Vantage Driller VI S-1/A 12 Oct 16 IPO registration (amended) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	S-1/A
Amendment Flag	true
Amendment Description	AMENDMENT NO. 2
Document Period End Date	Jun. 30, 2016
Trading Symbol	VDI
Entity Registrant Name	VANTAGE DRILLING INTERNATIONAL
Entity Central Index Key	1,465,872
Entity Filer Category	Non-accelerated Filer

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 11, 2016	Feb. 10, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current assets
Cash and cash equivalents	$ 240,502	$ 249,046	$ 249,046
Restricted cash	1,000	0
Trade receivables	28,150	74,297
Inventory	46,371	44,242
Prepaid expenses and other current assets	17,127	16,511
Total current assets	333,150	384,096
Property and equipment
Property and equipment	898,316	891,135
Accumulated depreciation	(30,278)
Property and equipment, net	868,038	891,135
Other assets
Other assets	10,815	10,053
Total other assets	10,815	10,053
Total assets	1,212,003	1,285,284
Current liabilities
Accounts payable	34,639	34,547
Accrued liabilities	15,619	44,307
Current maturities of long-term debt	1,430	1,430
Total current liabilities	51,688	80,284
Long-term debt, net of discount	839,831	818,525
Other long-term liabilities	11,269	12,497
Commitments and contingencies
Shareholders' equity
Ordinary shares	5	5
Additional paid-in capital	373,972	373,973
Accumulated deficit	(64,762)
Total VDI shareholder's equity	309,215	373,978
Total equity	309,215	373,978
Total liabilities and equity	$ 1,212,003	$ 1,285,284
Predecessor
Current assets
Cash and cash equivalents			249,046	$ 203,420	$ 28,838	$ 75,801	$ 50,326	$ 487,232
Restricted cash			0
Trade receivables			74,297	70,722		151,625
Inventory			64,272	64,495		65,893
Prepaid expenses and other current assets			16,511	22,106		25,893
Total current assets			337,251	360,743		319,212
Property and equipment
Property and equipment			3,480,890	3,481,006		3,439,242
Accumulated depreciation				(532,619)		(406,674)
Property and equipment, net			2,937,575	2,948,387		3,032,568
Other assets
Other assets			21,963	23,050		72,091
Total other assets			21,963	23,050		72,091
Total assets			3,296,789	3,332,180		3,423,871
Current liabilities
Accounts payable			34,547	49,437		214,685
Accrued liabilities			44,307	21,702		73,195
Current maturities of long-term debt			0			53,500
Note payable to parent			62,627	61,477
Total current liabilities			141,481	132,616		341,380
Long-term debt, net of discount						2,497,103
Other long-term liabilities			30,645	33,097		83,982
Liabilities subject to compromise				2,694,456
Commitments and contingencies
Shareholders' equity
Additional paid-in capital			595,119	595,119		646,270
Accumulated deficit			(179,198)	(138,363)		(155,581)
Total VDI shareholder's equity			415,921	456,756		490,689
Noncontrolling interests			14,286	15,255		10,717
Total equity			430,207	472,011		501,406	$ 409,288	$ 457,125
Total liabilities and equity			$ 3,296,789	$ 3,332,180		$ 3,423,871

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 11, 2016	Feb. 10, 2016	Dec. 31, 2015	Dec. 31, 2014
Long-term debt unamortized discount	$ 127,974	$ 0
Ordinary shares, par value	$ 0.001	$ 0.001
Ordinary shares, shares authorized	50,000,000	50,000,000
Ordinary shares, shares issued	5,000,053	5,000,053
Ordinary shares, shares outstanding	5,000,053	5,000,053
Predecessor
Long-term debt unamortized discount			$ 0	$ 0	$ 8,074
Ordinary shares, par value			$ 0.001	$ 0.001	$ 0.001
Ordinary shares, shares authorized			50,000,000	50,000,000	50,000,000
Ordinary shares, shares issued			1,000	1,000	1,000
Ordinary shares, shares outstanding			1,000	1,000	1,000

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended	12 Months Ended
	Feb. 10, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue
Contract drilling services		$ 40,901		$ 64,960
Management fees		1,712		2,671
Reimbursables		5,898		10,666
Total revenue		48,511		78,297
Operating costs and expenses
Operating costs		34,965		62,404
General and administrative		8,695		17,863
Depreciation		18,381		30,457
Total operating costs and expenses		62,041		110,724
Income (loss) from operations		(13,530)		(32,427)
Other income (expense)
Interest income		9		15
Interest expense and other financing charges		(18,772)		(29,422)
Other, net		(1,516)		318
Reorganization items		(487)		(641)
Total other income (expense)		(20,766)		(29,730)
Income (loss) before income taxes		(34,296)		(62,157)
Income tax provision		1,438		2,605
Net income (loss)		(35,734)		(64,762)
Net income (loss) attributable to VDI		$ (35,734)		$ (64,762)
Net loss per share, basic and diluted		$ (7.15)		$ (12.95)
Weighted average successor shares outstanding, basic and diluted		5,000		5,000
Predecessor
Revenue
Contract drilling services	$ 20,891		$ 202,888		$ 410,869	$ 726,717	$ 807,164	$ 666,129
Management fees	752		1,902		3,783	7,501	21,258	14,123
Reimbursables	1,897		9,593		20,252	38,047	54,482	48,004
Total revenue	23,540		214,383		434,904	772,265	882,904	728,256
Operating costs and expenses
Operating costs	25,213		94,709		190,059	359,610	405,697	324,767
General and administrative	2,558		6,701		12,691	25,322	25,390	22,714
Depreciation	10,696		31,781		63,404	127,359	126,610	106,609
Total operating costs and expenses	38,467		133,191		266,154	512,291	557,697	454,090
Income (loss) from operations	(14,927)		81,192		168,750	259,974	325,207	274,166
Other income (expense)
Interest income	3		13		25	84	70	234
Interest expense and other financing charges	(1,728)		(45,908)		(92,027)	(173,634)	(196,159)	(198,779)
Gain (loss) on debt extinguishment			(2)		10,823	10,823	4,408	(98,327)
Other, net	(69)		1,971		1,820	4,231	(596)	3,010
Reorganization items	(452,923)					(39,354)
Total other income (expense)	(454,717)		(43,926)		(79,359)	(197,850)	(192,277)	(293,862)
Income (loss) before income taxes	(469,644)		37,266		89,391	62,124	132,930	(19,696)
Income tax provision	2,371		8,862		38,151	39,870	39,817	27,921
Net income (loss)	(472,015)		28,404		51,240	22,254	93,113	(47,617)
Net income (loss) attributable to noncontrolling interests	(969)		477		667	5,036	257	(463)
Net income (loss) attributable to VDI	$ (471,046)		$ 27,927		$ 50,573	$ 17,218	$ 92,856	$ (47,154)

Consolidated Statement of Oper5

Consolidated Statement of Operations (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 10, 2016	Dec. 31, 2015
Predecessor
Contractual interest	$ 23,219	$ 178,049

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	1 Months Ended	5 Months Ended	6 Months Ended	12 Months Ended
	Feb. 10, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)		$ (64,762)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation expense		30,457
Amortization of debt financing costs		193
Amortization of debt discount		18,945
Deferred income tax expense (benefit)		(1,741)
Loss on disposal of assets		624
Changes in operating assets and liabilities:
Trade receivables		46,147
Inventory		(2,129)
Prepaid expenses and other current assets		(1,914)
Other assets		569
Accounts payable		92
Accrued liabilities and other long-term liabilities		(26,277)
Net cash provided by (used in) operating activities		204
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment		(7,982)
Net cash provided by (used in) investing activities		(7,982)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt		(715)
Debt issuance costs		(51)
Net cash provided by (used in) financing activities		(766)
Net increase (decrease) in cash and cash equivalents		(8,544)
Cash and cash equivalents-beginning of period		249,046
Cash and cash equivalents-end of period	$ 249,046	240,502
Cash paid for:
Interest		7,436
Income taxes		12,392
Non-cash investing and financing transactions:
Payment of interest in kind on the Convertible Notes		2,932
Interest capitalized		0
Predecessor
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	(472,015)		$ 51,240	$ 22,254	$ 93,113	$ (47,617)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation expense	10,696		63,404	127,359	126,610	106,609
Amortization of debt financing costs			4,238	7,800	10,022	11,455
Amortization of debt discount			1,205	2,242	2,997	1,319
Reorganization items; debt discount and issuance costs write-off				37,129
Reorganization items	430,210
Non-cash (gain) loss on debt extinguishment			(10,814)	(10,814)	(4,409)	6,070
Accelerated deferred mobilization income				(21,508)
Deferred income tax expense (benefit)			(534)	2,122	(305)	997
Loss on disposal of assets			158	1,108	3,008	1,603
Changes in operating assets and liabilities:
Restricted cash	(1,000)				2,125	1,390
Trade receivables	(3,575)		8,561	80,903	12,399	(47,586)
Inventory	223		(340)	1,397	(10,088)	(17,860)
Prepaid expenses and other current assets	6,893		8,794	5,991	(4,660)	1,278
Other assets	941		4,101	8,549	5,275	(13,686)
Accounts payable	(14,890)		(86,701)	(154,922)	(40,580)	41,454
Accrued liabilities and other long-term liabilities	21,152		(18,653)	(17,023)	44,217	(26,550)
Net cash provided by (used in) operating activities	(21,365)		24,659	92,587	239,724	18,876
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment	116		(17,017)	(46,490)	(35,693)	(523,781)
Proceeds from sale of property and equipment						22
Net cash provided by (used in) investing activities	116		(17,017)	(46,490)	(35,693)	(523,759)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of senior secured notes, net						775,000
Proceeds from issuance of term loan, net						344,750
Repayment of long-term debt	(7,000)		(54,605)	(67,980)	(167,561)	(1,033,874)
Distributions to VDC				(498)	(995)	(220)
Proceeds from issuance of 10% Second Lien Notes	76,125
Proceeds from (repayment of) revolving credit agreement, net				150,000	(10,000)	10,000
Debt issuance costs	(2,250)					(27,679)
Net cash provided by (used in) financing activities	66,875		(54,605)	81,522	(178,556)	67,977
Net increase (decrease) in cash and cash equivalents	45,626		(46,963)	127,619	25,475	(436,906)
Cash and cash equivalents-beginning of period	203,420	$ 249,046	75,801	75,801	50,326	487,232
Cash and cash equivalents-end of period	249,046		28,838	203,420	75,801	50,326
Cash paid for:
Interest	1,568		10,453	124,295	194,561	243,843
Income taxes	2,631		$ 32,328	50,840	27,734	21,341
Non-cash investing and financing transactions:
Note issued in acquisition of management entities				$ 61,477
Interest capitalized	$ 0					6,456
Trade-in value on equipment upgrades					$ 922	$ 831

Consolidated Statement of Cash7

Consolidated Statement of Cash Flows (Parenthetical)	Jun. 30, 2016
Statement of Cash Flows [Abstract]
Debt Instrument, interest rate	10.00%

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-in Capital	Accumulated Deficit	Non-Controlling Interests
Beginning Balance (Predecessor) at Dec. 31, 2012	$ 457,125		$ 646,270	$ (201,283)	$ 12,138
Beginning Balance (in shares) (Predecessor) at Dec. 31, 2012		1,000
Distributions to VDC | Predecessor	(220)				(220)
Net income (loss) | Predecessor	(47,617)			(47,154)	(463)
Ending Balance (Predecessor) at Dec. 31, 2013	409,288		646,270	(248,437)	11,455
Ending Balance (in shares) (Predecessor) at Dec. 31, 2013		1,000
Distributions to VDC | Predecessor	(995)				(995)
Net income (loss) | Predecessor	93,113			92,856	257
Ending Balance (Predecessor) at Dec. 31, 2014	$ 501,406		646,270	(155,581)	10,717
Ending Balance (in shares) (Predecessor) at Dec. 31, 2014	1,000	1,000
Note issued in acquisition of management entities | Predecessor	$ (61,477)		(61,477)
Contributions from VDC | Predecessor	10,326		10,326
Distributions to VDC | Predecessor	(498)				(498)
Net income (loss) | Predecessor	22,254			17,218	5,036
Ending Balance (Predecessor) at Dec. 31, 2015	$ 472,011		$ 595,119	$ (138,363)	$ 15,255
Ending Balance (in shares) (Predecessor) at Dec. 31, 2015	1,000	1,000
Net income (loss) | Predecessor	$ (472,015)
Ending Balance (Predecessor) at Feb. 10, 2016	$ 430,207
Ending Balance (in shares) (Predecessor) at Feb. 10, 2016	1,000
Net income (loss)	$ (64,762)
Ending Balance at Jun. 30, 2016	$ 309,215
Ending Balance (in shares) at Jun. 30, 2016	5,000,053

Organization and Recent Events

Organization and Recent Events	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Organization and Recent Events	1. Organization and Recent Events Vantage Drilling International (the “Company” or “VDI”), a Cayman Islands exempted company, is an international offshore drilling company focused on operating a fleet of modern, high specification drilling units. Our principal business is to contract drilling units, related equipment and work crews, primarily on a dayrate basis to drill oil and natural gas wells for our customers. We also provide construction supervision services for drilling units owned by others. Through our fleet of drilling units, we are a provider of offshore contract drilling services to major, national and independent oil and natural gas companies, focused primarily on international markets. The Company was previously known as Offshore Group Investment Limited and changed its corporate name to Vantage Drilling International effective February 11, 2016. Restructuring Agreement and Emergence from Voluntary Reorganization under Chapter 11 Proceeding On December 1, 2015, we and Vantage Drilling Company (“VDC”), our former parent company, entered into a restructuring support agreement (the “Restructuring Agreement”) with a majority of our secured creditors. Pursuant to the terms of the Restructuring Agreement, the Company agreed to pursue a pre-packaged plan of reorganization (the “Reorganization Plan”) under Chapter 11 of Title 11 of the United States Bankruptcy Code and VDC would commence official liquidation proceedings under the laws of the Cayman Islands. On December 2, 2015, pursuant to the Restructuring Agreement, the Company acquired two subsidiaries responsible for the management of the Company from VDC in exchange for a $61.5 million promissory note (the “VDC Note”). As this transaction involved a reorganization of entities under common control, it was reflected in the consolidated financial statements, at carryover basis, on a retrospective basis. Effective with the Company’s emergence from bankruptcy on February 10, 2016 (the “Effective Date”), VDC’s former equity interest in the Company was cancelled. Immediately following that event, the VDC Note was converted into 655,094 new ordinary shares of the reorganized Company (the “New Shares”) in accordance with the terms thereof, in satisfaction of the obligation thereunder, which, including accrued interest, totaled approximately $62.0 million as of such date. On December 3, 2015 (the “Petition Date”), the Company, certain of its subsidiaries and certain VDC subsidiaries who were guarantors of the Company’s pre-bankruptcy secured debt, filed the Reorganization Plan in the United States Bankruptcy Court for the District of Delaware ( In re Vantage Drilling International (F/K/A Offshore Group Investment Limited), et al. The following table summarizes the components of our pre-bankruptcy debt, all of which was reflected as Liabilities Subject to Compromise (“LSTC”) in our consolidated balance sheet as of December 31, 2015 (in thousands): 2017 Term Loan and accrued interest $ 326,420 2019 Term Loan and accrued interest 344,738 7.5% Senior Notes and accrued interest 1,136,748 7.125% Senior Notes and accrued interest 736,550 Pre-petition Credit Agreement 150,000 Liabilities Subject to Compromise $ 2,694,456 Pursuant to the terms of the Reorganization Plan, the term loans and senior notes were retired on the Effective Date by issuing the debtholders Units in the reorganized Company, with each Unit of securities originally consisting of one New Share and $172.61 of principal of the 1%/12% Step-Up Senior Secured Third Lien Convertible Notes due 2030 (the “Convertible Notes”), subject to adjustment upon the payment of interest in kind and certain cases of redemption of conversion of the Convertible Notes, as well as share splits, share dividends, consolidation or reclassification of the New Shares . As of June 30, 2016, taking into account the payment of interest in kind on the Convertible Notes on such date, each such unit of securities became comprised of one New Share and $173.28 of principal of Convertible Notes. The New Shares and the Convertible Notes are issued subject to the terms of an agreement that prohibits the New Shares and Convertible Notes from being transferred or exchanged separately. For every $1,000 of principal, a note holder received 1.722798 Units for the 2017 Term Loan, 1.725087 Units for the 2019 Term Loan, 1.786070 Units for the 7.5% Senior Notes, and 1.728569 Units for the 7.125% Senior Notes. In total, these debtholders received 4,344,959 Units under the Reorganization Plan. The New Shares issued to these creditors and the Convertible Notes may only be traded together and not separately. The Convertible Notes are convertible into New Shares in certain circumstances, at a conversion price (subject to adjustment in accordance with the terms of the Indenture for the Convertible Notes) which was $95.60 as of the issue date. The Indenture for the Convertible Notes includes customary covenants that restrict among other things, the granting of liens and customary events of default, including among other things, failure to issue securities upon conversion of the Convertible Notes. Other significant elements of the Reorganization Plan included : Second Amended and Restated Credit Agreement 10% Senior Secured Second Lien Notes The Reorganization Plan allowed the Company to continue business operations during the court proceedings and maintain all operating assets and agreements. The Company had adequate liquidity prior to the filing and did not have to seek any debtor-in-possession financing. All trade payables, credits, wages and other related obligations were unimpaired by the Reorganization Plan. Other Events: Titanium Explorer
Predecessor
Organization and Recent Events		1. Organization and Recent Events Vantage Drilling International (the “Company” or “VDI”), a Cayman Islands exempted company, is an international offshore drilling company focused on operating a fleet of modern, high specification drilling units. Our principal business is to contract drilling units, related equipment and work crews, primarily on a dayrate basis to drill oil and natural gas wells for our customers. We also provide construction supervision services for drilling units owned by others. Through our fleet of drilling units, we are a provider of offshore contract drilling services to major, national and independent oil and natural gas companies, focused primarily on international markets. The Company was previously known as Offshore Group Investment Limited and changed its corporate name to Vantage Drilling International effective February 11, 2016. Restructuring Agreement and Bankruptcy Proceedings under Chapter 11 On December 1, 2015, we and Vantage Drilling Company (“VDC”), entered into a restructuring support agreement (“Restructuring Agreement”) with a majority of our secured creditors. Pursuant to the terms of the Restructuring Agreement, the Company agreed to pursue a pre-packaged plan of reorganization (the “Reorganization Plan”) under Chapter 11 of Title 11 of the United States Bankruptcy Code and VDC would commence official liquidation proceedings under the laws of the Cayman Islands. On December 2, 2015, pursuant to the Restructuring Agreement, the Company acquired two subsidiaries responsible for the management of the Company from VDC in exchange for a $61.5 million promissory note (the “VDC Note”). As this transaction involved a reorganization of entities under common control, it has been reflected in the accompanying consolidated financial statements, at carryover basis, on a retrospective basis. On December 3, 2015, the Company, certain of its subsidiaries and certain VDC subsidiaries who were guarantors of the Company’s pre-bankruptcy secured debt, filed the Reorganization Plan in the United States Bankruptcy Court for the District of Delaware (In re Vantage Drilling International (F/K/A Offshore Group Investment Limited), et al., Case No. 15-12422). On January 15, 2016, the District Court of Delaware confirmed the Company’s pre-packaged Reorganization Plan and the Company emerged from bankruptcy effective on February 10, 2016. The significant elements of the Reorganization Plan included: Second Amended and Restated Credit Agreement. The maturity date of the term loans and commitments established under the Credit Agreement is December 31, 2019. Interest is payable on the unpaid principal amount of each term loan under the Credit Agreement at LIBOR plus 6.5%, with a LIBOR floor of 0.5%. The initial term loans are currently bearing interest at 7.1%. Fees are payable on the outstanding face amount of letters of credit at a rate per annum equal to 5.50% as such rate may be increased from time to time pursuant to the terms of the Credit Agreement. The Credit Agreement includes customary representations and warranties, mandatory prepayments, affirmative and negative covenants and events of default, including covenants that, among other things, restrict the granting of liens, the incurrence of indebtedness, the making of investments and capital expenditures, the sale or other conveyance of assets, including vessels, transactions with affiliates, prepayments of certain debt and the operation of vessels. The Credit Agreement also requires that the Company maintain certain levels of available cash (defined to include unrestricted cash and cash equivalents plus undrawn commitments). 10% Senior Secured Second Lien Notes. The 10% Second Lien Notes were issued at par, and are fully and unconditionally guaranteed, on a senior secured basis, by certain subsidiaries of the Company. The 10% Second Lien Notes mature on December 31, 2020, and bear interest from the date of their issuance at the rate of 10% per year. Interest on outstanding 10% Second Lien Notes is payable semi-annually in arrears, commencing on June 30, 2016. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months. The Second Lien Indenture includes customary covenants and events of default, including covenants that, among other things, restrict the granting of liens, restrict the making of investments, restrict the incurrence of indebtedness and the conveyance of vessels, limit transactions with affiliates, and require that the Company provide periodic financial report. 1%/12% Step-Up Senior Secured Third Lien Convertible Notes. Interest on the Convertible Notes is payable semi-annually in arrears commencing June 30, 2016 as a payment in kind, either through an increase in the outstanding principal amount of the Convertible Notes or, if the Company is unable to increase such principal amount, by the issuance of additional Convertible Notes. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months at a rate of 1% per annum for the first four years and then increasing to 12% per annum until maturity. Conversion. Upon the occurrence of specified change of control events or certain losses of our vessels in the agreements governing our Credit Agreement, 10% Second Lien Notes or Convertible Notes, we will be required to offer to repurchase or repay all (or in the case of events of losses of vessels, an amount up to the amount of proceeds received from such event of loss) of such outstanding debt under such debt agreements at the prices and upon the terms set forth in the applicable agreements. In addition, in connection with certain asset sales, we will be required to offer to repurchase or repay such outstanding debt as set forth in the applicable debt agreements. VDC Note. The Reorganization Plan allowed the Company to maintain all operating assets and agreements. All trade payables, credits, wages and other related obligations were unimpaired by the Reorganization Plan. Debtor-In-Possession. Liabilities Subject to Compromise The following table summarizes the components of Liabilities Subject to Compromise included on our Consolidated Balance Sheet as of December 31, 2015 (in thousands): December 31, 2015 2017 Term Loan and accrued interest $ 326,420 2019 Term Loan and accrued interest 344,738 7.5% Senior Notes and accrued interest 1,136,748 7.125% Senior Notes and accrued interest 736,550 Old Credit Agreement 150,000 Liabilities Subject to Compromise $ 2,694,456 Pursuant to the terms of the Reorganization Plan, the liabilities subject to compromise were retired on February 10, 2016 by issuing the debtholders securities in the reorganized Company, consisting of one New Share and $172.61 worth of the Convertible Notes. The New Shares and the Convertible Notes are issued subject to the terms of an agreement that prohibits the New Shares and Convertible Notes from being transferred or exchanged separately. For every $1,000 of principal, a note holder received 1.722798 New Shares and $297.37 worth of Convertible Notes for the 2017 Term Loan, 1.725087 New Shares and $297.77 worth of Convertible Notes for the 2019 Term Loan, 1.786070 New Shares and $308.29 worth of Convertible Notes for the 7.5% Senior Notes, and 1.728569 New Shares and $298.37 worth of Convertible Notes for the 7.125% Senior Notes. In total, the debtholders received 4,344,959 New Shares under the Reorganization Plan. Reorganization Expenses. The following table summarizes the components included in Reorganization items in our Consolidated Statements of Operations for the year ended December 31, 2015 (in thousands): December 31, 2015 Professional fees incurred (a) $ 2,225 Write-off of debt discount and debt issuance costs on Term Loans (b) 14,498 Write-off of debt issuance costs on 7.5% Senior Notes and 7.125% Senior Notes (b) 21,517 Write-off of debt issuance costs on Old Credit Agreement (b) 1,114 Reorganization Items $ 39,354 (a) For the year ended December 31, 2015, cash payments for reorganization items totaled $0.0 million. (b) The carrying value of debt that is subject to compromise was adjusted to include the related unamortized debt discount and debt issuance costs; the debt is adjusted to the expected amount of allowed claims. Condensed Combined Debtor-In-Possession Financial Information. Debtors’ Condensed Combined Balance Sheet (in thousands) As of December 31, 2015 2014 Cash and cash equivalents $ 198,594 $ 62,902 Other current assets 150,440 235,248 Total current assets 349,034 298,150 Property and equipment, net 2,888,463 2,993,225 Other assets 15,249 67,408 Total assets $ 3,252,746 $ 3,358,783 Accounts payable and accrued liabilities $ 59,986 $ 264,837 Intercompany payable to non-filing entities 3,331 13,027 Current maturities of long-term debt — 53,500 Note payable to VDC 61,477 — Total current liabilities 124,794 331,364 Long-term debt — 2,497,103 Other long term liabilities 24,143 76,720 Liabilities subject to compromise 2,694,456 — VDI shareholder’s equity 394,116 442,886 Noncontrolling interests 15,237 10,710 Total equity 409,353 453,596 Total liabilities and shareholder’s equity $ 3,252,746 $ 3,358,783 Debtors’ Condensed Combined Statements of Operations (in thousands) Year Ended December 31, 2015 2014 2013 Revenues $ 755,568 $ 852,872 $ 696,669 Operating costs and expenses 502,963 543,249 431,669 Income from operations 252,605 309,623 265,000 Interest expense (173,634 ) (196,160 ) (198,544 ) Other, net 14,531 3,962 (100,146 ) Reorganization items (39,354 ) — — Income (loss) before income taxes 54,148 117,425 (33,690 ) Income tax provision 36,356 38,336 25,354 Net income (loss) 17,792 79,089 (59,044 ) Net income (loss) attributable to noncontrolling interests 5,085 304 (423 ) Net income (loss) attributable to VDI $ 12,707 $ 78,785 $ (58,621 ) Debtors’ Condensed Combined Statement of Cash Flows (in thousands) Year Ended December 31, 2015 2014 2013 Cash flows from operating activities Net cash provided by (used in) operating activities $ 65,495 $ 217,023 $ (333 ) Cash flows from investing activities Additions to property and equipment (11,325 ) (18,521 ) (504,958 ) Net cash used in investing activities (11,325 ) (18,521 ) (504,958 ) Cash flows from financing activities Proceeds from issuance of debt, net — — 1,092,071 Repayment of debt (67,980 ) (167,562 ) (1,033,874 ) Distributions to VDC (498 ) (995 ) (360 ) Proceeds from (repayment of) revolving credit facility 150,000 (10,000 ) 10,000 Net cash provided by (used in) financing activities 81,522 (178,557 ) 67,837 Net increase (decrease) in cash and cash equivalents 135,692 19,945 (437,454 ) Cash and cash equivalents—beginning of period 62,902 42,957 480,411 Cash and cash equivalents—end of period $ 198,594 $ 62,902 $ 42,957 Other Events: Titanium Explorer On August 31, 2015, VDC received notice from Petrobras America, Inc. (“PAI”) and Petrobras Venezuela Investments & Services B.V. (“PVIS”) stating that PAI and PVIS were terminating the Agreement for the Provision of Drilling Services dated February 4, 2009 (the “Drilling Contract”). The Drilling Contract was initially entered into between PVIS and Vantage Deepwater Company, one of our wholly-owned indirect subsidiaries, and was later novated by PVIS to PAI and by Vantage Deepwater Company to Vantage Deepwater Drilling, Inc., another of our wholly-owned indirect subsidiaries. The notice stated that PAI and PVIS were terminating the Drilling Contract because Vantage had allegedly breached its obligations under the agreement. Under the terms of the Drilling Contract we initiated arbitration proceedings before the American Arbitration Association on August 31, 2015, challenging PVIS and PAI’s wrongful attempt to terminate the Drilling Contract. Vantage has maintained that it complied with all of its obligations under the Drilling Contract and that PVIS and PAI’s attempt to terminate the agreement is both improper and a breach of the Drilling Contract. In the ongoing arbitration proceeding, the parties have exchanged initial pleadings and have confirmed an arbitral tribunal. Vantage has asserted claims against PAI and PVIS for declaratory relief and monetary damages based on breach of contract. Vantage has also asserted a claim against Petroleo Brasileiro S.A. (“PBP”) to enforce a guaranty provided by PBP. The Petrobras entities (PVIS, PAI, and PBP) have asserted that the Drilling Contract is void as illegally procured, that PVIS and PBP are not proper parties to the arbitration, and that PAI and PVIS properly terminated the contract. PAI has further counterclaimed for attorneys’ fees and costs alleging that Vantage failed to negotiate in good faith before commencing arbitration proceedings. Vantage denies that any of the claims or defenses asserted by the Petrobras entities have merit and intends to vigorously pursue its claims in the arbitration proceeding. In connection with the cancellation of the contract, we recognized $21.5 million of deferred mobilization revenue in September 2015. Market conditions for offshore drilling services are driven by the exploration and production spending of our customers. Due to the significant decline in oil and natural gas prices over the last year, our customers have been dramatically reducing their capital spending levels. This has resulted in a significant decline in the current market rates for drilling services and a decline in the utilization of offshore drilling rigs. We amended the Tungsten Explorer Platinum Explorer Emerald Driller Platinum Explorer Titanium Titanium Explorer

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Basis of Consolidation: In connection with our bankruptcy filing, we were subject to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 852 Reorganizations ASC 852 requires that subsequent to the Petition Date, expenses, realized gains and losses and provisions for losses that can be directly associated with the reorganization of the business be reported separately as reorganization items in the consolidated statements of operations. We were required to distinguish pre-petition liabilities subject to compromise from those that are not and post-petition liabilities in our balance sheet. Liabilities that were subject to compromise were reported at the amounts expected to be allowed by the Bankruptcy Court, even if they were settled for lesser amounts as a result of the Reorganization Plan. Upon emergence from bankruptcy on the Effective Date, we adopted fresh-start accounting in accordance with ASC 852, which resulted in the Company becoming a new entity for financial reporting purposes. Upon adoption of fresh-start accounting, our assets and liabilities were recorded at their fair values as of the Effective Date. The Effective Date fair values of our assets and liabilities differed materially from the recorded values of our assets and liabilities as reflected in our historical consolidated balance sheets. The effects of the Reorganization Plan and the application of fresh-start accounting were reflected in our consolidated financial statements as of February 10, 2016 and the related adjustments thereto were recorded in our consolidated statements of operations as reorganization items for the period January 1 to February 10, 2016. As a result, our consolidated balance sheets and consolidated statement of operations subsequent to the Effective Date will not be comparable to our consolidated balance sheets and statements of operations prior to the Effective Date. Our consolidated financial statements and related notes are presented with a black line division which delineates the lack of comparability between amounts presented on or after February 10, 2016 and dates prior. Our financial results for future periods following the application of fresh-start accounting will be different from historical trends and the differences may be material. References to “Successor” relate to the Company on and subsequent to the Effective Date. References to “Predecessor” refer to the Company prior to the Effective Date. The consolidated financial statements of the Successor have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIEs”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE. We consolidated these entities in our Predecessor consolidated financial statements because we determined that they were VIEs and that we were the primary beneficiary. These VIEs, who were subsidiaries of VDC, guarantors of our pre-petition debt and were part of the Reorganization Plan, became our subsidiaries upon emergence from bankruptcy on the Effective Date. The following table summarizes the net effect of consolidating these entities on our Predecessor consolidated statement of operations. Predecessor Period from Three Months Six Months (in thousands) Revenue $ 1,219 $ 5,372 $ 11,102 Operating costs and expenses 1,240 4,757 9,834 Income before taxes 22 551 1,291 Income tax provision 991 74 624 Net income (loss) attributable to noncontrolling interests (969 ) 477 667 Cash and Cash Equivalents: Inventory: Property and Equipment: We evaluate the realization of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss on our property and equipment exists when estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized w ould represent the excess of the asset’s carrying value over the estimated fair value. Interest costs and the amortization of debt financing costs related to the financings of our drilling rigs are capitalized as part of the cost while they are under construction and prior to the commencement of each vessel’s first contract. We did not capitalize any interest for the reported periods. Debt Financing Costs: Revenue: In connection with a customer contract, we may receive lump-sum fees for the mobilization of equipment and personnel or the demobilization of equipment and personnel upon completion. Mobilization fees received and costs incurred to mobilize a rig from one geographic market to another pursuant to a contract are deferred and recognized on a straight-line basis over the term of such contract, excluding any option periods. Costs incurred to mobilize a rig without a contract are expensed as incurred. Fees or lump-sum payments received for capital improvements to rigs are deferred and amortized to income over the term of the related drilling contract. The costs of such capital improvements are capitalized and depreciated over the useful lives of the assets. Upon completion of drilling contracts, any demobilization fees received are recorded as revenue. We record reimbursements from customers for rebillable costs and expenses as revenue and the related direct costs as operating expenses. Rig and Equipment Certifications: Income Taxes: We early adopted the provisions of ASU 2015-17 effective January 1, 2016 and have retrospectively applied its provisions to all periods presented in our Consolidated Financial Statements. ASU 2015-17 requires companies to classify all deferred tax assets and liabilities as non-current on the balance sheet instead of separating deferred taxes into current and non-current amounts. Application of ASU 2015-17 did not have a material impact on our consolidated financial statements. Concentrations of Credit Risk: Use of Estimates: Fair Value of Financial Instruments: Note 5. Debt Recent Accounting Standards: Revenue from Contracts with Customers In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326). We are evaluating the provisions of ASU No. 2016-02, ASU No. 2016-09, ASU No. 2016-13 and ASU No. 2014-09 and have not yet determined the impact of these ASUs on our financial position, results of operations or cash flows.
Predecessor
Basis of Presentation and Significant Accounting Policies		2. Basis of Presentation and Significant Accounting Policies Basis of Consolidation: In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIEs”) when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE. Certain subsidiaries of VDC, who are guarantors of our pre-petition debt, were part of the Reorganization Plan discussed above and became our subsidiaries upon emergence on February 10, 2016. We have consolidated these entities in our consolidated financial statements as of December 31, 2015, 2014 and 2013 and for the two years ended December 31, 2015 because we determined that they were VIEs and that we were the primary beneficiary. The following table summarizes the net effect of consolidating these entities on our consolidated statement of operations. Year Ended December 31, 2015 2014 2013 (In thousands) Revenue $ 21,791 $ 24,798 $ 24,818 Operating costs and expenses 19,850 22,392 22,753 Income before taxes 2,206 2,688 2,144 Income tax provision (benefit) (2,830 ) 2,431 2,607 Net income (loss) attributable to noncontrolling interests 5,036 257 (463 ) Bankruptcy Accounting Guidance: In connection with the emergence from bankruptcy, we believe we will qualify for fresh-start accounting. Upon adoption of fresh-start accounting, our assets and liabilities will be recorded at their fair value as of the fresh-start reporting date or emergence date. The fair values of our assets and liabilities as of that date may differ materially from the recorded values of our assets and liabilities as reflected in its historical consolidated financial statements. In addition, the adoption of fresh-start accounting may materially affect the results of operations following the fresh-start reporting dates, as we will have a new basis in our assets and liabilities. Consequently, our historical financial statements are not reliable indicators of our financial condition and results of operations for any period after we adopt fresh-start accounting. Cash and Equivalents: Inventory: Property and Equipment: Interest costs and the amortization of debt financing costs related to the financings of our drilling rigs are capitalized as part of the cost while they are under construction and prior to the commencement of each vessel’s first contract. We did not capitalize any interest for the years ended December 31, 2015 and 2014. We capitalized $6.2 million of interest and amortization costs in the year ended December 31, 2013. We evaluate the realization of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss on our property and equipment exists when estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized would represent the excess of the asset’s carrying value over the estimated fair value. The rapid and significant decline in oil prices, coupled with steep capital budget cuts by exploration and production companies and the significant number of newbuild ultra-deepwater floaters and jackups deliveries scheduled for 2016 and 2017, required us to undertake an analysis of recoverability of the carrying value of our drilling rigs as of December 31, 2015 and 2014. The results of the analysis indicated that the estimated undiscounted future cash flows exceeded the carrying values of our drilling rigs. Debt Financing Costs: Revenue: In connection with a customer contract, we may receive lump-sum fees for the mobilization of equipment and personnel or the demobilization of equipment and personnel upon completion. Mobilization fees received and costs incurred to mobilize a rig from one geographic market to another are deferred and recognized on a straight-line basis over the term of such contract, excluding any option periods. Costs incurred to mobilize a rig without a contract are expensed as incurred. Fees or lump-sum payments received for capital improvements to rigs are deferred and amortized to income over the term of the related drilling contract. The costs of such capital improvements are capitalized and depreciated over the useful lives of the assets. Upon completion of drilling contracts, any demobilization fees received are recorded as revenue. We record reimbursements from customers for rebillable costs and expenses as revenue and the related direct costs as operating expenses. Rig and Equipment Certifications: Income Taxes: Concentrations of Credit Risk: Use of Estimates: Fair Value of Financial Instruments: Note 3. Debt Recent Accounting Standards: Revenue from Contracts with Customers. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) Simplifying the Measurement of Inventory. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification

Fresh-Start Accounting

Fresh-Start Accounting	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
Fresh-Start Accounting	3. Fresh-Start Accounting Upon our emergence from bankruptcy, we adopted fresh-start accounting in accordance with ASC 852. We qualified for fresh-start accounting because (i) the reorganization value of our assets immediately prior to the confirmation was less than the post-petition liabilities and allowed claims and (ii) the holders of existing voting shares of the Predecessor company received less than 50% of the voting shares of the post-emergence Successor entity. Reorganization Value Our reorganization value is derived from an estimate of enterprise value. Enterprise value represents the estimated fair value of an entity’s long term debt and shareholders’ equity. The estimated enterprise value of the Company of approximately $954.2 million represents management’s best estimate of fair value on the Effective Date and the value contemplated by the Bankruptcy Court in confirmation of the Reorganization Plan after extensive negotiations among the Company and its creditors. The estimated enterprise value, after adding cash plus the estimated fair values of all of the Company’s non-debt liabilities, is intended to approximate the reorganization value. A reconciliation of the reorganization value is provided in the table below: (in thousands) Enterprise value $ 954,242 Plus: Cash, cash equivalents and restricted cash 250,046 Plus: Working capital surplus 712 Plus: Current liabilities 80,284 Reorganization value of Successor assets $ 1,285,284 Reorganization value and enterprise value were estimated using numerous projections and assumptions that are inherently subject to significant uncertainties and resolution of contingencies that are beyond our control. Accordingly, the estimates set forth herein are not necessarily indicative of actual outcomes, and there can be no assurance that the estimates, projections or assumption will be realized. In order to estimate the enterprise value of the Company, we used a discounted cash flow methodology. The discounted cash flow analysis estimates the value of a business by calculating the present value of expected future unlevered after-tax free cash flows to be generated by such business. This analysis is supported through a comparison of indicated values resulting from the use of other valuation techniques including: (i) a comparison of financial multiples implied by the estimated enterprise value to a range of multiples of publicly held companies with similar characteristics, and (ii) an analysis of comparable valuations indicated by precedent mergers or acquisitions of such companies. The financial projections used to estimate the expected future unlevered after-tax free cash flows were based on our 5-year forecast. The projections were prepared by management and are based on a number of es timates including various assumptions regarding the anticipated future performance of the Company, industry performance, general business and economic conditions and other matters, many of which are beyond our control. The discounted cash flow method also includes assumptions of the weighted average cost of capital (the “Discount Rate”) as well as an estimate of a residual growth rate used to determine the enterprise value represented by the time period beyond the 5-year plan. The Discount Rate was calculat ed using the capital asset pricing model and resulted in a Discount Rate of 1 5.2 %. The estimated residual growth rate was developed considering the long-term economic outlook of the industry and geographical regions that the Company operates in and resulte d in an estimated rate of 2.0%. Consolidated Balance Sheet Predecessor February 10, 2016 Reorganization Fresh-Start Successor February 10, 2016 (in thousands, except share and par value information) ASSETS Current assets Cash and cash equivalents $ 182,171 $ 66,875 (a) $ — $ 249,046 Trade receivables 74,297 — — 74,297 Inventory 64,272 — (20,030 ) (f) 44,242 Prepaid expenses and other current assets 16,511 — 16,511 Total current assets 337,251 66,875 (20,030 ) 384,096 Property and equipment Property and equipment 3,480,890 — (2,589,755 ) 891,135 Accumulated depreciation (543,315 ) — 543,315 — Property and equipment, net 2,937,575 — (2,046,440 ) (g) 891,135 Other assets Other assets 21,963 — (11,910 ) (h) 10,053 Total other assets 21,963 — (11,910 ) 10,053 Total assets $ 3,296,789 $ 66,875 $ (2,078,380 ) $ 1,285,284 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable $ 34,547 $ — $ — $ 34,547 Accrued liabilities 44,307 — — 44,307 Current maturities of long-term debt — 1,430 (b) — 1,430 VDC note payable 62,627 (62,627 ) (c) — — Total current liabilities 141,481 (61,197 ) — 80,284 Long–term debt — 818,525 (b) — 818,525 Other long-term liabilities 30,645 — (18,148 ) (h) 12,497 Liabilities subject to compromise 2,694,456 (2,694,456 ) (d) — Commitments and contingencies Shareholders’ equity Predecessor ordinary shares, $0.001 par value, 50 million shares authorized; one thousand shares issued and outstanding — — — — Predecessor additional paid-in capital 595,119 (595,119 ) (e) — — Successor ordinary shares, $0.001 par value, 50 million shares authorized; 5,000,053 shares issued and outstanding — 5 (b)(c) — 5 Successor additional paid-in capital — 373,973 (b)(c) — 373,973 Accumulated deficit (179,198 ) 2,239,430 (e) (2,060,232 ) (i) — Total VDI shareholders’ equity 415,921 2,018,289 (2,060,232 ) 373,978 Noncontrolling interests 14,286 (14,286 ) (e) — — Total equity 430,207 2,004,003 (2,060,232 ) 373,978 Total liabilities and equity $ 3,296,789 $ 66,875 $ (2,078,380 ) $ 1,285,284 a) Reflects the net use of cash on the Effective Date from implementation of the Reorganization Plan (in thousands): Sources: Net proceeds from 10% Second Lien Notes $ 76,125 Total Sources 76,125 Uses: Repayment of Credit Facility borrowings (7,000 ) Debt issuance costs (2,250 ) Total Uses (9,250 ) Net Sources $ 66,875 b) Represents the issuance of the new debt in connection with the Reorganization Plan: (1) the conversion of the pre-petition revolving credit facility into (i) $143.0 million of the 2016 Term Loan Facility and (ii) $7.0 million of cash; (2) the issuance of $76.1 million of new 10% Second Lien Notes due December 31, 2020 in a rights offering raising net proceeds of approximately $73.9 million after backstop premium and offering costs and (3) issuance of 4,344,959 New Shares of the Company and $750.0 million face value of Convertible Notes. c) Reflects the settlement of the VDC Note by issuing 655,094 New Shares in accordance with the Reorganization Plan. d) Reflects the settlement of LSTC in accordance with the Reorganization Plan as follows: (in thousands) 2017 Term Loan $ 323,543 2019 Term Loan 341,250 7.5% Senior Notes 1,086,815 7.125% Senior Notes 727,622 Prepetition credit facility 150,000 Accrued interest 65,226 Liabilities subject to compromise of the Predecessor Company 2,694,456 Fair value of equity issued to debtholders (311,351 ) Fair value of Convertible Notes issued to debtholders (603,080 ) Issuance of 2016 Term Loan Facility (143,000 ) Credit Facility settled in cash (7,000 ) Gain on settlement of liabilities subject to compromise (debt forgiveness) $ 1,630,025 e) Reflects the cumulative impact of reorganization adjustments discussed above: (in thousands) Gain on settlement of liabilities subject to compromise $ 1,630,025 Cancellation of Predecessor company equity 595,119 Acquisition of non-controlling interests 14,286 Net impact to retained earnings (deficit) $ 2,239,430 f) An adjustment of $20.0 million was recorded to inventory to decrease its net book value to estimated fair value. This inventory was part of the original shipyard value and the adjustment is based on the adjustment for the decrease in value for the individual drilling rigs; see (g) below. g) An adjustment of $2.0 billion was recorded to decrease the net book value of property and equipment to estimated fair value. The fair value was determined utilizing the income approach for drilling rigs and related rig equipment. The discount ed cash flow method under the income approach estimates the future cash flow that an asset is expected to generate. Future cash flow is converted to a present value equivalent using the estimated Discount Rate. The components of property and equipment, net as of February 10, 2016 and the fair value at February 10, 2016 are summarized in the following table: Successor Predecessor February 10, 2016 February 10, 2016 (in thousands) Drilling rigs $ 847,035 $ 2,863,307 Capital spares 16,422 32,080 Leasehold improvements, office and technology equipment 18,389 18,389 Assets under construction 9,289 23,799 $ 891,135 $ 2,937,575 h) Represents the adjustments of deferred equipment survey and inspection costs, mobilization costs and mobilization revenue to estimated fair value. i) Reflects the cumulative impact of fresh-start adjustments discussed above: (in thousands) Property and equipment fair value adjustments $ (2,046,440 ) Inventory fair value adjustments (20,030 ) Deferred mobilization expense write-off (7,654 ) Deferred equipment certification write-off (4,256 ) Deferred mobilization revenue write-off 18,148 Net impact to retained earnings (deficit) $ (2,060,232 )

Reorganization Items

Reorganization Items	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
Reorganization Items	4. Reorganization Items Reorganization items represent amounts incurred subsequent to the Petition Date as a direct result of the filing of the Reorganization Plan and are comprised of the following: Successor Predecessor Three Months Period from June 30, 2016 Period from (in thousands) Professional fees $ 487 $ 641 $ 22,716 Net gain on settlement of LSTC — — (1,630,025 ) Fresh-start adjustments — — 2,060,232 $ 487 $ 641 $ 452,923 For the periods from February 10, 2016 to June 30, 2016 and from January 1, 2016 to February 10, 2016, cash payments for reorganization items totaled $15.4 million and $7.3 million, respectively.

Debt

Debt	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt	5. Debt Following our emergence from bankruptcy, our debt as of June 30, 2016 and February 10, 2016 was comprised of the following: June 30, 2016 February 10, 2016 (in thousands) 2016 Term Loan Facility $ 142,285 $ 143,000 10% Second Lien Notes, net of financing costs of $2,107 and $2,250 74,018 73,875 Convertible Notes, net of discount of $127,974 and $146,920 624,958 603,080 841,261 819,955 Less current maturities of long-term debt 1,430 1,430 Long-term debt, net $ 839,831 $ 818,525 Second Amended and Restated Credit Agreement. The maturity date of the term loans and commitments established under the 2016 Term Loan Facility is December 31, 2019. Interest is payable on the unpaid principal amount of each term loan under the 2016 Term Loan Facility at LIBOR plus 6.5%, with a LIBOR floor of 0.5%. The initial term loans are currently bearing interest at 7.1%. The 2016 Term Loan Facility has quarterly scheduled debt maturities of $357,500 commencing in March 2016. Fees are payable on the outstanding face amount of letters of credit at a rate per annum equal to 5.50% as such rate may be increased from time to time pursuant to the terms of the 2016 Term Loan Facility. The 2016 Term Loan Facility includes customary representations and warranties, mandatory prepayments, affirmative and negative covenants and events of default, including covenants that, among other things, restrict the granting of liens, the incurrence of indebtedness, the making of investments and capital expenditures, the sale or other conveyance of assets, including vessels, transactions with affiliates, prepayments of certain debt and the operation of vessels. The 2016 Term Loan Facility also requires that the Company maintain $75.0 million of available cash (defined to include unrestricted cash and cash equivalents plus undrawn commitments). 10% Senior Secured Second Lien Notes. The 10% Second Lien Notes were issued at par and are fully and unconditionally guaranteed (except for customary release provisions), on a senior secured basis, by all of the subsidiaries of the Company. The 10% Second Lien Notes mature on December 31, 2020, and bear interest from the date of their issuance at the rate of 10% per year. Interest on outstanding 10% Second Lien Notes is payable semi-annually in arrears, commencing on June 30, 2016. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months. The 10% Second Lien Notes rank behind the 2016 Term Loan Facility as to collateral. The Indenture for the 10% Second Lien Notes includes customary covenants and events of default, including covenants that, among other things, restrict the granting of liens, restrict the making of investments, restrict the incurrence of indebtedness and the conveyance of vessels, limit transactions with affiliates, and require that the Company provide periodic financial reports. 1%/12% Step-Up Senior Secured Third Lien Convertible Notes. The Company’s obligations under the Convertible Notes are fully and unconditionally guaranteed (except for customary release provisions), on a senior secured basis, by all of the subsidiaries of the Company, and the obligations of the Company and guarantors are secured by liens on substantially all of their respective assets. The guarantees by the Company’s subsidiaries of the Convertible Notes are joint and several. The Company has no independent assets or operations apart from the assets and operations of its wholly-owned subsidiaries. Any subsidiaries of the Company other than the subsidiary guarantors are minor. In addition, there are no significant restrictions on the Company’s or any subsidiary guarantor’s ability to obtain funds from its subsidiaries by dividend or loan. The Indenture for the Convertible Notes includes customary covenants that restrict the granting of liens and customary events of default, including, among other things, failure to issue securities upon conversion of the Convertible Notes. Interest on the Convertible Notes is payable semi-annually in arrears commencing June 30, 2016 as a payment in kind, either through an increase in the outstanding principal amount of the Convertible Notes or, if the Company is unable to increase such principal amount, by the issuance of additional Convertible Notes. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months at a rate of 1% per annum for the first four years and then increasing to 12% per annum until maturity. In connection with the adoption of fresh-start accounting, the Convertible Notes were recorded at an estimated fair value of approximately $603.1 million. The difference between face value and the fair value at date of issuance of the Convertible Notes was recorded as a debt discount and is being amortized to interest expense over the expected life of the Convertible Notes using the effective interest rate method. The principal balance of the Convertible Notes (including payment in kind interest thereon) is convertible into New Shares at a conversion rate based on an initial price per share of $95.60 per New Share, subject to adjustment, as described in the Indenture for the Convertible Notes. The Convertible Notes are convertible only (a) prior to the th ird anniversary of the issue date (February 10, 2016), (i) upon the instruction of holders of a majority in principal amount of the Convertible Notes or (ii) upon the full and final resolution of all potential Investigation Claims (as defined below), as de termined in good faith by the board of directors of the Company (the “ Board “) (which determination shall require the affirmative vote of a supermajority of the non-management directors), and (b) from and after February 10, 2019 through their maturity date of December 31, 2030, upon the approval of the Board (which approval shall require the affirmative vote of a supermajority of the non-management directors). For these purposes, (i) “supermajority of the non-management directors” means five affirmative vote s of non-management directors assuming six non-management directors eligible to vote and, in all other circumstances, the affirmative vote of at least 75% of the non-management directors eligible to vote and (ii) “Investigation Claim” means any claim held by a United States or Brazilian governmental unit and arising from or related to the procurement of that certain Agreement for the Provision of Drilling Services, dated as of February 4, 2009, by and between Petrobras Venezuela Investments & Services B.V. and Vantage Deepwater Company, as amended, modified, supplemented, or novated from time to time. In the event of a change in control, the holders of our Convertible Notes have the right to require us to repurchase all or any part of the Convertible Notes at a price equal to 101% of their principal amount. We assessed the prepayment requirements and concluded that this feature met the criteria to be considered an embedded derivative and must be bifurcated and separately valued at fair value due to the discount on the Convertible Notes at issuance. We considered the probabilities of a change of control occurring and determined that the derivative had a de minimis value at June 30, 2016. Upon the occurrence of specified change of control events or certain losses of our vessels in the agreements governing our 10% Second Lien Notes, Convertible Notes or 2016 Term Loan Facility, we will be required to offer to repurchase or repay all (or in the case of events of losses of vessels, an amount up to the amount of proceeds received from such event of loss) of such outstanding debt under such debt agreements at the prices and upon the terms set forth in the applicable agreements. In addition, in connection with certain asset sales, we will be required to offer to repurchase or repay such outstanding debt as set forth in the applicable debt agreements.
Predecessor
Debt		3. Debt Bankruptcy Filing Our bankruptcy filing on December 3, 2015 constituted an event of default with respect to our pre-bankruptcy debt obligations and as a result of the filing, our pre-petition long-term debt and related accrued interest is included in Liabilities Subject to Compromise in the consolidated balance sheet as of December 31, 2015. See above under “ Note 1. Organization and Recent Events Contractual interest expense represents amounts due under the contractual terms of outstanding debt, including debt subject to compromise. For the year ended December 31, 2015, contractual interest expense of $14.9 million related to liabilities subject to compromise has not been recorded. Our pre-bankruptcy debt was composed of the following: December 31, 2015 2014 (In thousands) 7.5% Senior Notes, issued at par (1) $ — $ 1,118,615 7.125% Senior Notes, issued at par (1) — 727,622 $500 million 2017 Term Loan, net of discount of $0 and $4,406 (1) — 364,159 $350 million 2019 Term Loan, net of discount of $0 and $3,668 (1) — 340,207 Revolving credit agreement (1) — — — 2,550,603 Less current maturities of long-term debt and revolving credit facility — 53,500 Long-term debt, net $ — $ 2,497,103 (1) Classified as Liabilities Subject to Compromise as of December 31, 2015. In connection with our emergence from bankruptcy proceedings on February 10, 2016, our pre-bankruptcy debt was discharged under the Reorganization Plan. See above under “ Note 1. Organization and Recent Events Prior to entering into the Reorganization Plan, we made additional principal payments and numerous open market purchases of our outstanding pre-bankruptcy debt. The following table summarizes our yearly debt payments, both scheduled and discretionary, for the years ended December 31, 2015 and 2014 (in thousands). Year Ended December 31, 2015 2014 7.125% Senior Notes (1) $ — $ 47,378 7.5% Senior Notes (1) 31,800 31,385 2017 Term Loan (2) 7,522 44,000 Scheduled maturities payments (3) 40,125 63,500 Total $ 79,447 $ 186,263 (1) Discretionary open market debt repurchases. (2) Includes additional principal payments of $7.5 million and $42 million in 2015 and 2014, respectively. (3) Includes $10 million repayment of revolving credit agreement in 2014. In connection with the repurchase of $31.8 million of the 7.5% Senior Notes and $7.5 million of the 2017 Term Loan during 2015 (see table above), we recognized net gains of $9.3 million and $1.6 million, respectively, related to the redemption discount on the debt that was partially offset by the write-off of deferred financing costs and original issuance discount on the debt. In connection with the repurchases of $31.4 million of the 7.5% Senior Notes and the repurchases and additional principal payment of $44.0 million of the 2017 Term Loan during 2014 (see table above), we recognized a gain of $3.6 million and a loss of $1.1 million, respectively, related to the redemption discount on the debt that was partially offset by the write-off of deferred financing costs and original issuance discount on the debt. In connection with the repurchases of $47.4 million of the 7.125% Senior Notes during 2014 (see table above), we recognized a gain of $1.9 million related to the redemption discount on the debt that was partially offset by the write-off of deferred financing costs on the debt. In connection with the early retirement of the remaining $1.0 billion of 11.5% Senior Notes due 2015 during 2013, we recognized a loss of $98.3 million resulting from the payment of early redemption fees and consent fees of $92.3 million and the write-off of deferred financing costs of $24.0 million, which were offset by the early recognition of debt issuance premium of $18.0 million.

Shareholder's Equity

Shareholder's Equity	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Shareholder's Equity	6. Shareholders’ Equity We have 50,000,000 authorized ordinary shares, par value $0.001 per share. Upon emergence from bankruptcy, we issued 5,000,053 ordinary shares in connection with the settlement of LSTC and the VDC Note. As of June 30, 2016, 5,000,053 ordinary shares were issued and outstanding. As of December 31, 2015, the Company was a 100% owned subsidiary of VDC and did not have any equity incentive plans of its own. VDC had the 2007 Long-Term Incentive Plan under which time-vested and performance units were awarded to officers and employees of the Company and related share compensation expense was recognized. The vesting of outstanding equity awards provided by VDC was suspended prior to December 31, 2015 as the trading value of the shares of VDC was below the administrative costs of vesting the awards. Outstanding share awards at December 31, 2015 were cancelled due to VDC’s liquidation filing in the Cayman Islands. We recognized share compensation expense allocated from VDC of $1.6 million and $3.4 million for the three and six months ended June 30, 2015, respectively. On February 10, 2016, the Company adopted the 2016 Management Incentive Plan (the “2016 MIP”). Pursuant to the 2016 MIP, the Compensation Committee may grant to executive officers and certain other employees determined by the Compensation Committee, stock options, restricted stock or restricted stock units of the Company, subject to time based vesting and performance based vesting, as determined by the Compensation Committee. As of the Effective Date, the Company established a pool of restricted stock units for issuance by the Compensation Committee. No grants from the 2016 MIP have been made to date.
Predecessor
Shareholder's Equity		4. Shareholder’s Equity We have 50,000,000 authorized ordinary shares, par value $0.001 per share. As of December 31, 2015, 1,000 ordinary shares were issued and outstanding. As of December 31, 2015, the Company was a 100% owned subsidiary of VDC and did not have any equity incentive plans of its own. VDC had the 2007 Long-Term Incentive Plan (the “LTIP”) under which time-vested and performance units were awarded to officers and employees of the Company and related share compensation expense was recognized. Outstanding share awards at December 31, 2015 will not vest in the future under the LTIP due to VDC’s liquidation filing in the Cayman Islands. We recognized share compensation expense allocated from VDC of $5.8 million, $7.9 million and $6.7 million for the years ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively.

Income Taxes

Income Taxes	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Income Taxes	7. Income Taxes We are a Cayman Islands entity. The Cayman Islands does not impose corporate income taxes. Consequently, we have calculated income taxes based on the laws and tax rates in effect in the countries in which operations are conducted, or in which we and our subsidiaries are considered resident for income tax purposes. We operate in multiple countries under different legal forms. As a result, we are subject to the jurisdiction of numerous domestic and foreign tax authorities, as well as to tax agreements and treaties among these governments. Tax rates vary between jurisdictions, as does the tax base to which the rates are applied. Taxes may be levied based on net profit before taxes or gross revenues. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events, such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Our income tax expense may vary substantially from one period to another as a result of changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions, rig movements or our level of operations or profitability in each tax jurisdiction. Furthermore, our income taxes are generally dependent upon the results of our operations and, when we generate significant revenues in jurisdictions where the income tax liability is based on gross revenues or asset values, there is no correlation between our operating results and the income tax expense. Furthermore, in some jurisdictions we do not pay taxes or receive benefits for certain income and expense items, including interest expense, loss on extinguishment of debt and write-off of development costs. Deferred income tax assets and liabilities are recorded for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. We provide for deferred taxes on temporary differences between the financial statements and tax bases of assets and liabilities using the enacted tax rates which are expected to apply to taxable income when the temporary differences are expected to reverse. Deferred tax assets are also provided for certain tax credit carryforwards. A valuation allowance is established to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In certain jurisdictions we are taxed under preferential tax regimes, which may require our compliance with specified requirements to sustain the tax benefits. We believe we are in compliance with the specified requirements and will continue to make all reasonable efforts to comply; however, our ability to meet the requirements of the preferential tax regimes may be affected by changes in laws, our business operations and other factors affecting our company and industry, many of which are beyond our control. Our periodic tax returns are subject to examination by taxing authorities in the jurisdictions in which we operate in accordance with the normal statute of limitations in the applicable jurisdiction. These examinations may result in assessments of additional taxes that are resolved with the authorities or through the courts. Resolution of these matters involves uncertainties and there are no assurances as to the outcome. Our tax years 2008 and forward remain open to examination in many of our jurisdictions and we are currently involved in several tax examinations in jurisdictions where we are operating or have previously operated. As information becomes available during the course of these examinations, we may increase or decrease our estimates of tax assessments and accruals.
Predecessor
Income Taxes		5. Income Taxes We are a Cayman Islands entity. The Cayman Islands does not impose corporate income taxes. We do not have any domestic earnings; all of our earnings are foreign. Consequently, we have calculated income taxes based on the laws and tax rates in effect in the countries in which operations are conducted, or in which we and our subsidiaries are considered resident for income tax purposes. We operate in multiple countries under different legal forms. As a result, we are subject to the jurisdiction of numerous domestic and foreign tax authorities, as well as to tax agreements and treaties among these governments. Tax rates vary between jurisdictions, as does the tax base to which the rates are applied. Taxes may be levied based on net profit before taxes or gross revenues or withholding taxes on revenue. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events, such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Our income tax expense may vary substantially from one period to another as a result of changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions, rig movements or our level of operations or profitability in each tax jurisdiction. Furthermore, our income taxes are generally dependent upon the results of our operations and when we generate significant revenues in jurisdictions where the income tax liability is based on gross revenues or asset values, there is no correlation to the operating results and the income tax expense. Furthermore, in some jurisdictions we do not pay taxes or receive benefits for certain income and expense items, including interest expense, loss on extinguishment of debt and write-off of development costs. The income tax expense (benefit), all of which relates to foreign income taxes, consisted of the following: Year Ended December 31, 2015 2014 2013 (in thousands) Current $ 37,748 $ 40,122 $ 26,924 Deferred 2,122 (305 ) 997 Total $ 39,870 $ 39,817 $ 27,921 A reconciliation of statutory and effective income tax rates is shown below: Year Ended December 31, 2015 2014 2013 Statutory rate 0.0 % 0.0 % 0.0 % Effect of: Taxes on foreign earnings 69.4 30.1 (138.7 ) Settlement of prior years’ tax audits (7.7 ) (0.0 ) (2.2 ) Other 2.5 0.1 (0.9 ) Total 64.2 % 30.0 % (141.8 )% Deferred income tax assets and liabilities are recorded for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. We provide for deferred taxes on temporary differences between the financial statements and tax bases of assets and liabilities using the enacted tax rates which are expected to apply to taxable income when the temporary differences are expected to reverse. Deferred tax assets are also provided for certain tax credit carryforwards. A valuation allowance is established to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. The increase to the valuation allowance during the year, which is included in the taxes on foreign earnings rate in the above table, is related to net loss carry forwards generated during the year where we believe it is more likely than not that substantially all of the deferred tax asset will not be realized. The components of the net deferred tax assets and liabilities were as follows: December 31, 2015 2014 (In thousands) Deferred tax assets: Share-based compensation $ — $ 1,052 Accrued bonuses 171 1,165 Start-up costs 123 141 Deferred revenue — — Loss carry-forwards 7,161 363 Other 90 6 Total deferred tax assets 7,545 2,727 Valuation allowance (7,161 ) (341 ) Net deferred tax assets 384 2,386 Deferred tax liabilities: Property and equipment (2,868 ) (2,749 ) Total deferred tax liabilities (2,868 ) (2,749 ) Net deferred tax liability $ (2,484 ) $ (363 ) We do not expect changes to tax bases or effects on our loss carry-forwards as a result from our emergence from bankruptcy on February 10, 2016. At December 31, 2015, we had foreign tax loss carry forwards of approximately $23.0 million which will begin to expire in 2018. We include as a component of our income tax provision potential interest and penalties related to recognized tax contingencies within our global operations. Interest and penalties expense of $0.1 million is included in 2015 income tax expense and interest and penalties of $1.2 million are accrued as of December 31, 2015. A reconciliation of our unrecognized tax benefits amount is as follows (in thousands): Gross balance at January 1, 2015 $ 2,214 Additions based on tax positions related to the current year — Additions for tax positions of prior years 88 Reductions for tax positions of prior years — Expiration of statutes (40 ) Tax settlements — Gross balance at December 31, 2015 2,262 Related tax benefits — Net balance at December 31, 2015 $ 2,262 In certain jurisdictions we are taxed under preferential tax regimes, which may require our compliance with specified requirements to sustain the tax benefits. We believe we are in compliance with the specified requirements and will continue to make all reasonable efforts to comply; however, our ability to meet the requirements of the preferential tax regimes may be affected by changes in laws, our business operations and other factors affecting our company and industry, many of which are beyond our control. Our periodic tax returns are subject to examination by taxing authorities in the jurisdictions in which we operate in accordance with the normal statute of limitations in the applicable jurisdiction. These examinations may result in assessments of additional taxes that are resolved with the authorities or through the courts. Resolution of these matters involves uncertainties and there are no assurances as to the outcome. Our tax years 2008 and forward remain open to examination in many of our jurisdictions and we are currently involved in several tax examinations in jurisdictions where we are operating or have previously operated. As information becomes available during the course of these examinations, we may increase or decrease our estimates of tax assessments and accruals.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Commitments and Contingencies	8. Commitments and Contingencies We are subject to litigation, claims and disputes in the ordinary course of business, some of which may not be covered by insurance. Management does not believe any of these matters will have a material adverse impact on the Company’s financial position or results of operations. There is an inherent risk in any litigation or dispute and no assurance can be given as to the outcome of any claims. In July 2015, we became aware that Hamylton Padilha, the Brazilian agent the Company used in the contracting of the Titanium Explorer
Predecessor
Commitments and Contingencies		6. Commitments and Contingencies We are subject to litigation, claims and disputes in the ordinary course of business, some of which may not be covered by insurance. There is an inherent risk in any litigation or dispute and no assurance can be given as to the outcome of any claims. In July 2015, we became aware of media reports that Hamylton Padilha, the Brazilian agent the Company used in the contracting of the Titanium Explorer We enter into operating leases in the normal course of business for office space, housing, vehicles and specified operating equipment. Some of these leases contain renewal options which would cause our future cash payments to change if we exercised those renewal options. As of December 31, 2015, we were obligated under leases, with varying expiration dates, for office space, housing, vehicles and specified operating equipment. Future minimum annual rentals under these operating leases having initial or remaining terms in excess of one year are $3.7 million, $1.8 million, $1.5 million, $1.2 million and $1.1 million for each of the years ending December 31, 2016, 2017, 2018, 2019 and 2020, respectively, and $3.1 million in the aggregate for the years 2021 and thereafter. Rental expenses for the three years ended December 31, 2015, 2014 and 2013 were approximately $14.6 million, $15.2 million and $13.9 million, respectively. At December 31, 2015, we had purchase commitments of $15.7 million. Our purchase commitments consist of obligations outstanding to external vendors primarily related to materials, spare parts, consumables and related supplies for our drilling rigs.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Supplemental Financial Information	9. Supplemental Financial Information Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: Successor Predecessor June 30, 2016 December 31, 2015 (in thousands) Prepaid insurance $ 300 $ 1,394 Sales tax receivable 8,832 8,203 Income tax receivable 2,508 5,398 Other receivables 164 734 Other 5,323 6,377 $ 17,127 $ 22,106 Property and Equipment, net Property and equipment, net, consisted of the following: Successor Predecessor June 30, 2016 December 31, 2015 (in thousands) Drilling equipment $ 862,924 $ 3,425,738 Assets under construction 17,160 23,421 Office and technology equipment 17,288 29,405 Leasehold improvements 944 2,442 898,316 3,481,006 Accumulated depreciation (30,278 ) (532,619 ) Property and equipment, net $ 868,038 $ 2,948,387 Other Assets Other assets consisted of the following: Successor Predecessor June 30, 2016 December 31, 2015 (in thousands) Performance bond collateral $ 3,197 $ 3,197 Deferred certification costs 5,304 10,050 Deferred mobilization costs — 8,454 Deferred income taxes 1,336 152 Deposits 978 1,197 $ 10,815 $ 23,050 Accrued Liabilities Accrued liabilities consisted of the following: Successor Predecessor June 30, 2016 December 31, 2015 (in thousands) Interest $ 51 $ 1,125 Compensation 11,801 8,360 Income taxes payable 1,852 8,901 Other 1,915 3,316 $ 15,619 $ 21,702 Other Long-Term Liabilities Other long-term liabilities consisted of the following: Successor Predecessor June 30, 2016 December 31, 2015 (in thousands) Deferred revenue $ — $ 20,247 Deferred income taxes 2,080 2,635 Other non-current liabilities 9,189 10,215 $ 11,269 $ 33,097 Transactions with Former Parent Company The Company’s Consolidated Statement of Operations included the following transactions with VDC for the periods indicated: Successor Predecessor Three Months Ended June 30, 2016 Period from Period from Three Months (in thousands) Reimbursable revenues $ — $ — $ — $ 2,122 Interest income 7 11 3 7 Interest expense — — (662 ) — $ 7 $ 11 $ (659 ) $ 2,129 The following table summarizes the balances payable to VDC included in the Company’s Consolidated Balance Sheet as of the periods indicated: Successor Predecessor June 30, 2016 December 31, 2015 (in thousands) Accounts payable to related parties, net $ 17,264 $ 17,340 VDC Note — 61,477 Accrued liabilities — 489 $ 17,264 $ 79,306
Predecessor
Supplemental Financial Information		7. Supplemental Financial Information Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: December 31, 2015 2014 (In thousands) Prepaid insurance $ 1,394 $ 12,000 Sales tax receivable 8,203 7,846 Income tax receivable 5,398 278 Other receivables 734 1,468 Other 6,377 4,301 $ 22,106 $ 25,893 Property and Equipment, net Property and equipment, net consisted of the following: December 31, 2015 2014 (In thousands) Drilling equipment $ 3,425,738 $ 3,391,024 Assets under construction 23,421 27,905 Office and technology equipment 29,405 18,333 Leasehold improvements 2,442 1,980 3,481,006 3,439,242 Accumulated depreciation (532,619 ) (406,674 ) Property and equipment, net $ 2,948,387 $ 3,032,568 Other Assets Other assets consisted of the following: December 31, 2015 2014 (In thousands) Deferred financing costs, net $ — $ 39,750 Performance bond collateral 3,197 6,600 Deferred certification costs 10,050 7,767 Deferred mobilization costs 8,454 15,715 Deferred income taxes 152 894 Deposits 1,197 1,365 $ 23,050 $ 72,091 Accrued Liabilities Accrued liabilities consisted of the following: December 31, 2015 2014 (In thousands) Interest $ 1,125 $ 27,054 Compensation 8,360 21,012 Income taxes payable 8,901 18,268 Other 3,316 6,861 $ 21,702 $ 73,195 Other Long-Term Liabilities Other long-term liabilities consisted of the following: December 31, 2015 2014 (In thousands) Deferred revenue $ 20,247 $ 72,158 Deferred income taxes 2,635 1,256 Other non-current liabilities 10,215 10,568 $ 33,097 $ 83,982 Transactions with Related Parties The Company’s Consolidated Statement of Operations included the following transactions with related parties for the periods indicated: Year Ended December 31, 2015 2014 2013 (In thousands) Reimbursable revenues $ 6,212 $ 9,428 $ 7,065 Interest income 27 27 27 Interest expense (489 ) — — $ 5,750 $ 9,455 $ 7,092 The following table summarizes the balances payable to related parties included in the Company’s Consolidated Balance Sheet as of the periods indicated: December 31, 2015 2014 (In thousands) Accounts payable to related parties, net $ 17,340 $ 156,662 VDC Note 61,477 — Accrued liabilities 489 — $ 79,306 $ 156,662

Business Segment and Significan

Business Segment and Significant Customer Information	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Business Segment and Significant Customer Information	10. Business Segment and Significant Customer Information We aggregate our contract drilling operations into one reportable segment even though we provide contract drilling services with different types of rigs, including jackup rigs and drillships, and in different geographic regions. Our operations are dependent on the global oil and gas industry and our rigs are relocated based on demand for our services and customer requirements. Our customers consist primarily of large international oil and gas companies, national or government-controlled oil and gas companies and other international exploration and production companies. We also provide construction supervision services for drilling units owned by others. In September 2013, we signed an agreement to supervise and manage the construction of two ultra-deepwater drillships for a third party. We receive management fees and reimbursable costs during the construction phase of the two drillships, subject to a maximum amount for each drillship. This business represented approximately 3.5%, 3.4% , 3.2%, 0.9% and 0.9% of our total revenue for the three months ended June 30, 2016, for the periods from February 10, 2016 to June 30, 2016, from January 1, 2016 to February 10, 2016 and for the three and six months ended June 30 2015, respectively. For the three months ended June 30, 2016 and 2015, the majority of our revenue was from countries outside of the United States. Consequently, we are exposed to the risk of changes in economic, political and social conditions inherent in foreign operations. Three customers accounted for approximately 52%, 19% and 19% of consolidated revenue for the three months ended June 30, 2016. Three customers accounted for approximately 50%, 19% and 18% of consolidated revenue for the period from February 10, 2016 2016 to June 30, 2016. Three customers accounted for approximately 47%, 20% and 17% of consolidated revenue for the period from January 1, 2016 to February 10, 2016. Three customers accounted for approximately 28%, 26% and 24% of consolidated revenue for the three months ended June 30, 2015. For the six months ended June 30, 2015 three customers accounted for approximately 28%, 24% and 23% of consolidated revenue. Our revenue by country was as follows (in thousands): Successor Predecessor Three Months Period from 2016 to June 30, Period from Three Months Six Months Congo $ 25,421 $ 39,280 $ 13,769 $ 60,881 $ 121,242 Malaysia 9,023 14,959 3,319 — — Indonesia 9,165 14,401 4,214 — — India — — — 52,207 105,181 U.S. — — — 53,910 95,814 Other countries (a) 4,902 9,657 2,238 47,385 112,667 Total revenues $ 48,511 $ 78,297 $ 23,540 $ 214,383 $ 434,904 (a) Other countries represent countries in which we operate that individually had operating revenues representing less than 10% of total revenues earned. Our property and equipment, net by country was as follows (in thousands): Successor Predecessor June 30, 2016 December 31, 2015 (unaudited) Congo $ 288,020 $ 582,590 Malaysia 286,717 — South Africa 204,910 851,099 India — 718,966 Other countries (a) 88,391 795,732 Total property and equipment $ 868,038 $ 2,948,387 (a) Other countries represent countries in which we operate that individually had property and equipment, net representing less than 10% of total property and equipment, net. A substantial portion of our assets are mobile drilling units. Asset locations at the end of the period are not necessarily indicative of the geographic distribution of the revenues generated by such assets during the periods.
Predecessor
Business Segment and Significant Customer Information		8. Business Segment Information We aggregate our contract drilling operations into one reportable segment even though we provide contract drilling services with different types of rigs, including jackup rigs and drillships, and in different geographic regions. Our operations are dependent on the global oil and gas industry and our rigs are relocated based on demand for our services and customer requirements. Our customers consist primarily of large international oil and gas companies, national or government-controlled oil and gas companies and other international exploration and production companies. We also provide construction supervision services for drilling units owned by others. In September 2013, we signed an agreement to supervise and manage the construction of two ultra-deepwater drillships for a third party. We will receive management fees and reimbursable costs during the construction phase of the two drillships, subject to a maximum amount for each drillship. This business represented approximately 1%, 1.6% and 1.9% of our total revenue for the years ended December 31, 2015, 2014 and 2013, respectively. For the years ended December 31, 2015, 2014 and 2013, the majority of our revenue was from countries outside of the United States. Consequently, we are exposed to the risk of changes in economic, political and social conditions inherent in foreign operations. Three customers accounted for approximately 32%, 25% and 20% of consolidated revenue for the year ended December 31, 2015. Four customers accounted for approximately 24%, 18%, 17% and 14% of consolidated revenue for the year ended December 31, 2014. Two customers accounted for approximately 28% and 24% of consolidated revenue for the year ended December 31, 2013. Our revenues by country were as follows: Years Ended December 31, 2015 2014 2013 (In thousands) Congo $ 247,415 $ — $ — India 189,973 207,309 208,100 U.S. 128,157 — 170,199 Gabon — 207,419 — Malaysia — 165,004 87,672 Other countries (a) 206,720 303,172 262,285 Total revenues $ 772,265 $ 882,904 $ 728,256 (a) Other countries represent countries in which we operate that individually had operating revenues representing less than 10 percent of total revenues earned. Our property and equipment, net by country were as follows: December 31, 2015 2014 (In thousands) Congo $ 582,590 $ 607,180 India 718,966 746,398 U.S. — 717,325 South Africa 851,099 — Other (a) 795,732 961,665 Total property and equipment $ 2,948,387 $ 3,032,568 (a) Other countries represent countries in which we operate that individually had property equipment, net representing less than 10 percent of total property and equipment. A substantial portion of our assets are mobile drilling units. Asset locations at the end of the period are not necessarily indicative of the geographic distribution of the revenues generated by such assets during the periods.

Basis of Presentation and Sig19

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Basis of Consolidation	Basis of Consolidation: In connection with our bankruptcy filing, we were subject to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 852 Reorganizations ASC 852 requires that subsequent to the Petition Date, expenses, realized gains and losses and provisions for losses that can be directly associated with the reorganization of the business be reported separately as reorganization items in the consolidated statements of operations. We were required to distinguish pre-petition liabilities subject to compromise from those that are not and post-petition liabilities in our balance sheet. Liabilities that were subject to compromise were reported at the amounts expected to be allowed by the Bankruptcy Court, even if they were settled for lesser amounts as a result of the Reorganization Plan. Upon emergence from bankruptcy on the Effective Date, we adopted fresh-start accounting in accordance with ASC 852, which resulted in the Company becoming a new entity for financial reporting purposes. Upon adoption of fresh-start accounting, our assets and liabilities were recorded at their fair values as of the Effective Date. The Effective Date fair values of our assets and liabilities differed materially from the recorded values of our assets and liabilities as reflected in our historical consolidated balance sheets. The effects of the Reorganization Plan and the application of fresh-start accounting were reflected in our consolidated financial statements as of February 10, 2016 and the related adjustments thereto were recorded in our consolidated statements of operations as reorganization items for the period January 1 to February 10, 2016. As a result, our consolidated balance sheets and consolidated statement of operations subsequent to the Effective Date will not be comparable to our consolidated balance sheets and statements of operations prior to the Effective Date. Our consolidated financial statements and related notes are presented with a black line division which delineates the lack of comparability between amounts presented on or after February 10, 2016 and dates prior. Our financial results for future periods following the application of fresh-start accounting will be different from historical trends and the differences may be material. References to “Successor” relate to the Company on and subsequent to the Effective Date. References to “Predecessor” refer to the Company prior to the Effective Date. The consolidated financial statements of the Successor have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIEs”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE. We consolidated these entities in our Predecessor consolidated financial statements because we determined that they were VIEs and that we were the primary beneficiary. These VIEs, who were subsidiaries of VDC, guarantors of our pre-petition debt and were part of the Reorganization Plan, became our subsidiaries upon emergence from bankruptcy on the Effective Date. The following table summarizes the net effect of consolidating these entities on our Predecessor consolidated statement of operations. Predecessor Period from Three Months Six Months (in thousands) Revenue $ 1,219 $ 5,372 $ 11,102 Operating costs and expenses 1,240 4,757 9,834 Income before taxes 22 551 1,291 Income tax provision 991 74 624 Net income (loss) attributable to noncontrolling interests (969 ) 477 667
Cash and Cash Equivalents	Cash and Cash Equivalents:
Inventory	Inventory:
Property and Equipment	Property and Equipment: We evaluate the realization of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss on our property and equipment exists when estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized w ould represent the excess of the asset’s carrying value over the estimated fair value. Interest costs and the amortization of debt financing costs related to the financings of our drilling rigs are capitalized as part of the cost while they are under construction and prior to the commencement of each vessel’s first contract. We did not capitalize any interest for the reported periods.
Debt Financing Costs	Debt Financing Costs:
Revenue	Revenue: In connection with a customer contract, we may receive lump-sum fees for the mobilization of equipment and personnel or the demobilization of equipment and personnel upon completion. Mobilization fees received and costs incurred to mobilize a rig from one geographic market to another pursuant to a contract are deferred and recognized on a straight-line basis over the term of such contract, excluding any option periods. Costs incurred to mobilize a rig without a contract are expensed as incurred. Fees or lump-sum payments received for capital improvements to rigs are deferred and amortized to income over the term of the related drilling contract. The costs of such capital improvements are capitalized and depreciated over the useful lives of the assets. Upon completion of drilling contracts, any demobilization fees received are recorded as revenue. We record reimbursements from customers for rebillable costs and expenses as revenue and the related direct costs as operating expenses.
Rig and Equipment Certifications	Rig and Equipment Certifications:
Income Taxes	Income Taxes: We early adopted the provisions of ASU 2015-17 effective January 1, 2016 and have retrospectively applied its provisions to all periods presented in our Consolidated Financial Statements. ASU 2015-17 requires companies to classify all deferred tax assets and liabilities as non-current on the balance sheet instead of separating deferred taxes into current and non-current amounts. Application of ASU 2015-17 did not have a material impact on our consolidated financial statements.
Concentrations of Credit Risk	Concentrations of Credit Risk:
Use of Estimates	Use of Estimates:
Fair Value of Financial Instruments	Fair Value of Financial Instruments: Note 5. Debt
Recent Accounting Standards	Recent Accounting Standards: Revenue from Contracts with Customers In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326). We are evaluating the provisions of ASU No. 2016-02, ASU No. 2016-09, ASU No. 2016-13 and ASU No. 2014-09 and have not yet determined the impact of these ASUs on our financial position, results of operations or cash flows.
Predecessor
Basis of Consolidation		Basis of Consolidation: In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIEs”) when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE. Certain subsidiaries of VDC, who are guarantors of our pre-petition debt, were part of the Reorganization Plan discussed above and became our subsidiaries upon emergence on February 10, 2016. We have consolidated these entities in our consolidated financial statements as of December 31, 2015, 2014 and 2013 and for the two years ended December 31, 2015 because we determined that they were VIEs and that we were the primary beneficiary. The following table summarizes the net effect of consolidating these entities on our consolidated statement of operations. Year Ended December 31, 2015 2014 2013 (In thousands) Revenue $ 21,791 $ 24,798 $ 24,818 Operating costs and expenses 19,850 22,392 22,753 Income before taxes 2,206 2,688 2,144 Income tax provision (benefit) (2,830 ) 2,431 2,607 Net income (loss) attributable to noncontrolling interests 5,036 257 (463 )
Cash and Cash Equivalents		Cash and Equivalents:
Inventory		Inventory:
Property and Equipment		Property and Equipment: Interest costs and the amortization of debt financing costs related to the financings of our drilling rigs are capitalized as part of the cost while they are under construction and prior to the commencement of each vessel’s first contract. We did not capitalize any interest for the years ended December 31, 2015 and 2014. We capitalized $6.2 million of interest and amortization costs in the year ended December 31, 2013. We evaluate the realization of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss on our property and equipment exists when estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized would represent the excess of the asset’s carrying value over the estimated fair value. The rapid and significant decline in oil prices, coupled with steep capital budget cuts by exploration and production companies and the significant number of newbuild ultra-deepwater floaters and jackups deliveries scheduled for 2016 and 2017, required us to undertake an analysis of recoverability of the carrying value of our drilling rigs as of December 31, 2015 and 2014. The results of the analysis indicated that the estimated undiscounted future cash flows exceeded the carrying values of our drilling rigs.
Debt Financing Costs		Debt Financing Costs:
Revenue		Revenue: In connection with a customer contract, we may receive lump-sum fees for the mobilization of equipment and personnel or the demobilization of equipment and personnel upon completion. Mobilization fees received and costs incurred to mobilize a rig from one geographic market to another are deferred and recognized on a straight-line basis over the term of such contract, excluding any option periods. Costs incurred to mobilize a rig without a contract are expensed as incurred. Fees or lump-sum payments received for capital improvements to rigs are deferred and amortized to income over the term of the related drilling contract. The costs of such capital improvements are capitalized and depreciated over the useful lives of the assets. Upon completion of drilling contracts, any demobilization fees received are recorded as revenue. We record reimbursements from customers for rebillable costs and expenses as revenue and the related direct costs as operating expenses.
Rig and Equipment Certifications		Rig and Equipment Certifications:
Income Taxes		Income Taxes:
Concentrations of Credit Risk		Concentrations of Credit Risk:
Use of Estimates		Use of Estimates:
Fair Value of Financial Instruments		Fair Value of Financial Instruments: Note 3. Debt
Recent Accounting Standards		Recent Accounting Standards: Revenue from Contracts with Customers. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) Simplifying the Measurement of Inventory. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification
Bankruptcy Accounting Guidance		Bankruptcy Accounting Guidance: In connection with the emergence from bankruptcy, we believe we will qualify for fresh-start accounting. Upon adoption of fresh-start accounting, our assets and liabilities will be recorded at their fair value as of the fresh-start reporting date or emergence date. The fair values of our assets and liabilities as of that date may differ materially from the recorded values of our assets and liabilities as reflected in its historical consolidated financial statements. In addition, the adoption of fresh-start accounting may materially affect the results of operations following the fresh-start reporting dates, as we will have a new basis in our assets and liabilities. Consequently, our historical financial statements are not reliable indicators of our financial condition and results of operations for any period after we adopt fresh-start accounting.

Organization and Recent Events

Organization and Recent Events (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Summary of Liabilities Subject to Compromise	The following table summarizes the components of our pre-bankruptcy debt, all of which was reflected as Liabilities Subject to Compromise (“LSTC”) in our consolidated balance sheet as of December 31, 2015 (in thousands): 2017 Term Loan and accrued interest $ 326,420 2019 Term Loan and accrued interest 344,738 7.5% Senior Notes and accrued interest 1,136,748 7.125% Senior Notes and accrued interest 736,550 Pre-petition Credit Agreement 150,000 Liabilities Subject to Compromise $ 2,694,456
Schedule of Reorganization Items	Reorganization items represent amounts incurred subsequent to the Petition Date as a direct result of the filing of the Reorganization Plan and are comprised of the following: Successor Predecessor Three Months Period from June 30, 2016 Period from (in thousands) Professional fees $ 487 $ 641 $ 22,716 Net gain on settlement of LSTC — — (1,630,025 ) Fresh-start adjustments — — 2,060,232 $ 487 $ 641 $ 452,923
Predecessor
Summary of Liabilities Subject to Compromise		The following table summarizes the components of Liabilities Subject to Compromise included on our Consolidated Balance Sheet as of December 31, 2015 (in thousands): December 31, 2015 2017 Term Loan and accrued interest $ 326,420 2019 Term Loan and accrued interest 344,738 7.5% Senior Notes and accrued interest 1,136,748 7.125% Senior Notes and accrued interest 736,550 Old Credit Agreement 150,000 Liabilities Subject to Compromise $ 2,694,456
Schedule of Reorganization Items		The following table summarizes the components included in Reorganization items in our Consolidated Statements of Operations for the year ended December 31, 2015 (in thousands): December 31, 2015 Professional fees incurred (a) $ 2,225 Write-off of debt discount and debt issuance costs on Term Loans (b) 14,498 Write-off of debt issuance costs on 7.5% Senior Notes and 7.125% Senior Notes (b) 21,517 Write-off of debt issuance costs on Old Credit Agreement (b) 1,114 Reorganization Items $ 39,354 (a) For the year ended December 31, 2015, cash payments for reorganization items totaled $0.0 million. (b) The carrying value of debt that is subject to compromise was adjusted to include the related unamortized debt discount and debt issuance costs; the debt is adjusted to the expected amount of allowed claims.
Debtors Condensed Combined Balance Sheet		Debtors’ Condensed Combined Balance Sheet (in thousands) As of December 31, 2015 2014 Cash and cash equivalents $ 198,594 $ 62,902 Other current assets 150,440 235,248 Total current assets 349,034 298,150 Property and equipment, net 2,888,463 2,993,225 Other assets 15,249 67,408 Total assets $ 3,252,746 $ 3,358,783 Accounts payable and accrued liabilities $ 59,986 $ 264,837 Intercompany payable to non-filing entities 3,331 13,027 Current maturities of long-term debt — 53,500 Note payable to VDC 61,477 — Total current liabilities 124,794 331,364 Long-term debt — 2,497,103 Other long term liabilities 24,143 76,720 Liabilities subject to compromise 2,694,456 — VDI shareholder’s equity 394,116 442,886 Noncontrolling interests 15,237 10,710 Total equity 409,353 453,596 Total liabilities and shareholder’s equity $ 3,252,746 $ 3,358,783
Debtors Condensed Combined Statements of Operations		Debtors’ Condensed Combined Statements of Operations (in thousands) Year Ended December 31, 2015 2014 2013 Revenues $ 755,568 $ 852,872 $ 696,669 Operating costs and expenses 502,963 543,249 431,669 Income from operations 252,605 309,623 265,000 Interest expense (173,634 ) (196,160 ) (198,544 ) Other, net 14,531 3,962 (100,146 ) Reorganization items (39,354 ) — — Income (loss) before income taxes 54,148 117,425 (33,690 ) Income tax provision 36,356 38,336 25,354 Net income (loss) 17,792 79,089 (59,044 ) Net income (loss) attributable to noncontrolling interests 5,085 304 (423 ) Net income (loss) attributable to VDI $ 12,707 $ 78,785 $ (58,621 )
Debtors Condensed Combined Statement of Cash Flows		Debtors’ Condensed Combined Statement of Cash Flows (in thousands) Year Ended December 31, 2015 2014 2013 Cash flows from operating activities Net cash provided by (used in) operating activities $ 65,495 $ 217,023 $ (333 ) Cash flows from investing activities Additions to property and equipment (11,325 ) (18,521 ) (504,958 ) Net cash used in investing activities (11,325 ) (18,521 ) (504,958 ) Cash flows from financing activities Proceeds from issuance of debt, net — — 1,092,071 Repayment of debt (67,980 ) (167,562 ) (1,033,874 ) Distributions to VDC (498 ) (995 ) (360 ) Proceeds from (repayment of) revolving credit facility 150,000 (10,000 ) 10,000 Net cash provided by (used in) financing activities 81,522 (178,557 ) 67,837 Net increase (decrease) in cash and cash equivalents 135,692 19,945 (437,454 ) Cash and cash equivalents—beginning of period 62,902 42,957 480,411 Cash and cash equivalents—end of period $ 198,594 $ 62,902 $ 42,957

Basis of Presentation and Sig21

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Summary of Net Effect of Consolidating Entities on Predecessor Consolidated Statement of Operations	The following table summarizes the net effect of consolidating these entities on our Predecessor consolidated statement of operations. Predecessor Period from Three Months Six Months (in thousands) Revenue $ 1,219 $ 5,372 $ 11,102 Operating costs and expenses 1,240 4,757 9,834 Income before taxes 22 551 1,291 Income tax provision 991 74 624 Net income (loss) attributable to noncontrolling interests (969 ) 477 667
Predecessor
Summary of Net Effect of Consolidating Entities on Predecessor Consolidated Statement of Operations		The following table summarizes the net effect of consolidating these entities on our consolidated statement of operations. Year Ended December 31, 2015 2014 2013 (In thousands) Revenue $ 21,791 $ 24,798 $ 24,818 Operating costs and expenses 19,850 22,392 22,753 Income before taxes 2,206 2,688 2,144 Income tax provision (benefit) (2,830 ) 2,431 2,607 Net income (loss) attributable to noncontrolling interests 5,036 257 (463 )

Fresh-Start Accounting (Tables)

Fresh-Start Accounting (Tables)	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
Schedule of Reconciliation of the Reorganization Value	A reconciliation of the reorganization value is provided in the table below: (in thousands) Enterprise value $ 954,242 Plus: Cash, cash equivalents and restricted cash 250,046 Plus: Working capital surplus 712 Plus: Current liabilities 80,284 Reorganization value of Successor assets $ 1,285,284
Schedule of Fresh Start Adjustments	Predecessor February 10, 2016 Reorganization Fresh-Start Successor February 10, 2016 (in thousands, except share and par value information) ASSETS Current assets Cash and cash equivalents $ 182,171 $ 66,875 (a) $ — $ 249,046 Trade receivables 74,297 — — 74,297 Inventory 64,272 — (20,030 ) (f) 44,242 Prepaid expenses and other current assets 16,511 — 16,511 Total current assets 337,251 66,875 (20,030 ) 384,096 Property and equipment Property and equipment 3,480,890 — (2,589,755 ) 891,135 Accumulated depreciation (543,315 ) — 543,315 — Property and equipment, net 2,937,575 — (2,046,440 ) (g) 891,135 Other assets Other assets 21,963 — (11,910 ) (h) 10,053 Total other assets 21,963 — (11,910 ) 10,053 Total assets $ 3,296,789 $ 66,875 $ (2,078,380 ) $ 1,285,284 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable $ 34,547 $ — $ — $ 34,547 Accrued liabilities 44,307 — — 44,307 Current maturities of long-term debt — 1,430 (b) — 1,430 VDC note payable 62,627 (62,627 ) (c) — — Total current liabilities 141,481 (61,197 ) — 80,284 Long–term debt — 818,525 (b) — 818,525 Other long-term liabilities 30,645 — (18,148 ) (h) 12,497 Liabilities subject to compromise 2,694,456 (2,694,456 ) (d) — Commitments and contingencies Shareholders’ equity Predecessor ordinary shares, $0.001 par value, 50 million shares authorized; one thousand shares issued and outstanding — — — — Predecessor additional paid-in capital 595,119 (595,119 ) (e) — — Successor ordinary shares, $0.001 par value, 50 million shares authorized; 5,000,053 shares issued and outstanding — 5 (b)(c) — 5 Successor additional paid-in capital — 373,973 (b)(c) — 373,973 Accumulated deficit (179,198 ) 2,239,430 (e) (2,060,232 ) (i) — Total VDI shareholders’ equity 415,921 2,018,289 (2,060,232 ) 373,978 Noncontrolling interests 14,286 (14,286 ) (e) — — Total equity 430,207 2,004,003 (2,060,232 ) 373,978 Total liabilities and equity $ 3,296,789 $ 66,875 $ (2,078,380 ) $ 1,285,284 a) Reflects the net use of cash on the Effective Date from implementation of the Reorganization Plan (in thousands): Sources: Net proceeds from 10% Second Lien Notes $ 76,125 Total Sources 76,125 Uses: Repayment of Credit Facility borrowings (7,000 ) Debt issuance costs (2,250 ) Total Uses (9,250 ) Net Sources $ 66,875 b) Represents the issuance of the new debt in connection with the Reorganization Plan: (1) the conversion of the pre-petition revolving credit facility into (i) $143.0 million of the 2016 Term Loan Facility and (ii) $7.0 million of cash; (2) the issuance of $76.1 million of new 10% Second Lien Notes due December 31, 2020 in a rights offering raising net proceeds of approximately $73.9 million after backstop premium and offering costs and (3) issuance of 4,344,959 New Shares of the Company and $750.0 million face value of Convertible Notes. c) Reflects the settlement of the VDC Note by issuing 655,094 New Shares in accordance with the Reorganization Plan. d) Reflects the settlement of LSTC in accordance with the Reorganization Plan as follows: (in thousands) 2017 Term Loan $ 323,543 2019 Term Loan 341,250 7.5% Senior Notes 1,086,815 7.125% Senior Notes 727,622 Prepetition credit facility 150,000 Accrued interest 65,226 Liabilities subject to compromise of the Predecessor Company 2,694,456 Fair value of equity issued to debtholders (311,351 ) Fair value of Convertible Notes issued to debtholders (603,080 ) Issuance of 2016 Term Loan Facility (143,000 ) Credit Facility settled in cash (7,000 ) Gain on settlement of liabilities subject to compromise (debt forgiveness) $ 1,630,025 e) Reflects the cumulative impact of reorganization adjustments discussed above: (in thousands) Gain on settlement of liabilities subject to compromise $ 1,630,025 Cancellation of Predecessor company equity 595,119 Acquisition of non-controlling interests 14,286 Net impact to retained earnings (deficit) $ 2,239,430 f) An adjustment of $20.0 million was recorded to inventory to decrease its net book value to estimated fair value. This inventory was part of the original shipyard value and the adjustment is based on the adjustment for the decrease in value for the individual drilling rigs; see (g) below. g) An adjustment of $2.0 billion was recorded to decrease the net book value of property and equipment to estimated fair value. The fair value was determined utilizing the income approach for drilling rigs and related rig equipment. The discount ed cash flow method under the income approach estimates the future cash flow that an asset is expected to generate. Future cash flow is converted to a present value equivalent using the estimated Discount Rate. The components of property and equipment, net as of February 10, 2016 and the fair value at February 10, 2016 are summarized in the following table: Successor Predecessor February 10, 2016 February 10, 2016 (in thousands) Drilling rigs $ 847,035 $ 2,863,307 Capital spares 16,422 32,080 Leasehold improvements, office and technology equipment 18,389 18,389 Assets under construction 9,289 23,799 $ 891,135 $ 2,937,575 h) Represents the adjustments of deferred equipment survey and inspection costs, mobilization costs and mobilization revenue to estimated fair value. i) Reflects the cumulative impact of fresh-start adjustments discussed above: (in thousands) Property and equipment fair value adjustments $ (2,046,440 ) Inventory fair value adjustments (20,030 ) Deferred mobilization expense write-off (7,654 ) Deferred equipment certification write-off (4,256 ) Deferred mobilization revenue write-off 18,148 Net impact to retained earnings (deficit) $ (2,060,232 )

Debt (Tables)

Debt (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Bankruptcy Long-term Debt	Following our emergence from bankruptcy, our debt as of June 30, 2016 and February 10, 2016 was comprised of the following: June 30, 2016 February 10, 2016 (in thousands) 2016 Term Loan Facility $ 142,285 $ 143,000 10% Second Lien Notes, net of financing costs of $2,107 and $2,250 74,018 73,875 Convertible Notes, net of discount of $127,974 and $146,920 624,958 603,080 841,261 819,955 Less current maturities of long-term debt 1,430 1,430 Long-term debt, net $ 839,831 $ 818,525
Predecessor
Bankruptcy Long-term Debt		Our pre-bankruptcy debt was composed of the following: December 31, 2015 2014 (In thousands) 7.5% Senior Notes, issued at par (1) $ — $ 1,118,615 7.125% Senior Notes, issued at par (1) — 727,622 $500 million 2017 Term Loan, net of discount of $0 and $4,406 (1) — 364,159 $350 million 2019 Term Loan, net of discount of $0 and $3,668 (1) — 340,207 Revolving credit agreement (1) — — — 2,550,603 Less current maturities of long-term debt and revolving credit facility — 53,500 Long-term debt, net $ — $ 2,497,103 (1) Classified as Liabilities Subject to Compromise as of December 31, 2015.
Summary of Yearly Debt Payments for Both Scheduled and Discretionary		The following table summarizes our yearly debt payments, both scheduled and discretionary, for the years ended December 31, 2015 and 2014 (in thousands). Year Ended December 31, 2015 2014 7.125% Senior Notes (1) $ — $ 47,378 7.5% Senior Notes (1) 31,800 31,385 2017 Term Loan (2) 7,522 44,000 Scheduled maturities payments (3) 40,125 63,500 Total $ 79,447 $ 186,263 (1) Discretionary open market debt repurchases. (2) Includes additional principal payments of $7.5 million and $42 million in 2015 and 2014, respectively. (3) Includes $10 million repayment of revolving credit agreement in 2014.

Supplemental Financial Inform24

Supplemental Financial Information (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: Successor Predecessor June 30, 2016 December 31, 2015 (in thousands) Prepaid insurance $ 300 $ 1,394 Sales tax receivable 8,832 8,203 Income tax receivable 2,508 5,398 Other receivables 164 734 Other 5,323 6,377 $ 17,127 $ 22,106
Property and Equipment, Net	Property and equipment, net, consisted of the following: Successor Predecessor June 30, 2016 December 31, 2015 (in thousands) Drilling equipment $ 862,924 $ 3,425,738 Assets under construction 17,160 23,421 Office and technology equipment 17,288 29,405 Leasehold improvements 944 2,442 898,316 3,481,006 Accumulated depreciation (30,278 ) (532,619 ) Property and equipment, net $ 868,038 $ 2,948,387
Other Assets	Other assets consisted of the following: Successor Predecessor June 30, 2016 December 31, 2015 (in thousands) Performance bond collateral $ 3,197 $ 3,197 Deferred certification costs 5,304 10,050 Deferred mobilization costs — 8,454 Deferred income taxes 1,336 152 Deposits 978 1,197 $ 10,815 $ 23,050
Accrued Liabilities	Accrued liabilities consisted of the following: Successor Predecessor June 30, 2016 December 31, 2015 (in thousands) Interest $ 51 $ 1,125 Compensation 11,801 8,360 Income taxes payable 1,852 8,901 Other 1,915 3,316 $ 15,619 $ 21,702
Other Long-term Liabilities	Other long-term liabilities consisted of the following: Successor Predecessor June 30, 2016 December 31, 2015 (in thousands) Deferred revenue $ — $ 20,247 Deferred income taxes 2,080 2,635 Other non-current liabilities 9,189 10,215 $ 11,269 $ 33,097
Consolidated Statement of Operations Included with Vantage Drilling Company	The Company’s Consolidated Statement of Operations included the following transactions with VDC for the periods indicated: Successor Predecessor Three Months Ended June 30, 2016 Period from Period from Three Months (in thousands) Reimbursable revenues $ — $ — $ — $ 2,122 Interest income 7 11 3 7 Interest expense — — (662 ) — $ 7 $ 11 $ (659 ) $ 2,129
Summarizes of Payable to Vantage Drilling Company Included Consolidated Balance Sheet	The following table summarizes the balances payable to VDC included in the Company’s Consolidated Balance Sheet as of the periods indicated: Successor Predecessor June 30, 2016 December 31, 2015 (in thousands) Accounts payable to related parties, net $ 17,264 $ 17,340 VDC Note — 61,477 Accrued liabilities — 489 $ 17,264 $ 79,306
Predecessor
Prepaid Expenses and Other Current Assets		Prepaid expenses and other current assets consisted of the following: December 31, 2015 2014 (In thousands) Prepaid insurance $ 1,394 $ 12,000 Sales tax receivable 8,203 7,846 Income tax receivable 5,398 278 Other receivables 734 1,468 Other 6,377 4,301 $ 22,106 $ 25,893
Property and Equipment, Net		Property and equipment, net consisted of the following: December 31, 2015 2014 (In thousands) Drilling equipment $ 3,425,738 $ 3,391,024 Assets under construction 23,421 27,905 Office and technology equipment 29,405 18,333 Leasehold improvements 2,442 1,980 3,481,006 3,439,242 Accumulated depreciation (532,619 ) (406,674 ) Property and equipment, net $ 2,948,387 $ 3,032,568
Other Assets		Other assets consisted of the following: December 31, 2015 2014 (In thousands) Deferred financing costs, net $ — $ 39,750 Performance bond collateral 3,197 6,600 Deferred certification costs 10,050 7,767 Deferred mobilization costs 8,454 15,715 Deferred income taxes 152 894 Deposits 1,197 1,365 $ 23,050 $ 72,091
Accrued Liabilities		Accrued liabilities consisted of the following: December 31, 2015 2014 (In thousands) Interest $ 1,125 $ 27,054 Compensation 8,360 21,012 Income taxes payable 8,901 18,268 Other 3,316 6,861 $ 21,702 $ 73,195
Other Long-term Liabilities		Other long-term liabilities consisted of the following: December 31, 2015 2014 (In thousands) Deferred revenue $ 20,247 $ 72,158 Deferred income taxes 2,635 1,256 Other non-current liabilities 10,215 10,568 $ 33,097 $ 83,982
Consolidated Statement of Operations Included with Vantage Drilling Company		The Company’s Consolidated Statement of Operations included the following transactions with related parties for the periods indicated: Year Ended December 31, 2015 2014 2013 (In thousands) Reimbursable revenues $ 6,212 $ 9,428 $ 7,065 Interest income 27 27 27 Interest expense (489 ) — — $ 5,750 $ 9,455 $ 7,092
Summarizes of Payable to Vantage Drilling Company Included Consolidated Balance Sheet		The following table summarizes the balances payable to related parties included in the Company’s Consolidated Balance Sheet as of the periods indicated: December 31, 2015 2014 (In thousands) Accounts payable to related parties, net $ 17,340 $ 156,662 VDC Note 61,477 — Accrued liabilities 489 — $ 79,306 $ 156,662

Business Segment and Signific25

Business Segment and Significant Customer Information (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Summary of Revenue by Country	Our revenue by country was as follows (in thousands): Successor Predecessor Three Months Period from 2016 to June 30, Period from Three Months Six Months Congo $ 25,421 $ 39,280 $ 13,769 $ 60,881 $ 121,242 Malaysia 9,023 14,959 3,319 — — Indonesia 9,165 14,401 4,214 — — India — — — 52,207 105,181 U.S. — — — 53,910 95,814 Other countries (a) 4,902 9,657 2,238 47,385 112,667 Total revenues $ 48,511 $ 78,297 $ 23,540 $ 214,383 $ 434,904 (a) Other countries represent countries in which we operate that individually had operating revenues representing less than 10% of total revenues earned.
Schedule of Property, Plant and Equipment, Net by Country	Our property and equipment, net by country was as follows (in thousands): Successor Predecessor June 30, 2016 December 31, 2015 (unaudited) Congo $ 288,020 $ 582,590 Malaysia 286,717 — South Africa 204,910 851,099 India — 718,966 Other countries (a) 88,391 795,732 Total property and equipment $ 868,038 $ 2,948,387 (a) Other countries represent countries in which we operate that individually had property and equipment, net representing less than 10% of total property and equipment, net.
Predecessor
Summary of Revenue by Country		Our revenues by country were as follows: Years Ended December 31, 2015 2014 2013 (In thousands) Congo $ 247,415 $ — $ — India 189,973 207,309 208,100 U.S. 128,157 — 170,199 Gabon — 207,419 — Malaysia — 165,004 87,672 Other countries (a) 206,720 303,172 262,285 Total revenues $ 772,265 $ 882,904 $ 728,256 (a) Other countries represent countries in which we operate that individually had operating revenues representing less than 10 percent of total revenues earned.
Schedule of Property, Plant and Equipment, Net by Country		Our property and equipment, net by country were as follows: December 31, 2015 2014 (In thousands) Congo $ 582,590 $ 607,180 India 718,966 746,398 U.S. — 717,325 South Africa 851,099 — Other (a) 795,732 961,665 Total property and equipment $ 2,948,387 $ 3,032,568 (a) Other countries represent countries in which we operate that individually had property equipment, net representing less than 10 percent of total property and equipment.

Income Taxes (Tables)

Income Taxes (Tables) - Predecessor	12 Months Ended
	Dec. 31, 2015
Income Tax Expense (Benefit) Related to Foreign Income Taxes	The income tax expense (benefit), all of which relates to foreign income taxes, consisted of the following: Year Ended December 31, 2015 2014 2013 (in thousands) Current $ 37,748 $ 40,122 $ 26,924 Deferred 2,122 (305 ) 997 Total $ 39,870 $ 39,817 $ 27,921
Reconciliation of Statutory and Effective Income Tax Rates	A reconciliation of statutory and effective income tax rates is shown below: Year Ended December 31, 2015 2014 2013 Statutory rate 0.0 % 0.0 % 0.0 % Effect of: Taxes on foreign earnings 69.4 30.1 (138.7 ) Settlement of prior years’ tax audits (7.7 ) (0.0 ) (2.2 ) Other 2.5 0.1 (0.9 ) Total 64.2 % 30.0 % (141.8 )%
Components of Net Deferred Tax Assets and Liabilities	The components of the net deferred tax assets and liabilities were as follows: December 31, 2015 2014 (In thousands) Deferred tax assets: Share-based compensation $ — $ 1,052 Accrued bonuses 171 1,165 Start-up costs 123 141 Deferred revenue — — Loss carry-forwards 7,161 363 Other 90 6 Total deferred tax assets 7,545 2,727 Valuation allowance (7,161 ) (341 ) Net deferred tax assets 384 2,386 Deferred tax liabilities: Property and equipment (2,868 ) (2,749 ) Total deferred tax liabilities (2,868 ) (2,749 ) Net deferred tax liability $ (2,484 ) $ (363 )
Reconciliation of Unrecognized Tax Benefits	A reconciliation of our unrecognized tax benefits amount is as follows (in thousands): Gross balance at January 1, 2015 $ 2,214 Additions based on tax positions related to the current year — Additions for tax positions of prior years 88 Reductions for tax positions of prior years — Expiration of statutes (40 ) Tax settlements — Gross balance at December 31, 2015 2,262 Related tax benefits — Net balance at December 31, 2015 $ 2,262

Organization and Recent Event27

Organization and Recent Events - Additional Information (Detail)	Feb. 11, 2016USD ($)shares	Dec. 03, 2015USD ($)$ / sharesshares	Dec. 02, 2015USD ($)Subsidiary	Sep. 30, 2015USD ($)	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2016$ / shares	Dec. 31, 2015USD ($)shares
Organization And Recent Events [Line Items]
Change of corporate name, effective date					Feb. 11, 2016
Repayments of Parent Note	$ 62,000,000
Debt Instrument, interest rate					10.00%	10.00%
Ordinary Shares | Promissory Notes
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares	655,094
1%/12% Step-Up Senior Secured Third Lien Convertible Notes
Organization And Recent Events [Line Items]
Number of share embedded in each note holder units | shares	1				1
Convertible notes payable	$ 172.61				$ 173.28
Debt Instrument, interest rate	0.083%				0.083%	0.083%
Debt instrument, maturity year					2,030
Debt instrument, maturity date					Dec. 31, 2030
Debt instrument, payment terms						Interest is computed on the basis of a 360-day year comprised of twelve 30-day months at a rate of 1% per annum for the first four years and then increasing to 12% per annum until maturity.
Interest rate per annum for the first four years					1.00%
Interest rate per annum until maturity					12.00%
1%/12% Step-Up Senior Secured Third Lien Convertible Notes | Ordinary Shares
Organization And Recent Events [Line Items]
Convertible notes | $ / shares					$ 95.60	$ 95.60
2017 Term Loan
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares					1.722798
Convertible notes payable					$ 1,000
2019 Term Loan
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares					1.725087
7.5% Senior Notes
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares					1.786070
Debt Instrument, interest rate					7.50%	7.50%
7.125% Senior Notes
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares					1.728569
Debt Instrument, interest rate					7.125%	7.125%
Predecessor
Organization And Recent Events [Line Items]
Repayments of Parent Note		$ 62,000,000
Number of share embedded in each note holder units | shares							1
Convertible notes payable							$ 172.61
Predecessor | Tungsten Explorer
Organization And Recent Events [Line Items]
Drilling service contract agreement effective date							Jan. 1, 2016
Drilling service contract agreement expiration date							Jan. 1, 2016
Predecessor | Platinum Explorer
Organization And Recent Events [Line Items]
Drilling service contract initial agreement							5 years
Predecessor | Contract Termination
Organization And Recent Events [Line Items]
Deferred mobilization revenue				$ 21,500,000
Predecessor | Letter Of Credit
Organization And Recent Events [Line Items]
Fees payable on outstanding face amount of letters of credit at rate							5.50%
Predecessor | Ordinary Shares | Promissory Notes
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares		655,094
Predecessor | 1%/12% Step-Up Senior Secured Third Lien Convertible Notes
Organization And Recent Events [Line Items]
Debt Instrument, interest rate							0.083%
Debt instrument, maturity date							Dec. 31, 2030
Debt instrument, payment terms							Interest is computed on the basis of a 360-day year comprised of twelve 30-day months at a rate of 1% per annum for the first four years and then increasing to 12% per annum until maturity.
Pre-petition secured debt claims		$ 2,500,000,000
Convertible notes		$ 750,000,000
Interest rate per annum for the first four years							1.00%
Interest rate per annum until maturity							12.00%
Minimum affirmative vote percentage		75.00%
Predecessor | 1%/12% Step-Up Senior Secured Third Lien Convertible Notes | Ordinary Shares
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares		4,344,959
Convertible notes | $ / shares		$ 95.60
Predecessor | Second Amended and Restated Credit Agreement
Organization And Recent Events [Line Items]
Revolving letter of credit commitment		$ 32,000,000
Repayments of lines of credit		7,000,000
Predecessor | Second Amended and Restated Credit Agreement | LIBOR
Organization And Recent Events [Line Items]
Applicable margin on interest							6.50%
Debt Instrument Floor Rate							0.50%
Predecessor | Second Amended and Restated Credit Agreement | Letter Of Credit
Organization And Recent Events [Line Items]
Revolving letter of credit commitment		32,000,000
Repayments of lines of credit		150,000,000
Predecessor | Second Amended and Restated Credit Agreement | Term Loan
Organization And Recent Events [Line Items]
Issuance of senior notes		$ 143,000,000
Predecessor | New 10% Senior Secured Second Lien Notes
Organization And Recent Events [Line Items]
Debt Instrument, interest rate		10.00%
Debt instrument, maturity year		2,020
Senior notes, noncurrent		$ 75,000,000
Debt instrument, maturity year							2,020
Predecessor | 10% Senior Secured Second Lien Notes
Organization And Recent Events [Line Items]
Debt Instrument, interest rate		10.00%
Issuance of senior notes		$ 76,100,000
Backstop agreement premium paid		2,200,000
Backstop agreement premium paid in cash		1,100,000
Backstop agreement premium paid in senior secured second lien notes		1,100,000
Proceeds from issuance of senior notes net of fees paid		$ 73,900,000
Debt instrument, maturity date							Dec. 31, 2020
Debt instrument, annual interest rate		10.00%
Debt instrument, outstanding interest rate		10.00%
Debt instrument, payment terms							Interest on outstanding 10% Second Lien Notes is payable semi-annually in arrears, commencing on June 30, 2016. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months.
Predecessor | 2017 Term Loan
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares							1.722798
Convertible notes payable							$ 1,000
Issuance of senior notes							500,000,000
Convertible notes issued per 1000 face values of notes converted							$ 297.37
Predecessor | 2019 Term Loan
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares							1.725087
Issuance of senior notes							$ 350,000,000
Convertible notes issued per 1000 face values of notes converted							$ 297.77
Predecessor | 7.5% Senior Notes
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares							1.786070
Debt Instrument, interest rate							7.50%
Debt instrument, maturity year							2,019
Convertible notes issued per 1000 face values of notes converted							$ 308.29
Predecessor | 7.125% Senior Notes
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares							1.728569
Debt Instrument, interest rate							7.125%
Debt instrument, maturity year							2,023
Convertible notes issued per 1000 face values of notes converted							$ 298.37
Chapter Eleven Restructuring Agreement and Emergence from Voluntary Reorganization
Organization And Recent Events [Line Items]
Number of subsidiaries acquired | Subsidiary			2
Promissory note issue to acquire subsidiaries			$ 61,500,000
Reorganization Plan
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares					4,344,959
Reorganization Plan | Predecessor
Organization And Recent Events [Line Items]
Share issued during period for repayment of debt | shares							4,344,959
Chapter Eleven Restructuring Agreement and Emergence from Voluntary Reorganization | Predecessor
Organization And Recent Events [Line Items]
Number of subsidiaries acquired | Subsidiary			2
Promissory note issue to acquire subsidiaries			$ 61,500,000

Summary of Liabilities Subject

Summary of Liabilities Subject to Compromise (Detail) - Predecessor $ in Thousands	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Liabilities subject to compromise	$ 2,694,456
2017 Term Loan
Debt Instrument [Line Items]
Liabilities subject to compromise	326,420
2019 Term Loan
Debt Instrument [Line Items]
Liabilities subject to compromise	344,738
7.5% Senior Notes
Debt Instrument [Line Items]
Liabilities subject to compromise	1,136,748
7.125% Senior Notes
Debt Instrument [Line Items]
Liabilities subject to compromise	736,550
Pre-petition Credit Agreement
Debt Instrument [Line Items]
Liabilities subject to compromise	$ 150,000

Summary of Net Effect of Consol

Summary of Net Effect of Consolidating Entities on Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended	12 Months Ended
	Feb. 10, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Revenue		$ 48,511		$ 78,297
Operating costs and expenses		62,041		110,724
Income before taxes		(34,296)		(62,157)
Income tax provision		$ 1,438		$ 2,605
Predecessor
Variable Interest Entity [Line Items]
Revenue	$ 23,540		$ 214,383		$ 434,904	$ 772,265	$ 882,904	$ 728,256
Operating costs and expenses	38,467		133,191		266,154	512,291	557,697	454,090
Income before taxes	(469,644)		37,266		89,391	62,124	132,930	(19,696)
Income tax provision	2,371		8,862		38,151	39,870	39,817	27,921
Net income (loss) attributable to noncontrolling interests	(969)		477		667	5,036	257	(463)
Variable Interest Entity, Primary Beneficiary | Predecessor
Variable Interest Entity [Line Items]
Revenue	1,219		5,372		11,102	21,791	24,798	24,818
Operating costs and expenses	1,240		4,757		9,834	19,850	22,392	22,753
Income before taxes	22		551		1,291	2,206	2,688	2,144
Income tax provision	991		74		624	(2,830)	2,431	2,607
Net income (loss) attributable to noncontrolling interests	$ (969)		$ 477		$ 667	$ 5,036	$ 257	$ (463)

Basis of Presentation and Sig30

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)	1 Months Ended	5 Months Ended	12 Months Ended
	Feb. 10, 2016	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basis Of Presentation And Significant Accounting Policies [Line Items]
Capitalized interest		$ 0
Allowance for doubtful accounts		$ 0
Debt Instrument, interest rate		10.00%
7.125% Senior Notes
Basis Of Presentation And Significant Accounting Policies [Line Items]
Fair value of notes outstanding		$ 15,700,000
Debt Instrument, interest rate		7.125%
7.5% Senior Notes
Basis Of Presentation And Significant Accounting Policies [Line Items]
Fair value of notes outstanding		$ 23,500,000
Debt Instrument, interest rate		7.50%
Predecessor
Basis Of Presentation And Significant Accounting Policies [Line Items]
Capitalized interest	$ 0				$ 6,456,000
Allowance for doubtful accounts			$ 0
Capitalized of interest and amortization costs			$ 0	$ 0	$ 6,200,000
Future cash flow asset carrying value factor description			The results of the analysis indicated that the estimated undiscounted future cash flows exceeded the carrying values of our drilling rigs.
Deferred financing costs written off			$ 31,400,000
Predecessor | 7.125% Senior Notes
Basis Of Presentation And Significant Accounting Policies [Line Items]
Fair value of notes outstanding			$ 15,700,000
Debt Instrument, interest rate			7.125%
Predecessor | 7.5% Senior Notes
Basis Of Presentation And Significant Accounting Policies [Line Items]
Fair value of notes outstanding			$ 23,500,000
Debt Instrument, interest rate			7.50%
Drilling Equipment | Minimum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, useful lives		5 years
Drilling Equipment | Minimum | Predecessor
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, useful lives			5 years
Drilling Equipment | Maximum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, useful lives		35 years
Drilling Equipment | Maximum | Predecessor
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, useful lives			35 years
Office and Technology Equipment | Minimum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, useful lives		3 years
Office and Technology Equipment | Minimum | Predecessor
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, useful lives			3 years
Office and Technology Equipment | Maximum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, useful lives		7 years
Office and Technology Equipment | Maximum | Predecessor
Basis Of Presentation And Significant Accounting Policies [Line Items]
Property, plant and equipment, useful lives			7 years

Fresh Start Accounting - Additi

Fresh Start Accounting - Additional Information (Detail) - USD ($) $ in Thousands	5 Months Ended
	Jun. 30, 2016	Feb. 11, 2016
Reorganizations [Abstract]
Existing voting shares percentage of the predecessor company is less than	50.00%
Estimated enterprise value	$ 954,242	$ 954,242
Discount rate at capital asset pricing model	15.20%
Long-term out outlook and geographical regions of operates estimated rate	2.00%

Fresh Start Accounting - Reconc

Fresh Start Accounting - Reconciliation of Reorganization Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 11, 2016
Reorganizations [Abstract]
Enterprise value	$ 954,242	$ 954,242
Plus: Cash, cash equivalents and restricted cash		250,046
Plus: Working capital surplus		712
Plus: Current liabilities	$ 51,688	80,284
Reorganization value of Successor assets		$ 1,285,284

Fresh Start Accounting - Consol

Fresh Start Accounting - Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 11, 2016	Feb. 10, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current assets
Cash and cash equivalents	$ 240,502	$ 249,046	$ 249,046
Restricted cash	1,000	0
Trade receivables	28,150	74,297
Inventory	46,371	44,242
Prepaid expenses and other current assets	17,127	16,511
Total current assets	333,150	384,096
Property and equipment
Property and equipment	898,316	891,135
Property and equipment, net	868,038	891,135
Other assets
Other assets	10,815	10,053
Total other assets	10,815	10,053
Total assets	1,212,003	1,285,284
Current liabilities
Accounts payable	34,639	34,547
Accrued liabilities	15,619	44,307
Current maturities of long-term debt	1,430	1,430
Total current liabilities	51,688	80,284
Long-term debt	839,831	818,525
Other long-term liabilities	11,269	12,497
Commitments and contingencies
Shareholders' equity
Common shares value	5	5
Additional paid-in capital	373,972	373,973
Accumulated deficit	(64,762)
Total VDI shareholders' equity	309,215	373,978
Total equity	309,215	373,978
Total liabilities and equity	$ 1,212,003	1,285,284
Predecessor
Current assets
Cash and cash equivalents			249,046	$ 203,420	$ 28,838	$ 75,801	$ 50,326	$ 487,232
Restricted cash			0
Trade receivables			74,297	70,722		151,625
Inventory			64,272	64,495		65,893
Prepaid expenses and other current assets			16,511	22,106		25,893
Total current assets			337,251	360,743		319,212
Property and equipment
Property and equipment			3,480,890	3,481,006		3,439,242
Accumulated depreciation			(543,315)
Property and equipment, net			2,937,575	2,948,387		3,032,568
Other assets
Other assets			21,963	23,050		72,091
Total other assets			21,963	23,050		72,091
Total assets			3,296,789	3,332,180		3,423,871
Current liabilities
Accounts payable			34,547	49,437		214,685
Accrued liabilities			44,307	21,702		73,195
Current maturities of long-term debt			0			53,500
VDC note payable			62,627	61,477
Total current liabilities			141,481	132,616		341,380
Long-term debt						2,497,103
Other long-term liabilities			30,645	33,097		83,982
Liabilities subject to compromise			2,694,456
Commitments and contingencies
Shareholders' equity
Additional paid-in capital			595,119	595,119		646,270
Accumulated deficit			(179,198)	(138,363)		(155,581)
Total VDI shareholders' equity			415,921	456,756		490,689
Noncontrolling interests			14,286	15,255		10,717
Total equity			430,207	472,011		501,406	$ 409,288	$ 457,125
Total liabilities and equity			3,296,789	$ 3,332,180		$ 3,423,871
Reorganization under Chapter 11 | Predecessor
Current assets
Cash and cash equivalents			$ 182,171
Reorganization Adjustments
Current assets
Cash and cash equivalents		66,875
Restricted cash		0
Total current assets		66,875
Other assets
Total assets		66,875
Current liabilities
Current maturities of long-term debt		1,430
VDC note payable		(62,627)
Total current liabilities		(61,197)
Long-term debt		818,525
Liabilities subject to compromise		(2,694,456)
Commitments and contingencies
Shareholders' equity
Common shares value		5
Additional paid-in capital		373,973
Accumulated deficit		2,239,430
Total VDI shareholders' equity		2,018,289
Noncontrolling interests		(14,286)
Total equity		2,004,003
Total liabilities and equity		66,875
Reorganization Adjustments | Predecessor
Shareholders' equity
Additional paid-in capital		(595,119)
Fresh Start Adjustments
Current assets
Restricted cash		0
Inventory		(20,030)
Total current assets		(20,030)
Property and equipment
Property and equipment		(2,589,755)
Accumulated depreciation		543,315
Property and equipment, net		(2,046,440)
Other assets
Other assets		(11,910)
Total other assets		(11,910)
Total assets		(2,078,380)
Current liabilities
Other long-term liabilities		(18,148)
Commitments and contingencies
Shareholders' equity
Accumulated deficit		(2,060,232)
Total VDI shareholders' equity		(2,060,232)
Total equity		(2,060,232)
Total liabilities and equity		$ (2,078,380)

Fresh Start Accounting - Cons34

Fresh Start Accounting - Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 11, 2016	Dec. 03, 2015	Feb. 10, 2016	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2012
Long-term debt unamortized discount	$ 0			$ 127,974
Ordinary shares, par value	$ 0.001			$ 0.001
Ordinary shares, shares authorized	50,000,000			50,000,000
Ordinary shares, shares issued	5,000,053			5,000,053
Ordinary shares, shares outstanding	5,000,053			5,000,053
Debt Instrument, interest rate				10.00%
Debt issuance costs				$ (51)
Property Plant And Equipment Net	$ 891,135			868,038
Property and equipment fair value adjustments				(2,046,440)
Inventory fair value adjustments				(20,030)
Deferred mobilization expense write-off				(7,654)
Deferred equipment certification write-off				(4,256)
Deferred mobilization revenue write-off				18,148
Net impact to retained earnings (deficit)				$ (2,060,232)
Predecessor
Long-term debt unamortized discount			$ 0		$ 0		$ 8,074
Ordinary shares, par value			$ 0.001		$ 0.001		$ 0.001
Ordinary shares, shares authorized			50,000,000		50,000,000		50,000,000
Ordinary shares, shares issued			1,000		1,000		1,000
Ordinary shares, shares outstanding			1,000		1,000		1,000
Net proceeds from 10% Second Lien Notes						$ 344,750
Debt issuance costs			$ (2,250)			$ (27,679)
Gain on settlement of liabilities subject to compromise			1,630,025
Prepetition credit facility			150,000
Accrued interest			65,226
Liabilities subject to compromise of the Predecessor Company			2,694,456
Fair value of equity issued to debtholders			(311,351)
Fair value of Convertible Notes issued to debtholders			(603,080)
Property Plant And Equipment Net			2,937,575		$ 2,948,387		$ 3,032,568
Predecessor | Ordinary Shares
Ordinary shares, shares outstanding					1,000	1,000	1,000	1,000
VDC Note
Share issued during period for repayment of debt				5,000,053
Drilling Rigs
Property Plant And Equipment Net	847,035
Drilling Rigs | Predecessor
Property Plant And Equipment Net			2,863,307
Capital Spares
Property Plant And Equipment Net	16,422
Capital Spares | Predecessor
Property Plant And Equipment Net			32,080
Leasehold Improvements Office And Technology Equipment
Property Plant And Equipment Net	18,389
Leasehold Improvements Office And Technology Equipment | Predecessor
Property Plant And Equipment Net			18,389
Assets under Construction
Property Plant And Equipment Net	$ 9,289
Assets under Construction | Predecessor
Property Plant And Equipment Net			23,799
10% Second Lien Notes
Debt Instrument, interest rate	10.00%			10.00%
Net proceeds from 10% Second Lien Notes	$ 76,125
Debt instrument, maturity date				Dec. 31, 2020
10% Second Lien Notes | Predecessor
Debt Instrument, interest rate		10.00%
Issuance of debt		$ 76,100
Proceeds from issuance of senior notes net of fees paid		73,900
2017 Term Loan
Share issued during period for repayment of debt				1.722798
2017 Term Loan | Predecessor
Share issued during period for repayment of debt					1.722798
Issuance of debt					$ 500,000
Long-term debt			323,543
2019 Term Loan
Share issued during period for repayment of debt				1.725087
2019 Term Loan | Predecessor
Share issued during period for repayment of debt					1.725087
Issuance of debt					$ 350,000
Long-term debt			341,250
7.5% Senior Notes
Debt Instrument, interest rate				7.50%
Share issued during period for repayment of debt				1.786070
7.5% Senior Notes | Predecessor
Debt Instrument, interest rate					7.50%
Share issued during period for repayment of debt					1.786070
Long-term debt			1,086,815
7.125% Senior Notes
Debt Instrument, interest rate				7.125%
Share issued during period for repayment of debt				1.728569
7.125% Senior Notes | Predecessor
Debt Instrument, interest rate					7.125%
Share issued during period for repayment of debt					1.728569
Long-term debt			727,622
2016 Term Loan Facility
Debt Instrument, interest rate				7.10%
2016 Term Loan Facility | Predecessor
Credit Facility settled in cash		7,000
Issuance of debt		$ 143,000	143,000
Reorganization Adjustments
Long-term debt unamortized discount	0
Credit Facility settled in cash	7,000			$ 7,000
Debt issuance costs	(2,250)
Total Uses	(9,250)
Net Sources	66,875
Liabilities subject to compromise of the Predecessor Company	$ (2,694,456)
Reorganization Adjustments | Ordinary Shares
Share issued during period for repayment of debt				4,344,959
Reorganization Adjustments | Predecessor
Credit Facility settled in cash			(7,000)
Gain on settlement of liabilities subject to compromise			1,630,025
Cancellation of Predecessor company equity			595,119
Acquisition of non-controlling interests			14,286
Net impact to retained earnings (deficit)			$ 2,239,430
Reorganization Adjustments | Convertible Notes Payable
Issuance of debt				$ 750,000
Reorganization Adjustments | VDC Note
Share issued during period for repayment of debt	655,094
Reorganization Adjustments | 10% Second Lien Notes
Issuance of debt				$ 76,100
Debt instrument, maturity date				Dec. 31, 2020
Proceeds from issuance of senior notes net of fees paid				$ 73,900
Reorganization Adjustments | 2016 Term Loan Facility
Issuance of debt				143,000
Fresh Start Adjustments
Long-term debt unamortized discount	$ 0
Decrease the net book value of inventory				(20,000)
Decrease the net book value of property and equipment				$ (2,000,000)
Property Plant And Equipment Net	$ (2,046,440)

Reorganization Items - Schedule

Reorganization Items - Schedule of Reorganization Items (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	5 Months Ended	12 Months Ended
	Feb. 10, 2016	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Reorganization Items [Line Items]
Professional fees		$ 487	$ 641
Reorganization Items		$ 487	$ 641
Predecessor
Reorganization Items [Line Items]
Professional fees	$ 22,716			$ 2,225	[1]
Net gain on settlement of LSTC	(1,630,025)
Fresh-start adjustments	2,060,232
Reorganization Items	$ 452,923			$ 39,354
[1]	For the year ended December 31, 2015, cash payments for reorganization items totaled $0.0 million.

Reorganization Items - Addition

Reorganization Items - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	5 Months Ended
	Feb. 10, 2016	Jun. 30, 2016
Reorganization Items [Line Items]
Cash payment for reorganization items		$ 15.4
Predecessor
Reorganization Items [Line Items]
Cash payment for reorganization items	$ 7.3

Bankruptcy Long-Term Debt (Deta

Bankruptcy Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 11, 2016
Debt Instrument [Line Items]
Long-term debt	$ 841,261	$ 819,955
Current maturities of long-term debt	1,430	1,430
Long-term debt, net	839,831	818,525
2016 Term Loan Facility
Debt Instrument [Line Items]
Long-term debt	142,285	143,000
10% Second Lien Notes
Debt Instrument [Line Items]
Long-term debt	74,018	73,875
Convertible Notes Payable
Debt Instrument [Line Items]
Long-term debt	$ 624,958	$ 603,080

Bankruptcy Long-Term Debt (Pare

Bankruptcy Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 11, 2016
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%
Convertible Notes Payable
Debt Instrument [Line Items]
Debt discount	$ 127,974	$ 146,920
10% Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%	10.00%
Dent financing cost	$ 2,107	$ 2,250

Debt - Second Amended and Resta

Debt - Second Amended and Restated Credit Agreement - Additional Information (Detail) - USD ($)	Dec. 03, 2015	Dec. 31, 2015	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 10, 2016
Debt Instrument [Line Items]
Debt Instrument, interest rate			10.00%
Predecessor
Debt Instrument [Line Items]
Extinguishment of debt amount				$ 79,447,000	$ 186,263,000
Letter Of Credit | Predecessor
Debt Instrument [Line Items]
Fees payable on outstanding face amount of letters of credit at rate				5.50%
2016 Term Loan Facility
Debt Instrument [Line Items]
Debt Instrument, interest rate			7.10%
Quarterly scheduled debt maturities			$ 357,500
Unrestricted cash and cash equivalents			$ 75,000,000
2016 Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Applicable margin on interest			6.50%
Debt Instrument Floor Rate			0.50%
2016 Term Loan Facility | Predecessor
Debt Instrument [Line Items]
Issuance of debt	$ 143,000,000					$ 143,000,000
Credit Facility settled in cash	7,000,000
2016 Term Loan Facility | Letter Of Credit
Debt Instrument [Line Items]
Fees payable on outstanding face amount of letters of credit at rate			5.50%
2016 Term Loan Facility | Letter Of Credit | Predecessor
Debt Instrument [Line Items]
Revolving letter of credit commitment	$ 32,000,000
2016 Term Loan Facility | Pre Petition Credit Facility | Predecessor
Debt Instrument [Line Items]
Extinguishment of debt amount		$ 32,000,000

Debt - 10% Senior Secured Secon

Debt - 10% Senior Secured Second Lien Notes - Additional Information (Detail) - USD ($) $ in Millions	Dec. 03, 2015	Jun. 30, 2016	Jun. 30, 2016	Feb. 11, 2016
Debt Instrument [Line Items]
Debt Instrument, interest rate		10.00%	10.00%
New 10% Second Lien Notes | Predecessor
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%
Senior notes, noncurrent	$ 75
10% Second Lien Notes
Debt Instrument [Line Items]
Debt Instrument, interest rate		10.00%	10.00%	10.00%
Debt instrument, maturity date		Dec. 31, 2020
Debt instrument, payment terms			Interest on outstanding 10% Second Lien Notes is payable semi-annually in arrears, commencing on June 30, 2016. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months.
10% Second Lien Notes | Predecessor
Debt Instrument [Line Items]
Debt Instrument, interest rate	10.00%
Backstop agreement premium paid	$ 2.2
Backstop agreement premium paid in cash	1.1
Backstop agreement premium paid in senior secured second lien notes	1.1
Issuance of debt	76.1
Proceeds from issuance of senior notes net of fees paid	$ 73.9

Debt - 1%_12% Step-Up Senior Se

Debt - 1%/12% Step-Up Senior Secured Third Lien Convertible Notes - Additional Information (Detail) - 1%/12% Step-Up Senior Secured Third Lien Convertible Notes - USD ($) $ / shares in Units, $ in Millions	Dec. 03, 2015	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt instrument, maturity date		Dec. 31, 2030
Debt instrument, payment terms			Interest is computed on the basis of a 360-day year comprised of twelve 30-day months at a rate of 1% per annum for the first four years and then increasing to 12% per annum until maturity.
Interest rate per annum for the first four years		1.00%
Interest rate per annum until maturity		12.00%
Percentage of repurchase of convertible notes		101.00%
Convertible Notes Payable
Debt Instrument [Line Items]
Debt instrument estimated fair value		$ 603.1	$ 603.1
Ordinary Shares
Debt Instrument [Line Items]
Convertible notes		$ 95.60	$ 95.60
Predecessor
Debt Instrument [Line Items]
Stock issued during period, shares, new issues	4,344,959
Pre-petition secured debt claims	$ 2,500
Convertible notes	$ 750
Debt instrument, maturity date				Dec. 31, 2030
Debt instrument, payment terms				Interest is computed on the basis of a 360-day year comprised of twelve 30-day months at a rate of 1% per annum for the first four years and then increasing to 12% per annum until maturity.
Interest rate per annum for the first four years				1.00%
Interest rate per annum until maturity				12.00%
Minimum affirmative vote percentage	75.00%
Predecessor | Ordinary Shares
Debt Instrument [Line Items]
Convertible notes	$ 95.60

Shareholder's Equity - Addition

Shareholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	5 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Feb. 11, 2016	Feb. 10, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares, shares authorized		50,000,000					50,000,000
Ordinary shares, par value		$ 0.001					$ 0.001
Ordinary shares, shares issued		5,000,053					5,000,053
Ordinary shares, shares outstanding		5,000,053					5,000,053
Predecessor
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares, shares authorized				50,000,000	50,000,000			50,000,000
Ordinary shares, par value				$ 0.001	$ 0.001			$ 0.001
Ordinary shares, shares issued				1,000	1,000			1,000
Ordinary shares, shares outstanding				1,000	1,000			1,000
Ownership percentage by parent				100.00%
Share based compensation expense allocated from VDC	$ 1.6		$ 3.4	$ 5.8	$ 7.9	$ 6.7
VDC Note
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share issued during period for repayment of debt		5,000,053

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	5 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Predecessor
Income Tax Contingency [Line Items]
Foreign Tax loss carry forwards		$ 23
Foreign Tax loss carry forwards year of expiration		2,018
Income tax interest and penalties expense		$ 0.1
Income Tax expense accrued interest and penalties		$ 1.2
Minimum
Income Tax Contingency [Line Items]
Open tax year	2,008
Minimum | Predecessor
Income Tax Contingency [Line Items]
Open tax year		2,008

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 11, 2016	Feb. 10, 2016	Dec. 31, 2015	Dec. 31, 2014
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid insurance	$ 300
Sales tax receivable	8,832
Income tax receivable	2,508
Other receivables	164
Other	5,323
Prepaid expenses and other current assets	$ 17,127	$ 16,511
Predecessor
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid insurance				$ 1,394	$ 12,000
Sales tax receivable				8,203	7,846
Income tax receivable				5,398	278
Other receivables				734	1,468
Other				6,377	4,301
Prepaid expenses and other current assets			$ 16,511	$ 22,106	$ 25,893

Property and Equipment, Net (De

Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 11, 2016	Feb. 10, 2016	Dec. 31, 2015	Dec. 31, 2014
Property Plant And Equipment [Line Items]
Property and equipment	$ 898,316	$ 891,135
Accumulated depreciation	(30,278)
Property and equipment, net	868,038	891,135
Predecessor
Property Plant And Equipment [Line Items]
Property and equipment			$ 3,480,890	$ 3,481,006	$ 3,439,242
Accumulated depreciation				(532,619)	(406,674)
Property and equipment, net			2,937,575	2,948,387	3,032,568
Drilling Equipment
Property Plant And Equipment [Line Items]
Property and equipment	862,924
Drilling Equipment | Predecessor
Property Plant And Equipment [Line Items]
Property and equipment				3,425,738	3,391,024
Assets under Construction
Property Plant And Equipment [Line Items]
Property and equipment	17,160
Property and equipment, net		$ 9,289
Assets under Construction | Predecessor
Property Plant And Equipment [Line Items]
Property and equipment				23,421	27,905
Property and equipment, net			$ 23,799
Office and Technology Equipment
Property Plant And Equipment [Line Items]
Property and equipment	17,288
Office and Technology Equipment | Predecessor
Property Plant And Equipment [Line Items]
Property and equipment				29,405	18,333
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	$ 944
Leasehold Improvements | Predecessor
Property Plant And Equipment [Line Items]
Property and equipment				$ 2,442	$ 1,980

Other Assets (Detail)

Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 11, 2016	Feb. 10, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Assets [Line Items]
Performance bond collateral	$ 3,197
Deferred certification costs	5,304
Deferred income taxes	1,336
Deposits	978
Total other assets	$ 10,815	$ 10,053
Predecessor
Other Assets [Line Items]
Deferred financing costs, net					$ 39,750
Performance bond collateral				$ 3,197	6,600
Deferred certification costs				10,050	7,767
Deferred mobilization costs				8,454	15,715
Deferred income taxes				152	894
Deposits				1,197	1,365
Total other assets			$ 21,963	$ 23,050	$ 72,091

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 11, 2016	Feb. 10, 2016	Dec. 31, 2015	Dec. 31, 2014
Accrued Liabilities [Line Items]
Interest	$ 51
Compensation	11,801
Income taxes payable	1,852
Other	1,915
Accrued liabilities	$ 15,619	$ 44,307
Predecessor
Accrued Liabilities [Line Items]
Interest				$ 1,125	$ 27,054
Compensation				8,360	21,012
Income taxes payable				8,901	18,268
Other				3,316	6,861
Accrued liabilities			$ 44,307	$ 21,702	$ 73,195

Other Long-term Liabilities (De

Other Long-term Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 11, 2016	Feb. 10, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Long Term Liabilities [Line Items]
Deferred income taxes	$ 2,080
Other non-current liabilities	9,189
Other long-term liabilities Total	$ 11,269	$ 12,497
Predecessor
Other Long Term Liabilities [Line Items]
Deferred revenue				$ 20,247	$ 72,158
Deferred income taxes				2,635	1,256
Other non-current liabilities				10,215	10,568
Other long-term liabilities Total			$ 30,645	$ 33,097	$ 83,982

Consolidated Statement of Ope49

Consolidated Statement of Operations Included Transactions with Vantage Drilling Company (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	12 Months Ended
	Feb. 10, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest income		$ 7		$ 11
Operating income with related parties		$ 7		$ 11
Predecessor
Reimbursable revenues			$ 2,122		$ 6,212	$ 9,428	$ 7,065
Interest income	$ 3		7		27	27	27
Interest expense	(662)				(489)
Operating income with related parties	$ (659)		$ 2,129		$ 5,750	$ 9,455	$ 7,092

Summarizes of Payable to Vantag

Summarizes of Payable to Vantage Drilling Company Included Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 10, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounts payable to related parties, net	$ 17,264
Total payable to related parties	$ 17,264
Predecessor
Accounts payable to related parties, net			$ 17,340	$ 156,662
VDC Note		$ 62,627	61,477
Accrued liabilities			489
Total payable to related parties			$ 79,306	$ 156,662

Business Segment and Signific51

Business Segment and Significant Customer Information - Additional Information (Detail)	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended	12 Months Ended
	Feb. 10, 2016Customer	Jun. 30, 2016Customer	Jun. 30, 2015Customer	Jun. 30, 2016SegmentCustomer	Jun. 30, 2015Customer	Dec. 31, 2015SegmentCustomer	Dec. 31, 2014Customer	Dec. 31, 2013Customer	Sep. 30, 2013Drillship
Entity Wide Revenue Major Customer [Line Items]
Number of reportable segments | Segment				1
Customer Concentration Risk | Sales
Entity Wide Revenue Major Customer [Line Items]
Number of customers accounted for revenues | Customer		3		3
Customer Concentration Risk | Sales | Customer One
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue		52.00%		50.00%
Customer Concentration Risk | Sales | Customer Two
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue		19.00%		19.00%
Customer Concentration Risk | Sales | Customer Three
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue		19.00%		18.00%
Customer Concentration Risk | Sales | Ultra Deep Water Drillship
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue		3.50%		3.40%
Predecessor
Entity Wide Revenue Major Customer [Line Items]
Number of reportable segments | Segment						1
Number of ultra deepwater drillships for supervise and manage construction | Drillship									2
Predecessor | Customer Concentration Risk | Sales
Entity Wide Revenue Major Customer [Line Items]
Number of customers accounted for revenues | Customer	3		3		3	3	4	2
Predecessor | Customer Concentration Risk | Sales | Customer One
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	47.00%		28.00%		28.00%	32.00%	24.00%	28.00%
Predecessor | Customer Concentration Risk | Sales | Customer Two
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	20.00%		26.00%		24.00%	25.00%	18.00%	24.00%
Predecessor | Customer Concentration Risk | Sales | Customer Three
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	17.00%		24.00%		23.00%	20.00%	17.00%
Predecessor | Customer Concentration Risk | Sales | Customer Four [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue							14.00%
Predecessor | Customer Concentration Risk | Sales | Ultra Deep Water Drillship
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	3.20%		0.90%		0.90%	1.00%	1.60%	1.90%

Business Segment and Signific52

Business Segment and Significant Customer Information - Summary of Revenue by Country (Detail) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

5 Months Ended

6 Months Ended

12 Months Ended

Feb. 10, 2016

Jun. 30, 2016

Jun. 30, 2015

Jun. 30, 2016

Jun. 30, 2015

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Entity Wide Revenue Major Customer [Line Items]

Revenues

$ 48,511

$ 78,297

Predecessor

Entity Wide Revenue Major Customer [Line Items]

Revenues

$ 23,540

$ 214,383

$ 434,904

$ 772,265

$ 882,904

$ 728,256

Congo

Entity Wide Revenue Major Customer [Line Items]

Revenues

25,421

39,280

Congo | Predecessor

Entity Wide Revenue Major Customer [Line Items]

Revenues

13,769

60,881

121,242

247,415

Malaysia

Entity Wide Revenue Major Customer [Line Items]

Revenues

9,023

14,959

Malaysia | Predecessor

Entity Wide Revenue Major Customer [Line Items]

Revenues

3,319

165,004

87,672

Indonesia

Entity Wide Revenue Major Customer [Line Items]

Revenues

9,165

14,401

Indonesia | Predecessor

Entity Wide Revenue Major Customer [Line Items]

Revenues

4,214

India | Predecessor

Entity Wide Revenue Major Customer [Line Items]

Revenues

52,207

105,181

189,973

207,309

208,100

U.S. | Predecessor

Entity Wide Revenue Major Customer [Line Items]

Revenues

53,910

95,814

128,157

170,199

Other countries

Entity Wide Revenue Major Customer [Line Items]

Revenues

[1]

$ 4,902

$ 9,657

Other countries | Predecessor

Entity Wide Revenue Major Customer [Line Items]

Revenues

$ 2,238

[1]

$ 47,385

[1]

$ 112,667

[1]

$ 206,720

[2]

303,172

[2]

$ 262,285

[2]

GABON | Predecessor

Entity Wide Revenue Major Customer [Line Items]

Revenues

$ 207,419

[1]

Other countries represent countries in which we operate that individually had operating revenues representing less than 10% of total revenues earned.

[2]

Other countries represent countries in which we operate that individually had operating revenues representing less than 10 percent of total revenues earned.

Business Segment and Signific53

Business Segment and Significant Customer Information - Summary of Revenue by Country (Parenthetical) (Detail) - Maximum - Other countries	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended	12 Months Ended
	Feb. 10, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Entity Wide Revenue Major Customer [Line Items]
Percentage of operating revenues		10.00%		10.00%
Predecessor
Entity Wide Revenue Major Customer [Line Items]
Percentage of operating revenues	10.00%		10.00%		10.00%	10.00%	10.00%	10.00%

Business Segment and Signific54

Business Segment and Significant Customer Information - Schedule of Property,Plant and Equipment,Net by Country (Detail) - USD ($) $ in Thousands		Jun. 30, 2016	Feb. 11, 2016	Feb. 10, 2016	Dec. 31, 2015		Dec. 31, 2014
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		$ 868,038	$ 891,135
Predecessor
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment				$ 2,937,575	$ 2,948,387		$ 3,032,568
Congo
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		288,020
Congo | Predecessor
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment					582,590		607,180
Malaysia
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		286,717
South Africa
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment		204,910
South Africa | Predecessor
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment					851,099
India | Predecessor
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment					718,966		746,398
Other countries
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment	[1]	$ 88,391
Other countries | Predecessor
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment	[2]				$ 795,732	[1]	961,665
U.S. | Predecessor
Revenues From External Customers And Long Lived Assets [Line Items]
Total property and equipment							$ 717,325
[1]	Other countries represent countries in which we operate that individually had property and equipment, net representing less than 10% of total property and equipment, net.
[2]	Other countries represent countries in which we operate that individually had property equipment, net representing less than 10 percent of total property and equipment.

Business Segment and Signific55

Business Segment and Significant Customer Information - Schedule of Property,Plant and Equipment,Net by Country (Parenthetical) (Detail) - Maximum - Other countries	5 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues From External Customers And Long Lived Assets [Line Items]
Percentage of property and equipment	10.00%
Predecessor
Revenues From External Customers And Long Lived Assets [Line Items]
Percentage of property and equipment		10.00%	10.00%

Summary of Components of Reorga

Summary of Components of Reorganization Items (Detail) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	5 Months Ended	12 Months Ended
		Feb. 10, 2016	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Professional fees			$ 487	$ 641
Reorganization Items			$ 487	$ 641
Predecessor
Debt Instrument [Line Items]
Professional fees		$ 22,716			$ 2,225	[1]
Reorganization Items		$ 452,923			39,354
Cash payment for reorganization items					0
Term Loan | Predecessor
Debt Instrument [Line Items]
Write-off of debt discount and debt issuance costs	[2]				14,498
7.5% Senior Notes and 7.125% Senior Notes | Predecessor
Debt Instrument [Line Items]
Write-off of debt discount and debt issuance costs	[2]				21,517
Pre-petition Credit Agreement | Predecessor
Debt Instrument [Line Items]
Write-off of debt discount and debt issuance costs	[2]				$ 1,114
[1]	For the year ended December 31, 2015, cash payments for reorganization items totaled $0.0 million.
[2]	The carrying value of debt that is subject to compromise was adjusted to include the related unamortized debt discount and debt issuance costs; the debt is adjusted to the expected amount of allowed claims.

Debtors' Condensed Combined Bal

Debtors' Condensed Combined Balance Sheet (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 11, 2016	Feb. 10, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Debtor In Possession Statement [Line Items]
Cash and cash equivalents	$ 240,502	$ 249,046	$ 249,046
Total current assets	333,150	384,096
Property and equipment, net	868,038	891,135
Other assets	10,815	10,053
Total assets	1,212,003	1,285,284
Total current liabilities	51,688	80,284
Long-term debt	839,831	818,525
Other long term liabilities	11,269	12,497
VDI shareholder's equity	309,215	373,978
Total equity	309,215	373,978
Total liabilities and shareholder's equity	$ 1,212,003	$ 1,285,284
Predecessor
Debtor In Possession Statement [Line Items]
Cash and cash equivalents			249,046	$ 203,420	$ 28,838	$ 75,801	$ 50,326	$ 487,232
Total current assets			337,251	360,743		319,212
Property and equipment, net			2,937,575	2,948,387		3,032,568
Other assets			21,963	23,050		72,091
Total assets			3,296,789	3,332,180		3,423,871
Current maturities of long-term debt						53,500
Note payable to VDC			62,627	61,477
Total current liabilities			141,481	132,616		341,380
Long-term debt						2,497,103
Other long term liabilities			30,645	33,097		83,982
Liabilities subject to compromise				2,694,456
VDI shareholder's equity			415,921	456,756		490,689
Noncontrolling interests			14,286	15,255		10,717
Total equity			430,207	472,011		501,406	409,288	457,125
Total liabilities and shareholder's equity			$ 3,296,789	3,332,180		3,423,871
Predecessor | Debtor In Possession [Member]
Debtor In Possession Statement [Line Items]
Cash and cash equivalents				198,594		62,902	$ 42,957	$ 480,411
Other current assets				150,440		235,248
Total current assets				349,034		298,150
Property and equipment, net				2,888,463		2,993,225
Other assets				15,249		67,408
Total assets				3,252,746		3,358,783
Accounts payable and accrued liabilities				59,986		264,837
Intercompany payable to non-filing entities				3,331		13,027
Current maturities of long-term debt						53,500
Note payable to VDC				61,477
Total current liabilities				124,794		331,364
Long-term debt						2,497,103
Other long term liabilities				24,143		76,720
Liabilities subject to compromise				2,694,456
VDI shareholder's equity				394,116		442,886
Noncontrolling interests				15,237		10,710
Total equity				409,353		453,596
Total liabilities and shareholder's equity				$ 3,252,746		$ 3,358,783

Debtors' Condensed Combined Sta

Debtors' Condensed Combined Statements of Operations (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended	12 Months Ended
	Feb. 10, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debtor In Possession Statement [Line Items]
Revenues		$ 48,511		$ 78,297
Operating costs and expenses		62,041		110,724
Income from operations		(13,530)		(32,427)
Interest expense		(18,772)		(29,422)
Other, net		(20,766)		(29,730)
Reorganization items		(487)		(641)
Income (loss) before income taxes		(34,296)		(62,157)
Income tax provision		1,438		2,605
Net income (loss)		(35,734)		(64,762)
Net income (loss) attributable to VDI		$ (35,734)		$ (64,762)
Predecessor
Debtor In Possession Statement [Line Items]
Revenues	$ 23,540		$ 214,383		$ 434,904	$ 772,265	$ 882,904	$ 728,256
Operating costs and expenses	38,467		133,191		266,154	512,291	557,697	454,090
Income from operations	(14,927)		81,192		168,750	259,974	325,207	274,166
Interest expense	(1,728)		(45,908)		(92,027)	(173,634)	(196,159)	(198,779)
Other, net	(454,717)		(43,926)		(79,359)	(197,850)	(192,277)	(293,862)
Reorganization items	(452,923)					(39,354)
Income (loss) before income taxes	(469,644)		37,266		89,391	62,124	132,930	(19,696)
Income tax provision	2,371		8,862		38,151	39,870	39,817	27,921
Net income (loss)	(472,015)		28,404		51,240	22,254	93,113	(47,617)
Net income (loss) attributable to noncontrolling interests	(969)		477		667	5,036	257	(463)
Net income (loss) attributable to VDI	$ (471,046)		$ 27,927		$ 50,573	17,218	92,856	(47,154)
Predecessor | Debtor In Possession [Member]
Debtor In Possession Statement [Line Items]
Revenues						755,568	852,872	696,669
Operating costs and expenses						502,963	543,249	431,669
Income from operations						252,605	309,623	265,000
Interest expense						(173,634)	(196,160)	(198,544)
Other, net						14,531	3,962	(100,146)
Reorganization items						(39,354)
Income (loss) before income taxes						54,148	117,425	(33,690)
Income tax provision						36,356	38,336	25,354
Net income (loss)						17,792	79,089	(59,044)
Net income (loss) attributable to noncontrolling interests						5,085	304	(423)
Net income (loss) attributable to VDI						$ 12,707	$ 78,785	$ (58,621)

Debtors' Condensed Combined S59

Debtors' Condensed Combined Statement of Cash Flows (Detail) - USD ($) $ in Thousands	Feb. 11, 2016	Feb. 10, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debtor In Possession Statement [Line Items]
Net cash provided by (used in) operating activities			$ 204
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities			(7,982)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of debt			(715)
Net cash provided by (used in) financing activities			(766)
Net increase (decrease) in cash and cash equivalents			(8,544)
Cash and cash equivalents-beginning of period	$ 249,046		249,046
Cash and cash equivalents-end of period	249,046	$ 249,046	240,502
Predecessor
Debtor In Possession Statement [Line Items]
Net cash provided by (used in) operating activities		(21,365)		$ 24,659	$ 92,587	$ 239,724	$ 18,876
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities		116		(17,017)	(46,490)	(35,693)	(523,759)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of debt, net							344,750
Repayment of debt		(7,000)		(54,605)	(67,980)	(167,561)	(1,033,874)
Distributions to VDC					(498)	(995)	(220)
Proceeds from (repayment of) revolving credit facility					150,000	(10,000)	10,000
Net cash provided by (used in) financing activities		66,875		(54,605)	81,522	(178,556)	67,977
Net increase (decrease) in cash and cash equivalents		45,626		(46,963)	127,619	25,475	(436,906)
Cash and cash equivalents-beginning of period	$ 249,046	203,420	$ 249,046	75,801	75,801	50,326	487,232
Cash and cash equivalents-end of period		249,046		28,838	203,420	75,801	50,326
Predecessor | Debtor In Possession [Member]
Debtor In Possession Statement [Line Items]
Net cash provided by (used in) operating activities					65,495	217,023	(333)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment					(11,325)	(18,521)	(504,958)
Net cash used in investing activities					(11,325)	(18,521)	(504,958)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of debt, net							1,092,071
Repayment of debt					(67,980)	(167,562)	(1,033,874)
Distributions to VDC					(498)	(995)	(360)
Proceeds from (repayment of) revolving credit facility					150,000	(10,000)	10,000
Net cash provided by (used in) financing activities					81,522	(178,557)	67,837
Net increase (decrease) in cash and cash equivalents					135,692	19,945	(437,454)
Cash and cash equivalents-beginning of period		$ 198,594		$ 62,902	62,902	42,957	480,411
Cash and cash equivalents-end of period					$ 198,594	$ 62,902	$ 42,957

Debt - Bankruptcy Filing - Addi

Debt - Bankruptcy Filing - Additional Information (Detail) - Predecessor $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Write off the unamortized debt discount and debt issuance costs	$ 37.1
Contractual interest expense	$ 14.9

Pre-Bankruptcy Long-Term Debt (

Pre-Bankruptcy Long-Term Debt (Detail) - USD ($) $ in Thousands		Jun. 30, 2016	Feb. 11, 2016	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt		$ 841,261	$ 819,955
Long-term debt, net		$ 839,831	$ 818,525
Predecessor
Debt Instrument [Line Items]
Long-term debt				$ 2,550,603
Less current maturities of long-term debt and revolving credit facility				53,500
Long-term debt, net				2,497,103
Predecessor | 7.5% Senior Notes
Debt Instrument [Line Items]
Long-term debt	[1]			1,118,615
Predecessor | 7.125% Senior Notes
Debt Instrument [Line Items]
Long-term debt	[1]			727,622
Predecessor | 2017 Term Loan
Debt Instrument [Line Items]
Long-term debt	[1]			364,159
Predecessor | 2019 Term Loan
Debt Instrument [Line Items]
Long-term debt	[1]			$ 340,207
[1]	Classified as Liabilities Subject to Compromise as of December 31, 2015.

Pre-Bankruptcy Long-Term Debt62

Pre-Bankruptcy Long-Term Debt (Parenthetical) (Detail) - Predecessor - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
2017 Term Loan
Debt Instrument [Line Items]
Issuance of senior notes	$ 500,000
Discount on senior secured notes	0	$ 4,406
2019 Term Loan
Debt Instrument [Line Items]
Issuance of senior notes	350,000
Discount on senior secured notes	$ 0	$ 3,668

Summary of Yearly Debt Payments

Summary of Yearly Debt Payments for Both Scheduled and Discretionary (Detail) - Predecessor - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Yearly debt payments, both scheduled and discretionary		$ 79,447	$ 186,263
7.125% Senior Notes
Debt Instrument [Line Items]
Yearly debt payments, both scheduled and discretionary	[1]		47,378
7.5% Senior Notes
Debt Instrument [Line Items]
Yearly debt payments, both scheduled and discretionary	[1]	31,800	31,385
2017 Term Loan
Debt Instrument [Line Items]
Yearly debt payments, both scheduled and discretionary	[2]	7,522	44,000
Scheduled Maturities Payments
Debt Instrument [Line Items]
Yearly debt payments, both scheduled and discretionary	[3]	$ 40,125	$ 63,500
[1]	Discretionary open market debt repurchases.
[2]	Includes additional principal payments of $7.5 million and $42 million in 2015 and 2014, respectively.
[3]	Includes $10 million repayment of revolving credit agreement in 2014.

Summary of Yearly Debt Paymen64

Summary of Yearly Debt Payments for Both Scheduled and Discretionary (Parenthetical) (Detail) - Predecessor - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015
Debt Instrument [Line Items]
Additional principal payment	$ 42	$ 7.5
Revolving credit agreement
Debt Instrument [Line Items]
Repayments of lines of credit	$ 10

Debt - 7.5% Senior Notes and $5

Debt - 7.5% Senior Notes and $500 Million 2017 Term Loan - Additional Information (Detail) - Predecessor - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt instrument, extinguishment amount		$ 79,447	$ 186,263
Gain (loss) related to write-off of deferred financing costs and original issuance discount			1,900
2017 Term Loan
Debt Instrument [Line Items]
Debt instrument, extinguishment amount	[1]	7,522	44,000
Gain (loss) related to write-off of deferred financing costs and original issuance discount		1,600	(1,100)
7.5% Senior Notes
Debt Instrument [Line Items]
Debt instrument, extinguishment amount	[2]	31,800	31,385
Gain (loss) related to write-off of deferred financing costs and original issuance discount		$ 9,300	$ 3,600
[1]	Includes additional principal payments of $7.5 million and $42 million in 2015 and 2014, respectively.
[2]	Discretionary open market debt repurchases.

Debt - 7.125% Senior Notes and

Debt - 7.125% Senior Notes and $350 Million 2019 Term Loan - Additional Information (Detail) - Predecessor $ in Millions	12 Months Ended
	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Debt instrument repurchased, face amount	$ 47.4
Gain (loss) related to write-off of original issuance discount and deferred financing costs	$ 1.9

Income Tax Expense (Benefit) Re

Income Tax Expense (Benefit) Related to Foreign Income Taxes (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended	12 Months Ended
	Feb. 10, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components Of Income Tax Expense Benefit Continuing Operations [Abstract]
Deferred				$ (1,741)
Total		$ 1,438		$ 2,605
Predecessor
Components Of Income Tax Expense Benefit Continuing Operations [Abstract]
Current						$ 37,748	$ 40,122	$ 26,924
Deferred					$ (534)	2,122	(305)	997
Total	$ 2,371		$ 8,862		$ 38,151	$ 39,870	$ 39,817	$ 27,921

Reconciliation of Statutory and

Reconciliation of Statutory and Effective Income Tax Rates (Detail) - Predecessor	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract]
Statutory rate	0.00%	0.00%	0.00%
Taxes on foreign earnings	69.40%	30.10%	(138.70%)
Settlement of prior years' tax audits	(7.70%)	(0.00%)	(2.20%)
Other	2.50%	0.10%	(0.90%)
Total	64.20%	30.00%	(141.80%)

Components of Net Deferred Tax

Components of Net Deferred Tax Assets and Liabilities (Detail) - Predecessor - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Share-based compensation		$ 1,052
Accrued bonuses	$ 171	1,165
Start-up costs	123	141
Deferred revenue	0	0
Loss carry-forwards	7,161	363
Other	90	6
Total deferred tax assets	7,545	2,727
Valuation allowance	(7,161)	(341)
Net deferred tax assets	384	2,386
Deferred tax liabilities:
Property and equipment	(2,868)	(2,749)
Total deferred tax liabilities	(2,868)	(2,749)
Net deferred tax liability	$ (2,484)	$ (363)

Reconciliation of Unrecognized

Reconciliation of Unrecognized Tax Benefits (Detail) - Predecessor $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward
Gross Beginning Balance	$ 2,214
Additions based on tax positions related to the current year	0
Additions for tax positions of prior years	88
Reductions for tax positions of prior years	0
Expiration of statutes	(40)
Tax settlements	0
Gross Ending Balance	2,262
Related tax benefits	0
Net Ending Balance	$ 2,262

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Predecessor - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments And Contingencies Disclosure [Abstract]
Future minimum annual rentals under operating leases in 2016	$ 3.7
Future minimum annual rentals under operating leases in 2017	1.8
Future minimum annual rentals under operating leases in 2018	1.5
Future minimum annual rentals under operating leases in 2019	1.2
Future minimum annual rentals under operating leases in 2020	1.1
Future minimum annual rentals under operating leases in 2021 and thereafter	3.1
Lease rental expenses	14.6	$ 15.2	$ 13.9
Purchase commitments	$ 15.7