Independence Contract Drilling (ICDI) 10-Q 12 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 10, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Independence Contract Drilling, Inc.	'
Entity Central Index Key	'0001537028	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	24,629,490

Balance_Sheets

Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$13,173	$2,730
Accounts receivable, net	12,622	9,089
Inventory	1,871	1,128
Vendor advances	0	6,168
Prepaid expenses and other current assets	2,937	2,042
Total current assets	30,603	21,157
Property, plant and equipment, net	222,832	129,488
Goodwill	11,007	11,007
Other intangible assets, net	20,304	22,357
Other long-term assets, net	1,701	959
Total assets	286,447	184,968
Liabilities	'	'
Accounts payable	15,668	9,061
Accrued liabilities	6,210	4,167
Deferred taxes	149	149
Income taxes payable	0	157
Total current liabilities	22,027	13,534
Long-term debt	0	19,780
Warrant derivative liability	2,420	3,189
Deferred taxes	2,022	3,593
Total liabilities	26,469	40,096
Commitments and contingencies	'	'
Stockholders’ equity	'	'
Common stock, $0.01 par value, 100,000,000 shares authorized; 24,656,859 and 12,464,625 issued; 24,572,005 and 12,397,900 outstanding	246	124
Additional paid-in capital	271,386	152,615
Accumulated deficit	-10,683	-7,121
Treasury shares, at cost, 84,854 and 66,725 shares	-971	-746
Total stockholders’ equity	259,978	144,872
Total liabilities and stockholders’ equity	$286,447	$184,968

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common stock, par value	$0.01	$0.01
Shares authorized	100,000,000	100,000,000
Shares issued	24,656,859	12,464,625
Shares outstanding	24,572,005	12,397,900
Treasury stock	84,854	66,725

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]	'	'	'	'
Revenues	$19,123	$11,604	$47,333	$29,645
Costs and expenses	'	'	'	'
Operating costs	11,909	7,239	29,969	19,963
Selling, general and administrative	3,618	2,095	7,785	6,183
Depreciation and amortization	4,216	2,511	11,533	7,002
Asset impairment, net	0	0	2,612	0
Gain on disposition of assets	52	0	-139	-41
Total costs and expenses	19,795	11,845	51,760	33,107
Operating loss	-672	-241	-4,427	-3,462
Interest expense	-482	-23	-1,474	-120
Gain (loss) on warrant derivative	-611	351	769	273
Income (loss) before income taxes	-1,765	87	-5,132	-3,309
Income tax benefit	-352	-489	-1,570	-1,520
Net income (loss)	($1,413)	$576	($3,562)	($1,789)
Earnings (loss) per share:	'	'	'	'
Basic	($0.07)	$0.05	($0.24)	($0.15)
Diluted	($0.07)	$0.05	($0.24)	($0.15)
Weighted-average number of shares outstanding - basic	19,174	12,180	14,563	12,179
Weighted-average number of shares outstanding - diluted	19,174	12,256	14,563	12,179

Statements_of_Stockholders_Equ

Statements of Stockholders’ Equity (USD $)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
In Thousands, except Share data
Beginning balance at Dec. 31, 2013	$144,872	$124	$152,615	($7,121)	($746)
Beginning balance (in shares) at Dec. 31, 2013	'	12,397,900	'	'	'
Restricted stock issued (shares)	'	692,235	'	'	'
Restricted stock issued	0	7	-7	'	'
Public offering, net (shares)	'	11,500,000	'	'	'
Public offering, net	116,496	115	116,381	'	'
Purchase of treasury stock (shares)	'	-18,130	'	'	'
Purchase of treasury stock	-225	'	'	'	-225
Stock-based compensation	2,397	'	2,397	'	'
Net loss	-3,562	'	'	-3,562	'
Ending balance at Sep. 30, 2014	$259,978	$246	$271,386	($10,683)	($971)
Ending balance (in shares) at Sep. 30, 2014	'	24,572,005	'	'	'

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities	'	'
Net loss	($3,562)	($1,789)
Adjustments to reconcile net loss to net cash used in operating activities	'	'
Depreciation and amortization	11,533	7,002
Asset impairment, net	2,612	0
Stock-based compensation	2,000	1,339
Gain on warrant derivative	-769	-273
Gain on disposition of assets	-139	-41
Deferred taxes	-1,570	-1,657
Amortization of deferred financing costs	508	99
Changes in assets and liabilities	'	'
Accounts receivable	-3,533	-3,148
Inventory	-1,003	-348
Vendor advances	0	-1,627
Prepaid expenses and other assets	-897	-465
Accounts payable and accrued liabilities	5,549	712
Income taxes payable	-165	137
Related party receivable	0	586
Net cash provided by operating activities	10,564	527
Cash flows from investing activities	'	'
Purchases of property, plant and equipment	-97,913	-39,826
Proceeds from insurance claims	2,038	0
Proceeds from the sale of property, plant and equipment	501	275
Net cash used in investing activities	-95,374	-39,551
Cash flows from financing activities	'	'
Borrowings under credit facility	104,972	10,704
Repayments under credit facility	-124,752	-5,122
Repurchase of shares	-225	0
Initial public offering proceeds, net	116,496	0
Deferred financing costs	-1,238	-1,109
Net cash provided by financing activities	95,253	4,473
Net increase (decrease) in cash and cash equivalents	10,443	-34,551
Beginning of period	2,730	37,407
End of period	13,173	2,856
Supplemental disclosure of cash flow information	'	'
Cash paid during the period for taxes	168	0
Cash paid during the period for interest	1,741	4
Supplemental disclosure of non-cash investing and financing activity	'	'
Stock-based compensation capitalized as property, plant and equipment	397	299
Purchases of property plant and equipment in accounts payable	$4,682	$7,069

Nature_of_Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2014
Nature of operations [Abstract]	'
Nature of Operations	'
	Nature of Operations
	Independence Contract Drilling, Inc. (“we,” “us,” “our,” the “Company” or “ICD”) was incorporated in Delaware on November 4, 2011. We provide land-based contract drilling services for oil and natural gas producers targeting unconventional resource plays in the United States. We construct, own and operate a premium fleet comprised entirely of newly constructed, technologically advanced, custom designed ShaleDriller™ rigs that are specifically engineered and designed to optimize the development of our customers’ most technically demanding oil and gas properties. Our first rig began drilling in May 2012.
	Our standardized fleet consisted of 12 premium rigs as of September 30, 2014. Of these 12 rigs, one was completed in August 2014, two are currently under construction and scheduled for completion in December of 2014 and the first quarter of 2015, and one was being upgraded with an integrated multi-directional walking system. This upgrade was completed in October 2014. Currently, ten of our twelve rigs contain our integrated multi-directional walking system that is specifically designed to optimize pad drilling for our customers.
	Our business depends on the level of exploration and production activity by oil and gas companies operating in the U.S., and in particular, the regions where we actively market our contract drilling services. The oil and gas exploration and production industry is a historically cyclical industry characterized by significant changes in the levels of exploration and development activities. Oil and gas prices and market expectations of potential changes in those prices significantly affect the levels of those activities. Worldwide political, regulatory, economic, and military events as well as natural disasters have contributed to oil and gas price volatility and are likely to continue to do so in the future. Any prolonged reduction in the overall level of exploration and development activities in the U.S. and the regions where we market our contract drilling services, whether resulting from changes in oil and gas prices or otherwise, could materially and adversely affect our business. Subsequent to September 30, 2014, oil prices declined to near $80 per barrel. Further declines in oil prices, for a prolonged period, could adversely impact the level of exploration and production activity by our customers and the demand for our services.
	Damage Sustained on Rig 102
	On March 9, 2014, one of our non-walking drilling rigs (Rig 102) suspended drilling operations due to damage to the rig’s mast and other operating equipment. We believe the cost to repair and replace this equipment is covered by insurance, subject to a $250,000 deductible. While under repair, we upgraded this rig by adding a substructure and other equipment that includes a multi-directional walking system. The cost of the upgrades will not be covered by insurance. The repairs and upgrades were completed in October 2014 and the upgraded rig was renamed Rig 208. We recorded an asset impairment charge of $4.7 million during the three months ended March 31, 2014, representing a preliminary estimate of the damage sustained to the rig. During the three months ended June 30, 2014, we recorded approximately $2.3 million in insurance proceeds related to repairing damage to the rig ($2.0 million) as well as the recovery of certain out-of-pocket expenses ($0.3 million), for which we had received a partial proof of loss from the insurance company. As of September 30, 2014, all of the $2.3 million had been collected. We expect to record additional insurance recoveries in future periods when the final proof of loss is obtained. We are currently unable to accurately estimate the total amount of the insurance recoveries related to this matter.
	Stock Split
	On July 14, 2014, our board of directors approved a resolution to effect a 1.57-for-1 stock split of our common stock in the form of a stock dividend. The dividend was distributed on July 24, 2014 to holders of record as of July 21, 2014. The earnings per share information and all common stock information in these financial statements have been retroactively restated for all periods presented to reflect this stock split.
	Initial Public Offering
	On August 7, 2014, our registration statement on Form S-1 (File No. 333-196914) (the "Form S-1") was declared effective by the Securities and Exchange Commission for our initial public offering pursuant to which we sold an aggregate of 11,500,000 shares of our common stock at a price to the public of $11.00 per share, which included 1,500,000 share of our common stock sold pursuant to the exercise by the underwriters in full of their option to purchase additional shares of common stock to cover over-allotments (the "Over-Allotment Option"). Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Tudor, Pickering, Holt & Co. Securities, Inc. acted as book runners. We completed our initial public offering of 10,000,000 shares of our common stock on August 13, 2014 and subsequently closed the issuance and sale of the additional 1,500,000 shares of our common stock pursuant to the Over-Allotment Option on August 29, 2014. Our common stock trades on the New York Stock Exchange under the ticker symbol "ICD." Net proceeds from the offering were $116.5 million after deducting $7.6 million of underwriting discounts and commissions, as well as legal, accounting, printing and other expenses directly associated with the offering totaling $2.4 million. All of the outstanding borrowings on our revolving credit facility were repaid immediately following the offering.

Interim_Financial_Information

Interim Financial Information	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Interim Financial Information	'
	Interim Financial Information
	These unaudited financial statements include all the accounts of ICD, and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These financial statements should be read along with our audited financial statements for the year ended December 31, 2013, included in the Form S-1, as certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted. In management’s opinion, these financial statements contain all adjustments necessary to fairly present our financial position, results of operations, cash flows and changes in equity for all periods presented.
	As we had no items of other comprehensive income in any period presented, no other comprehensive income or comprehensive income is presented.
	Interim results for the three and nine months ended September 30, 2014 may not be indicative of results that will be realized for the full year ending December 31, 2014.
	Segment and Geographical Information
	Our operations consist of one reportable segment because all of our drilling operations are located in the United States and have similar economic characteristics. Corporate management administers all properties as a whole rather than as discrete operating segments. Operational data is tracked by rig; however, financial performance is measured as a single enterprise and not on a rig-by-rig basis. Further, the allocation of capital resources is employed on a project-by-project basis across our entire asset base to maximize profitability without regard to individual geographic areas.
	Recent Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board (FASB) issued an accounting standards update to provide guidance on the reporting of discontinued operations and the disclosures related to disposals of components of an entity. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. This guidance is effective for interim and annual periods that begin after December 15, 2014. Early application is permitted. We are currently evaluating the impact this will have on our consolidated financial statements. At this time, we do not believe it will materially impact our financial statements.
	In May 2014, the FASB issued an accounting standards update to provide guidance on the recognition of revenue from customers. Under this guidance, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. This guidance also requires more detailed disclosures to enable users of the financial statements to understand the nature, amount, timing and uncertainty, if any, of revenue and cash flows arising from contracts with customers. This guidance is effective for interim and annual periods beginning after December 15, 2016. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
	In June 2014, the FASB issued an accounting standards update to provide guidance on the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. This guidance is effective for interim and annual periods beginning after December 15, 2015. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
	In August 2014, the FASB issued guidance requiring management to perform interim and annual assessments of an entity’s ability to continue as a going-concern within one year of the date the financial statements are issued.  The standard also provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements.  An entity must provide certain disclosures if there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going-concern.  Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued.  The new guidance applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted.  We do not expect that the adoption of this guidance will have an impact on our consolidated financial statements or disclosures.

Financial_Instruments_and_Fair

Financial Instruments and Fair Value	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Financial Instruments and Fair Value	'
	Financial Instruments and Fair Value
	The carrying value of certain of our assets and liabilities, consisting primarily of cash and cash equivalents, accounts receivable and accounts payable, approximates their fair value due to the short-term nature of such instruments. Our financial instruments that are subject to fair value measurements consist of a warrant to purchase approximately 2.2 million shares of our common stock, held by Global Energy Services Operating, LLC (the "GES Warrant") and long-term debt.
	The GES Warrant, which expires on March 2, 2015, contains a provision that protects the holder from a decline in the issue price of our common stock, or a “down-round” provision. Down-round provisions reduce the exercise or conversion price of a warrant or convertible instrument if a company either issues equity shares for a price that is lower than the exercise or conversion price of those instruments or issues new warrants or convertible instruments that have a lower exercise or conversion price. As a result of this provision, we account for this warrant as a liability. Following our initial public offering on August 13, 2014, and the full exercise of the Over-Allotment Option on August 29, 2014, the exercise price of the GES Warrant was reduced from $12.74 per share to $11.37 per share.
	In accordance with Accounting Standards Codification 815 “Accounting for Derivative Instruments and Hedging Activities,” as amended, our warrant derivative liability is marked-to-market each reporting period, with a corresponding non-cash gain or loss charged to earnings (loss) in the current period. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, there exists a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
	Level 1- Unadjusted quoted market prices for identical assets or liabilities in an active market;
	Level 2- Quoted market prices for identical assets or liabilities in an active market that have been adjusted for items such as effects of restrictions for transferability and those that are not quoted but are observable through corroboration with observable market data, including quoted market prices for similar assets; and
	Level 3- Unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date.
	This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.
	The warrant liability was historically recorded at fair value using Level 3 inputs for the three and nine months ended September 30, 2013 and as of December 31, 2013. Significant Level 3 inputs used to calculate the fair value of the warrant include the estimated share price on the valuation date, expected volatility, risk-free interest rate and management’s assumptions regarding the likelihood of a future repricing of these warrants pursuant to the adjustment provision. Due to the initial public offering completed on August 13, 2014, the warrant liability was recorded at fair value using Level 1 inputs for the three and nine months ended September 30, 2014. It is expected that Level 1 inputs will be used going forward to value the warrant liability.
	As of September 30, 2014 and December 31, 2013, the fair value of the GES Warrant was approximately $2.4 million and $3.2 million, respectively. We recorded a non-cash gain (loss) on warrant derivative associated with the changes in fair value of $(0.6) million and $0.8 million for the three and nine months ended September 30, 2014, respectively, and $0.4 million and $0.3 million for the three and nine months ended and September 30, 2013, respectively.
	The following provides a reconciliation of financial liabilities measured at fair value on a recurring basis:
	(in thousands)	Three Months Ended September 30,					Nine Months Ended September 30,
		2014		2013			2014			2013
	Beginning balance	$	1,809	$	4,302		$	3,189		$	4,224
	(Gain) loss on warrant derivative	611		(351		)	(769		)	(273		)
	Ending balance	$	2,420	$	3,951		$	2,420		$	3,951
	The fair value of our long-term debt is determined by Level 3 measurements based on quoted market prices and terms for similar instruments, where available, or on the amount of future cash flows associated with the debt, discounted using the current borrowing rate for comparable debt instruments. The estimated fair value of our long-term debt totaled $18.6 million as of December 31, 2013, compared to a carrying amount of $19.8 million as of December 31, 2013. We had no outstanding long-term debt as of September 30, 2014.
	Fair value measurements were applied with respect to our non-financial assets and liabilities measured on a non-recurring basis, which would consist of measurements primarily related to goodwill, intangible assets and other long-lived assets, and assets acquired and liabilities assumed in the contribution transactions, completed March 2, 2012 pursuant to an asset contribution and share subscription agreement that involved the Company acquiring certain assets and liabilities of Global Energy Services Operating, LLC and Independence Contract Drilling, LLC.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2014
Inventory Disclosure [Abstract]	'
Inventory	'
	Inventory
	Inventory consisted of the following:
	(in thousands)	September 30, 2014		December 31, 2013
	Rig components and supplies	$	1,871	$	1,128
	We determined that no reserve for obsolescence was needed at September 30, 2014 or December 31, 2013. No inventory obsolescence expense was recognized during the three and nine months ended September 30, 2014 and 2013.

Accrued_Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2014
Payables and Accruals [Abstract]	'
Accrued Liabilities	'
	Accrued Liabilities
	Accrued liabilities consisted of the following:
	(in thousands)
		September 30, 2014		December 31, 2013
	Accrued salaries and other compensation	$	1,840	$	1,868
	Insurance	1,169		485
	Deferred mobilization revenues	1,174		684
	Property, sales and other taxes	1,731		787
	Other	296		343
		$	6,210	$	4,167

LongTerm_Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Long-Term Debt	'
	Long-Term Debt
	On May 10, 2013, we entered into a credit agreement (the “Credit Facility”) with a syndicate of financial institutions led by CIT Finance, LLC, that provided for a committed $60.0 million revolving credit facility and an additional uncommitted $20.0 million accordion feature that allowed for future increases in the facility.
	On February 21, 2014 we amended our Credit Facility in order to increase the aggregate commitments from $60.0 million to $125.0 million. The final $25.0 million of commitments under the amended Credit Facility was subject to us obtaining additional equity or indebtedness, subordinated to the Credit Facility, of at least $40.0 million (“Junior Event”). The Credit Facility, as amended, also provided for an additional uncommitted $25.0 million accordion feature that allows for future increases in the facility.
	On May 12, 2014, we amended our Credit Facility again, to expand the commitments not subject to the Junior Event from $100.0 million to $110.0 million. The amendment also adjusted the minimum EBITDA covenants contained in the Credit Facility to reflect the removal of Rig 102 from service during the pendency of its upgrade. As a result of our initial public offering completed on August 13, 2014, the final $25.0 of our $125.0 million Credit Facility became available to us.
	On November 5, 2014, we amended our Credit Facility again to increase the commitments under the facility from $125.0 million to $155.0 million. In addition, the amendment provides for an additional uncommitted $125.0 million accordion feature that allows for future increases in borrowing availability.
	Borrowings under the Credit Facility are subject to a borrowing base formula that allows for borrowings of up to 85% of eligible trade accounts receivable not more than 90 days outstanding, plus up to 75% of the appraised forced liquidation value of our eligible, completed and owned drilling rigs. Beginning on November 5, 2015, the 75% advance rate on our eligible completed and owned drilling rigs decreases by 1.25% per quarter. The amended Credit Facility matures on November 5, 2018.
	At our election, interest under the Credit Facility is determined by reference at our option to either (i) the London Interbank Offered Rate (“LIBOR”), plus 4.5% or (ii) a “base rate” equal to the higher of the prime rate published by JP Morgan Chase Bank or three-month LIBOR plus 1%, plus in each case, 3.5%, the federal funds effective rate plus 0.05%. We also pay, on a quarterly basis, a commitment fee of 0.50% per annum on the unused portion of the Credit Facility commitment. The obligations under the Credit Facility are secured by all our assets and is unconditionally guaranteed by all of our future direct and indirect subsidiaries.
	The amended Credit Facility contains various financial covenants including a leverage covenant, springing fixed charge coverage ratio and rig utilization ratio. Additionally, there are restrictive covenants that limit our ability to, among other things: incur or guarantee additional indebtedness or issue disqualified capital stock; transfer or sell assets; pay dividends or distributions, redeem subordinated indebtedness, make certain types of investments or make other restricted payments; create or incur liens; consummate a merger, consolidation or sale of all or substantially all assets; and engage in business other than a business that is the same or similar to the current business and reasonably related businesses. The Credit Facility does, however, permit us to incur up to$20.0 million of additional indebtedness for the purchase of additional rigs or rig equipment.
	We had no outstanding borrowings under the Credit Facility at September 30, 2014. Remaining availability under the Credit Facility was $105.9 million at September 30, 2014, based on the borrowing base formula, and we are currently in compliance with all covenants under the Credit Facility.

StockBased_Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Compensation	'
	Stock-Based Compensation
	In March 2012, we adopted the 2012 Omnibus Long-Term Incentive Plan (the “2012 Plan”) providing for common stock-based awards to employees and to non-employee directors. The 2012 Plan permits the granting of various types of awards, including stock options, restricted stock and restricted stock units. Restricted stock and restricted stock units may be granted for no consideration other than prior and future services. The purchase price per share for stock options may not be less than the market price of the underlying stock on the date of grant. Stock options expire 10 years after the grant date. We have the right to satisfy option exercises from treasury shares and from authorized but unissued shares.
	A summary of compensation cost recognized for stock-based payment arrangements is as follows:
	(in thousands)	Three Months Ended September 30,					Nine Months Ended September 30,
		2014			2013		2014		2013
	Compensation cost recognized:
	Stock options	$	305		$	278	$	849	$	813
	Restricted stock	856			292		1,548		825
	Total stock-based compensation	$	1,161		$	570	$	2,397	$	1,638
	Approximately $0.2 million and $0.4 million in stock-based compensation was capitalized in connection with rig construction activity during the three and nine months ended September 30, 2014, respectively. Approximately $0.1 million and $0.3 million in stock-based compensation was capitalized for the three and nine months ended September 30, 2013, respectively.
	Stock Options
	We use the Black-Scholes option pricing model to estimate the fair value of stock options granted to employees and non-employee directors. The fair value of the options are amortized to compensation expense on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period.
	There were no stock options granted during the nine month period ended September 30, 2014. The fair value calculations for options granted during the nine months ended September 30, 2013 are based on the following weighted-average assumptions:
		2013
	Risk-free interest rate	0.88	%
	Expected volatility	40	%
	Dividend yield	—
	Expected term	5.0 years
	Risk-Free Interest Rate
	The risk-free interest rate was based on U.S. Treasury securities for the expected term of the option.
	Expected Volatility Rate
	Expected volatility was based on an analysis of volatilities for publicly traded companies engaged in the contract drilling business.
	Expected Dividend Yield
	We have no plans to pay dividends in the foreseeable future.
	Expected Term
	The expected term of the options granted represents the period of time that they are expected to be outstanding. We do not have any operating history with which to estimate the expected term, and have based our estimate upon the data available for other contract drilling companies and management estimates.
	Based on these calculations, the weighted-average fair value per option granted during the nine months ended September 30, 2013 was $4.27.
	A summary of stock option activity and related information for the nine months ended September 30, 2014 is as follows:
		Nine Months Ended September 30, 2014
		Options		Weighted
				Average
				Exercise
				Price
	Outstanding at January 1, 2014	963,196		$	12.74
	Granted	—		—
	Exercised	—		—
	Forfeited/expired	—		—
	Outstanding at September 30, 2014	963,196		$	12.74
	Exercisable September 30, 2014	602,880		$	12.74
	A summary of our unvested stock options as of September 30, 2014, and the changes during the nine months then ended is presented below:
		Nine Months Ended September 30, 2014
		Outstanding		Weighted
				Average
				Grant-Date
				Fair Value
	Unvested as of January 1, 2014	620,412		$	4.42
	Granted	—		—
	Vested	(260,096	)	4.55
	Forfeited/expired	—		—
	Unvested as of September 30, 2014	360,316		$	4.33
	The number of options vested at September 30, 2014 was 602,880 with a weighted average remaining contractual life of 7.6 years and a weighted-average exercise price of $12.74 per share.
	As of September 30, 2014, the unrecognized compensation cost related to outstanding stock options was $1.0 million. This cost is expected to be recognized over a weighted-average period of 0.8 year.
	Restricted Stock
	Restricted stock awards consist of our common stock and vest over three to four years. We recognize compensation expense on a straight-line basis over the vesting period. The fair value of restricted stock awards is determined based on the fair market value of our shares on the grant date. As of September 30, 2014, there was $7.9 million of total unrecognized compensation cost related to unvested restricted stock awards. This cost is expected to be recognized over a weighted-average period of 1.5 years.
	A summary of the status of our restricted stock awards as of September 30, 2014, and of changes in restricted stock outstanding during the nine months ended September 30, 2014, is as follows:
		Nine Months Ended September 30, 2014
		Shares		Weighted
				Average
				Grant-Date
				Fair Value
				Per Share
	Outstanding at January 1, 2014	147,451		$	12.48
	Granted	692,235		11
Vested	(47,625	)	12.38
Forfeited/expired	—		—
Outstanding at September 30, 2014	792,061		$	11.19
Restricted Stock Units
We have granted restricted stock units (RSUs) to key employees under the 2012 Plan. We have granted performance-based and market-based RSUs, where each unit represents the right to receive, at the end of a vesting period, up to two shares of ICD common stock with no exercise price. Vesting of the market-based RSUs is based on our three year total shareholder return (TSR) as measured against a three year TSR of a defined peer group and vesting of the performance-based RSUs is based on our cumulative EBITDA (CEBITDA), as defined in the restricted stock unit agreement, over a three year period. We use a Monte Carlo simulation model to value the TSR market-based RSUs. The fair value of the CEBITDA performance-based RSUs is based on the market price of our common stock on the date of grant. During the restriction period, the RSUs may not be transferred or encumbered, and the recipient does not receive dividend equivalents or have voting rights until the units vest. As of September 30, 2014, there was $4.1 million of total unrecognized compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of 1.5 years.
A summary of the status of our RSUs as of September 30, 2014, and of changes in RSUs outstanding during the nine months ended September 30, 2014, is as follows:
	Nine Months Ended September 30, 2014
	RSUs		Weighted
			Average
			Grant-Date
			Fair Value
			Per Share
Outstanding at January 1, 2014	—		$	—
Granted	304,832		9.63
Vested and converted	—		—
Forfeited/expired	—		—
Outstanding at September 30, 2014	304,832		$	9.63

Stockholders_Equity_and_Earnin

Stockholders’ Equity and Earnings (loss) per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Stockholders' Equity and Earnings (loss) per Share	'
	Stockholders’ Equity and Earnings (loss) per Share
	As of September 30, 2014, we had a total of 24,572,005 shares of common stock, $0.01 par value, issued and outstanding, including 792,061 shares of restricted stock and 84,854 shares held as treasury stock. Total authorized common stock is 100,000,000 shares.
	Basic earnings (loss) per common share (“EPS”) is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. A reconciliation of the numerators and denominators of the basic and diluted losses per share computations is as follows:
	(in thousands, except per share data)	Three Months Ended September 30,					Nine Months Ended September 30,
		2014			2013		2014			2013
	Net income (loss) (numerator):	$	(1,413	)	$	576	$	(3,562	)	$	(1,789	)
	Earnings (loss) per share:
	Basic	$	(0.07	)	$	0.05	$	(0.24	)	$	(0.15	)
	Diluted	$	(0.07	)	$	0.05	$	(0.24	)	$	(0.15	)
	Shares (denominator):
	Weighted-average number of shares outstanding - basic	19,174			12,180		14,563			12,179
	Net effect of dilutive stock options, warrants and restricted stock units	—			76		—			—
	Weighted-average number of shares outstanding - diluted	19,174			12,256		14,563			12,179
	For all periods presented, the computation of diluted earnings (loss) per share excludes the dilutive effect of certain outstanding stock options and warrants because their inclusion would be anti-dilutive. The number of options and warrants that were excluded from diluted earnings (loss) per share were 3,161,196 and 2,992,420 during the three months ended September 30, 2014 and 2013 respectively, and 3,161,196 and 3,205,548 during the nine months ended September 30, 2014 and 2013 respectively. Restricted stock units, which are not participating securities, excluded from our basic and diluted earnings (loss) per share, because they are anti-dilutive, were 304,832 and zero for the three months ended September 30, 2014 and 2013, respectively, and 304,832 and zero for the nine months ended September 30, 2014 and 2013, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Purchase Commitments
	As of September 30, 2014, we had outstanding purchase commitments to a number of suppliers totaling $77.0 million related primarily to the construction of drilling rigs.
	Lease Commitments
	We lease certain equipment and vehicles under non-cancelable operating leases. The minimum rental commitments under non-cancelable operating leases, with lease terms in excess of one year subsequent to September 30, 2014, were as follows:
	(in thousands)
	2014	$	161
	2015	637
	2016	327
	2017	139
	2018	49
	Thereafter	50
		$	1,363
	Contingencies
	Our operations inherently expose us to various liabilities and exposures that could result in third party lawsuits, claims and other causes of action. While we insure against the risk of these proceedings to the extent deemed prudent by our management, we can offer no assurance that the type or value of this insurance will meet the liabilities that may arise from any pending or future legal proceedings related to our business activities.

Related_Parties

Related Parties	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related Parties	'
	Related Parties
	During 2011, we entered into the Contribution Agreement with GES. Two of our directors as of September 30, 2014, also were directors of the parent company of GES.
	We purchased certain items used in the construction of our drilling rigs from an affiliate of GES. Total purchases from this vendor during the nine months ended September 30, 2014 amounted to $1.5 million and we had outstanding payables totaling $14,300 with this vendor as of September 30, 2014. We did not transact any business with this vendor in the prior year periods.
	One of our directors is also a director of Axon Pressure Products. Total purchases from this vendor were $5.7 million and $0.4 million during the nine months ended September 30, 2014 and the twelve months ended December 31, 2013, respectively. We had outstanding payables totaling $0.4 million as of September 30, 2014. We did not have any outstanding payables with this vendor as of December 31, 2013.
	One of our directors is also a director of one of our customers. We recorded $1.4 million and $0.9 million in revenues with this customer for the nine months ended September 30, 2014 and the twelve months ended December 31, 2013, respectively. We had no outstanding trade receivables with this customer as of September 30, 2014 and we had $0.9 million in outstanding trade receivables as of December 31, 2013.

Interim_Financial_Information_

Interim Financial Information (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Segment and Geographical Information	'
	Segment and Geographical Information
	Our operations consist of one reportable segment because all of our drilling operations are located in the United States and have similar economic characteristics. Corporate management administers all properties as a whole rather than as discrete operating segments. Operational data is tracked by rig; however, financial performance is measured as a single enterprise and not on a rig-by-rig basis. Further, the allocation of capital resources is employed on a project-by-project basis across our entire asset base to maximize profitability without regard to individual geographic areas.
Reclassification of Prior Year Presentation	'
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board (FASB) issued an accounting standards update to provide guidance on the reporting of discontinued operations and the disclosures related to disposals of components of an entity. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. This guidance is effective for interim and annual periods that begin after December 15, 2014. Early application is permitted. We are currently evaluating the impact this will have on our consolidated financial statements. At this time, we do not believe it will materially impact our financial statements.
	In May 2014, the FASB issued an accounting standards update to provide guidance on the recognition of revenue from customers. Under this guidance, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. This guidance also requires more detailed disclosures to enable users of the financial statements to understand the nature, amount, timing and uncertainty, if any, of revenue and cash flows arising from contracts with customers. This guidance is effective for interim and annual periods beginning after December 15, 2016. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
	In June 2014, the FASB issued an accounting standards update to provide guidance on the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. This guidance is effective for interim and annual periods beginning after December 15, 2015. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
	In August 2014, the FASB issued guidance requiring management to perform interim and annual assessments of an entity’s ability to continue as a going-concern within one year of the date the financial statements are issued.  The standard also provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements.  An entity must provide certain disclosures if there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going-concern.  Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued.  The new guidance applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted.  We do not expect that the adoption of this guidance will have an impact on our consolidated financial statements or disclosures.

Financial_Instruments_and_Fair1

Financial Instruments and Fair Value (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Reconciliation of Financial Liabilities	'
	The following provides a reconciliation of financial liabilities measured at fair value on a recurring basis:
	(in thousands)	Three Months Ended September 30,					Nine Months Ended September 30,
		2014		2013			2014			2013
	Beginning balance	$	1,809	$	4,302		$	3,189		$	4,224
	(Gain) loss on warrant derivative	611		(351		)	(769		)	(273		)
	Ending balance	$	2,420	$	3,951		$	2,420		$	3,951

Inventory_Tables

Inventory (Tables)	9 Months Ended
	Sep. 30, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventory	'
	Inventory consisted of the following:
	(in thousands)	September 30, 2014		December 31, 2013
	Rig components and supplies	$	1,871	$	1,128

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2014
Payables and Accruals [Abstract]	'
Schedule of Accrued Liabilities	'
	Accrued liabilities consisted of the following:
	(in thousands)
		September 30, 2014		December 31, 2013
	Accrued salaries and other compensation	$	1,840	$	1,868
	Insurance	1,169		485
	Deferred mobilization revenues	1,174		684
	Property, sales and other taxes	1,731		787
	Other	296		343
		$	6,210	$	4,167

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Summary of Compensation Cost	'
	A summary of compensation cost recognized for stock-based payment arrangements is as follows:
	(in thousands)	Three Months Ended September 30,					Nine Months Ended September 30,
		2014			2013		2014		2013
	Compensation cost recognized:
	Stock options	$	305		$	278	$	849	$	813
	Restricted stock	856			292		1,548		825
	Total stock-based compensation	$	1,161		$	570	$	2,397	$	1,638
Schedule of Options, Valuation Assumptions	'
	The fair value calculations for options granted during the nine months ended September 30, 2013 are based on the following weighted-average assumptions:
		2013
	Risk-free interest rate	0.88	%
	Expected volatility	40	%
	Dividend yield	—
	Expected term	5.0 years
Schedule of Stock Options Activity	'
	A summary of stock option activity and related information for the nine months ended September 30, 2014 is as follows:
		Nine Months Ended September 30, 2014
		Options		Weighted
				Average
				Exercise
				Price
	Outstanding at January 1, 2014	963,196		$	12.74
	Granted	—		—
	Exercised	—		—
	Forfeited/expired	—		—
	Outstanding at September 30, 2014	963,196		$	12.74
	Exercisable September 30, 2014	602,880		$	12.74
	A summary of our unvested stock options as of September 30, 2014, and the changes during the nine months then ended is presented below:
		Nine Months Ended September 30, 2014
		Outstanding		Weighted
				Average
				Grant-Date
				Fair Value
	Unvested as of January 1, 2014	620,412		$	4.42
	Granted	—		—
	Vested	(260,096	)	4.55
	Forfeited/expired	—		—
	Unvested as of September 30, 2014	360,316		$	4.33
Schedule of Restricted Stock Activity	'
	A summary of the status of our restricted stock awards as of September 30, 2014, and of changes in restricted stock outstanding during the nine months ended September 30, 2014, is as follows:
		Nine Months Ended September 30, 2014
		Shares		Weighted
				Average
				Grant-Date
				Fair Value
				Per Share
	Outstanding at January 1, 2014	147,451		$	12.48
	Granted	692,235		11
	Vested	(47,625	)	12.38
	Forfeited/expired	—		—
	Outstanding at September 30, 2014	792,061		$	11.19

Stockholders_Equity_and_Earnin1

Stockholders’ Equity and Earnings (loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Reconciliation of Numerators and Denominators of Basic and Diluted Losses Per Share	'
	A reconciliation of the numerators and denominators of the basic and diluted losses per share computations is as follows:
	(in thousands, except per share data)	Three Months Ended September 30,					Nine Months Ended September 30,
		2014			2013		2014			2013
	Net income (loss) (numerator):	$	(1,413	)	$	576	$	(3,562	)	$	(1,789	)
	Earnings (loss) per share:
	Basic	$	(0.07	)	$	0.05	$	(0.24	)	$	(0.15	)
	Diluted	$	(0.07	)	$	0.05	$	(0.24	)	$	(0.15	)
	Shares (denominator):
	Weighted-average number of shares outstanding - basic	19,174			12,180		14,563			12,179
	Net effect of dilutive stock options, warrants and restricted stock units	—			76		—			—
	Weighted-average number of shares outstanding - diluted	19,174			12,256		14,563			12,179

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Minimum Rental Commitments Under Non-Cancelable Operating Leases	'
	The minimum rental commitments under non-cancelable operating leases, with lease terms in excess of one year subsequent to September 30, 2014, were as follows:
	(in thousands)
	2014	$	161
	2015	637
	2016	327
	2017	139
	2018	49
	Thereafter	50
		$	1,363

Nature_of_Operations_Details

Nature of Operations (Details) (USD $)

0 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

Jul. 14, 2014

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Oct. 01, 2014

Sep. 30, 2014

Aug. 13, 2014

Aug. 07, 2014

Aug. 13, 2014

Aug. 07, 2014

Sep. 30, 2014

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Mar. 09, 2014

Sep. 30, 2014

Sep. 30, 2014

Subsequent event

IPO

IPO

IPO

Over-allotment option

Over-allotment option

Operating rig

Completed rig

Under repair rig

Under repair rig

Under repair rig

Multi-directional walking system

Construction in progress rig

drilling_rig

drilling_rig

drilling_rig

drilling_rig

drilling_rig

Property, Plant and Equipment [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of rigs

'

'

'

'

'

'

'

'

'

'

'

12

1

'

1

'

10

2

Price Per Barrel

'

'

'

'

'

$80

'

'

'

'

'

'

'

'

'

'

'

'

Operating equipment insurance deductible

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

250,000

'

'

Impairment charge

'

'

'

'

'

'

'

'

'

'

'

'

'

4,700,000

'

'

'

'

Insurance proceeds related to damaged rig

'

2,300,000

2,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost of rig repairs

'

2,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Out of pocket expense, rig repair

'

300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock split conversion ratio

1.57

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares outstanding

'

'

24,572,005

'

12,397,900

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares issued

'

'

24,656,859

'

12,464,625

'

'

10,000,000

11,500,000

1,500,000

1,500,000

'

'

'

'

'

'

'

Share price

'

'

'

'

'

'

'

'

$11

'

'

'

'

'

'

'

'

'

Proceeds from issuance initial public offering

'

'

116,496,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Underwriting discounts and commissions expense

'

'

'

'

'

'

7,600,000

'

'

'

'

'

'

'

'

'

'

'

Expenses directly associated with the offering

'

'

'

'

'

'

$2,400,000

'

'

'

'

'

'

'

'

'

'

'

Interim_Financial_Information_1

Interim Financial Information (Details)	9 Months Ended
	Sep. 30, 2014
	segment
Accounting Policies [Abstract]	'
Reportable segments	1

Financial_Instruments_and_Fair2

Financial Instruments and Fair Value (Reconciliation of Financial Liabilities) (Details) (Derivative warrant, USD $)	3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2013
	Level 1	Level 1	Level 3	Level 3	Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'	'	'	'
Beginning balance	$1,809	'	$4,302	$4,224	$3,189
(Gain) loss on warrant derivative	611	-769	-351	-273	'
Ending balance	$2,420	$2,420	$3,951	$3,951	$3,189

Financial_Instruments_and_Fair3

Financial Instruments and Fair Value (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
Share data in Millions, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Aug. 29, 2014	Aug. 28, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'
Exercise price GES Warrant	'	'	'	'	$11.37	$12.74	'
Gain (loss) on warrant derivative	($611,000)	$351,000	$769,000	$273,000	'	'	'
Long-term debt, fair value	'	'	'	'	'	'	18,600,000
Long-term debt	$0	'	$0	'	'	'	$19,780,000
GES warrant	'	'	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'
Class of warrant or right, outstanding	2.2	'	2.2	'	'	'	'

Inventory_Details

Inventory (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]	'	'
Rig components and supplies	$1,871	$1,128

Accrued_Liabilities_Details

Accrued Liabilities (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]	'	'
Accrued salaries and other compensation	$1,840	$1,868
Insurance	1,169	485
Deferred mobilization revenues	1,174	684
Property, sales and other taxes	1,731	787
Other	296	343
Accrued liabilities	$6,210	$4,167

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

12-May-14

Sep. 30, 2014

12-May-14

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Aug. 13, 2014

12-May-14

Feb. 21, 2014

10-May-13

Nov. 05, 2014

Feb. 21, 2014

10-May-13

Nov. 05, 2014

Aug. 13, 2014

Feb. 21, 2014

Feb. 21, 2015

Nov. 05, 2014

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Scenario, forecast

Scenario, forecast

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Junior subordinated debt

Junior subordinated debt

Revolving credit facility

Revolving credit facility

LIBOR

Three-month LIBOR

Federal Funds, Effective Rate

CIT Finance, LLC syndicate

CIT Finance, LLC syndicate

CIT Finance, LLC syndicate

CIT Finance, LLC syndicate

CIT Finance, LLC syndicate

CIT Finance, LLC syndicate

CIT Finance, LLC syndicate

CIT Finance, LLC syndicate

CIT Finance, LLC syndicate

CIT Finance, LLC syndicate

Subsequent event

Accordion feature

Accordion feature

Accordion feature

Subsequent event

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revolving credit facility, maximum borrowing capacity

'

'

'

'

'

'

'

'

'

$125,000,000

'

$125,000,000

$60,000,000

$155,000,000

'

'

$125,000,000

'

'

'

'

Debt instrument, face amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,000,000

20,000,000

'

'

'

'

'

Contingent commitments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,000,000

25,000,000

'

'

Junior event

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40,000,000

'

'

Maximum borrowing capacity not subject to restrictions

'

'

'

'

'

'

'

'

'

'

110,000,000

100,000,000

'

'

'

'

'

'

'

'

'

Borrowing limit based on eligible trade accounts

'

'

'

'

85.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Eligible trade accounts receivable days outstanding limit

'

'

'90 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowing limit based on appraised forced liquidation of eligible completed and owned drilling rigs

'

'

'

'

75.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75.00%

Decrease borrowing limit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.25%

'

Interest rate, basis spread

'

'

'

'

'

'

4.50%

1.00%

0.05%

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate, basis spread based on availability

'

'

'

'

'

3.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitment fee on unused capacity (as a percentage)

'

'

'

0.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, higher borrowing capacity option

'

'

'

'

'

20,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term debt

0

19,780,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Remaining availability

'

'

'

'

'

$105,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

StockBased_Compensation_Compen

Stock-Based Compensation (Compensation Cost) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]	'	'	'	'
Total stock-based compensation	$1,161	$570	$2,397	$1,638
Stock options	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]	'	'	'	'
Total stock-based compensation	305	278	849	813
Restricted stock	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]	'	'	'	'
Total stock-based compensation	$856	$292	$1,548	$825

StockBased_Compensation_Fair_V

Stock-Based Compensation (Fair Value Assumptions) (Details) (Stock options)	9 Months Ended
	Sep. 30, 2013
Stock options	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Risk-free interest rate	0.88%
Expected volatility	40.00%
Dividend yield	0.00%
Expected term	'5 years

StockBased_Compensation_Stock_

Stock-Based Compensation (Stock Option Activity) (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Options	'
Beginning balance	963,196
Granted	0
Exercised	0
Forfeited/expired	0
Ending balance	963,196
Exercisable	602,880
Weighted Average Exercise Price	'
Beginning balance	$12.74
Granted	$0
Exercised	$0
Forfeited/expired	$0
Ending balance	$12.74
Exercisable, Weighted-average exercise price	$12.74

StockBased_Compensation_Unvest

Stock-Based Compensation (Unvested Stock Option Activity) (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Outstanding	'	'
Beginning balance	620,412	'
Granted	0	'
Vested	-260,096	'
Forfeited/expired	0	'
Ending balance	360,316	'
Weighted Average Grant-Date Fair Value	'	'
Beginning balance	$4.42	'
Granted	$0	$4.27
Vested	$4.55	'
Forfeited/expired	$0	'
Ending balance	$4.33	'

StockBased_Compensation_Restri

Stock-Based Compensation (Restricted Stock Activity) (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Shares	'
Beginning balance	0
Granted	304,832
Vested	0
Forfeited/expired	0
Ending balance	304,832
Weighted Average Grant-Date Fair Value Per Share	'
Beginning balance	$0
Granted	$9.63
Vested	$0
Forfeited/expired	$0
Ending balance	$9.63
Restricted stock	'
Shares	'
Beginning balance	147,451
Granted	692,235
Vested	-47,625
Forfeited/expired	0
Ending balance	792,061
Weighted Average Grant-Date Fair Value Per Share	'
Beginning balance	$12.48
Granted	$11
Vested	$12.38
Forfeited/expired	$0
Ending balance	$11.19

StockBased_Compensation_Narrat

Stock-Based Compensation (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Options granted	'	'	0	'
Employee service share-based compensation, allocation of recognized period costs, capitalized amount	$184,000	$104,000	$397,000	$299,000
Exercisable	602,880	'	602,880	'
Granted	'	'	$0	$4.27
Equity instruments, other than options granted	'	'	304,832	'
Remaining contractual life	'	'	'7 years 7 months 6 days	'
Weighted-average exercise price	$12.74	'	$12.74	'
Stock options	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Unrecognized compensation costs	1,000,000	'	1,000,000	'
Weighted average recognition period	'	'	'9 months 18 days	'
Restricted stock	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Equity instruments, other than options granted	'	'	692,235	'
Unrecognized compensation costs	7,900,000	'	7,900,000	'
Weighted average recognition period	'	'	'1 year 6 months	'
Restricted stock | Minimum	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Vesting period	'	'	'3 years	'
Restricted stock | Maximum	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Vesting period	'	'	'4 years	'
Restricted stock units (RSUs)	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Unrecognized compensation costs	$4,100,000	'	$4,100,000	'
Weighted average recognition period	'	'	'1 year 6 months	'
Vesting period	'3 years	'	'	'
2012 Plan	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Options granted	'	'	0	'
2012 Plan | Stock options	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Stock option expiration period	'	'	'10 years	'

Stockholders_Equity_and_Earnin2

Stockholders’ Equity and Earnings (loss) per Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Numerator [Abstract]	'	'	'	'	'
Net loss	($1,413)	$576	($3,562)	($1,789)	'
Basic	($0.07)	$0.05	($0.24)	($0.15)	'
Diluted	($0.07)	$0.05	($0.24)	($0.15)	'
Denominator [Abstract]	'	'	'	'	'
Weighted-average number of shares outstanding - basic	19,174,000	12,180,000	14,563,000	12,179,000	'
Net effect of dilutive stock options, warrants and restricted stock units	0	76,000	0	0	'
Weighted-average number of shares outstanding - diluted	19,174,000	12,256,000	14,563,000	12,179,000	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'	'
Common stock, par value	$0.01	'	$0.01	'	$0.01
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	304,832	'	304,832	'	0
Treasury stock, number of shares held	84,854	'	84,854	'	'
Shares authorized	100,000,000	'	100,000,000	'	100,000,000
Warrant and stock option	'	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'	'
Antidilutive securities	3,161,196	2,992,420	3,161,196	3,205,548	'
Restricted stock	'	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'	'
Antidilutive securities	304,832	0	304,832	0	'
Common Stock	'	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'	'
Shares, Outstanding	24,572,005	'	24,572,005	'	12,397,900

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	0 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'	'
Purchase commitments	$77,000,000	'
2014	'	161,000
2015	'	637,000
2016	'	327,000
2017	'	139,000
Operating Leases, Future Minimum Payments, Due in Five Years	'	49,000
Operating Leases, Future Minimum Payments, Due Thereafter	'	50,000
Total future lease payments	'	$1,363,000

Related_Parties_Details

Related Parties (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Affiliated entity	'	'
Related Party Transaction [Line Items]	'	'
Purchases	$1,500,000	'
Outstanding payables	14,300	'
Axon Pressure Products	'	'
Related Party Transaction [Line Items]	'	'
Purchases	5,700,000	400,000
Outstanding payables	400,000	'
Director	'	'
Related Party Transaction [Line Items]	'	'
Recorded revenue	1,400,000	900,000
Trade receivables	$0	$900,000