Pacific Drilling (PACD) 10-K 12 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 06, 2020	Jun. 28, 2019
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	PACIFIC DRILLING S.A.
Entity Central Index Key	0001517342
Current Fiscal Year End Date	--12-31
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 460,738,643
Entity Common Stock, Shares Outstanding		75,198,547

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Revenues
Contract drilling	$ 28,489	$ 236,379	$ 229,777	$ 319,716
Revenue, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Costs and expenses
Operating expenses	$ 19,744	$ 189,606	$ 228,143	$ 244,089
General and administrative expenses	4,245	50,604	38,293	87,134
Depreciation and amortization expense	27,277	248,302	193,128	278,949
Loss from unconsolidated subsidiaries	806		220,152
Total costs and expenses	52,072	488,512	679,716	610,172
Operating loss	(23,583)	(252,133)	(449,939)	(290,456)
Other income (expense)
Interest expense	(10,904)	(106,632)	(97,698)	(178,983)
Write-off of deferred financing costs				(30,846)
Reorganization items	(1,300)	(1,799,664)	(1,975)	(6,474)
Interest income	1,008	3,148	6,292	2,717
Other income (expense)	526	(1,904)	(729)	(8,261)
Loss before income taxes	(34,253)	(2,157,185)	(544,049)	(512,303)
Income tax expense (benefit)	(6,769)	(2,308)	12,416	12,863
Net loss	$ (27,484)	$ (2,154,877)	$ (556,465)	$ (525,166)
Loss per common share, basic (in dollars per share)	$ (0.37)	$ (100.89)	$ (7.42)	$ (24.64)
Weighted-average shares outstanding, basic	75,010	21,359	75,011	21,315
Loss per common share, diluted (in dollars per share)	$ (0.37)	$ (100.89)	$ (7.42)	$ (24.64)
Weighted-average shares outstanding, diluted	75,010	21,359	75,011	21,315

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (loss) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net loss	$ (27,484)	$ (2,154,877)	$ (556,465)	$ (525,166)
Other comprehensive income (loss):
Unrealized loss on available-for-sale securities				(485)
Reclassification adjustment for other-than-temporary impairment on available-for-sale securities realized in net income				485
Unrecognized loss on derivative instruments				(565)
Reclassification adjustment for loss on derivative instruments realized in net income		643		5,265
Total other comprehensive income		643		4,700
Total comprehensive loss	$ (27,484)	$ (2,154,234)	$ (556,465)	$ (520,466)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 278,620	$ 367,577
Restricted cash	6,089	21,498
Accounts receivable, net	29,252	40,549
Other receivable		28,000
Materials and supplies	43,933	40,429
Deferred costs, current	16,961	482
Prepaid expenses and other current assets	15,732	8,667
Total current assets	390,587	507,202
Property and equipment, net	1,842,549	1,915,172
Receivable from unconsolidated subsidiaries		204,790
Intangible asset		85,053
Investment in unconsolidated subsidiaries		11,876
Other assets	23,423	24,120
Total assets	2,256,559	2,748,213
Liabilities and shareholders' equity:
Accounts payable	24,223	14,941
Accrued expenses	27,924	25,744
Accrued interest	15,703	16,576
Deferred revenue, current	7,567
Total current liabilities	75,417	57,261
Long-term debt	1,073,734	1,039,335
Payable to unconsolidated subsidiaries		4,400
Other long-term liabilities	38,577	28,259
Total long-term liabilities	1,112,311	1,071,994
Total liabilities	1,187,728	1,129,255
Commitments and contingencies
Shareholders' equity:
Common shares, $0.01 par value per share, 82,500 shares authorized and issued and 75,007 and 75,031 shares outstanding as of December 31, 2019 and December 31, 2018, respectively	751	750
Additional paid-in capital	1,652,681	1,645,692
Treasury shares, at cost	(652)
Accumulated deficit	(583,949)	(27,484)
Total shareholders' equity	1,068,831	1,618,958
Total liabilities and shareholders' equity	$ 2,256,559	$ 2,748,213

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized	82,500	82,500
Common shares, shares issued	82,500	82,500
Common shares, shares outstanding	75,007	75,031

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Shares	Additional Paid-In Capital	Treasury Shares	Accumulated Other Comprehensive Loss	Retained Earnings	Total
Beginning Balance (in shares) at Dec. 31, 2016	21,184		1,367
Beginning Balance at Dec. 31, 2016	$ 212	$ 2,360,398	$ 0	$ (19,193)	$ 324,783	$ 2,666,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under share-based compensation plan (in shares)	155		(155)
Shares issued under share-based compensation plan	$ 1	(200)				(199)
Modification of unvested awards from equity to liability		(553)				(553)
Share-based compensation		6,819				6,819
Other comprehensive income				4,700		4,700
Net loss					(525,166)	(525,166)
Ending Balance (in shares) at Dec. 31, 2017	21,339		1,212
Ending Balance at Dec. 31, 2017	$ 213	2,366,464	$ 0	(14,493)	(200,383)	2,151,801
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under share-based compensation plan (in shares)	29		(29)
Shares issued under share-based compensation plan	$ 1	(5)				(4)
Share-based compensation		2,543				2,543
Other comprehensive income				643		643
Net loss					(2,154,877)	(2,154,877)
Ending Balance (in shares) at Nov. 19, 2018	21,368		1,183
Ending Balance at Nov. 19, 2018	$ 214	2,369,002		(13,850)	(2,355,260)	106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reverse stock split	$ (214)	214
Reverse stock split (in shares)	(21,366)		(1,183)
Elimination of predecessor equity balances		(2,369,110)		13,850	2,355,260
Equity conversion (in shares)	24,416
Equity conversion	$ 244	1,152,199				1,152,443
Equity offerings (in shares)	50,582
Equity offerings	$ 506	492,914				493,420
Issuance of shares reserved for share-based compensation plan (in shares)			7,500
Ending Balance (in shares) at Nov. 20, 2018	75,000		7,500
Ending Balance at Nov. 20, 2018	$ 750	1,645,219				1,645,969
Beginning Balance (in shares) at Nov. 19, 2018	21,368		1,183
Beginning Balance at Nov. 19, 2018	$ 214	2,369,002		$ (13,850)	(2,355,260)	106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under share-based compensation plan (in shares)	31		(31)
Shares issued under share-based compensation plan		(126)				(126)
Share-based compensation		599				599
Net loss					(27,484)	$ (27,484)
Ending Balance (in shares) at Dec. 31, 2018	75,031		7,469			75,031
Ending Balance at Dec. 31, 2018	$ 750	1,645,692			(27,484)	$ 1,618,958
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under share-based compensation plan (in shares)	20		(20)
Shares issued under share-based compensation plan	$ 1	(82)				(81)
Shares repurchased			$ (652)			(652)
Shares repurchased (in shares)	(44)		44
Share-based compensation		7,071				7,071
Net loss					(556,465)	$ (556,465)
Ending Balance (in shares) at Dec. 31, 2019	75,007		7,493			75,007
Ending Balance at Dec. 31, 2019	$ 751	$ 1,652,681	$ (652)		$ (583,949)	$ 1,068,831

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Cash flow from operating activities:
Net loss	$ (27,484)	$ (2,154,877)	$ (556,465)	$ (525,166)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense	27,277	248,302	193,128	278,949
Amortization of deferred revenue		(20,212)	(1,931)	(46,829)
Amortization of deferred costs	128	13,882	1,692	11,689
Amortization of deferred financing costs		1,639		24,889
Amortization of debt (premium) discount, net	(38)		(476)	940
Interest paid-in-kind	3,732	4,933	34,875
Write-off of deferred financing costs				30,846
Deferred income taxes	(6,507)	4,103	8,783	7,409
Share-based compensation expense	599	2,543	7,071	6,819
Other-than-temporary impairment of available-for-sale securities				6,829
Loss from unconsolidated subsidiaries	806		220,152
Reorganization items		1,746,764		5,315
Changes in operating assets and liabilities:
Accounts receivable	(11,670)	12,028	39,297	53,713
Materials and supplies	(122)	3,532	(3,504)	6,187
Deferred costs	(1,030)	(5,220)	(25,553)	(12,200)
Prepaid expenses and other assets	(10,953)	(27,742)	(7,393)	(8,257)
Accounts payable and accrued expenses	(16,490)	(10,096)	13,643	38,214
Deferred revenue		(481)	9,498	5,780
Net cash used in operating activities	(41,752)	(180,902)	(67,183)	(114,873)
Cash flow from investing activities:
Capital expenditures	(2,697)	(18,624)	(35,110)	(36,645)
Deconsolidation of Zonda Debtors		(4,910)
Purchase of available-for-sale securities				(6,000)
Net cash used in investing activities	(2,697)	(23,534)	(35,110)	(42,645)
Cash flow from financing activities:
Payments for shares issued under share-based compensation plan	(126)	(4)	(81)	(199)
Proceeds from debtor-in-possession financing		50,000
Payments for debtor-in-possession financing		(50,000)
Proceeds from long-term debt		1,000,000
Payments on long-term debt		(1,136,478)		(146,473)
Proceeds from equity offerings		500,000
Payments for financing costs	(13,525)	(29,355)	(1,340)	(4,530)
Purchases of treasury shares			(652)
Net cash provided by (used in) financing activities	(13,651)	334,163	(2,073)	(151,202)
Net increase (decrease) in cash and cash equivalents	(58,100)	129,727	(104,366)	(308,720)
Cash, cash equivalents and restricted cash, beginning of period	447,175	317,448	389,075	626,168
Cash, cash equivalents and restricted cash, end of period	$ 389,075	$ 447,175	$ 284,709	$ 317,448

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2019
Nature of Business
Nature of Business	Note 1—Nature of Business Pacific Drilling S.A. and its subsidiaries (“Pacific Drilling,” the “Company,” “we,” “us” or “our”) is an international offshore drilling contractor committed to exceeding client expectations by delivering the safest, most efficient and reliable deepwater drilling services in the industry.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Significant Accounting Policies
Significant Accounting Policies	Note 2—Significant Accounting Policies Principles of Consolidation —Our consolidated financial statements include the accounts of Pacific Drilling S.A. and consolidated subsidiaries that we control by ownership of a majority voting interest and entities that meet the criteria for variable interest entities for which we are deemed to be the primary beneficiary for accounting purposes. We eliminate all intercompany transactions and balances in consolidation. We are party to a Nigerian joint venture, Pacific International Drilling West Africa Limited (“PIDWAL”), with Derotech Offshore Services Limited (“Derotech”), a privately-held Nigerian registered limited liability company. Derotech owns 51% of PIDWAL and we own 49% of PIDWAL. Pacific Scirocco Ltd. (“PSL”) and Pacific Bora Ltd. (“PBL”), which own the Pacific Scirocco and Pacific Bora , respectively, are owned 49.9% by our wholly-owned subsidiary Pacific Drilling Limited (“PDL”) and 50.1% by Pacific Drillship Nigeria Limited (“PDNL”). PDNL is owned 0.1% by PDL and 99.9% by PIDWAL. Derotech will not accrue the economic benefits of its interest in PIDWAL unless and until it satisfies certain outstanding obligations to us and a certain pledge is cancelled by us. Likewise, PIDWAL will not accrue the economic benefits of its interest in PDNL unless and until it satisfies certain outstanding obligations to us and a certain pledge is cancelled by us. PIDWAL and PDNL are variable interest entities for which we are the primary beneficiary. Accordingly, we consolidate all interests of PIDWAL and PDNL in our consolidated financial statements and no portion of their operating results is allocated to the noncontrolling interest. See Note 19. Fresh Start Accounting —Upon the Company’s emergence from Chapter 11 bankruptcy on November 19, 2018, we adopted fresh start accounting (“Fresh Start Accounting”) in accordance with the provisions of Accounting Standards Codification (“ASC”) 852, Reorganizations , (“ASC 852”) issued by the Financial Accounting Standards Board (“FASB”), which resulted in the Company becoming a new entity for financial reporting purposes. References to “Successor” relate to the financial position and results of operations of the reorganized Company as of and subsequent to November 19, 2018. References to “Predecessor” relate to the financial position of the Company prior to, and results of operations through and including, November 19, 2018. As a result of the adoption of Fresh Start Accounting and the effects of the implementation of our Plan of Reorganization (as defined in Note 3), the Company’s consolidated financial statements subsequent to November 19, 2018, are not comparable to its consolidated financial statements on and prior to November 19, 2018. Our consolidated financial statements as of December 31, 2019 and for the Successor period in 2018 exclude the Zonda Debtors (as defined in Note 3), our wholly-owned subsidiaries, which filed a separate plan of reorganization (see Note 3). We accounted for our investment in the Zonda Debtors using the equity method of accounting for the Successor periods in 2018 and 2019. As of December 31, 2019, we discontinued applying the equity method on the Zonda Debtors. See Note 16. Accounting Estimates —The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. On an ongoing basis, we evaluate our estimates and assumptions, including those related to allowance for doubtful accounts, financial instruments, obsolescence for materials and supplies, depreciation of property and equipment, deferred costs, impairment of long-lived assets, income taxes, share-based compensation and contingencies. We base our estimates and assumptions on historical experience and on various other factors we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from such estimates. Revenue from Contracts with Clients —We earn revenue primarily by (i) providing our drillship, work crews, related equipment, services and supplies necessary to operate the rig, (ii) delivering the rig by mobilizing to and demobilizing from the drill location and (iii) performing certain pre-operating activities, including rig preparation activities or equipment modifications required for the contract. Dayrate Drilling Revenue. Our drilling contracts provide for payment on a dayrate basis, with higher rates for periods when the drillship is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate invoices billed to the client are determined based on the varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is attributed to the distinct hourly increment to which it relates within the contract term. Therefore, we record dayrate drilling revenue consistent with the contractual rate invoiced for the services provided during the respective period. Mobilization/Demobilization Revenue. We may receive fees for the mobilization and demobilization of our rigs. These activities are not considered to be distinct within the context of the contract and therefore, the associated revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for mobilization fees received, which is amortized ratably to contract drilling revenue as services are rendered over the initial term of the related drilling contract. Demobilization revenue expected to be received upon contract completion is estimated as part of the overall transaction price at contract inception. We record demobilization revenue in earnings ratably over the expected term of the contract with an offset to an accretive contract asset. Contract Preparation Revenue. Some of our drilling contracts require downtime before the start of the contract to prepare the rig to meet client requirements. At times, we may be compensated by the client for such work. These activities are not considered to be distinct within the context of the contract. We record a contract liability for contract preparation fees received, which is amortized ratably to contract drilling revenue over the initial term of the related drilling contract. Capital Upgrade Revenue . From time to time, we may receive fees from our clients for capital improvements or upgrades to our rigs to meet contractual requirements. These activities are not considered to be distinct within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the initial term of the related drilling contract. Revenues Related to Reimbursable Expenses . We generally receive reimbursements from our clients for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof are highly dependent on factors outside of our control. Accordingly, reimbursable revenue is not included in the total transaction price until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a client. We are generally considered a principal in such transactions. Therefore, we record the associated revenue at the gross amount billed to the client in the period the corresponding goods and services are to be provided. Contract Fulfillment Costs. Certain direct and incremental costs incurred for upfront preparation and initial mobilization of contracted rigs represent costs of fulfilling a contract 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. Such costs are deferred as a current or noncurrent asset depending on the length of the initial contract term and amortized ratably to operating expenses as services are rendered over the initial term of the related drilling contract. Deferred contract costs are impaired in the period if the carrying amount is not recoverable. During the Successor periods in 2019 and 2018 and the Predecessor period in 2018, there was no impairment of deferred contract costs. See Note 9. Cash and Cash Equivalents —Cash equivalents are highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash. Restricted Cash —As of December 31, 2019, our restricted cash balance was primarily held as credit support for a bank guarantee. As of December 31, 2018, our restricted cash balance consisted of $8.5 million cash collateral under our treasury management services agreement with a financial institution and $13.0 million escrow funds remaining to settle professional fees incurred upon or prior to our emergence from our Chapter 11 proceedings. Accounts Receivable —We record trade accounts receivable at the amount we invoice our clients. We provide an allowance for doubtful accounts, as necessary, based on a review of outstanding receivables, historical collection information and existing economic conditions. We do not generally require collateral or other security for receivables. Other Receivable —As of December 31, 2018, other receivable on our consolidated balance sheets was $28.0 million of cash collateral held in the name of a financial institution as credit support for customs bonds issued in favor of a subsidiary of the Company. Materials and Supplies —Materials and supplies held for consumption are carried at average cost if acquired after the adoption of Fresh Start Accounting or at fair value if already outstanding upon the adoption of Fresh Start Accounting. Materials and supplies balances were presented net of allowances for excess or obsolete materials and supplies of $1.1 million and $0 as of December 31, 2019 and 2018, respectively. Property and Equipment —Upon the adoption of Fresh Start Accounting, high-specification drillships and other property and equipment consisting of purchased software systems, furniture, fixtures and other equipment are recorded at fair value. Capital expenditures made subsequent to the adoption of Fresh Start Accounting, including any major capital improvements, are recorded at cost. Ongoing maintenance, routine repairs and minor replacements are expensed as incurred. Property and equipment are depreciated to their salvage value on a straight-line basis over the estimated useful lives of each class of assets. The estimated useful lives of property and equipment for the Successor are as follows: Years Drillships and related equipment 8-32 Other property and equipment 1-6 We review property and equipment for impairment when events or changes in circumstances indicate that the carrying amounts of our assets held and used may not be recoverable. Potential impairment indicators include steep declines in commodity prices and related market conditions, cold stacking of rigs or significant damage to the property and equipment that adversely affects the extent and manner of its use. We assess impairment using estimated undiscounted cash flows for the property and equipment being evaluated by applying assumptions regarding future operations, market conditions, dayrates, utilization and idle time. An impairment loss is recorded in the period if the carrying amount of the asset is not recoverable. During the Successor periods in 2019 and 2018 and the Predecessor periods in 2018 and 2017, there were no long-lived asset impairments. Intangible Asset —We amortized our client-related intangible asset to depreciation and amortization expense within our consolidated statements of operations over its remaining drilling contract term on a straight-line basis. Deferred Certification and Major Maintenance Costs —We are required to obtain certifications from various regulatory bodies in order to operate our drilling rigs and maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, as well as remedial structural work and other compliance costs, are deferred and amortized on a straight-line basis over the corresponding certification periods. We also perform periodic disassembly, inspection and applicable overhaul of our drilling and marine equipment based on manufacturers guidelines outside of our normal maintenance. These major maintenance costs incurred are deferred and amortized on a straight-line basis over the corresponding inspection periods. As of December 31, 2019 and 2018, deferred certification and major maintenance costs were $9.8 million and $0.5 million respectively, included in deferred costs, current and other assets on our consolidated balance sheets. Deferred Financing Costs —Deferred financing costs associated with long-term debt are carried at cost and are amortized to interest expense using the effective interest rate method over the term of the applicable long-term debt. Foreign Currency Transactions —The consolidated financial statements are stated in U.S. dollars. We have designated the U.S. dollar as the functional currency for our foreign subsidiaries in international locations because we contract with clients, purchase equipment and finance capital using the U.S. dollar. Transactions in other currencies have been translated into U.S. dollars at the rate of exchange on the transaction date. Any gain or loss arising from a change in exchange rates subsequent to the transaction date is included as an exchange gain or loss. Monetary assets and liabilities denominated in currencies other than U.S. dollars are reported at the rates of exchange prevailing at the end of the reporting period. During the Successor periods in 2019 and 2018, foreign exchange losses were $0.7 million and $0.1 million and recorded in other expense in our consolidated statements of operations. During the Predecessor periods in 2018 and 2017, foreign exchange losses were $0.1 million and $0.7 million, respectively, and recorded in other expense in our consolidated statements of operations. Earnings per Share —Basic earnings per common share (“EPS”) is computed by dividing the net income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution from securities that could share in the earnings of the Company. Anti-dilutive securities are excluded from diluted EPS. Fair Value Measurements —We estimate fair value at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. Our valuation techniques require inputs that are categorized using a three-level hierarchy as follows: (1) unadjusted quoted prices for identical assets or liabilities in active markets (“Level 1”), (2) direct or indirect observable inputs, including quoted prices or other market data, for similar assets or liabilities in active markets or identical assets or liabilities in less active markets (“Level 2”) and (3) unobservable inputs that require significant judgment for which there is little or no market data (“Level 3”). When multiple input levels are required for a valuation, we categorize the entire fair value measurement according to the lowest level input that is significant to the measurement even though we may have also utilized significant inputs that are more readily observable. Share-Based Compensation —The grant date fair value of share-based awards granted to employees is recognized as an employee compensation expense over the requisite service period on a straight-line basis. The amount of compensation expense ultimately recognized is based on the number of awards that meet the vesting conditions at the vesting date. For the Successor, any adjustments to the compensation cost recognized in our consolidated statement of operations for awards that are forfeited are recognized in the period in which the forfeitures occur. For the Predecessor, the amount of compensation expense recognized is adjusted to reflect the number of awards for which the related vesting conditions are expected to be met using estimated forfeitures. Leases —We recognize a right-of-use asset and a lease liability on our consolidated balance sheets for leases under which we are the lessee, after applying the short-term lease exemption. Operating lease right-of-use assets and liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. For discount rate, we use our incremental borrowing rate based on information available at commencement date if the rate implicit in the lease cannot be readily determined. For our drilling contracts, which contain a lease component, we apply the practical expedient to recognize revenues based on the service component, which we determined to be predominant. See Note 10. Derivatives —We apply cash flow hedge accounting to interest rate swaps that are designated as hedges of the variability of future cash flows. The derivative financial instruments are recorded on our consolidated balance sheets at fair value as either assets or liabilities. Changes in the fair value of derivatives designated as cash flow hedges, to the extent the hedge is effective, are recognized in accumulated other comprehensive income until the hedged item is recognized in earnings. Hedge effectiveness is measured on an ongoing basis to ensure the validity of the hedges based on the relative cumulative changes in fair value between the derivative contract and the hedged item over time. Hedge accounting is discontinued prospectively if it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item. For the Predecessor, other comprehensive income was released to earnings as the asset was depreciated over its useful life for interest rate hedges related to interest capitalized in the construction of fixed assets. For all other interest rate hedges, other comprehensive income was released to earnings as interest expense was accrued on the underlying debt. Contingencies —We record liabilities for estimated loss contingencies when we believe a loss is probable and the amount of the probable loss can be reasonably estimated. Once established, we adjust the estimated contingency loss accrual for changes in facts and circumstances that alter our previous assumptions with respect to the likelihood or amount of loss. We recognize legal fees related to loss contingencies as incurred. Income Taxes —Income taxes are provided based upon the tax laws and rates in the countries in which our subsidiaries are registered and where their operations are conducted and income and expenses are earned and incurred, respectively. We recognize deferred tax assets and liabilities for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable enacted tax rates in effect the year in which the asset is realized or the liability is settled. A valuation allowance for deferred tax assets is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. We recognize tax benefits from an uncertain tax position only if it is more likely than not that the position will be sustained upon examination by taxing authorities based on the technical merits of the position. The amount recognized is the largest benefit that we believe has greater than a 50% likelihood of being realized upon settlement. Actual income taxes paid may vary from estimates depending upon changes in income tax laws, actual results of operations and the final audit of tax returns by taxing authorities. We recognize interest and penalties related to uncertain tax positions in income tax expense. Reclassifications —Certain reclassifications of previously reported information have been made to conform to the current year presentation. Recently Adopted Accounting Standards Leases —Effective January 1, 2019, we adopted the accounting standards update for Leases (Topic 842) that requires lessees to recognize a right‑of‑use asset and lease liability for virtually all leases and updates previous accounting standards for lessors to align certain requirements with the updates to lessee accounting standards and revenue recognition accounting standards. We applied the transition method that required us to recognize right‑of‑use assets and lease liabilities as of the date of our adoption with no adjustment to prior periods. We applied the package of practical expedients that permitted us to carry forward historical lease classifications. For leases under which we are the lessee, we have recognized a right-of-use asset of $6.9 million, recorded in other assets, and a corresponding lease liability, recorded in accrued expenses and other long-term liabilities upon adoption. Our adoption did not have and is not expected in the future to have a material effect on our consolidated statements of financial position, operations or cash flows. Recently Issued Accounting Standards Measurement of Credit Losses on Financial Instruments —On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) , which introduces a new model for recognizing credit losses based on an estimate of expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. In April 2019, the FASB issued codification improvements to Topic 326 to clarify all expected recoveries should be included in the estimate of the allowance for credit losses. This update is effective for annual and interim periods beginning after January 1, 2020. We do not expect our adoption to have a material effect on our consolidated financial statements and related disclosures. Simplifications to Income Tax Accounting —On December 18, 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes , which removes certain exceptions for investments, intra-period allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. This update is effective for annual and interim periods beginning after January 1, 2021. We are currently evaluating the effect the standard may have on our consolidated financial statements and related disclosures.

Emergence from Bankruptcy Proce

Emergence from Bankruptcy Proceedings	12 Months Ended
	Dec. 31, 2019
Emergence from Bankruptcy Proceedings
Emergence from Bankruptcy Proceedings	Note 3—Emergence from Bankruptcy Proceedings By order entered on November 2, 2018, the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) confirmed the Company’s Modified Fourth Amended Joint Plan of Reorganization, dated October 31, 2018 (the “Plan of Reorganization”) that had been filed with the Bankruptcy Court in connection with the filing by the Company and certain of its subsidiaries (the “Initial Debtors”) of petitions (the “Bankruptcy Petitions”) on November 12, 2017 (the “Petition Date”) with the Bankruptcy Court seeking relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”). On November 19, 2018 (the “Plan Effective Date”), the Company and the Initial Debtors other than the Zonda Debtors (described below) (the “Debtors”) emerged from bankruptcy after successfully completing their reorganization pursuant to the Plan of Reorganization. The Company’s two subsidiaries involved in the arbitration with Samsung Heavy Industries Co. Ltd. (“SHI”) related to the Pacific Zonda , Pacific Drilling VIII Limited and Pacific Drilling Services, Inc. (together, the “Zonda Debtors”), filed a separate plan of reorganization that was confirmed by order of the Bankruptcy Court on January 30, 2019 (the “Zonda Plan”) and are not Debtors under the Plan of Reorganization. During the bankruptcy proceedings, the Debtors operated as “debtors-in-possession” in accordance with applicable provisions of the Bankruptcy Code. Upon emergence of the Company from bankruptcy on November 19, 2018 in accordance with the Plan of Reorganization: · The Company’s pre-petition 2013 senior secured revolving credit facility (the “2013 Revolving Credit Facility”) and a senior secured credit facility (the “SSCF”), and post-petition debtor-in-possession financing were repaid in full; · Holders of the Company’s loans under a 2018 senior secured institutional term loan facility (the “Term Loan B”), 2017 senior secured notes (the “2017 Notes”) and 2020 senior secured notes (the “2020 Notes”) received an aggregate of 24,416,442 common shares (or, approximately 32.6% of the outstanding shares) in exchange for their claims; · The Company issued an aggregate of 44,174,136 common shares (or, approximately 58.9% of the outstanding shares) to holders of Term Loan B, 2017 Notes and 2020 Notes who subscribed in the Company’s $460.0 million equity rights offering; · The Company issued 3,841,229 common shares (or, approximately 5.1% of the outstanding shares) to Quantum Pacific Gibraltar Limited (“QP”) in a $40.0 million private placement; · The Company issued 2,566,056 common shares (or, approximately 3.4% of the outstanding shares) to members of an ad hoc group of holders of the Term Loan B, 2017 Notes and 2020 Notes (the “Ad Hoc Group”) in payment of their fee for backstopping the equity rights offering; · The Company issued approximately 7.5 million common shares to Pacific Drilling Administrator Limited, a wholly owned subsidiary of the Company that serves as administrator of the Company’s 2018 Omnibus Stock Incentive Plan (the “2018 Stock Plan”), adopted by the board of directors, and which shares were reserved for issuance under the 2018 Stock Plan; · Existing holders of the Company’s common shares received no recovery and were diluted by the issuances of common shares under the Plan of Reorganization such that they held in the aggregate less than 0.003% of the Company’s common shares outstanding upon emergence from bankruptcy; and · The undisputed claims of other unsecured creditors such as clients, employees and vendors were paid in full in the ordinary course of business. Prior to the issuance of the shares described above, the Company effected a 1-for-10,000 reverse stock split (the “Reverse Stock Split”). As a result of the Reverse Stock Split and the issuances of common shares described above, the Company had issued and outstanding on the Plan Effective Date approximately 75.0 million common shares, and approximately 7.5 million shares were reserved for issuance pursuant to the 2018 Stock Plan. In addition, pursuant to the Plan of Reorganization, on September 26, 2018 bankruptcy-remote subsidiaries of the Company issued, and on November 19, 2018 such subsidiaries merged with the Company and the Company assumed (the “Notes Assumption”): · $750.0 million in aggregate principal amount of 8.375% First Lien Notes due 2023, secured by first-priority liens on substantially all assets of the Debtors (the “First Lien Notes”); and · $273.6 million in aggregate principal amount of 11.0% / 12.0% Second Lien PIK Notes due 2024, secured by second-priority liens on substantially all assets of the Debtors (the “Second Lien PIK Notes”). Approximately $23.6 million aggregate principal amount was issued as a commitment fee to the Ad Hoc Group for their agreement to backstop the issuance of the Second Lien PIK Notes. Concurrent with the Notes Assumption, all of the Company’s subsidiaries other than the Zonda Debtors, certain immaterial subsidiaries and PIDWAL guaranteed on a senior secured basis the First Lien Notes and Second Lien PIK Notes. If the Zonda Debtors are successful in their appeal of the Tribunal’s award, they will guarantee the First Lien Notes and Second Lien PIK Notes and the Revolving Credit Facility (see Note 23) upon their emergence from bankruptcy pursuant to the terms of the Zonda Plan. If the Zonda Debtors are unsuccessful in the appeal, the Company expects that the Zonda Debtors will be liquidated in accordance with the terms of the Zonda Plan and the Zonda Debtors would not guarantee the First Lien Notes, Second Lien PIK Notes or the Revolving Credit Facility. See Note 16 for further discussion. We have classified all income, expenses, gains or losses that were incurred or realized as a result of the Chapter 11 proceedings as reorganization items in our consolidated statements of operations. The components of reorganization items are as follows: Successor Predecessor Period From Period From Year Ended November 20, 2018 January 1, 2018 Year Ended December 31, through through December 31, 2019 December 31, 2018 November 19, 2018 2017 (in thousands) Professional fees $ 1,975 $ 1,300 $ 82,787 $ 6,447 Gain on the settlement of liabilities subject to compromise — — (794,218) — Discharge of claims upon emergence from bankruptcy — — (80) — Revision of estimated claims — — — 27 Escrow interest income — — (2,940) — Fresh start accounting adjustments — — 2,514,115 — Total reorganization items $ 1,975 $ 1,300 $ 1,799,664 $ 6,474

Fresh Start Accounting

Fresh Start Accounting	12 Months Ended
	Dec. 31, 2019
Fresh Start Accounting
Fresh Start Accounting	Note 4—Fresh Start Accounting Fresh Start Accounting In accordance with ASC 852, the Company was required to adopt Fresh Start Accounting upon its emergence from Chapter 11 on November 19, 2018 because (i) the holders of the then existing common shares of the Predecessor received less than 50% of the new common shares of the Successor outstanding upon emergence and (ii) the reorganization value of the Company’s assets immediately prior to confirmation of the Plan of Reorganization was less than the total of all postpetition liabilities and allowed claims. Upon adoption of Fresh Start Accounting, the reorganization value derived from the enterprise value as disclosed in the Plan of Reorganization was allocated to the Company’s assets and liabilities based on their fair values (except for deferred income taxes) in accordance with ASC 805, Business Combinations . The amount of deferred income taxes recorded was determined in accordance with ASC 740, Income Taxes . The Plan Effective Date fair values of the Company’s assets and liabilities differed materially from their recorded values as reflected on the historical balance sheet. The effects of the Plan of Reorganization and the application of Fresh Start Accounting were reflected on the consolidated balance sheet as of November 19, 2018 and the related adjustments thereto were recorded in the consolidated statements of operations for the period January 1, 2018 through November 19, 2018. The Company’s consolidated financial statements and related footnotes are presented with a “black line” division, which delineates the lack of comparability between amounts presented after November 19, 2018 and amounts presented on or prior to November 19, 2018. The Company’s financial results for future periods following the application of Fresh Start Accounting will be different from historical trends and the differences may be material. Reorganization Value Under ASC 852, the Successor determined a value to be assigned to the equity of the emerging entity as of the date of adoption of Fresh Start Accounting. The Plan of Reorganization confirmed by the Bankruptcy Court estimated a range of enterprise values between $1,650 million and $2,500 million, with a midpoint of $2,075 million plus the fair value of assets associated with the arbitration with SHI related to the Pacific Zonda . The Company deemed it appropriate to use the midpoint between the low end and high end of the range to determine the final enterprise value of $2,075 million plus the estimated fair value of the assets associated with the arbitration with SHI of $204.7 million for Fresh Start Accounting. The following table reconciles the enterprise value to the estimated fair value of our Successor common shares as of the Plan Effective Date (in thousands): Enterprise value $ 2,075,000 Plus: Cash and cash equivalents (excludes funds held in professional fee escrow of $50.2 million) 401,910 Plus: Estimated fair value of the assets associated with the Zonda Arbitration 204,700 Less: Fair value of debt (1,035,641) Fair value of Successor common shares $ 1,645,969 The following table reconciles the enterprise value to the reorganization value of the Successor’s assets to be allocated to the Company’s individual assets as of the Plan Effective Date (in thousands): Enterprise value $ 2,075,000 Plus: Cash and cash equivalents (excludes funds held in professional fee escrow of $50.2 million) 401,910 Plus: Estimated fair value of the assets associated with the Zonda Arbitration 204,700 Plus: Current liabilities 83,663 Plus: Non-current liabilities excluding long-term debt 29,266 Reorganization value of Successor’s assets to be allocated $ 2,794,539 With the assistance of financial advisors, we determined the enterprise and corresponding equity value of the Successor using various valuation methods, including: (i) a calculation of the present value of future cash flows based on our financial projections, and (ii) a peer group trading analysis with peer values evaluated on a dollar value per drillship basis. The enterprise value and corresponding equity value are dependent upon achieving the future financial results set forth in our valuations, as well as the realization of certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the financial projections, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, we cannot assure you that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially. Valuation Process The fair values of the Company’s principal assets, drillships and related equipment, were estimated with the assistance of third party valuation advisors. The reorganization value was allocated to the Company’s individual assets and liabilities based on their fair values as described further as follows: Drillships and related equipment The fair value of the drillships and related equipment was determined using a combination of the discounted cash flow method (income approach), that we discounted at a rate of approximately 14%, and the cost approach. The income approach was utilized to estimate the fair value of drillships that generated positive returns on projected cash flows over the remaining economic useful life of the drillships and compared to the fair value utilizing the cost approach, adjusted as needed for asset type, age, physical deterioration and obsolescence. Materials and Supplies The fair value of the materials and supplies were determined by the direct and indirect cost approaches. They were analyzed on a line-by-line basis and each asset was adjusted for age, physical depreciation and obsolescence. Intangible Asset We applied the income approach to estimate the value of the client-related intangible asset of our drilling contracts. We determined the value by comparing the contractual day rates to the estimated comparable market day rates, and applying a discount rate of 2.9% to the amounts by which contractual revenue exceeded market. The discount rate reflects the corresponding credit rating of the client related to the contract and the remaining term. Assets associated with the Zonda Arbitration We applied a probability weighted approach to estimate the value of assets associated with the Zonda Arbitration, which was presented within receivable from unconsolidated subsidiaries upon the deconsolidation of the Zonda Debtors. The analysis included estimating probabilities of success for the various outcomes and expected cash flows associated with each outcome. The probability weighted cash flows were discounted to the balance sheet date using market data. The analysis utilized certain unobservable inputs that require significant judgment for which there is little or no market data, which represent Level 3 fair value measurements. These included, but were not limited to, probability and timing of successfully recovering the advance payments and purchased equipment. Long-term Debt The fair value of the debt was estimated using quoted market prices to the extent available and significant other observable inputs, which represent Level 2 fair value measurements. See below under “Fresh Start Adjustments” for additional information regarding assumptions used in the valuation of the Company’s various other significant assets and liabilities. Consolidated Balance Sheet The adjustments included in the following fresh start consolidated balance sheet reflect the effects of the transactions contemplated by the Plan of Reorganization and executed by the Company on the Plan Effective Date (reflected in the column “Reorganization Adjustments”), the deconsolidation of Zonda Debtors (reflected in the column “Deconsolidation of Zonda Debtors”) and fair value and other required accounting adjustments resulting from the adoption of Fresh Start Accounting (reflected in the column “Fresh Start Adjustments”). The explanatory notes provide additional information with regard to the adjustments recorded, the methods used to determine the fair values and significant assumptions. As of November 19, 2018 Predecessor Reorganization Adjustments (1) Deconsolidation of Zonda Debtors (14) Fresh Start Accounting Adjustments Successor Assets: Cash and cash equivalents $ 154,238 $ 239,172 (2) $ (4,910) $ — $ 388,500 Restricted cash 1,034,470 (975,795) (3) — — 58,675 Accounts receivable, net 28,881 — (2) — 28,879 Other receivable 28,000 — — — 28,000 Materials and supplies 83,800 — — (43,493) (15) 40,307 Deferred costs, current 11,371 — — (11,371) (16) — Prepaid expenses and other current assets 13,281 (958) (4) (815) (693) (17) 10,815 Total current assets 1,354,041 (737,581) (5,727) (55,557) 555,176 Property and equipment, net 4,422,709 — (68,102) (2,434,133) (18) 1,920,474 Long-term receivable 202,575 — (202,575) — — Receivable from unconsolidated subsidiaries — — 262,925 (58,135) (19) 204,790 Intangible asset — — — 100,000 (20) 100,000 Investment in unconsolidated subsidiaries — — 5,774 (742) (19) 5,032 Other assets 27,279 (1,356) (5) (1,845) (15,011) (21) 9,067 Total assets $ 6,006,604 $ (738,937) $ (9,550) $ (2,463,578) $ 2,794,539 Liabilities and shareholders’ equity: Accounts payable $ 14,161 $ 1,247 (6) $ (3,261) $ — $ 12,147 Accrued expenses 56,817 11,264 (7) (5,987) — 62,094 Debtor-in-possession financing 50,000 (50,000) (2) — — — Accrued interest 45,770 (36,348) (8) — — 9,422 Deferred revenue, current 16,246 — — (16,246) (22) — Total current liabilities 182,994 (73,837) (9,248) (16,246) 83,663 Long-term debt 969,158 — — 66,483 (23) 1,035,641 Payable to unconsolidated subsidiaries — — 1,725 — 1,725 Other long-term liabilities 30,253 1,782 (9) (1,539) (2,955) (24) 27,541 Total liabilities not subject to compromise 1,182,405 (72,055) (9,062) 47,282 1,148,570 Liabilities subject to compromise 3,084,874 (3,084,386) (10) (488) — — Commitments and contingencies Shareholders’ equity: Common shares 214 536 (11) — — 750 Additional paid-in capital 2,368,232 1,646,097 (12) — (2,369,110) (25) 1,645,219 Accumulated other comprehensive loss (13,850) — — 13,850 (25) — Accumulated deficit (615,271) 770,871 (13) — (155,600) (25) — Total shareholders’ equity 1,739,325 2,417,504 — (2,510,860) 1,645,969 Total liabilities and shareholders’ equity $ 6,006,604 $ (738,937) $ (9,550) $ (2,463,578) $ 2,794,539 Reorganization Adjustments (1) Represent amounts recorded as of the Plan Effective Date for the implementation of the Plan of Reorganization, including, among other items, settlement of the Predecessor’s liabilities subject to compromise, repayment of certain of the Predecessor’s debt, issuances of the Successor’s common shares, proceeds received from the Successor’s equity offerings and transfer of restricted cash for the issuance of the Successor’s debt. (2) Changes in cash and cash equivalents include the following (in thousands): Transfer of restricted cash - escrow funds from the issuance of the First Lien Notes $ 767,578 Transfer of restricted cash - escrow funds from the issuance of the Second Lien PIK Notes 258,160 Proceeds from the equity offerings 500,000 Payment of 2013 Revolving Credit Facility (475,000) Payment of SSCF (661,478) Payment of debtor-in-possession financing (including $354 of accrued interest) (50,354) Payment of accrued interest on 2013 Revolving Credit Facility and SSCF (35,994) Funding of professional fee escrow (50,175) Payment of professional fees (13,557) Payment of bank fees (8) Net change in cash and cash equivalents $ 239,172 (3) Changes in restricted cash includes the following (in thousands): Transfer of restricted cash - escrow funds from the issuance of the First Lien Notes $ (767,578) Transfer of restricted cash - escrow funds from the issuance of the Second Lien PIK Notes (258,160) Funding of professional fee escrow 50,175 Payment of bank fees (232) Net change in restricted cash $ (975,795) (4) Reflects the elimination of prepaid directors and officers insurance policies related to the Predecessor. (5) Reflects the elimination of deferred tax asset related to the implementation of the Plan of Reorganization. (6) Reflects the reinstatement of liabilities subject to compromise to be paid. (7) Changes in accrued expenses includes the following (in thousands): Accrual of professional fees $ 9,450 Accrual of equity issuance costs 6,580 Accrual of other fees 1,593 Payment of professional fees (6,342) Reduction in income taxes related to the implementation of the Plan (17) Net change in accrued expenses $ 11,264 (8) Reflects the payment of accrued interest (in thousands): Payment of accrued interest on 2013 Revolving Credit Facility and SSCF $ (35,994) Payment of accrued interest on debtor-in-possession financing (354) Net change in accrued interest $ (36,348) (9) Reflects the recognition of a deferred tax liability related to the implementation of the Plan of Reorganization. (10) Liabilities subject to compromise settled in accordance with the Plan of Reorganization and the resulting gain were determined as follows (in thousands): Liabilities subject to compromise $ 3,084,874 Less liabilities subject to compromise related to unconsolidated subsidiaries remaining in bankruptcy (488) Payment of 2013 Revolving Credit Facility (475,000) Payment of SSCF (661,478) Reinstatement of claims that are expected to be paid (1,247) Issuance of Successor common shares to the holders of the 2017 Notes, Term Loan B and the 2020 Notes (1,152,443) Gain on settlement of liabilities subject to compromise $ 794,218 (11) The increase in common shares reflects (in thousands): Issuance of Successor common shares to the holders of the 2017 Notes, Term Loan B and the 2020 Notes at par $ 244 Equity offerings at par 506 Reduction of share capital for reverse stock split (214) Net change in common shares $ 536 (12) The increase in additional paid-in capital reflects (in thousands): Issuance of Successor common shares to the holders of the 2017 Notes, Term Loan B and the 2020 Notes $ 1,152,199 Equity offerings - additional paid-in capital 499,494 Reduction of share capital for reverse stock split 214 Cancellation of Predecessor share based compensation awards 770 Accrual of equity issuance costs (6,580) Net change in additional paid-in-capital $ 1,646,097 (13) The decrease in accumulated deficit reflects (in thousands): Gain on settlement of liabilities subject to compromise $ 794,218 Accrued professional fees (9,450) Accrued other fees (1,593) Elimination of prepaid directors and officers insurance policies related to the Predecessor (958) Cancellation of predecessor share based compensation awards (770) Professional and success fees paid on Plan Effective Date (7,215) Payment of bank fees (240) Elimination of deferred tax asset related to the implementation of the Plan (1,356) Recognition of a deferred tax liability related to the implementation of the Plan (1,782) Reduction in income tax related to the implementation of the Plan 17 Net change in accumulated deficit $ 770,871 Deconsolidation of Zonda Debtors (14) Represents the deconsolidation of Zonda Debtors as of November 19, 2018. The Zonda Debtors filed a separate plan of reorganization and did not emerge from bankruptcy on the Plan Effective Date. Therefore, the Zonda Debtors were deconsolidated as of November 19, 2018. Fresh Start Adjustments (15) Reflects the fair value adjustment of $43.5 million to the Company's materials and supplies due to the adoption of Fresh Start Accounting. (16) Reflects the elimination of current deferred costs of $11.4 million due to the adoption of Fresh Start Accounting. (17) Reflects the fair value adjustment to the Company's prepaid fuel due to the adoption of Fresh Start Accounting. (18) Reflects the fair value adjustment to the Company's property and equipment, net due to the adoption of Fresh Start Accounting (in thousands): Successor Predecessor Drillships and related equipment $ 1,919,791 $ 5,928,887 Other property and equipment 683 20,737 Total property and equipment 1,920,474 5,949,624 Accumulated depreciation — (1,526,915) Property and equipment, net $ 1,920,474 $ 4,422,709 (19) Reflects fair value adjustment to receivable from unconsolidated subsidiaries due to asset revaluation of the Zonda Debtors. (20) Reflects the recognition of an asset for the fair value of the client-related intangible asset of our drilling contracts, where contract rates are in excess of current market rates. (21) Reflects the elimination of deferred costs of $15.1 million, offset by an increase in deferred tax balances of $0.1 million due to the adoption of Fresh Start Accounting. (22) Reflects the elimination of deferred revenue due to the adoption of Fresh Start Accounting. (23) Reflects the elimination of unamortized deferred financing costs $59.4 million and fair value adjustment of $7.1 million to the Company's debt due to the adoption of Fresh Start Accounting. (24) Represents the adjustment to deferred tax balances of $3.0 million as a result of adopting Fresh Start Accounting. (25) Reflects the cumulative impact of Fresh Start Accounting adjustments discussed above and the elimination of Predecessor accumulated other comprehensive loss and accumulated deficit.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2019
Property and Equipment
Property and Equipment	Note 5—Property and Equipment Property and equipment consists of the following: December 31, 2019 2018 (in thousands) Drillships and related equipment $ 1,962,211 $ 1,926,773 Other property and equipment 259 682 Property and equipment, cost 1,962,470 1,927,455 Accumulated depreciation (119,921) (12,283) Property and equipment, net $ 1,842,549 $ 1,915,172 During the Successor periods in 2019 and 2018 and the Predecessor periods in 2018 and 2017, depreciation expense was $108.1 million, $12.3 million, $247.7 million and $278.2 million, respectively.

Intangible Asset

Intangible Asset	12 Months Ended
	Dec. 31, 2019
Intangible Asset
Intangible Asset	Note 6—Intangible Asset Intangible asset consists of the following: December 31, 2019 2018 (in thousands) Client-related intangible asset $ 100,000 $ 100,000 Accumulated amortization (100,000) (14,947) Intangible asset, net $ — $ 85,053 During the Successor periods in 2019 and 2018, amortization expense of intangible asset was $85.1 million and $14.9 million, based on an amortization period of 0.8 year. The intangible asset was fully amortized through the end of the initial term of the related drilling contract in August 2019.

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt
Debt	Note 7—Debt Debt, net of debt premium (discount), consists of the following: December 31, 2019 2018 (in thousands) Debt Obligations: First Lien Notes $ 747,910 $ 747,400 Second Lien PIK Notes 325,824 291,935 Total long-term debt $ 1,073,734 $ 1,039,335 First Lien Notes On September 26, 2018, Pacific Drilling First Lien Escrow Issuer Limited (the “First Lien Escrow Issuer”), a private company limited by shares incorporated in the British Virgin Islands and wholly owned subsidiary of the Company, entered into an indenture (the “First Lien Notes Indenture”) with Wilmington Trust, National Association, as trustee (the “Trustee”) and collateral agent, relating to the issuance by the First Lien Escrow Issuer of $750.0 million aggregate principal amount of 8.375% First Lien Notes due 2023 (the “First Lien Notes”). Upon the emergence of the Company from the Chapter 11 proceedings on November 19, 2018, the First Lien Escrow Issuer merged into the Company and the Company assumed all obligations of the First Lien Escrow Issuer under the First Lien Notes Indenture. The First Lien Notes accrue interest at a rate of 8.375% per annum, payable semi-annually in arrears on April 1 and October 1 of each year beginning on April 1, 2019. The First Lien Notes will mature on October 1, 2023, unless earlier redeemed or repurchased. The First Lien Notes are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by all of the Company’s subsidiaries other than the Zonda Debtors, certain immaterial subsidiaries and PIDWAL. If the Zonda Debtors are successful in their appeal of the Tribunal’s award, they will guarantee the First Lien Notes and Second Lien PIK Notes upon their emergence from bankruptcy pursuant to their separate plan of reorganization . See Note 16 for further discussion. If the Zonda Debtors are unsuccessful in the appeal, the Company expects that the Zonda Debtors will be liquidated in accordance with the terms of the Zonda Plan and the Zonda Debtors would not guarantee the First Lien Notes and Second Lien PIK Notes. The First Lien Notes are secured by first-priority liens on substantially all assets of the Company and the guarantors (other than certain excluded property), including (i) vessels, (ii) books and records, (iii) certain deposit accounts and the amounts contained therein, (iv) assignments of proceeds of hull and machinery and loss of hire insurance, (v) assignments of earnings from drilling contracts, and (vi) equity interests owned by the Company and the guarantors, in each case, subject to certain exceptions, including that such first-priority liens will be subject to payment priority in favor of future holders, if any, of certain superpriority first lien debt of up to $50.0 million (see Note 23). The First Lien Notes Indenture contains covenants limiting the ability of the Company, and any restricted subsidiary to, among other things, (i) incur or guarantee additional indebtedness and issue preferred stock, (ii) pay dividends on or redeem or repurchase capital stock, make certain investments, make certain payments on or with respect to subordinated and junior debt (including making cash interest or principal payments on the Second Lien PIK Notes (as defined below)), (iii) create or incur certain liens, (iv) impose restrictions on the ability of restricted subsidiaries to pay dividends, (v) merge or consolidate with other entities, (vi) enter into certain transactions with affiliates, (vii) impair the security interests in the collateral for the First Lien Notes, and (viii) engage in certain lines of business. These covenants are subject to a number of important exceptions and qualifications and certain of them will be suspended with respect to the First Lien Notes in the event that the First Lien Notes obtain an investment grade rating. The Company may be required to offer to purchase the First Lien Notes at 101.0% percent of the principal amount thereof, plus accrued and unpaid interest, upon the occurrence of a Change of Control (as defined in the First Lien Notes Indenture), and at 100.0% of the principal amount, plus accrued and unpaid interest, under certain other circumstances. In addition, the Company will be required to offer to purchase First Lien Notes at 100.0% of the principal amount thereof, plus accrued and unpaid interest, with any cash proceeds from a settlement or award in connection with the arbitration relating to the Pacific Zonda with such offer to be for an aggregate principal amount of First Lien Notes equal to the lesser of (x) 50.0% of such cash proceeds and (y) $75.0 million. At any time prior to October 1, 2020, (i) the Company may redeem the First Lien Notes, in whole or in part, at a redemption price equal to 100.0% of the principal amount thereof, plus a “make-whole” premium, (ii) the Company may redeem up to 35.0% of the original principal amount of the First Lien Notes with proceeds from certain equity offerings at a redemption price equal to 108.375% of the principal amount thereof, and (iii) not more than once in any twelve-month period, the Company may redeem up to 10.0% of the original principal amount of the First Lien Notes at a redemption price equal to 103.0% of the principal amount thereof, in each case plus accrued and unpaid interest. At any time on or after October 1, 2020, the Company may redeem the First Lien Notes, in whole or in part, at the following redemption prices (expressed as a percentage of the principal amount), plus accrued and unpaid interest, during the twelve-month period beginning on October 1 of the years indicated: 2020 – 104.188%; 2021 – 102.094%; 2022 and thereafter – 100.0%. The First Lien Notes Indenture contains customary events of default, including, among other things, (i) failure to make required payments; (ii) failure to comply with certain agreements or covenants; (iii) failure to pay certain other indebtedness; (iv) certain events of bankruptcy and insolvency; and (v) failure to pay certain judgments. An event of default under the First Lien Notes Indenture will allow either the Trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding First Lien Notes to accelerate, or in certain cases will automatically cause the acceleration of, the amounts due under the First Lien Notes. Intercreditor Agreement The relationship between holders of First Lien Notes (and any future first lien debt), on the one hand, and Second Lien PIK Notes (and any future junior lien debt), on the other hand, is governed by an intercreditor agreement. Pursuant to the intercreditor agreement, the liens securing first lien debt are effectively senior in priority to the liens securing junior lien debt. If the Company incurs any future first lien debt, the relationship between holders of such debt and First Lien Notes will be governed by a collateral agency agreement. Such agreements will allow for payment priority in favor of holders of up to $50.0 million of future superpriority first lien debt (see Note 23). Second Lien PIK Notes On September 26, 2018, Pacific Drilling Second Lien Escrow Issuer Limited (the “Second Lien Escrow Issuer”), a private company limited by shares incorporated in the British Virgin Islands and wholly owned subsidiary of the Company, entered into an indenture (the “Second Lien PIK Notes Indenture”) with the Trustee, as trustee and junior lien collateral agent, relating to the issuance by the Second Lien Escrow Issuer of approximately $273.6 million aggregate principal amount of 11.0% / 12.0% Second Lien PIK Notes due 2024 (the “Second Lien PIK Notes”), of which (i) $250.0 million aggregate principal amount was issued pursuant to the Second Lien PIK Notes Offering (as defined below), and (ii) approximately $23.6 million aggregate principal amount was issued as a commitment fee to the Ad Hoc Group for their agreement to backstop the issuance of the Second Lien PIK Notes. Upon the emergence of the Company from the Chapter 11 proceedings on November 19, 2018, the Second Lien Escrow Issuer merged into the Company and the Company assumed all obligations of the Second Lien Escrow Issuer under the Second Lien PIK Notes Indenture. For each interest period, interest is payable, at the option of the Company, (i) entirely in cash (“Cash Interest”), (ii) entirely through the issuance of additional Second Lien PIK Notes having the same terms and conditions as the Second Lien PIK Notes issued in the Second Lien PIK Notes Offering in a principal amount equal to the amount of interest then due and payable or by increasing the then outstanding aggregate principal amount of Second Lien PIK Notes (“PIK Interest”) or (iii) 50% as Cash Interest and 50% as PIK Interest. If the Company elects to pay interest for an interest period entirely in the form of Cash Interest, interest will accrue at a rate of 11.0% per annum for such interest period. If the Company elects to pay interest for an interest period entirely in the form of PIK Interest, interest will accrue at a rate of 12.0% per annum for such interest period. If the Company elects to pay 50% in Cash Interest and 50% in PIK Interest for an interest period, (i) interest in respect of the Cash Interest portion will accrue at 11.0% and (ii) interest in respect of the PIK Interest portion will accrue at 12.0% for such interest period. Interest on the Second Lien PIK Notes is payable semi-annually in arrears on April 1 and October 1 of each year beginning on April 1, 2019. The Second Lien PIK Notes will mature on April 1, 2024, unless earlier redeemed or repurchased. As of December 31, 2019, the Company has made the following payments in the form of PIK Interest: Payment Date PIK Interest (in thousands) April 1, 2019 $ 16,873 October 1, 2019 17,429 The Second Lien PIK Notes are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by all of the Company’s subsidiaries that guarantee the Company’s First Lien Notes and are secured by second-priority liens on all of the assets of the Company and the guarantors that also serve as collateral for the Company’s First Lien Notes. The Second Lien PIK Notes Indenture contains covenants limiting the ability of the Company, and any restricted subsidiary to, among other things, (i) incur or guarantee additional indebtedness and issue preferred stock, (ii) pay dividends on or redeem or repurchase capital stock, make certain investments, make certain payments on or with respect to subordinated and junior debt, (iii) create or incur certain liens, (iv) impose restrictions on the ability of restricted subsidiaries to pay dividends, (v) merge or consolidate with other entities, (vi) enter into certain transactions with affiliates, (vii) impair the security interests in the collateral for the Second Lien PIK Notes, and (viii) engage in certain lines of business. These covenants are subject to a number of important exceptions and qualifications and certain of them will be suspended with respect to the Second Lien PIK Notes in the event that the Second Lien PIK Notes obtain an investment grade rating. The Company may be required to offer to purchase the Second Lien PIK Notes at 101.0% percent of the principal amount thereof, plus accrued and unpaid interest, upon the occurrence of a Change of Control (as defined in the Second Lien PIK Notes Indenture) (a “Change of Control Offer”), and at 100.0% of the principal amount, plus accrued and unpaid interest, under certain other circumstances. In addition, the Company will be required to offer to purchase Second Lien PIK Notes at 100.0% of the principal amount thereof, plus accrued and unpaid interest, with the cash proceeds, if any, from a settlement or award in connection with the arbitration with SHI related to the Pacific Zonda , with such offer to be for an aggregate principal amount of the Second Lien PIK Notes equal to the lesser of (x) 50.0% of such cash proceeds and (y) $75.0 million, provided, that if the Company is required to offer to purchase the First Lien Notes with such cash proceeds, the Company shall only be required to offer to purchase the Second Lien PIK Notes with the portion thereof that has been declined by the holders of First Lien Notes. At any time prior to April 1, 2020, (i) the Company may redeem the Second Lien PIK Notes, in whole or in part, at a redemption price equal to 100.0% of the principal amount thereof, plus a “make-whole” premium, and (ii) the Company may redeem up to 35.0% of the original principal amount of the Second Lien PIK Notes with the proceeds from certain equity offerings at a redemption price equal to 112.0%, in each case plus accrued and unpaid interest. At any time on or after April 1, 2020, the Company may redeem the Second Lien PIK Notes, in whole or in part, at the following redemption prices (expressed as a percentage of principal amount), plus any accrued and unpaid interest, during the six-month period beginning on the dates indicated below: Date Price April 1, 2020 October 1, 2020 April 1, 2021 October 1, 2021 April 1, 2022 and thereafter At any time after a Change of Control occurs, the Company may redeem all, but not less than all, of the Second Lien PIK Notes at the following redemption prices (expressed as a percentage of principal amount), plus any accrued and unpaid interest, during the six-month period beginning on the dates indicated below: Date Price April 1, 2020 October 1, 2020 April 1, 2021 October 1, 2021 April 1, 2022 and thereafter If the Company exercises this Change of Control redemption right, it may elect not to make the Change of Control Offer described above. The Second Lien PIK Notes Indenture contains customary events of default, including, among other things, (i) failure to make required payments; (ii) failure to comply with certain agreements or covenants; (iii) failure to pay certain other indebtedness; (iv) certain events of bankruptcy and insolvency; and (v) failure to pay certain judgments. An event of default under the Second Lien PIK Notes Indenture will allow either the Trustee or the holders of at least 25.0% in aggregate principal amount of the then-outstanding Second Lien PIK Notes to accelerate, or in certain cases, will automatically cause the acceleration of, the amounts due under the Second Lien PIK Notes. Pre-Petition Secured Debt On November 12, 2017, the Debtors filed the Bankruptcy Petitions for relief under Chapter 11 of the Bankruptcy Code. Prior to the Petition Date, the Company had outstanding the 2017 Notes, Term Loan B, 2013 Revolving Credit Facility, SSCF and 2020 Notes (collectively, the “Pre-Petition Secured Debt”). The filing of the Bankruptcy Petitions constituted an event of default with respect to the Pre-Petition Secured Debt. As a result, the corresponding Pre-Petition Debt became immediately due and payable and any efforts to enforce such payment obligations were automatically stayed as a result of the Chapter 11 proceedings. On November 19 , 2018, the Company emerged from the Chapter 11 proceedings, and repaid in full the 2013 Revolving Credit Facility and SSCF and issued common shares in satisfaction of the claims under the 2017 Notes, Term Loan B and 2020 Notes. As a result, the Pre-Petition Secured Debt is no longer outstanding. Maturities of Long-Term Debt Excluding net unamortized premium of $6.6 million, the aggregate maturities of our debt including the Second Lien PIK interest incurred through December 31, 2019 were as follows: (in thousands) Years ending December 31, 2020 $ — 2021 — 2022 — 2023 750,000 2024 317,154 Total $ 1,067,154

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Taxes
Income Taxes	Note 8—Income Taxes Pacific Drilling S.A., a holding company and Luxembourg resident, is subject to Luxembourg corporate income tax and municipal business tax at a combined rate of 24.9% for the year ended December 31, 2019, 26.0% for the year ended December 31, 2018, and 27.1% for the year ended December 31, 2017. Qualifying dividend income and capital gains on the sale of qualifying investments in subsidiaries are exempt from Luxembourg corporate income tax and municipal business tax. Consequently, the Company expects dividends from its subsidiaries and capital gains from sales of investments in its subsidiaries to be exempt from Luxembourg corporate income tax and municipal business tax. Under the Plan of Reorganization, the Term Loan B, 2020 Notes, and 2017 Notes were cancelled and extinguished in exchange for common shares of Pacific Drilling S.A., resulting in cancellation of debt income (“CODI”) for Pacific Drilling S.A. of $863.1 million as calculated under Luxembourg accounting and tax principles. Article 52 of Luxembourg Income Tax Law generally provides for an exemption from income tax for CODI that remains after the utilization of net operating losses. As part of the Plan of Reorganization, certain intercompany debt was extinguished, resulting in bad debt losses for Pacific Drilling S.A., which together with its available net operating losses, is sufficient to fully offset CODI of Pacific Drilling S.A. that resulted from the Plan of Reorganization. Income taxes have been provided based on the laws and rates in effect in the countries in which our operations are conducted or in which our subsidiaries are considered residents for income tax purposes. Our income tax expense or benefit arises from our mix of pretax earnings or losses, respectively, in the international tax jurisdictions in which we operate. Because the countries in which we operate have different statutory tax rates and tax regimes with respect to one another, there is no expected relationship between the provision for income taxes and our income or loss before income taxes. Loss before income taxes consists of the following: Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 (in thousands) Luxembourg $ (83,322) $ (9,738) $ (500,317) $ 349 United States (933) 3,558 (10,467) 1,301 Other jurisdictions (459,794) (28,073) (1,646,401) (513,953) Loss before income taxes $ (544,049) $ (34,253) $ (2,157,185) $ (512,303) The components of income tax provision (benefit) consist of the following: Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 (in thousands) Current income tax expense (benefit): Luxembourg $ 1,906 $ (292) $ 866 $ 2,287 United States 1,323 90 641 3,202 Other foreign 404 (60) 288 (35) Total current $ 3,633 $ (262) $ 1,795 $ 5,454 Deferred tax expense (benefit): Luxembourg $ 7,914 $ (6,454) $ (6,924) $ (321) United States (274) 15 1,902 6,145 Other foreign 1,143 (68) 919 1,585 Total deferred $ 8,783 $ (6,507) $ (4,103) $ 7,409 Income tax expense (benefit) $ 12,416 $ (6,769) $ (2,308) $ 12,863 A reconciliation between the Luxembourg statutory rate of 24.9% for the year ended December 31, 2019, 26.0% for the year ended December 31, 2018 and 27.1% for the year ended December 31, 2017 and our effective tax rate is as follows: Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 Statutory rate % % % % Effect of tax rates different from the Luxembourg statutory tax rate % % % % Change in valuation allowance % % % % Changes in unrecognized tax benefits % % % % Equity based compensation shortfall — % — % % % Change in enacted statutory tax rates % — % — % % Adjustments related to prior years % % — % % Fresh start accounting — % — % % — % Effective tax rate % % % % The components of deferred tax assets and liabilities consist of the following: December 31, 2019 2018 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 550,119 $ 549,107 Depreciation and amortization 187,288 188,161 Accrued payroll expenses 3,073 2,307 Deferred revenue 981 42 Interest expense limitation carryforward 2,033 — Other 336 307 Deferred tax assets 743,830 739,924 Less: valuation allowance (733,047) (701,727) Total deferred tax assets $ 10,783 $ 38,197 Deferred tax liabilities: Depreciation and amortization $ — $ (22,134) Deferred expenses (2,433) — Other (47) (5) Total deferred tax liabilities $ (2,480) $ (22,139) Net deferred tax assets $ 8,303 $ 16,058 As of December 31, 2019 and 2018, the Company had gross deferred tax assets of $550.1 million and $549.1 million, respectively, related to loss carry forwards in various worldwide tax jurisdictions. The majority of the loss carry forwards are in Luxembourg and have a related gross deferred tax asset of $501.6 million that expire starting in 2034. The remaining loss carry forwards have no expiration. A valuation allowance for deferred tax assets is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2019 and 2018, the valuation allowance for deferred tax assets was $733.0 million and $701.7 million, respectively. We consider the earnings of certain of our subsidiaries to be indefinitely reinvested. Accordingly, we have not provided for taxes on these unremitted earnings. Should we make distributions from the unremitted earnings of these subsidiaries, we would be subject to taxes payable in certain jurisdictions. As of December 31, 2019, the amount of indefinitely reinvested earnings was approximately $22.2 million, and if all of these indefinitely reinvested earnings were distributed, we would be subject to estimated taxes of approximately $1.1 million. We recognize tax benefits from an uncertain tax position only if it is more likely than not that the position will be sustained upon examination by taxing authorities based on the technical merits of the position. The amount recognized is the largest benefit that we believe has greater than a 50% likelihood of being realized upon settlement. As of December 31, 2019, we had $43.5 million of unrecognized tax benefits which were included in other long-term liabilities on our consolidated balance sheets and would impact our consolidated effective tax rate if realized. To the extent we have income tax receivable balances available to utilize against amounts payable for unrecognized tax benefits, we have presented such receivable balances as a reduction to other long-term liabilities on our consolidated balance sheets. A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the Successor periods in 2019 and 2018 and for the Predecessor period in 2018 is as follows: Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through December 31, 2019 December 31, 2018 November 19, 2018 (in thousands) Balance, beginning of period $ 42,457 $ 41,831 $ 38,860 Increases in unrecognized tax benefits as a result of tax positions taken during current year 1,028 626 2,971 Balance, end of period $ 43,485 $ 42,457 $ 41,831 As of December 31, 2019 and 2018, we have no accrued interest and penalties related to uncertain tax positions on our balance sheet as such payments would not be required by law. The Company is subject to taxation in various U.S., foreign, and state jurisdictions in which it conducts business. Tax years as early as 2011 remain subject to examination. As of December 31, 2019, the Company has ongoing tax audits in Nigeria and Brazil.

Revenue from Contracts with Cli

Revenue from Contracts with Clients	12 Months Ended
	Dec. 31, 2019
Revenue from Contracts with Clients
Revenue from Contracts with Clients	Note 9—Revenue from Contracts with Clients Contract Assets and Liabilities Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 days. As of December 31, 2019 and 2018, there were no allowances for doubtful accounts. Contract assets consist of demobilization revenue that we expect to receive and is recognized ratably throughout the contract term but invoiced upon completion of the demobilization activities. Once the demobilization revenue is invoiced, the corresponding contract asset is transferred to accounts receivable. Contract liabilities include payments received for mobilization, contract preparation and capital upgrade activities, which are allocated to the overall performance obligation and recognized ratably over the initial term of the contract. Contract assets and liabilities are netted at a contract level, such that deferred revenue for mobilization, contract preparation and capital upgrade (contract liabilities) is netted with any accrued demobilization revenue (contract asset) for each applicable contract. Any net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Deferred revenue, current,” respectively, and any net noncurrent contract asset and liability balances are included in “Other assets” and “Deferred revenue,” respectively, on our consolidated balance sheets. The following table provides information about trade receivables, contract assets and contract liabilities: December 31, 2019 2018 (in thousands) Trade receivables, net $ 28,926 $ 40,144 Current contract liabilities (deferred revenue) 7,567 — Significant changes in contract assets and contract liabilities for the year ended December 31, 2019 are as follows: Contract Assets Contract Liabilities (in thousands) Balance at December 31, 2018 $ — $ — Decrease due to amortization of deferred revenue — (1,931) Increase due to billings related to client capital upgrades — 9,511 Increase due to demobilization revenue recognized 13 — Transfers between balances (13) (13) Balance at December 31, 2019 $ — $ 7,567 Contract Fulfillment Costs As of December 31, 2019 and 2018, contract fulfillment costs were $14.9 million and $0.4 million, respectively, and reported in “Deferred costs, current” on our consolidated balance sheets. During the Successor periods in 2019 and 2018 and the Predecessor period in 2018, amortization of such costs was $0.8 million, $0.1 million and $7.5 million, respectively. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process. Costs incurred for capital upgrades for a contract are capitalized as property and equipment and depreciated over the estimated useful life of the asset. Future Amortization of Contract Liabilities The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations as of December 31, 2019: For the years ending December 31, 2020 2021 2022 and thereafter Total (in thousands) Amortization of contract liabilities $ 7,580 $ — $ — $ 7,580 The expected timing for recognition of such revenue is based on the estimated start date and duration of each respective contract as of December 31, 2019. The actual timing of recognition of such amounts may vary due to factors outside of our control. We have applied the optional exemption in Topic 606 and have not disclosed the variable consideration related to our estimated future dayrate revenue.

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	Note 10—Leases Our leasing activities primarily consist of operating leases for corporate offices, regional shorebase offices and office equipment. The components and other information related to leases are as follows: Year Ended December 31, 2019 (in thousands) Lease Expense Operating lease cost $ 6,690 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 1,445 Right-of-use assets obtained in exchange for lease obligations: Operating leases 6,935 Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We account for lease and non‑lease components of our operating leases as a single component except for agreements with our integrated services subcontractors, which we account for the components separately. During the Successor period in 2018 and the Predecessor periods in 2018 and 2017, operating lease costs were $0.3 million, $14.7 million and $6.5 million respectively. December 31, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 4.8 Weighted Average Discount Rate Operating leases Future minimum lease payments for our leases as of December 31, 2019 and a reconciliation to lease liabilities recorded on our condensed consolidated balance sheet are as follows: Operating Leases Years Ending December 31, (in thousands) 2020 $ 1,472 2021 1,499 2022 1,525 2023 1,552 2024 1,179 Total future minimum lease payments 7,227 Less imputed interest (1,220) Total $ 6,007 Reported as of December 31, 2019 Accrued expenses $ 1,033 Other long-term liabilities 4,974 Total lease liabilities $ 6,007

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Shareholders' Equity	Note 11—Shareholders’ Equity In accordance with the Plan of Reorganization, effective November 19, 2018, by shareholder approval at an Extraordinary General Meeting, the Company effectuated, among other things, the 1-for-10,000 Reverse Stock Split of its existing common shares. On the effective date of the Reverse Stock Split, the Company’s shareholders received one new common share for every 10,000 common shares they owned. No fractional shares were issued in connection with the Reverse Stock Split; instead, holders of fractional shares were paid in cash, which amount was not material in the aggregate. In addition, at an Extraordinary General Meeting, the Company’s shareholders approved the increase in the Company’s share capital to $825,000, or 82.5 million shares, of which approximately 75.0 million shares were issued and are outstanding in connection with emergence and the remaining approximately 7.5 million authorized shares were issued to Pacific Drilling Administrators Limited and reserved for issuance pursuant to the 2018 Stock Plan. On February 22, 2019, our shareholders approved a share repurchase program for a total expenditure of up to $15.0 million for a two-year period. We may purchase shares in one or several transactions on the open market or otherwise; however, we are not obligated to repurchase any specific number or dollar value of our common shares under the program. During the year ended December 31, 2019, we repurchased a total of 44,710 of our common shares on the open market at an aggregate cost of $0.7 million. Repurchased shares of our common stock are held as treasury shares until they are reissued or retired. As of December 31, 2019, the Company’s share capital consisted of 82.5 million common shares authorized, $0.01 par value per share, of which 75.0 million common shares were issued and outstanding.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Note 12—Share-Based Compensation We recorded share-based compensation expense and related tax benefit within our consolidated statements of operations as follows: Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 (in thousands) Operating expenses $ 1,460 $ — $ 177 $ 416 General and administrative expenses 5,611 599 2,366 6,403 Share-based compensation expense 7,071 599 2,543 6,819 Tax benefit (a) (1,098) (126) — (1,147) Total $ 5,973 $ 473 $ 2,543 $ 5,672 (a) The effects of tax benefits from share-based compensation expense are included within income tax expense in our consolidated statements of operations. As a result of the cancellation of all equity and equity-based awards granted under the Pacific Drilling S.A. 2011 Omnibus Stock Incentive Plan (the “2011 Stock Plan”), there was no tax benefit from share-based compensation expense during the Predecessor period in 2018. On November 28, 2018, the board of directors approved the 2018 Stock Plan pursuant to which the Company may issue up to 7.5 million common shares to 2018 Stock Plan participants using various types of stock-based incentive awards, including stock options, restricted shares, restricted share units and other equity-based awards. The compensation committee of the board of directors determines, subject to board approval, the terms and conditions of equity awards made to participants under the 2018 Stock Plan. Prior to the adoption of the 2018 Stock Plan, the 2011 Stock Plan provided for the grant of equity-based or equity-related awards to directors, officers, employees and consultants. In connection with our emergence from bankruptcy on November 19, 2018, all equity and equity-based awards granted under the 2011 Stock Plan were cancelled and are no longer outstanding. Time-Based Restricted Share Units (“RSUs”) Pursuant to the 2018 Stock Plan, in December 2018, the board of directors granted an aggregate of 0.3 million time-based RSUs to our Chairman of the Board, our Chief Executive Officer and our two other Class A directors. The fair value of time-based RSUs is determined using the market value of our shares on the date of grant. These time-based RSUs vest over periods ranging from two to four years from the grant date. During the year ended December 31, 2019, the board of directors approved the issuance of 1.0 million time-based RSUs to certain members of senior management and employees. The RSUs generally vest in equal annual installments over three years, starting on January 1, 2020. A summary of time-based RSU activity for the year ended December 31, 2019 is as follows: Number of Restricted Share Units Weighted-Average (in thousands) (per share) Nonvested — January 1, 2019 290 $ 13.00 Granted 1,044 14.50 Vested (35) 13.93 Cancelled or forfeited (76) 14.70 Nonvested — December 31, 2019 1,223 $ 14.15 The total grant-date fair value of the time-based RSUs vested was $0, $2.0 million and $5.2 million for the Successor period in 2018 and the Predecessor periods in 2018 and 2017, respectively. As of December 31, 2019, total compensation costs related to nonvested time-based RSUs not yet recognized was $13.0 million an d is expected to be recognized over a weighted-average period of 2.3 years. Performance-Based Restricted Share Units (“RSUs”) and Performance Share Units (“PSUs”) Pursuant to the 2018 Stock Plan, in December 2018, the board of directors granted an aggregate of 0.3 million performance-based RSUs to our Chairman of the Board and our Chief Executive Officer. The performance-based RSUs vest only upon a change of control based on an internal rate of return calculation on such date, and do not meet the threshold for expense recognition under GAAP until they vest. During the year ended December 31, 2019, the board of directors approved the issuance of 0.4 million PSUs to certain members of our senior management. The PSUs are subject to achievement of a relative total shareholder return performance goal as compared to a specified peer group. These PSUs vest on December 31, 2021 and the number of shares issued on that date, if any, is dependent upon the level of achievement of the performance goal. To measure the fair value of the PSUs, we used a Monte Carlo simulation model. The fair value of the PSUs is amortized on a straight-line basis to expense over the vesting period. During the year ended December 31, 2019, the fair value of the PSUs granted was calculated using the following weighted-average assumptions: 2019 PSUs Expected volatility % Expected dividends — Risk-free interest rate % A summary of PSU activity for the year ended December 31, 2019 is as follows: Number of Weighted-Average (in thousands) (per share) Nonvested — January 1, 2019 — $ — Granted 375 15.43 Vested — — Cancelled or forfeited — — Nonvested — December 31, 2019 375 $ 15.43 As of December 31, 2019, total compensation costs related to nonvested PSUs not yet recognized were $4.2 million and are expected to be recognized over a weighted average period of 2.0 years. Stock Bonus Awards In December 2018, our board of directors approved the issuance of an aggregate of 39,614 common shares to 269 participants as stock bonus awards under the 2018 Stock Plan, of which 8,061 shares were withheld for the payment of taxes resulting in a net issuance of 31,553 common shares.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings per Share	Note 13—Earnings per Share The following reflects the income and the share data used in the basic and diluted EPS computations: Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 (in thousands, except per share information) Numerator: Net loss, basic and diluted $ (556,465) $ (27,484) $ (2,154,877) $ (525,166) Denominator: Weighted-average shares outstanding, basic 75,011 75,010 21,359 21,315 Weighted-average shares outstanding, diluted 75,011 75,010 21,359 21,315 Loss per share: Basic $ (7.42) $ (0.37) $ (100.89) $ (24.64) Diluted $ (7.42) $ (0.37) $ (100.89) $ (24.64) The following table presents the share effects of share-based compensation awards that were excluded from our computations of diluted EPS as their effect would have been anti-dilutive for the periods presented: Successor Predecessor Period From Period From Year Ended November 20, 2018 January 1, 2018 Year Ended December 31, through through December 31, 2019 December 31, 2018 November 19, 2018 2017 (in thousands) Share-based compensation awards 797 161 314 349

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2019
Derivatives
Derivatives	Note 14—Derivatives We are exposed to market risk from changes in interest rates and foreign exchange rates. From time to time, we have entered into a variety of derivative financial instruments in connection with the management of our exposure to fluctuations in interest rates and foreign exchange rates. We do not enter into derivative transactions for speculative purposes; however, for accounting purposes, certain transactions may not meet the criteria for hedge accounting. In 2013, we entered into an interest rate swap as a cash flow hedge against future fluctuations in LIBOR with a notional value of $712.5 million. The interest rate swap did not amortize and had a scheduled maturity on December 3, 2017. On a quarterly basis, we paid a fixed rate of 1.56% and received the maximum of 1% or three-month LIBOR. As of September 30, 2017, we discontinued hedge accounting of the interest rate swap. The interest rate swap was terminated shortly after the Petition Date. In 2013, we also entered into an interest rate swap as a cash flow hedge against future fluctuations in LIBOR with a notional value of $400.0 million. The interest rate swap did not amortize and had a scheduled maturity on July 1, 2018. On a quarterly basis, we paid a fixed rate of 1.66% and received three-month LIBOR. As of the Petition Date, we discontinued hedge accounting of the interest rate swap. The interest rate swap was terminated shortly after the Petition Date. We had no outstanding derivatives as of December 31, 2019 and 2018. The following table summarizes the cash flow hedge gains and losses: Gain (Loss) Recognized Loss Reclassified Successor Predecessor Successor Predecessor Period From Period From Period From Period From November 20, 2018 January 1, 2018 November 20, 2018 January 1, 2018 Year Ended through through Year Ended Year Ended through through Year Ended Derivatives in Cash Flow December 31, December 31, November 19, December 31, December 31, December 31, November 19, December 31, Hedging Relationships 2019 2018 2018 2017 2019 2018 2018 2017 (in thousands) Interest rate swaps $ — $ — $ 643 $ 4,700 $ — $ — $ 643 $ 5,265 For the Predecessor period ended November 19, 2018 and the year ended December 31, 2017, we reclassified $0 and $4.5 million to interest expense and $0.6 million and $0.8 million to depreciation from accumulated other comprehensive loss, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 15—Fair Value Measurements We estimated fair value by using appropriate valuation methodologies and information available to management as of December 31, 2019 and 2018. Considerable judgment is required in developing these estimates, and accordingly, estimated values may differ from actual results. The estimated fair value of cash and cash equivalents, restricted cash, accounts receivable, other receivable, accounts payable and accrued expenses approximated their carrying value due to their short-term nature. The following table presents the carrying value and estimated fair value of our cash and cash equivalents and debt: December 31, 2019 2018 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value (in thousands) Cash and cash equivalents $ 278,620 $ 278,620 $ 367,577 $ 367,577 First Lien Notes 747,910 682,500 747,400 714,953 Second Lien PIK Notes 325,824 183,949 291,935 285,548 Our cash equivalents are primarily invested in money market instruments with original maturities of three months or less. We estimate the fair values of our debt using quoted market prices to the extent available and significant other observable inputs, which represent Level 2 fair value measurements.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16—Commitments and Contingencies Commitments —As of December 31, 2019, we had no material commitments. Bank Guarantee —As of December 31, 2019, we were contingently liable under a certain bank guarantee totaling approximately $5.4 million issued as security in the normal course of our business. Contingencies —It is to be expected that we will routinely be involved in litigation and disputes arising in the ordinary course of our business. In January 2013, the Zonda Debtors entered into, and/or guaranteed the Construction Contract with SHI for the construction of the Pacific Zonda , with a purchase price of approximately $517.5 million and original delivery date of March 31, 2015. On October 29, 2015, the Zonda Debtors exercised their right to rescind the Construction Contract due to SHI’s failure to timely deliver the drillship in accordance with the contractual specifications. The carrying value of the newbuild at the date of rescission was $315.7 million, consisting of (i) advance payments in the aggregate of $181.1 million paid by the Zonda Debtors to SHI, (ii) purchased equipment, (iii) internally capitalized construction costs and (iv) capitalized interest. SHI rejected the rescission, and on November 25, 2015, formally commenced an arbitration proceeding against the Zonda Debtors in London under the Arbitration Act 1996 before a tribunal of three arbitrators (as specified in the Construction Contract) (the “Tribunal”). SHI claims that the Zonda Debtors wrongfully rejected their tendered delivery of the drillship and seeks the final installment of the purchase price under the Construction Contract. On November 30, 2015, the Zonda Debtors made demand under the third-party refund guarantee accompanying the Construction Contract for the amount of the advance payments made under the Construction Contract, plus interest. Any payment under the refund guarantee is suspended until an award in the Zonda Debtors’ favor under the arbitration is obtained. In addition to seeking repayment of the advance payments made under the Construction Contract, the Zonda Debtors made a counterclaim for the return of their purchased equipment, or the value of such equipment, and damages for wasted expenditures. The Zonda Debtors owned $75.0 million in purchased equipment for the Pacific Zonda , a majority of which remained on board the Pacific Zonda . As part of our “first day” relief in the Chapter 11 proceedings, the Bankruptcy Court granted us a modification of the automatic stay provisions of the Bankruptcy Code to allow us to proceed with this arbitration. An evidentiary hearing was held in London before the Tribunal from February 5 through March 2, 2018. Written closing submissions and short replies to such submissions were filed with the Tribunal in May 2018. Oral closing submissions were heard by the Tribunal in early August 2018. In our bankruptcy proceedings, SHI has asserted claims against the Zonda Debtors, secured by the Pacific Zonda , for approximately $387.4 million, for the remaining unpaid purchase price, interest and costs. The Zonda Debtors filed the Zonda Plan which was confirmed by order of the Bankruptcy Court on January 30, 2019 and are not Debtors under the Plan of Reorganization. On the date the Zonda Plan was confirmed, the Zonda Debtors had $4.6 million in cash and no other material assets after accounting for post-petition administrative expenses (other than the value of their claims against SHI) for SHI to recover against on account of its claims. On November 19, 2018, the Debtors emerged from bankruptcy after successfully completing their reorganization pursuant to the Plan of Reorganization. As of that date, we deconsolidated the Zonda Debtors, which filed a separate plan of reorganization and are not Debtors under the Plan of Reorganization. See Note 3. As a result of adopting Fresh Start Accounting, we estimated the receivable related to the Zonda Arbitration at $204.7 million, included within receivable from unconsolidated subsidiaries on our consolidated balance sheet as of December 31, 2018. On January 15, 2020, the Tribunal awarded SHI approximately $320 million with respect to its claims against the Zonda Debtors. The award does not include approximately $100 million in interest and costs sought by SHI, on which the Tribunal reserved making a decision to a later date. On February 11, 2020, the Zonda Debtors filed an application with the High Court in London seeking permission to appeal the Tribunal’s award. There can be no assurance that the Zonda Debtors will receive permission to appeal, or that if such permission is granted, that any such appeal will be successful in reversing the Tribunal’s award. If the Zonda Debtors are successful in their appeal of the Tribunal’s award, the Zonda Debtors will emerge from bankruptcy pursuant to the terms of the Zonda Plan. If the Zonda Debtors are unsuccessful in the appeal, the Company expects that the Zonda Debtors will be liquidated in accordance with the terms of the Zonda Plan. As a result of the Tribunal’s decision, we have eliminated our investment and net receivable balances related to the Zonda Debtors as of December 31, 2019. We recognized a loss of $216.7 million, recorded in loss from unconsolidated subsidiaries, due to the write-off of the $204.7 million receivable related to the Zonda Arbitration and other asset balances associated with the Zonda Debtors. As of December 31, 2019, we had no cost basis in our investment in the Zonda Debtors and discontinued the equity method of accounting. On December 20, 2018, after the Company and its subsidiaries other than the Zonda Debtors had completed the Plan of Reorganization and emerged from bankruptcy, SHI filed with the Bankruptcy Court an untimely secured contingency claim against Pacific Drilling S.A., our parent company, in the amount of approximately $387.4 million. We have filed an objection to the claim on the basis that the claim should be disallowed due to its being filed long after the May 1, 2018 claims bar date established by order of the Bankruptcy Court. In addition, we believe SHI has no basis for a claim against Pacific Drilling S.A. because, among other things, Pacific Drilling S.A. was not a party to the Construction Contract nor the guaranty.

Concentrations of Credit and Ma

Concentrations of Credit and Market Risk	12 Months Ended
	Dec. 31, 2019
Concentrations of Credit and Market Risk
Concentrations of Credit and Market Risk	Note 17—Concentrations of Credit and Market Risk Financial instruments that potentially subject the Company to credit risk are primarily cash equivalents, restricted cash and accounts receivable. At times, cash equivalents and restricted cash may be in excess of FDIC insurance limits. With regard to accounts receivable, we have an exposure from our concentration of clients within the oil and natural gas industry. This industry concentration has the potential to impact our exposure to credit and market risks as our clients could be affected by similar changes in economic, industry or other conditions. However, we believe that the credit risk posed by this industry concentration has been largely offset by the creditworthiness of our client base and receipt of advanced payments before providing services to certain clients. During the years ended December 31, 2019, 2018 and 2017, the percentage of revenues earned from our clients was as follows: Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 Chevron 70.8 % 82.1 % 84.0 % 81.6 % Eni 16.1 % 17.9 % — % — % Petronas 3.3 % — % 14.2 % 1.0 % Total 8.0 % — % — % 0.1 % Other 1.8 % — % 1.8 % 17.3 %

Segments and Geographic Areas

Segments and Geographic Areas	12 Months Ended
	Dec. 31, 2019
Segments and Geographic Areas
Segments and Geographic Areas	Note 18—Segments and Geographic Areas Our drillships are part of a single, global market for contract drilling services and can be redeployed globally in response to changing demands. We consider the operations of each of our drillships to be an operating segment. We evaluate the financial performance of each of our drillships and our overall fleet based on several factors, including revenues from clients and operating profit. The consolidation of our operating segments into one reportable segment is attributable to how we manage our fleet, including the nature of our services provided, type of clients we serve and the ability of our drillships to operate in a single, global market. The accounting policies of our operating segments are the same as those described in the summary of significant accounting policies. See Note 2. As of December 31, 2019, the Pacific Bora was mobilizing to Oman, the Pacific Santa Ana was located offshore Mauritania, and the Pacific Sharav and the Pacific Khamsin were located offshore the United States. As of December 31, 2019, the Pacific Scirocco , the Pacific Mistral and the Pacific Meltem were anchored at Las Palmas. During the years ended December 31, 2019, 2018 and 2017, the percentage of revenues earned by geographic area, based on drilling location, is as follows: Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 United States 72.5 % 82.1 % 84.0 % 81.6 % Nigeria 16.1 % 17.9 % 1.8 % 11.2 % Other 11.4 % — % 14.2 % 7.2 %

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2019
Variable Interest Entities
Variable Interest Entities	Note 19—Variable Interest Entities The carrying amounts associated with our consolidated variable interest entities, after eliminating the effect of intercompany transactions, were as follows: December 31, 2019 2018 (in thousands) Assets $ 350 $ 2,381 Liabilities (528) (1,037) Net carrying amount $ (178) $ 1,344 PIDWAL is a joint venture formed to provide drilling services in Nigeria. PIDWAL has a 50.1% ownership interest in two of our rig holding subsidiaries, Pacific Bora Ltd. and Pacific Scirocco Ltd., and we own 49.9% of such entities through our wholly-owned subsidiary Pacific Drilling Limited (“PDL”). PIDWAL’s interest in the rig holding subsidiaries is held through a holding company, Pacific Drillship Nigeria Limited (“PDNL”), of which it owns 99.9%, and PDL owns the remaining 0.1%. We determined that each of these companies 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 were the primary beneficiary for accounting purposes since (a) for PIDWAL, we had the power to direct the day-to-day management and operations of the entity, and for PDNL we had the power to secure and direct its equity investment, which are the activities that most significantly impact each entity’s economic performance, and (b) we had the obligation to absorb losses or the right to receive a majority of the benefits that could be potentially significant to the variable interest entities. As a result, we consolidate PIDWAL and PDNL in our consolidated financial statements. During the Successor periods in 2019 and 2018 and the Predecessor periods in 2018 and 2017, we provided financial support to PIDWAL to enable it to operate as a going concern by funding its working capital via intercompany loans and payables. During the Successor periods in 2019 and 2018 and the Predecessor periods in 2018 and 2017, we provided financial support to PDNL to fund its equity investment in our rig-owning entities operating in Nigeria via intercompany loans. Both the equity investment and intercompany loans of PDNL are eliminated upon consolidation.

Retirement Plans

Retirement Plans	12 Months Ended
	Dec. 31, 2019
Retirement Plans
Retirement Plans	Note 20—Retirement Plans We sponsor a defined contribution retirement plan covering substantially all U.S. employees and an international savings plan covering international employees. During the Successor periods in 2019 and 2018 and the Predecessor periods in 2018 and 2017, our total employer contributions to both plans amounted to $2.7 million, $0.3 million, $2.3 million and $2.8 million, respectively.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Information
Supplemental Cash Flow Information	Note 21—Supplemental Cash Flow Information During the Successor periods in 2019 and 2018 and the Predecessor periods in 2018 and 2017, we paid $63.7 million, $0, $97.2 million and $120.8 million of interest, respectively. During the Successor periods in 2019 and 2018 and the Predecessor periods in 2018 and 2017, we paid income taxes of $6.4 million, $0.2 million, $3.9 million and $4.9 million, respectively. During the Successor periods in 2019 and 2018 and Predecessor period in 2018, we paid $4.5 million, $36.0 million and $56.0 million in reorganization items, respectively. During the Predecessor period in 2018, the following non-cash financing activities occurred: · We converted $1.2 billion of liabilities subject to compromise into equity when holders of the Company’s Term Loan B, 2017 Notes and 2020 Notes received an aggregate of 24,416,442 common shares in exchange for their claims. · We issued approximately $23.6 million aggregate principal amount of Second Lien PIK Notes as a commitment fee to the Ad Hoc Group for their agreement to backstop the issuance of the Second Lien PIK Notes. · We issued an aggregate of 2,566,056 common shares as a fee to the Ad Hoc Group for their agreement to backstop the equity rights offering. · We incurred approximately $14.6 million in debt and equity financing costs that were unpaid as of November 19, 2018. Within our consolidated statements of cash flows, capital expenditures represent expenditures for which cash payments were made during the period. These amounts exclude accrued capital expenditures, which are capital expenditures that were accrued but unpaid. During the Successor periods in 2019 and 2018 and the Predecessor periods in 2018 and 2017, changes in accrued capital expenditures were $0.5 million, $4.3 million, $1.1 million and $(18.5) million, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions
Related Party Transactions	Note 22—Related Party Transactions We have determined that Abrams Capital Management, L.P., Avenue Capital Management II, L.P., Strategic Value Partners, LLC and certain of their affiliates (the “Principal Shareholders”) meet the definition of related parties under U.S. GAAP. As of December 31, 2019 and 2018, the Principal Shareholders held $59.8 million and $36.1 million of our Second Lien PIK Notes, respectively. During the Predecessor period in 2018 and 2017, the following related party transactions occurred: P ursuant to the Global Settlement entered into in August 2018 with QP, and as approved by the Bankruptcy Court, the Company agreed to reimburse QP up to $13.0 million for fees and out-of-pocket expenses incurred in connection with the Debtors’ Chapter 11 proceedings, of which $12.0 million was recorded in reorganization items in our consolidated statements of operations. In September 2018, QP purchased $20.0 million in principal amount of our Second Lien PIK Notes in our offering of such notes. During 2018, we paid QP an aggregate of $0.7 million in director fees for services provided by directors affiliated with QP. In August 2017, we executed an agreement with QP for the reimbursement or payment of certain legal and advisory fees incurred by QP and related to its participation in the negotiation of our debt restructuring. During the year ended December 31, 2017, we incurred fees of $3.2 million under such agreement. This agreement expired by its terms upon our filing of the Bankruptcy Petitions.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 23—Subsequent Events Zonda Arbitration. On January 15, 2020, the Tribunal awarded SHI approximately $320 million with respect to its claims against the Zonda Debtors. See Note 16. Revolving Credit Facility. On February 7, 2020, the Company, as borrower, Angelo, Gordon Energy Servicer, LLC (“Angelo Gordon”), as administrative agent and the lenders party thereto, entered into a revolving credit agreement that provides a $50.0 million first lien superpriority revolving credit facility (the “Revolving Credit Facility”). As of March 6, 2020, no amounts were drawn on the facility. All borrowings under the Revolving Credit Facility are expected to be incurred at the Company level. The Revolving Credit Facility will mature on April 1, 2023. New borrowings may be limited if, at the time of such borrowing, the ratio of (i) the sum of (a) eligible accounts receivable and (b) unrestricted cash to (ii) total commitments is less than 1.3 to 1 or if the effective availability period has not been extended beyond August 7, 2021 pursuant to a scheduled redetermination by the administrative agent. The Company’s obligations under the Revolving Credit Facility are guaranteed by all of the subsidiaries that guaranty the Company’s First Lien Notes and Second Lien PIK Notes. The Revolving Credit Facility is secured by a sole first-priority lien on the Company’s and the guarantors’ accounts receivable and a shared first-priority lien (with holders of the First Lien Notes), on all assets serving as collateral under such First Lien Notes, with a superpriority right to repayment ahead of other first lien holders in an enforcement action. Borrowings under the Revolving Credit Facility will be used to finance working capital and capital expenditure needs of the Company and its subsidiaries. Borrowings under the Revolving Credit Facility will bear interest at a LIBO rate determined by reference to the then effective three-month LIBO rate, with a 1.5% floor, adjusted for statutory reserve requirements, plus an applicable percentage of 7.5%, payable quarterly. The Company will pay a quarterly commitment fee at a 1.5% annual rate for unused commitments. The Company may voluntarily prepay amounts outstanding under the Revolving Credit Facility, in whole or in part, without premium or penalty (except as described below) in minimum amounts of $5.0 million. The Company will be required to pay a “prepayment premium” in connection with prepayments resulting in commitment reductions or commitment termination and termination of the Revolving Credit Facility equal to a percentage of the principal amount of such commitments reduced or terminated (the “Yield Maintenance Amount”): · During the first 12 months following the closing date – 2.0%; and · During months 13-24 following the closing date – 1.0%. The Company will be required to prepay amounts borrowed under the Revolving Credit Facility with any net proceeds from asset sales or insurance proceeds, and permanently reduce commitments in a corresponding amount, in the event the Vessel Fleet Value is less than $500.0 million. The “Vessel Fleet Value” means, at any time of determination, the lesser of (a) the net book value of the vessels described as Collateral Vessels under the Revolving Credit Facility at such time or (b) the fair market value of the vessels described as Collateral Vessels under the Revolving Credit Facility pursuant to the most recent appraisal (using the lowest value in the range if a range is provided in such appraisal). The Revolving Credit Facility contains covenants substantially similar to those set forth in the indenture governing the First Lien Notes except that certain provisions related to (i) the ability to make restricted payments and permitted investments, (ii) the permitted application of net proceeds from asset sales and (iii) the ability to incur additional indebtedness are subject to additional restrictions if the Vessel Fleet Value is less than $500.0 million. In addition, the Revolving Credit Facility contains customary events of default, including among other things, (i) failure to make required payments; (ii) failure to comply with certain agreements or covenants; (iii) failure to pay certain other indebtedness; (iv) the occurrence of a Change of Control; (v) certain events of bankruptcy and insolvency; and (vi) failure to pay certain judgments. Upon an event of default, the lenders party to the Revolving Credit Facility are entitled, subject to certain limitations, to declare any obligations of the Company or its subsidiaries to the lenders immediately due and payable and to take all actions permitted to be taken by a secured creditor.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation —Our consolidated financial statements include the accounts of Pacific Drilling S.A. and consolidated subsidiaries that we control by ownership of a majority voting interest and entities that meet the criteria for variable interest entities for which we are deemed to be the primary beneficiary for accounting purposes. We eliminate all intercompany transactions and balances in consolidation. We are party to a Nigerian joint venture, Pacific International Drilling West Africa Limited (“PIDWAL”), with Derotech Offshore Services Limited (“Derotech”), a privately-held Nigerian registered limited liability company. Derotech owns 51% of PIDWAL and we own 49% of PIDWAL. Pacific Scirocco Ltd. (“PSL”) and Pacific Bora Ltd. (“PBL”), which own the Pacific Scirocco and Pacific Bora , respectively, are owned 49.9% by our wholly-owned subsidiary Pacific Drilling Limited (“PDL”) and 50.1% by Pacific Drillship Nigeria Limited (“PDNL”). PDNL is owned 0.1% by PDL and 99.9% by PIDWAL. Derotech will not accrue the economic benefits of its interest in PIDWAL unless and until it satisfies certain outstanding obligations to us and a certain pledge is cancelled by us. Likewise, PIDWAL will not accrue the economic benefits of its interest in PDNL unless and until it satisfies certain outstanding obligations to us and a certain pledge is cancelled by us. PIDWAL and PDNL are variable interest entities for which we are the primary beneficiary. Accordingly, we consolidate all interests of PIDWAL and PDNL in our consolidated financial statements and no portion of their operating results is allocated to the noncontrolling interest. See Note 19.
Fresh Start Accounting	Fresh Start Accounting —Upon the Company’s emergence from Chapter 11 bankruptcy on November 19, 2018, we adopted fresh start accounting (“Fresh Start Accounting”) in accordance with the provisions of Accounting Standards Codification (“ASC”) 852, Reorganizations , (“ASC 852”) issued by the Financial Accounting Standards Board (“FASB”), which resulted in the Company becoming a new entity for financial reporting purposes. References to “Successor” relate to the financial position and results of operations of the reorganized Company as of and subsequent to November 19, 2018. References to “Predecessor” relate to the financial position of the Company prior to, and results of operations through and including, November 19, 2018. As a result of the adoption of Fresh Start Accounting and the effects of the implementation of our Plan of Reorganization (as defined in Note 3), the Company’s consolidated financial statements subsequent to November 19, 2018, are not comparable to its consolidated financial statements on and prior to November 19, 2018. Our consolidated financial statements as of December 31, 2019 and for the Successor period in 2018 exclude the Zonda Debtors (as defined in Note 3), our wholly-owned subsidiaries, which filed a separate plan of reorganization (see Note 3). We accounted for our investment in the Zonda Debtors using the equity method of accounting for the Successor periods in 2018 and 2019. As of December 31, 2019, we discontinued applying the equity method on the Zonda Debtors. See Note 16.
Accounting Estimates	Accounting Estimates —The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. On an ongoing basis, we evaluate our estimates and assumptions, including those related to allowance for doubtful accounts, financial instruments, obsolescence for materials and supplies, depreciation of property and equipment, deferred costs, impairment of long-lived assets, income taxes, share-based compensation and contingencies. We base our estimates and assumptions on historical experience and on various other factors we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from such estimates.
Revenue from Contracts with Clients	Revenue from Contracts with Clients —We earn revenue primarily by (i) providing our drillship, work crews, related equipment, services and supplies necessary to operate the rig, (ii) delivering the rig by mobilizing to and demobilizing from the drill location and (iii) performing certain pre-operating activities, including rig preparation activities or equipment modifications required for the contract. Dayrate Drilling Revenue. Our drilling contracts provide for payment on a dayrate basis, with higher rates for periods when the drillship is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate invoices billed to the client are determined based on the varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is attributed to the distinct hourly increment to which it relates within the contract term. Therefore, we record dayrate drilling revenue consistent with the contractual rate invoiced for the services provided during the respective period. Mobilization/Demobilization Revenue. We may receive fees for the mobilization and demobilization of our rigs. These activities are not considered to be distinct within the context of the contract and therefore, the associated revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for mobilization fees received, which is amortized ratably to contract drilling revenue as services are rendered over the initial term of the related drilling contract. Demobilization revenue expected to be received upon contract completion is estimated as part of the overall transaction price at contract inception. We record demobilization revenue in earnings ratably over the expected term of the contract with an offset to an accretive contract asset. Contract Preparation Revenue. Some of our drilling contracts require downtime before the start of the contract to prepare the rig to meet client requirements. At times, we may be compensated by the client for such work. These activities are not considered to be distinct within the context of the contract. We record a contract liability for contract preparation fees received, which is amortized ratably to contract drilling revenue over the initial term of the related drilling contract. Capital Upgrade Revenue . From time to time, we may receive fees from our clients for capital improvements or upgrades to our rigs to meet contractual requirements. These activities are not considered to be distinct within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the initial term of the related drilling contract. Revenues Related to Reimbursable Expenses . We generally receive reimbursements from our clients for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof are highly dependent on factors outside of our control. Accordingly, reimbursable revenue is not included in the total transaction price until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a client. We are generally considered a principal in such transactions. Therefore, we record the associated revenue at the gross amount billed to the client in the period the corresponding goods and services are to be provided. Contract Fulfillment Costs. Certain direct and incremental costs incurred for upfront preparation and initial mobilization of contracted rigs represent costs of fulfilling a contract 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. Such costs are deferred as a current or noncurrent asset depending on the length of the initial contract term and amortized ratably to operating expenses as services are rendered over the initial term of the related drilling contract. Deferred contract costs are impaired in the period if the carrying amount is not recoverable. During the Successor periods in 2019 and 2018 and the Predecessor period in 2018, there was no impairment of deferred contract costs. See Note 9.
Cash and Cash Equivalents	Cash and Cash Equivalents —Cash equivalents are highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash.
Restricted Cash	Restricted Cash —As of December 31, 2019, our restricted cash balance was primarily held as credit support for a bank guarantee. As of December 31, 2018, our restricted cash balance consisted of $8.5 million cash collateral under our treasury management services agreement with a financial institution and $13.0 million escrow funds remaining to settle professional fees incurred upon or prior to our emergence from our Chapter 11 proceedings.
Accounts Receivable	Accounts Receivable —We record trade accounts receivable at the amount we invoice our clients. We provide an allowance for doubtful accounts, as necessary, based on a review of outstanding receivables, historical collection information and existing economic conditions. We do not generally require collateral or other security for receivables.
Other Receivable	Other Receivable —As of December 31, 2018, other receivable on our consolidated balance sheets was $28.0 million of cash collateral held in the name of a financial institution as credit support for customs bonds issued in favor of a subsidiary of the Company.
Materials and Supplies	Materials and Supplies —Materials and supplies held for consumption are carried at average cost if acquired after the adoption of Fresh Start Accounting or at fair value if already outstanding upon the adoption of Fresh Start Accounting. Materials and supplies balances were presented net of allowances for excess or obsolete materials and supplies of $1.1 million and $0 as of December 31, 2019 and 2018, respectively.
Property and Equipment	Property and Equipment —Upon the adoption of Fresh Start Accounting, high-specification drillships and other property and equipment consisting of purchased software systems, furniture, fixtures and other equipment are recorded at fair value. Capital expenditures made subsequent to the adoption of Fresh Start Accounting, including any major capital improvements, are recorded at cost. Ongoing maintenance, routine repairs and minor replacements are expensed as incurred. Property and equipment are depreciated to their salvage value on a straight-line basis over the estimated useful lives of each class of assets. The estimated useful lives of property and equipment for the Successor are as follows: Years Drillships and related equipment 8-32 Other property and equipment 1-6 We review property and equipment for impairment when events or changes in circumstances indicate that the carrying amounts of our assets held and used may not be recoverable. Potential impairment indicators include steep declines in commodity prices and related market conditions, cold stacking of rigs or significant damage to the property and equipment that adversely affects the extent and manner of its use. We assess impairment using estimated undiscounted cash flows for the property and equipment being evaluated by applying assumptions regarding future operations, market conditions, dayrates, utilization and idle time. An impairment loss is recorded in the period if the carrying amount of the asset is not recoverable. During the Successor periods in 2019 and 2018 and the Predecessor periods in 2018 and 2017, there were no long-lived asset impairments.
Intangible Asset	Intangible Asset —We amortized our client-related intangible asset to depreciation and amortization expense within our consolidated statements of operations over its remaining drilling contract term on a straight-line basis.
Deferred Certification and Major Maintenance Costs	Deferred Certification and Major Maintenance Costs —We are required to obtain certifications from various regulatory bodies in order to operate our drilling rigs and maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, as well as remedial structural work and other compliance costs, are deferred and amortized on a straight-line basis over the corresponding certification periods. We also perform periodic disassembly, inspection and applicable overhaul of our drilling and marine equipment based on manufacturers guidelines outside of our normal maintenance. These major maintenance costs incurred are deferred and amortized on a straight-line basis over the corresponding inspection periods. As of December 31, 2019 and 2018, deferred certification and major maintenance costs were $9.8 million and $0.5 million respectively, included in deferred costs, current and other assets on our consolidated balance sheets.
Deferred Financing Costs	Deferred Financing Costs —Deferred financing costs associated with long-term debt are carried at cost and are amortized to interest expense using the effective interest rate method over the term of the applicable long-term debt.
Foreign Currency Transactions	Foreign Currency Transactions —The consolidated financial statements are stated in U.S. dollars. We have designated the U.S. dollar as the functional currency for our foreign subsidiaries in international locations because we contract with clients, purchase equipment and finance capital using the U.S. dollar. Transactions in other currencies have been translated into U.S. dollars at the rate of exchange on the transaction date. Any gain or loss arising from a change in exchange rates subsequent to the transaction date is included as an exchange gain or loss. Monetary assets and liabilities denominated in currencies other than U.S. dollars are reported at the rates of exchange prevailing at the end of the reporting period. During the Successor periods in 2019 and 2018, foreign exchange losses were $0.7 million and $0.1 million and recorded in other expense in our consolidated statements of operations. During the Predecessor periods in 2018 and 2017, foreign exchange losses were $0.1 million and $0.7 million, respectively, and recorded in other expense in our consolidated statements of operations.
Earnings per Share	Earnings per Share —Basic earnings per common share (“EPS”) is computed by dividing the net income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution from securities that could share in the earnings of the Company. Anti-dilutive securities are excluded from diluted EPS.
Fair Value Measurements	Fair Value Measurements —We estimate fair value at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. Our valuation techniques require inputs that are categorized using a three-level hierarchy as follows: (1) unadjusted quoted prices for identical assets or liabilities in active markets (“Level 1”), (2) direct or indirect observable inputs, including quoted prices or other market data, for similar assets or liabilities in active markets or identical assets or liabilities in less active markets (“Level 2”) and (3) unobservable inputs that require significant judgment for which there is little or no market data (“Level 3”). When multiple input levels are required for a valuation, we categorize the entire fair value measurement according to the lowest level input that is significant to the measurement even though we may have also utilized significant inputs that are more readily observable.
Share-Based Compensation	Share-Based Compensation —The grant date fair value of share-based awards granted to employees is recognized as an employee compensation expense over the requisite service period on a straight-line basis. The amount of compensation expense ultimately recognized is based on the number of awards that meet the vesting conditions at the vesting date. For the Successor, any adjustments to the compensation cost recognized in our consolidated statement of operations for awards that are forfeited are recognized in the period in which the forfeitures occur. For the Predecessor, the amount of compensation expense recognized is adjusted to reflect the number of awards for which the related vesting conditions are expected to be met using estimated forfeitures.
Leases - Lessee	We recognize a right-of-use asset and a lease liability on our consolidated balance sheets for leases under which we are the lessee, after applying the short-term lease exemption. Operating lease right-of-use assets and liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. For discount rate, we use our incremental borrowing rate based on information available at commencement date if the rate implicit in the lease cannot be readily determined.
Leases - Lessor	For our drilling contracts, which contain a lease component, we apply the practical expedient to recognize revenues based on the service component, which we determined to be predominant. See Note 10.
Derivatives	Derivatives —We apply cash flow hedge accounting to interest rate swaps that are designated as hedges of the variability of future cash flows. The derivative financial instruments are recorded on our consolidated balance sheets at fair value as either assets or liabilities. Changes in the fair value of derivatives designated as cash flow hedges, to the extent the hedge is effective, are recognized in accumulated other comprehensive income until the hedged item is recognized in earnings. Hedge effectiveness is measured on an ongoing basis to ensure the validity of the hedges based on the relative cumulative changes in fair value between the derivative contract and the hedged item over time. Hedge accounting is discontinued prospectively if it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item. For the Predecessor, other comprehensive income was released to earnings as the asset was depreciated over its useful life for interest rate hedges related to interest capitalized in the construction of fixed assets. For all other interest rate hedges, other comprehensive income was released to earnings as interest expense was accrued on the underlying debt.
Contingencies	Contingencies —We record liabilities for estimated loss contingencies when we believe a loss is probable and the amount of the probable loss can be reasonably estimated. Once established, we adjust the estimated contingency loss accrual for changes in facts and circumstances that alter our previous assumptions with respect to the likelihood or amount of loss. We recognize legal fees related to loss contingencies as incurred.
Income Taxes	Income Taxes —Income taxes are provided based upon the tax laws and rates in the countries in which our subsidiaries are registered and where their operations are conducted and income and expenses are earned and incurred, respectively. We recognize deferred tax assets and liabilities for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable enacted tax rates in effect the year in which the asset is realized or the liability is settled. A valuation allowance for deferred tax assets is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. We recognize tax benefits from an uncertain tax position only if it is more likely than not that the position will be sustained upon examination by taxing authorities based on the technical merits of the position. The amount recognized is the largest benefit that we believe has greater than a 50% likelihood of being realized upon settlement. Actual income taxes paid may vary from estimates depending upon changes in income tax laws, actual results of operations and the final audit of tax returns by taxing authorities. We recognize interest and penalties related to uncertain tax positions in income tax expense.
Reclassifications	Reclassifications —Certain reclassifications of previously reported information have been made to conform to the current year presentation.
Recently Adopted / Issued Accounting Standards	Recently Adopted Accounting Standards Leases —Effective January 1, 2019, we adopted the accounting standards update for Leases (Topic 842) that requires lessees to recognize a right‑of‑use asset and lease liability for virtually all leases and updates previous accounting standards for lessors to align certain requirements with the updates to lessee accounting standards and revenue recognition accounting standards. We applied the transition method that required us to recognize right‑of‑use assets and lease liabilities as of the date of our adoption with no adjustment to prior periods. We applied the package of practical expedients that permitted us to carry forward historical lease classifications. For leases under which we are the lessee, we have recognized a right-of-use asset of $6.9 million, recorded in other assets, and a corresponding lease liability, recorded in accrued expenses and other long-term liabilities upon adoption. Our adoption did not have and is not expected in the future to have a material effect on our consolidated statements of financial position, operations or cash flows. Recently Issued Accounting Standards Measurement of Credit Losses on Financial Instruments —On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) , which introduces a new model for recognizing credit losses based on an estimate of expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. In April 2019, the FASB issued codification improvements to Topic 326 to clarify all expected recoveries should be included in the estimate of the allowance for credit losses. This update is effective for annual and interim periods beginning after January 1, 2020. We do not expect our adoption to have a material effect on our consolidated financial statements and related disclosures. Simplifications to Income Tax Accounting —On December 18, 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes , which removes certain exceptions for investments, intra-period allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. This update is effective for annual and interim periods beginning after January 1, 2021. We are currently evaluating the effect the standard may have on our consolidated financial statements and related disclosures.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Significant Accounting Policies
Estimated useful lives of property and equipment	Years Drillships and related equipment 8-32 Other property and equipment 1-6

Emergence from Bankruptcy Pro_2

Emergence from Bankruptcy Proceedings (Tables)	12 Months Ended
	Dec. 31, 2019
Emergence from Bankruptcy Proceedings
Schedule of components of reorganization items	Successor Predecessor Period From Period From Year Ended November 20, 2018 January 1, 2018 Year Ended December 31, through through December 31, 2019 December 31, 2018 November 19, 2018 2017 (in thousands) Professional fees $ 1,975 $ 1,300 $ 82,787 $ 6,447 Gain on the settlement of liabilities subject to compromise — — (794,218) — Discharge of claims upon emergence from bankruptcy — — (80) — Revision of estimated claims — — — 27 Escrow interest income — — (2,940) — Fresh start accounting adjustments — — 2,514,115 — Total reorganization items $ 1,975 $ 1,300 $ 1,799,664 $ 6,474

Fresh Start Accounting (Tables)

Fresh Start Accounting (Tables)	12 Months Ended
	Dec. 31, 2019
Fresh-Start Adjustment [Line Items]
Schedule of the reconciliation of the enterprise value to the estimated fair value of the successor company's common stock as of Plan Effective Date	The following table reconciles the enterprise value to the estimated fair value of our Successor common shares as of the Plan Effective Date (in thousands): Enterprise value $ 2,075,000 Plus: Cash and cash equivalents (excludes funds held in professional fee escrow of $50.2 million) 401,910 Plus: Estimated fair value of the assets associated with the Zonda Arbitration 204,700 Less: Fair value of debt (1,035,641) Fair value of Successor common shares $ 1,645,969
Schedule of the reconciliation of the enterprise value to the reorganization value of assets as of the Effective Date	The following table reconciles the enterprise value to the reorganization value of the Successor’s assets to be allocated to the Company’s individual assets as of the Plan Effective Date (in thousands): Enterprise value $ 2,075,000 Plus: Cash and cash equivalents (excludes funds held in professional fee escrow of $50.2 million) 401,910 Plus: Estimated fair value of the assets associated with the Zonda Arbitration 204,700 Plus: Current liabilities 83,663 Plus: Non-current liabilities excluding long-term debt 29,266 Reorganization value of Successor’s assets to be allocated $ 2,794,539
Schedule of fair value adjustment to the Company's property and equipment, net	(1) Reflects the fair value adjustment to the Company's property and equipment, net due to the adoption of Fresh Start Accounting (in thousands): Successor Predecessor Drillships and related equipment $ 1,919,791 $ 5,928,887 Other property and equipment 683 20,737 Total property and equipment 1,920,474 5,949,624 Accumulated depreciation — (1,526,915) Property and equipment, net $ 1,920,474 $ 4,422,709
Reorganization Adjustments
Fresh-Start Adjustment [Line Items]
Schedule of reorganization balance sheet and fresh-start accounting adjustments	As of November 19, 2018 Predecessor Reorganization Adjustments (1) Deconsolidation of Zonda Debtors (14) Fresh Start Accounting Adjustments Successor Assets: Cash and cash equivalents $ 154,238 $ 239,172 (2) $ (4,910) $ — $ 388,500 Restricted cash 1,034,470 (975,795) (3) — — 58,675 Accounts receivable, net 28,881 — (2) — 28,879 Other receivable 28,000 — — — 28,000 Materials and supplies 83,800 — — (43,493) (15) 40,307 Deferred costs, current 11,371 — — (11,371) (16) — Prepaid expenses and other current assets 13,281 (958) (4) (815) (693) (17) 10,815 Total current assets 1,354,041 (737,581) (5,727) (55,557) 555,176 Property and equipment, net 4,422,709 — (68,102) (2,434,133) (18) 1,920,474 Long-term receivable 202,575 — (202,575) — — Receivable from unconsolidated subsidiaries — — 262,925 (58,135) (19) 204,790 Intangible asset — — — 100,000 (20) 100,000 Investment in unconsolidated subsidiaries — — 5,774 (742) (19) 5,032 Other assets 27,279 (1,356) (5) (1,845) (15,011) (21) 9,067 Total assets $ 6,006,604 $ (738,937) $ (9,550) $ (2,463,578) $ 2,794,539 Liabilities and shareholders’ equity: Accounts payable $ 14,161 $ 1,247 (6) $ (3,261) $ — $ 12,147 Accrued expenses 56,817 11,264 (7) (5,987) — 62,094 Debtor-in-possession financing 50,000 (50,000) (2) — — — Accrued interest 45,770 (36,348) (8) — — 9,422 Deferred revenue, current 16,246 — — (16,246) (22) — Total current liabilities 182,994 (73,837) (9,248) (16,246) 83,663 Long-term debt 969,158 — — 66,483 (23) 1,035,641 Payable to unconsolidated subsidiaries — — 1,725 — 1,725 Other long-term liabilities 30,253 1,782 (9) (1,539) (2,955) (24) 27,541 Total liabilities not subject to compromise 1,182,405 (72,055) (9,062) 47,282 1,148,570 Liabilities subject to compromise 3,084,874 (3,084,386) (10) (488) — — Commitments and contingencies Shareholders’ equity: Common shares 214 536 (11) — — 750 Additional paid-in capital 2,368,232 1,646,097 (12) — (2,369,110) (25) 1,645,219 Accumulated other comprehensive loss (13,850) — — 13,850 (25) — Accumulated deficit (615,271) 770,871 (13) — (155,600) (25) — Total shareholders’ equity 1,739,325 2,417,504 — (2,510,860) 1,645,969 Total liabilities and shareholders’ equity $ 6,006,604 $ (738,937) $ (9,550) $ (2,463,578) $ 2,794,539
Schedule of Changes in cash and cash equivalents	(1) Changes in cash and cash equivalents include the following (in thousands): Transfer of restricted cash - escrow funds from the issuance of the First Lien Notes $ 767,578 Transfer of restricted cash - escrow funds from the issuance of the Second Lien PIK Notes 258,160 Proceeds from the equity offerings 500,000 Payment of 2013 Revolving Credit Facility (475,000) Payment of SSCF (661,478) Payment of debtor-in-possession financing (including $354 of accrued interest) (50,354) Payment of accrued interest on 2013 Revolving Credit Facility and SSCF (35,994) Funding of professional fee escrow (50,175) Payment of professional fees (13,557) Payment of bank fees (8) Net change in cash and cash equivalents $ 239,172
Schedule of Changes in restricted cash	(1) Changes in restricted cash includes the following (in thousands): Transfer of restricted cash - escrow funds from the issuance of the First Lien Notes $ (767,578) Transfer of restricted cash - escrow funds from the issuance of the Second Lien PIK Notes (258,160) Funding of professional fee escrow 50,175 Payment of bank fees (232) Net change in restricted cash $ (975,795)
Schedule of Changes in accrued expenses	(1) Changes in accrued expenses includes the following (in thousands): Accrual of professional fees $ 9,450 Accrual of equity issuance costs 6,580 Accrual of other fees 1,593 Payment of professional fees (6,342) Reduction in income taxes related to the implementation of the Plan (17) Net change in accrued expenses $ 11,264
Schedule of payment of accrued interest	(1) Reflects the payment of accrued interest (in thousands): Payment of accrued interest on 2013 Revolving Credit Facility and SSCF $ (35,994) Payment of accrued interest on debtor-in-possession financing (354) Net change in accrued interest $ (36,348)
Schedule of Liabilities subject to compromise settled	(1) Liabilities subject to compromise settled in accordance with the Plan of Reorganization and the resulting gain were determined as follows (in thousands): Liabilities subject to compromise $ 3,084,874 Less liabilities subject to compromise related to unconsolidated subsidiaries remaining in bankruptcy (488) Payment of 2013 Revolving Credit Facility (475,000) Payment of SSCF (661,478) Reinstatement of claims that are expected to be paid (1,247) Issuance of Successor common shares to the holders of the 2017 Notes, Term Loan B and the 2020 Notes (1,152,443) Gain on settlement of liabilities subject to compromise $ 794,218
Schedule of increase in common shares	(1) The increase in common shares reflects (in thousands): Issuance of Successor common shares to the holders of the 2017 Notes, Term Loan B and the 2020 Notes at par $ 244 Equity offerings at par 506 Reduction of share capital for reverse stock split (214) Net change in common shares $ 536
Schedule of increase in additional paid in capital	(1) The increase in additional paid-in capital reflects (in thousands): Issuance of Successor common shares to the holders of the 2017 Notes, Term Loan B and the 2020 Notes $ 1,152,199 Equity offerings - additional paid-in capital 499,494 Reduction of share capital for reverse stock split 214 Cancellation of Predecessor share based compensation awards 770 Accrual of equity issuance costs (6,580) Net change in additional paid-in-capital $ 1,646,097
Schedule of decrease in accumulated deficit	(1) The decrease in accumulated deficit reflects (in thousands): Gain on settlement of liabilities subject to compromise $ 794,218 Accrued professional fees (9,450) Accrued other fees (1,593) Elimination of prepaid directors and officers insurance policies related to the Predecessor (958) Cancellation of predecessor share based compensation awards (770) Professional and success fees paid on Plan Effective Date (7,215) Payment of bank fees (240) Elimination of deferred tax asset related to the implementation of the Plan (1,356) Recognition of a deferred tax liability related to the implementation of the Plan (1,782) Reduction in income tax related to the implementation of the Plan 17 Net change in accumulated deficit $ 770,871

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2019
Property and Equipment
Summary of property and equipment	December 31, 2019 2018 (in thousands) Drillships and related equipment $ 1,962,211 $ 1,926,773 Other property and equipment 259 682 Property and equipment, cost 1,962,470 1,927,455 Accumulated depreciation (119,921) (12,283) Property and equipment, net $ 1,842,549 $ 1,915,172

Intangible Asset (Tables)

Intangible Asset (Tables)	12 Months Ended
	Dec. 31, 2019
Intangible Asset
Schedule of intangible asset	December 31, 2019 2018 (in thousands) Client-related intangible asset $ 100,000 $ 100,000 Accumulated amortization (100,000) (14,947) Intangible asset, net $ — $ 85,053

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Summary of Debt	December 31, 2019 2018 (in thousands) Debt Obligations: First Lien Notes $ 747,910 $ 747,400 Second Lien PIK Notes 325,824 291,935 Total long-term debt $ 1,073,734 $ 1,039,335
Schedule of payments in the form of PIK Interest	Payment Date PIK Interest (in thousands) April 1, 2019 $ 16,873 October 1, 2019 17,429
Schedule of redemption prices expressed as a percentage of principal amount	At any time on or after April 1, 2020, the Company may redeem the Second Lien PIK Notes, in whole or in part, at the following redemption prices (expressed as a percentage of principal amount), plus any accrued and unpaid interest, during the six-month period beginning on the dates indicated below: Date Price April 1, 2020 October 1, 2020 April 1, 2021 October 1, 2021 April 1, 2022 and thereafter
Aggregate Maturities of Debt Including Net Unamortized Discounts	(in thousands) Years ending December 31, 2020 $ — 2021 — 2022 — 2023 750,000 2024 317,154 Total $ 1,067,154
Occurrence Of Change Of Control
Schedule of redemption prices expressed as a percentage of principal amount	At any time after a Change of Control occurs, the Company may redeem all, but not less than all, of the Second Lien PIK Notes at the following redemption prices (expressed as a percentage of principal amount), plus any accrued and unpaid interest, during the six-month period beginning on the dates indicated below: Date Price April 1, 2020 October 1, 2020 April 1, 2021 October 1, 2021 April 1, 2022 and thereafter

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Taxes
Loss Before Income Taxes	Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 (in thousands) Luxembourg $ (83,322) $ (9,738) $ (500,317) $ 349 United States (933) 3,558 (10,467) 1,301 Other jurisdictions (459,794) (28,073) (1,646,401) (513,953) Loss before income taxes $ (544,049) $ (34,253) $ (2,157,185) $ (512,303)
Components of Income Tax Provision (Benefit)	Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 (in thousands) Current income tax expense (benefit): Luxembourg $ 1,906 $ (292) $ 866 $ 2,287 United States 1,323 90 641 3,202 Other foreign 404 (60) 288 (35) Total current $ 3,633 $ (262) $ 1,795 $ 5,454 Deferred tax expense (benefit): Luxembourg $ 7,914 $ (6,454) $ (6,924) $ (321) United States (274) 15 1,902 6,145 Other foreign 1,143 (68) 919 1,585 Total deferred $ 8,783 $ (6,507) $ (4,103) $ 7,409 Income tax expense (benefit) $ 12,416 $ (6,769) $ (2,308) $ 12,863
Reconciliation Between Luxembourg Statutory Rate and Our Effective Tax Rate	Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 Statutory rate % % % % Effect of tax rates different from the Luxembourg statutory tax rate % % % % Change in valuation allowance % % % % Changes in unrecognized tax benefits % % % % Equity based compensation shortfall — % — % % % Change in enacted statutory tax rates % — % — % % Adjustments related to prior years % % — % % Fresh start accounting — % — % % — % Effective tax rate % % % %
Components of Deferred Tax Assets and Liabilities	December 31, 2019 2018 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 550,119 $ 549,107 Depreciation and amortization 187,288 188,161 Accrued payroll expenses 3,073 2,307 Deferred revenue 981 42 Interest expense limitation carryforward 2,033 — Other 336 307 Deferred tax assets 743,830 739,924 Less: valuation allowance (733,047) (701,727) Total deferred tax assets $ 10,783 $ 38,197 Deferred tax liabilities: Depreciation and amortization $ — $ (22,134) Deferred expenses (2,433) — Other (47) (5) Total deferred tax liabilities $ (2,480) $ (22,139) Net deferred tax assets $ 8,303 $ 16,058
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits	Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through December 31, 2019 December 31, 2018 November 19, 2018 (in thousands) Balance, beginning of period $ 42,457 $ 41,831 $ 38,860 Increases in unrecognized tax benefits as a result of tax positions taken during current year 1,028 626 2,971 Balance, end of period $ 43,485 $ 42,457 $ 41,831

Revenue from Contracts with C_2

Revenue from Contracts with Clients (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue from Contracts with Clients
Schedule of trade receivables, contract assets and contract liabilities	December 31, 2019 2018 (in thousands) Trade receivables, net $ 28,926 $ 40,144 Current contract liabilities (deferred revenue) 7,567 —
Schedule of significant changes in contract assets and contract liabilities	Contract Assets Contract Liabilities (in thousands) Balance at December 31, 2018 $ — $ — Decrease due to amortization of deferred revenue — (1,931) Increase due to billings related to client capital upgrades — 9,511 Increase due to demobilization revenue recognized 13 — Transfers between balances (13) (13) Balance at December 31, 2019 $ — $ 7,567
Summary of revenue expected to be recognized in the future related to unsatisfied performance obligations	For the years ending December 31, 2020 2021 2022 and thereafter Total (in thousands) Amortization of contract liabilities $ 7,580 $ — $ — $ 7,580

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of components and other information related to leases	Year Ended December 31, 2019 (in thousands) Lease Expense Operating lease cost $ 6,690 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 1,445 Right-of-use assets obtained in exchange for lease obligations: Operating leases 6,935 December 31, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 4.8 Weighted Average Discount Rate Operating leases
Schedule of future minimum lease payments	Operating Leases Years Ending December 31, (in thousands) 2020 $ 1,472 2021 1,499 2022 1,525 2023 1,552 2024 1,179 Total future minimum lease payments 7,227 Less imputed interest (1,220) Total $ 6,007 Reported as of December 31, 2019 Accrued expenses $ 1,033 Other long-term liabilities 4,974 Total lease liabilities $ 6,007

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation Expense and Related Tax Benefit	Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 (in thousands) Operating expenses $ 1,460 $ — $ 177 $ 416 General and administrative expenses 5,611 599 2,366 6,403 Share-based compensation expense 7,071 599 2,543 6,819 Tax benefit (a) (1,098) (126) — (1,147) Total $ 5,973 $ 473 $ 2,543 $ 5,672 (a) The effects of tax benefits from share-based compensation expense are included within income tax expense in our consolidated statements of operations. As a result of the cancellation of all equity and equity-based awards granted under the Pacific Drilling S.A. 2011 Omnibus Stock Incentive Plan (the “2011 Stock Plan”), there was no tax benefit from share-based compensation expense during the Predecessor period in 2018.
Summary of Restricted Stock Units Activity	Number of Restricted Share Units Weighted-Average (in thousands) (per share) Nonvested — January 1, 2019 290 $ 13.00 Granted 1,044 14.50 Vested (35) 13.93 Cancelled or forfeited (76) 14.70 Nonvested — December 31, 2019 1,223 $ 14.15
Summary of weighted-average assumptions	2019 PSUs Expected volatility % Expected dividends — Risk-free interest rate %
Summary of performance share units activity	Number of Weighted-Average (in thousands) (per share) Nonvested — January 1, 2019 — $ — Granted 375 15.43 Vested — — Cancelled or forfeited — — Nonvested — December 31, 2019 375 $ 15.43

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Income and Share Data Used In Basic and Diluted EPS Computations	Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 (in thousands, except per share information) Numerator: Net loss, basic and diluted $ (556,465) $ (27,484) $ (2,154,877) $ (525,166) Denominator: Weighted-average shares outstanding, basic 75,011 75,010 21,359 21,315 Weighted-average shares outstanding, diluted 75,011 75,010 21,359 21,315 Loss per share: Basic $ (7.42) $ (0.37) $ (100.89) $ (24.64) Diluted $ (7.42) $ (0.37) $ (100.89) $ (24.64)
Share Effects of Share-Based Compensation Awards Excluded from Computations of Diluted EPS	Successor Predecessor Period From Period From Year Ended November 20, 2018 January 1, 2018 Year Ended December 31, through through December 31, 2019 December 31, 2018 November 19, 2018 2017 (in thousands) Share-based compensation awards 797 161 314 349

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2019
Derivatives
Cash Flow Hedge Gains and Losses	Gain (Loss) Recognized Loss Reclassified Successor Predecessor Successor Predecessor Period From Period From Period From Period From November 20, 2018 January 1, 2018 November 20, 2018 January 1, 2018 Year Ended through through Year Ended Year Ended through through Year Ended Derivatives in Cash Flow December 31, December 31, November 19, December 31, December 31, December 31, November 19, December 31, Hedging Relationships 2019 2018 2018 2017 2019 2018 2018 2017 (in thousands) Interest rate swaps $ — $ — $ 643 $ 4,700 $ — $ — $ 643 $ 5,265

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Carrying Value and Estimated Fair Value of Other Long-term Debt Instruments	December 31, 2019 2018 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value (in thousands) Cash and cash equivalents $ 278,620 $ 278,620 $ 367,577 $ 367,577 First Lien Notes 747,910 682,500 747,400 714,953 Second Lien PIK Notes 325,824 183,949 291,935 285,548

Concentrations of Credit and _2

Concentrations of Credit and Market Risk (Tables)	12 Months Ended
	Dec. 31, 2019
Concentrations of Credit and Market Risk
Percentage of Revenues Earned from Clients	Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 Chevron 70.8 % 82.1 % 84.0 % 81.6 % Eni 16.1 % 17.9 % — % — % Petronas 3.3 % — % 14.2 % 1.0 % Total 8.0 % — % — % 0.1 % Other 1.8 % — % 1.8 % 17.3 %

Segments and Geographic Areas (

Segments and Geographic Areas (Tables)	12 Months Ended
	Dec. 31, 2019
Segments and Geographic Areas
Percentage of Revenue Earned by Geographical Area Based on Drilling Location	Successor Predecessor Period From Period From November 20, 2018 January 1, 2018 Year Ended through through Year Ended December 31, 2019 December 31, 2018 November 19, 2018 December 31, 2017 United States 72.5 % 82.1 % 84.0 % 81.6 % Nigeria 16.1 % 17.9 % 1.8 % 11.2 % Other 11.4 % — % 14.2 % 7.2 %

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2019
Variable Interest Entities
Schedule of Carrying Amounts of Variable Interest Entities	December 31, 2019 2018 (in thousands) Assets $ 350 $ 2,381 Liabilities (528) (1,037) Net carrying amount $ (178) $ 1,344

Significant Accounting Polici_4

Significant Accounting Policies - Principal of Consolidation and Fresh Start Accounting (Details)	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Variable Interest Entity [Line Items]
Financial designation Successor and Predecessor	Successor	Predecessor	Successor	Predecessor
Pacific International Drilling West Africa Limited
Variable Interest Entity [Line Items]
Percentage of ownership in joint venture			49.00%
Derotech Offshore Services Limited | Pacific International Drilling West Africa Limited
Variable Interest Entity [Line Items]
Percentage of ownership in joint venture			51.00%
Pacific International Drilling West Africa Limited | PDNL
Variable Interest Entity [Line Items]
Percentage of ownership in joint venture			99.90%
Pacific International Drilling West Africa Limited | Pacific Bora Ltd and Pacific Scirocco Ltd
Variable Interest Entity [Line Items]
Percentage of ownership in joint venture			50.10%
PDL | PDNL
Variable Interest Entity [Line Items]
Percentage of ownership in joint venture			0.10%
PDL | Pacific Bora Ltd and Pacific Scirocco Ltd
Variable Interest Entity [Line Items]
Percentage of ownership in joint venture			49.90%
PDNL | Pacific Bora Ltd and Pacific Scirocco Ltd
Variable Interest Entity [Line Items]
Percentage of ownership in joint venture			50.10%

Significant Accounting Polici_5

Significant Accounting Policies - Revenue and Restricted cash (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Nov. 20, 2018
Restricted cash
Impairment of deferred contract costs	$ 0	$ 0	$ 0
Restricted cash	21,498	$ 1,034,470	$ 6,089	$ 58,675
Treasury Management Services
Restricted cash
Restricted cash	8,500
Professional Fee Escrow
Restricted cash
Restricted cash	$ 13,000

Significant Accounting Polici_6

Significant Accounting Policies - Other Receivable and Materials supplies (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Nov. 20, 2018	Nov. 19, 2018
Significant Accounting Policies
Other receivable		$ 28,000	$ 28,000	$ 28,000
Allowances for excess or obsolete materials and supplies	$ 1,100	$ 0

Significant Accounting Polici_7

Significant Accounting Policies - Estimated Useful Lives of Property And Equipment (Details)	12 Months Ended
	Dec. 31, 2019
Drillships and Related Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	8 years
Drillships and Related Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	32 years
Other property and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	1 year
Other property and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	6 years

Significant Accounting Polici_8

Significant Accounting Policies - Long-lived Asset Impairment and Foreign Exchange Gains Losses (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Significant Accounting Policies
Long-lived asset impairments	$ 0	$ 0	$ 0	$ 0
Deferred certification and major maintenance costs	0.5		9.8
Foreign exchange losses	$ (0.1)	$ (0.1)	$ (0.7)	$ (0.7)

Significant Accounting Polici_9

Significant Accounting Policies - Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liabilities for operating leases	$ 6,007
Restatement Adjustment | ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of use assets for operating leases		$ 6,900
Lease liabilities for operating leases		$ 6,900

Emergence from Bankruptcy Pro_3

Emergence from Bankruptcy Proceedings - (Details)	Nov. 20, 2018USD ($)shares	Nov. 19, 2018USD ($)shares	Sep. 26, 2018USD ($)	Dec. 31, 2019USD ($)shares	Dec. 31, 2018shares	Dec. 31, 2017shares	Dec. 31, 2016shares
Bankruptcy Proceeding and Liquidity [Line Items]
Number of subsidiaries involved in arbitration with SHI | $				2
Value of shares issued | $	$ 493,420,000
Reverse Stock Split Ratio		0.0001
Common stock, shares outstanding				75,007,000	75,031,000
Shares reserved for issuance				7,500,000
Pacific International Drilling West Africa Limited
Bankruptcy Proceeding and Liquidity [Line Items]
Percentage of ownership in joint venture				49.00%
Common Shares
Bankruptcy Proceeding and Liquidity [Line Items]
Shares issued in exchange for claims	24,416,000
Issuance of common shares	50,582,000
Value of shares issued | $	$ 506,000
Common stock, shares outstanding	75,000,000	21,368,000		75,007,000	75,031,000	21,339,000	21,184,000
Common Shares | Holders of Term Loan B, 2017 Notes and 2020 Notes
Bankruptcy Proceeding and Liquidity [Line Items]
Shares issued in exchange for claims		24,416,442
Percentage of shares outstanding		32.60%
Common Shares | Holders of Term Loan B, 2017 Notes and 2020 Notes subscribed equity rights offering
Bankruptcy Proceeding and Liquidity [Line Items]
Issuance of common shares		44,174,136
Value of shares issued | $		$ 460,000,000
Percentage of shares outstanding		58.90%
Common Shares | Holders of Term Loan B, 2017 Notes and 2020 Notes backstopping equity rights offering
Bankruptcy Proceeding and Liquidity [Line Items]
Issuance of common shares		2,566,056
Percentage of shares outstanding		3.40%
Common Shares | Existing shareholders of common stock
Bankruptcy Proceeding and Liquidity [Line Items]
Percentage of shares outstanding		0.003%
Common Shares | Pacific Drilling Administrator Limited
Bankruptcy Proceeding and Liquidity [Line Items]
Issuance of common shares		7,500,000
Quantum Pacific Gibraltar Limited | Common Shares
Bankruptcy Proceeding and Liquidity [Line Items]
Issuance of common shares		3,841,229
Value of shares issued | $		$ 40,000,000
Percentage of shares outstanding		5.10%
First Lien Notes
Bankruptcy Proceeding and Liquidity [Line Items]
Aggregate principal amount | $			$ 750,000,000
Debt instrument, interest rate			8.375%
Second Lien PIK Notes
Bankruptcy Proceeding and Liquidity [Line Items]
Aggregate principal amount | $			$ 273,600,000
Commitment fee | $			$ 23,600,000
Second Lien PIK Notes | Cash Interest
Bankruptcy Proceeding and Liquidity [Line Items]
Debt instrument, interest rate			11.00%	11.00%
Second Lien PIK Notes | Interest Payment in Kind
Bankruptcy Proceeding and Liquidity [Line Items]
Debt instrument, interest rate			12.00%	12.00%

Emergence from Bankruptcy Pro_4

Emergence from Bankruptcy Proceedings - Components of liabilities and reorganization (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Components of reorganization items:
Professional fees	$ 1,300	$ 82,787	$ 1,975	$ 6,447
Gain on settlement of liabilities subject to compromise		(794,218)
Discharge of claims upon emergence from bankruptcy		(80)
Revision of estimated claims				27
Escrow interest income		(2,940)
Fresh start accounting adjustments		2,514,115
Total reorganization items	$ 1,300	$ 1,799,664	$ 1,975	$ 6,474

Fresh Start Accounting (Details

Fresh Start Accounting (Details)	Nov. 19, 2018
Fresh Start Accounting
Maximum percentage of voting shares of emerging entity to qualify for fresh-start accounting under ASC 852 (as a percent)	50.00%

Fresh Start Accounting - Enterp

Fresh Start Accounting - Enterprise value to estimated fair value of Common Stock (Details) $ in Thousands	Nov. 19, 2018USD ($)
Fresh-Start Adjustment [Line Items]
Enterprise Value	$ 2,075,000
Plus: Cash and cash equivalents (excludes funds held in professional fee escrow of $50.2 million)	401,910
Plus: Estimated fair value of the assets associated with the Zonda Arbitration	204,700
Less: Fair value of debt	(1,035,641)
Fair value of Successor common shares	1,645,969
Professional fee escrow	50,200
Minimum
Fresh-Start Adjustment [Line Items]
Enterprise Value	1,650,000
Maximum
Fresh-Start Adjustment [Line Items]
Enterprise Value	2,500,000
Average
Fresh-Start Adjustment [Line Items]
Enterprise Value	$ 2,075,000

Fresh Start Accounting - Ente_2

Fresh Start Accounting - Enterprise value to reorganization value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Nov. 19, 2018
Fresh Start Accounting
Enterprise Value			$ 2,075,000
Plus: Cash and cash equivalents (excludes funds held in professional fee escrow of $50.2 million)			401,910
Plus: Estimated fair value of the assets associated with the Zonda Arbitration			204,700
Plus: Current liabilities	$ 75,417	$ 57,261	83,663
Plus: Non-current liabilities excluding long-term debt			29,266
Reorganization value of Successor’s assets to be allocated			2,794,539
Professional fee escrow			$ 50,200

Fresh Start Accounting - Drills

Fresh Start Accounting - Drillships and related equipment and Intangible asset (Details) - Discount Rate	Nov. 19, 2018
Fresh-Start Adjustment [Line Items]
Intangible assets measurement input	2.9
Drillships and Related Equipment
Fresh-Start Adjustment [Line Items]
Drillship measurement input	14

Fresh Start Accounting - Balanc

Fresh Start Accounting - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Nov. 20, 2018	Nov. 19, 2018
Assets:
Cash and cash equivalents	$ 278,620	$ 367,577	$ 388,500	$ 154,238
Restricted cash	6,089	21,498	58,675	1,034,470
Accounts receivable, net	29,252	40,549	28,879	28,881
Other receivable		28,000	28,000	28,000
Materials and supplies	43,933	40,429	40,307	83,800
Deferred costs, current	16,961	482		11,371
Prepaid expenses and other current assets	15,732	8,667	10,815	13,281
Total current assets	390,587	507,202	555,176	1,354,041
Property and equipment, net	1,842,549	1,915,172	1,920,474	4,422,709
Long-term receivable				202,575
Receivable from unconsolidated subsidiaries		204,790	204,790
Intangible asset		85,053	100,000
Investment in unconsolidated subsidiaries		11,876	5,032
Other assets	23,423	24,120	9,067	27,279
Total assets	2,256,559	2,748,213	2,794,539	6,006,604
Liabilities and shareholders' equity:
Accounts payable	24,223	14,941	12,147	14,161
Accrued expenses	27,924	25,744	62,094	56,817
Debtor-in-possession financing				50,000
Accrued interest	15,703	16,576	9,422	45,770
Deferred revenue, current	7,567			16,246
Total current liabilities			83,663	182,994
Long-term debt	1,073,734	1,039,335	1,035,641	969,158
Payable to Unconsolidated Subsidiaries		4,400	1,725
Other long-term liabilities	38,577	28,259	27,541	30,253
Total liabilities			1,148,570	1,182,405
Liabilities subject to compromise				3,084,874
Commitments and contingencies
Shareholders' equity:
Common Stock, Value, Issued	751	750	750	214
Additional Paid in Capital, Common Stock	1,652,681	1,645,692	1,645,219	2,368,232
Accumulated Other Comprehensive Income (Loss), Net of Tax				(13,850)
Retained Earnings (Accumulated Deficit)	(583,949)	(27,484)		(615,271)
Total stockholders' equity			1,645,969	1,739,325
Total liabilities and shareholders' equity	$ 2,256,559	$ 2,748,213	$ 2,794,539	6,006,604
Reorganization Adjustments
Assets:
Cash and cash equivalents				239,172
Restricted cash				(975,795)
Prepaid expenses and other current assets				(958)
Total current assets				(737,581)
Other assets				(1,356)
Total assets				(738,937)
Liabilities and shareholders' equity:
Accounts payable				1,247
Accrued expenses				11,264
Debtor-in-possession financing				(50,000)
Accrued interest				(36,348)
Total current liabilities				(73,837)
Other long-term liabilities				1,782
Total liabilities				(72,055)
Liabilities subject to compromise				(3,084,386)
Shareholders' equity:
Common Stock, Value, Issued				536
Additional Paid in Capital, Common Stock				1,646,097
Retained Earnings (Accumulated Deficit)				770,871
Total stockholders' equity				2,417,504
Total liabilities and shareholders' equity				(738,937)
Deconsolidation Of Zonda Debtors
Assets:
Cash and cash equivalents				(4,910)
Accounts receivable, net				(2)
Prepaid expenses and other current assets				(815)
Total current assets				(5,727)
Property and equipment, net				(68,102)
Long-term receivable				(202,575)
Receivable from unconsolidated subsidiaries				262,925
Investment in unconsolidated subsidiaries				5,774
Other assets				(1,845)
Total assets				(9,550)
Liabilities and shareholders' equity:
Accounts payable				(3,261)
Accrued expenses				(5,987)
Total current liabilities				(9,248)
Payable to Unconsolidated Subsidiaries				1,725
Other long-term liabilities				(1,539)
Total liabilities				(9,062)
Liabilities subject to compromise				(488)
Shareholders' equity:
Total liabilities and shareholders' equity				(9,550)
Fresh Start Accounting Adjustments
Assets:
Materials and supplies				(43,493)
Deferred costs, current				(11,371)
Prepaid expenses and other current assets				(693)
Total current assets				(55,557)
Property and equipment, net				(2,434,133)
Receivable from unconsolidated subsidiaries				(58,135)
Intangible asset				100,000
Investment in unconsolidated subsidiaries				(742)
Other assets				(15,011)
Total assets				(2,463,578)
Liabilities and shareholders' equity:
Deferred revenue, current				(16,246)
Total current liabilities				(16,246)
Long-term debt				66,483
Other long-term liabilities				(2,955)
Total liabilities				47,282
Shareholders' equity:
Additional Paid in Capital, Common Stock				(2,369,110)
Accumulated Other Comprehensive Income (Loss), Net of Tax				13,850
Retained Earnings (Accumulated Deficit)				(155,600)
Total stockholders' equity				(2,510,860)
Total liabilities and shareholders' equity				$ (2,463,578)

Fresh Start Accounting - Change

Fresh Start Accounting - Changes in cash and cash equivalents (Details) - Reorganization Adjustments $ in Thousands	Nov. 19, 2018USD ($)
Changes in cash and cash equivalents
Net change in cash and cash equivalents	$ 239,172
Transfer Of Restricted Cash | First Lien Notes
Changes in cash and cash equivalents
Net change in cash and cash equivalents	767,578
Transfer Of Restricted Cash | Second Lien PIK Notes
Changes in cash and cash equivalents
Net change in cash and cash equivalents	258,160
Proceeds From Equity Offerings
Changes in cash and cash equivalents
Net change in cash and cash equivalents	500,000
Payment Of Debt | 2013 Revolving Credit Facility
Changes in cash and cash equivalents
Net change in cash and cash equivalents	(475,000)
Payment Of Debt | Senior Secured Credit Facility
Changes in cash and cash equivalents
Net change in cash and cash equivalents	(661,478)
Payment Of Debt | Debtor-In-Possession Financing
Changes in cash and cash equivalents
Net change in cash and cash equivalents	(50,354)
Accrued interest	(354)
Payment Of Accrued Interest
Changes in cash and cash equivalents
Net change in cash and cash equivalents	(35,994)
Funding Of Professional Fee Escrow
Changes in cash and cash equivalents
Net change in cash and cash equivalents	(50,175)
Payment Of Professional Fees
Changes in cash and cash equivalents
Net change in cash and cash equivalents	(13,557)
Payment Of Bank Fees
Changes in cash and cash equivalents
Net change in cash and cash equivalents	$ (8)

Fresh Start Accounting - Chan_2

Fresh Start Accounting - Changes in restricted cash (Details) - Reorganization Adjustments $ in Thousands	Nov. 19, 2018USD ($)
Restricted Cash [Abstract]
Net change in restricted cash	$ (975,795)
Transfer Of Restricted Cash | First Lien Notes
Restricted Cash [Abstract]
Net change in restricted cash	(767,578)
Transfer Of Restricted Cash | Second Lien PIK Notes
Restricted Cash [Abstract]
Net change in restricted cash	(258,160)
Funding Of Professional Fee Escrow
Restricted Cash [Abstract]
Net change in restricted cash	50,175
Payment Of Bank Fees
Restricted Cash [Abstract]
Net change in restricted cash	$ (232)

Fresh Start Accounting - Chan_3

Fresh Start Accounting - Changes in accrued expenses (Details) - Reorganization Adjustments $ in Thousands	Nov. 19, 2018USD ($)
Fresh-Start Adjustment [Line Items]
Net change in accrued expenses	$ 11,264
Accrual Of Professional Fees
Fresh-Start Adjustment [Line Items]
Net change in accrued expenses	9,450
Accrual Of Equity Issuance Costs
Fresh-Start Adjustment [Line Items]
Net change in accrued expenses	6,580
Accrual Of Other Fees
Fresh-Start Adjustment [Line Items]
Net change in accrued expenses	1,593
Payment Of Professional Fees
Fresh-Start Adjustment [Line Items]
Net change in accrued expenses	(6,342)
Reduction In Net Income Taxes Implementation Of The Plan
Fresh-Start Adjustment [Line Items]
Net change in accrued expenses	$ (17)

Fresh Start Accounting - Chan_4

Fresh Start Accounting - Changes in accrued interest (Details) - Reorganization Adjustments $ in Thousands	Nov. 19, 2018USD ($)
Fresh-Start Adjustment [Line Items]
Net change in accrued interest	$ (36,348)
Payment Of Accrued Interest | 2013 Revolving Credit Facility And SSCF
Fresh-Start Adjustment [Line Items]
Net change in accrued interest	(35,994)
Payment Of Accrued Interest | Debtor-In-Possession Financing
Fresh-Start Adjustment [Line Items]
Net change in accrued interest	$ (354)

Fresh Start Accounting - Liabil

Fresh Start Accounting - Liabilities subject to compromise settled (Details) - USD ($) $ in Thousands	Nov. 19, 2018	Nov. 19, 2018
Liabilities Subject to Compromise [Abstract]
Gain on settlement of liabilities subject to compromise		$ 794,218
Reorganization Adjustments
Liabilities Subject to Compromise [Abstract]
Gain on settlement of liabilities subject to compromise	$ 794,218
Reorganization Adjustments | Liabilities Subject To Compromise
Liabilities Subject to Compromise [Abstract]
Increase (decrease ) in liabilities subject to compromise	3,084,874
Reorganization Adjustments | Unconsolidated Subsidiaries
Liabilities Subject to Compromise [Abstract]
Increase (decrease ) in liabilities subject to compromise	(488)
Reorganization Adjustments | Payment Of Debt | 2013 Revolving Credit Facility
Liabilities Subject to Compromise [Abstract]
Increase (decrease ) in liabilities subject to compromise	(475,000)
Reorganization Adjustments | Payment Of Debt | Senior Secured Credit Facility
Liabilities Subject to Compromise [Abstract]
Increase (decrease ) in liabilities subject to compromise	(661,478)
Reorganization Adjustments | Reinstatement Of Claims Expected To Be Paid
Liabilities Subject to Compromise [Abstract]
Increase (decrease ) in liabilities subject to compromise	(1,247)
Reorganization Adjustments | Issuance Of Successor Common Shares to Holders Of Debt
Liabilities Subject to Compromise [Abstract]
Increase (decrease ) in liabilities subject to compromise	$ (1,152,443)

Fresh Start Accounting - Increa

Fresh Start Accounting - Increase in common shares (Details) - Reorganization Adjustments $ in Thousands	Nov. 19, 2018USD ($)
Fresh-Start Adjustment [Line Items]
Net change in common shares	$ 536
Issuance Of Successor Common Shares to Holders Of Debt
Fresh-Start Adjustment [Line Items]
Net change in common shares	244
Proceeds From Equity Offerings
Fresh-Start Adjustment [Line Items]
Net change in common shares	506
Reduction Of Share Capital For Reverse Stock Split
Fresh-Start Adjustment [Line Items]
Net change in common shares	$ (214)

Fresh Start Accounting - Incr_2

Fresh Start Accounting - Increase in Additional paid-in capital (Details) - Reorganization Adjustments $ in Thousands	Nov. 19, 2018USD ($)
Adjustments to Additional Paid in Capital [Abstract]
Net change in additional paid-in-capital	$ 1,646,097
Issuance Of Successor Common Shares to Holders Of Debt
Adjustments to Additional Paid in Capital [Abstract]
Net change in additional paid-in-capital	1,152,199
Proceeds From Equity Offerings
Adjustments to Additional Paid in Capital [Abstract]
Net change in additional paid-in-capital	499,494
Reduction Of Share Capital For Reverse Stock Split
Adjustments to Additional Paid in Capital [Abstract]
Net change in additional paid-in-capital	214
Cancellation Of Predecessor Share Based Compensation Awards
Adjustments to Additional Paid in Capital [Abstract]
Net change in additional paid-in-capital	770
Accrual Of Equity Issuance Costs
Adjustments to Additional Paid in Capital [Abstract]
Net change in additional paid-in-capital	$ (6,580)

Fresh Start Accounting - Decrea

Fresh Start Accounting - Decrease in Accumulated Deficit (Details) - Reorganization Adjustments $ in Thousands	Nov. 19, 2018USD ($)
Fresh-Start Adjustment [Line Items]
Net change in accumulated deficit	$ 770,871
Gain On Settlement Of Liabilities Subject To Compromise
Fresh-Start Adjustment [Line Items]
Net change in accumulated deficit	794,218
Accrual Of Professional Fees
Fresh-Start Adjustment [Line Items]
Net change in accumulated deficit	(9,450)
Accrual Of Other Fees
Fresh-Start Adjustment [Line Items]
Net change in accumulated deficit	(1,593)
Elimination Of Prepaid Directors And Officers Insurance Policies Related To Predecessor
Fresh-Start Adjustment [Line Items]
Net change in accumulated deficit	(958)
Cancellation Of Predecessor Share Based Compensation Awards
Fresh-Start Adjustment [Line Items]
Net change in accumulated deficit	(770)
Professional And Success Fees Paid On Plan Effective Date
Fresh-Start Adjustment [Line Items]
Net change in accumulated deficit	(7,215)
Payment Of Bank Fees
Fresh-Start Adjustment [Line Items]
Net change in accumulated deficit	(240)
Elimination Of Deferred Tax Assets Implementation Of The Plan
Fresh-Start Adjustment [Line Items]
Net change in accumulated deficit	(1,356)
Recognition Of Deferred Tax Liability Implementation Of The Plan
Fresh-Start Adjustment [Line Items]
Net change in accumulated deficit	(1,782)
Reduction In Net Income Taxes Implementation Of The Plan
Fresh-Start Adjustment [Line Items]
Net change in accumulated deficit	$ 17

Fresh Start Accounting - Fair V

Fresh Start Accounting - Fair Value of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Nov. 20, 2018	Nov. 19, 2018
Fresh-Start Adjustment [Line Items]
Total Property and equipment	$ 1,962,470	$ 1,927,455	$ 1,920,474	$ 5,949,624
Accumulated depreciation	(119,921)	(12,283)		(1,526,915)
Property and equipment, net	1,842,549	1,915,172	1,920,474	4,422,709
Drillships and Related Equipment
Fresh-Start Adjustment [Line Items]
Total Property and equipment	1,962,211	1,926,773	1,919,791	5,928,887
Other property and equipment
Fresh-Start Adjustment [Line Items]
Total Property and equipment	$ 259	$ 682	$ 683	$ 20,737

Fresh Start Accounting - Fresh

Fresh Start Accounting - Fresh Start Adjustments (Details) - Fresh Start Accounting Adjustments $ in Millions	Nov. 19, 2018USD ($)
Revaluation of Assets
Fresh-Start Adjustment [Line Items]
Deferred costs	$ (15.1)
Deferred tax balances on capitalized cost	0.1
Revaluation of Liabilities
Fresh-Start Adjustment [Line Items]
Unamortized deferred financing costs	59.4
Estimated fair values of the debt	7.1
Deferred tax balances on capitalized cost	$ (3)

Property and Equipment - Compon

Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017	Nov. 20, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 1,927,455	$ 5,949,624	$ 1,962,470		$ 1,920,474
Accumulated depreciation	(12,283)	(1,526,915)	(119,921)
Property and equipment, net	1,915,172	4,422,709	1,842,549		1,920,474
Depreciation	12,300	247,700	108,100	$ 278,200
Drillships and Related Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost	1,926,773	5,928,887	1,962,211		1,919,791
Other property and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 682	$ 20,737	$ 259		$ 683

Intangible Asset (Details)

Intangible Asset (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Nov. 20, 2018
Intangible Asset
Client-related intangible asset	$ 100,000	$ 100,000
Accumulated amortization	(14,947)	(100,000)
Intangible asset, net	85,053		$ 100,000
Amortization expense	$ 14,900	$ 85,100
Amortization period		9 months 18 days

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Nov. 20, 2018	Nov. 19, 2018
Debt Instrument [Line Items]
Long-term debt	$ 1,073,734	$ 1,039,335	$ 1,035,641	$ 969,158
First Lien Notes
Debt Instrument [Line Items]
Long-term debt	747,910	747,400
Second Lien PIK Notes
Debt Instrument [Line Items]
Long-term debt	$ 325,824	$ 291,935

Debt - Lien Notes (Details)

Debt - Lien Notes (Details) - USD ($) $ in Thousands	Oct. 01, 2019	Apr. 01, 2019	Sep. 26, 2018	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019
Debt Instrument [Line Items]
Interest paid-in-kind				$ 3,732	$ 4,933	$ 34,875
Long-term Debt, Gross						$ 1,067,154
First Lien Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 750,000
Debt instrument, interest rate			8.375%
First Lien Notes | Minimum
Debt Instrument [Line Items]
Original principal amount (as a percent)						25.00%
First Lien Notes | Maximum
Debt Instrument [Line Items]
Payment priority amount of certain super priority first lien debt						$ 50,000
First Lien Notes | Redemption Scenario Change Of Control
Debt Instrument [Line Items]
Redemption price (as a percent)						101.00%
First Lien Notes | Redemption Scenario Certain Other Circumstances
Debt Instrument [Line Items]
Redemption price (as a percent)						100.00%
First Lien Notes | Redemption Scenario Pacific Zonda Arbitration Settlement Award Proceeds
Debt Instrument [Line Items]
Long-term Debt, Gross						$ 75,000
Redemption price (as a percent)						100.00%
Cash proceeds (as a percent)						50.00%
First Lien Notes | Redemption Period One | Redemption Scenario With Premium
Debt Instrument [Line Items]
Redemption price (as a percent)						100.00%
First Lien Notes | Redemption Period One | Redemption Scenario Paid With Certain Equity Offerings
Debt Instrument [Line Items]
Redemption price (as a percent)						108.375%
Percentage of principal amount that may be redeemed						35.00%
First Lien Notes | Redemption Period One | Redemption Scenario Once Per Year Amount Plus Accrued And Unpaid Interest
Debt Instrument [Line Items]
Redemption price (as a percent)						103.00%
Percentage of principal amount that may be redeemed						10.00%
First Lien Notes | Redemption Period Two
Debt Instrument [Line Items]
Redemption price (as a percent)						104.188%
First Lien Notes | Redemption Period Three
Debt Instrument [Line Items]
Redemption price (as a percent)						102.094%
First Lien Notes | Redemption Period Four
Debt Instrument [Line Items]
Redemption price (as a percent)						100.00%
Second Lien PIK Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 273,600
Interest paid-in-kind	$ 17,429	$ 16,873
Long-term Debt, Gross			250,000
Cash interest (as a percent)						50.00%
PIK Interest (as a percent)						50.00%
Commitment fee			$ 23,600
Second Lien PIK Notes | Minimum
Debt Instrument [Line Items]
Original principal amount (as a percent)						25.00%
Second Lien PIK Notes | Redemption Scenario Change Of Control
Debt Instrument [Line Items]
Redemption price (as a percent)						101.00%
Second Lien PIK Notes | Redemption Scenario Certain Other Circumstances
Debt Instrument [Line Items]
Redemption price (as a percent)						100.00%
Second Lien PIK Notes | Redemption Scenario Pacific Zonda Arbitration Settlement Award Proceeds
Debt Instrument [Line Items]
Long-term Debt, Gross						$ 75,000
Redemption price (as a percent)						100.00%
Cash proceeds (as a percent)						50.00%
Second Lien PIK Notes | Cash Interest
Debt Instrument [Line Items]
Debt instrument, interest rate			11.00%			11.00%
Second Lien PIK Notes | Interest Payment in Kind
Debt Instrument [Line Items]
Debt instrument, interest rate			12.00%			12.00%
Second Lien PIK Notes | Redemption Period One | Redemption Scenario Change Of Control
Debt Instrument [Line Items]
Redemption price (as a percent)						106.00%
Second Lien PIK Notes | Redemption Period One | Redemption Scenario With Premium
Debt Instrument [Line Items]
Redemption price (as a percent)						100.00%
Second Lien PIK Notes | Redemption Period One | Redemption Scenario Paid With Certain Equity Offerings
Debt Instrument [Line Items]
Redemption price (as a percent)						112.00%
Percentage of principal amount that may be redeemed						35.00%
Second Lien PIK Notes | Redemption Period One | Redemption Scenario During Six Month Period Amount Plus Accrued And Unpaid Interest [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)						112.00%
Second Lien PIK Notes | Redemption Period Two | Redemption Scenario Change Of Control
Debt Instrument [Line Items]
Redemption price (as a percent)						109.00%
Second Lien PIK Notes | Redemption Period Two | Redemption Scenario During Six Month Period Amount Plus Accrued And Unpaid Interest [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)						109.00%
Second Lien PIK Notes | Redemption Period Three | Redemption Scenario Change Of Control
Debt Instrument [Line Items]
Redemption price (as a percent)						106.00%
Second Lien PIK Notes | Redemption Period Three | Redemption Scenario During Six Month Period Amount Plus Accrued And Unpaid Interest [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)						106.00%
Second Lien PIK Notes | Redemption Period Four | Redemption Scenario Change Of Control
Debt Instrument [Line Items]
Redemption price (as a percent)						103.00%
Second Lien PIK Notes | Redemption Period Four | Redemption Scenario During Six Month Period Amount Plus Accrued And Unpaid Interest [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)						103.00%
Second Lien PIK Notes | Redemption Period Five | Redemption Scenario Change Of Control
Debt Instrument [Line Items]
Redemption price (as a percent)						100.00%
Second Lien PIK Notes | Redemption Period Five | Redemption Scenario During Six Month Period Amount Plus Accrued And Unpaid Interest [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)						100.00%

Debt - Maturities of Long Term

Debt - Maturities of Long Term Debt (Details) $ in Thousands	Dec. 31, 2019USD ($)
Debt
Unamortized discount	$ 6,600
2023	750,000
2024	317,154
Total	$ 1,067,154

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Corporate income tax and municipal business tax rate	26.00%	26.00%	24.90%	26.00%	27.10%
Cancellation of debt income				$ 863.1

Income Taxes - Loss Before Inco

Income Taxes - Loss Before Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Schedule of Income Before Income Tax [Line Items]
Loss before income taxes	$ (34,253)	$ (2,157,185)	$ (544,049)	$ (512,303)
Luxembourg
Schedule of Income Before Income Tax [Line Items]
Income (loss) before income taxes domestic	(9,738)	(500,317)	(83,322)	349
United States
Schedule of Income Before Income Tax [Line Items]
Income (loss) before income taxes foreign	3,558	(10,467)	(933)	1,301
Other Jurisdictions
Schedule of Income Before Income Tax [Line Items]
Income (loss) before income taxes foreign	$ (28,073)	$ (1,646,401)	$ (459,794)	$ (513,953)

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Provision) Benefit (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Current income tax expense (benefit):
Current income tax expense	$ (262)	$ 1,795	$ 3,633	$ 5,454
Deferred tax expense (benefit):
Deferred tax benefit	(6,507)	(4,103)	8,783	7,409
Income tax expense (benefit)	(6,769)	(2,308)	12,416	12,863
Luxembourg
Current income tax expense (benefit):
Current income tax expense	(292)	866	1,906	2,287
Deferred tax expense (benefit):
Deferred tax benefit	(6,454)	(6,924)	7,914	(321)
United States
Current income tax expense (benefit):
Current income tax expense	90	641	1,323	3,202
Deferred tax expense (benefit):
Deferred tax benefit	15	1,902	(274)	6,145
Other Jurisdictions
Current income tax expense (benefit):
Current income tax expense	(60)	288	404	(35)
Deferred tax expense (benefit):
Deferred tax benefit	$ (68)	$ 919	$ 1,143	$ 1,585

Income Taxes - Reconciliation B

Income Taxes - Reconciliation Between Luxembourg Statutory Rate and Our Effective Tax Rate (Details)	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Statutory rate	26.00%	26.00%	24.90%	26.00%	27.10%
Effect of tax rates different from the Luxembourg statutory tax rate	(25.30%)	(18.70%)	(22.10%)		(19.20%)
Change in valuation allowance	18.70%	(4.30%)	(1.10%)		(8.00%)
Changes in unrecognized tax benefits	(1.00%)	(0.20%)	(0.20%)		(0.80%)
Equity based compensation shortfall		(0.10%)			(1.20%)
Change in enacted statutory tax rates			(3.90%)		(0.50%)
Adjustments related to prior years	1.30%		0.10%		0.10%
Fresh start accounting		(2.60%)
Effective tax rate	19.70%	0.10%	(2.30%)		(2.50%)

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Net operating loss carryforwards	$ 550,119	$ 549,107
Depreciation and amortization	187,288	188,161
Accrued payroll expenses	3,073	2,307
Interest expense limitation carryforward	2,033
Deferred revenue	981	42
Other	336	307
Deferred tax assets	743,830	739,924
Less: valuation allowance	(733,047)	(701,727)
Total deferred tax assets	10,783	38,197
Deferred tax liabilities:
Depreciation and amortization		(22,134)
Deferred expenses	(2,433)
Other	(47)	(5)
Total deferred tax liabilities	(2,480)	(22,139)
Net deferred tax assets	8,303	$ 16,058
Indefinitely reinvested earnings	22,200
Estimated taxes if indefinitely reinvested earnings were distributed	1,100
Luxembourg
Deferred tax liabilities:
Gross deferred tax assets expires in 2034	$ 501,600

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns
Balance, beginning of period	$ 41,831	$ 38,860	$ 42,457
Increases in unrecognized tax benefits as a result of tax positions taken during current year	626	2,971	1,028
Balance, end of period	42,457	$ 41,831	43,485
Penalties and interest accrued	$ 0		$ 0

Revenue from Contracts with C_3

Revenue from Contracts with Clients (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Nov. 19, 2018
Revenue from Contracts with Clients
Accounts receivable credit period	30 days
Allowance for doubtful receivables	$ 0	$ 0
Contract with Customer, Asset and Liability [Abstract]
Trade receivables, net	28,926	$ 40,144
Current contract liabilities (deferred revenue)	$ 7,567		$ 16,246

Revenue from Contracts with C_4

Revenue from Contracts with Clients - Contract assets and liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Contract Assets
Increase due to demobilization revenue recognized	$ 13
Transfers between balances	(13)
Transfers between balances	(13)
Contract Liabilities
Decrease due to amortization of deferred revenue	(1,931)
Increase due to billings related to client capital upgrades	9,511
Balance at the end of period	$ 7,567

Revenue from Contracts with C_5

Revenue from Contracts with Clients - Contract Fulfillment Costs (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019
Revenue, Performance Obligation [Abstract]
Deferred costs, current	$ 0.4		$ 14.9
Amortization of deferred charges	$ 0.1	$ 7.5	$ 0.8

Revenue from Contracts with C_6

Revenue from Contracts with Clients - Future Amortization of Contract Liabilities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 7,580
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Unsatisfied performance obligations	$ 7,580
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Leases [Abstract]
Operating lease cost	$ 300	$ 14,700	$ 6,690	$ 6,500
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			1,445
Right-of-use assets obtained in exchange for lease obligations - operating leases			$ 6,935
Weighted Average Remaining Lease Term (in years)
Operating leases			4 years 9 months 18 days
Weighted Average Discount Rate
Operating leases			8.10%

Leases - Maturity (Details)

Leases - Maturity (Details) $ in Thousands	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
2020	$ 1,472
2021	1,499
2022	1,525
2023	1,552
2024	1,179
Total future minimum lease payments	7,227
Less imputed interest	(1,220)
Total	$ 6,007
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent us-gaap:OtherLiabilitiesNoncurrent
Accrued expenses
Lessee, Lease, Description [Line Items]
Total	$ 1,033
Other long-term liabilities
Lessee, Lease, Description [Line Items]
Total	$ 4,974

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)	Feb. 22, 2019	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Reverse stock split ratio		0.0001
Common stock, Value authorized			$ 825,000
Common stock, shares authorized			82,500,000	82,500,000
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
Shares authorized for future issuance			7,500,000
Common stock, shares issued			82,500,000	82,500,000
Common stock, shares outstanding			75,007,000	75,031,000
2019 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 15,000,000
Stock Repurchase Program, Period in Force	2 years
Shares repurchased			44,710
Value of shares repurchased			$ 700,000

Share-Based Compensation Expens

Share-Based Compensation Expense and Related Tax Benefit (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 599	$ 2,543	$ 7,071	$ 6,819
Tax expense (benefit)	(126)		(1,098)	(1,147)
Total	473	2,543	5,973	5,672
Operating expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense		177	1,460	416
General and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 599	$ 2,366	$ 5,611	$ 6,403

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) shares in Millions	Nov. 28, 2018shares
2018 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	7.5

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017	Nov. 28, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Modification of unvested awards from equity to liability				$ 553
Restricted Stock Units
Number of Restricted Stock Units
Granted (in shares)			300
Time-vesting RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Performance-based RSU
Weighted-Average Grant-Date Fair Value
Recognition period			2 years
Employee | Time-vesting RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			1,000
Senior management and employees			1,000
Employee | Performance-based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			400
Senior management and employees			400
Director and Chief Executive Officer | Performance-based RSU
Number of Restricted Stock Units
Granted (in shares)			300
2011 Stock Plan | Restricted Stock Units
Weighted-Average Grant-Date Fair Value
Grant date fair value of RSUs	$ 0	$ 2,000		$ 5,200
2018 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized					7,500
Senior management and employees					7,500
2018 Stock Plan | Restricted Stock Units
Number of Restricted Stock Units
Nonvested - Beginning of period (in shares)			290
Granted (in shares)			1,044
Vested (in shares)			(35)
Cancelled or forfeited (in shares)			(76)
Nonvested - End of period (in shares)	290		1,223
Weighted-Average Grant-Date Fair Value
Nonvested - Beginning of period (in dollars per share)			$ 13
Granted (in dollars per share)			14.50
Vested (in dollars per share)			13.93
Cancelled or forfeited (in dollars per share)			14.70
Nonvested - End of period (in dollars per share)	$ 13		$ 14.15
Compensation cost not yet recognized			$ 13,000
Recognition period			2 years 3 months 18 days
Minimum | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years
Maximum | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years

Share-Based Compensation - PSU

Share-Based Compensation - PSU (Details) - Performance-based RSU shares in Millions	12 Months Ended
	Dec. 31, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	49.00%
Risk-free interest rate	2.30%
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	0.4
Director and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0.3

Share-Based Compensation - Othe

Share-Based Compensation - Other Award Activity (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2018itemshares	Dec. 31, 2019USD ($)$ / sharesshares
Performance-based RSU
Weighted-Average Grant-Date Fair Value
Compensation Cost | $		$ 4.2
Recognition period		2 years
2018 Stock Plan | Performance Shares
Number of Restricted Stock Units
Granted (in shares)		375,000
Nonvested - End of period (in shares)		375,000
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share) | $ / shares		$ 15.43
Nonvested - End of period (in dollars per share) | $ / shares		$ 15.43
2018 Stock Plan | Stock Bonus Awards
Weighted-Average Grant-Date Fair Value
Shares issued under share-based compensation plan gross of shares withheld for the payment of taxes	39,614
Number of participants as stock bonus awards | item	269
Share based compensation shares withheld for payment of taxes	8,061
Shares issued under share-based compensation plan (in shares)	31,553

Earnings per Share - Income and

Earnings per Share - Income and Share Data Used In Basic and Diluted Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Numerator:
Net loss, basic and diluted	$ (27,484)	$ (2,154,877)	$ (556,465)	$ (525,166)
Denominator:
Weighted-average shares outstanding, basic	75,010	21,359	75,011	21,315
Weighted-average shares outstanding, diluted	75,010	21,359	75,011	21,315
Loss per share:
Basic (in dollars per share)	$ (0.37)	$ (100.89)	$ (7.42)	$ (24.64)
Diluted (in dollars per share)	$ (0.37)	$ (100.89)	$ (7.42)	$ (24.64)

Earnings per Share - Share Effe

Earnings per Share - Share Effects of Share-based Compensation Awards Excluded from Computations of Diluted EPS (Details) - shares shares in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Share-Based Compensation Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based compensation awards (in shares)	161	314	797	349

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2013
Derivative [Line Items]
Interest rate swap notional amounts	$ 0	$ 0
Interest Rate Swap Maturing December 2017 | Cash Flow Hedging
Derivative [Line Items]
Interest rate swap notional amounts			$ 712.5
Fixed interest rate swap rates			1.56%
Interest Rate Swap Maturing December 2017 | Cash Flow Hedging | LIBOR
Derivative [Line Items]
Derivative variable rate basis spread			1.00%
Interest Rate Swap Maturing July 2018 | Cash Flow Hedging
Derivative [Line Items]
Interest rate swap notional amounts			$ 400
Fixed interest rate swap rates			1.66%

Derivatives - Cash Flow Hedge G

Derivatives - Cash Flow Hedge Gains and Losses (Details) - Cash Flow Hedging - Interest rate swaps - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 19, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Other Comprehensive Income (OCI)	$ 643	$ 4,700
Loss Reclassified from Accumulated OCI into Income	$ 643	$ 5,265

Derivatives - Reclassified Amou

Derivatives - Reclassified Amounts (Details) - USD ($) $ in Millions	11 Months Ended	12 Months Ended
	Nov. 19, 2018	Dec. 31, 2017
Interest Expense
Derivative [Line Items]
Loss Reclassified from Accumulated OCI into Income	$ 0	$ 4.5
Depreciation Expense
Derivative [Line Items]
Loss Reclassified from Accumulated OCI into Income	$ 0.6	$ 0.8

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Nov. 20, 2018	Nov. 19, 2018
Fair Value Disclosure
Long-term debt				$ 1,035,641
Receivable from unconsolidated subsidiaries		$ 204,790	$ 204,790
Carrying Value
Fair Value Disclosure
Cash and cash equivalents	$ 278,620	367,577
Carrying Value | First Lien Notes
Fair Value Disclosure
Long-term debt	747,910	747,400
Carrying Value | Second Lien PIK Notes
Fair Value Disclosure
Long-term debt	325,824	291,935
Estimated Fair Value
Fair Value Disclosure
Cash and cash equivalents	278,620	367,577
Estimated Fair Value | Fair Value, Inputs, Level 2 | First Lien Notes
Fair Value Disclosure
Long-term debt	682,500	714,953
Estimated Fair Value | Fair Value, Inputs, Level 2 | Second Lien PIK Notes
Fair Value Disclosure
Long-term debt	$ 183,949	$ 285,548

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Dec. 31, 2019USD ($)	Nov. 25, 2015item
Construction Contract with SHI | Pending Litigation
Loss Contingencies [Line Items]
Number of arbitrators | item		3
Primary Beneficiary | Surety Bond
Loss Contingencies [Line Items]
Contingent liability related to letters of credit | $	$ 5.4

Commitments and Contingencies_2

Commitments and Contingencies - Loss from Construction Contract Rescission (Details) - USD ($) $ in Thousands	Jan. 15, 2020	Dec. 20, 2018	Oct. 29, 2015	Dec. 31, 2019	Jan. 30, 2019	Nov. 19, 2018	Jan. 25, 2013
Loss Contingencies [Line Items]
Long-term receivable						$ 202,575
Assets Related to Zonda Arbitration						$ 204,700
Zonda debtors
Loss Contingencies [Line Items]
Cash					$ 4,600
Loss from unconsolidated subsidiaries				$ 216,700
Loss contingency receivable write off				$ (204,700)
SHI | Settled litigation | Subsequent Event
Loss Contingencies [Line Items]
Claim awarded to SHI	$ 320,000
SHI | Pending Litigation | Subsequent Event
Loss Contingencies [Line Items]
Interest award to be decided	$ 100,000
Drillships and Related Equipment | SHI
Loss Contingencies [Line Items]
Aggregate purchase price of vessels under construction							$ 517,500
Asserted claims		$ 387,400
Property and equipment			$ 75,000
Capital Addition Purchase Commitments | Drillships and Related Equipment | SHI
Loss Contingencies [Line Items]
Carrying value at date of rescission			315,700
Payments of advances on contract to purchase drillship			$ 181,100

Concentrations of Credit and _3

Concentrations of Credit and Market Risk - Percentage of Revenues Earned from Customers (Details) - Sales - Customer Concentration Risk	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Chevron
Concentration Risk [Line Items]
Concentration risk percentage	82.10%	84.00%	70.80%	81.60%
Eni S.p.A.
Concentration Risk [Line Items]
Concentration risk percentage	17.90%		16.10%
Petronas
Concentration Risk [Line Items]
Concentration risk percentage		14.20%	3.30%	1.00%
Total
Concentration Risk [Line Items]
Concentration risk percentage			8.00%	0.10%
Other
Concentration Risk [Line Items]
Concentration risk percentage		1.80%	1.80%	17.30%

Segments and Geographic Areas -

Segments and Geographic Areas - Percentage of Revenue Earned by Geographical Area (Details) - segment	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Concentration Risk [Line Items]
Number of reportable segment			1
Geographic Concentration Risk | Sales | United States
Concentration Risk [Line Items]
Percentage of revenue earned by geographical area	82.10%	84.00%	72.50%	81.60%
Geographic Concentration Risk | Sales | Nigeria
Concentration Risk [Line Items]
Percentage of revenue earned by geographical area	17.90%	1.80%	16.10%	11.20%
Geographic Concentration Risk | Sales | Other Geographic Areas
Concentration Risk [Line Items]
Percentage of revenue earned by geographical area		14.20%	11.40%	7.20%

Variable Interest Entities - Ca

Variable Interest Entities - Carrying Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Nov. 20, 2018	Nov. 19, 2018
Variable Interest Entity [Line Items]
Assets	$ 2,256,559	$ 2,748,213	$ 2,794,539	$ 6,006,604
Liabilities	(1,187,728)	(1,129,255)
Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	350	2,381
Liabilities	(528)	(1,037)
Net carrying amount	$ (178)	$ 1,344

Variable Interest Entities -Joi

Variable Interest Entities -Joint Venture (Details)	12 Months Ended
	Dec. 31, 2019subsidiary
Variable Interest Entity [Line Items]
Number of Rig Holding Subsidiaries	2
Pacific International Drilling West Africa Limited | PDNL
Variable Interest Entity [Line Items]
Percentage of ownership in joint venture	99.90%
Pacific International Drilling West Africa Limited | Pacific Bora Ltd and Pacific Scirocco Ltd
Variable Interest Entity [Line Items]
Percentage of ownership in joint venture	50.10%
PDL | PDNL
Variable Interest Entity [Line Items]
Percentage of ownership in joint venture	0.10%
PDL | Pacific Bora Ltd and Pacific Scirocco Ltd
Variable Interest Entity [Line Items]
Percentage of ownership in joint venture	49.90%

Retirement Plan - Additional In

Retirement Plan - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Retirement Plans
Employer contributions to retirement plans	$ 0.3	$ 2.3	$ 2.7	$ 2.8

Supplemental Cash Flow inform_2

Supplemental Cash Flow information - Additional Information (Details) - USD ($) $ in Thousands	Nov. 20, 2018	Sep. 26, 2018	Dec. 31, 2018	Nov. 19, 2018	Dec. 31, 2019	Dec. 31, 2017
Interest paid net of capitalized			$ 0	$ 97,200	$ 63,700	$ 120,800
Income taxes paid			200	3,900	6,400	4,900
Equity conversion	$ 1,152,443
Unpaid debt and equity financing costs				14,600
Increase (decrease) in capital expenditure			4,300	1,100	500	$ (18,500)
Holders of Term Loan B, 2017 Notes and 2020 Notes
Equity conversion				1,200
Second Lien PIK Notes
Payment of cash for reorganization			$ 36,000	$ 56,000	$ 4,500
Commitment fee		$ 23,600
Common Shares | Holders of Term Loan B, 2017 Notes and 2020 Notes
Equity conversion (in shares)				24,416,442
Issuance of common shares				2,566,056

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Aug. 31, 2018	Nov. 19, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Sep. 26, 2018
Second Lien PIK Notes
Related Party Transaction [Line Items]
Long-term debt face amount							$ 273.6
QP
Related Party Transaction [Line Items]
Director fees paid		$ 0.7
Related party legal fees			$ 3.2
QP | Maximum
Related Party Transaction [Line Items]
Pay for fees and out-of-pocket expenses	$ 13
QP | Second Lien PIK Notes
Related Party Transaction [Line Items]
Long-term debt face amount						$ 20
QP | Reorganization Items
Related Party Transaction [Line Items]
Fees and out-of-pocket expenses		$ 12
Principal Shareholders | Second Lien PIK Notes
Related Party Transaction [Line Items]
Long-term debt face amount				$ 59.8	$ 36.1

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Thousands	Feb. 07, 2020	Jan. 15, 2020	Mar. 06, 2020
Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 50,000
Amount drawn			$ 0
Ratio of commitments to borrowings	1.3
Commitment fee (as a percent)	1.50%
Vessel fleet value	$ 500,000
Revolving Credit Facility | Minimum
Subsequent Event [Line Items]
Early repayment of line of credit allowed	$ 5,000
Revolving Credit Facility | Redemption Period One
Subsequent Event [Line Items]
Percentage of principal amount of such commitments	2.00%
Revolving Credit Facility | Redemption Period Two
Subsequent Event [Line Items]
Percentage of principal amount of such commitments	1.00%
Revolving Credit Facility | LIBOR
Subsequent Event [Line Items]
Interest rate (as a percent)	7.50%
LIBO rate floor	1.50%
Settled litigation | SHI
Subsequent Event [Line Items]
Claim awarded to SHI		$ 320,000