Independence Contract Drilling (ICDIQ) 10-Q 31 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 27, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Independence Contract Drilling, Inc.
Entity Central Index Key	1,537,028
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		37,981,534

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 2,652	$ 7,071
Accounts receivable, net	15,811	11,468
Inventories	2,627	2,336
Assets held for sale	5,739	3,915
Prepaid expenses and other current assets	3,978	3,102
Total current assets	30,807	27,892
Property, plant and equipment, net	272,003	273,188
Other long-term assets, net	1,503	1,027
Total assets	304,313	302,107
Liabilities
Current portion of long-term debt	510	441
Accounts payable	8,365	10,031
Accrued liabilities	6,477	7,821
Total current liabilities	15,352	18,293
Long-term debt	47,630	26,078
Deferred income taxes	506	396
Other long-term liabilities	105	88
Total liabilities	63,593	44,855
Commitments and contingencies (Note 10)
Stockholders’ equity
Common stock, $0.01 par value, 100,000,000 shares authorized; 38,239,713 and 37,831,723 shares issued, respectively; and 37,981,534 and 37,617,920 shares outstanding, respectively	380	376
Additional paid-in capital	326,097	323,918
Accumulated deficit	(83,900)	(65,347)
Treasury stock, at cost, 258,179 and 213,803 shares, respectively	(1,857)	(1,695)
Total stockholders’ equity	240,720	257,252
Total liabilities and stockholders’ equity	$ 304,313	$ 302,107

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	100,000,000	100,000,000
Shares issued (in shares)	38,239,713	37,831,723
Shares outstanding (in shares)	37,981,534	37,617,920
Treasury stock (in shares)	258,179	213,803

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Revenues	$ 23,445	$ 14,464	$ 64,966	$ 52,074
Costs and expenses
Operating costs	18,247	11,246	48,953	31,211
Selling, general and administrative	2,948	3,242	10,101	11,868
Depreciation and amortization	6,529	6,010	19,120	17,651
Asset impairment, net	899	0	1,574	0
Loss on disposition of assets, net	0	676	1,573	588
Total costs and expenses	28,623	21,174	81,321	61,318
Operating loss	(5,178)	(6,710)	(16,355)	(9,244)
Interest expense	(772)	(456)	(2,088)	(2,492)
Loss before income taxes	(5,950)	(7,166)	(18,443)	(11,736)
Income tax expense	30	32	110	67
Net loss	$ (5,980)	$ (7,198)	$ (18,553)	$ (11,803)
Loss per share:
Basic and diluted (usd per share)	$ (0.16)	$ (0.19)	$ (0.49)	$ (0.37)
Weighted average number of common shares outstanding:
Basic and diluted (shares)	37,839	37,387	37,688	31,670

Statements of Stockholders_ Equ

Statements of Stockholders’ Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Beginning balance (shares) at Dec. 31, 2016		37,617,920
Beginning balance at Dec. 31, 2016	$ 257,252	$ 376	$ 323,918	$ (65,347)	$ (1,695)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock forfeited (shares)		(3,195)
RSUs vested, net of shares withheld for taxes (shares)		411,185
RSUs vested, net of shares withheld for taxes	(853)	$ 4	(857)
Purchase of treasury stock (shares)		(44,376)
Purchase of treasury stock	(162)				(162)
Stock-based compensation	3,036		3,036
Net loss	(18,553)			(18,553)
Ending balance (shares) at Sep. 30, 2017		37,981,534
Ending balance at Sep. 30, 2017	$ 240,720	$ 380	$ 326,097	$ (83,900)	$ (1,857)

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net loss	$ (18,553)	$ (11,803)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	19,120	17,651
Asset impairment, net	1,574	0
Stock-based compensation	3,036	3,336
Stock-based compensation - executive retirement	0	(67)
Loss on disposition of assets, net	1,573	588
Deferred income taxes	110	68
Amortization of deferred financing costs	344	408
Write-off of deferred financing costs	0	504
Changes in operating assets and liabilities
Accounts receivable	(4,343)	9,275
Inventories	(257)	(227)
Prepaid expenses and other assets	(1,037)	244
Accounts payable and accrued liabilities	655	(3,325)
Net cash provided by operating activities	2,222	16,652
Cash flows from investing activities
Purchases of property, plant and equipment	(26,975)	(17,331)
Proceeds from insurance claims	0	188
Proceeds from the sale of assets	1,088	864
Net cash used in investing activities	(25,887)	(16,279)
Cash flows from financing activities
Borrowings under credit facility	38,410	42,391
Repayments under credit facility	(17,162)	(82,129)
Public offering proceeds, net of offering costs	0	42,920
Purchase of treasury stock	(162)	(345)
RSUs withheld for taxes	(853)	0
Financing costs paid	(538)	(217)
Payments for capital lease obligations	(449)	(425)
Net cash provided by financing activities	19,246	2,195
Net (decrease) increase in cash and cash equivalents	(4,419)	2,568
Cash and cash equivalents
Beginning of period	7,071	5,344
End of period	2,652	7,912
Supplemental disclosure of cash flow information
Cash paid during the period for interest	1,865	1,758
Cash (received) paid during the period for taxes	0	(133)
Supplemental disclosure of non-cash investing and financing activities
Change in property, plant and equipment purchases in accounts payable	(3,648)	(1,537)
Additions to property, plant and equipment through capital leases	$ 822	$ 1,256

Nature of Operations and Recent

Nature of Operations and Recent Events	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Recent Events	Nature of Operations and Recent Events Except as expressly stated or the context otherwise requires, the terms "we," "us," "our," "ICD," and the "Company" refer to Independence Contract Drilling, Inc. 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 fleet comprised entirely of custom designed ShaleDriller® rigs. Our standardized fleet currently consists of 14 premium 200 Series ShaleDriller® rigs, all of which are equipped with our integrated omni-directional walking systems. Every rig in our fleet is a 1500-hp, AC programmable rig designed to be fast-moving between drilling sites and is equipped with 7500 psi mud systems, top drives, automated tubular handling systems and blowout preventer handling systems. All of our rigs are equipped with bi-fuel capabilities that enable the rig to operate on either diesel or a natural gas-diesel blend. Our first rig commenced drilling in May 2012. We currently focus our operations on unconventional resource plays located in geographic regions that we can efficiently support from our Houston, Texas facilities in order to maximize economies of scale. Currently, our rigs are operating in the Permian Basin, Eagle Ford Shale and the Haynesville Shale, however, our rigs have previously operated in the Mid-Continent and Eaglebine regions as well. Our business depends on the level of exploration and production activity by oil and natural gas companies operating in the United States, and in particular, the regions where we actively market our contract drilling services. The oil and natural gas exploration and production industry is a historically cyclical industry characterized by significant changes in the levels of exploration and development activities. Oil and natural 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 natural gas price volatility historically, 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 United States and the regions where we market our contract drilling services, whether resulting from changes in oil and natural gas prices or otherwise, could materially and adversely affect our business. Oil and Natural Gas Prices and Drilling Activity Oil prices began to decline in the second half of 2014, declined further during 2015 and remained low in 2016. The closing price of oil was as high as $106.06 per barrel during the third quarter of 2014, was $37.13 per barrel on December 31, 2015, and reached a low of $26.19 on February 11, 2016 (WTI spot price as reported by the United States Energy Information Administration). As a result, our industry experienced an exceptional downturn and market conditions have only begun to stabilize and slowly recover. Recently, and in particular, following the November 2016 decision by the Organization of Petroleum Exporting Countries (“OPEC”) to reduce production quotas, oil prices began to recover to the $45 to $55 per barrel range. However, there are no indications at this time that oil prices and rig counts will recover, in the near term to their previous highs experienced in 2014. As market conditions have improved from trough levels in 2016 and begun to stabilize, demand for our ShaleDriller® rigs has improved. At September 30, 2017, all of our rigs were under contract and operating. In addition to improving utilization, contract tenors are improved with customers willing to sign term contracts of six to twelve months or longer, and at higher dayrates compared to trough levels. However, the pace and duration of the current recovery is unknown. If oil prices were to fall below $45 per barrel for any sustained period of time, market conditions and demand for our products and services could deteriorate. Amendment to Revolving Credit Facility On July 14, 2017, we amended our existing credit facility ("the Credit Facility"). The Credit Facility amendment maintained the aggregate commitments under the facility at $85.0 million and extended the maturity date two years to November 5, 2020. In addition, the amendment provided for an additional uncommitted $65.0 million accordion feature that allows for future increases in facility commitments. Interest under the Credit Facility remains unchanged. The amendment contained various changes to the financial and other covenants to accommodate the extension in term, including changes to the leverage ratio covenant, fixed charge coverage ratio covenant and rig utilization ratio covenant. Assets Held For Sale During the fourth quarter of 2016, we began a review of our rig fleet and other capital equipment with a focus on opportunities to standardize certain rig components across our fleet. The standardization of this equipment creates operating efficiencies in maintaining this equipment, as well as efficiencies when crews transfer between rigs. As a result of our review, we identified several non-standard items which, while fully functional, were less than optimal from an operations perspective. Such assets were classified as held for sale on our December 31, 2016 balance sheet. In the second quarter of 2017, we sold $1.6 million of these assets and recognized a loss on the sale of assets of $0.8 million . During the second quarter of 2017, our management committed to a plan to sell our corporate headquarters and rig assembly yard complex located at 11601 North Galayda Street, Houston, Texas, in order to relocate to office space and a yard facility more suitable to our needs. As a result, we reclassified an aggregate $4.0 million of land, buildings and equipment from property, plant and equipment to assets held for sale on our balance sheet and recognized a $0.5 million asset impairment charge representing the difference between the carrying value and the fair value, less the costs to sell the related property. In the third quarter of 2017, we recorded an additional asset impairment on the property, reducing assets held for sale, of $0.6 million , as a result of water related damage from the heavy rainfall that occurred during Hurricane Harvey in August 2017.

Interim Financial Information

Interim Financial Information	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Interim Financial Information	Interim Financial Information These unaudited financial statements include the accounts of ICD, and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These financial statements should be read along with our audited financial statements for the year ended December 31, 2016 , included in our Annual Report on Form 10-K for the year ended December 31, 2016 . 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 stockholders' equity for all periods presented. As we had no items of other comprehensive income in any period presented, no other components of comprehensive income or comprehensive income is presented. Interim results for the three and nine months ended September 30, 2017 may not be indicative of results that will be realized for the full year ending December 31, 2017 . 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. Other Matters We have not elected to avail ourselves of the extended transition period available to emerging growth companies ("EGCs") as provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards, therefore, we will be subject to new or revised accounting standards at the same time as other public companies that are not EGCs. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, to provide guidance on the recognition of revenue from customers. Subsequent to May 2014, there have been other related ASU's issued that relate to narrow-scope improvements and practical expedients for the application of ASU 2014-09. 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, as updated, is effective for interim and annual periods beginning after December 15, 2017. We are currently in the process of completing our evaluation of the impact this guidance will have on our financial statements. We, along with our third party consultants, have identified and analyzed a sample of contracts that are representative of our business and have performed a detailed analysis of the performance obligations and pricing arrangements therein. We currently do not expect that the new guidance will impact the timing of our revenue recognition, however, certain revenues and costs historically recorded on a gross basis in our financial statements may be recorded on a net basis. The most significant implementation items that we have open are the completion of our gross vs. net analysis on our reimbursables, preparation of the new required disclosure, and revising our processes and controls relating to the accounting and disclosures for revenue. We are also still evaluating the portion, if any, of our contract drilling revenues that will be subject to the new leasing guidance discussed below, that we expect to adopt in 2019. We currently expect to adopt this new guidance utilizing the modified retrospective approach. In February 2016, the FASB issued ASU No. 2016-02, Leases, to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. Under the new guidance, lessees will be required to recognize (with the exception of short-term leases) at the commencement date, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. This guidance is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities. We are currently evaluating the impact this guidance will have on our financial statements with respect to revenue recognition as a lessor, and have engaged a third party consultant to assist us on this evaluation process. Furthermore, the majority of our operating leases with lease terms greater than twelve months, where we are the lessee, are currently accounted for as capital leases. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, as additional guidance on the measurement of credit losses on financial instruments. The new guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. In addition, the guidance amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The new guidance is effective for SEC filers for interim and annual periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. We are in the initial stages of evaluating the impact this guidance will have on our accounts receivable. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows, to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. We expect the implementation of this standard to change the classification of the described transactions within our Statement of Cash Flows.

Financial Instruments and Fair

Financial Instruments and Fair Value	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value	Financial Instruments and Fair Value 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 or liabilities; 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 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. The fair value of our revolving debt is determined by Level 3 measurements based on the amount of future cash flows associated with the debt, discounted using our current borrowing rate for comparable debt instruments (the Income Method). Based on our evaluation of the risk free rate, the market yield and credit spreads on comparable company publicly traded debt issues, we used an annualized discount rate, including a credit valuation allowance, of 5.5% . The fair value of our lease obligations is determined using Level 3 measurements using our current incremental borrowing rate. The estimated fair value of our long-term debt totaled $48.8 million and $26.6 million as of September 30, 2017 and December 31, 2016 , respectively, compared to a carrying amount of $47.6 million and $26.1 million as of September 30, 2017 and December 31, 2016 , respectively. The fair value of our assets held for sale is determined using Level 3 measurements. Fair value measurements are applied with respect to our non-financial assets and liabilities measured on a non-recurring basis, which would consist of measurements primarily of long-lived assets.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories All of our inventory as of September 30, 2017 and December 31, 2016 consisted of rig components and supplies.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2017
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following: (in thousands) September 30, 2017 December 31, 2016 Accrued salaries and other compensation $ 1,932 $ 3,784 Insurance 835 787 Deferred revenues 1,379 1,139 Property, sales and other taxes 2,102 1,943 Other 229 168 $ 6,477 $ 7,821

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Our Long-term Debt consisted of the following: (in thousands) September 30, 2017 December 31, 2016 Credit facility due November 5, 2020 $ 47,000 $ 25,752 Capital lease obligations 1,140 767 48,140 26,519 Less: current portion (510 ) (441 ) Long-term debt $ 47,630 $ 26,078 Credit Facility In November 2014, we entered into an amended and restated credit agreement with a syndicate of financial institutions led by CIT Finance, LLC, that provided for a committed $155.0 million revolving credit facility and an additional uncommitted $25.0 million accordion feature that allowed for future increases in the facility. In April 2015, we amended the Credit Facility to provide for a springing lock-box arrangement. In October 2015, in light of market conditions and our reduced capital plans, we entered into an amendment to the Credit Facility to reduce aggregate commitments to $125.0 million and modified certain maintenance covenants. In April 2016, we again amended the Credit Facility to reduce aggregate commitments to $85.0 million and further modify certain maintenance covenants. In connection with this amendment, we expensed certain previously deferred debt issuance costs totaling $0.5 million reflecting the reduction in borrowing capacity. On July 14, 2017, we again amended our existing Credit Facility. The Credit Facility amendment maintained the aggregate commitments at $85.0 million and extended the maturity date two years to November 5, 2020. In addition, the amendment provided for an additional uncommitted $65.0 million accordion feature that allows for future increases in facility commitments. The amendment contained various changes to the financial and other covenants to accommodate the extension in term, including changes to the leverage ratio covenant, fixed charge coverage ratio covenant and rig utilization ratio covenant. Additionally, the advance rate increased to 75% through September 30, 2017, decreasing 1.25% per quarter thereafter, subject to a floor of 65% . At September 30, 2017, our aggregate borrowings under the Credit Facility were $47.0 million and the borrowing base was $107.5 million . The obligations under the Credit Facility are secured by all of our assets and are unconditionally guaranteed by all of our current and future direct and indirect subsidiaries. Under the Credit Facility, for purposes of calculating EBITDA, non-cash stock-based compensation expense is added back to EBITDA, as well as up to $2.0 million of previously capitalized construction costs that may be incurred in 2017. The Credit Facility also permits us to incur up to $20.0 million of additional indebtedness for the purchase of additional rigs or rig equipment. As of September 30, 2017, we are in compliance with these covenants. The Credit Facility provides that an event of default may occur if a material adverse change to ICD occurs, which is considered a subjective acceleration clause under applicable accounting rules. In accordance with ASC 470-10-45, because of the existence of this clause, borrowings under the Credit Facility will be required to be classified as current in the event the springing lock-box event occurs, regardless of the actual maturity of the borrowings. The requirement for a mandatory lock-box trigger occurs when availability under the Credit Facility is $10.0 million or less. 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. Rigs that remain idle for 90 consecutive days or longer are removed from the borrowing base until they are contracted. In addition, rigs are appraised two times a year and are subject to upward or downward revisions as a result of market conditions as well as the age of the rig. 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. As of September 30, 2017 , the weighted average interest rate on our borrowings was 6.01% . Capital Lease Obligations During the first quarter of 2016, our vehicle lease agreements were amended, which resulted in a change in the classification of certain leases from operating leases to capital leases. On the amendment date we recorded $0.8 million in capital lease obligations, representing the lesser of fair market value or the present value of future minimum lease payments on the conversion date. These leases generally have initial terms of 36 months and are paid monthly.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2017
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 non-employee directors. The 2012 Plan was subsequently amended in August 2014 and June 2016. The 2012 Plan, as amended, permits the granting of various types of awards, including stock options, restricted stock and restricted stock unit awards, and up to 4,754,000 shares were authorized for issuance. 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 ten years after the grant date. We have the right to satisfy option exercises from treasury shares and from authorized but unissued shares. As of September 30, 2017 , approximately 1,691,261 shares were available for future awards. In the first quarter of 2017, we adopted ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. The FASB issued this accounting standard in an effort to simplify the accounting for employee share-based payments and improve the usefulness of the information provided to users of financial statements. Our policy is to account for forfeitures of share-based compensation awards as they occur. 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, 2017 2016 2017 2016 Compensation cost recognized: Stock options $ — $ 9 $ — $ 81 Restricted stock and restricted stock units 867 967 3,036 3,188 Total stock-based compensation $ 867 $ 976 $ 3,036 $ 3,269 No stock-based compensation was capitalized in connection with rig construction activity during the three and nine months ended September 30, 2017 or the three and nine months ended September 30, 2016 . 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 is amortized to compensation expense on a straight-line basis over the requisite service periods of the stock awards, which are generally the vesting periods. There were no stock options granted during the nine months ended September 30, 2017 or the nine months ended September 30, 2016 . A summary of stock option activity and related information for the nine months ended September 30, 2017 is as follows: Nine Months Ended September 30, 2017 Options Weighted Average Exercise Price Outstanding at January 1, 2017 935,720 $ 12.74 Granted — — Exercised — — Forfeited/expired (252,770 ) 12.74 Outstanding at September 30, 2017 682,950 $ 12.74 Exercisable at September 30, 2017 682,950 $ 12.74 The number of options vested at September 30, 2017 was 682,950 with a weighted average remaining contractual life of 4.5 years and a weighted average exercise price of $12.74 per share. There were no unvested options or unrecognized compensation cost related to outstanding stock options at September 30, 2017 . Restricted Stock Restricted stock awards consist of grants of our common stock that vest ratably 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 estimated fair market value of our shares on the grant date. As of September 30, 2017 , there was no unrecognized compensation cost related to unvested restricted stock awards. A summary of the status of our restricted stock awards as of September 30, 2017 , and of changes in restricted stock outstanding during the nine months ended September 30, 2017 , is as follows: Nine Months Ended September 30, 2017 Shares Weighted Average Grant-Date Fair Value Per Share Outstanding at January 1, 2017 147,368 $ 10.67 Granted — — Vested (144,173 ) 10.72 Forfeited (3,195 ) 8.35 Outstanding at September 30, 2017 — $ — Restricted Stock Units We have granted restricted stock units ("RSUs") to key employees under the 2012 Plan. We have granted three -year cliff vesting RSUs, as well as 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. Exercisability 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, safety or uptime performance statistics, as defined in the restricted stock unit agreement, over a three-year period. We used a Monte Carlo simulation model to value the TSR market-based RSUs. The fair value of the 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, 2017 , there was $3.6 million of total unrecognized compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted average period of 1.0 year . A summary of the status of our RSUs as of September 30, 2017 , and of changes in RSUs outstanding during the nine months ended September 30, 2017 , is as follows: Nine Months Ended September 30, 2017 RSUs Weighted Outstanding at January 1, 2017 1,030,658 $ 7.18 Granted 656,631 5.76 Vested and converted (343,689 ) 8.54 Forfeited (304,893 ) 9.62 Outstanding at September 30, 2017 1,038,707 $ 5.12

Stockholders_ Equity and Earnin

Stockholders’ Equity and Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Stockholders' Equity and Earnings (Loss) per Share	Stockholders’ Equity and Earnings (Loss) per Share As of September 30, 2017 , we had a total of 37,981,534 shares of common stock, $0.01 par value, outstanding. We also had 258,179 shares held as treasury stock. Total authorized common stock is 100,000,000 shares. Basic earnings (loss) per common share (“EPS”) are 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: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2017 2016 2017 2016 Net loss (numerator): $ (5,980 ) $ (7,198 ) $ (18,553 ) $ (11,803 ) Loss per share: Basic and diluted $ (0.16 ) $ (0.19 ) $ (0.49 ) $ (0.37 ) Shares (denominator): Weighted average common shares outstanding - basic 37,839 37,387 37,688 31,670 Net effect of dilutive stock options, warrants and restricted stock units — — — — Weighted average common shares outstanding - diluted 37,839 37,387 37,688 31,670 For all periods presented, the computation of diluted loss per share excludes the effect of certain outstanding stock options and RSUs because their inclusion would be anti-dilutive. The number of options that were excluded from diluted loss per share were 682,950 during the three and nine months ended September 30, 2017 and 948,803 during the three and nine months ended September 30, 2016 . RSUs, which are not participating securities and are excluded from our basic and diluted loss per share because they are anti-dilutive, were 1,038,707 for the three and nine months ended September 30, 2017 and 1,039,748 for the three and nine months ended September 30, 2016 .

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was (0.5)% and (0.6)% for the three and nine months ended September 30, 2017 , respectively, and (0.4)% and (0.6)% for the three and nine months ended September 30, 2016 , respectively. The rate in all periods is primarily comprised of the effect of the Texas margin tax. For federal income tax purposes, we have applied a valuation allowance against any potential deferred tax asset which would have ordinarily resulted.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments As of September 30, 2017 , we had outstanding purchase commitments to a number of suppliers totaling $9.8 million , net of deposits previously made, related primarily to the construction of drilling rigs. Of these commitments, $4.7 million relates to equipment currently scheduled for delivery in 2017 and $5.1 million relates to equipment scheduled for delivery in 2018. Lease Commitments We lease certain equipment and vehicles under non-cancelable operating and capital leases. Future minimum lease payments under operating and capital lease commitments, with lease terms in excess of one year subsequent to September 30, 2017 , were as follows: (in thousands) 2017 $ 169 2018 549 2019 427 2020 185 $ 1,330 As of September 30, 2017 , property, plant and equipment in our balance sheets included $1.1 million of equipment under capital lease, net of $0.5 million of accumulated amortization. As of December 31, 2016 , property, plant and equipment in our balance sheets included $0.8 million of equipment under capital lease, net of $0.3 million of accumulated amortization. This equipment consists entirely of vehicles used in our operations. Contingencies We may be the subject of lawsuits and claims arising in the ordinary course of business from time to time. Management cannot predict the ultimate outcome of such lawsuits and claims. While lawsuits and claims are asserted for amounts that may be material should an unfavorable outcome be the result, management does not currently expect that the outcome of any of these known legal proceedings or claims will have a material adverse effect on our financial position or results of operations.

Interim Financial Information (

Interim Financial Information (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting	These unaudited financial statements include the accounts of ICD, and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These financial statements should be read along with our audited financial statements for the year ended December 31, 2016 , included in our Annual Report on Form 10-K for the year ended December 31, 2016 . 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 stockholders' equity for all periods presented. As we had no items of other comprehensive income in any period presented, no other components of comprehensive income or comprehensive income is presented. Interim results for the three and nine months ended September 30, 2017 may not be indicative of results that will be realized for the full year ending December 31, 2017 .
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, to provide guidance on the recognition of revenue from customers. Subsequent to May 2014, there have been other related ASU's issued that relate to narrow-scope improvements and practical expedients for the application of ASU 2014-09. 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, as updated, is effective for interim and annual periods beginning after December 15, 2017. We are currently in the process of completing our evaluation of the impact this guidance will have on our financial statements. We, along with our third party consultants, have identified and analyzed a sample of contracts that are representative of our business and have performed a detailed analysis of the performance obligations and pricing arrangements therein. We currently do not expect that the new guidance will impact the timing of our revenue recognition, however, certain revenues and costs historically recorded on a gross basis in our financial statements may be recorded on a net basis. The most significant implementation items that we have open are the completion of our gross vs. net analysis on our reimbursables, preparation of the new required disclosure, and revising our processes and controls relating to the accounting and disclosures for revenue. We are also still evaluating the portion, if any, of our contract drilling revenues that will be subject to the new leasing guidance discussed below, that we expect to adopt in 2019. We currently expect to adopt this new guidance utilizing the modified retrospective approach. In February 2016, the FASB issued ASU No. 2016-02, Leases, to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. Under the new guidance, lessees will be required to recognize (with the exception of short-term leases) at the commencement date, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. This guidance is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities. We are currently evaluating the impact this guidance will have on our financial statements with respect to revenue recognition as a lessor, and have engaged a third party consultant to assist us on this evaluation process. Furthermore, the majority of our operating leases with lease terms greater than twelve months, where we are the lessee, are currently accounted for as capital leases. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, as additional guidance on the measurement of credit losses on financial instruments. The new guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. In addition, the guidance amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The new guidance is effective for SEC filers for interim and annual periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. We are in the initial stages of evaluating the impact this guidance will have on our accounts receivable. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows, to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. We expect the implementation of this standard to change the classification of the described transactions within our Statement of Cash Flows.
Fair Value Measurement	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 or liabilities; 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 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.

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2017
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following: (in thousands) September 30, 2017 December 31, 2016 Accrued salaries and other compensation $ 1,932 $ 3,784 Insurance 835 787 Deferred revenues 1,379 1,139 Property, sales and other taxes 2,102 1,943 Other 229 168 $ 6,477 $ 7,821

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Our Long-term Debt consisted of the following: (in thousands) September 30, 2017 December 31, 2016 Credit facility due November 5, 2020 $ 47,000 $ 25,752 Capital lease obligations 1,140 767 48,140 26,519 Less: current portion (510 ) (441 ) Long-term debt $ 47,630 $ 26,078

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
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, 2017 2016 2017 2016 Compensation cost recognized: Stock options $ — $ 9 $ — $ 81 Restricted stock and restricted stock units 867 967 3,036 3,188 Total stock-based compensation $ 867 $ 976 $ 3,036 $ 3,269
Summary of Stock Option Activity and Related Information	A summary of stock option activity and related information for the nine months ended September 30, 2017 is as follows: Nine Months Ended September 30, 2017 Options Weighted Average Exercise Price Outstanding at January 1, 2017 935,720 $ 12.74 Granted — — Exercised — — Forfeited/expired (252,770 ) 12.74 Outstanding at September 30, 2017 682,950 $ 12.74 Exercisable at September 30, 2017 682,950 $ 12.74
Schedule of Restricted Stock Activity	A summary of the status of our restricted stock awards as of September 30, 2017 , and of changes in restricted stock outstanding during the nine months ended September 30, 2017 , is as follows: Nine Months Ended September 30, 2017 Shares Weighted Average Grant-Date Fair Value Per Share Outstanding at January 1, 2017 147,368 $ 10.67 Granted — — Vested (144,173 ) 10.72 Forfeited (3,195 ) 8.35 Outstanding at September 30, 2017 — $ — A summary of the status of our RSUs as of September 30, 2017 , and of changes in RSUs outstanding during the nine months ended September 30, 2017 , is as follows: Nine Months Ended September 30, 2017 RSUs Weighted Outstanding at January 1, 2017 1,030,658 $ 7.18 Granted 656,631 5.76 Vested and converted (343,689 ) 8.54 Forfeited (304,893 ) 9.62 Outstanding at September 30, 2017 1,038,707 $ 5.12

Stockholders_ Equity and Earn21

Stockholders’ Equity and Earnings (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Reconciliation of Numerators and Denominators of Basic and Diluted (Loss) Earnings Per Share	A reconciliation of the numerators and denominators of the basic and diluted losses per share computations is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2017 2016 2017 2016 Net loss (numerator): $ (5,980 ) $ (7,198 ) $ (18,553 ) $ (11,803 ) Loss per share: Basic and diluted $ (0.16 ) $ (0.19 ) $ (0.49 ) $ (0.37 ) Shares (denominator): Weighted average common shares outstanding - basic 37,839 37,387 37,688 31,670 Net effect of dilutive stock options, warrants and restricted stock units — — — — Weighted average common shares outstanding - diluted 37,839 37,387 37,688 31,670

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Payments Under Operating and Capital Lease Commitments	Future minimum lease payments under operating and capital lease commitments, with lease terms in excess of one year subsequent to September 30, 2017 , were as follows: (in thousands) 2017 $ 169 2018 549 2019 427 2020 185 $ 1,330

Nature of Operations and Rece23

Nature of Operations and Recent Events - Operations & Oil and Natural Gas Prices and Drilling Activity (Details)	Jun. 30, 2017$ / bbl	Feb. 11, 2016$ / bbl	Dec. 31, 2015$ / bbl	Sep. 30, 2014$ / bbl	Sep. 30, 2017drilling_rig$ / bbl
Property, Plant and Equipment [Line Items]
Closing price of oil (in dollars per barrel)			37.13	106.06
Market price of oil (in dollars per barrel)	45	26.19
Operating rig
Property, Plant and Equipment [Line Items]
Number of rigs | drilling_rig					14
Minimum
Property, Plant and Equipment [Line Items]
Market price of oil (in dollars per barrel)					45
Maximum
Property, Plant and Equipment [Line Items]
Market price of oil (in dollars per barrel)					55

Nature of Operations and Rece24

Nature of Operations and Recent Events - Amendment to Revolving Credit Facility (Details) - Line of credit - Revolving credit facility - CIT Finance, LLC syndicate - USD ($)	Jul. 14, 2017	Apr. 30, 2016	Oct. 31, 2015	Nov. 30, 2014
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 85,000,000	$ 85,000,000	$ 125,000,000	$ 155,000,000
Additional term from extension	2 years
Accordion feature
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 65,000,000			$ 25,000,000

Nature of Operations and Rece25

Nature of Operations and Recent Events - Assets Held For Sale (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on the sale of assets		$ 800
Loss on disposition of assets, net	$ 0		$ 676		$ 1,573	$ 588
Rig Fleet And Other Capital Equipment | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property, plant and equipment classified as held for sale		1,600		$ 1,600
Corporate Headquarters And Rig Assembly Yard | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property, plant and equipment classified as held for sale		$ 4,000		4,000
Loss on disposition of assets, net	$ 600			$ 500

Interim Financial Information -

Interim Financial Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2017segment
Accounting Policies [Abstract]
Reportable segments	1

Financial Instruments and Fai27

Financial Instruments and Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Annualized discount rate (as a percent)	5.50%
Long-term debt, fair value	$ 48,800	$ 26,600
Long-term debt, carrying value	$ 47,630	$ 26,078

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Accrued salaries and other compensation	$ 1,932	$ 3,784
Insurance	835	787
Deferred revenues	1,379	1,139
Property, sales and other taxes	2,102	1,943
Other	229	168
Accrued liabilities	$ 6,477	$ 7,821

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt, including current portion	$ 48,140	$ 26,519
Less: current portion	(510)	(441)
Long-term debt	47,630	26,078
Capital lease obligations
Debt Instrument [Line Items]
Long-term debt, including current portion	1,140	767
Credit facility due November 5, 2020 | Line of credit
Debt Instrument [Line Items]
Long-term debt, including current portion	$ 47,000	$ 25,752

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details)	Jul. 14, 2017USD ($)	Apr. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2017USD ($)rig_appraisal	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Apr. 14, 2016USD ($)	Oct. 31, 2015USD ($)	Nov. 30, 2014USD ($)
Debt Instrument [Line Items]
Deferred debt issuance costs expensed				$ 0	$ 504,000
Aggregate borrowings				$ 48,140,000		$ 26,519,000
Number of rig appraisals, annually | rig_appraisal				2
Capital lease obligations recorded, reclassification from operating leases			$ 800,000
Capital leases, term (months)			36 months
Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Borrowing limit based on appraised forced liquidation of eligible completed and owned drilling rigs (up to) (as a percent)	75.00%			75.00%
Aggregate borrowings				$ 47,000,000		$ 25,752,000
Borrowing base				107,500,000
Line of credit facility, higher borrowing capacity option				$ 20,000,000
Line of credit facility, springing lock box arrangement, threshold							$ 10,000,000
Borrowing limit based on eligible trade accounts (as a percent)				85.00%
Eligible trade accounts receivable days outstanding limit (not more than)				90 days
Interest rate, basis spread based on availability (as a percent)				3.50%
Commitment fee on unused capacity (as a percent)				0.50%
Weighted average interest rate on borrowings (as a percent)				6.01%
Revolving credit facility | Line of credit | LIBOR
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)				4.50%
Revolving credit facility | Line of credit | Three-month LIBOR
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)				1.00%
Revolving credit facility | Line of credit | Federal funds, effective rate
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)				0.05%
Revolving credit facility | Line of credit | CIT Finance, LLC syndicate
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 85,000,000	$ 85,000,000						$ 125,000,000	$ 155,000,000
Deferred debt issuance costs expensed		$ 500,000
Additional term from extension	2 years
Decrease borrowing limit quarterly (as a percent)	1.25%
Maximum amount of previously capitalized construction costs added back to EBITDA				$ 2,000,000
Revolving credit facility | Line of credit | CIT Finance, LLC syndicate | Accordion feature
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 65,000,000								$ 25,000,000
Minimum | Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Borrowing limit based on appraised forced liquidation of eligible completed and owned drilling rigs (up to) (as a percent)	65.00%

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation capitalized due to rig construction activity	$ 0	$ 0	$ 0	$ 0
Options, granted (in shares)			0	0
Options, exercisable (in shares)	682,950		682,950
Remaining contractual life (years)			4 years 6 months
Weighted-average exercise price (in dollars per share)	$ 12.74		$ 12.74
Unrecognized compensation costs	$ 0		$ 0
Restricted stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (years)			3 years
Restricted stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (years)			4 years
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (years)			3 years
Unrecognized compensation costs	$ 3,600,000		$ 3,600,000
Weighted average recognition period			1 year
Restricted stock units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, number of shares			2
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	4,754,000		4,754,000
Number of shares available for future awards (in shares)	1,691,261		1,691,261
2012 Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expiration period (years)			10 years

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 867	$ 976	$ 3,036	$ 3,269
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	0	9	0	81
Restricted stock and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 867	$ 967	$ 3,036	$ 3,188

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Options
Options, beginning balance (in shares)	935,720
Options, granted (in shares)	0	0
Options, exercised (in shares)	0
Options, forfeited/expired (in shares)	(252,770)
Options, ending balance (in shares)	682,950
Options, exercisable (in shares)	682,950
Weighted Average Exercise Price
Weighted average exercise price, beginning balance (in dollars per share)	$ 12.74
Weighted average exercise price, granted (in dollars per share)	0
Weighted average exercise price, exercised (in dollars per share)	0
Weighted average exercise price, forfeited/expired (in dollars per share)	12.74
Weighted average exercise price, ending balance (in dollars per share)	12.74
Weighted-average exercise price, exercisable (in dollars per share)	$ 12.74

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Activity (Details)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Restricted stock
Shares
Number, beginning balance (in shares) | shares	147,368
Number, granted (in shares) | shares	0
Number, vested (in shares) | shares	(144,173)
Number, forfeited (in shares) | shares	(3,195)
Number, ending balance (in shares) | shares	0
Weighted Average Grant-Date Fair Value Per Share
Weighted average grant date fair value per share, beginning balance (in dollars per share) | $ / shares	$ 10.67
Weighted average grant date fair value per share, granted (in dollars per share) | $ / shares	0
Weighted average grant date fair value per share, vested (in dollars per share) | $ / shares	8.35
Weighted average grant date fair value per share, forfeited (in dollars per share) | $ / shares	8.35
Weighted average grant date fair value per share, ending balance (in dollars per share) | $ / shares	$ 0
Restricted stock units (RSUs)
Shares
Number, beginning balance (in shares) | shares	1,030,658
Number, granted (in shares) | shares	656,631
Number, vested (in shares) | shares	(343,689)
Number, forfeited (in shares) | shares	(304,893)
Number, ending balance (in shares) | shares	1,038,707
Weighted Average Grant-Date Fair Value Per Share
Weighted average grant date fair value per share, beginning balance (in dollars per share) | $ / shares	$ 7.18
Weighted average grant date fair value per share, granted (in dollars per share) | $ / shares	5.76
Weighted average grant date fair value per share, vested (in dollars per share) | $ / shares	8.54
Weighted average grant date fair value per share, forfeited (in dollars per share) | $ / shares	9.62
Weighted average grant date fair value per share, ending balance (in dollars per share) | $ / shares	$ 5.12

Stockholders_ Equity and Earn35

Stockholders’ Equity and Earnings (Loss) per Share - Narrative (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, par value (usd per share)	$ 0.01		$ 0.01		$ 0.01
Treasury stock, number of shares held (in shares)	258,179		258,179		213,803
Shares authorized (in shares)	100,000,000		100,000,000		100,000,000
Equity Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	682,950	948,803	682,950	948,803
Restricted stock units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,038,707	1,039,748	1,038,707	1,039,748
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares outstanding (in shares)	37,981,534		37,981,534		37,617,920

Stockholders_ Equity and Earn36

Stockholders’ Equity and Earnings (Loss) per Share - Basic and Diluted Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net loss (numerator):
Net loss	$ (5,980)	$ (7,198)	$ (18,553)	$ (11,803)
Loss per share:
Basic and diluted (usd per share)	$ (0.16)	$ (0.19)	$ (0.49)	$ (0.37)
Shares (denominator):
Weighted average common shares outstanding - basic	37,839	37,387	37,688	31,670
Net effect of dilutive stock options, warrants and restricted stock units	0	0	0	0
Weighted average common shares outstanding - diluted	37,839	37,387	37,688	31,670

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	(0.50%)	(0.40%)	(0.60%)	(0.60%)

Commitments and Contingencies38

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Outstanding purchase commitments	$ 9,800
Outstanding purchase commitments, equipment to be delivered in 2017	4,700
Outstanding purchase commitments, equipment to be delivered in 2018	5,100
2,017	169
2,018	549
2,019	427
2,020	185
Total future lease payments	1,330
Long-term Purchase Commitment [Line Items]
Property, plant and equipment, net	272,003	$ 273,188
Assets Held under Capital Leases
Long-term Purchase Commitment [Line Items]
Property, plant and equipment, net	1,100	800
Accumulated depreciation	$ 500	$ 300