ 17,278	$ 17,278

Supplemental Financial Infor_11

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 Information -

Business Segment Information - Additional Information (Detail)	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2016Customer	Dec. 31, 2016Customer	Dec. 31, 2018SegmentCustomer	Dec. 31, 2017Customer	Sep. 30, 2013Drillship
Entity Wide Revenue Major Customer [Line Items]
Number of reportable segments | Segment			1
Number of ultra deepwater drillships for supervise and manage construction | Drillship					2
Number of customers accounted for revenues | Customer	3	3	3	4
Product Concentration Risk | Maximum | Sales | Construction Supervision Services | Ultra Deep Water Drillship
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	4.00%	4.00%	4.00%	4.00%
Customer Concentration Risk | Sales | Customer One
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	58.00%	58.00%	40.00%	51.00%
Customer Concentration Risk | Sales | Customer Two
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	18.00%	19.00%	15.00%	15.00%
Customer Concentration Risk | Sales | Customer Three
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	14.00%	11.00%	14.00%	13.00%
Customer Concentration Risk | Sales | Customer Four
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue				11.00%

Business Segment Information _2

Business Segment Information - Summary of Revenues by Country (Detail) - USD ($) $ in Thousands		1 Months Ended	11 Months Ended	12 Months Ended
		Feb. 09, 2016	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Entity Wide Revenue Major Customer [Line Items]
Revenues		$ 23,540	$ 158,648	$ 225,747	$ 212,846
Predecessor
Entity Wide Revenue Major Customer [Line Items]
Revenues		23,540
Congo
Entity Wide Revenue Major Customer [Line Items]
Revenues			91,435	123,605	139,579
Congo | Predecessor
Entity Wide Revenue Major Customer [Line Items]
Revenues		13,769
India
Entity Wide Revenue Major Customer [Line Items]
Revenues				32,630
Indonesia
Entity Wide Revenue Major Customer [Line Items]
Revenues			18,075		23,477
Indonesia | Predecessor
Entity Wide Revenue Major Customer [Line Items]
Revenues		4,214
Malaysia
Entity Wide Revenue Major Customer [Line Items]
Revenues			30,397		26,983
Malaysia | Predecessor
Entity Wide Revenue Major Customer [Line Items]
Revenues		3,319
Other countries
Entity Wide Revenue Major Customer [Line Items]
Revenues	[1]		$ 18,741	$ 69,512	$ 22,807
Other countries | Predecessor
Entity Wide Revenue Major Customer [Line Items]
Revenues	[1]	$ 2,238
[1]	Other countries represent countries in which we operate that individually had operating revenues representing less than 10% of total revenues earned for the respective periods.

Business Segment Information _3

Business Segment Information - Schedule of Property,Plant and Equipment,Net by Country (Detail) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		$ 787,303	$ 763,191
Canary Islands
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		216,955
Congo
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment			256,200
Malaysia
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment			103,603
India
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		141,342	155,362
Indonesia
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		81,850
South Africa
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		164,239	179,468
Other countries
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment	[1]	$ 182,917	$ 68,558
[1]	Other countries represent countries in which we operate that individually had property equipment, net representing less than 10 percent of total property and equipment at the end of the respective period.

Supplemental Quarterly Inform_3

Supplemental Quarterly Information (Unaudited) - Summary of Unaudited Interim Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												11 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 43,067	$ 64,556	$ 60,461	$ 57,663	$ 59,838		$ 57,696		$ 53,263		$ 42,049
Income (Loss) from operations	(22,871)	(5,692)	(8,178)	(8,544)	(13,005)	[1]	(17,674)	[1]	(17,167)	[1]	(16,855)	[1]	$ (69,263)	$ (45,285)	$ (64,701)
Other expense	(21,478)	(18,853)	(19,706)	(19,620)	(18,520)		(18,134)		(16,044)		(18,218)		(67,206)	(79,657)	(70,916)
Net loss	$ (52,177)	$ (26,060)	$ (31,094)	$ (32,137)	$ (36,626)		$ (40,068)		$ (36,592)		$ (36,499)		$ (147,417)	$ (141,468)	$ (149,785)
Earnings (loss) per share
Basic and diluted	$ (10.44)	$ (5.21)	$ (6.22)	$ (6.43)	$ (7.33)		$ (8.01)		$ (7.32)		$ (7.30)		$ (29.48)	$ (28.29)	$ (29.96)
[1]	During the quarter ended December 31, 2017 we recorded a loss contingency in the amount of $5.0 million in connection with the proposed offer of settlement with the SEC, as described in “Note 9. Commitments and Contingencies”.

Supplemental Quarterly Inform_4

Supplemental Quarterly Information (Unaudited) - Summary of Unaudited Interim Results of Operations (Parenthetical) (Detail) $ in Millions	Dec. 31, 2017USD ($)
Quarterly Financial Information Disclosure [Abstract]
Loss contingency accrual	$ 5