Independence Contract Drilling (ICDIQ) 10-K 28 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Feb. 27, 2024	Jun. 30, 2023
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-36590
Entity Registrant Name	INDEPENDENCE CONTRACT DRILLING, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1653648
Entity Address, Address Line One	20475 State Highway 249
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77070
City Area Code	281
Local Phone Number	598-1230
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	ICD
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float				$ 28,977,915
Entity Common Stock, Shares Outstanding			15,266,773
Auditor Name	MOSS ADAMS, LLP	BDO USA, LLP
Auditor Firm ID	659	243
Auditor Location	Houston, Texas	Houston, Texas
Entity Central Index Key	0001537028
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 5,565	$ 5,326
Accounts receivable	31,695	39,775
Inventories	1,557	1,508
Assets held for sale		325
Prepaid expenses and other current assets	4,759	4,736
Total current assets	43,576	51,670
Property, plant and equipment, net	348,193	376,084
Other long-term assets, net	2,908	1,960
Total assets	394,677	429,714
Liabilities
Current portion of long-term debt	1,226	2,485
Accounts payable	22,990	31,946
Accrued liabilities	16,371	17,608
Total current liabilities	40,587	52,039
Long-term debt, net	154,549	143,223
Deferred income taxes, net	9,761	12,266
Other long-term liabilities	8,201	7,474
Total liabilities	213,098	215,002
Commitments and contingencies (Note 13)
Stockholders' equity
Common stock, $0.01 par value, 250,000,000 shares authorized; 14,523,124 and 13,698,851 shares issued, respectively, and 14,425,864 and 13,613,759 shares outstanding, respectively	144	136
Additional paid-in capital	622,169	617,606
Accumulated deficit	(436,794)	(399,097)
Treasury stock, at cost, 97,260 shares and 85,092 shares, respectively	(3,940)	(3,933)
Total stockholders' equity	181,579	214,712
Total liabilities and stockholders' equity	$ 394,677	$ 429,714

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000
Common stock, shares issued (in shares)	14,523,124	13,698,851
Common stock, shares outstanding (in shares)	14,425,864	13,613,759
Treasury stock (in shares)	97,260	85,092

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Operations
Revenues	$ 210,106	$ 186,710
Costs and expenses
Operating costs	130,253	123,399
Selling, general and administrative	24,499	24,809
Depreciation and amortization	43,543	40,443
Asset impairment, net	14,905	350
Loss (gain) on disposition of assets, net	38	(196)
Other expense	585
Total costs and expenses	213,823	188,805
Operating loss	(3,717)	(2,095)
Interest expense	(35,955)	(29,575)
Loss on extinguishment of debt		(46,347)
Change in fair value of embedded derivative liability		(4,265)
Realized gain on extinguishment of derivative		10,765
Loss before income taxes	(39,672)	(71,517)
Income tax benefit	(1,975)	(6,196)
Net loss	$ (37,697)	$ (65,321)
Loss per share:
Basic (in dollars per share)	$ (2.69)	$ (5.01)
Diluted (in dollars per share)	$ (2.69)	$ (5.01)
Weighted average number of common shares outstanding:
Basic (in shares)	14,012	13,026
Diluted (in shares)	14,012	13,026

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock	Total
Beginning balance at Dec. 31, 2021	$ 102	$ 532,826	$ (333,776)	$ (3,923)	$ 195,229
Beginning balance (in shares) at Dec. 31, 2021	10,206,085
Increase (Decrease) in Stockholders' Equity [Roll Forward]
RSUs vested, net of shares withheld for taxes	$ 1	(10)			(9)
RSUs vested, net of shares withheld for taxes (in shares)	81,067
Purchase of treasury stock				(10)	(10)
Purchase of treasury stock (in shares)	(3,246)
Issuance of common stock through at-the-market facility, net of offering costs	$ 10	3,028			3,038
Issuance of common stock through at-the-market facility, net of offering costs (in shares)	1,061,853
Shares issued for structuring fee	$ 23	9,140			9,163
Shares issued for structuring fee (in shares)	2,268,000
Extinguishment of derivative		69,232			69,232
Stock-based compensation		3,390			3,390
Net Income (Loss)			(65,321)		(65,321)
Ending balance at Dec. 31, 2022	$ 136	617,606	(399,097)	(3,933)	214,712
Ending balance (in shares) at Dec. 31, 2022	13,613,759
Increase (Decrease) in Stockholders' Equity [Roll Forward]
RSUs vested, net of shares withheld for taxes	$ 8	(676)			(668)
RSUs vested, net of shares withheld for taxes (in shares)	824,273
Purchase of treasury stock				(7)	(7)
Purchase of treasury stock (in shares)	(12,168)
Stock-based compensation		5,239			5,239
Net Income (Loss)			(37,697)		(37,697)
Ending balance at Dec. 31, 2023	$ 144	$ 622,169	$ (436,794)	$ (3,940)	$ 181,579
Ending balance (in shares) at Dec. 31, 2023	14,425,864

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (37,697)	$ (65,321)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	43,543	40,443
Asset impairment, net	14,905	350
Stock-based compensation	5,671	4,644
Loss (gain) on disposition of assets, net	38	(196)
Non-cash interest expense	25,029	15,859
Loss on extinguishment of debt		46,347
Amortization of deferred financing costs	111	346
Amortization of Convertible Notes debt discount and issuance costs	8,534	6,714
Change in fair value of embedded derivative liability		4,265
Gain on extinguishment of derivative		(10,765)
Deferred income taxes	(2,505)	(6,771)
Non-cash cost to obtain revenue contract	585
Credit loss expense	1,177	256
Changes in operating assets and liabilities
Accounts receivable	6,318	(17,820)
Inventories	(249)	(365)
Prepaid expenses and other assets	(1,380)	266
Accounts payable and accrued liabilities	(3,058)	10,325
Net cash provided by operating activities	61,022	28,577
Cash flows from investing activities
Purchases of property, plant and equipment	(40,655)	(43,047)
Proceeds from the sale of assets	4,438	4,552
Proceeds from insurance claims		191
Net cash used in investing activities	(36,217)	(38,304)
Cash flows from financing activities
Proceeds from issuance of Convertible Notes		157,500
Payments to redeem Convertible Notes	(15,000)
Repayments under Term Loan Facility		(139,076)
Borrowings under Revolving ABL Credit Facility	34,672	5,589
Repayments under Revolving ABL Credit Facility	(40,983)	(78)
Payment of merger consideration		(2,902)
Proceeds from issuance of common stock through at-the-market facility, net of issuance costs		3,038
Purchase of treasury stock	(7)	(10)
Taxes paid for vesting of RSUs	(668)	(10)
Payments for finance lease obligations	(2,580)	(5,811)
Net cash (used in) provided by financing activities	(24,566)	10,913
Net increase in cash and cash equivalents	239	1,186
Cash and cash equivalents
Beginning of year	5,326	4,140
End of year	5,565	5,326
Convertible debt
Cash flows from financing activities
Financing costs paid		(6,986)
Term Loan Facility
Adjustments to reconcile net loss to net cash provided by operating activities
Non-cash interest expense	3,200
Revolving ABL Credit Facility.
Cash flows from financing activities
Financing costs paid	$ 0	$ (341)

Nature of Operations and Recent

Nature of Operations and Recent Developments	12 Months Ended
	Dec. 31, 2023
Nature of Operations and Recent Developments
Nature of Operations and Recent Developments	1. Nature of Operations and Recent Developments Except as expressly stated or the context otherwise requires, the terms “we,” “us,” “our,” the “Company” and “ICD” refer to Independence Contract Drilling, Inc. and its subsidiary. We provide land-based contract drilling services for oil and natural gas producers targeting unconventional resource plays in the United States. We own and operate a premium fleet comprised of modern, technologically advanced drilling rigs. We currently focus our operations on unconventional resource plays located in geographic regions that we can efficiently support from our Houston, Texas and Midland, Texas facilities in order to maximize economies of scale. Currently, our rigs are operating in the Permian Basin and the Haynesville Shale; however, our rigs have previously operated in the Eagle Ford Shale, 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 historically cyclical and 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. Market Conditions Oil prices (WTI-Cushing) reached a high of $123.64 per barrel on March 8, 2022; however, prices have fallen since those highs. As of February 20, 2024 oil was $ On August 22, 2022, natural gas prices reached a high of $9.85 per mmcf, but fell to $3.52 per mmcf as of December 31, 2022 and were $2.58 per mmcf as of December 31, 2023 and $1.58 per mmcf as of February 21, 2024. These commodity price declines, as well as take away capacity issues, caused market conditions in the Haynesville Shale to weaken rapidly, which resulted in a reduction in the number of drilling rigs operating in the Haynesville Shale, including a reduction in our operating rigs. At the end of the first quarter of 2023, we began relocating a portion of these rigs to the Permian Basin where market conditions were stronger. However, there can be no assurance that market conditions in the Permian Basin will remain strong and will not be adversely affected by recent volatility in oil prices nor any assurance that we will be successful in marketing all of these rigs in the Permian Basin or that they will be contracted on a timely basis or upon terms that are acceptable to us. Asset Impairment, net We refer to rigs that meet the minimum characteristics of a super-spec, pad optimal rig as our 200 Series rigs. However, in addition to these minimum characteristics, we believe E&P operators also increasingly desire drilling contractors with the ability to provide other flexible and varying equipment packages depending upon the specific nature of their drilling program and their field-development plans. Such equipment package options include greater setback capacity allowing efficient drilling of ultra-long horizontal laterals, high-torque top drives and high-torque iron roughnecks capable of handling larger diameter drill pipe and premium threaded connections. We refer to our ShaleDriller fleet that is outfitted with one or more of these additional equipment packages as our 300 Series rigs. There has been a growing demand for rigs meeting the characteristics of our 300 Series rigs and in response we began converting our 200 Series rigs equipment packages to 300 Series specification in late 2022. In response to customer demand, these conversions accelerated significantly during the later part of 2023, with the Company having performed four conversions during the past five months. As a result, the Company currently has only one 200 Series rig operating with over % of its current operating fleet being classified as 300 Series rigs. This compares to only During the fourth quarter of 2023, as a result of this accelerating trend toward rigs requiring 300 Series specifications, management reviewed its idle equipment and impaired $14.7 million of equipment and capital spares that it determined would no longer be utilized by the Company’s marketed fleet of 26 rigs. During the year ended December 31, 2023, we also impaired a damaged piece of drilling equipment for $0.3 million, net of insurance recoveries. During the year ended December 31, 2022, we impaired certain drilling equipment that was designated held for sale as of December 31, 2022. Accordingly, we impaired the drilling equipment to fair market value less cost to sell, recorded asset impairment expense of

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation These audited consolidated financial statements include all the accounts of ICD and its subsidiary. All significant intercompany accounts and transactions have been eliminated. Except for the subsidiary, we have no controlling financial interests in any other entity which would require consolidation. These audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). As we had no items of other comprehensive income in any period presented, no other comprehensive income is presented. Cash and Cash Equivalents We consider short-term, highly liquid investments that have an original maturity of three months or less to be cash equivalents. Accounts Receivable We adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments on January 1, 2023. The adoption of this guidance did not have a material impact on our consolidated financial statements and did not result in a transition adjustment as of January 1, 2023. As of January 1, 2023 and December 31, 2023, our total allowance for credit losses was Accounts receivable is comprised primarily of amounts due from our customers for contract drilling services. We maintain an allowance for credit losses for accounts receivable, which is recorded as an offset to accounts receivable, and changes in such are classified as selling, general and administrative expense in the consolidated statements of income. We assess collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when we identify specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, we consider historical collectability based on past due status and make judgments about the creditworthiness of customers based on ongoing credit evaluations. We also consider customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions. Inventories Inventory is stated at lower of cost or net realizable value and consists primarily of supplies held for use in our drilling operations. Cost is determined on an average cost basis. Property, Plant and Equipment, net Property, plant and equipment, including renewals and betterments, are stated at cost less accumulated depreciation. All property, plant and equipment are depreciated using the straight-line method based on the estimated useful lives of the assets, which range from two Depreciation of property, plant and equipment is recorded based on the estimated useful lives of the assets as follows: ​ ​ ​ ​ ​ ​ Estimated Useful Life Buildings 20 - 39 years Drilling rigs and related equipment 3 - 20 years Machinery, equipment and other 3 - 7 years Vehicles 2 - 3 years ​ Our operations are managed from field locations that we own or lease, that contain office, shop and yard space to support day-to-day operations, including repair and maintenance of equipment, as well as storage of equipment, materials and supplies. We currently have six such field locations. Additionally, we lease office space for our corporate headquarters in Houston, Texas. Leases are evaluated at inception or at any subsequent material modification to determine if the lease should be classified as a finance or operating lease. We review our assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets that are held and used is measured by comparison of the estimated future undiscounted cash flows associated with the asset to the carrying amount of the asset. If the carrying value of such assets is less than the estimated undiscounted cash flow, an impairment charge is recorded in the amount by which the carrying amount of the assets exceeds their estimated fair value. For further discussion, see Asset Impairments “Nature of Operations and Recent Developments.” Construction in progress represents the costs incurred for drilling rigs and rig upgrades under construction at the end of the period. This includes third-party costs relating to the purchase of rig components as well as labor, material and other identifiable direct and indirect costs associated with the construction of the rig. 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; 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. Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, certain accrued liabilities and our debt. Our debt consists primarily of our Convertible Notes and Revolving ABL Facility as of December 31, 2023 and 2022. The fair value of cash and cash equivalents, accounts receivable, accounts payable and certain accrued liabilities, approximate their carrying value because of the short-term nature of these instruments. The following table summarizes the carrying value and fair value of our long-term debt as of December 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair (in thousands) Value Value Value Value Convertible Notes ​ $ 179,209 ​ $ 164,800 ​ $ 170,166 ​ $ 159,200 Revolving ABL Credit Facility ​ $ 5,500 ​ $ 5,500 ​ $ 11,811 ​ $ 11,870 ​ The fair value of the Convertible Notes is determined to be a Level 3 measurement as this instrument is not actively traded and was estimated using a binomial lattice model. The factors used to determine fair value as of December 31, 2023 are subject to management's judgement and expertise and include, but are not limited to our share price, expected price volatility (58.5%), risk-free rate (4.2%), and credit spread (2,702 bps) relative to our credit rating. The factors used to determine fair value as of December 31, 2022 included, but were not limited to our share price, expected price volatility ( The estimated fair value of our Revolving ABL Credit Facility is also determined to be a Level 3 measurement as our debt is not actively traded and the fair value estimate is based on discounted estimated future cash flows or a fair value in-exchange assumption, which are significant unobservable inputs in the fair value hierarchy. To determine the fair value of our outstanding floating rate debt as of December 31, 2023, we utilized a credit spread of 229 bps on the Revolving ABL Credit Facility based on an analysis of credit spreads of comparably rated public debt items as well as the original issuance price of the debt . We utilized a credit spread of Recurring Fair Value Measurements As described in Note 8 “Long-term Debt,” million, in our consolidated balance sheet. The change in the fair value of the embedded derivative liability was assessed quarterly and recorded in our consolidated statement of operations as “Change in fair value of embedded derivative liability” until the features underlying the instrument were exercised, redeemed, cancelled or expired. After the approval of our stockholders on June 8, 2022, certain features under our Convertible Notes were modified and no longer met the criteria to bifurcate from the debt host agreement. We recorded the extinguishment of the embedded derivative liability by reclassifying embedded derivative liability recorded. For more information, see our 2022 Annual Report on Form 10-K filed with the SEC on March 6, 2023. There were no transfers between fair value measurement levels during the years ended December 31, 2023 or 2022. See Note 11 “Stock-Based Compensation” for fair value of liability-based awards. 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 asset impairments. Revenue and Cost Recognition We earn contract drilling revenues pursuant to drilling contracts entered into with our customers. We perform drilling services on a “daywork” basis, under which we charge a specified rate per day, or “dayrate.” The dayrate associated with each of our contracts is a negotiated price determined by the capabilities of the rig, location, depth and complexity of the wells to be drilled, operating conditions, duration of the contract and market conditions. The term of land drilling contracts may be for a defined number of wells or for a fixed time period. We generally receive lump-sum payments for the mobilization of rigs and other drilling equipment at the commencement of a new drilling contract. Revenue and costs associated with the initial mobilization are deferred and recognized ratably over the term of the related drilling contract once the rig spuds. Costs incurred to relocate rigs and other equipment to an area in which a contract has not been secured are expensed as incurred. Our contracts provide for early termination fees in the event our customers choose to cancel the contract prior to the specified contract term. We record a contract liability for such fees received up front and recognize them ratably as contract drilling revenue over the initial term of the related drilling contract or until such time that all performance obligations are satisfied. While under contract, our rigs generally earn a reduced rate while the rig is moving between wells or drilling locations, or on standby waiting for the customer. Reimbursements for the purchase of supplies, equipment, trucking and other services that are provided at the request of our customers are recorded as revenue when incurred. The related costs are recorded as operating expenses or capitalized when appropriate when incurred. Revenue is presented net of any sales tax charged to the customer that we are required to remit to local or state governmental taxing authorities. Our operating costs include all expenses associated with operating and maintaining our drilling rigs. Operating costs include all “rig level” expenses such as labor and related payroll costs, repair and maintenance expenses, supplies, workers’ compensation and other insurance, ad valorem taxes and equipment rental costs. Also included in our operating costs are certain costs that are not incurred at the rig level. These costs include expenses directly associated with our operations management team as well as our safety and maintenance personnel who are not directly assigned to our rigs but are responsible for the oversight and support of our operations and safety and maintenance programs across our fleet. Leases Lease liabilities are measured at the lease commencement date and are based on the present value of remaining payments contractually required under the contract. Payments that are variable in nature are excluded from the measurement of our lease liabilities and are recorded as an expense as incurred. Options to renew or extend a lease are included in the measurement of our lease liabilities only when it is reasonably certain that we will exercise these rights. In estimating the present value of our lease liabilities, payments are discounted at the interest rate stated in the applicable lease agreement or, if not available, our incremental borrowing rate (“IBR”), applied utilizing a portfolio approach. To determine our IBR, we utilize information publicly available from companies within our industry with similar credit profiles to construct a company-specific yield curve in order to estimate the rate of interest we would pay to borrow at various lease terms. At lease commencement, we recognize a lease right-of-use asset equal to our lease liability, adjusted for lease payments paid to the lessor prior to the lease commencement date, and any initial direct costs incurred. Operating lease expense is recorded on a straight-line basis over the lease term. For finance leases, we amortize our right-of-use assets on a straight-line basis over the shorter of the asset’s useful life or the lease term. Additionally, interest expense is recognized each period related to the accretion of our lease liabilities over their respective lease terms. Stock-Based Compensation We record compensation expense over the requisite service period for all stock-based compensation based on the grant date fair value of the award. The expense is included in selling, general and administrative expense in our statements of operations. Income Taxes We use the asset and liability method of accounting for income taxes. Under this method, we record deferred income taxes based upon differences between the financial reporting basis and tax basis of assets and liabilities and use enacted tax rates and laws that we expect will be in effect when we realize those assets or settle those liabilities. We review deferred tax assets for a valuation allowance based upon management’s estimates of whether it is more likely than not that a portion of the deferred tax asset will be fully realized in a future period. We recognize the financial statement benefit of a tax position only after determining that the relevant taxing authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. Our policy is to include interest and penalties related to the unrecognized tax benefits within the income tax expense (benefit) line item in our statements of operations. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenues and expenses recognized during the reporting period. Actual results could differ from these estimates. Significant estimates made by management include depreciation of property, plant and equipment, impairment of property, plant and equipment and assets held for sale, and the collectability of accounts receivable. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This guidance requires an entity to disclose significant segment expenses impacting profit and loss that are regularly provided to the Chief Operating Decision Maker (“CODM”) to assess segment performance and to make decisions about resource allocations. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We do not expect the standard to have a material impact on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This guidance requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Also, this guidance requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this guidance are effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact this guidance will have on our financial statement disclosures.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	3. Revenue from Contracts with Customers Drilling Services Our revenues are principally derived from contract drilling services and the activities in our drilling contracts, for which revenues may be earned, include: (i) providing a drilling rig and the crews and supplies necessary to operate the rig; (ii) mobilizing and demobilizing the rig to and from the initial and final drill site, respectively; (iii) certain reimbursable activities; (iv) performing rig modification activities required for the contract; and (v) early termination revenues. We account for these integrated services provided under our drilling contracts as a single performance obligation, satisfied over time, that is comprised of a series of distinct time increments. Consideration for activities that are not distinct within the context of our contracts, and that do not correspond to a distinct time increment within the contract term, are allocated across the single performance obligation and recognized ratably in proportion to the actual services performed over the initial term of the contract. If taxes are required to be collected from customers relating to our drilling services, they are excluded from revenue. Dayrate Drilling Revenue. Mobilization/Demobilization Revenue. In our contracts, there is generally significant uncertainty as to the amount of demobilization fee revenue that may ultimately be collected due to contractual provisions which stipulate that certain conditions be present at contract completion for such revenue to be received. For example, the amount collectible may be reduced to zero if the rig has been contracted with a new customer upon contract completion. Accordingly, the estimate for such revenue may be constrained depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. Reimbursable Revenue. Capital Modification Revenue. Early Termination Revenue. Disaggregation of Revenue The following table summarizes revenues from our contracts disaggregated by revenue generating activity contained therein for the years ended December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) ​ 2023 2022 Dayrate drilling ​ $ 189,315 ​ $ 172,284 Mobilization ​ 5,122 ​ 4,719 Reimbursables ​ 9,305 ​ 8,856 Early termination ​ 5,864 ​ — Capital modification ​ 387 ​ 810 Other ​ 113 ​ 41 Total revenue ​ $ 210,106 ​ $ 186,710 ​ Contract Balances Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 days. Contract asset balances could consist of demobilization fee revenue that we expect to receive that is recognized ratably throughout the contract term but invoiced upon completion of the demobilization activities. Once the demobilization fee revenue is invoiced, the corresponding contract asset is transferred to accounts receivable. Contract liabilities include payments received for mobilization fees as well as upgrade activities, which are allocated to the overall performance obligation and recognized ratably over the initial term of the contract. The following table provides information about receivables and contract liabilities related to contracts with customers as of December 31, 2023 and 2022, respectively. We had no contract assets in either year. ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, (in thousands) ​ 2023 ​ 2022 Receivables, which are included in “Accounts receivable” ​ $ 31,380 ​ $ 39,732 Contract liabilities, which are included in “Accrued liabilities” ​ $ (578) ​ $ (1,158) ​ Significant changes in the contract liabilities balance during the years ended December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) ​ 2023 2022 Revenue recognized that was included in contract liabilities at beginning of period ​ $ 1,158 ​ $ 542 Increase in contract liabilities due to cash received, excluding amounts recognized as revenue ​ $ (578) ​ $ (1,158) ​ Transaction Price Allocated to the Remaining Performance Obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2023. The estimated revenue does not include amounts of variable consideration that are constrained. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, ​ ​ ​ (in thousands) 2024 2025 2026 Total Revenue ​ $ 578 ​ $ — ​ $ — ​ $ 578 ​ The amounts presented in the table above consist only of fixed consideration related to fees for rig mobilizations and demobilizations, if applicable, which are allocated to the drilling services performance obligation as such performance obligation is satisfied. We have elected the exemption from disclosure of remaining performance obligations for variable consideration. Therefore, dayrate revenue to be earned on a rate scale associated with drilling conditions and level of service provided for each fractional-hour time increment over the contract term and other variable consideration such as penalties and reimbursable revenues, have been excluded from the disclosure. Contract Costs We capitalize costs incurred to fulfill our contracts that (i) relate directly to the contract, (ii) are expected to generate resources that will be used to satisfy our performance obligations under the contract and (iii) are expected to be recovered through revenue generated under the contract. These costs, which principally relate to rig mobilization costs at the commencement of a new contract, are deferred as a current or noncurrent asset (depending on the length of the contract term) and amortized ratably to contract drilling expense as services are rendered over the initial term of the related drilling contract. Such contract costs, recorded as “Prepaid expenses and other current assets”, amounted to $0.5 million and $0.3 million on our consolidated balance sheets as of December 31, 2023 and December 31, 2022, respectively. During the year ended December 31, 2023, contract costs increased by $2.3 million and we amortized $2.1 million of contract costs. During the year ended December 31, 2022, contract costs increased by million of contract costs. Additionally, in the fourth quarter of 2023, we recognized Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process. Costs incurred for rig modifications or upgrades required for a contract, which are considered to be capital improvements, are capitalized as drilling and other property and equipment and depreciated over the estimated useful life of the improvement.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	4. Leases As a Lessor Our daywork drilling contracts, under which the vast majority of our revenues are derived, contain both a lease component and a service component. We account for these contracts using the practical expedient to not separate non-lease components from lease components and, instead, to account for those components as a single amount, if the non-lease components otherwise would be accounted for under Topic 606 and both of the following are met: (i) the timing and pattern of transfer of non-lease components and lease components are the same; (ii) the lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component is the predominant component of the combined amount, an entity is required to account for the combined amount in accordance with Topic 606. Otherwise, the entity must account for the combined amount as an operating lease in accordance with Topic 842. Revenues from our daywork drilling contracts meet both of the criteria above and we have determined both quantitatively and qualitatively that the service component of our daywork drilling contracts is the predominant component. Accordingly, we combine the lease and service components of our daywork drilling contracts and account for the combined amount under Topic 606. See Note 3 “Revenue from Contracts with Customers As a Lessee We have multi-year operating and financing leases for corporate office space, field location facilities, land, vehicles and various other equipment used in our operations. We also have a significant number of rentals related to our drilling operations that are day-to-day or month-to-month arrangements. Our multi-year leases have remaining lease terms of greater than one year to three years. As a practical expedient, a lessee may elect not to apply the recognition requirements in ASC 842 to short-term leases. Instead, a lessee may recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. We elected to utilize this practical expedient. The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended (in thousands) ​ December 31, 2023 ​ December 31, 2022 Operating lease expense ​ $ 1,086 ​ $ 747 Short-term lease expense ​ 7,107 ​ 5,697 Variable lease expense ​ 608 ​ 577 ​ ​ ​ ​ ​ ​ ​ Finance lease expense: ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 1,878 ​ $ 1,682 Interest expense on lease liabilities ​ 278 ​ 387 Total finance lease expense ​ 2,156 ​ 2,069 Total lease expense ​ $ 10,957 ​ $ 9,090 ​ Supplemental cash flow information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended (in thousands) ​ December 31, 2023 ​ December 31, 2022 Cash paid for amounts included in measurement of lease liabilities: ​ ​ ​ Operating cash flows from operating leases ​ $ 921 ​ $ 732 Operating cash flows from finance leases ​ $ 278 ​ $ 373 Financing cash flows from finance leases ​ $ 2,580 ​ $ 5,811 ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained or recorded in exchange for lease obligations: ​ ​ ​ ​ Operating leases ​ $ 2,106 ​ $ 153 Finance leases ​ $ 2,161 ​ $ 4,440 ​ Supplemental balance sheet information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2023 December 31, 2022 ​ Operating leases: ​ ​ ​ Other long-term assets, net ​ $ 2,205 ​ $ 976 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued liabilities ​ $ 934 ​ $ 751 ​ Other long-term liabilities ​ 1,375 ​ 373 ​ Total operating lease liabilities ​ $ 2,309 ​ $ 1,124 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ Property, plant and equipment ​ $ 6,238 ​ $ 7,307 ​ Accumulated depreciation ​ (1,829) ​ (1,994) ​ Property, plant and equipment, net ​ $ 4,409 ​ $ 5,313 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion of long-term debt ​ $ 1,226 ​ $ 2,485 ​ Long-term debt ​ 1,659 ​ 1,599 ​ Total finance lease liabilities ​ $ 2,885 ​ $ 4,084 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term ​ ​ ​ Operating leases ​ 3.4 years ​ 1.6 years ​ Finance leases ​ 2.0 years ​ 1.6 years ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate ​ ​ ​ Operating leases ​ 8.75 % 10.86 % Finance leases ​ 8.25 % 8.12 % ​ Maturities of lease liabilities as of December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Operating Leases Finance Leases 2024 ​ $ 1,086 ​ ​ 1,414 2025 ​ 516 ​ ​ 1,138 2026 ​ 401 ​ ​ 634 2027 ​ 370 ​ — 2028 ​ 285 ​ — Total cash lease payment ​ 2,658 ​ 3,186 Less: imputed interest ​ (349) ​ ​ (301) Total lease liabilities ​ $ 2,309 ​ $ 2,885 ​

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories	5. Inventories Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2023 2022 Rig components and supplies ​ $ 1,557 ​ $ 1,508 ​ We determined that no reserve for obsolescence was needed as of December 31, 2023 or 2022. No inventory obsolescence expense was recognized during the years ended December 31, 2023 or 2022.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	6. Property, Plant and Equipment Major classes of property, plant, and equipment, which include finance lease assets, consisted of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2023 2022 Land ​ $ 300 ​ $ 300 Buildings ​ 2,858 ​ 2,816 Drilling rigs and related equipment ​ 611,382 ​ 611,972 Machinery, equipment and other ​ 1,762 ​ 1,775 Finance leases ​ 6,238 ​ 7,307 Leasehold improvements ​ 25 ​ 25 Construction in progress ​ 2,851 ​ 5,693 Total ​ $ 625,416 ​ $ 629,888 Less: Accumulated depreciation ​ (277,223) ​ (253,804) Total Property, plant and equipment, net ​ $ 348,193 ​ $ 376,084 ​ Repairs and maintenance expense included in operating costs in our statements of operations totaled $28.5 million and $23.3 million for the years ended December 31, 2023 and 2022, respectively. Depreciation expense was $43.5 million and $40.4 million for the years ended December 31, 2023 and 2022, respectively.

Supplemental Consolidated Balan

Supplemental Consolidated Balance Sheet and Cash Flow Information	12 Months Ended
	Dec. 31, 2023
Supplemental Consolidated Balance Sheet and Cash Flow Information [Abstract]
Supplemental Consolidated Balance Sheet and Cash Flow Information	7. Supplemental Consolidated Balance Sheet and Cash Flow Information Prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2023 December 31, 2022 Prepaid insurance ​ $ 3,502 ​ $ 3,796 Deferred mobilization costs ​ 467 ​ 283 Prepaid and other current assets ​ 790 ​ 657 ​ ​ $ 4,759 ​ $ 4,736 ​ Accrued liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2023 December 31, 2022 Accrued salaries and other compensation ​ $ 6,625 ​ $ 6,908 Insurance ​ 2,996 ​ 3,002 Deferred mobilization revenues ​ 578 ​ 1,003 Property and other taxes ​ 2,124 ​ 3,621 Interest ​ 25 ​ ​ 101 Operating lease liability - current ​ 934 ​ 751 Cash-settled SARs liability ​ ​ 2,054 ​ ​ 1,826 Other ​ 1,035 ​ 396 ​ ​ $ 16,371 ​ $ 17,608 ​ Supplemental consolidated cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2023 2022 Supplemental disclosure of cash flow information ​ ​ ​ ​ ​ ​ Cash paid during the year for interest ​ $ 2,358 ​ $ 5,084 Cash paid during the year for taxes ​ $ 804 ​ $ — Supplemental disclosure of non-cash investing and financing activities ​ ​ Change in property, plant and equipment purchases in accounts payable ​ $ (8,093) ​ $ 11,686 Additions to property, plant & equipment through finance leases ​ $ 2,161 ​ $ 4,440 Extinguishment of finance lease obligations from sale of assets classified as finance leases ​ $ (513) ​ $ (281) Transfer of assets from held and used to held for sale ​ $ — ​ $ (325) Initial embedded derivative liability upon issuance of Convertible Notes ​ $ — ​ $ 75,733 Extinguishment of embedded derivative liability ​ $ — ​ $ (69,232) Shares issued for structuring fee ​ $ — ​ $ 9,163 ​

Long-term Debt

Long-term Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-term Debt	8. Long-term Debt Our Long-term Debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2023 December 31, 2022 ​ Convertible Notes due March 18, 2026 ​ $ 179,209 ​ $ 170,166 ​ Revolving ABL Credit Facility due September 30, 2025 ​ 5,500 ​ 11,811 ​ Finance lease obligations ​ 2,885 ​ 4,084 ​ ​ ​ 187,594 ​ 186,061 ​ Less: Convertible Notes debt discount and issuance costs ​ ​ (31,819) ​ ​ (40,353) ​ Less: current portion of finance leases ​ (1,226) ​ (2,485) ​ Long-term debt, net ​ $ 154,549 ​ $ 143,223 ​ ​ Presented below is a schedule of the principal repayment requirements of long-term debt by fiscal year as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2024 2025 2026 Total Convertible Notes ​ $ 14,000 ​ $ 3,500 ​ $ 161,709 ​ $ 179,209 Revolving ABL Credit Facility ​ — ​ 5,500 ​ — ​ 5,500 Total ​ $ 14,000 ​ $ 9,000 ​ $ 161,709 ​ $ 184,709 ​ Future payments of finance leases are included in Note 4 “Leases.” ​ Convertible Notes On March 18, 2022, we entered into a subscription agreement with affiliates of MSD Partners, L.P. and an affiliate of Glendon Capital Management L.P. (the “Subscription Agreement”) for the placement of $157.5 million aggregate principal amount of convertible secured PIK toggle notes due 2026 (the “Convertible Notes”), and currently have $179.2 million of Convertible Notes outstanding as of December 31, 2023. The Convertible Notes were issued pursuant to an Indenture, dated as of March 18, 2022 (the “Indenture”). The obligations under the Convertible Notes are secured by a first priority lien on collateral other than accounts receivable, deposit accounts and other related collateral pledged as first priority collateral (“Priority Collateral”) under the Revolving ABL Credit Facility (defined below). Proceeds from the private placement of the Convertible Notes were used to repay all of our outstanding indebtedness under our term loan credit agreement, to repay obligations to prior equity holders of Sidewinder Drilling LLC, and for working capital purposes. In connection with the placement of the Convertible Notes, we issued The Convertible Notes have a cash interest rate of the Secured Overnight Financing Rate plus a 10-basis point credit spread, with a floor of 1% (collectively, “SOFR”) plus 12.5%. The Convertible Notes have a PIK interest rate of SOFR plus 9.5% . We have the right at our option, to PIK interest under the Convertible Notes for the entire term of the Convertible Notes. Interest on the Convertible Notes is due on March 31 and September 30 each year. We elected to PIK outstanding interest as of September 30, 2022, March 31, 2023 and September 30, 2023, resulting in the issuance of an additional million principal amount of Convertible Notes, respectively. As of December 31, 2023, accrued PIK interest of million, which was due March 31, 2023 and resulted in the issuance of additional Convertible Notes, was classified as “Other Long-Term Liabilities” on our consolidated balance sheet. The effective conversion price of the Convertible Notes is $4.51 per share (221.72949 shares of Common Stock per $1,000 principal amount of Convertible Notes). We may issue up to Each noteholder has a right to convert our Convertible Notes into shares of ICD common stock at any time after issuance through maturity. The conversion price is $4.51 per share. Under the Indenture, a holder is not entitled to receive shares of our common stock upon conversion of any Convertible Notes to the extent to which the aggregate number of shares of common stock that may be acquired by such beneficial owner upon conversion of Convertible Notes, when added to the aggregate number of shares of common stock deemed beneficially owned, directly or indirectly, by such beneficial owner and each person subject to aggregation of Common Stock with such beneficial owner under Section 13 or Section 16 of the Securities Exchange Act of 1934 (the “Exchange Act”) and the rules promulgated thereunder at such time (an “Aggregated Person”) (other than by virtue of the ownership of securities or rights to acquire securities that have limitations on such beneficial owner’s or such person’s right to convert, exercise or purchase similar to this limitation), as determined pursuant to the rules and regulations promulgated under Section 13(d) of the Exchange Act, would exceed 9.9% (the “Restricted Ownership Percentage”) of the total issued and outstanding shares of Common Stock (the “Section 16 Conversion Blocker”); provided that any holder has the right to elect for the Restricted Ownership Percentage to be 19.9% with respect to such Holder, (x) at any time, in which case, such election will become effective sixty-one days following written notice thereof to us or (y) in the case of a holder acquiring Convertible Notes on the Issue Date, in such Holder’s Subscription Agreement. In lieu of any shares of common stock not delivered to a converting holder by operation of the Restricted Ownership Percentage limitation, we will deliver to such Holder Pre-Funded Warrants in respect of any equal number of shares of common stock. Such Pre-Funded Warrants will contain substantially similar Restricted Ownership Percentage terms. The Indenture includes a mandatory redemption offer requirement (the “Mandatory Offer Requirement”). Beginning June 30, 2023, we were obligated to offer to redeem $5.0 million of Convertible Notes on a quarterly basis through December 31, 2023, and $3.5 million of Convertible Notes on a quarterly basis through March 31, 2025. The mandatory offer price is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note. During 2023, our noteholders accepted our offers to redeem $5.0 million of Convertible Notes on each of June 30, 2023, September 30, 2023 and December 31, 2023. As such, on June 30, 2023, we redeemed and paid cash for million of accrued interest on such Notes. We have the ability and intent to refinance the mandatory redemption offers that occur within the next twelve months under our Revolving ABL Credit Facility and as a result such amounts have been classified as long-term debt. On June 30, 2023, September 30, 2023 and December 31, 2023, we borrowed The Indenture contains financial covenants, including a liquidity covenant of $10.0 million; a springing fixed charge coverage ratio covenant of 1.00 to 1.00 that is tested when availability under the Revolving ABL Credit Facility (defined below) is below $5.0 million at any time that the Convertible Notes are outstanding; and capital expenditure limits of $14.8 million during the nine months ended September 30, 2024 and $11.25 million during the nine months ended June 30, 2024, subject to adjustment upward by $500,000 per year for each rig above 17 that operates during each year. In addition, capital expenditures are excluded from this covenant (a) if funded from equity proceeds, (b) if relating to the reactivation of a rig so long as (i) we have a signed contract with a customer with respect to each such rig of at least one (1) year duration providing for early termination payments consistent with past practice equal to at least the expected margin on the contract, (ii) the expected margin on such rig contract will be equal to or exceed such reactivation capital expenditures, and (iii) the reactivation capital expenditures, rig contract and the expected margin calculation are approved by our board of directors or (c) relate to other capital expenditures specifically approved by written or electronic consent by both (i) the required holders (which approval may, for the avoidance of doubt, be provided by the required holders in their sole discretion for an amount of capital expenditures to be committed or made by the Company or a subsidiary of the Company within ninety (90) days after the date of such consent) and (ii) the Board of Directors of the Company. The holders of our Convertible Notes consented to capital expenditure adjustments under this covenant aggregating million in 2023. The Indenture also contains other customary affirmative and negative covenants, including limitations on indebtedness, liens, fundamental changes, asset dispositions, restricted payments (including the payment of dividends), investments and transactions with affiliates. The Indenture also provides for customary events of default, including breaches of material covenants, defaults under the Revolving ABL Credit Facility or other material agreements for indebtedness, and a change of control. Beginning Upon a Qualified Merger (defined below), we may elect to convert all, but not less than all, of the Convertible Notes at a Conversion Rate equal to our Conversion Rate on the date on which the relevant “Qualified Merger” is consummated (a “Qualified Merger Conversion”), so long as the “MOIC Condition” is satisfied with respect to such potential Qualified Merger Conversion. A “Qualified Merger” means a Common Stock Change Event consolidation, merger, combination or binding or statutory share exchange of the Company with a Qualified Acquirer. A “Qualified Merger Conversion Date” means the date on which the relevant Qualified Merger is consummated. A “Qualified Acquirer” means any entity that (i) has its common equity listed on the New York Stock Exchange, the NYSE American, Nasdaq Global Market or Nasdaq Global Select Market, or Toronto Stock Exchange, (ii) has an aggregate equity market capitalization of at least $350 million, and (iii) has a “public float” (as defined in Rule 12b-2 under the Securities Act of 1933) of at least $250 million in each case, as determined by the calculation agent based on the last reported sale price of such common equity on date of the signing of the definitive agreement in respect of the relevant Common Stock Change Event. A “Common Stock Change Event” means the occurrence of any: (i) recapitalization, reclassification or change of our common stock (other than (x) changes solely resulting from a subdivision or combination of the common stock, (y) a change only in par value or from par value to no par value or no par value to par value and (z) stock splits and stock combinations that do not involve the issuance of any other series or class of securities); (ii) consolidation, merger, combination or binding or statutory share exchange involving us; (iii) sale, lease or other transfer of all or substantially all of the assets of ours and our Subsidiaries, taken as a whole, to any person; or (iv) other similar event, and, as a result of which, the common stock is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination of the foregoing. A “Company Conversion Rate” means, in respect of any Qualified Merger, the greater of (a) the relevant Conversion Rate, (b) (5) VWAP Trading Days prior to the earlier of signing or public announcement (by any party, and whether formal or informal, including for the avoidance of doubt any media reports thereof) of a definitive agreement in respect of such Qualified Merger as calculated by the Calculation Agent. The “MOIC Condition” means, with respect to any potential Qualified Merger Conversion, MOIC is greater than or equal to the MOIC Required Level. The “MOIC Required Level” means potential Qualified Merger Conversion, an amount determined by the Calculation Agent equal to the aggregate return on a hypothetical Note with $1,000 face amount, issued on the Issue Date, from the Issue Date through the potential Qualified Merger Conversion Date, including (x) the aggregate amount of any cash interest paid on such hypothetical Note from the Issue Date through the potential Qualified Merger Conversion Date, (y) the aggregate fair market value of any Conversion Consideration that would be received by the Holder of such hypothetical Note on the relevant Qualified Merger Conversion Date and (z) the aggregate fair market value of any Conversion Consideration that would be received on the relevant Qualified Merger Conversion Date by the Holder of any PIK Notes issued in respect of (or the relevant increase in value of) such hypothetical Note. The Indenture provides that at any time on or after September 18, 2024, the Company may executive an in-substance defeasance of the Convertible Notes and suspend all covenants and related security interests in the Company’s equipment and assets under the Indenture by irrevocably depositing with the trustee funds sufficient funds to pay the principal and interest on the outstanding Convertible Notes through the maturity date of the Convertible Notes. We early adopted ASU 2020-06 as of January 1, 2022 and concluded the Convertible Notes are accounted for as debt, with embedded features. As a consequence of the embedded features, the Convertible Notes gave rise to a derivative liability. See Embedded Derivative Liability . We recorded an embedded derivative liability of $75.7 million at the time of the issuance and a debt discount of $37.8 million uance costs consisting of cash fees of $7.4 million and a non-cash structuring fee settled in shares of $2.3 million along with the debt discount were recorded as a direct deduction from the Convertible Notes in the consolidated balance sheet. The debt discount and issuance costs are amortized to interest expense using the effective interest rate method over the term of the Convertible Notes. The effective interest rate for the Convertible Notes as of December 31, 2023 is 25.4% . For the year ended December 31, 2023, the contractual interest expense was $25.9 million and the debt discount and issuance cost amortization was $8.5 million. For the year ended December 31, 2022, the contractual interest expense was $18.5 million and the debt discount and issuance cost amortization was $6.7 million. Embedded Derivative Liability The Convertible Notes contained the following embedded features upon issuance (i) an increase of the noteholder’s optional conversion rate for the Convertible Notes from 197.23866 shares of common stock per $1,000 principal amount of Convertible Notes ($5.07 per share) to 221.72949 shares of Common Stock per $1,000 principal amount of Convertible Notes ($4.51 per share) following the receipt of the Shareholder Approval, (ii) a decrease in the PIK interest rate from SOFR plus 14.0% to SOFR plus 9.5% following receipt of the Shareholder Approval, (iii) a conversion feature associated with the MOIC condition in the event of a Qualified Merger and (iv) a contingent interest feature as a result of violations of credit-risk related covenants. We evaluated these embedded features under the guidance of ASC 815 and determined that they required bifurcation at fair value. However, management determined the probability of a Qualified Merger to be remote and as such the fair value of the embedded conversion feature has been estimated to be zero. Management also evaluated the contingent interest feature and determined the likelihood of payment to be remote. Accordingly, the fair value of the contingent interest feature was also estimated to be zero. Lastly, management evaluated the conversion rate feature and the decrease in PIK interest feature and determined that these embedded features met all three criteria in ASC 815-15-25-1 and therefore required bifurcation. Accordingly, as of the Convertible Notes issuance date, we recorded a derivative liability representing the increase in the conversion rate feature and the decrease in PIK interest feature. The derivative liability was presented as a non-current liability in our consolidated balance sheet and was adjusted to reflect fair value at each period end with changes in fair value recorded in the “Change in fair value of embedded derivative liability” financial statement line item of our consolidated statements of operations. After the approval of our stockholders on June 8, 2022, certain features under our Convertible Notes were modified and no longer met the criteria to bifurcate from the host debt agreement. As of December 31, 2023 and 2022, we had embedded derivative liability recorded. See Financial Instruments and Fair Value “Summary of Significant Accounting Policies” Term Loan Facility On October 1, 2018, we entered into a Term Loan Credit Agreement (the “Term Loan Credit Agreement”) for an initial term loan in an aggregate principal amount of $130.0 million, (the “Term Loan Facility”) and a delayed draw term loan facility in an aggregate principal amount of up to $15.0 million (the “DDTL Facility”, and together with the Term Loan Facility, the “Term Facilities”). The Term Facilities had a maturity date of October 1, 2023, but were repaid in their entirety on March 18, 2022 with proceeds from the issuance of the Convertible Notes. Interest under the Term Loan Facility was determined by reference, at our option, to either (i) a “base rate” equal to the higher of (a) the federal funds effective rate plus 0.05%, (b) the London Interbank Offered Rate (“LIBOR”) with an interest period of one month, plus 1.0%, and (c) the rate of interest as publicly quoted from time to time by the Wall Street Journal as the “prime rate” in the United States, plus an applicable margin of 6.5%, or (ii) a “LIBOR rate” equal to LIBOR with an interest period of one month, plus an applicable margin of 7.5%. For the year ended December 31, 2022, we elected to PIK interest of $3.2 million, which increased our Term Loan balance accordingly. Revolving ABL Credit Facility On October 1, 2018, we entered into a $40.0 million revolving credit agreement (the “Revolving ABL Credit Facility”), including availability for letters of credit in an aggregate amount at any time outstanding not to exceed $7.5 million. Availability under the Revolving ABL Credit Facility is subject to a borrowing base calculated based on 85% of the net amount of our eligible accounts receivable, minus reserves. The Revolving ABL Credit Facility has a maturity date of September 30, 2025. Interest under the Revolving ABL Credit Facility is determined by reference, at our option, to either (i) a “base rate” equal to the higher of (a) the floor, or 0.0%, (b) the federal funds effective rate plus 0.05%, (c) term SOFR for a one month tenor plus 1.0% based on availability and (d) the prime rate of Wells Fargo, plus in each case, an applicable base rate margin ranging from 1.0% to 1.5% based on quarterly availability, or (ii) a revolving loan rate equal to SOFR for the applicable interest period plus an applicable SOFR margin ranging from 2.36% to 2.86% based on quarterly availability. We also pay, on a quarterly basis, a commitment fee of 0.375% (or 0.25% at any time when revolver usage is greater than 50% of the maximum credit) per annum on the unused portion of the Revolving ABL Credit Facility commitment. The Revolving ABL Credit Facility contains a springing fixed charge coverage ratio covenant of 1.00 to 1.00 that is tested when availability is less than 10% of the maximum credit. The Revolving ABL Credit Facility also contains other customary affirmative and negative covenants, including limitations on indebtedness, liens, fundamental changes, asset dispositions, restricted payments (including the payment of dividends), investments and transactions with affiliates. The Revolving ABL Credit Facility also provides for customary events of default, including breaches of material covenants, defaults under the Indenture or other material agreements for indebtedness, and a change of control. We are in compliance with our financial covenants as of December 31, 2023. The obligations under the Revolving ABL Credit Facility are secured by a first priority lien on Priority Collateral, which includes all accounts receivable and deposit accounts, and a second priority lien on the Indenture, and are unconditionally guaranteed by all of our current and future direct and indirect subsidiaries. As of December 31, 2023, the weighted-average interest rate on our borrowings was 14.93%. As of December 31, 2023, the borrowing base under our Revolving ABL Credit Facility was $26.3 million, and we had $20.6 million of availability remaining of our $40.0 million commitment on that date.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The components of the income tax expense are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2023 2022 Current: ​ ​ Federal ​ $ — ​ $ — State ​ 530 ​ 575 ​ ​ $ 530 ​ $ 575 Deferred: ​ ​ Federal ​ $ (3,285) ​ $ (7,480) State ​ 780 ​ 709 ​ ​ $ (2,505) ​ $ (6,771) ​ ​ ​ ​ ​ ​ ​ Income tax benefit ​ $ (1,975) ​ $ (6,196) ​ The effective tax rate (as a percentage of net loss before income taxes) is reconciled to the U.S. federal statutory rate as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2023 2022 Income tax benefit at the statutory federal rate (21%) ​ $ (8,331) ​ $ (15,019) ​ Nondeductible expenses ​ 232 ​ 3 ​ Valuation allowance ​ 3,140 ​ (1,200) ​ Debt discount ​ ​ 1,408 ​ ​ 7,629 ​ State taxes, net of federal benefit ​ 435 ​ 1,518 ​ Stock-based compensation and other ​ 1,141 ​ 873 ​ Income tax benefit ​ $ (1,975) ​ $ (6,196) ​ Effective tax rate ​ 5.0 % 8.7 % ​ Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2023 ​ 2022 Deferred income tax assets ​ ​ ​ Merger-related expenses ​ $ 808 ​ $ 894 Stock-based compensation ​ 1,328 ​ 1,349 Accrued liabilities and other ​ 128 ​ 613 Deferred revenue ​ 133 ​ 228 Interest limitation ​ 14,855 ​ 8,024 ROU Asset ​ 533 ​ 255 Debt Instruments ​ ​ 1,666 ​ ​ 2,026 Net operating losses ​ 97,112 ​ 96,142 Total net deferred tax assets ​ $ 116,563 ​ $ 109,531 Deferred income tax liabilities ​ ​ Prepaids ​ $ (794) ​ $ (845) Property, plant and equipment ​ (43,088) ​ (41,937) ROU Liability ​ (509) ​ (222) Total net deferred tax liabilities ​ $ (44,391) ​ $ (43,004) Valuation allowance ​ $ (81,933) ​ $ (78,793) Net deferred tax liability ​ $ (9,761) ​ $ (12,266) ​ As of December 31, 2023, we had a total of $448.6 million of net operating loss carryforwards, of which $134.1 million will begin to expire in 2031 and $314.5 million will be carried forward indefinitely. Section 382 of the Internal Revenue Code (“Section 382”) imposes limitations on a corporation’s ability to utilize its NOLs if it experiences an ownership change. In general terms, an ownership change may result from transactions increasing the ownership percentage of certain shareholders in the stock of the corporation by more than 50 percentage points over a three-year period. In the event of an ownership change, utilization of the NOLs would be subject to an annual limitation under Section 382. We believe we had an ownership change in April 2016, October 2018 in connection with the Sidewinder Merger, and in October 2021. We are subject to an annual limitation on the usage of our NOL and as a result of our limitation from the ownership change in October 2021, we expect to have approximately $94.2 million of NOLs expire before becoming available to be utilized by us. Management will continue to monitor the potential impact of Section 382 with respect to our NOL carryforward. Accounting for uncertainty in income taxes prescribes a recognition threshold and measurement methodology for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of December 31, 2023, we had no unrecognized tax benefits. We file income tax returns in the United States and in various state jurisdictions. With few exceptions, we are subject to United States federal, state and local income tax examinations by tax authorities for tax periods 2012 and forward. Our federal and state tax returns for 2012 and subsequent years remain subject to examination by tax authorities due to the existence of NOLs in each jurisdiction. Although we cannot predict the outcome of future tax examinations, we do not anticipate that the ultimate resolution of these examinations will have a material impact on our financial position, results of operations, or cash flows. Estimated interest and penalties related to potential underpayment on any unrecognized tax benefits are classified as a component of tax expense in the consolidated statement of operations. We have not recorded any interest or penalties associated with unrecognized tax benefits. In assessing the realizability of the deferred tax assets, we consider whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future income in periods in which the deferred tax assets can be utilized. In prior years, we determined that the deferred tax assets did not meet the more likely than not threshold of being utilized and thus recorded a valuation allowance. However, due to IRC Section 382 ownership changes in earlier years and the resulting annual limitation on our pre-change NOLs, we do not anticipate having enough NOL available to offset our deferred tax liabilities in the appropriate years. Therefore, we have adjusted our valuation allowance to reflect such. On August 16, 2022, the Inflation Reduction Act of 2022 was enacted and signed into law and includes targeted tax provisions. We do not anticipate these tax provisions will have a material impact on our financial statements.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation Prior to June 2019, we issued common stock-based awards to employees and non-employee directors under our 2012 Long-Term Incentive Plan adopted in March 2012 (the “2012 Plan”). In June 2019, we adopted the 2019 Omnibus Incentive Plan (the “2019 Plan”) providing for common stock-based awards to employees and non-employee directors. The 2019 Plan permits the granting of various types of awards, including stock options, restricted stock, restricted stock unit awards, and stock appreciation rights (“SARs”), and up to 4.6 million 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 and SARs may not be less than the market price of the underlying stock on the date of grant. As of December 31, 2023, approximately shares were available for future awards under the 2019 Plan. In connection with the adoption of the 2019 Plan, no further awards will be made under the 2012 Plan. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) ​ 2023 2022 Compensation cost recognized: ​ ​ ​ Restricted stock, restricted stock units and stock-settled stock appreciation rights ​ $ 5,239 ​ $ 3,390 Cash-settled stock appreciation rights and performance-based phantom units ​ 432 ​ 1,254 Total stock-based compensation ​ $ 5,671 ​ $ 4,644 ​ Time-Based Restricted Stock and Restricted Stock Units We have granted time-based restricted stock and restricted stock units to key employees under the 2012 plan and the 2019 plan. Time-Based Restricted Stock Time-based restricted stock awards consist of grants of our common stock that vest over three A summary of the status of our time-based restricted stock awards and of changes in our time-based restricted stock awards outstanding for the year ended December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Fair Value ​ Shares Per Share Outstanding at January 1, 2022 26,890 $ 64.40 Granted — ​ — Vested (10,198) ​ 64.40 Forfeited/expired (3,246) ​ 64.40 Outstanding at January 1, 2023 13,446 $ 64.40 Granted — ​ — Vested (10,170) ​ 64.40 Forfeited (3,276) ​ 64.40 Outstanding at December 31, 2023 — ​ $ — ​ Time-Based Restricted Stock Units We have granted three-year time-based vested restricted stock unit awards where each unit represents the right to receive, at the end of a vesting period, one share of ICD common stock with no exercise price. The fair value of time-based restricted stock unit awards is determined based on the estimated fair market value of our shares on the grant date. As of December 31, 2023, there was $2.6 million of total unrecognized compensation cost related to unvested time-based restricted stock unit awards. This cost is expected to be recognized over a weighted-average period of 0.7 years. A summary of the status of our time-based restricted stock unit awards and of changes in our time-based restricted stock unit awards outstanding for the year ended December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Fair Value ​ RSUs Per Share Outstanding at January 1, 2022 109,911 ​ $ 8.50 Granted 1,526,385 ​ 4.16 Vested and converted (78,011) ​ 7.78 Forfeited/expired (2,743) ​ 38.80 Outstanding at January 1, 2023 1,555,542 ​ $ 4.22 Granted 272,736 ​ 4.00 Vested and converted (817,831) ​ 4.28 Forfeited (257,267) ​ 4.17 Outstanding at December 31, 2023 753,180 ​ $ 4.10 ​ Performance-Based and Market-Based Restricted Stock Units In the first quarter of 2020, we granted three-year market-based restricted stock unit awards, 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 restricted stock unit awards is based on our total shareholder return (“TSR”) as measured against the TSR of a defined peer group over a three-year period. We used a Monte Carlo simulation model to value the TSR market-based restricted stock unit awards. The fair value of the performance-based restricted stock unit awards is based on the market price of our common stock on the date of grant. In the first quarter of 2023, were vested and issued under these awards. The remaining shares were unearned and forfeited. There are no further vestings under this grant. In the first quarter of 2023, we granted certain employees 299,411 three-year performance-based restricted stock unit awards with a market condition. Based on target shares of performance period of January 1, 2023 to December 31, 2025 and vest fully on December 31, 2025 subject to continued employment. The payout of the awards will be further adjusted by a TSR multiplier that may adjust the payout between -company peer group of oilfield service companies for the same period. As these awards are performance-based with a market condition, we utilized a Monte Carlo simulation model to determine grant date fair value per share. During the restriction period, the performance-based and market-based restricted stock unit awards may not be transferred or encumbered, and the recipient does not receive dividend equivalents or have voting rights until the units vest. As of December 31, 2023, there was $0.3 million of unrecognized compensation cost related to unvested performance-based and market-based restricted stock unit awards, which is expected to be recognized over a weighted-average period of 2.1 years. The assumptions used to value our FCF restricted stock unit awards on the grant date in the first quarter of 2023 were a risk-free interest rate of 4.15%, an expected volatility of 135.3% and an expected dividend yield of 0.0% . Based on the Monte Carlo simulation, these restricted stock unit awards were valued at A summary of the status of our performance-based and market-based restricted stock unit awards and of changes in our restricted stock unit awards outstanding for the year ended December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Fair Value ​ RSUs Per Share Outstanding at January 1, 2022 27,285 ​ $ 24.50 Granted — ​ — Vested and converted (3,056) ​ 29.00 Forfeited/expired (13,486) ​ 33.10 Outstanding at January 1, 2023 10,743 ​ $ 12.42 Granted 299,411 ​ 4.47 Vested and converted (6,442) ​ 12.42 Forfeited (4,301) ​ 12.42 Outstanding at December 31, 2023 299,411 ​ $ 4.47 ​ Phantom Units In the first quarter of 2023, we granted certain employees 149,709 three-year performance-based phantom units with a market condition. Based on target shares of performance period of January 1, 2023 to December 31, 2025 and vest fully on December 31, 2025 subject to continued employment. The payout of the awards will be further adjusted by a TSR multiplier that may adjust the payout between -company peer group of oilfield service companies for the same period. The phantom units are cash-settled awards and are accounted for as a liability classified award. The grant date fair value of the phantom units was the performance period, with the amount recognized fluctuating as a result of the phantom units being remeasured to fair value at the end of each reporting period due to their liability-award classification. We recognized $31.0 thousand of compensation expense in the year ended December 31, 2023. In the first quarter of 2023, we granted 94,708 three-year time-vested phantom unit awards where each unit represents the right to receive, at the end of a vesting period, one share of ICD common stock. In the third quarter of 2023, 1,250 shares were forfeited. As of December 31, 2023, there were unvested shares outstanding. The phantom units are cash-settled awards and are accounted for as a liability classified award. The grant date fair value of the phantom units was In the first quarter of 2023, we granted independent directors 41,665 one-year time-vested phantom unit awards where each unit represents the right to receive, at the end of a vesting period, one share of ICD common stock. In the second quarter of 2023, 8,333 shares were forfeited due to the resignation of a director. As of December 31, 2023, there were unvested shares outstanding. The phantom units are cash-settled awards and are accounted for as a liability classified award. The grant date fair value of the phantom units was Time-Based Stock-Settled Stock Appreciation Rights We have granted time-based, stock-settled stock appreciation rights (“SARs”) to certain employees. The SARs have a term of seven years, an exercise price of $5.19 per share, and vest one The assumptions used in calculating the fair value of time-based stock-settled SARs as of the grant date were a risk-free interest rate of 3.03%, an expected volatility factor of 103.3% and an expected dividend yield of 0.0%. Changes to our time-based stock-settled SARs for the year ended December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ Stock-settled SARs Per Share Outstanding at January 1, 2022 ​ — ​ $ — Granted ​ 1,421,740 ​ ​ 2.83 Exercised ​ — ​ ​ — Forfeited/Expired ​ — ​ ​ — Outstanding at January 1, 2023 ​ 1,421,740 $ 2.83 Granted ​ — ​ — Exercised ​ — ​ — Forfeited/Expired ​ — ​ ​ — Outstanding at December 31, 2023 ​ 1,421,740 ​ $ 2.83 Exercisable at December 31, 2023 ​ 829,349 ​ $ 2.83 Non-vested at January 1, 2023 ​ 1,421,740 ​ $ 2.83 Vested ​ 829,349 ​ ​ 2.83 Non-vested at December 31, 2023 ​ 592,391 $ 2.83 ​ The number of stock-settled SARs exercisable at December 31, 2023 was 0.8 million with a weighted average remaining contractual life of 5.2 years. As of December 31, 2023, there was $1.8 million of unrecognized compensation cost related to time-based stock-settled SARs that is expected to be recognized over a weighted-average period of 0.7 years. Time-Based Cash-Settled Stock Appreciation Rights We have granted time-based, cash-settled stock appreciation rights (“SARs”) to certain employees. The SARs have a term of per share, and vest ratably on the first, second and third anniversaries of the date of grant. Because these SARs are cash-settled, they are classified as “liability-classified awards” which are remeasured at their fair value at the end of each reporting period until settlement. As of December 31, 2023 and December 31, 2022, we have recorded a liability, classified as “Accrued Liabilities” on our consolidated balance sheets, of Time-based, cash-settled SARs have no effect on dilutive shares or shares outstanding as any appreciation of our common stock over the exercise price is paid in cash and not in common stock. The fair value of time-based cash-settled SARs is revalued (mark-to-market) each reporting period using a Monte Carlo simulation model based on period-end stock price. The expected term of the SARs is calculated as the average of each vesting tranche’s midpoint between vesting date and expiration date plus the vesting period. Expected volatility is based on the historical volatility of our stock for the length of time corresponding to the expected term of the SARs. The risk-free interest rate is based on the U.S. treasury yield curve in effect as of the reporting date for the length of time corresponding to the expected term of the SARs. The following weighted-average assumptions were used in calculating the fair value of time-based cash-settled SARs outstanding during the year ended December 31, 2023 using the Monte Carlo simulation model: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ Year Ended ​ ​ December 31, 2023 ​ ​ December 31, 2022 ​ Remaining term to maturity ​ 4.1 years ​ ​ 5.1 years ​ Expected volatility factor ​ 119.5 % ​ 113.0 % Expected dividend yield ​ — % ​ — % Risk-free interest rate ​ 3.88 % ​ 3.95 % ​ Changes to our non-vested time-based cash-settled SARs during the year ended December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Exercise Price ​ Cash-settled SARs Per Share Outstanding at January 1, 2022 ​ 2,912,867 ​ $ 5.73 Granted ​ — ​ ​ — Exercised ​ — ​ ​ — Forfeited/Expired ​ (27,145) ​ ​ 5.73 Outstanding at January 1, 2023 ​ 2,885,722 $ 5.73 Granted ​ — ​ — Exercised ​ — ​ — Forfeited/Expired ​ — ​ ​ — Outstanding at December 31, 2023 ​ 2,885,722 ​ $ 5.73 Exercisable at December 31, 2023 ​ 1,426,964 $ 5.73 ​ As of December 31, 2023, there was $0.1 million of unrecognized compensation cost related to time-based cash-settled SARs that is expected to be recognized over a weighted-average period of 0.1 years.

Stockholders' Equity and Loss p

Stockholders' Equity and Loss per Share	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Loss per Share	11. Stockholders’ Equity and Loss per Share As of December 31, 2023, we had a total of 14,425,864 shares of common stock, $0.01 par value, outstanding. We also had 97,260 shares held as treasury stock. Total authorized common stock is 250,000,000 shares. Basic earnings (loss) per common share (“EPS”) are computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS are computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period, including potential dilutive securities. When the Convertible Notes are dilutive, interest expense, net of tax, is added back to net income to calculate diluted EPS. A reconciliation of the numerators and denominators of the basic and diluted losses per share computations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, (in thousands, except per share data) ​ 2023 2022 Net loss (numerator): ​ $ (37,697) ​ $ (65,321) Loss per share: ​ ​ Basic and diluted ​ ​ (2.69) ​ ​ (5.01) Shares (denominator): ​ ​ Weighted average common shares outstanding - basic ​ 14,012 ​ 13,026 Weighted average common shares outstanding - diluted ​ 14,012 ​ 13,026 ​ The following number of potential common shares at the end of each year presented were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ (in thousands) 2023 2022 ​ Potentially dilutive securities excluded as anti-dilutive ​ 39,748 ​ ​ 31,362 ​ ​

Segment and Geographical Inform

Segment and Geographical Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment and Geographical Information	12. Segment and Geographical Information We report one segment because all of our drilling operations are all located in the United States and have similar economic characteristics. We build rigs and engage in land contract drilling for oil and natural gas in the United States. 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. Allocation of capital resources is employed on a project-by-project basis across our entire asset base to maximize profitability without regard to individual areas.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Purchase Commitments As of December 31, 2023, we had outstanding purchase commitments to a number of suppliers totaling $3.4 million related primarily to rig equipment or components ordered but not received. We have paid deposits of $0.1 million related to these commitments. Employment Agreements We have entered into employment agreements with six key executives, with original terms of three years, that automatically extend a year prior to expiration, provided that neither party has provided a written notice of termination before that date. As of December 31, 2023, these agreements in aggregate provide for minimum annual cash compensation of $2.1 million and cash severance payments totaling $5.4 million for termination by ICD without cause, or termination by the employee for good reason, both as defined in the agreements, or $7.7 million in the event of a change in control, as defined in the agreements. 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. There are no current legal proceedings that we expect will have a material adverse impact on our consolidated financial statements.

Defined Contribution Plan

Defined Contribution Plan	12 Months Ended
	Dec. 31, 2023
Defined Contribution Plan [Abstract]
Defined Contribution Plan	14. Defined Contribution Plan Substantially all employees may elect to participate in our 401(k) plan by contributing a portion of their earnings. We contribute an amount equal to 100 percent of the first six percent of the participant’s compensation subject to certain limitations. The annual expense incurred for this defined contribution plan was $1.5 million and $1.4 million for the years ended December 31, 2023 and 2022, respectively.

Concentration of Market and Cre

Concentration of Market and Credit Risk	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Concentration of Market and Credit Risk	15. Concentration of Market and Credit Risk We derive all our revenues from drilling services contracts with companies in the oil and natural gas exploration and production industry, a historically cyclical industry with levels of activity that are significantly affected by the levels and volatility in oil and natural gas prices. We have a number of customers that account for 10% or more of our revenues. For 2023, this customer included Endeavor Energy Resources (23%). For 2022, these customers included Paloma Natural Gas, LLC (20%), Endeavor Energy Resources (13%), and Diamondback Energy, Inc. (12%). Our trade receivables are with a variety of E&P and other oilfield service companies. We perform ongoing credit evaluations of our customers, and we generally do not require collateral. We do occasionally require deposits from customers whose creditworthiness is in question prior to providing services to them. As of December 31, 2023, Endeavor Energy Resources (24%), Diamondback Energy, Inc. (13%) and Petro-Hunt Permian, LLC (12%) accounted for 10% or more of our accounts receivable. As of December 31, 2022, Paloma Natural Gas, LLC (19%) and Diamondback Energy, Inc. (15%) accounted for 10% or more of our accounts receivable. We have concentrated credit risk for cash by maintaining deposits in major banks, which may at times exceed amounts covered by insurance provided by the United States Federal Deposit Insurance Corporation (“FDIC”). We monitor the financial health of the banks and have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk. As of December 31, 2023, we had approximately $5.3 million in cash and cash equivalents in excess of FDIC limits.

Related Parties and Other Matte

Related Parties and Other Matters	12 Months Ended
	Dec. 31, 2023
Related Parties and Other Matters [Abstract]
Related Parties and Other Matters	16. Related Parties and Other Matters In connection with the issuance of the Convertible Notes on March 18, 2022, we issued to affiliates of MSD Partners, L.P. (the “MSD Investors”) $78.9 million principal amount of Convertible Notes and entered into an Investor’s Rights Agreement permitting MSD Partners to nominate one director to our Board so long as MSD Partners and its affiliates continue to own $25.0 million principal amount of Convertible Notes (the “Sunset Date”). We also entered into an Investor’s Rights Agreement with Glendon Capital Management L.P. (“GCM”) that permits GCM to designate additional representative as a director, provided that the third representative must be an independent director unless one of the MSD Partners and the GCM representatives is independent for New York Stock Exchange purposes. The proposed representatives are subject to review by our Nominating and Corporate Governance Committee. Following the Sunset Date for the applicable party, MSD Partners and/or GCM, as applicable, will cause its designee to offer to tender his or her resignation, unless otherwise requested by the Board, and the third representative may be removed by the Board. members effective July 1, 2022. As of December 31, 2023, accrued interest payable on the Convertible Notes was

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Charged to ​ ​ ​ ​ ​ ​ Beginning of ​ Costs and ​ ​ ​ ​ Balance at (in thousands) ​ Period ​ Expenses ​ Deductions (1) ​ End of Period Year Ended December 31, 2023: ​ ​ ​ ​ Credit loss allowance ​ $ — ​ $ 1,177 ​ $ (1,177) ​ $ — Valuation allowance for deferred tax assets ​ $ 78,793 ​ $ 3,140 ​ $ — ​ $ 81,933 Year Ended December 31, 2022: ​ ​ ​ ​ Credit loss allowance ​ $ — ​ $ — ​ $ — ​ $ — Valuation allowance for deferred tax assets ​ $ 79,993 ​ $ (1,200) ​ $ — ​ $ 78,793 ​ (1) Includes accounts determined to be uncollectible and charged against allowance.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These audited consolidated financial statements include all the accounts of ICD and its subsidiary. All significant intercompany accounts and transactions have been eliminated. Except for the subsidiary, we have no controlling financial interests in any other entity which would require consolidation. These audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). As we had no items of other comprehensive income in any period presented, no other comprehensive income is presented.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider short-term, highly liquid investments that have an original maturity of three months or less to be cash equivalents.
Accounts Receivable	Accounts Receivable We adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments on January 1, 2023. The adoption of this guidance did not have a material impact on our consolidated financial statements and did not result in a transition adjustment as of January 1, 2023. As of January 1, 2023 and December 31, 2023, our total allowance for credit losses was Accounts receivable is comprised primarily of amounts due from our customers for contract drilling services. We maintain an allowance for credit losses for accounts receivable, which is recorded as an offset to accounts receivable, and changes in such are classified as selling, general and administrative expense in the consolidated statements of income. We assess collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when we identify specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, we consider historical collectability based on past due status and make judgments about the creditworthiness of customers based on ongoing credit evaluations. We also consider customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions.
Inventories	Inventories Inventory is stated at lower of cost or net realizable value and consists primarily of supplies held for use in our drilling operations. Cost is determined on an average cost basis.
Property, Plant and Equipment, net	Property, Plant and Equipment, net Property, plant and equipment, including renewals and betterments, are stated at cost less accumulated depreciation. All property, plant and equipment are depreciated using the straight-line method based on the estimated useful lives of the assets, which range from two Depreciation of property, plant and equipment is recorded based on the estimated useful lives of the assets as follows: ​ ​ ​ ​ ​ ​ Estimated Useful Life Buildings 20 - 39 years Drilling rigs and related equipment 3 - 20 years Machinery, equipment and other 3 - 7 years Vehicles 2 - 3 years ​ Our operations are managed from field locations that we own or lease, that contain office, shop and yard space to support day-to-day operations, including repair and maintenance of equipment, as well as storage of equipment, materials and supplies. We currently have six such field locations. Additionally, we lease office space for our corporate headquarters in Houston, Texas. Leases are evaluated at inception or at any subsequent material modification to determine if the lease should be classified as a finance or operating lease. We review our assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets that are held and used is measured by comparison of the estimated future undiscounted cash flows associated with the asset to the carrying amount of the asset. If the carrying value of such assets is less than the estimated undiscounted cash flow, an impairment charge is recorded in the amount by which the carrying amount of the assets exceeds their estimated fair value. For further discussion, see Asset Impairments “Nature of Operations and Recent Developments.” Construction in progress represents the costs incurred for drilling rigs and rig upgrades under construction at the end of the period. This includes third-party costs relating to the purchase of rig components as well as labor, material and other identifiable direct and indirect costs associated with the construction of the rig.
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; 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. Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, certain accrued liabilities and our debt. Our debt consists primarily of our Convertible Notes and Revolving ABL Facility as of December 31, 2023 and 2022. The fair value of cash and cash equivalents, accounts receivable, accounts payable and certain accrued liabilities, approximate their carrying value because of the short-term nature of these instruments. The following table summarizes the carrying value and fair value of our long-term debt as of December 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair (in thousands) Value Value Value Value Convertible Notes ​ $ 179,209 ​ $ 164,800 ​ $ 170,166 ​ $ 159,200 Revolving ABL Credit Facility ​ $ 5,500 ​ $ 5,500 ​ $ 11,811 ​ $ 11,870 ​ The fair value of the Convertible Notes is determined to be a Level 3 measurement as this instrument is not actively traded and was estimated using a binomial lattice model. The factors used to determine fair value as of December 31, 2023 are subject to management's judgement and expertise and include, but are not limited to our share price, expected price volatility (58.5%), risk-free rate (4.2%), and credit spread (2,702 bps) relative to our credit rating. The factors used to determine fair value as of December 31, 2022 included, but were not limited to our share price, expected price volatility ( The estimated fair value of our Revolving ABL Credit Facility is also determined to be a Level 3 measurement as our debt is not actively traded and the fair value estimate is based on discounted estimated future cash flows or a fair value in-exchange assumption, which are significant unobservable inputs in the fair value hierarchy. To determine the fair value of our outstanding floating rate debt as of December 31, 2023, we utilized a credit spread of 229 bps on the Revolving ABL Credit Facility based on an analysis of credit spreads of comparably rated public debt items as well as the original issuance price of the debt . We utilized a credit spread of Recurring Fair Value Measurements As described in Note 8 “Long-term Debt,” million, in our consolidated balance sheet. The change in the fair value of the embedded derivative liability was assessed quarterly and recorded in our consolidated statement of operations as “Change in fair value of embedded derivative liability” until the features underlying the instrument were exercised, redeemed, cancelled or expired. After the approval of our stockholders on June 8, 2022, certain features under our Convertible Notes were modified and no longer met the criteria to bifurcate from the debt host agreement. We recorded the extinguishment of the embedded derivative liability by reclassifying embedded derivative liability recorded. For more information, see our 2022 Annual Report on Form 10-K filed with the SEC on March 6, 2023. There were no transfers between fair value measurement levels during the years ended December 31, 2023 or 2022. See Note 11 “Stock-Based Compensation” for fair value of liability-based awards. 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 asset impairments.
Revenue and Cost Recognition	Revenue and Cost Recognition We earn contract drilling revenues pursuant to drilling contracts entered into with our customers. We perform drilling services on a “daywork” basis, under which we charge a specified rate per day, or “dayrate.” The dayrate associated with each of our contracts is a negotiated price determined by the capabilities of the rig, location, depth and complexity of the wells to be drilled, operating conditions, duration of the contract and market conditions. The term of land drilling contracts may be for a defined number of wells or for a fixed time period. We generally receive lump-sum payments for the mobilization of rigs and other drilling equipment at the commencement of a new drilling contract. Revenue and costs associated with the initial mobilization are deferred and recognized ratably over the term of the related drilling contract once the rig spuds. Costs incurred to relocate rigs and other equipment to an area in which a contract has not been secured are expensed as incurred. Our contracts provide for early termination fees in the event our customers choose to cancel the contract prior to the specified contract term. We record a contract liability for such fees received up front and recognize them ratably as contract drilling revenue over the initial term of the related drilling contract or until such time that all performance obligations are satisfied. While under contract, our rigs generally earn a reduced rate while the rig is moving between wells or drilling locations, or on standby waiting for the customer. Reimbursements for the purchase of supplies, equipment, trucking and other services that are provided at the request of our customers are recorded as revenue when incurred. The related costs are recorded as operating expenses or capitalized when appropriate when incurred. Revenue is presented net of any sales tax charged to the customer that we are required to remit to local or state governmental taxing authorities. Our operating costs include all expenses associated with operating and maintaining our drilling rigs. Operating costs include all “rig level” expenses such as labor and related payroll costs, repair and maintenance expenses, supplies, workers’ compensation and other insurance, ad valorem taxes and equipment rental costs. Also included in our operating costs are certain costs that are not incurred at the rig level. These costs include expenses directly associated with our operations management team as well as our safety and maintenance personnel who are not directly assigned to our rigs but are responsible for the oversight and support of our operations and safety and maintenance programs across our fleet.
Leases	Leases Lease liabilities are measured at the lease commencement date and are based on the present value of remaining payments contractually required under the contract. Payments that are variable in nature are excluded from the measurement of our lease liabilities and are recorded as an expense as incurred. Options to renew or extend a lease are included in the measurement of our lease liabilities only when it is reasonably certain that we will exercise these rights. In estimating the present value of our lease liabilities, payments are discounted at the interest rate stated in the applicable lease agreement or, if not available, our incremental borrowing rate (“IBR”), applied utilizing a portfolio approach. To determine our IBR, we utilize information publicly available from companies within our industry with similar credit profiles to construct a company-specific yield curve in order to estimate the rate of interest we would pay to borrow at various lease terms. At lease commencement, we recognize a lease right-of-use asset equal to our lease liability, adjusted for lease payments paid to the lessor prior to the lease commencement date, and any initial direct costs incurred. Operating lease expense is recorded on a straight-line basis over the lease term. For finance leases, we amortize our right-of-use assets on a straight-line basis over the shorter of the asset’s useful life or the lease term. Additionally, interest expense is recognized each period related to the accretion of our lease liabilities over their respective lease terms.
Stock-Based Compensation	Stock-Based Compensation We record compensation expense over the requisite service period for all stock-based compensation based on the grant date fair value of the award. The expense is included in selling, general and administrative expense in our statements of operations.
Income Taxes	Income Taxes We use the asset and liability method of accounting for income taxes. Under this method, we record deferred income taxes based upon differences between the financial reporting basis and tax basis of assets and liabilities and use enacted tax rates and laws that we expect will be in effect when we realize those assets or settle those liabilities. We review deferred tax assets for a valuation allowance based upon management’s estimates of whether it is more likely than not that a portion of the deferred tax asset will be fully realized in a future period. We recognize the financial statement benefit of a tax position only after determining that the relevant taxing authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. Our policy is to include interest and penalties related to the unrecognized tax benefits within the income tax expense (benefit) line item in our statements of operations.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenues and expenses recognized during the reporting period. Actual results could differ from these estimates. Significant estimates made by management include depreciation of property, plant and equipment, impairment of property, plant and equipment and assets held for sale, and the collectability of accounts receivable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This guidance requires an entity to disclose significant segment expenses impacting profit and loss that are regularly provided to the Chief Operating Decision Maker (“CODM”) to assess segment performance and to make decisions about resource allocations. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We do not expect the standard to have a material impact on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This guidance requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Also, this guidance requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this guidance are effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact this guidance will have on our financial statement disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Assets	Depreciation of property, plant and equipment is recorded based on the estimated useful lives of the assets as follows: ​ ​ ​ ​ ​ ​ Estimated Useful Life Buildings 20 - 39 years Drilling rigs and related equipment 3 - 20 years Machinery, equipment and other 3 - 7 years Vehicles 2 - 3 years
Schedule of Fair Value of Long-term Debt	The following table summarizes the carrying value and fair value of our long-term debt as of December 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair (in thousands) Value Value Value Value Convertible Notes ​ $ 179,209 ​ $ 164,800 ​ $ 170,166 ​ $ 159,200 Revolving ABL Credit Facility ​ $ 5,500 ​ $ 5,500 ​ $ 11,811 ​ $ 11,870

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes revenues from our contracts disaggregated by revenue generating activity contained therein for the years ended December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) ​ 2023 2022 Dayrate drilling ​ $ 189,315 ​ $ 172,284 Mobilization ​ 5,122 ​ 4,719 Reimbursables ​ 9,305 ​ 8,856 Early termination ​ 5,864 ​ — Capital modification ​ 387 ​ 810 Other ​ 113 ​ 41 Total revenue ​ $ 210,106 ​ $ 186,710
Summary of Contract with Customer, Asset and Liability	The following table provides information about receivables and contract liabilities related to contracts with customers as of December 31, 2023 and 2022, respectively. We had no contract assets in either year. ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, (in thousands) ​ 2023 ​ 2022 Receivables, which are included in “Accounts receivable” ​ $ 31,380 ​ $ 39,732 Contract liabilities, which are included in “Accrued liabilities” ​ $ (578) ​ $ (1,158) ​ Significant changes in the contract liabilities balance during the years ended December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) ​ 2023 2022 Revenue recognized that was included in contract liabilities at beginning of period ​ $ 1,158 ​ $ 542 Increase in contract liabilities due to cash received, excluding amounts recognized as revenue ​ $ (578) ​ $ (1,158)
Estimated Revenue Expected to be Recognized in the Future	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, ​ ​ ​ (in thousands) 2024 2025 2026 Total Revenue ​ $ 578 ​ $ — ​ $ — ​ $ 578

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lease, cost	The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended (in thousands) ​ December 31, 2023 ​ December 31, 2022 Operating lease expense ​ $ 1,086 ​ $ 747 Short-term lease expense ​ 7,107 ​ 5,697 Variable lease expense ​ 608 ​ 577 ​ ​ ​ ​ ​ ​ ​ Finance lease expense: ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 1,878 ​ $ 1,682 Interest expense on lease liabilities ​ 278 ​ 387 Total finance lease expense ​ 2,156 ​ 2,069 Total lease expense ​ $ 10,957 ​ $ 9,090 ​ Supplemental cash flow information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended (in thousands) ​ December 31, 2023 ​ December 31, 2022 Cash paid for amounts included in measurement of lease liabilities: ​ ​ ​ Operating cash flows from operating leases ​ $ 921 ​ $ 732 Operating cash flows from finance leases ​ $ 278 ​ $ 373 Financing cash flows from finance leases ​ $ 2,580 ​ $ 5,811 ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained or recorded in exchange for lease obligations: ​ ​ ​ ​ Operating leases ​ $ 2,106 ​ $ 153 Finance leases ​ $ 2,161 ​ $ 4,440
Assets and liabilities, lessee	Supplemental balance sheet information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2023 December 31, 2022 ​ Operating leases: ​ ​ ​ Other long-term assets, net ​ $ 2,205 ​ $ 976 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued liabilities ​ $ 934 ​ $ 751 ​ Other long-term liabilities ​ 1,375 ​ 373 ​ Total operating lease liabilities ​ $ 2,309 ​ $ 1,124 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ Property, plant and equipment ​ $ 6,238 ​ $ 7,307 ​ Accumulated depreciation ​ (1,829) ​ (1,994) ​ Property, plant and equipment, net ​ $ 4,409 ​ $ 5,313 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion of long-term debt ​ $ 1,226 ​ $ 2,485 ​ Long-term debt ​ 1,659 ​ 1,599 ​ Total finance lease liabilities ​ $ 2,885 ​ $ 4,084 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term ​ ​ ​ Operating leases ​ 3.4 years ​ 1.6 years ​ Finance leases ​ 2.0 years ​ 1.6 years ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate ​ ​ ​ Operating leases ​ 8.75 % 10.86 % Finance leases ​ 8.25 % 8.12 %
Maturity of finance lease liability	Maturities of lease liabilities as of December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Operating Leases Finance Leases 2024 ​ $ 1,086 ​ ​ 1,414 2025 ​ 516 ​ ​ 1,138 2026 ​ 401 ​ ​ 634 2027 ​ 370 ​ — 2028 ​ 285 ​ — Total cash lease payment ​ 2,658 ​ 3,186 Less: imputed interest ​ (349) ​ ​ (301) Total lease liabilities ​ $ 2,309 ​ $ 2,885 ​
Maturity of operating lease liability	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Operating Leases Finance Leases 2024 ​ $ 1,086 ​ ​ 1,414 2025 ​ 516 ​ ​ 1,138 2026 ​ 401 ​ ​ 634 2027 ​ 370 ​ — 2028 ​ 285 ​ — Total cash lease payment ​ 2,658 ​ 3,186 Less: imputed interest ​ (349) ​ ​ (301) Total lease liabilities ​ $ 2,309 ​ $ 2,885 ​

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2023 2022 Rig components and supplies ​ $ 1,557 ​ $ 1,508

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Major classes of property, plant, and equipment, which include finance lease assets, consisted of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2023 2022 Land ​ $ 300 ​ $ 300 Buildings ​ 2,858 ​ 2,816 Drilling rigs and related equipment ​ 611,382 ​ 611,972 Machinery, equipment and other ​ 1,762 ​ 1,775 Finance leases ​ 6,238 ​ 7,307 Leasehold improvements ​ 25 ​ 25 Construction in progress ​ 2,851 ​ 5,693 Total ​ $ 625,416 ​ $ 629,888 Less: Accumulated depreciation ​ (277,223) ​ (253,804) Total Property, plant and equipment, net ​ $ 348,193 ​ $ 376,084

Supplemental Consolidated Bal_2

Supplemental Consolidated Balance Sheet and Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental Consolidated Balance Sheet and Cash Flow Information [Abstract]
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2023 December 31, 2022 Prepaid insurance ​ $ 3,502 ​ $ 3,796 Deferred mobilization costs ​ 467 ​ 283 Prepaid and other current assets ​ 790 ​ 657 ​ ​ $ 4,759 ​ $ 4,736
Schedule of accrued Liabilities	Accrued liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2023 December 31, 2022 Accrued salaries and other compensation ​ $ 6,625 ​ $ 6,908 Insurance ​ 2,996 ​ 3,002 Deferred mobilization revenues ​ 578 ​ 1,003 Property and other taxes ​ 2,124 ​ 3,621 Interest ​ 25 ​ ​ 101 Operating lease liability - current ​ 934 ​ 751 Cash-settled SARs liability ​ ​ 2,054 ​ ​ 1,826 Other ​ 1,035 ​ 396 ​ ​ $ 16,371 ​ $ 17,608 ​
Schedule of supplemental consolidated cash flow information	Supplemental consolidated cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2023 2022 Supplemental disclosure of cash flow information ​ ​ ​ ​ ​ ​ Cash paid during the year for interest ​ $ 2,358 ​ $ 5,084 Cash paid during the year for taxes ​ $ 804 ​ $ — Supplemental disclosure of non-cash investing and financing activities ​ ​ Change in property, plant and equipment purchases in accounts payable ​ $ (8,093) ​ $ 11,686 Additions to property, plant & equipment through finance leases ​ $ 2,161 ​ $ 4,440 Extinguishment of finance lease obligations from sale of assets classified as finance leases ​ $ (513) ​ $ (281) Transfer of assets from held and used to held for sale ​ $ — ​ $ (325) Initial embedded derivative liability upon issuance of Convertible Notes ​ $ — ​ $ 75,733 Extinguishment of embedded derivative liability ​ $ — ​ $ (69,232) Shares issued for structuring fee ​ $ — ​ $ 9,163 ​

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Our Long-term Debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2023 December 31, 2022 ​ Convertible Notes due March 18, 2026 ​ $ 179,209 ​ $ 170,166 ​ Revolving ABL Credit Facility due September 30, 2025 ​ 5,500 ​ 11,811 ​ Finance lease obligations ​ 2,885 ​ 4,084 ​ ​ ​ 187,594 ​ 186,061 ​ Less: Convertible Notes debt discount and issuance costs ​ ​ (31,819) ​ ​ (40,353) ​ Less: current portion of finance leases ​ (1,226) ​ (2,485) ​ Long-term debt, net ​ $ 154,549 ​ $ 143,223 ​
Schedule of Maturities of Long-term Debt	Presented below is a schedule of the principal repayment requirements of long-term debt by fiscal year as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2024 2025 2026 Total Convertible Notes ​ $ 14,000 ​ $ 3,500 ​ $ 161,709 ​ $ 179,209 Revolving ABL Credit Facility ​ — ​ 5,500 ​ — ​ 5,500 Total ​ $ 14,000 ​ $ 9,000 ​ $ 161,709 ​ $ 184,709

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The components of the income tax expense are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2023 2022 Current: ​ ​ Federal ​ $ — ​ $ — State ​ 530 ​ 575 ​ ​ $ 530 ​ $ 575 Deferred: ​ ​ Federal ​ $ (3,285) ​ $ (7,480) State ​ 780 ​ 709 ​ ​ $ (2,505) ​ $ (6,771) ​ ​ ​ ​ ​ ​ ​ Income tax benefit ​ $ (1,975) ​ $ (6,196)
Schedule of Effective Income Tax Rate Reconciliation	The effective tax rate (as a percentage of net loss before income taxes) is reconciled to the U.S. federal statutory rate as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2023 2022 Income tax benefit at the statutory federal rate (21%) ​ $ (8,331) ​ $ (15,019) ​ Nondeductible expenses ​ 232 ​ 3 ​ Valuation allowance ​ 3,140 ​ (1,200) ​ Debt discount ​ ​ 1,408 ​ ​ 7,629 ​ State taxes, net of federal benefit ​ 435 ​ 1,518 ​ Stock-based compensation and other ​ 1,141 ​ 873 ​ Income tax benefit ​ $ (1,975) ​ $ (6,196) ​ Effective tax rate ​ 5.0 % 8.7 %
Schedule of Deferred Tax Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2023 ​ 2022 Deferred income tax assets ​ ​ ​ Merger-related expenses ​ $ 808 ​ $ 894 Stock-based compensation ​ 1,328 ​ 1,349 Accrued liabilities and other ​ 128 ​ 613 Deferred revenue ​ 133 ​ 228 Interest limitation ​ 14,855 ​ 8,024 ROU Asset ​ 533 ​ 255 Debt Instruments ​ ​ 1,666 ​ ​ 2,026 Net operating losses ​ 97,112 ​ 96,142 Total net deferred tax assets ​ $ 116,563 ​ $ 109,531 Deferred income tax liabilities ​ ​ Prepaids ​ $ (794) ​ $ (845) Property, plant and equipment ​ (43,088) ​ (41,937) ROU Liability ​ (509) ​ (222) Total net deferred tax liabilities ​ $ (44,391) ​ $ (43,004) Valuation allowance ​ $ (81,933) ​ $ (78,793) Net deferred tax liability ​ $ (9,761) ​ $ (12,266) ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Compensation Cost	A summary of compensation cost recognized for stock-based payment arrangements is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) ​ 2023 2022 Compensation cost recognized: ​ ​ ​ Restricted stock, restricted stock units and stock-settled stock appreciation rights ​ $ 5,239 ​ $ 3,390 Cash-settled stock appreciation rights and performance-based phantom units ​ 432 ​ 1,254 Total stock-based compensation ​ $ 5,671 ​ $ 4,644
Schedule of Restricted Stock Activity	A summary of the status of our time-based restricted stock awards and of changes in our time-based restricted stock awards outstanding for the year ended December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Fair Value ​ Shares Per Share Outstanding at January 1, 2022 26,890 $ 64.40 Granted — ​ — Vested (10,198) ​ 64.40 Forfeited/expired (3,246) ​ 64.40 Outstanding at January 1, 2023 13,446 $ 64.40 Granted — ​ — Vested (10,170) ​ 64.40 Forfeited (3,276) ​ 64.40 Outstanding at December 31, 2023 — ​ $ —
Schedule of Restricted Stock Unit Activity	A summary of the status of our time-based restricted stock unit awards and of changes in our time-based restricted stock unit awards outstanding for the year ended December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Fair Value ​ RSUs Per Share Outstanding at January 1, 2022 109,911 ​ $ 8.50 Granted 1,526,385 ​ 4.16 Vested and converted (78,011) ​ 7.78 Forfeited/expired (2,743) ​ 38.80 Outstanding at January 1, 2023 1,555,542 ​ $ 4.22 Granted 272,736 ​ 4.00 Vested and converted (817,831) ​ 4.28 Forfeited (257,267) ​ 4.17 Outstanding at December 31, 2023 753,180 ​ $ 4.10 A summary of the status of our performance-based and market-based restricted stock unit awards and of changes in our restricted stock unit awards outstanding for the year ended December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Fair Value ​ RSUs Per Share Outstanding at January 1, 2022 27,285 ​ $ 24.50 Granted — ​ — Vested and converted (3,056) ​ 29.00 Forfeited/expired (13,486) ​ 33.10 Outstanding at January 1, 2023 10,743 ​ $ 12.42 Granted 299,411 ​ 4.47 Vested and converted (6,442) ​ 12.42 Forfeited (4,301) ​ 12.42 Outstanding at December 31, 2023 299,411 ​ $ 4.47
Stock-settled stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Stock Appreciation Rights	Changes to our time-based stock-settled SARs for the year ended December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ Stock-settled SARs Per Share Outstanding at January 1, 2022 ​ — ​ $ — Granted ​ 1,421,740 ​ ​ 2.83 Exercised ​ — ​ ​ — Forfeited/Expired ​ — ​ ​ — Outstanding at January 1, 2023 ​ 1,421,740 $ 2.83 Granted ​ — ​ — Exercised ​ — ​ — Forfeited/Expired ​ — ​ ​ — Outstanding at December 31, 2023 ​ 1,421,740 ​ $ 2.83 Exercisable at December 31, 2023 ​ 829,349 ​ $ 2.83 Non-vested at January 1, 2023 ​ 1,421,740 ​ $ 2.83 Vested ​ 829,349 ​ ​ 2.83 Non-vested at December 31, 2023 ​ 592,391 $ 2.83
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Stock Appreciation Rights	Changes to our non-vested time-based cash-settled SARs during the year ended December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Exercise Price ​ Cash-settled SARs Per Share Outstanding at January 1, 2022 ​ 2,912,867 ​ $ 5.73 Granted ​ — ​ ​ — Exercised ​ — ​ ​ — Forfeited/Expired ​ (27,145) ​ ​ 5.73 Outstanding at January 1, 2023 ​ 2,885,722 $ 5.73 Granted ​ — ​ — Exercised ​ — ​ — Forfeited/Expired ​ — ​ ​ — Outstanding at December 31, 2023 ​ 2,885,722 ​ $ 5.73 Exercisable at December 31, 2023 ​ 1,426,964 $ 5.73
Schedule of Assumptions Used in Calculation of SARs Granted	The following weighted-average assumptions were used in calculating the fair value of time-based cash-settled SARs outstanding during the year ended December 31, 2023 using the Monte Carlo simulation model: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ Year Ended ​ ​ December 31, 2023 ​ ​ December 31, 2022 ​ Remaining term to maturity ​ 4.1 years ​ ​ 5.1 years ​ Expected volatility factor ​ 119.5 % ​ 113.0 % Expected dividend yield ​ — % ​ — % Risk-free interest rate ​ 3.88 % ​ 3.95 %

Stockholders' Equity and Loss_2

Stockholders' Equity and Loss per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Reconciliation of Numerators and Denominators of Basic and Diluted (Loss) Earnings Per Share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, (in thousands, except per share data) ​ 2023 2022 Net loss (numerator): ​ $ (37,697) ​ $ (65,321) Loss per share: ​ ​ Basic and diluted ​ ​ (2.69) ​ ​ (5.01) Shares (denominator): ​ ​ Weighted average common shares outstanding - basic ​ 14,012 ​ 13,026 Weighted average common shares outstanding - diluted ​ 14,012 ​ 13,026
Schedule of Antidilutive Securities excluded from computation of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ (in thousands) 2023 2022 ​ Potentially dilutive securities excluded as anti-dilutive ​ 39,748 ​ ​ 31,362 ​ ​

Nature of Operations and Rece_2

Nature of Operations and Recent Events (Market Conditions) (Details)	Feb. 21, 2024 $ / MMcf	Feb. 20, 2024 $ / bbl	Dec. 31, 2023 $ / MMcf	Dec. 31, 2022 $ / MMcf	Aug. 22, 2022 $ / MMcf	Mar. 08, 2022 $ / bbl
Nature of Operations and Recent Developments
Market price of oil (in dollars per barrel) | $ / bbl		78.72				123.64
Natural gas price (in dollars per mmcf) | $ / MMcf	1.58		2.58	3.52	9.85

Nature of Operations and Rece_3

Nature of Operations and Recent Events (Asset impairment) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Jan. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of operating fleet classified as 300 series rigs	90%	90%		50%
Asset impairment		$ 14,905	$ 350
Assets held for sale			325
Impairment of assets held for use	$ 14,700	$ 300
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset impairment	Asset impairment
Number of rigs marketed fleet | item	26	26
Drilling equipment | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets held for sale			400
Assets held for sale			$ 300

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Accounts Receivable) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Allowance for credit losses	$ 0	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details)	Dec. 31, 2023 location
Property, Plant and Equipment [Line Items]
Field locations	6
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	2 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	39 years
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	20 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	39 years
Drilling rigs and related equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Drilling rigs and related equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	20 years
Machinery, equipment and other | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Machinery, equipment and other | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	7 years
Vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	2 years
Vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Financial Instruments and Fair Value (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 18, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability		$ 0	$ 0
Fair value of the embedded derivative extinguished	$ 69,200,000		69,232,000
Realized gain on extinguishment of derivative	$ 10,800,000		10,765,000
Fair value assets transfer		$ 0	$ 0
Convertible Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability				$ 75,700,000
Convertible Notes | Volatility rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input		0.585	0.590
Convertible Notes | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input		0.042	0.042
Convertible Notes | Credit Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input		0.2702	0.3262
Convertible Notes | Carrying Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt		$ 179,209,000	$ 170,166,000
Convertible Notes | Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt		$ 164,800,000	$ 159,200,000
Revolving ABL Credit Facility. | Measurement Input Yield Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input		0.0229	0.0493
Revolving ABL Credit Facility. | Carrying Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt		$ 5,500,000	$ 11,811,000
Revolving ABL Credit Facility. | Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt		$ 5,500,000	$ 11,870,000

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 210,106	$ 186,710
Dayrate drilling
Disaggregation of Revenue [Line Items]
Revenues	189,315	172,284
Mobilization
Disaggregation of Revenue [Line Items]
Revenues	5,122	4,719
Reimbursables
Disaggregation of Revenue [Line Items]
Revenues	9,305	8,856
Early termination
Disaggregation of Revenue [Line Items]
Revenues	5,864
Capital modification
Disaggregation of Revenue [Line Items]
Revenues	387	810
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 113	$ 41

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Contract Balances) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Payment terms (in days)	30 days
Contract assets	$ 0	$ 0
Receivables, which are included in "Accounts receivable"	31,380	39,732
Contract liabilities, which are included in "Accrued liabilities"	$ (578)	$ (1,158)

Revenue from Contracts with C_5

Revenue from Contracts with Customers (Changes in Contract Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized that was included in contract liabilities at beginning of period	$ 1,158	$ 542
Increase in contract liabilities due to cash received, excluding amounts recognized as revenue	$ (578)	$ (1,158)

Revenue from Contracts with C_6

Revenue from Contracts with Customers (Remaining Performance Obligation) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 578
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 578
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 0

Revenue from Contracts with C_7

Revenue from Contracts with Customers (Contract Costs) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Capitalized contract cost, current	$ 0.5	$ 0.5	$ 0.3
Capitalized contract cost, increase		2.3	3.3
Amortization of contract costs	$ 0.6	$ 2.1	$ 3.6

Leases (Narrative) (Details)

Leases (Narrative) (Details)	Dec. 31, 2023
Minimum
Lessee, Lease, Description [Line Items]
Term of lease, finance	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of lease, finance	3 years

Leases (Lease Cost) (Details)

Leases (Lease Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 1,086	$ 747
Short-term lease expense	7,107	5,697
Variable lease expense	608	577
Finance lease expense:
Amortization of right-of-use assets	1,878	1,682
Interest expense on lease liabilities	278	387
Total finance lease expense	2,156	2,069
Total lease expense	10,957	9,090
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	921	732
Operating cash flows from finance leases	278	373
Financing cash flows from finance leases	2,580	5,811
Right-of-use assets obtained or recorded in exchange for lease obligations:
Operating leases	2,106	153
Finance leases	$ 2,161	$ 4,440

Leases (Lease Assets and Liabil

Leases (Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating leases:
Other long-term assets, net	$ 2,205	$ 976
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Accrued liabilities	$ 934	$ 751
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Other long-term liabilities	$ 1,375	$ 373
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 2,309	$ 1,124
Finance leases:
Property, plant and equipment	6,238	7,307
Property, plant and equipment	6,238	7,307
Accumulated depreciation	(1,829)	(1,994)
Property, plant and equipment, net	$ 4,409	$ 5,313
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Current portion of long-term debt	$ 1,226	$ 2,485
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-term Debt and Lease Obligation, Current	Long-term Debt and Lease Obligation, Current
Long-term debt	$ 1,659	$ 1,599
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term Debt and Lease Obligation	Long-term Debt and Lease Obligation
Total finance lease liabilities	$ 2,885	$ 4,084
Weighted-average remaining lease term
Operating leases	3 years 4 months 24 days	1 year 7 months 6 days
Finance leases	2 years	1 year 7 months 6 days
Weighted-average discount rate
Operating leases	8.75%	10.86%
Finance leases	8.25%	8.12%

Leases (Lease Maturities) (Deta

Leases (Lease Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 1,086
2025	516
2026	401
2027	370
2028	285
Total cash lease payment	2,658
Less: imputed interest	(349)
Total lease liabilities	2,309	$ 1,124
Finance Leases
2024	1,414
2025	1,138
2026	634
2027	0
2028	0
Total cash lease payment	3,186
Less: imputed interest	(301)
Total lease liabilities	$ 2,885	$ 4,084

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Rig components and supplies	$ 1,557	$ 1,508
Reserve for obsolescence	0	0
Inventory obsolescence expense	$ 0	$ 0

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Finance leases	$ 6,238	$ 7,307
Total	625,416	629,888
Less: Accumulated depreciation	(277,223)	(253,804)
Total Property, plant and equipment, net	348,193	376,084
Repairs and maintenance expense	28,500	23,300
Depreciation	43,500	40,400
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	300	300
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,858	2,816
Drilling rigs and related equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	611,382	611,972
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,762	1,775
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	25	25
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,851	$ 5,693

Supplemental Consolidated Bal_3

Supplemental Consolidated Balance Sheet and Cash Flow Information (Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Supplemental Consolidated Balance Sheet and Cash Flow Information [Abstract]
Prepaid insurance	$ 3,502	$ 3,796
Deferred mobilization costs	467	283
Prepaid and other current assets	790	657
Prepaid expenses and other current assets	$ 4,759	$ 4,736

Supplemental Consolidated Bal_4

Supplemental Consolidated Balance Sheet and Cash Flow Information (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Supplemental Consolidated Balance Sheet and Cash Flow Information [Abstract]
Accrued salaries and other compensation	$ 6,625	$ 6,908
Insurance	2,996	3,002
Deferred mobilization revenues	578	1,003
Property and other taxes	2,124	3,621
Interest	25	101
Operating lease liability - current	934	751
Cash-settled SARs liability	2,054	1,826
Other	1,035	396
Accrued liabilities	$ 16,371	$ 17,608

Supplemental Consolidated Bal_5

Supplemental Consolidated Balance Sheet and Cash Flow Information (Supplemental Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Supplemental disclosure of cash flow information
Cash paid during the period for interest		$ 2,358	$ 5,084
Cash paid during the year for taxes		804
Supplemental disclosure of non-cash investing and financing activities
Change in property, plant and equipment purchases in accounts payable		(8,093)	11,686
Additions to property, plant & equipment through finance leases		2,161	4,440
Extinguishment of finance lease obligations from sale of assets classified as finance leases		(513)	(281)
Transfer of assets from held and used to held for sale		$ 0	(325)
Initial embedded derivative liability upon issuance of Convertible Notes			75,733
Extinguishment of embedded derivative liability	$ (69,200)		(69,232)
Shares issued for structuring fee			$ 9,163

Long-term Debt (Details)

Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 184,709
Finance lease obligations	2,885	$ 4,084
Long-term debt and finance lease obligations, including current maturities	187,594	186,061
Less: Convertible Notes debt discount and issuance costs	(31,819)	(40,353)
Less: current portion of finance leases	(1,226)	(2,485)
Long-term debt	154,549	143,223
Convertible Notes
Debt Instrument [Line Items]
Long-term debt	179,209	170,166
Revolving ABL Credit Facility.
Debt Instrument [Line Items]
Long-term debt	$ 5,500	$ 11,811

Long-term Debt (Future Long-ter

Long-term Debt (Future Long-term Debt Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2024	$ 14,000
2025	9,000
2026	161,709
Total	184,709
Convertible Notes
Debt Instrument [Line Items]
2024	14,000
2025	3,500
2026	161,709
Total	179,209	$ 170,166
Revolving ABL Credit Facility.
Debt Instrument [Line Items]
2025	5,500
Total	$ 5,500	$ 11,811

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details)				1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 18, 2022 USD ($) D $ / shares shares	Mar. 17, 2022 $ / shares	Oct. 01, 2018 USD ($)	Feb. 28, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2019 $ / shares
Debt Instrument [Line Items]
Aggregate principal amount	$ 78,900,000
Interest					$ 25,000				$ 25,000	$ 101,000
Amortization of deferred financing costs									111,000	346,000
Interest expenses										18,500,000
Convertible debt principal notes					184,709,000				184,709,000
Embedded derivative liability					0				0	0
Loss on extinguishment of debt										(46,347,000)
Amortization of debt discount										6,700,000
Principal of convertible notes					5,000,000	$ 5,000,000	$ 5,000,000		15,000,000
Accrued interest					200,000	400,000	200,000
Borrowings under Revolving ABL Credit Facility					5,000,000	5,000,000	$ 5,000,000
Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount			$ 130,000,000
Delayed Draw Term Loan
Debt Instrument [Line Items]
Aggregate principal amount			$ 15,000,000
Revolving ABL Credit Facility.
Debt Instrument [Line Items]
Convertible debt principal notes					$ 5,500,000				$ 5,500,000	11,811,000
Line of credit
Debt Instrument [Line Items]
Weighted average interest rate					14.93%				14.93%
Line of credit | Revolving ABL Credit Facility.
Debt Instrument [Line Items]
Fixed charge coverage ratio			1
Line of credit facility, borrowing base threshold, percentage			85%
Commitment fee on unused capacity (as a percent)			0.375%
Line of credit facility, unused commitment fee percentage, revolver contingency			0.25%
Fixed charge coverage ratio, maximum credit threshold			10%
Borrowing base					$ 26,300,000				$ 26,300,000
Line of credit | Federal funds, effective rate | Revolving ABL Credit Facility.
Debt Instrument [Line Items]
Stated interest rate (as a percent)			0.05%
Line of credit | London Interbank Offered Rate [Member] | Term Loan Facility
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)			7.50%
Line of credit | Prime Rate | Term Loan Facility
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)			6.50%
Line of credit | SOFR | Revolving ABL Credit Facility.
Debt Instrument [Line Items]
Stated interest rate (as a percent)			1%
Revolving ABL Credit Facility | Line of credit | Revolving ABL Credit Facility.
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity			$ 40,000,000		40,000,000				40,000,000
Remaining availability					20,600,000				20,600,000
Letter of Credit | Line of credit | Revolving ABL Credit Facility.
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity			$ 7,500,000
Minimum | Line of credit | Prime Rate | Revolving ABL Credit Facility.
Debt Instrument [Line Items]
Stated interest rate (as a percent)			1%
Minimum | Revolving ABL Credit Facility | Line of credit | SOFR | Revolving ABL Credit Facility.
Debt Instrument [Line Items]
Stated interest rate (as a percent)			2.36%
Maximum | Line of credit | Federal funds, effective rate | Term Loan Facility
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)			0.05%
Maximum | Line of credit | London Interbank Offered Rate [Member] | Term Loan Facility
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)			1%
Maximum | Line of credit | Prime Rate | Revolving ABL Credit Facility.
Debt Instrument [Line Items]
Stated interest rate (as a percent)			1.50%
Maximum | Line of credit | Base Rate | Revolving ABL Credit Facility.
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)			0%
Maximum | Revolving ABL Credit Facility | Line of credit | SOFR | Revolving ABL Credit Facility.
Debt Instrument [Line Items]
Stated interest rate (as a percent)			2.86%
Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount						$ 12,400,000							$ 11,600,000	$ 12,700,000
Accrued interest					6,800,000				6,800,000
Interest					6,800,000				$ 6,800,000	$ 5,800,000
Issuance of common stock through at-the-market facility, net of offering costs (in shares) | shares	2,268,000
Derivative liability	$ 75,700,000
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Lease Obligation
Conversion ratio									0.22172949
Threshold additional shares to be issued, value					$ 7,500,000				$ 7,500,000
Interest expenses									$ 25,900,000
Convertible conversion price | $ / shares					$ 4.51				$ 4.51
Convertible debt principal notes					$ 179,200,000				$ 179,200,000
Percentage of note holders	50.10%
Loss on extinguishment of debt								$ (46,300,000)
Debt discounts	$ 37,800,000
Cash fee	7,400,000
Non cash structuring fee	$ 2,300,000
Effective interest rate					25.40%				25.40%
Amortization of debt discount									$ 8,500,000
Convertible Notes | SOFR
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)	10%
Debt instrument, variable rate, cash interest	12.50%
Debt instrument, decreased variable rate, paid in kind	9.50%
Convertible Notes | Floor Rate
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)	1%
Convertible Notes | Subscription Agreement
Debt Instrument [Line Items]
Aggregate principal amount	$ 157,500,000
Convertible conversion price | $ / shares															$ 4.51
Holder elected restricted ownership percentage	19.90%
Threshold period following written notice after which the election becomes effective	61 days
Principal amount of debt that is used in conversion calculations	$ 1,000
Threshold volume-weighted average price trading days under debt conversion | D	5
MOIC Required Level	$ 1,350
Convertible Notes | Subscription Agreement | Scenario of Redemption of Debt, After June,30 2023
Debt Instrument [Line Items]
Redemption amount on quarterly basis	5,000,000
Convertible Notes | Subscription Agreement | Scenario of Redemption of Debt, After March 31, 2025
Debt Instrument [Line Items]
Redemption amount on quarterly basis	3,500,000
Convertible Notes | Subscription Agreement | Line of credit | Revolving ABL Credit Facility.
Debt Instrument [Line Items]
Liquidity covenant	$ 10,000,000
Fixed charge coverage ratio	1
Minimum availability	$ 5,000,000
Capital expenditure limits											$ 14,800,000	$ 11,250,000
Subjective increase in capital expenditures	$ 500,000
Suspend convertible debt period	18 months
Debt covenant, consented capital expenditure adjustments				$ 16,900,000					$ 10,600,000
Convertible Notes | Embedded Derivative Liability
Debt Instrument [Line Items]
Conversion ratio	0.22172949	0.19723866
Convertible conversion price | $ / shares	$ 4.51	$ 5.07
Fair value of embedded conversion feature	$ 0
Fair value of contingent interest feature	$ 0
Convertible Notes | Embedded Derivative Liability | SOFR
Debt Instrument [Line Items]
Debt instrument, variable rate, paid in kind interest	14%
Debt instrument, decreased variable rate, paid in kind	9.50%

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
State	$ 530	$ 575
Current income tax expense (benefit)	530	575
Deferred:
Federal	(3,285)	(7,480)
State	780	709
Deferred income tax expense (benefit)	(2,505)	(6,771)
Income tax benefit	$ (1,975)	$ (6,196)

Income Taxes (Reconciliation of

Income Taxes (Reconciliation of Income Tax Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory tax rate (as a percent)	21%	21%
Income tax benefit at the statutory federal rate (21%)	$ (8,331)	$ (15,019)
Nondeductible expenses	232	3
Valuation allowance	3,140	(1,200)
Debt discount	1,408	7,629
State taxes, net of federal benefit	435	1,518
Stock-based compensation and other	1,141	873
Income tax benefit	$ (1,975)	$ (6,196)
Effective tax rate	5%	8.70%

Income Taxes (Deferred Tax Asse

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets
Merger-related expenses	$ 808	$ 894
Stock-based compensation	1,328	1,349
Accrued liabilities and other	128	613
Deferred revenue	133	228
Interest limitation	14,855	8,024
ROU Asset	533	255
Debt Instruments	1,666	2,026
Net operating losses	97,112	96,142
Total net deferred tax assets	116,563	109,531
Deferred income tax liabilities
Prepaids	(794)	(845)
Property, plant and equipment	(43,088)	(41,937)
ROU Liability	(509)	(222)
Total net deferred tax liabilities	(44,391)	(43,004)
Valuation allowance	(81,933)	(78,793)
Net deferred tax liability	$ (9,761)	$ (12,266)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 448.6
Net operating loss carryforwards, subject to expiration	134.1
Net operating loss carryforwards, not subject to expiration	314.5
NOL expiration amount	94.2
Unrecognized Tax Benefits	$ 0

Stock-Based Compensation (Restr

Stock-Based Compensation (Restricted Stock and Restricted Stock Units - Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 item $ / shares shares	Mar. 31, 2020 shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Jun. 30, 2019 shares
Time-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs | $			$ 0
Awards vested			10,170	10,198
Awards issued			0	0
Shares forfeited			3,276	3,246
Restricted stock outstanding (in shares)			0	13,446	26,890
Time-Based Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
Time-Based Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			5 years
Stock-settled stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable (in shares)			800,000
Remaining contractual life (years)			5 years 2 months 12 days
Exercisable (in dollar per share) | $ / shares			$ 2.83
Unrecognized compensation costs | $			$ 1,800
Period for recognition (in years)			8 months 12 days
Awards vested			829,349
Risk-free interest rate (as percent)			3.03%
Expected volatility factor (as percent)			103.30%
Expected dividend yield (as percent)			0%
Restricted stock outstanding (in shares)			592,391	1,421,740
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable (in shares)			1,426,964
Exercisable (in dollar per share) | $ / shares			$ 5.73
Unrecognized compensation costs | $			$ 100
Period for recognition (in years)			1 month 6 days
Awards issued			0	0
Risk-free interest rate (as percent)			3.88%	3.95%
Expected volatility factor (as percent)			119.50%	113%
Expected dividend yield (as percent)			0%	0%
Shares forfeited			0	27,145
Restricted stock outstanding (in shares)			2,885,722	2,885,722	2,912,867
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs | $			$ 2,600
Vesting period (in years)			3 years
Period for recognition (in years)			8 months 12 days
Shares received per restricted stock unit (in shares)			1
Awards vested			817,831	78,011
Awards issued			272,736	1,526,385
Shares forfeited			257,267	2,743
Restricted stock outstanding (in shares)			753,180	1,555,542	109,911
Performance-based and market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs | $			$ 300
Period for recognition (in years)			2 years 1 month 6 days
Awards vested			6,442	3,056
Awards issued			299,411	0
Shares forfeited			4,301	13,486
Restricted stock outstanding (in shares)			299,411	10,743	27,285
Market-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Shares received per restricted stock unit (in shares)		2
Awards vested	6,442
Awards issued	6,442
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Target shares	173,570
Number of peer group companies | item	8
Awards issued	299,411
Fair value assumptions, exercise price (in dollars per share) | $ / shares	$ 4.47
Risk-free interest rate (as percent)	4.15%
Expected volatility factor (as percent)	135.30%
Expected dividend yield (as percent)	0%
Performance-based Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of units that can be awarded based upon the measurement of Free cash flow	0%
Percent adjusted to payout due to TSR multiplier	85%
Performance-based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target shares	150
Percent adjusted to payout due to TSR multiplier	115%
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)						4,600,000
Number of shares available for future awards (in shares)			891,790

Stock-Based Compensation (Compe

Stock-Based Compensation (Compensation Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 5,671	$ 4,644
Restricted stock, restricted stock units and stock-settled stock appreciation rights
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	5,239	3,390
Cash-settled stock appreciation rights and performance-based phantom units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 432	$ 1,254

Stock-Based Compensation (Res_2

Stock-Based Compensation (Restricted Stock and Restricted Stock Units Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Time-Based Restricted Stock
Shares
Outstanding at Beginning balance (in share)	13,446	26,890
Granted (in shares)	0	0
Vested (in shares)	(10,170)	(10,198)
Forfeited/Expired (in shares)	(3,276)	(3,246)
Outstanding at Beginning balance (in shares)	0	13,446
Weighted Average Grant-Date Fair Value Per Share
Outstanding at Beginning balance (in dollars per share)	$ 64.40	$ 64.40
Granted (in dollars per share)	0	0
Vested and converted (in dollars per share)	64.40	64.40
Forfeited/Expired (in dollars per share)	64.40	64.40
Outstanding at Ending balance (in dollars per share)	$ 0	$ 64.40
Time-Based Restricted Stock Units
Shares
Outstanding at Beginning balance (in share)	1,555,542	109,911
Granted (in shares)	272,736	1,526,385
Vested (in shares)	(817,831)	(78,011)
Forfeited/Expired (in shares)	(257,267)	(2,743)
Outstanding at Beginning balance (in shares)	753,180	1,555,542
Weighted Average Grant-Date Fair Value Per Share
Outstanding at Beginning balance (in dollars per share)	$ 4.22	$ 8.50
Granted (in dollars per share)	4	4.16
Vested and converted (in dollars per share)	4.28	7.78
Forfeited/Expired (in dollars per share)	4.17	38.80
Outstanding at Ending balance (in dollars per share)	$ 4.10	$ 4.22
Performance-based and market-based RSUs
Shares
Outstanding at Beginning balance (in share)	10,743	27,285
Granted (in shares)	299,411	0
Vested (in shares)	(6,442)	(3,056)
Forfeited/Expired (in shares)	(4,301)	(13,486)
Outstanding at Beginning balance (in shares)	299,411	10,743
Weighted Average Grant-Date Fair Value Per Share
Outstanding at Beginning balance (in dollars per share)	$ 12.42	$ 24.50
Granted (in dollars per share)	4.47	0
Vested and converted (in dollars per share)	12.42	29
Forfeited/Expired (in dollars per share)	12.42	33.10
Outstanding at Ending balance (in dollars per share)	$ 4.47	$ 12.42

Stock-Based Compensation (Phant

Stock-Based Compensation (Phantom Units) (Details)	3 Months Ended			12 Months Ended
	Sep. 30, 2023 shares	Jun. 30, 2023 shares	Mar. 31, 2023 USD ($) item shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $				$ 5,671,000	$ 4,644,000
Performance-based phantom units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			149,709
Vesting period (in years)			3 years
Target shares			86,789
Number of peer group companies | item			8
Grant date fair value | $			$ 300,000
Compensation expense | $				$ 31,000
Performance-based phantom units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			0%
Payout percentage			85%
Performance-based phantom units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			150%
Payout percentage			115%
Three-year time-vested phantom unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			94,708
Vesting period (in years)			3 years
Shares forfeited	1,250
Unvested shares outstanding (in shares)				93,458
Grant date fair value | $			$ 400,000
Compensation expense | $				$ 68,000
Shares received per phantom unit (in shares)			1
One-year time-vested phantom unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			41,665
Vesting period (in years)			1 year
Shares forfeited		8,333
Unvested shares outstanding (in shares)				33,332
Grant date fair value | $			$ 200,000
Compensation expense | $				$ 73,000
Shares received per phantom unit (in shares)			1

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock-Settled SARs) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash-settled SARs liability	$ 2,054	$ 1,826
Stock-settled stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)	7 years
Exercise price (in dollars per share)	$ 5.19
Weighted-Average Assumptions
Expected volatility factor (as percent)	103.30%
Expected dividend yield (as percent)	0%
Risk-free interest rate (as percent)	3.03%
Stock-settled and Cash-settled SARs
Outstanding at Beginning balance (in shares)	1,421,740	0
Granted (in shares)	0	1,421,740
Exercised (in shares)	0	0
Forfeited/Expired (in shares)	0	0
Outstanding at Ending balance (in shares)	1,421,740	1,421,740
Exercisable (in shares)	829,349
Outstanding at Beginning balance (in share)	1,421,740
Vested (in shares)	(829,349)
Outstanding at Beginning balance (in shares)	592,391	1,421,740
Weighted Average Fair Value Price Per Share
Outstanding at Beginning balance (in dollars per share)	$ 2.83	$ 0
Granted (in dollars per share)	0	2.83
Exercised (in dollars per share)	0	0
Forfeited/Expired (in dollars per share)	0	0
Outstanding at Ending balance (in dollars per share)	2.83	$ 2.83
Exercisable (in dollar per share)	2.83
Vested (in dollars per share)	$ 2.83
Stock-settled stock appreciation rights | March 18, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)	7 years
Exercise price (in dollars per share)	$ 5.73
Market cap price per share	$ 10
Cash-settled SARs liability	$ 2,100	$ 1,800
Weighted-Average Assumptions
Remaining term to maturity (in years)	4 years 1 month 6 days	5 years 1 month 6 days
Expected volatility factor (as percent)	119.50%	113%
Expected dividend yield (as percent)	0%	0%
Risk-free interest rate (as percent)	3.88%	3.95%
Stock-settled and Cash-settled SARs
Outstanding at Beginning balance (in share)	2,885,722	2,912,867
Outstanding at Beginning balance (in shares)	2,885,722	2,885,722
Weighted Average Fair Value Price Per Share
Outstanding at Beginning balance (in dollars per share)	$ 5.73	$ 5.73
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0	0
Forfeited/Expired (in dollars per share)	0	5.73
Outstanding at Ending balance (in dollars per share)	5.73	$ 5.73
Exercisable (in dollar per share)	$ 5.73

Stock-Based Compensation (Cash-

Stock-Based Compensation (Cash-Settled SARs) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued liabilities for time-based, cash-settled stock appreciation rights	$ 2,054	$ 1,826
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)	7 years
Exercise price (in dollars per share)	$ 5.73
Market cap price per share	$ 10
Accrued liabilities for time-based, cash-settled stock appreciation rights	$ 2,100	$ 1,800
Weighted-Average Assumptions
Remaining term to maturity (in years)	4 years 1 month 6 days	5 years 1 month 6 days
Expected volatility factor (as percent)	119.50%	113%
Expected dividend yield (as percent)	0%	0%
Risk-free interest rate (as percent)	3.88%	3.95%
Stock-settled and Cash-settled SARs
Outstanding at Beginning balance (in share)	2,885,722	2,912,867
Granted (in shares)	0	0
Exercised (in shares)	0	0
Forfeited/Expired (in shares)	0	(27,145)
Outstanding at Beginning balance (in shares)	2,885,722	2,885,722
Weighted Average Grant-Date Fair Value Per Share
Outstanding at Beginning balance (in dollars per share)	$ 5.73	$ 5.73
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0	0
Forfeited/Expired (in dollars per share)	0	5.73
Outstanding at Ending balance (in dollars per share)	$ 5.73	$ 5.73
Exercisable (in shares)	1,426,964

Stockholders Equity and Earning

Stockholders Equity and Earnings (Loss) per Share (Narrative) (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Treasury stock (in shares)	97,260	85,092
Shares authorized (in shares)	250,000,000

Stockholders Equity and Earni_2

Stockholders Equity and Earnings (Loss) per Share (Basic and Diluted Losses per Share Computations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Net loss (numerator):	$ (37,697)	$ (65,321)
Loss per share:
Basic (in dollars per share)	$ (2.69)	$ (5.01)
Diluted (in dollars per share)	$ (2.69)	$ (5.01)
Shares (denominator):
Weighted average common shares outstanding - basic (in shares)	14,012	13,026
Weighted average common shares outstanding - diluted (in shares)	14,012	13,026

Stockholders Equity and Earni_3

Stockholders Equity and Earnings (Loss) per Share (Anti-dilutive) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Potentially dilutive securities excluded as anti-dilutive	39,748	31,362

Segment and Geographical Info_2

Segment and Geographical Information (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Reportable segments	1

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) item
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments	$ 3.4
Payments for Deposits	$ 0.1
Employment agreement, number of executives | item	6
Employment agreement term	3 years
Employment Agreement, Minimum Annual Cash Compensation	$ 2.1
Employment agreement severance amount	5.4
Employment agreement commitment amount	$ 7.7

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - 401 (k) Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan
Defined contribution plan, Contribution percentage	100%
Defined Contribution Plan, Matching contribution percentage	6%
Defined contribution plan, Expense	$ 1.5	$ 1.4

Concentration of Market and C_2

Concentration of Market and Credit Risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Cash, uninsured amount	$ 5.3
Revenues | Customer Concentration Risk | Paloma Natural Gas
Concentration Risk [Line Items]
Concentration risk, percentage		20%
Revenues | Customer Concentration Risk | Endeavor Energy Resources
Concentration Risk [Line Items]
Concentration risk, percentage	23%	13%
Revenues | Customer Concentration Risk | Diamondback Energy
Concentration Risk [Line Items]
Concentration risk, percentage		12%
Accounts Receivable | Customer Concentration Risk | Paloma Natural Gas
Concentration Risk [Line Items]
Concentration risk, percentage		19%
Accounts Receivable | Customer Concentration Risk | Endeavor Energy Resources
Concentration Risk [Line Items]
Concentration risk, percentage	24%
Accounts Receivable | Customer Concentration Risk | Diamondback Energy
Concentration Risk [Line Items]
Concentration risk, percentage	13%	15%
Accounts Receivable | Customer Concentration Risk | Petro-Hunt Permian
Concentration Risk [Line Items]
Concentration risk, percentage	12%

Related Parties and Other Mat_2

Related Parties and Other Matters (Details) $ in Millions	Mar. 18, 2022 USD ($) director	Jul. 01, 2022 director	Jun. 30, 2022 director
Related Parties and Other Matters [Abstract]
Aggregate principal amount | $	$ 78.9
Number of directors who can be nominated	1
Principal amount | $	$ 25
Number of holder representatives that have the right to nominate additional representative as director	2
Number of additional representatives to be appointed as individual director	1
Number of directors		7	6

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Credit loss allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Charged to Costs and Expenses		$ 1,177
Deductions	[1]	(1,177)
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period		78,793	$ 79,993
Charged to Costs and Expenses		3,140	(1,200)
Balance at End of Period		$ 81,933	$ 78,793
[1] Includes accounts determined to be uncollectible and charged against allowance.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (37,697)	$ (65,321)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false