Vantage Drilling International (VTDRF) 10-Q 14 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 25, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	VDI
Entity Registrant Name	VANTAGE DRILLING INTERNATIONAL
Entity Central Index Key	0001465872
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		5,000,053
Entity File Number	333-212081
Entity Tax Identification Number	981372204
Entity Address, Address Line One	777 Post Oak Boulevard
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	281
Local Phone Number	404-4700

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 886,343	$ 224,967
Restricted cash	5,640	10,362
Trade receivables	31,478	28,431
Inventory	45,461	45,195
Prepaid expenses and other current assets	19,552	17,278
Total current assets	988,474	326,233
Property and equipment
Property and equipment	1,002,161	996,139
Accumulated depreciation	(245,393)	(208,836)
Property and equipment, net	756,768	787,303
Operating lease right-of-use assets	7,682
Other assets	13,483	16,026
Total assets	1,766,407	1,129,562
Current liabilities
Accounts payable	107,899	44,372
Accrued liabilities	33,653	17,983
Total current liabilities	141,552	62,355
Long–term debt, net of discount and financing costs of $7,240 and $12,914	1,118,552	1,109,011
Other long-term liabilities	27,260	22,889
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 earnings (deficit )	104,169	(438,670)
Controlling interest shareholders' equity	478,146	(64,693)
Noncontrolling interests	897
Total equity	479,043	(64,693)
Total liabilities and shareholders’ equity	$ 1,766,407	$ 1,129,562

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Long-term debt, discount and financing costs	$ 7,240	$ 12,914
Ordinary shares, par value	$ 0.001	$ 0.001
Ordinary shares, shares authorized	50,000,000	50,000,000
Ordinary shares, shares issued	5,000,053	5,000,053
Ordinary shares, shares outstanding	5,000,053	5,000,053

Consolidated Statement of Opera

Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue
Total revenue	$ 636,383	$ 60,461	$ 670,938	$ 118,124
Operating costs and expenses
Operating costs	38,081	44,650	76,623	85,635
General and administrative	70,702	6,278	79,370	13,632
Depreciation	18,499	17,711	37,032	35,579
Total operating costs and expenses	127,282	68,639	193,025	134,846
Income (loss) from operations	509,101	(8,178)	477,913	(16,722)
Other income (expense)
Interest income	108,305	220	109,369	441
Interest expense and other financing charges	(10,435)	(19,412)	(26,250)	(38,683)
Other, net	(58)	(514)	124	(1,084)
Total other expense	97,812	(19,706)	83,243	(39,326)
Income (loss) before income taxes	606,913	(27,884)	561,156	(56,048)
Income tax provision	16,454	3,210	18,601	7,183
Net income (loss)	590,459	(31,094)	542,555	(63,231)
Net loss attributable to noncontrolling interests	(270)		(284)
Net income (loss) attributable to shareholders	$ 590,729	$ (31,094)	$ 542,839	$ (63,231)
Earnings (loss) per share
Basic	$ 116.96	$ (6.22)	$ 107.60	$ (12.65)
Diluted	$ 116.86	$ (6.22)	$ 107.38	$ (12.65)
Contract Drilling Services
Revenue
Total revenue	$ 35,765	$ 55,183	$ 65,745	$ 106,778
Contract Termination Revenue
Revenue
Total revenue	594,029		594,029
Reimbursables and Other
Revenue
Total revenue	$ 6,589	$ 5,278	$ 11,164	$ 11,346

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-in Capital	Accumulated Deficit	Non-Controlling Interests
Beginning Balance at Dec. 31, 2017	$ 76,775	$ 5	$ 373,972	$ (297,202)
Beginning Balance (in shares) at Dec. 31, 2017		5,000,000
Net income (loss)	(32,137)			(32,137)
Ending Balance at Mar. 31, 2018	44,638	$ 5	373,972	(329,339)
Ending Balance (in shares) at Mar. 31, 2018		5,000,000
Beginning Balance at Dec. 31, 2017	76,775	$ 5	373,972	(297,202)
Beginning Balance (in shares) at Dec. 31, 2017		5,000,000
Net income (loss)	(63,231)
Ending Balance at Jun. 30, 2018	13,544	$ 5	373,972	(360,433)
Ending Balance (in shares) at Jun. 30, 2018		5,000,000
Beginning Balance at Mar. 31, 2018	44,638	$ 5	373,972	(329,339)
Beginning Balance (in shares) at Mar. 31, 2018		5,000,000
Net income (loss)	(31,094)			(31,094)
Ending Balance at Jun. 30, 2018	13,544	$ 5	373,972	(360,433)
Ending Balance (in shares) at Jun. 30, 2018		5,000,000
Beginning Balance at Dec. 31, 2018	$ (64,693)	$ 5	373,972	(438,670)
Beginning Balance (in shares) at Dec. 31, 2018	5,000,053	5,000,000
Contributions from holders of noncontrolling interest	$ 122				$ 122
Net income (loss)	(47,904)			(47,890)	(14)
Ending Balance at Mar. 31, 2019	(112,475)	$ 5	373,972	(486,560)	108
Ending Balance (in shares) at Mar. 31, 2019		5,000,000
Beginning Balance at Dec. 31, 2018	$ (64,693)	$ 5	373,972	(438,670)
Beginning Balance (in shares) at Dec. 31, 2018	5,000,053	5,000,000
Net income (loss)	$ 542,555
Ending Balance at Jun. 30, 2019	$ 479,043	$ 5	373,972	104,169	897
Ending Balance (in shares) at Jun. 30, 2019	5,000,053	5,000,000
Beginning Balance at Mar. 31, 2019	$ (112,475)	$ 5	373,972	(486,560)	108
Beginning Balance (in shares) at Mar. 31, 2019		5,000,000
Contributions from holders of noncontrolling interest	1,059				1,059
Net income (loss)	590,459			590,729	(270)
Ending Balance at Jun. 30, 2019	$ 479,043	$ 5	$ 373,972	$ 104,169	$ 897
Ending Balance (in shares) at Jun. 30, 2019	5,000,053	5,000,000

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 542,555	$ (63,231)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	37,032	35,579
Amortization of debt financing costs	807	234
Amortization of debt discount	5,354	24,647
Amortization of contract value	1,643	3,130
PIK interest on the Convertible Notes	3,845	3,823
Share-based compensation expense	2,064	3,772
Deferred income tax expense	497	592
Loss (gain) on disposal of assets	109	(2,524)
Changes in operating assets and liabilities:
Trade receivables	(3,047)	4,289
Inventory	(266)	63
Prepaid expenses and other current assets	(2,274)	(3,833)
Other assets	2,641	865
Accounts payable	63,527	3,366
Accrued liabilities and other long-term liabilities	8,799	(2,441)
Net cash provided by operating activities	663,286	8,331
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment	(6,606)	(771)
Down payment on Soehanah acquisition		(15,000)
Proceeds from sale of Vantage 260		4,660
Net cash used in investing activities	(6,606)	(11,111)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt		(5,815)
Contributions from holders of noncontrolling interest	1,181
Debt issuance costs	(487)
Net cash provided by (used in) financing activities	694	(5,815)
Net increase (decrease) in cash and cash equivalents	657,374	(8,595)
Unrestricted and restricted cash and cash equivalents—beginning of period	239,387	195,455
Unrestricted and restricted cash and cash equivalents—end of period	896,761	186,860
Cash paid for:
Interest	14,891	10,014
Income taxes (net of refunds)	4,422	7,374
Non-cash investing and financing transactions:
Payment of interest in kind on the Convertible Notes	$ 3,867	$ 3,824

Organization and Recent Events

Organization and Recent Events	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Recent Events	1. Organization and Recent Events Vantage Drilling International, a Cayman Islands exempted company, is an international offshore drilling company focused on operating a fleet of modern, high specification drilling units. Our principal business is to contract drilling units, related equipment and work crews, primarily on a dayrate basis to drill oil and natural gas wells for our customers. Through our fleet of drilling units, we are a provider of offshore contract drilling services to major, national and independent oil and natural gas companies, focused on international markets. Additionally, for drilling units owned by others, we provide construction supervision services for rigs that are under construction, preservation management services for rigs that are stacked and operations and marketing services for operating rigs. Joint Venture On November 15, 2017, Vantage and ADES International Holding Ltd., the London-listed offshore and onshore provider of oil and gas drilling and production services in the Middle East and Africa (“ADES”), through their subsidiaries, entered into a Shareholders’ Agreement to form an entity named ADVantage Drilling Services SAE (“ADVantage”) to provide deepwater drilling services offshore of Egypt. ADVantage, which is a joint venture owned 51% by Vantage and 49 % by ADES, commenced a drilling services contract with Dana Gas Egypt Limited in May 2019 (the “Dana Gas Contract”) to perform deepwater drilling services offshore of Egypt. The term of the Dana Gas Contract is for one well, with operations estimated to last 77 days, and Dana Gas Egypt Limited has the option to extend the term by up to three additional wells. Drilling Services Contracts On June 28, 2019, CPOC Malaysia, through Olio Energy SDN Bhd, exercised a 180-day contract option for our premium jackup, the Aquamarine Driller 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 (the “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 Company’s then-existing $143.0 million initial term loans (the “2016 Term Loan Facility”) in place in connection with the Company’s pre-packaged plan of reorganization (the “Reorganization Plan”) under Chapter 11 of Title 11 of the United States Bankruptcy Code, and to terminate the credit agreement governing such facility, (ii) to redeem all of the Company’s then-outstanding 10% Senior Secured Second Lien Notes due 2020 (the “10% Second Lien Notes”), (iii) to fund the remaining amounts to be paid in connection with our acquisition of the shares of Rig Finance Limited, pursuant to a share purchase agreement with Ship Finance International Limited, an entity that owns the Soehanah 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 June 30, 2019, we had $40.4 million available for the issuance of letters of credit under this cash collateralized letter of credit facility. On July 8, 2019, we commenced an offer (the “Offer”) to repurchase up to $75.0 million of the 9.25% First Lien Notes at a purchase price equal to 100.0% of the principal of the 9.25% First Lien Notes to be repurchased, plus accrued and unpaid interest and additional amounts, if any, but not including, the date fixed for the purchase of the 9.25% First Lien Notes tendered pursuant to the Offer. The Offer to purchase for cash was made pursuant to the terms of the indenture, dated November 30, 2018 (the “Indenture”) governing the 9.25% First Lien Notes in connection with the receipt by our subsidiaries, Vantage Deepwater Company (“VDEEP”) and Vantage Deepwater Drilling, Inc. (“VDDI”), of approximately $690.8 million and $10.1 million, respectively, on June 21, 2019 on account of the award resulting from the action by VDEEP and VDDI against the Petrobras Parties (as described below). In accordance with Indenture, we were required to offer to purchase at least $75.0 million of the 9.25% First Lien Notes in accordance with the terms thereof. As of 11:59pm New York City time, on August 2, 2019, the expiration date of the Offer, no 9.25% First Lien Notes were tendered for purchase. Accordingly, the Company has concluded its obligation under the Indenture to conduct such offer, and, in accordance with the terms of the Indenture, the proceeds from the Agreement (as described below) (net of direct costs relating to the recovery thereof) will be available for use by the Company without any restrictions under the Indenture. 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. (“ and PVIS ” Titanium Explorer On July 2, 2018, an international arbitration tribunal issued an award in favor of VDEEP and VDDI (the “Award”). The tribunal found that the Petrobras Parties breached the Drilling Contract, and awarded VDEEP and VDDI damages in the aggregate amount of $622.0 million against the Petrobras Parties, 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 the Petrobras Parties bore its own legal fees, and the fees and expenses of the tribunal, including the compensation of the arbitrators, aggregating approximately $1.5 million, were borne equally by both sides. On July 2, 2018, VDEEP and VDDI filed a petition (the “Petition”) in the U.S. District Court for the Southern District of Texas (the U.S. District Court – Texas”) to confirm the Award against the Petrobras Parties. On August 31, 2018, the Petrobras Parties filed with the U.S. District Court – Texas, among other things, a response to the Petition and a motion to vacate the Award (the “Response and Motion to Vacate”). The U.S. District Court heard both the Petition and the Response and Motion to Vacate on March 8, 2019. On May 20, 2019, the U.S. District Court – Texas granted the Petition to confirm the Award against the Petrobras Parties and denied the motion to vacate the Award. On May 22, 2019, the U.S. District Court – Texas rendered its final judgment in favor of VDEEP and VDDI in the amount of approximately $734.0 million. Separately, in connection with enforcing the Award against the Petrobras Parties, VDEEP and VDDI 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, VDEEP and VDDI filed a petition in the Court of Appeals in The Hague, the Netherlands, to recognize and enforce the Award against the Petrobras Parties in the Netherlands (the “Dutch Enforcement Action”). On March 1, 2019, the Petrobras Parties filed a statement of defense with the Court of Appeals, and the Court of Appeals heard the petition of VDEEP and VDDI and the Petrobras Parties’ statement of defense on May 14, 2019. On June 20, 2019, VDEEP and VDDI entered into an agreement (the “Agreement”) with the Petrobras Parties relating to the Award issued in favor of VDEEP and VDDI. The Agreement considered the Award amount together with interest calculated through May 22, 2019 and reduced that amount by 4.5%. Pursuant to the Agreement, PVIS agreed to pay VDEEP $690,810,875 and PAI agreed to pay VDDI $10,128,565 (collectively, the “Payments”), in full satisfaction and payment of the Award and the related judgment entered by the United States District Court in the Southern District of Texas confirming the Award (the “Judgment”). Neither party released any of its claims, except for certain claims in respect of certain pre-judgement attachments made by VDEEP and VDDI on certain assets of PVIS and Petrobras in the Netherlands. VDEEP and VDDI received the Payments in full on June 21, 2019. The Petrobras Parties subsequently filed a notice of appeal with the U.S. Court of Appeals for the Fifth Circuit seeking a reversal of the Judgment, which confirmed the Award and denied their motion for vacatur. We believe there is no basis for reversal and intend to vigorously contest the appeal. Under the Agreement, VDEEP and VDDI were required to take actions in order to release liens on certain Petrobras assets located in the United States and the Netherlands. In addition, the parties agreed under the Agreement to a stay of the Dutch Enforcement Action until such time as there is a final, non-appealable judgment in the U.S. proceedings or until such time as the Petrobras Parties assert a claim for reimbursement of all or any part of the Payments, whichever is earlier. In light of the retention by the Petrobras Parties of their rights, including the right to appeal the Judgment, the Petrobras Parties may assert a claim for the return of all or a portion of the Payments made to satisfy the Award in the event the Judgment is overturned on appeal. The Company can provide no assurances as to the ultimate outcome of any such appeals. In addition, the Payments received by VDEEP and VDDI will be subject to reductions due to currently owed and future legal fees (including, among others, a contingency fee equal to 10% of the Payments) and any applicable taxes. Accordingly, no assurances can be given as to the amount of the Payments to be ultimately realized by the Company. Brazil Improbity Action 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 Titanium Explorer th 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. We understand that the Brazilian Federal Court 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. We and the other three defendants are jointly and severally liable for this amount. The seizure order has not had an effect on our assets or operations, as we do not own any assets in Brazil, and do 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 our U.S. assets in the amount of $124.0 million. We believe this request is not supported by applicable law and intend to vigorously oppose and defend against any attempts to seize our assets. On April 12, 2019, we filed an interlocutory appeal with the 4 th On May 20, 2019, the Company announced that the Brazilian Appellate Court ruled in favor of the Company’s appeal to stay the seizure and freezing order of the Brazilian Federal Court. The foregoing ruling is still subject to confirmation by a three-judge panel, and is subject to appeal, and the Company can offer no assurances that the stay will be confirmed or as to the outcome of any appeal thereof. The Company has communicated the Brazilian Appellate Court’s ruling to the U.S. Department of Justice (the “DOJ”), and has asked the Brazilian Federal Court to do the same. On July 18, 2019, the Company announced that the Brazilian Government made a filing with the Brazilian Federal Court reporting that the DOJ has advised the Brazilian Ministry of Justice that it would not be possible for the DOJ to comply with the mutual assistance request in respect of the asset freeze order. The Company also announced that it learned from the Brazilian Ministry of Justice that the DOJ’s response to the request for mutual assistance stated that no legal grounds existed for the implementing the requested asset freeze, and that the DOJ was returning the request without taking action and considers the matter concluded. The Company intends to continue 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.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Basis of Consolidation: The accompanying interim consolidated financial information as of June 30, 2019 and for the three and six months ended June 30, 2019 and 2018 has been prepared without audit, pursuant to the rules and regulations of the SEC, and includes our accounts and those of our majority owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. They reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the SEC, although we believe that the disclosures made are adequate to provide for fair presentation. The balance sheet at December 31, 2018 is derived from our December 31, 2018 audited financial statements. These interim financial statements should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. Certain previously reported amounts have been reclassified to conform to the current period presentation. In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIEs”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE. ADVantage is a joint venture company formed to operate deepwater drilling rigs in Egypt. We determined that ADVantage met the criteria of a variable interest entity for accounting purposes because its equity at risk was insufficient to permit it to carry on its activities without additional subordinated financial support from us. We also determined that we are the primary beneficiary for accounting purposes since we have the (a) power to direct the operating activities, which are the activities that most significantly impact the entity’s economic performance, and (b) obligation to absorb losses or the right to receive a majority of the benefits that could be potentially significant to the variable interest entity. As a result, we consolidate ADVantage in our consolidated financial statements, we eliminate intercompany transactions and we present the interests that are not owned by us as noncontrolling interest in our consolidated balance sheet. The carrying amount associated with ADVantage, after eliminating the effect of intercompany transactions was as follows: June 30, 2019 December 31, 2018 (unaudited, in thousands) Assets $ 6,148 $ — Liabilities 4,316 — Net carrying amount $ 1,832 $ — 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 initial useful lives ranging from five to thirty-five years on a straight-line basis as of the date placed in service. Other assets are depreciated upon placement in service over estimated initial useful lives ranging from three to seven years on a straight-line basis. When assets are sold, retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the balance sheet and the resulting gain or loss is included in operating costs or general and administrative expenses, depending on the nature of the asset. In each of the three and six months ended June 30, 2019, we recognized a net loss of approximately $0.1 million related to the sale or retirement of assets. For the three and six months ended June 30, 2018, we recognized a net loss of approximately $0.2 million and a net gain of approximately $2.5 million, respectively, related to the sale or retirement of assets. We evaluate the realization of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss on our property and equipment exists when estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized would be computed as the excess of the asset’s carrying value over the estimated fair value. Estimates of future cash flows require us to make long-term forecasts of our future revenues and operating costs with regard to the assets subject to review. Our business, including the utilization rates and dayrates we receive for our drilling rigs, depends on the level of our customers’ expenditures for oil and natural gas exploration, development and production expenditures. Oil and natural gas prices and customers’ expectations of potential changes in these prices, the general outlook for worldwide economic growth, political and social stability in the major oil and natural gas producing basins of the world, availability of credit and changes in governmental laws and regulations, among many other factors, significantly affect our customers’ levels of expenditures. Sustained declines in or persistent depressed levels of oil and natural gas prices, worldwide rig counts and utilization, reduced access to credit markets, reduced or depressed sale prices of comparably equipped jackups and drillships and any other significant adverse economic news could require us to evaluate the realization of our drilling rigs. In connection with our adoption of fresh-start accounting upon our emergence from bankruptcy on February 10, 2016 (the “Effective Date”), an adjustment of $2.0 billion was recorded to decrease the net book value of our drilling rigs to estimated fair value. The projections and assumptions used in that valuation have not changed significantly as of June 30, 2019; accordingly, no triggering event has occurred to indicate that the current carrying value of our drilling rigs may not be recoverable. Interest costs and the amortization of debt financing costs related to the financings of our drilling rigs are capitalized as part of the cost while they are under construction and prior to the commencement of each vessel’s first contract. We did not capitalize any interest for the reported periods. Intangible Assets: In April 2017, pursuant to a purchase and sale agreement with a third party, we completed the purchase of the , a class 154-44C jackup rig, and a related multi-year drilling contract for $13.0 million. In connection with our acquisition, the Company recorded an identifiable intangible asset of $12.6 million for the fair value of the acquired favorable drilling contract. The resulting intangible asset was amortized on a straight-line basis over the two-year term of the drilling contract, which ended in April 2019. We recognized approximately $86,000 and $1.6 million of amortization expense for intangible assets for the three and six months ended June 30, 2019, respectively, and approximately $1.6 million and $3.2 million for the three and six months ended June 30, 2018, respectively Debt Financing Costs: Costs incurred with debt financings are deferred and amortized over the term of the related financing facility on a straight-line basis which approximates the interest method. Debt issuance costs related to a recognized debt liability are presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability. Rig and Equipment Certifications: We are required to obtain regulatory certifications to operate our drilling rigs and certain specified equipment and must maintain such certifications through periodic inspections and surveys. The costs associated with these certifications, including drydock costs, are deferred and amortized over the corresponding certification periods. Income Taxes: Income taxes are provided for based upon the tax laws and rates in effect in the countries in which operations are conducted and income is earned. Deferred income tax assets and liabilities are computed for differences between the financial statement basis and tax basis of assets and liabilities that will result in future taxable or tax deductible amounts and are based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. We recognize interest and penalties related to income taxes as a component of income tax expense. Concentrations of Credit Risk: Financial instruments that potentially subject us to a significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash and accounts receivable. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We monitor the credit ratings and our concentration of risk with these financial institutions on a continuing basis to safeguard our cash deposits. We have a limited number of key customers, who are primarily large international oil and gas operators, national oil companies and other international oil and gas companies. Our contracts provide for monthly billings as services are performed and we monitor compliance with contract payment terms on an ongoing basis. Payment terms on customer invoices typically range from 30 to 45 days. Outstanding receivables beyond payment terms are promptly investigated and discussed with the specific customer. We do not have an allowance for doubtful accounts on our trade receivables as of June 30, 2019 and December 31, 2018. 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. Earnings (loss) per Share: We compute basic and diluted earnings per share (“EPS”) in accordance with the two-class method. We include restricted stock units granted to employees that contain non-forfeitable rights to dividends as such grants are considered participating securities. Basic earnings (loss) per share are based on the weighted average number of ordinary shares outstanding during the applicable period. Diluted EPS are computed based on the weighted average number of ordinary shares and ordinary share equivalents outstanding in the applicable period, as if all potentially dilutive securities were converted into ordinary shares (using the treasury stock method). The following is a reconciliation of the number of shares used for the basic and diluted EPS computations: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (In thousands) Weighted average ordinary shares outstanding for basic EPS 5,051 5,000 5,045 5,000 Restricted share equity awards 5 — 10 — Adjusted weighted average ordinary shares outstanding for diluted EPS 5,055 5,000 5,055 5,000 The following is a detail of the number of shares excluded from diluted EPS computations: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (In thousands) Convertible notes 8,075 7,995 8,075 7,995 Restricted share equity awards — 32 — 29 Future potentially dilutive ordinary shares excluded from diluted EPS 8,075 8,027 8,075 8,024 The ordinary shares issuable upon the conversion of the Company’s 1%/12% Step-Up Senior Secured Third Lien Convertible Notes due 2030 (the “Convertible Notes”), if converted, are excluded as the effect of including convertible debt and the related adjustments to income under the “if-converted” method of computing diluted earnings per share is anti-dilutive for the applicable periods. Functional Currency: We consider the U.S. dollar to be the functional currency for all of our operations since the majority of our revenues and expenditures are denominated in U.S. dollars, which limits our exposure to currency exchange rate fluctuations. We recognize currency exchange rate gains and losses in other, net. For the three and six months ended June 30, 2019, we recognized a net loss of approximately $0.1 million and a net gain of approximately $0.1 million, respectively, related to currency exchange rates. For the three and six months ended June 30, 2018, we recognized net losses of approximately $0.5 million and $1.1 million, respectively, related to currency exchange rates. Fair Value of Financial Instruments: The fair value of our short-term financial assets and liabilities approximates the carrying amounts represented in the balance sheet principally due to the short-term nature or floating rate nature of these instruments. At June 30, 2019, the fair value of the 9.25% First Lien Notes and the Convertible Notes was approximately $362.3 million and $702.7 million, respectively, based on quoted market prices in a less active market, a Level 2 measurement. Recently Adopted Accounting Standards: We adopted ASU No. 2016-02, Leases (ASC 842) ASU No. 2018-11, "Leases - Targeted Improvements." Leases. n addition, we elected certain practical expedients which permit us to not reassess whether existing contracts are or contain leases, to not reassess the lease classification of any existing leases, to not reassess initial direct costs for any existing leases, and to not separate lease and non-lease components for all classes of underlying assets. As a lessee, we also made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet for all classes of underlying assets. Adoption of the new standard resulted in an increase in the Company’s assets and liabilities of approximately $9.2 million as of January 1, 2019. 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. As outlined in ASU 2018-11, we have determined that the non-lease service component of our drilling contracts is the predominant element of the combined component and continue to 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 Recently Issued Accounting Standards: In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU No. 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses.”

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2019
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 represent 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. Contract Termination Revenue. On June 20, 2019, VDEEP and VDDI entered into the Agreement with the Petrobras Parties relating to the Award issued in favor of VDEEP and VDDI. The Agreement considered the Award amount together with interest calculated through May 22, 2019 and reduced that amount by 4.5%. Pursuant to the Agreement, PVIS agreed to pay VDEEP $690,810,875 and PAI agreed to pay VDDI $10,128,565, in full satisfaction and payment of the Award and the Judgment. Neither party released any of its claims, except for certain claims in respect of certain pre-judgement attachments made by VDEEP and VDDI on certain assets of PVIS and Petrobras in the Netherlands. VDEEP and VDDI received the Payments in full on June 21, 2019. The Petrobras Parties subsequently filed a notice of appeal with the U.S. Court of Appeals for the Fifth Circuit seeking a reversal of the Judgment, which confirmed the Award and denied their motion for vacatur. We believe there is no basis for reversal and intend to vigorously contest the appeal. For the three and six months ended June 30, 2019, we recognized approximately $594.0 million in “Contract termination revenue” and $106.9 million in “Interest income” associated with the Payments. Revenues Related to Reimbursable Expenses . We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. We are generally considered a principal in such transactions and therefore, recognize reimbursable revenues and the corresponding costs as we provide the customer ‑ requested goods and services. We have elected to exclude from the transaction price measurement all taxes assessed by a governmental authority. Disaggregation of Revenue The following tables present our revenue disaggregated by revenue source for the periods indicated: Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (unaudited, in thousands) Dayrate revenue $ 20,749 $ 13,724 $ 100 $ 34,573 $ 19,750 $ 34,578 $ 304 $ 54,632 Contract termination revenue — 594,029 — 594,029 — — — — Charter lease revenue 972 — — 972 — — — — Amortized revenue 710 582 — 1,292 273 582 — 855 Reimbursable revenue 2,239 2,948 330 5,517 2,074 1,735 1,165 4,974 Total revenue $ 24,670 $ 611,283 $ 430 $ 636,383 $ 22,097 $ 36,895 $ 1,469 $ 60,461 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (unaudited, in thousands) Dayrate revenue $ 41,117 $ 22,502 $ 401 $ 64,020 $ 39,699 $ 65,648 $ 605 $ 105,952 Contract termination revenue — 594,029 — 594,029 — — — — Charter lease revenue 1,885 — — 1,885 — — — — Amortized revenue 969 1,157 — 2,126 274 1,157 — 1,431 Reimbursable revenue 4,458 2,909 1,511 8,878 5,201 3,312 2,228 10,741 Total revenue $ 48,429 $ 620,597 $ 1,912 $ 670,938 $ 45,174 $ 70,117 $ 2,833 $ 118,124 Accounts Receivable, Contract Liabilities and Contract Costs Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on customer invoices typically range from 30 to 45 days. We recognize contract liabilities, recorded in other “Accrued liabilities” and “Long-term liabilities”, for prepayments received from customers and for deferred revenue received for mobilization, contract preparation and capital upgrades. Certain direct and incremental costs incurred for contract preparation, initial mobilization and modifications of contracted rigs represent contract fulfillment costs as they relate directly to a contract, enhance resources that will be used to satisfy our performance obligations in the future and are expected to be recovered. These costs are deferred as a current or noncurrent asset depending on the length of the initial contract term and are amortized on a straight-line basis to operating costs as services are rendered over the initial term of the related drilling contract. Costs incurred for capital upgrades are capitalized and depreciated over the useful life of the asset. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process. Costs incurred to mobilize a rig without a contract are expensed as incurred. The following table provides information about contract cost assets and contract revenue liabilities from contracts with customers: June 30, 2019 December 31, 2018 (unaudited, in thousands) Current contract cost assets $ 249 $ 774 Noncurrent contract cost assets 2,669 3,999 Current contract revenue liabilities 1,463 2,309 Noncurrent contract revenue liabilities 3,267 4,424 Significant changes in contract cost assets and contract revenue liabilities during the three months ended June 30, 2019 are as follows: Contract Costs Contract Revenues (unaudited, in thousands) Balance as of December 31, 2018 $ 4,773 $ 6,733 Increase (decrease) due to contractual changes 386 856 Decrease due to recognition of revenue (2,241 ) (2,859 ) Balance as of June 30, 2019 (1) $ 2,918 $ 4,730 (1) We expect to recognize contract revenues of approximately $2.6 million during the remaining six months of 2019 and $2.1 million thereafter related to unsatisfied performance obligations existing as of June 30, 2019. 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	6 Months Ended
	Jun. 30, 2019
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 the Vantage 260 Sapphire Driller Vantage 260

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	5. Leases We have operating leases expiring at various dates, principally for office space, onshore storage yards and certain operating equipment. Additionally, we sublease certain office space to third parties. We determine if an arrangement is a lease at inception. Operating leases with an initial term greater than 12 months are included in operating lease right-of-use (“ROU”) assets, accrued liabilities, and other long-term liabilities on our consolidated balance sheet. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made prior to or at the commencement date and is reduced by lease incentives received and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally not accounted for separately. The components of lease expense were as follows: (unaudited, in thousands) Classification in the Consolidated Statement of Operations Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost (1) Operating costs $ 1,348 $ 2,616 Operating lease cost (1) General and administrative 296 590 Sublease income Operating costs (103 ) (222 ) Sublease income General and administrative (75 ) (144 ) Total operating lease cost $ 1,466 $ 2,840 (1) Short term lease costs were $0.1 million and $0.4 million during the three and six months ended June 30, 2019, respectively. Operating cash flows used for operating leases approximates lease expense. (unaudited, in thousands) Classification in the Consolidated Balance Sheet June 30, 2019 Assets: Operating lease assets Operating lease right-of-use assets $ 7,682 Total leased assets $ 7,682 Liabilities: Current operating Accrued liabilities $ 3,846 Noncurrent operating Other long-term liabilities 4,148 Total lease liabilities $ 7,994 As of June 30, 2019, maturities of lease liabilities were as follows: (unaudited, in thousands) Operating Leases Remaining six months of 2019 $ 2,089 2020 3,554 2021 1,321 2022 1,313 2023 903 Thereafter - Total future lease payments $ 9,180 Less imputed interest (1,186 ) Present value of lease obligations $ 7,994 As of June 30, 2019, the weighted average discount rate and the weighted average remaining lease term for operating leases was 9.25% and 2.9 years, respectively. Right-of-use assets and lease liabilities recorded for leases commencing during the quarter ended June 30, 2019 were insignificant. As of December 31, 2018, maturities of lease liabilities as presented under Topic 840 were as follows: (unaudited, in thousands) Operating Leases 2019 $ 4,035 2020 3,465 2021 1,321 2022 1,313 2023 903 Thereafter - Total future minimum lease payments $ 11,037 The bareboat charter contract on our recently acquired Soehanah

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	6. Debt Our debt was composed of the following, as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) 9.25% First Lien Notes, net of financing costs of $7,240 and $7,560, respectively $ 342,760 $ 342,439 Convertible Notes, net of discount of $0 and $5,354, respectively 775,792 766,572 1,118,552 1,109,011 Less current maturities of long-term debt — — Long-term debt, net $ 1,118,552 $ 1,109,011 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 governing such facility, (ii) to redeem all of our then-outstanding 10% Second Lien Notes, (iii) to fund the remaining amounts to be paid in connection with the purchase of the Soehanah 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 had issued $9.6 million in letters of credit under this facility as of June 30, 2019. On July 8, 2019, we commenced the Offer to repurchase up to $75.0 million of the 9.25% First Lien Notes at a purchase price equal to 100.0% of the principal of the 9.25% First Lien Notes to be repurchased, plus accrued and unpaid interest and additional amounts, if any, but not including, the date fixed for the purchase of the 9.25% First Lien Notes tendered pursuant to the Offer. The Offer to purchase for cash was made pursuant to the terms of the indenture governing the 9.25% First Lien Notes in connection with the receipt by our subsidiaries, VDEEP and VDDI, of approximately $690.8 million and $10.1 million, respectively, on June 21, 2019 on account of the award resulting from the action by VDEEP and VDDI against the Petrobras Parties. In accordance with the indenture governing the 9.25% First Lien Notes, we were required to offer to purchase at least $75.0 million of the 9.25% First Lien Notes in accordance with the terms thereof. As of 11:59pm New York City time, on August 2, 2019, the expiration date of the Offer, no 9.25% First Lien Notes were tendered for purchase. Accordingly, the Company has concluded its obligation under the Indenture to conduct such offer, and, in accordance with the terms of the Indenture, the proceeds from the Agreement (net of direct costs relating to the recovery thereof) will be available for use by the Company without any restrictions under the Indenture. 1%/12% Step-Up Senior Secured Third Lien Convertible Notes. As part of the Reorganization Plan, the Company issued 4,344,959 New Shares and $750.0 million of the Convertible Notes to certain creditors holding approximately $2.5 billion of pre-petition secured debt claims. The New Shares issued to the creditors and the Convertible Notes may only be traded together and not separately. The Convertible Notes mature on December 31, 2030 and are convertible into New Shares, in certain circumstances, at a conversion price (subject to adjustment in accordance with the terms of the Indenture for the Convertible Notes), which was $95.60 as of the issue date. The Indenture for the Convertible Notes includes customary covenants that restrict, among other things, the granting of liens and customary events of default, including among other things, failure to issue securities upon conversion of the Convertible Notes. As of June 30, 2019, taking into account the payment of payment-in-kind interest (“PIK”) on the Convertible Notes to such date, each such unit of securities was comprised of one New Share and $178.55 of principal of Convertible Notes. As of June 30, 2019, 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, which commenced on June 30, 2016, is payable semi-annually in arrears 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 upon the approval of the Company’s board of directors (which approval shall require the affirmative vote of a supermajority of the non-management directors). For these purposes, “supermajority of the non-management directors” means the affirmative vote of at least 75% of the non-management directors eligible to vote. 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 June 30, 2019 and December 31, 2018, respectively. On June 7, 2019, the Company announced that its board of directors had approved the conversion of all of the Convertible Notes into ordinary shares of the Company (the “Conversion”) to take effect on or as promptly as practicable after July 1, 2019, subject to the satisfaction of certain conditions required by the indenture governing the Convertible Notes. The Company then announced on July 18, 2019 that, in light of the Agreement between the Petrobras Parties and certain of the Company’s subsidiaries, the board of directors of the Company has decided to reevaluate whether it is in the best interests of the Company and its shareholders to proceed with the Conversion of the Convertible Notes into ordinary shares at this point in time. Accordingly, no action is being undertaken by the Company at the current time to proceed with the Conversion. .

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Shareholders' Equity	7. Shareholders’ Equity We have 50,000,000 authorized ordinary shares, par value $0.001 per share. Upon emergence from bankruptcy on the Effective Date, we issued 5,000,053 ordinary shares in connection with the settlement of Liabilities Subject to Compromise in accordance with the Reorganization Plan and the Company’s $61.5 million promissory note (the “VDC Note”). As of June 30, 2019, 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. Time-based restricted stock units (“TBGs”) granted under the 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. Performance-based restricted stock units (“PBGs”) granted under the 2016 Amended MIP contain vesting eligibility provisions tied to the earlier of a QLE or seven years from the Effective Date. Upon the occurrence of a vesting eligibility event, the number of PBGs that actually vest will be dependent on the achievement of pre-determined Total Enterprise Value (“TEV”) targets specified in the grants. No awards were granted to employees or directors during the six months ended June 30, 2019 and 2018. In the six months ended June 30, 2019, 18,889 of previously granted TBGs vested. Both the TBGs and PBGs are classified as liabilities consistent with the classification of the underlying securities and under the provisions of ASC 718 Compensation – Stock Compensation Share based compensation expense for PBGs will be recognized when it is probable that the TEV targets will be met. Once it is probable the performance condition will be met, compensation expense based on the fair value of the PBGs at the balance sheet date will be recognized for the service period completed. As of June 30, 2019, we concluded that it was not probable that the TEV performance condition would be met and therefore, no share based compensation expense was recognized for PBGs.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
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, gains or losses on disposal or transfer of assets, reorganization expenses and write-off of development costs. Deferred income tax assets and liabilities are recorded for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. We provide for deferred taxes on temporary differences between the financial statements and tax bases of assets and liabilities using the enacted tax rates which are expected to apply to taxable income when the temporary differences are expected to reverse. Deferred tax assets are also provided for certain tax losses 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. 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 or administrative practices, 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	6 Months Ended
	Jun. 30, 2019
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. Matters Related to the Reorganization Plan 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 his company, F3 Capital, filed two appeals before the United States District Court for the District of Delaware (the “U.S. District Court – 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. On June 21, 2019, the U.S. District Court – Delaware rendered a decision affirming the U.S. Bankruptcy Court’s confirmation order relating to the Reorganization Plan. As Mr. Hsin-Chi Su and F3 Capital did not file a subsequent appeal of the U.S. District Court – Delaware’s decision within the prescribed period of time, the order of the U.S. District Court- Delaware constitutes a final, non-appealable order and therefore the foregoing matter is closed. On January 10, 2019, Mr. Hsin-Chi Su and F3 Capital filed a declaratory action against us in the U.S. District Court – 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. On March 4, 2019, we filed a motion to dismiss with the court, to which Mr. Hsin-Chi Su and F3 Capital filed a response and to which we subsequently filed a reply. 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. Drilling Contract Arbitration On August 31, 2015, PAI and PVIS, both subsidiaries of Petrobras, notified the Company of the termination of the Drilling Contract between PVIS and VDEEP and which had been novated to PAI and VDDI, claiming the Company had breached its obligations under the Drilling Contract. VDEEP and VDDI are both wholly-owned subsidiaries of the Company. We immediately filed an international arbitration claim against the Petrobras Parties, claiming wrongful termination of the Drilling Contract. On July 2, 2018, an international arbitration tribunal issued the Award in favor of VDEEP and VDDI. The tribunal found that the Petrobras Parties breached the Drilling Contract, and awarded VDEEP and VDDI damages in the aggregate amount of $622.0 million against the Petrobras Parties, 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 Award. In accordance with the terms of the Award, each of the Company and Petrobras bore its own legal fees, and the fees and expenses of the tribunal, including the compensation of the arbitrators, aggregating approximately $1.5 million, were borne equally by both sides. On July 2, 2018, VDEEP and VDDI filed the Petition in the U.S. District Court for the Southern District of Texas (the “U.S. District Court – Texas”) to confirm the Award against the Petrobras Parties. On August 31, 2018, the Petrobras Parties filed with the U.S. District Court – Texas, among other things, the Response and Motion to Vacate. On March 8, 2019, the U.S. District Court – Texas heard both the Petition and the Response and Motion to Vacate. On May 20, 2019, the U.S. District Court – Texas granted the Petition to confirm the Award against the Petrobras Parties and denied the Petrobras Parties’ motion to vacate the Award. On May 22, 2019, the U.S. District Court – Texas rendered its final judgment in favor of VDEEP and VDDI in the amount of approximately $734.0 million. Separately, in connection with enforcing the Award against the Petrobras Parties, VDEEP and VDDI 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, VDEEP and VDDI filed a petition in the Court of Appeals in The Hague, the Netherlands, to recognize and enforce the Award. On March 1, 2019, the Petrobras Parties filed their statement of defense with the Court of Appeals. The Court of Appeals heard the petition of VDEEP and VDDI and the Petrobras Parties’ statement of defense on May 14, 2019. On June 20, 2019, VDEEP and VDDI entered into the Agreement with the Petrobras Parties relating to the Award issued in favor of VDEEP and VDDI. The Agreement considered the Award amount together with interest calculated through May 22, 2019 and reduced that amount by 4.5%. Pursuant to the Agreement, PVIS agreed to pay VDEEP $690,810,875 and PAI agreed to pay VDDI $10,128,565, in full satisfaction and payment of the Award and the Judgment. Neither party released any of its claims, except for certain claims in respect of certain pre-judgement attachments made by VDEEP and VDDI on certain assets of PVIS and Petrobras in the Netherlands. VDEEP and VDDI received the Payments in full on June 21, 2019. The Petrobras Parties filed a notice of appeal with the U.S. Court of Appeals for the Fifth Circuit seeking a reversal of the Judgment, which confirmed the Award and denied their motion for vacatur. We believe there is no basis for reversal and intend to vigorously contest the appeal. Under the Agreement, VDEEP and VDDI were required to take actions in order to release liens on certain Petrobras assets in the United States and the Netherlands. In addition, the parties agreed under the Agreement to a stay of the Dutch Enforcement Action until such time as there is a final, non-appealable judgment in the U.S. proceedings or until such time as the Petrobras Parties assert a claim for reimbursement of all or any part of the Payments, whichever is earlier. In light of the retention by the Petrobras Parties of their rights, including the right to appeal the U.S. judgment, the Petrobras Parties may assert a claim for the return of all or a portion of the Payments made to satisfy the Award in the event the U.S. judgment is overturned on appeal. The Company can provide no assurances as to the ultimate outcome of any such appeals. In addition, the Payments received by VDEEP and VDDI will be subject to reductions due to currently owed and future legal fees (including, among others, a contingency fee equal to 10% of the Payments) and any applicable taxes. Accordingly, no assurances can be given as to the amount of the Payments to be ultimately realized by the Company. Brazil Improbity Action 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 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. We understand that the Brazilian Federal Court 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. We and the other three defendants are jointly and severally liable for this amount. The seizure order has not had an effect on our assets or operations, as we do not own any assets in Brazil, and do not currently intend to relocate any assets to Brazil. On February 13, 2019, we learned that the Brazilian Federal Prosecutor had previously 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 our U.S. assets in the amount of $124.0 million. We believe this request is not supported by applicable law and intend to vigorously oppose and defend against any attempts to seize our assets. On April 12, 2019, we filed an interlocutory appeal with the Brazilian Appellate Court, the appellate court hearing appeals in the “Car Wash” cases, to stay the seizure and freezing order of the Brazilian Federal Court. On May 20, 2019, the Company announced that the Brazilian Appellate Court ruled in favor of the Company’s appeal to stay the seizure and freezing order of the Brazilian Federal Court. The foregoing ruling is still subject to confirmation by a three-judge panel, and is subject to appeal, and the Company can offer no assurances that the stay will be confirmed or as to the outcome of any appeal thereof. The Company has communicated the Brazilian Appellate Court’s ruling to the DOJ, and has asked the Brazilian Federal Court to do the same. On July 18, 2019, the Company announced that the Brazilian Government made a filing with the Brazilian Federal Court reporting that the DOJ has advised the Brazilian Ministry of Justice that it would not be possible for the DOJ to comply with the mutual assistance request in respect of the asset freeze order. The Company also announced that it learned from the Brazilian Ministry of Justice that the DOJ’s response to the request for mutual assistance stated that no legal grounds existed for the implementing the requested asset freeze, and that the DOJ was returning the request without taking action and considers the matter concluded. The Company intends to continue 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 Pursuant to the terms of the restructuring support agreement (the “Restructuring Agreement”) among VDC, our former parent, and a majority of our secured creditors, 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.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Jun. 30, 2019
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 as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Sales tax receivable $ 9,455 $ 10,145 Income tax receivable 1,313 874 Prepaid insurance 2,322 660 Other receivables 1,408 1,634 Current deferred contract costs 249 774 Other 4,805 3,191 $ 19,552 $ 17,278 Property and Equipment, net Property and equipment, net, consisted of the following as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Drilling equipment $ 963,540 $ 962,618 Assets under construction 19,045 13,969 Office and technology equipment 18,452 18,452 Leasehold improvements 1,124 1,100 1,002,161 996,139 Accumulated depreciation (245,393 ) (208,836 ) Property and equipment, net $ 756,768 $ 787,303 Other Assets Other assets consisted of the following as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Noncurrent restricted cash $ 4,778 $ 4,058 Contract value, net — 1,643 Deferred certification costs 3,531 3,548 Noncurrent deferred contract costs 2,669 3,999 Deferred income taxes 1,394 1,844 Other noncurrent assets 1,111 934 $ 13,483 $ 16,026 Accrued Liabilities Accrued liabilities consisted of the following as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Interest $ 4,158 $ 2,827 Compensation 4,430 7,013 Income taxes payable 17,099 3,175 Current deferred revenue 1,463 2,309 Current portion of operating lease liabilities 3,846 — Other 2,657 2,659 $ 33,653 $ 17,983 Long-term Liabilities Long-term liabilities consisted of the following as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Noncurrent deferred revenue $ 3,267 $ 4,424 Deferred income taxes 768 720 2016 MIP 13,629 11,565 Noncurrent operating lease liabilities 4,148 — Other non-current liabilities 5,448 6,180 $ 27,260 $ 22,889 Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheet that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Cash and cash equivalents $ 886,343 $ 224,967 Restricted cash 5,640 10,362 Restricted cash included within Other Assets 4,778 4,058 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 896,761 $ 239,387 Restricted cash as of June 30, 2019 and December 31, 2018 represents cash held by banks as certificates of deposit collateralizing letters of credit. Transactions with Former Parent Company The following table summarizes the balances payable to VDC included in the Company's Consolidated Balance Sheet as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Accounts payable to related parties, net $ 17,278 $ 17,278 $ 17,278 $ 17,278 Pursuant to the terms of the Restructuring Agreement, the Company agreed to the Reorganization Plan and VDC agreed to commence official liquidation proceedings under the laws of the Cayman Islands. On December 2, 2015, pursuant to the Restructuring Agreement, the Company acquired two subsidiaries responsible for the management of the Company from VDC in exchange for the VDC Note. In connection with our separation from our former parent company, we and the Joint Official Liquidators, appointed to oversee the liquidation of VDC, are in 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. Related Party Transactions In connection with the establishment of ADVantage, the Company entered into a series of agreements with ADES, including: (i) a Secondment Agreement; (ii) a Manpower Agreement; and (iii) a Supply Services Agreement. Pursuant to these agreements, the Company, largely through its seconded employees, will provide various services to ADES and ADES will in turn provide various services to ADVantage. As of June 30, 2019, accounts receivable from ADES totaled approximately $1.8 million and accounts payable to ADES totaled approximately $2.5 million, included in “Trade receivables” and “Accounts payables,” respectively. Except for the foregoing, we had no other material related party transactions that were not in the ordinary course of business as of June 30, 2019.

Business Segment and Significan

Business Segment and Significant Customer Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Business Segment and Significant Customer Information	11. Business Segment and Significant Customer Information We aggregate our contract drilling operations into one reportable segment even though we provide contract drilling services with different types of rigs, including jackup rigs and drillships, and in different geographic regions. Our operations are dependent on the global oil and gas industry and our rigs are relocated based on demand for our services and customer requirements. Our customers consist primarily of large international oil and gas companies, national or government-controlled oil and gas companies, and other international exploration and production companies. Soehanah Additionally, for drilling units owned by others, we provide construction supervision services while under construction, preservation management services when stacked and operations and marketing services for operating rigs. Our management business represented less than 1% of our total revenue for each of the three and six months ended June 30, 2019 and 2018. For the three and six months ended June 30, 2019 and 2018, the majority of our revenue was derived 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. Contract termination revenue from the Petrobras Parties accounted for approximately 93% and 89% of consolidated revenue for the three and six months ended June 30, 2019, respectively. Excluding the contract termination revenue received from the Petrobras Parties, six customers accounted for approximately 22%, 18%, 18%, 14%, 13% and 11% of consolidated revenue for the three months ended June 30, 2019, and six customers accounted for approximately 25%, 20%, 16%, 14%, 12% and 10% of consolidated revenue for the six months ended June 30, 2019. Three customers accounted for approximately 46%, 15%, and 13% of consolidated revenue for the three months ended June 30, 2018. For the six months ended June 30, 2018, three customers accounted for approximately 46%, 14% and 13% of consolidated revenue. Our revenue by country was as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (unaudited, in thousands) Cayman Islands $ 561,528 $ — $ 561,528 $ — Congo — 35,874 — 71,728 India — 8,842 — 15,372 Other countries (a) 74,855 15,745 109,410 31,024 Total revenues $ 636,383 $ 60,461 $ 670,938 $ 118,124 (a) Other countries represent countries in which we operate that individually had operating revenues representing less than 10% of total revenues earned for the periods indicated. Our property and equipment, net by country was as follows as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Egypt $ 214,629 $ — Canary Islands — 216,955 India 133,729 141,342 Indonesia 78,840 81,850 South Africa 156,735 164,239 Other countries (a) 172,835 182,917 Total property and equipment $ 756,768 $ 787,303 (a) Other countries represent countries in which we individually had property and equipment, net, representing less than 10% of total property and equipment, net as of the dates indicated. A substantial portion of our assets are mobile drilling units. Asset locations at the end of the period are not necessarily indicative of the geographic distribution of the revenues generated by such assets during the periods.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation: The accompanying interim consolidated financial information as of June 30, 2019 and for the three and six months ended June 30, 2019 and 2018 has been prepared without audit, pursuant to the rules and regulations of the SEC, and includes our accounts and those of our majority owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. They reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the SEC, although we believe that the disclosures made are adequate to provide for fair presentation. The balance sheet at December 31, 2018 is derived from our December 31, 2018 audited financial statements. These interim financial statements should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. Certain previously reported amounts have been reclassified to conform to the current period presentation. In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIEs”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE. ADVantage is a joint venture company formed to operate deepwater drilling rigs in Egypt. We determined that ADVantage met the criteria of a variable interest entity for accounting purposes because its equity at risk was insufficient to permit it to carry on its activities without additional subordinated financial support from us. We also determined that we are the primary beneficiary for accounting purposes since we have the (a) power to direct the operating activities, which are the activities that most significantly impact the entity’s economic performance, and (b) obligation to absorb losses or the right to receive a majority of the benefits that could be potentially significant to the variable interest entity. As a result, we consolidate ADVantage in our consolidated financial statements, we eliminate intercompany transactions and we present the interests that are not owned by us as noncontrolling interest in our consolidated balance sheet. The carrying amount associated with ADVantage, after eliminating the effect of intercompany transactions was as follows: June 30, 2019 December 31, 2018 (unaudited, in thousands) Assets $ 6,148 $ — Liabilities 4,316 — Net carrying amount $ 1,832 $ —
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 initial useful lives ranging from five to thirty-five years on a straight-line basis as of the date placed in service. Other assets are depreciated upon placement in service over estimated initial useful lives ranging from three to seven years on a straight-line basis. When assets are sold, retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the balance sheet and the resulting gain or loss is included in operating costs or general and administrative expenses, depending on the nature of the asset. In each of the three and six months ended June 30, 2019, we recognized a net loss of approximately $0.1 million related to the sale or retirement of assets. For the three and six months ended June 30, 2018, we recognized a net loss of approximately $0.2 million and a net gain of approximately $2.5 million, respectively, related to the sale or retirement of assets. We evaluate the realization of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss on our property and equipment exists when estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized would be computed as the excess of the asset’s carrying value over the estimated fair value. Estimates of future cash flows require us to make long-term forecasts of our future revenues and operating costs with regard to the assets subject to review. Our business, including the utilization rates and dayrates we receive for our drilling rigs, depends on the level of our customers’ expenditures for oil and natural gas exploration, development and production expenditures. Oil and natural gas prices and customers’ expectations of potential changes in these prices, the general outlook for worldwide economic growth, political and social stability in the major oil and natural gas producing basins of the world, availability of credit and changes in governmental laws and regulations, among many other factors, significantly affect our customers’ levels of expenditures. Sustained declines in or persistent depressed levels of oil and natural gas prices, worldwide rig counts and utilization, reduced access to credit markets, reduced or depressed sale prices of comparably equipped jackups and drillships and any other significant adverse economic news could require us to evaluate the realization of our drilling rigs. In connection with our adoption of fresh-start accounting upon our emergence from bankruptcy on February 10, 2016 (the “Effective Date”), an adjustment of $2.0 billion was recorded to decrease the net book value of our drilling rigs to estimated fair value. The projections and assumptions used in that valuation have not changed significantly as of June 30, 2019; accordingly, no triggering event has occurred to indicate that the current carrying value of our drilling rigs may not be recoverable. Interest costs and the amortization of debt financing costs related to the financings of our drilling rigs are capitalized as part of the cost while they are under construction and prior to the commencement of each vessel’s first contract. We did not capitalize any interest for the reported periods.
Intangible Assets	Intangible Assets: In April 2017, pursuant to a purchase and sale agreement with a third party, we completed the purchase of the , a class 154-44C jackup rig, and a related multi-year drilling contract for $13.0 million. In connection with our acquisition, the Company recorded an identifiable intangible asset of $12.6 million for the fair value of the acquired favorable drilling contract. The resulting intangible asset was amortized on a straight-line basis over the two-year term of the drilling contract, which ended in April 2019. We recognized approximately $86,000 and $1.6 million of amortization expense for intangible assets for the three and six months ended June 30, 2019, respectively, and approximately $1.6 million and $3.2 million for the three and six months ended June 30, 2018, respectively
Debt Financing Costs	Debt Financing Costs: Costs incurred with debt financings are deferred and amortized over the term of the related financing facility on a straight-line basis which approximates the interest method. Debt issuance costs related to a recognized debt liability are presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability.
Rig and Equipment Certifications	Rig and Equipment Certifications: We are required to obtain regulatory certifications to operate our drilling rigs and certain specified equipment and must maintain such certifications through periodic inspections and surveys. The costs associated with these certifications, including drydock costs, are deferred and amortized over the corresponding certification periods.
Income Taxes	Income Taxes: Income taxes are provided for based upon the tax laws and rates in effect in the countries in which operations are conducted and income is earned. Deferred income tax assets and liabilities are computed for differences between the financial statement basis and tax basis of assets and liabilities that will result in future taxable or tax deductible amounts and are based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. We recognize interest and penalties related to income taxes as a component of income tax expense.
Concentrations of Credit Risk	Concentrations of Credit Risk: Financial instruments that potentially subject us to a significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash and accounts receivable. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We monitor the credit ratings and our concentration of risk with these financial institutions on a continuing basis to safeguard our cash deposits. We have a limited number of key customers, who are primarily large international oil and gas operators, national oil companies and other international oil and gas companies. Our contracts provide for monthly billings as services are performed and we monitor compliance with contract payment terms on an ongoing basis. Payment terms on customer invoices typically range from 30 to 45 days. Outstanding receivables beyond payment terms are promptly investigated and discussed with the specific customer. We do not have an allowance for doubtful accounts on our trade receivables as of June 30, 2019 and December 31, 2018.
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.
Earnings (Loss) per Share	Earnings (loss) per Share: We compute basic and diluted earnings per share (“EPS”) in accordance with the two-class method. We include restricted stock units granted to employees that contain non-forfeitable rights to dividends as such grants are considered participating securities. Basic earnings (loss) per share are based on the weighted average number of ordinary shares outstanding during the applicable period. Diluted EPS are computed based on the weighted average number of ordinary shares and ordinary share equivalents outstanding in the applicable period, as if all potentially dilutive securities were converted into ordinary shares (using the treasury stock method). The following is a reconciliation of the number of shares used for the basic and diluted EPS computations: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (In thousands) Weighted average ordinary shares outstanding for basic EPS 5,051 5,000 5,045 5,000 Restricted share equity awards 5 — 10 — Adjusted weighted average ordinary shares outstanding for diluted EPS 5,055 5,000 5,055 5,000 The following is a detail of the number of shares excluded from diluted EPS computations: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (In thousands) Convertible notes 8,075 7,995 8,075 7,995 Restricted share equity awards — 32 — 29 Future potentially dilutive ordinary shares excluded from diluted EPS 8,075 8,027 8,075 8,024 The ordinary shares issuable upon the conversion of the Company’s 1%/12% Step-Up Senior Secured Third Lien Convertible Notes due 2030 (the “Convertible Notes”), if converted, are excluded as the effect of including convertible debt and the related adjustments to income under the “if-converted” method of computing diluted earnings per share is anti-dilutive for the applicable periods.
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 three and six months ended June 30, 2019, we recognized a net loss of approximately $0.1 million and a net gain of approximately $0.1 million, respectively, related to currency exchange rates. For the three and six months ended June 30, 2018, we recognized net losses of approximately $0.5 million and $1.1 million, respectively, related to currency exchange rates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments: The fair value of our short-term financial assets and liabilities approximates the carrying amounts represented in the balance sheet principally due to the short-term nature or floating rate nature of these instruments. At June 30, 2019, the fair value of the 9.25% First Lien Notes and the Convertible Notes was approximately $362.3 million and $702.7 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. 2016-02, Leases (ASC 842) ASU No. 2018-11, "Leases - Targeted Improvements." Leases. n addition, we elected certain practical expedients which permit us to not reassess whether existing contracts are or contain leases, to not reassess the lease classification of any existing leases, to not reassess initial direct costs for any existing leases, and to not separate lease and non-lease components for all classes of underlying assets. As a lessee, we also made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet for all classes of underlying assets. Adoption of the new standard resulted in an increase in the Company’s assets and liabilities of approximately $9.2 million as of January 1, 2019. 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. As outlined in ASU 2018-11, we have determined that the non-lease service component of our drilling contracts is the predominant element of the combined component and continue to 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
Recently Issued Accounting Standards	Recently Issued Accounting Standards: In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU No. 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses.”
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 represent 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. Contract Termination Revenue. On June 20, 2019, VDEEP and VDDI entered into the Agreement with the Petrobras Parties relating to the Award issued in favor of VDEEP and VDDI. The Agreement considered the Award amount together with interest calculated through May 22, 2019 and reduced that amount by 4.5%. Pursuant to the Agreement, PVIS agreed to pay VDEEP $690,810,875 and PAI agreed to pay VDDI $10,128,565, in full satisfaction and payment of the Award and the Judgment. Neither party released any of its claims, except for certain claims in respect of certain pre-judgement attachments made by VDEEP and VDDI on certain assets of PVIS and Petrobras in the Netherlands. VDEEP and VDDI received the Payments in full on June 21, 2019. The Petrobras Parties subsequently filed a notice of appeal with the U.S. Court of Appeals for the Fifth Circuit seeking a reversal of the Judgment, which confirmed the Award and denied their motion for vacatur. We believe there is no basis for reversal and intend to vigorously contest the appeal. For the three and six months ended June 30, 2019, we recognized approximately $594.0 million in “Contract termination revenue” and $106.9 million in “Interest income” associated with the Payments. Revenues Related to Reimbursable Expenses . We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. We are generally considered a principal in such transactions and therefore, recognize reimbursable revenues and the corresponding costs as we provide the customer ‑ requested goods and services. We have elected to exclude from the transaction price measurement all taxes assessed by a governmental authority. Disaggregation of Revenue The following tables present our revenue disaggregated by revenue source for the periods indicated: Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (unaudited, in thousands) Dayrate revenue $ 20,749 $ 13,724 $ 100 $ 34,573 $ 19,750 $ 34,578 $ 304 $ 54,632 Contract termination revenue — 594,029 — 594,029 — — — — Charter lease revenue 972 — — 972 — — — — Amortized revenue 710 582 — 1,292 273 582 — 855 Reimbursable revenue 2,239 2,948 330 5,517 2,074 1,735 1,165 4,974 Total revenue $ 24,670 $ 611,283 $ 430 $ 636,383 $ 22,097 $ 36,895 $ 1,469 $ 60,461 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (unaudited, in thousands) Dayrate revenue $ 41,117 $ 22,502 $ 401 $ 64,020 $ 39,699 $ 65,648 $ 605 $ 105,952 Contract termination revenue — 594,029 — 594,029 — — — — Charter lease revenue 1,885 — — 1,885 — — — — Amortized revenue 969 1,157 — 2,126 274 1,157 — 1,431 Reimbursable revenue 4,458 2,909 1,511 8,878 5,201 3,312 2,228 10,741 Total revenue $ 48,429 $ 620,597 $ 1,912 $ 670,938 $ 45,174 $ 70,117 $ 2,833 $ 118,124 Accounts Receivable, Contract Liabilities and Contract Costs Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on customer invoices typically range from 30 to 45 days. We recognize contract liabilities, recorded in other “Accrued liabilities” and “Long-term liabilities”, for prepayments received from customers and for deferred revenue received for mobilization, contract preparation and capital upgrades. Certain direct and incremental costs incurred for contract preparation, initial mobilization and modifications of contracted rigs represent contract fulfillment costs as they relate directly to a contract, enhance resources that will be used to satisfy our performance obligations in the future and are expected to be recovered. These costs are deferred as a current or noncurrent asset depending on the length of the initial contract term and are amortized on a straight-line basis to operating costs as services are rendered over the initial term of the related drilling contract. Costs incurred for capital upgrades are capitalized and depreciated over the useful life of the asset. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process. Costs incurred to mobilize a rig without a contract are expensed as incurred. The following table provides information about contract cost assets and contract revenue liabilities from contracts with customers: June 30, 2019 December 31, 2018 (unaudited, in thousands) Current contract cost assets $ 249 $ 774 Noncurrent contract cost assets 2,669 3,999 Current contract revenue liabilities 1,463 2,309 Noncurrent contract revenue liabilities 3,267 4,424 Significant changes in contract cost assets and contract revenue liabilities during the three months ended June 30, 2019 are as follows: Contract Costs Contract Revenues (unaudited, in thousands) Balance as of December 31, 2018 $ 4,773 $ 6,733 Increase (decrease) due to contractual changes 386 856 Decrease due to recognition of revenue (2,241 ) (2,859 ) Balance as of June 30, 2019 (1) $ 2,918 $ 4,730 (1) We expect to recognize contract revenues of approximately $2.6 million during the remaining six months of 2019 and $2.1 million thereafter related to unsatisfied performance obligations existing as of June 30, 2019. 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.
Leases	Leases We have operating leases expiring at various dates, principally for office space, onshore storage yards and certain operating equipment. Additionally, we sublease certain office space to third parties. We determine if an arrangement is a lease at inception. Operating leases with an initial term greater than 12 months are included in operating lease right-of-use (“ROU”) assets, accrued liabilities, and other long-term liabilities on our consolidated balance sheet. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made prior to or at the commencement date and is reduced by lease incentives received and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally not accounted for separately.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of Carrying Amounts after Eliminating the Effect of Intercompany Transactions	The carrying amount associated with ADVantage, after eliminating the effect of intercompany transactions was as follows: June 30, 2019 December 31, 2018 (unaudited, in thousands) Assets $ 6,148 $ — Liabilities 4,316 — Net carrying amount $ 1,832 $ —
Schedule of Reconciliation of Number of Shares Used for Basic and Diluted EPS Computations	The following is a reconciliation of the number of shares used for the basic and diluted EPS computations: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (In thousands) Weighted average ordinary shares outstanding for basic EPS 5,051 5,000 5,045 5,000 Restricted share equity awards 5 — 10 — Adjusted weighted average ordinary shares outstanding for diluted EPS 5,055 5,000 5,055 5,000
Schedule of Number of Shares Excluded from Diluted EPS Computations	The following is a detail of the number of shares excluded from diluted EPS computations: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (In thousands) Convertible notes 8,075 7,995 8,075 7,995 Restricted share equity awards — 32 — 29 Future potentially dilutive ordinary shares excluded from diluted EPS 8,075 8,027 8,075 8,024

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Schedule of Disaggregated by Revenue	The following tables present our revenue disaggregated by revenue source for the periods indicated: Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (unaudited, in thousands) Dayrate revenue $ 20,749 $ 13,724 $ 100 $ 34,573 $ 19,750 $ 34,578 $ 304 $ 54,632 Contract termination revenue — 594,029 — 594,029 — — — — Charter lease revenue 972 — — 972 — — — — Amortized revenue 710 582 — 1,292 273 582 — 855 Reimbursable revenue 2,239 2,948 330 5,517 2,074 1,735 1,165 4,974 Total revenue $ 24,670 $ 611,283 $ 430 $ 636,383 $ 22,097 $ 36,895 $ 1,469 $ 60,461 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Jackups Deepwater Management Consolidated Jackups Deepwater Management Consolidated (unaudited, in thousands) Dayrate revenue $ 41,117 $ 22,502 $ 401 $ 64,020 $ 39,699 $ 65,648 $ 605 $ 105,952 Contract termination revenue — 594,029 — 594,029 — — — — Charter lease revenue 1,885 — — 1,885 — — — — Amortized revenue 969 1,157 — 2,126 274 1,157 — 1,431 Reimbursable revenue 4,458 2,909 1,511 8,878 5,201 3,312 2,228 10,741 Total revenue $ 48,429 $ 620,597 $ 1,912 $ 670,938 $ 45,174 $ 70,117 $ 2,833 $ 118,124
Schedule of Contract Cost Assets and Contract Revenue Liabilities from Contracts with Customers	The following table provides information about contract cost assets and contract revenue liabilities from contracts with customers: June 30, 2019 December 31, 2018 (unaudited, in thousands) Current contract cost assets $ 249 $ 774 Noncurrent contract cost assets 2,669 3,999 Current contract revenue liabilities 1,463 2,309 Noncurrent contract revenue liabilities 3,267 4,424
Schedule of Significant Changes in Contract Cost Assets and Contract Revenue Liabilities	Significant changes in contract cost assets and contract revenue liabilities during the three months ended June 30, 2019 are as follows: Contract Costs Contract Revenues (unaudited, in thousands) Balance as of December 31, 2018 $ 4,773 $ 6,733 Increase (decrease) due to contractual changes 386 856 Decrease due to recognition of revenue (2,241 ) (2,859 ) Balance as of June 30, 2019 (1) $ 2,918 $ 4,730 (1) We expect to recognize contract revenues of approximately $2.6 million during the remaining six months of 2019 and $2.1 million thereafter related to unsatisfied performance obligations existing as of June 30, 2019.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2019
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.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: (unaudited, in thousands) Classification in the Consolidated Statement of Operations Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost (1) Operating costs $ 1,348 $ 2,616 Operating lease cost (1) General and administrative 296 590 Sublease income Operating costs (103 ) (222 ) Sublease income General and administrative (75 ) (144 ) Total operating lease cost $ 1,466 $ 2,840 (1) Short term lease costs were $0.1 million and $0.4 million during the three and six months ended June 30, 2019, respectively. Operating cash flows used for operating leases approximates lease expense.
Schedule of Operating Leases Included in Consolidated Balance Sheet	(unaudited, in thousands) Classification in the Consolidated Balance Sheet June 30, 2019 Assets: Operating lease assets Operating lease right-of-use assets $ 7,682 Total leased assets $ 7,682 Liabilities: Current operating Accrued liabilities $ 3,846 Noncurrent operating Other long-term liabilities 4,148 Total lease liabilities $ 7,994
Schedule of Maturities of Operating Lease Liabilities	As of June 30, 2019, maturities of lease liabilities were as follows: (unaudited, in thousands) Operating Leases Remaining six months of 2019 $ 2,089 2020 3,554 2021 1,321 2022 1,313 2023 903 Thereafter - Total future lease payments $ 9,180 Less imputed interest (1,186 ) Present value of lease obligations $ 7,994
Schedule of Maturities of Lease Liabilities as Presented Under Topic 840	As of December 31, 2018, maturities of lease liabilities as presented under Topic 840 were as follows: (unaudited, in thousands) Operating Leases 2019 $ 4,035 2020 3,465 2021 1,321 2022 1,313 2023 903 Thereafter - Total future minimum lease payments $ 11,037

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Long-term Debt	Our debt was composed of the following, as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) 9.25% First Lien Notes, net of financing costs of $7,240 and $7,560, respectively $ 342,760 $ 342,439 Convertible Notes, net of discount of $0 and $5,354, respectively 775,792 766,572 1,118,552 1,109,011 Less current maturities of long-term debt — — Long-term debt, net $ 1,118,552 $ 1,109,011

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Jun. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Sales tax receivable $ 9,455 $ 10,145 Income tax receivable 1,313 874 Prepaid insurance 2,322 660 Other receivables 1,408 1,634 Current deferred contract costs 249 774 Other 4,805 3,191 $ 19,552 $ 17,278
Property and Equipment, Net	Property and equipment, net, consisted of the following as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Drilling equipment $ 963,540 $ 962,618 Assets under construction 19,045 13,969 Office and technology equipment 18,452 18,452 Leasehold improvements 1,124 1,100 1,002,161 996,139 Accumulated depreciation (245,393 ) (208,836 ) Property and equipment, net $ 756,768 $ 787,303
Other Assets	Other assets consisted of the following as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Noncurrent restricted cash $ 4,778 $ 4,058 Contract value, net — 1,643 Deferred certification costs 3,531 3,548 Noncurrent deferred contract costs 2,669 3,999 Deferred income taxes 1,394 1,844 Other noncurrent assets 1,111 934 $ 13,483 $ 16,026
Accrued Liabilities	Accrued liabilities consisted of the following as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Interest $ 4,158 $ 2,827 Compensation 4,430 7,013 Income taxes payable 17,099 3,175 Current deferred revenue 1,463 2,309 Current portion of operating lease liabilities 3,846 — Other 2,657 2,659 $ 33,653 $ 17,983
Long-term Liabilities	Long-term liabilities consisted of the following as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Noncurrent deferred revenue $ 3,267 $ 4,424 Deferred income taxes 768 720 2016 MIP 13,629 11,565 Noncurrent operating lease liabilities 4,148 — Other non-current liabilities 5,448 6,180 $ 27,260 $ 22,889
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheet that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Cash and cash equivalents $ 886,343 $ 224,967 Restricted cash 5,640 10,362 Restricted cash included within Other Assets 4,778 4,058 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 896,761 $ 239,387
Consolidated Balance Sheet Balances Payable to Former Parent Company	The following table summarizes the balances payable to VDC included in the Company's Consolidated Balance Sheet as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Accounts payable to related parties, net $ 17,278 $ 17,278 $ 17,278 $ 17,278

Business Segment and Signific_2

Business Segment and Significant Customer Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Summary of Revenue by Country	Our revenue by country was as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (unaudited, in thousands) Cayman Islands $ 561,528 $ — $ 561,528 $ — Congo — 35,874 — 71,728 India — 8,842 — 15,372 Other countries (a) 74,855 15,745 109,410 31,024 Total revenues $ 636,383 $ 60,461 $ 670,938 $ 118,124 (a) Other countries represent countries in which we operate that individually had operating revenues representing less than 10% of total revenues earned for the periods indicated.
Schedule of Property and Equipment, Net by Country	Our property and equipment, net by country was as follows as of the dates indicated: June 30, 2019 December 31, 2018 (unaudited, in thousands) Egypt $ 214,629 $ — Canary Islands — 216,955 India 133,729 141,342 Indonesia 78,840 81,850 South Africa 156,735 164,239 Other countries (a) 172,835 182,917 Total property and equipment $ 756,768 $ 787,303 (a) Other countries represent countries in which we individually had property and equipment, net, representing less than 10% of total property and equipment, net as of the dates indicated.

Organization and Recent Events

Organization and Recent Events - Additional Information (Detail) R$ in Millions	Jul. 08, 2019USD ($)	Jun. 21, 2019USD ($)	May 22, 2019USD ($)	Feb. 13, 2019USD ($)	Nov. 30, 2018USD ($)	Jul. 02, 2018USD ($)	Apr. 27, 2018USD ($)Defendant	Apr. 27, 2018BRL (R$)Defendant	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 20, 2019USD ($)
Organization And Recent Events [Line Items]
Repayment of term loans										$ 5,815,000
Brazil Improbity Action | Brazil
Organization And Recent Events [Line Items]
Allegations - description									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 drillship to Petrobras under the Drilling Contract, with the Brazilian Government and Petrobras as plaintiffs. 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 VDC’s 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.
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 Improbity Action | United States
Organization And Recent Events [Line Items]
Court authorization to seizure and freezing assets of defendants				$ 124,000,000
Petrobras Parties | Drilling Contract Arbitration
Organization And Recent Events [Line Items]
Damages awarded, aggregate amount			$ 734,000,000			$ 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.
Contingency fee									10.00%
Petrobras Parties | Drilling Contract Arbitration | April 1, 2018
Organization And Recent Events [Line Items]
Damages awarded, aggregate amount						615,600,000
Petrobras Parties | Drilling Contract Arbitration | October 20, 2015
Organization And Recent Events [Line Items]
Damages awarded, aggregate amount						5,200,000
Petrobras Parties | Drilling Contract Arbitration | November 19, 2015
Organization And Recent Events [Line Items]
Damages awarded, aggregate amount						$ 1,200,000
Petrobras Parties | VDEEP
Organization And Recent Events [Line Items]
Damages awarded, aggregate amount		$ 690,800,000
Petrobras Parties | VDDI
Organization And Recent Events [Line Items]
Damages awarded, aggregate amount		$ 10,100,000
PVIS | VDEEP
Organization And Recent Events [Line Items]
Settlement payment agreed by other party											$ 690,810,875
Percentage decrease in settlement payment agreed by other party											4.50%
PVIS | VDEEP | Drilling Contract Arbitration
Organization And Recent Events [Line Items]
Settlement payment agreed by other party											$ 690,810,875
Percentage decrease in settlement payment agreed by other party											4.50%
PAI | VDDI
Organization And Recent Events [Line Items]
Settlement payment agreed by other party											$ 10,128,565
Percentage decrease in settlement payment agreed by other party											4.50%
PAI | VDDI | Drilling Contract Arbitration
Organization And Recent Events [Line Items]
Settlement payment agreed by other party											$ 10,128,565
Percentage decrease in settlement payment agreed by other party											4.50%
New Letter of Credit Facility
Organization And Recent Events [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000
Term Loan
Organization And Recent Events [Line Items]
Repayment of term loans					$ 143,000,000
9.25% First Lien Notes
Organization And Recent Events [Line Items]
Issuance of senior notes					$ 350,000,000
Debt Instrument, interest rate					9.25%				9.25%
Debt instrument, maturity date					Nov. 15, 2023
9.25% First Lien Notes | Subsequent Event
Organization And Recent Events [Line Items]
Debt repurchase, maximum permissible limit	$ 75,000,000
Debt purchase price as percentage of principal amount	100.00%
Debt repurchase offer end date	Aug. 2, 2019
9.25% First Lien Notes | New Letter of Credit Facility
Organization And Recent Events [Line Items]
Line of credit facility, maximum borrowing capacity					$ 50,000,000
Available for issuance of letters of credit									$ 40,400,000
10% Senior Secured Second Lien Notes
Organization And Recent Events [Line Items]
Debt Instrument, interest rate					10.00%
ADVantage
Organization And Recent Events [Line Items]
Joint venture, ownership percentage									51.00%
ADVantage | ADES International Holding Ltd.
Organization And Recent Events [Line Items]
Joint venture, ownership percentage									49.00%

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Schedule of Carrying Amounts after Eliminating the Effect of Intercompany Transactions (Detail) - ADVantage $ in Thousands	Jun. 30, 2019USD ($)
Variable Interest Entity [Line Items]
Assets	$ 6,148
Liabilities	4,316
Net carrying amount	$ 1,832

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019	Dec. 31, 2018	Nov. 30, 2018
Basis Of Presentation And Significant Accounting Policies [Line Items]
Net gain (loss) on sale or retirement of assets			$ (100,000)	$ (200,000)	$ (109,000)	$ 2,524,000
Decrease the net book value of property and equipment			2,000,000,000		2,000,000,000
Capitalized interest					0	0
Recognition of amortization expense of intangible assets					1,643,000	3,130,000
Allowance for doubtful accounts on trade receivables			0		0			$ 0
Foreign currency transaction gain (loss)			$ (100,000)	(500,000)	$ 100,000	(1,100,000)
ASU No. 2016-02
Basis Of Presentation And Significant Accounting Policies [Line Items]
Adoption of new standard resulted in an increase in assets and liabilities							$ 9,200,000
1%/12% Step-Up Senior Secured Third Lien Convertible Notes
Basis Of Presentation And Significant Accounting Policies [Line Items]
Debt Instrument, interest rate			0.083%		0.083%
Fair value of notes outstanding			$ 702,700,000		$ 702,700,000
9.25% First Lien Notes
Basis Of Presentation And Significant Accounting Policies [Line Items]
Debt Instrument, interest rate			9.25%		9.25%				9.25%
Fair value of notes outstanding			$ 362,300,000		$ 362,300,000
Minimum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Term of customer invoice payment					30 days
Maximum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Term of customer invoice payment					45 days
Drilling Equipment | Purchase and Sale Agreement
Basis Of Presentation And Significant Accounting Policies [Line Items]
Purchase price of assets		$ 13,000,000
Drilling Equipment | Minimum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, initial useful lives					5 years
Drilling Equipment | Maximum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, initial useful lives					35 years
Office and Technology Equipment | Minimum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, initial useful lives					3 years
Office and Technology Equipment | Maximum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, initial useful lives					7 years
Vantage 260
Basis Of Presentation And Significant Accounting Policies [Line Items]
Identifiable intangible assets		$ 12,600,000
Intangible asset being amortized over a straight-line basis of drilling contract	2 years
Intangible asset expiration date for drilling contract	2019-04
Recognition of amortization expense of intangible assets			$ 86,000	$ 1,600,000	$ 1,600,000	$ 3,200,000

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Schedule of Reconciliation of Number of Shares Used For Basic and Diluted EPS Computation (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Basis Of Presentation And Significant Accounting Policies [Line Items]
Weighted average ordinary shares outstanding for basic EPS	5,051	5,000	5,045	5,000
Adjusted weighted average ordinary shares outstanding for diluted EPS	5,055	5,000	5,055	5,000
Restricted Shares Equity Award
Basis Of Presentation And Significant Accounting Policies [Line Items]
Restricted share equity awards	5		10

Basis of Presentation and Sig_7

Basis of Presentation and Significant Accounting Policies - Schedule of Number of Shares Excluded from Diluted EPS Computation (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Basis Of Presentation And Significant Accounting Policies [Line Items]
Future potentially dilutive ordinary shares excluded from diluted EPS	8,075	8,027	8,075	8,024
Convertible Notes
Basis Of Presentation And Significant Accounting Policies [Line Items]
Future potentially dilutive ordinary shares excluded from diluted EPS	8,075	7,995	8,075	7,995
Restricted Shares Equity Award
Basis Of Presentation And Significant Accounting Policies [Line Items]
Future potentially dilutive ordinary shares excluded from diluted EPS		32		29

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 20, 2019
Disaggregation Of Revenue [Line Items]
Revenues	$ 636,383,000	$ 60,461,000	$ 670,938,000	$ 118,124,000
Interest income	108,305,000	$ 220,000	$ 109,369,000	$ 441,000
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
Contract Termination Revenue
Disaggregation Of Revenue [Line Items]
Revenues	594,029,000		$ 594,029,000
PVIS | VDEEP
Disaggregation Of Revenue [Line Items]
Settlement payment agreed by other party					$ 690,810,875
Percentage decrease in settlement payment agreed by other party					4.50%
PAI | VDDI
Disaggregation Of Revenue [Line Items]
Settlement payment agreed by other party					$ 10,128,565
Percentage decrease in settlement payment agreed by other party					4.50%
Petrobras Parties
Disaggregation Of Revenue [Line Items]
Interest income	$ 106,900,000		$ 106,900,000

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Disaggregated by Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation Of Revenue [Line Items]
Total revenue	$ 636,383	$ 60,461	$ 670,938	$ 118,124
Jackups
Disaggregation Of Revenue [Line Items]
Total revenue	24,670	22,097	48,429	45,174
Deepwater
Disaggregation Of Revenue [Line Items]
Total revenue	611,283	36,895	620,597	70,117
Management
Disaggregation Of Revenue [Line Items]
Total revenue	430	1,469	1,912	2,833
Dayrate Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	34,573	54,632	64,020	105,952
Dayrate Revenue | Jackups
Disaggregation Of Revenue [Line Items]
Total revenue	20,749	19,750	41,117	39,699
Dayrate Revenue | Deepwater
Disaggregation Of Revenue [Line Items]
Total revenue	13,724	34,578	22,502	65,648
Dayrate Revenue | Management
Disaggregation Of Revenue [Line Items]
Total revenue	100	304	401	605
Contract Termination Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	594,029		594,029
Contract Termination Revenue | Deepwater
Disaggregation Of Revenue [Line Items]
Total revenue	594,029		594,029
Charter Lease Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	972		1,885
Charter Lease Revenue | Jackups
Disaggregation Of Revenue [Line Items]
Total revenue	972		1,885
Amortized Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	1,292	855	2,126	1,431
Amortized Revenue | Jackups
Disaggregation Of Revenue [Line Items]
Total revenue	710	273	969	274
Amortized Revenue | Deepwater
Disaggregation Of Revenue [Line Items]
Total revenue	582	582	1,157	1,157
Reimbursable Revenue
Disaggregation Of Revenue [Line Items]
Total revenue	5,517	4,974	8,878	10,741
Reimbursable Revenue | Jackups
Disaggregation Of Revenue [Line Items]
Total revenue	2,239	2,074	4,458	5,201
Reimbursable Revenue | Deepwater
Disaggregation Of Revenue [Line Items]
Total revenue	2,948	1,735	2,909	3,312
Reimbursable Revenue | Management
Disaggregation Of Revenue [Line Items]
Total revenue	$ 330	$ 1,165	$ 1,511	$ 2,228

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	Jun. 30, 2019	Dec. 31, 2018
Revenue From Contract With Customer [Abstract]
Current contract cost assets	$ 249	$ 774
Noncurrent contract cost assets	2,669	3,999
Current contract revenue liabilities	1,463	2,309
Noncurrent contract revenue liabilities	$ 3,267	$ 4,424

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	6 Months Ended
	Jun. 30, 2019USD ($)
Revenue From Contract With Customer [Abstract]
Beginning balance, contract costs	$ 4,773
Increase (decrease) due to contractual changes, contract costs	386
Decrease due to recognition of revenue, contract costs	(2,241)
Ending balance, contract costs	2,918	[1]
Beginning balance, contract revenues	6,733
Increase (decrease) due to contractual changes, contract revenues	856
Decrease due to recognition of revenue, contract revenues	(2,859)
Ending balance, contract revenues	$ 4,730
[1]	We expect to recognize contract revenues of approximately $2.6 million during the remaining six months of 2019 and $2.1 million thereafter related to unsatisfied performance obligations existing as of June 30, 2019

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	Jun. 30, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01
Disaggregation Of Revenue [Line Items]
Contract revenues, remaining performance obligation	$ 2.6
Contract revenues, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01
Disaggregation Of Revenue [Line Items]
Contract revenues, remaining performance obligation	$ 2.1
Contract revenues, remaining performance obligation, expected timing of satisfaction, period

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands		Dec. 31, 2018	Jun. 13, 2018	Feb. 26, 2018	Apr. 30, 2017	Jun. 30, 2018
Business Acquisition [Line Items]
Payment made in connection with agreement						$ 15,000
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
Purchase price of assets	[1]		$ 85,000
Vantage 260 | Purchase and Sale Agreement | Drilling Equipment
Business Acquisition [Line Items]
Purchase price of assets					$ 13,000
Proceeds from sale of assets				$ 5,100
[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) - Entity Owns Baker Marine Pacific Class 375 Jackup Rig - Share Purchase Agreement $ in Thousands	Jun. 13, 2018USD ($)
Business Acquisition [Line Items]
Total cash consideration	$ 85,000	[1]
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.

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

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2019	Jun. 30, 2019
Lessee Lease Description [Line Items]
Total operating lease cost		$ 1,466	$ 2,840
Operating Costs
Lessee Lease Description [Line Items]
Total operating lease cost	[1]	1,348	2,616
Sublease income		(103)	(222)
General and Administrative
Lessee Lease Description [Line Items]
Total operating lease cost	[1]	296	590
Sublease income		$ (75)	$ (144)
[1]	Short term lease costs were $0.1 million and $0.4 million during the three and six months ended June 30, 2019, respectively. Operating cash flows used for operating leases approximates lease expense.

Leases - Components of Lease _2

Leases - Components of Lease Expense (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Short term lease costs	$ 0.1	$ 0.4

Leases - Schedule of Operating

Leases - Schedule of Operating Leases Included in Consolidated Balance Sheet (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Assets:
Operating lease assets	$ 7,682
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseRightOfUseAsset
Liabilities:
Current operating	$ 3,846
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent
Noncurrent operating	$ 4,148
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:LiabilitiesOtherThanLongtermDebtNoncurrent
Total lease liabilities	$ 7,994

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
Remaining six months of 2019	$ 2,089
2020	3,554
2021	1,321
2022	1,313
2023	903
Total future lease payments	9,180
Less imputed interest	(1,186)
Present value of lease obligations	$ 7,994

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	Jun. 30, 2019USD ($)
Leases [Abstract]
Weighted average discount rate for operating leases	9.25%
Weighted average remaining lease term for operating leases	2 years 10 months 24 days
Receive Lease payments	$ 2.6

Leases - Schedule of Maturiti_2

Leases - Schedule of Maturities of Lease Liabilities as Presented Under Topic 840 (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leases Future Minimum Payments Due [Abstract]
2019	$ 4,035
2020	3,465
2021	1,321
2022	1,313
2023	903
Total future minimum lease payments	$ 11,037

Debt - Long-Term Debt (Detail)

Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt	$ 1,118,552	$ 1,109,011
Long-term debt, net	1,118,552	1,109,011
9.25% First Lien Notes
Debt Instrument [Line Items]
Long-term debt	342,760	342,439
Convertible Notes
Debt Instrument [Line Items]
Long-term debt	$ 775,792	$ 766,572

Debt - Long-Term Debt (Parenthe

Debt - Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Nov. 30, 2018
9.25% First Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate	9.25%		9.25%
Debt financing cost	$ 7,240	$ 7,560
Convertible Notes
Debt Instrument [Line Items]
Debt discount	$ 0	$ 5,354

Debt - 9% First Lien Notes - Ad

Debt - 9% First Lien Notes - Additional Information (Detail) - USD ($)	Jul. 08, 2019	Jun. 21, 2019	Nov. 30, 2018	Jun. 30, 2019
Petrobras Parties | VDEEP
Debt Instrument [Line Items]
Damages awarded, aggregate amount		$ 690,800,000
Petrobras Parties | VDDI
Debt Instrument [Line Items]
Damages awarded, aggregate amount		$ 10,100,000
New Letter of Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000
9.25% First Lien Notes
Debt Instrument [Line Items]
Issuance of debt			$ 350,000,000
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
Letters of credit				$ 9,600,000
9.25% First Lien Notes | Subsequent Event
Debt Instrument [Line Items]
Debt repurchase, maximum permissible limit	$ 75,000,000
Debt purchase price as percentage of principal amount	100.00%
Debt repurchase offer end date	Aug. 2, 2019
9.25% First Lien Notes | New Letter of Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 50,000,000
9.25% First Lien Notes | First Payment [Member] | Maximum
Debt Instrument [Line Items]
Repayments of debt			$ 50,000,000

Debt - 1%_12% Step-Up Senior Se

Debt - 1%/12% Step-Up Senior Secured Third Lien Convertible Notes - Additional Information (Detail) - 1%/12% Step-Up Senior Secured Third Lien Convertible Notes - USD ($)	Dec. 03, 2015	Jun. 30, 2019
Debt Instrument [Line Items]
Debt Instrument, interest rate		0.083%
Shares issued for convertible notes	4,344,959
Pre-petition secured debt claims	$ 2,500,000,000
Convertible notes	$ 750,000,000
Debt instrument, maturity date		Dec. 31, 2030
Debt conversion of shares to be issued		8,100,000
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%
Convertible Notes
Debt Instrument [Line Items]
Debt instrument estimated fair value		$ 603,100,000
Ordinary Shares
Debt Instrument [Line Items]
Convertible notes	$ 95.60
Number of share embedded in each note holder units		1
Convertible notes payable		$ 178.55

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares, shares authorized	50,000,000		50,000,000
Ordinary shares, par value	$ 0.001		$ 0.001
Ordinary shares, shares issued	5,000,053		5,000,053
Issuance of promissory note	$ 61,500,000
Ordinary shares, shares outstanding	5,000,053		5,000,053
Number of shares granted	0	0
Share based compensation expense allocated from VDC	$ 2,100,000	$ 3,800,000
Performance-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Terms of award	Time-based restricted stock units (“TBGs”) granted under the 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. Performance-based restricted stock units (“PBGs”) granted under the 2016 Amended MIP 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
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of previously granted shares vested in period	18,889
Restricted Stock | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2019
Minimum
Income Tax Contingency [Line Items]
Open tax year	2010

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) R$ in Millions	May 22, 2019USD ($)	Feb. 13, 2019USD ($)	Jul. 02, 2018USD ($)	Apr. 27, 2018USD ($)Defendant	Apr. 27, 2018BRL (R$)Defendant	Jun. 30, 2019	Jun. 20, 2019USD ($)	Jan. 10, 2019USD ($)
Loss Contingencies [Line Items]
Excess of unspecified claims								$ 2,000,000,000
PVIS | VDEEP
Loss Contingencies [Line Items]
Settlement payment agreed by other party							$ 690,810,875
Percentage decrease in settlement payment agreed by other party							4.50%
PAI | VDDI
Loss Contingencies [Line Items]
Settlement payment agreed by other party							$ 10,128,565
Percentage decrease in settlement payment agreed by other party							4.50%
Drilling Contract Arbitration | Petrobras Parties
Loss Contingencies [Line Items]
Damages awarded, aggregate amount	$ 734,000,000		$ 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
Contingency fee						10.00%
Drilling Contract Arbitration | Petrobras Parties | Interest Accrued From April 1, 2018
Loss Contingencies [Line Items]
Damages awarded, aggregate amount			615,600,000
Drilling Contract Arbitration | Petrobras Parties | Interest Accrued From October 20, 2015
Loss Contingencies [Line Items]
Damages awarded, aggregate amount			5,200,000
Drilling Contract Arbitration | Petrobras Parties | Interest Accrued From November 19, 2015
Loss Contingencies [Line Items]
Damages awarded, aggregate amount			$ 1,200,000
Drilling Contract Arbitration | PVIS | VDEEP
Loss Contingencies [Line Items]
Settlement payment agreed by other party							$ 690,810,875
Percentage decrease in settlement payment agreed by other party							4.50%
Drilling Contract Arbitration | PAI | VDDI
Loss Contingencies [Line Items]
Settlement payment agreed by other party							$ 10,128,565
Percentage decrease in settlement payment agreed by other party							4.50%
Brazil Improbity Action | Brazil
Loss Contingencies [Line Items]
Allegations - description						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 drillship to Petrobras under the Drilling Contract, with the Brazilian Government and Petrobras as plaintiffs. 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 VDC’s 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.
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 had previously 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 our U.S. assets in the amount of $124.0 million
Brazil Improbity Action | United States
Loss Contingencies [Line Items]
Court authorization to seizure and freezing assets of defendants		$ 124,000,000

Supplemental Financial Inform_3

Supplemental Financial Information - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Prepaid Expense And Other Assets Current [Abstract]
Sales tax receivable	$ 9,455	$ 10,145
Income tax receivable	1,313	874
Prepaid insurance	2,322	660
Other receivables	1,408	1,634
Current deferred contract costs	249	774
Other	4,805	3,191
Prepaid expenses and other current assets	$ 19,552	$ 17,278

Supplemental Financial Inform_4

Supplemental Financial Information - Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property and equipment	$ 1,002,161	$ 996,139
Accumulated depreciation	(245,393)	(208,836)
Property and equipment, net	756,768	787,303
Drilling Equipment
Property Plant And Equipment [Line Items]
Property and equipment	963,540	962,618
Assets under Construction
Property Plant And Equipment [Line Items]
Property and equipment	19,045	13,969
Office and Technology Equipment
Property Plant And Equipment [Line Items]
Property and equipment	18,452	18,452
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	$ 1,124	$ 1,100

Supplemental Financial Inform_5

Supplemental Financial Information - Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Other Assets Noncurrent Disclosure [Abstract]
Noncurrent restricted cash	$ 4,778	$ 4,058
Contract value, net		1,643
Deferred certification costs	3,531	3,548
Noncurrent deferred contract costs	2,669	3,999
Deferred income taxes	1,394	1,844
Other noncurrent assets	1,111	934
Total other assets	$ 13,483	$ 16,026

Supplemental Financial Inform_6

Supplemental Financial Information - Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Disclosure Accrued Liabilities [Abstract]
Interest	$ 4,158	$ 2,827
Compensation	4,430	7,013
Income taxes payable	17,099	3,175
Current deferred revenue	1,463	2,309
Current portion of operating lease liabilities	3,846
Other	2,657	2,659
Accrued liabilities	$ 33,653	$ 17,983

Supplemental Financial Inform_7

Supplemental Financial Information - Long-term Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Liabilities Noncurrent [Abstract]
Noncurrent deferred revenue	$ 3,267	$ 4,424
Deferred income taxes	768	720
2016 MIP	13,629	11,565
Noncurrent operating lease liabilities	4,148
Other non-current liabilities	5,448	6,180
Long-term liabilities	$ 27,260	$ 22,889

Supplemental Financial Inform_8

Supplemental Financial Information - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 886,343	$ 224,967
Restricted cash	5,640	10,362
Restricted cash included within Other Assets	$ 4,778	$ 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	$ 896,761	$ 239,387

Supplemental Financial Inform_9

Supplemental Financial Information - Consolidated Balance Sheet Balances Payable to Former Parent Company (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
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_10

Supplemental Financial Information - Additional Information (Detail) $ in Thousands	Dec. 02, 2015Subsidiary	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Supplemental Financial Information [Line Items]
Accounts payable to related parties		$ 17,278	$ 17,278
ADES
Supplemental Financial Information [Line Items]
Accounts receivable from related parties		1,800
Accounts payable to related parties		$ 2,500
Chapter Eleven Restructuring Agreement and Emergence from Voluntary Reorganization
Supplemental Financial Information [Line Items]
Number of subsidiaries acquired | Subsidiary	2

Business Segment and Signific_3

Business Segment and Significant Customer Information - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2019Customer	Jun. 30, 2018Customer	Jun. 30, 2019SegmentCustomer	Jun. 30, 2018Customer
Entity Wide Revenue Major Customer [Line Items]
Number of reportable segments | Segment			1
Number of customers accounted for revenues		3		3
Excluding Contract Termination Revenue
Entity Wide Revenue Major Customer [Line Items]
Number of customers accounted for revenues	6		6
Product Concentration Risk | Maximum | Sales | Construction Supervision Services | Ultra Deep Water Drillship
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	1.00%	1.00%	1.00%	1.00%
Customer Concentration Risk | Sales | Customer One
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue		46.00%		46.00%
Customer Concentration Risk | Sales | Customer Two
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue		15.00%		14.00%
Customer Concentration Risk | Sales | Customer Three
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue		13.00%		13.00%
Customer Concentration Risk | Sales | Contract Termination Revenue | Petrobras Parties
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	93.00%		89.00%
Customer Concentration Risk | Sales | Excluding Contract Termination Revenue | Customer One
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	22.00%		25.00%
Customer Concentration Risk | Sales | Excluding Contract Termination Revenue | Customer Two
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	18.00%		20.00%
Customer Concentration Risk | Sales | Excluding Contract Termination Revenue | Customer Three
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	18.00%		16.00%
Customer Concentration Risk | Sales | Excluding Contract Termination Revenue | Customer Four
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	14.00%		14.00%
Customer Concentration Risk | Sales | Excluding Contract Termination Revenue | Customer Five
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	13.00%		12.00%
Customer Concentration Risk | Sales | Excluding Contract Termination Revenue | Customer Six
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	11.00%		10.00%

Business Segment and Signific_4

Business Segment and Significant Customer Information - Summary of Revenue by Country (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Entity Wide Revenue Major Customer [Line Items]
Revenues		$ 636,383	$ 60,461	$ 670,938	$ 118,124
Cayman Islands
Entity Wide Revenue Major Customer [Line Items]
Revenues		561,528		561,528
Congo
Entity Wide Revenue Major Customer [Line Items]
Revenues			35,874		71,728
India
Entity Wide Revenue Major Customer [Line Items]
Revenues			8,842		15,372
Other countries
Entity Wide Revenue Major Customer [Line Items]
Revenues	[1]	$ 74,855	$ 15,745	$ 109,410	$ 31,024
[1]	Other countries represent countries in which we operate that individually had operating revenues representing less than 10% of total revenues earned for the periods indicated.

Business Segment and Signific_5

Business Segment and Significant Customer Information - Schedule of Property and Equipment, Net by Country (Detail) - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		$ 756,768	$ 787,303
Egypt
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		214,629
Canary Islands
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment			216,955
India
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		133,729	141,342
Indonesia
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		78,840	81,850
South Africa
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		156,735	164,239
Other countries
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment	[1]	$ 172,835	$ 182,917
[1]	Other countries represent countries in which we individually had property and equipment, net, representing less than 10% of total property and equipment, net as of the dates indicated.