Parker Drilling (PKDC) 10-Q 6 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 01, 2018
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	PKD
Entity Registrant Name	PARKER DRILLING CO /DE/
Entity Central Index Key	76,321
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		9,381,601
Entity Emerging Growth Company	false
Entity Small Business	true

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents		$ 81,728	$ 141,549
Accounts and notes receivable, net of allowance for bad debts of $7,547 at September 30, 2018 and $7,564 at December 31, 2017		137,901	122,511
Rig materials and supplies		34,498	31,415
Other current assets		27,673	22,361
Total current assets		281,800	317,836
Property, plant and equipment, net of accumulated depreciation of $973,002 at September 30, 2018 and $1,343,105 at December 31, 2017		550,469	625,771
Goodwill (Note 3)		6,708	6,708
Intangible assets, net (Note 3)		5,398	7,128
Deferred income taxes		1,811	1,284
Other noncurrent assets		22,995	31,552
Total assets		869,181	990,279
Current liabilities:
Accounts payable and accrued liabilities		103,241	99,246
Accrued income taxes		4,212	4,430
Total current liabilities		107,453	103,676
Long-term debt, net of unamortized debt issuance costs of $5,711 at September 30, 2018 and $7,029 at December 31, 2017 (Note 4)		579,289	577,971
Other long-term liabilities		12,208	12,433
Long-term deferred tax liability		60	78
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $1.00 par value, 1,942,000 shares authorized, 7.25% Series A Mandatory Convertible, 500,000 shares issued and outstanding		500	500
Common Stock, $0.16 2/3 par value, authorized 18,666,667 shares, issued and outstanding, 9,381,316 shares (9,262,382 shares in 2017)	[1]	1,397	1,378
Capital in excess of par value	[1]	765,863	766,508
Accumulated deficit		(591,377)	(468,753)
Accumulated other comprehensive income (loss)		(6,212)	(3,512)
Total stockholders’ equity		170,171	296,121
Total liabilities and stockholders’ equity		$ 869,181	$ 990,279
[1]	See Note 8 - Stockholders’ Equity for details regarding the 1-for- 15

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares
Statement of Financial Position [Abstract]
Allowance for bad debts | $	$ 7,547	$ 7,564
Accumulated depreciation and amortization on property, plant and equipment | $	1,016,997	1,343,105
Debt issuance costs | $	$ 5,711	$ 7,029
Preferred stock, par value (in dollars per share) | $ / shares	$ 1	$ 1
Preferred stock, shares authorized	1,942,000	1,942,000
Preferred dividend percentage	7.25%	7.25%
Preferred stock, shares issued	500,000	500,000
Preferred stock, shares outstanding	500,000	500,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.166667	$ 0.166667
Common stock, shares authorized	18,666,667	18,666,667
Common stock, shares issued	9,381,316	9,262,382
Common stock, shares outstanding	9,381,316	9,262,382

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Revenues		$ 123,395			$ 118,308			$ 351,673	$ 326,186
Expenses:
Operating expenses		93,943			88,120			277,111	263,575
Depreciation and amortization		27,520			30,067			83,205	93,251
Total expenses		121,463			118,187			360,316	356,826
Total operating gross margin (loss)		1,932			121			(8,643)	(30,640)
General and administrative expense		(14,495)			(7,033)			(28,984)	(20,576)
Loss on impairment		(43,990)			0			(43,990)	0
Gain (loss) on disposition of assets, net		9			97			(126)	(368)
Total operating income (loss)		(56,544)			(6,815)			(81,743)	(51,584)
Other income (expense):
Interest expense		(11,350)			(11,067)			(33,787)	(33,032)
Interest income		23			128			76	160
Other		(709)			(638)			(1,609)	452
Total other income (expense)		(12,036)			(11,577)			(35,320)	(32,420)
Income (loss) before income taxes		(68,580)			(18,392)			(117,063)	(84,004)
Income tax expense (benefit)		2,371			1,919			5,561	6,004
Net income (loss)		(70,951)	$ (22,877)	$ (28,796)	(20,311)	$ (29,888)	$ (39,809)	(122,624)	(90,008)
Less: Convertible preferred stock dividend		906			906			2,719	2,145
Net income (loss) available to common stockholders		$ (71,857)			$ (21,217)			$ (125,343)	$ (92,153)
Basic earnings (loss) per common share (in dollars per share)	[1]	$ (7.70)			$ (2.30)			$ (13.49)	$ (10.20)
Diluted earnings (loss) per common share (in dollars per share)	[1]	$ (7.70)			$ (2.30)			$ (13.49)	$ (10.20)
Number of common shares used in computing earnings per share:
Basic (in shares)	[1]	9,334,390			9,220,001			9,292,858	9,030,345
Diluted (in shares)	[1]	9,334,390			9,220,001			9,292,858	9,030,345
[1]	See Note 8 - Stockholders’ Equity for details regarding the 1-for- 15

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical)	Jul. 27, 2018
Income Statement [Abstract]
Reverse stock split, conversion ratio	15

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Comprehensive income (loss):
Net income (loss)	$ (70,951)	$ (22,877)	$ (28,796)	$ (20,311)	$ (29,888)	$ (39,809)	$ (122,624)	$ (90,008)
Other comprehensive income (loss), net of tax:
Currency translation difference on related borrowings	(315)			170			(484)	438
Currency translation difference on foreign currency net investments	162			1,217			(2,216)	2,666
Total other comprehensive income (loss), net of tax:	(153)	$ (2,247)	$ (300)	1,387	$ 871	$ 846	(2,700)	3,104
Comprehensive income (loss) attributable to controlling interest	$ (71,104)			$ (18,924)			$ (125,324)	$ (86,904)

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income (loss)	$ (122,624)	$ (90,008)
Adjustments to reconcile net income (loss):
Depreciation and amortization	83,205	93,251
(Gain) loss on disposition of assets, net	126	368
Deferred tax expense (benefit)	(546)	(594)
Loss on impairment	43,990	0
Expenses not requiring cash	4,491	5,899
Change in assets and liabilities:
Accounts and notes receivable	(15,646)	(14,908)
Other assets	7,678	(325)
Accounts payable and accrued liabilities	(3,866)	(18,520)
Accrued income taxes	(324)	431
Net cash provided by (used in) operating activities	(3,516)	(24,406)
Cash flows from investing activities:
Capital expenditures	(52,020)	(44,836)
Proceeds from the sale of assets	1,031	322
Net cash provided by (used in) investing activities	(50,989)	(44,514)
Cash flows from financing activities:
Convertible preferred stock dividend	(3,625)	(1,239)
Payments of debt issuance costs	(1,443)	0
Shares surrendered in lieu of tax	(248)	(829)
Proceeds from the issuance of common stock	0	25,200
Proceeds from the issuance of convertible preferred stock	0	50,000
Payment of equity issuance costs	0	(2,864)
Net cash provided by (used in) financing activities	(5,316)	70,268
Net increase (decrease) in cash and cash equivalents	(59,821)	1,348
Cash and cash equivalents at beginning of period	141,549	119,691
Cash and cash equivalents at end of period	81,728	121,039
Supplemental cash flow information:
Interest paid	41,175	41,175
Income taxes paid	$ 7,000	$ 7,223

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Preferred Stock	Preferred StockPreferred Stock	Common Stock	Common StockCommon Stock	Treasury Stock	Treasury StockCommon Stock	Capital in Excess of Par Value	Capital in Excess of Par ValuePreferred Stock	Capital in Excess of Par ValueCommon Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Stockholders' equity, beginning balance at Dec. 31, 2016	$ 339,135			$ 0		$ 1,394		$ (170)		$ 694,807			$ (350,052)	$ (6,844)
Shares outstanding, beginning balance at Dec. 31, 2016	8,341
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity in employees’ stock plans	$ (402)					5				(407)
Activity in employees’ stock plans (in shares)	31
Amortization of stock-based awards	$ 1,332									1,332
Issuance of common stock and mandatory convertible preferred stock		$ 48,279	$ 24,060		$ 500		$ 133		$ 0		$ 47,779	$ 23,927
Stock issued during period (in shares)		500	800
Comprehensive Income:
Net income (loss)	(39,809)												(39,809)
Other comprehensive income (loss)	846													846
Stockholders' equity, ending balance at Mar. 31, 2017	$ 373,441			500		1,532		(170)		767,438			(389,861)	(5,998)
Shares outstanding, ending balance at Mar. 31, 2017	9,672
Stockholders' equity, beginning balance at Dec. 31, 2016	$ 339,135			0		1,394		(170)		694,807			(350,052)	(6,844)
Shares outstanding, beginning balance at Dec. 31, 2016	8,341
Comprehensive Income:
Net income (loss)	$ (90,008)
Other comprehensive income (loss)	3,104
Stockholders' equity, ending balance at Sep. 30, 2017	$ 324,556			500		1,546		(170)		766,480			(440,060)	(3,740)
Shares outstanding, ending balance at Sep. 30, 2017	9,760
Stockholders' equity, beginning balance at Mar. 31, 2017	$ 373,441			500		1,532		(170)		767,438			(389,861)	(5,998)
Shares outstanding, beginning balance at Mar. 31, 2017	9,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity in employees’ stock plans	$ (273)					7				(280)
Activity in employees’ stock plans (in shares)	45
Amortization of stock-based awards	$ 886									886
Issuance of common stock and mandatory convertible preferred stock		$ (2)	$ (1)		0		0		0		(2)	(1)
Stock issued during period (in shares)		0	0
Convertible preferred stock dividend	(1,239)									(1,239)
Comprehensive Income:
Net income (loss)	(29,888)												(29,888)
Other comprehensive income (loss)	871													871
Stockholders' equity, ending balance at Jun. 30, 2017	$ 343,795			500		1,539		(170)		766,802			(419,749)	(5,127)
Shares outstanding, ending balance at Jun. 30, 2017	9,717
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity in employees’ stock plans	$ (253)					7				(260)
Activity in employees’ stock plans (in shares)	43
Amortization of stock-based awards	$ 844									844
Issuance of common stock and mandatory convertible preferred stock		$ 0	$ 0		0		0		0		0	0
Stock issued during period (in shares)		0	0
Convertible preferred stock dividend	(906)									(906)
Comprehensive Income:
Net income (loss)	(20,311)												(20,311)
Other comprehensive income (loss)	1,387													1,387
Stockholders' equity, ending balance at Sep. 30, 2017	$ 324,556			500		1,546		(170)		766,480			(440,060)	(3,740)
Shares outstanding, ending balance at Sep. 30, 2017	9,760
Stockholders' equity, beginning balance at Dec. 31, 2017	$ 296,121			500		1,548		(170)		766,508			(468,753)	(3,512)
Shares outstanding, beginning balance at Dec. 31, 2017	9,762
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity in employees’ stock plans	$ (123)					3				(126)
Activity in employees’ stock plans (in shares)	21
Amortization of stock-based awards	$ 979									979
Issuance of common stock and mandatory convertible preferred stock		$ 0	$ 0		0		0		0		0	0
Stock issued during period (in shares)		0	0
Convertible preferred stock dividend	(906)									(906)
Comprehensive Income:
Net income (loss)	(28,796)												(28,796)
Other comprehensive income (loss)	(300)													(300)
Stockholders' equity, ending balance at Mar. 31, 2018	$ 266,975			500		1,551		(170)		766,455			(497,549)	(3,812)
Shares outstanding, ending balance at Mar. 31, 2018	9,783
Stockholders' equity, beginning balance at Dec. 31, 2017	$ 296,121			500		1,548		(170)		766,508			(468,753)	(3,512)
Shares outstanding, beginning balance at Dec. 31, 2017	9,762
Comprehensive Income:
Net income (loss)	$ (122,624)
Other comprehensive income (loss)	(2,700)
Stockholders' equity, ending balance at Sep. 30, 2018	$ 170,171			500		1,567		(170)		765,863			(591,377)	(6,212)
Shares outstanding, ending balance at Sep. 30, 2018	9,881
Stockholders' equity, beginning balance at Mar. 31, 2018	$ 266,975			500		1,551		(170)		766,455			(497,549)	(3,812)
Shares outstanding, beginning balance at Mar. 31, 2018	9,783
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity in employees’ stock plans	$ (47)					6				(53)
Activity in employees’ stock plans (in shares)	37
Amortization of stock-based awards	$ 833									833
Issuance of common stock and mandatory convertible preferred stock		$ 0	$ 0		0		0		0		0	0
Stock issued during period (in shares)		0	0
Convertible preferred stock dividend	(907)									(907)
Comprehensive Income:
Net income (loss)	(22,877)												(22,877)
Other comprehensive income (loss)	(2,247)													(2,247)
Stockholders' equity, ending balance at Jun. 30, 2018	$ 241,730			500		1,557		(170)		766,328			(520,426)	(6,059)
Shares outstanding, ending balance at Jun. 30, 2018	9,820
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity in employees’ stock plans	$ (81)					10				(91)
Activity in employees’ stock plans (in shares)	61
Amortization of stock-based awards	$ 532									532
Issuance of common stock and mandatory convertible preferred stock		$ 0	$ 0		$ 0		$ 0		$ 0		$ 0	$ 0
Stock issued during period (in shares)		0	0
Convertible preferred stock dividend	(906)									(906)
Comprehensive Income:
Net income (loss)	(70,951)												(70,951)
Other comprehensive income (loss)	(153)													(153)
Stockholders' equity, ending balance at Sep. 30, 2018	$ 170,171			$ 500		$ 1,567		$ (170)		$ 765,863			$ (591,377)	$ (6,212)
Shares outstanding, ending balance at Sep. 30, 2018	9,881

CONSOLIDATED CONDENSED STATEM_6

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	Jul. 27, 2018
Statement of Stockholders' Equity [Abstract]
Reverse stock split, conversion ratio	15

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 - Summary of Significant Accounting Policies Basis of Presentation — The Consolidated Condensed Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and are unaudited. In the opinion of Parker Drilling Company (“Parker Drilling” or the “Company”), these consolidated condensed financial statements include all adjustments, which, unless otherwise disclosed, are of a normal recurring nature, necessary for their fair presentation for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The consolidated condensed financial statements presented herein should be read in connection with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017 . Consolidation — The consolidated condensed financial statements include the accounts of the Company and subsidiaries in which we exercise control or have a controlling financial interest, including entities, if any, in which the Company is allocated a majority of the entity’s losses or returns, regardless of ownership percentage. If a subsidiary of Parker Drilling has a 50 percent interest in an entity but Parker Drilling’s interest in the subsidiary or the entity does not meet the consolidation criteria described above, then that interest is accounted for under the equity method. Reclassifications — Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications did not materially affect our consolidated financial results. Use of Estimates — The preparation of our consolidated condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, our disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements, and our revenues and expenses during the periods reported. Estimates are typically used when accounting for certain significant items such as legal or contractual liability accruals, self-insured medical/dental plans, impairment, income taxes and valuation allowance, and other items requiring the use of estimates. Estimates are based on a number of variables, which may include third party valuations, historical experience, where applicable, and assumptions that we believe are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ from management estimates. Purchase Price Allocation — We allocate the purchase price of an acquired business to its identifiable assets and liabilities in accordance with the acquisition method based on estimated fair values at the transaction date. Transaction and integration costs associated with an acquisition are expensed as incurred. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. We use all available information to estimate fair values, including quoted market prices, the carrying value of acquired assets, and widely accepted valuation techniques such as discounted cash flows. We typically engage third-party appraisal firms to assist in fair value determination of inventories, identifiable intangible assets, and any other significant assets or liabilities. Judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations. Goodwill — We perform our annual goodwill impairment review during the fourth quarter, as of October 1, and more frequently if negative conditions or other triggering events arise. The quantitative impairment test we perform for goodwill utilizes certain assumptions, including forecasted revenues and costs assumptions. See Note 3 - Goodwill and Intangible Assets for further discussion. Intangible Assets — Our intangible assets are related to developed technology and trade names, which were acquired through acquisition and are classified as definite lived intangibles, that are generally amortized over a weighted average period of approximately three to six years . We assess the recoverability of the unamortized balance of our intangible assets when indicators of impairment are present based on expected future profitability and undiscounted expected cash flows and their contribution to our overall operations. Should the review indicate that the carrying value is not fully recoverable, the excess of the carrying value over the fair value of the intangible assets would be recognized as an impairment loss. See Note 3 - Goodwill and Intangible Assets for further discussion. Impairment — We evaluate the carrying amounts of long-lived assets for potential impairment when events occur or circumstances change that indicate the carrying values of such assets may not be recoverable. We evaluate recoverability by determining the undiscounted estimated future net cash flows for the respective asset groups identified. If the sum of the estimated undiscounted cash flows is less than the carrying value of the asset group, we measure the impairment as the amount by which the assets’ carrying value exceeds the fair value of such assets. Management considers a number of factors such as estimated future cash flows from the assets, appraisals and current market value analysis in determining fair value. Assets are written down to fair value if the final estimate of current fair value is below the net carrying value. The assumptions used in the impairment evaluation are inherently uncertain and require management judgment. Income Taxes — Income taxes are accounted for under the asset and liability method and have been provided for based upon tax laws and rates in effect in the countries in which operations are conducted and income or losses are generated. There is little or no expected relationship between the provision for or benefit from income taxes and income or loss before income taxes as the countries in which we operate have taxation regimes that vary not only with respect to nominal rate, but also in terms of the availability of deductions, credits, and other benefits. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the temporary differences are expected to be recovered or settled and the effect of changes in tax rates is recognized in income in the period in which the change is enacted. Valuation allowances are established to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In order to determine the amount of deferred tax assets or liabilities, as well as the valuation allowances, we must make estimates and assumptions regarding future taxable income, where rigs will be deployed, and other matters. Changes in these estimates and assumptions, including changes in tax laws and other changes affecting our ability to recognize the underlying deferred tax assets, could require us to adjust the valuation allowances. The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized and changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Earnings (Loss) Per Share (EPS) — Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. The effects of dilutive securities, stock options, unvested restricted stock, assumed conversion of convertible stock and convertible debt are included in the diluted EPS calculation, when applicable. Concentrations of Credit Risk — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of trade receivables with a variety of national and international oil and natural gas companies. We generally do not require collateral on our trade receivables. We depend on a limited number of significant customers. Our largest customer, Exxon Neftegas Limited (“ENL”), constituted approximately 25.7 percent of our consolidated revenues for the nine months ended September 30, 2018 . Excluding revenues from reimbursable costs (“reimbursable revenues”) of $34.6 million , ENL constituted approximately 17.9 percent of our total consolidated revenues for the nine months ended September 30, 2018 . We had deposits in domestic banks in excess of federally insured limits of approximately $41.3 million and $97.6 million , as of September 30, 2018 and December 31, 2017 , respectively. In addition, we had uninsured deposits in foreign banks of $42.4 million and $45.6 million as of September 30, 2018 and December 31, 2017 , respectively. Legal and Investigative Matters — We accrue estimates of the probable and estimable costs for the resolution of certain legal and investigative matters. We do not accrue any amounts for other matters for which the liability is not probable and reasonably estimable. Generally, the estimate of probable costs related to these matters is developed in consultation with our legal advisors. The estimates take into consideration factors such as the complexity of the issues, litigation risks and settlement costs. If the actual settlement costs, final judgments, or fines, after appeals, differ from our estimates, our future financial results may be adversely affected. Reverse Stock Split — On July 27, 2018, the Company’s 1-for- 15 reverse stock split of its common stock became effective. Unless otherwise indicated, all common share and per common share data have been retroactively restated for all periods presented. The reverse stock split did not affect the par value of the common stock. Shareholders who otherwise would have been entitled to receive a fractional share of common stock as a result of the reverse stock split received cash in lieu of such fractional share. The Company’s 7.25%

Property, Plant and Equipment I

Property, Plant and Equipment Impairment	9 Months Ended
	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Impairment	Note 2 - Property, Plant and Equipment Impairment Historically, our barge rig utilization has trended closely with oil prices in periods of both decline and recovery. During the third quarter of 2018, management determined the divergence between oil prices and utilization for our Gulf of Mexico inland barge and International barge asset groups necessitated performance of a recoverability analysis for these two asset groups. Average quarterly oil prices have increased sequentially beginning in the third quarter of 2017, reaching an average quarterly 3-year high in the third quarter of 2018, while our utilization remained flat for the nine months ending September 30, 2018 as compared to the year ended December 31, 2018. Based upon our recoverability analysis, where the carrying values exceeded both estimated future undiscounted cash flows and a subsequent aggregate fair value determination based upon a cost approach method, we determined the Gulf of Mexico inland barge and International barge asset groups were impaired. The significant unobservable inputs to the cost approach method included replacement costs and remaining economic life. See also Note 5 - Fair Value of Measurements . We estimated the fair values to be $19.7 million and $3.4 million for the Gulf of Mexico inland barge asset group and the International barge asset group, respectively, as of September 30, 2018. We recognized a pretax impairment loss of approximately $44.0 million in total, or $34.2 million and $9.8 million

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 3 - Goodwill and Intangible Assets We account for business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any remaining noncontrolling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, plus the value of any noncontrolling interests, is recognized as goodwill. We perform our annual goodwill impairment review during the fourth quarter, as of October 1, and more frequently if negative conditions or other triggering events arise. Should current market conditions worsen or persist for an extended period of time, an impairment of the carrying value of our goodwill could occur. All of the Company’s goodwill and intangible assets are allocated to the U.S. Rental Tools segment. Goodwill — The change in the carrying amount of goodwill for the period ended September 30, 2018 is as follows: Dollars in thousands Goodwill Balance at December 31, 2017 $ 6,708 Additions — Balance at September 30, 2018 $ 6,708 Of the total amount of goodwill recognized, zero is expected to be deductible for income tax purposes. Intangible Assets — Intangible Assets consist of the following: Balance at September 30, 2018 Dollars in thousands Estimated Useful Life (Years) Gross Carrying Amount Write-off Due to Disposal Accumulated Amortization Net Carrying Amount Amortized intangible assets: Developed technology 6 $ 11,630 $ — $ (6,784 ) $ 4,846 Trade names 5 4,940 (332 ) (4,056 ) 552 Total amortized intangible assets $ 16,570 $ (332 ) $ (10,840 ) $ 5,398 Amortization expense was $1.7 million and $2.2 million for the nine months ended September 30, 2018 and 2017 , respectively. Our remaining intangibles amortization expense for the next five years is presented below: Dollars in thousands Expected future intangible amortization expense 2018 $ 577 2019 $ 2,306 2020 $ 2,030 2021 $ 485 Beyond 2021 $ —

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Long-term Debt	Note 4 - Long-term Debt The following table illustrates the Company’s current debt portfolio as of September 30, 2018 and December 31, 2017 : Dollars in thousands September 30, December 31, 6.75% Senior Notes, due July 2022 $ 360,000 $ 360,000 7.50% Senior Notes, due August 2020 225,000 225,000 Total principal 585,000 585,000 Less: unamortized debt issuance costs (5,711 ) (7,029 ) Total long-term debt $ 579,289 $ 577,971 6.75% Senior Notes, due July 2022 On January 22, 2014 , we issued $360.0 million aggregate principal amount of 6.75% Senior Notes due July 2022 (the “ 6.75% Notes”) pursuant to an Indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. The 6.75% Notes are general unsecured obligations of the Company and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 6.75% Notes are jointly and severally guaranteed by all of our subsidiaries that guarantee indebtedness under the Second Amended and Restated Senior Secured Credit Agreement, as amended from time-to-time (“2015 Secured Credit Agreement”) and our 7.50% Senior Notes, due 2020 (“ 7.50% Notes”, and collectively with the 6.75% Notes, the “Senior Notes”). Interest on the 6.75% Notes is payable on January 15 and July 15 of each year, beginning July 15, 2014. Debt issuance costs related to the 6.75% Notes of approximately $7.6 million ( $3.9 million net of amortization as of September 30, 2018 ) are being amortized over the term of the notes using the effective interest rate method. We may redeem all or a part of the 6.75% Notes upon appropriate notice, at redemption prices decreasing each year after January 15, 2018 to par beginning January 15, 2020. As of September 30, 2018 , the redemption price is 103.375 percent and we have not made any redemptions to date. If we experience certain changes in control, we must offer to repurchase the 6.75% Notes at 101.0 percent of the aggregate principal amount, plus accrued and unpaid interest and additional interest, if any, to the date of repurchase. We have engaged financial and legal advisors to assist us in, among other things, analyzing various strategic alternatives to address our capital structure, including the maturity of our Senior Notes. Certain strategic and refinancing alternatives to restructure our balance sheet in the near term could, if implemented, have a material adverse impact on our statements of financial position, results of operations and cash flows. The Indenture limits our ability and the ability of certain subsidiaries to: (i) sell assets, (ii) pay dividends or make other distributions on capital stock or redeem or repurchase capital stock or subordinated indebtedness, (iii) make investments, (iv) incur or guarantee additional indebtedness, (v) create or incur liens, (vi) enter into sale and leaseback transactions, (vii) incur dividend or other payment restrictions affecting subsidiaries, (viii) merge or consolidate with other entities, (ix) enter into transactions with affiliates, and (x) engage in certain business activities. Additionally, the Indenture contains certain restrictive covenants designating certain events as Events of Default. These covenants are subject to a number of important exceptions and qualifications. 7.50% Senior Notes, due August 2020 On July 30, 2013 , we issued $225.0 million aggregate principal amount of the 7.50% Notes pursuant to an Indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. The 7.50% Notes are general unsecured obligations of the Company and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 7.50% Notes are jointly and severally guaranteed by all of our subsidiaries that guarantee indebtedness under the 2015 Secured Credit Agreement and the 6.75% Notes. Interest on the 7.50% Notes is payable on February 1 and August 1 of each year, beginning February 1, 2014. Debt issuance costs related to the 7.50% Notes of approximately $5.6 million ( $1.8 million , net of amortization as of September 30, 2018 ) are being amortized over the term of the notes using the effective interest rate method. Beginning August 1, 2018 ,we may redeem all or a part of the 7.50% Notes upon appropriate notice, at par. We have not made any redemptions to date. If we experience certain changes in control, we must offer to repurchase the 7.50% Notes at 101.0 percent of the aggregate principal amount, plus accrued and unpaid interest and additional interest, if any, to the date of repurchase. The Indenture limits our ability and the ability of certain subsidiaries to: (i) sell assets, (ii) pay dividends or make other distributions on capital stock or redeem or repurchase capital stock or subordinated indebtedness, (iii) make investments, (iv) incur or guarantee additional indebtedness, (v) create or incur liens, (vi) enter into sale and leaseback transactions, (vii) incur dividend or other payment restrictions affecting subsidiaries, (viii) merge or consolidate with other entities, (ix) enter into transactions with affiliates, and (x) engage in certain business activities. Additionally, the Indenture contains certain restrictive covenants designating certain events as Events of Default. These covenants are subject to a number of important exceptions and qualifications. 2015 Secured Credit Agreement On January 26, 2015, we entered into the 2015 Secured Credit Agreement. The 2015 Secured Credit Agreement was originally comprised of a $200.0 million revolving credit facility (the “Revolver”). The 2015 Secured Credit Agreement formerly included financial maintenance covenants, including a Leverage Ratio, Consolidated Interest Coverage Ratio, Senior Secured Leverage Ratio, and Asset Coverage Ratio, many of which were suspended beginning in September 2015. We executed various amendments prior to February 14, 2018, which reduced the size of the Revolver from $200.0 million to $100.0 million . On February 14, 2018, we executed the Fifth Amendment to the 2015 Secured Credit Agreement (the “Fifth Amendment”) which modified the credit facility to an Asset-Based Lending structure and reduced the size of the Revolver from $100.0 million to $80.0 million . The Fifth Amendment eliminated the financial maintenance covenants previously in effect and replaced them with a liquidity covenant of $30.0 million and a monthly borrowing base calculation based on eligible rental equipment and eligible domestic accounts receivable. The liquidity covenant requires the Company to maintain a minimum of $30.0 million of liquidity (defined as availability under the borrowing base and cash on hand), of which $15.0 million is restricted, resulting in a maximum availability at any one time of the lesser of (a) an amount equal to our borrowing base minus $15.0 million , or (b) $65.0 million . Our ability to borrow under the 2015 Secured Credit Agreement is determined by reference to our borrowing base. The Fifth Amendment also allows for refinancing our existing Senior Notes with either secured or unsecured debt, adds the ability for the Company to designate certain of its subsidiaries as “Designated Borrowers” and removes our availability to make certain restricted payments. The debt issuance costs incurred relating to the Fifth Amendment were $1.4 million . The remaining debt issuance costs including all amendments as of September 30, 2018 were $1.4 million which are being amortized through January 2020 on a straight line basis. On July 12, 2018, we executed the Sixth Amendment to the 2015 Secured Credit Agreement (the “Sixth Amendment”) which permits the Company to make Restricted Payments (as defined in the 2015 Secured Credit Agreement) in the form of certain Equity Interests (as defined in the 2015 Secured Credit Agreement). On October 25, 2018, we entered into a Consent Agreement and a Cash Collateral Agreement, whereby we may open bank accounts not subject to the 2015 Secured Credit Agreement for the purpose of depositing cash to secure certain Letters of Credit. Our obligations under the 2015 Secured Credit Agreement are guaranteed by substantially all of our direct and indirect domestic subsidiaries, other than immaterial subsidiaries and subsidiaries generating revenues primarily outside the United States, each of which has executed guaranty agreements, and are secured by first priority liens on our accounts receivable, specified rigs including barge rigs in the GOM and land rigs in Alaska, certain U.S.-based rental equipment of the Company and its subsidiary guarantors and the equity interests of certain of the Company’s subsidiaries. In addition to the liquidity covenant and borrowing base requirements, the 2015 Secured Credit Agreement contains customary affirmative and negative covenants, such as limitations on indebtedness and liens, and restrictions on entry into certain affiliate transactions and payments (including certain payments of dividends). As of September 30, 2018 , we were in compliance with all covenants contained in the 2015 Secured Credit Agreement. Our Revolver is available for general corporate purposes and to support letters of credit. Interest on Revolver loans accrues at either: • Base Rate plus an Applicable Rate or • LIBOR plus an Applicable Rate. Revolver loans are available subject to a monthly borrowing base calculation. As of September 30, 2018 , the borrowing base under the $80.0 million Revolver was $79.9 million , which was further reduced by $15.0 million of restricted liquidity and $6.3 million in supporting letters of credit outstanding, resulting in availability under the Revolver of $58.6 million . There were no amounts drawn on the Revolver as of September 30, 2018 . Subsequently, on October 30, 2018, we deposited $10.0 million into a cash collateral account to support the letters of credit outstanding, increasing our availability under the Revolver by $10.0 million

Fair Value of Measurements

Fair Value of Measurements	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value of Measurements	Note 5 - Fair Value of Measurements Certain of our assets and liabilities are required to be measured at fair value on a recurring basis. For purposes of recording fair value adjustments for certain financial and non-financial assets and liabilities, and determining fair value disclosures, we estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. The fair value measurement and disclosure requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 820, Fair Value Measurement and Disclosures requires inputs that we categorize using a three-level hierarchy, from highest to lowest level of observable inputs, as follows: • Level 1 — Unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2 — Direct or indirect observable inputs, including quoted prices or other market data, for similar assets or liabilities in active markets or identical assets or liabilities in less active markets; and • Level 3 — Unobservable inputs that require significant judgment for which there is little or no market data. When multiple input levels are required for a valuation, we categorize the entire fair value measurement according to the lowest level of input that is significant to the entire measurement even though we may also have utilized significant inputs that are more readily observable. The amounts reported in our consolidated condensed balance sheets for cash and cash equivalents, accounts receivable, and accounts payable approximate fair value. Fair value of our debt instruments is determined using Level 2 inputs. Fair values and related carrying values of our debt instruments were as follows for the periods indicated: September 30, 2018 December 31, 2017 Dollars in thousands Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt 6.75% Notes $ 360,000 $ 282,600 $ 360,000 $ 296,100 7.50% Notes 225,000 200,250 225,000 206,438 Total $ 585,000 $ 482,850 $ 585,000 $ 502,538 During the third quarter of 2018, Property, Plant and Equipment for the Gulf of Mexico inland barge and International barge asset groups was impaired and written down to their estimated fair values. The estimated fair value was determined using Level 3 inputs. See Note 2 - Property, Plant and Equipment Impairment for further details. Market conditions could cause an instrument to be reclassified from Level 1 to Level 2, or Level 2 to Level 3. There were no transfers between levels of the fair value hierarchy or any changes in the valuation techniques used during the nine months ended September 30, 2018

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 - Income Taxes We apply the accounting guidance related to accounting for uncertainty in income taxes. This guidance prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. At September 30, 2018 , we had a liability for unrecognized tax benefits of $6.0 million , primarily related to foreign operations, (all of which, if recognized, would favorably impact our effective tax rate.). At December 31, 2017 , we had a liability for unrecognized tax benefits of $5.4 million , all of which would favorably impact our effective tax rate upon recognition. In addition, we recognize interest and penalties that could be applied to uncertain tax positions in periodic income tax expense. As of September 30, 2018 and December 31, 2017 , we had approximately $2.1 million and $2.1 million , respectively, of accrued interest and penalties related to uncertain tax positions. Income tax expense was $2.4 million and $1.9 million for the three months ended September 30, 2018 and 2017 , respectively. Despite the pre-tax loss for the third quarter of 2018

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 7 - Commitments and Contingencies

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2018
Class of Stock Disclosures [Abstract]
Stockholders' Equity	Note 8 - Stockholders’ Equity Stock Issuance — In February 2017, we issued 800,000 shares (on a post-split basis or 12,000,000 shares on pre-split basis) of common stock, par value $0.16 2 / 3 per share, at the public offering price of $2.10 per share, and 500,000 shares of the Convertible Preferred Stock, par value $1.00 per share, with a liquidation preference of $100 per share, for total net proceeds of $72.3 million , after underwriting discount and offering expenses. Unless converted earlier, each share of our Convertible Preferred Stock will automatically convert into between 2.7605 and 3.1746 shares (on a post-split basis) of our common stock (respectively, the “minimum conversion rate” and “maximum conversion rate”), subject to anti-dilution adjustments. The number of shares of our common stock issuable on conversion will be determined based on the volume weighted-average price of our common stock over the 20 consecutive trading day period beginning on, and including, the 23rd scheduled trading day immediately preceding March 31, 2020. Except in limited circumstances, at any time prior to March 31, 2020, a holder may convert Convertible Preferred Stock into shares of our common stock at the minimum conversion rate of 2.7605 shares (on a post-split basis) of common stock per share of Convertible Preferred Stock, subject to anti-dilution adjustments. Dividends — The dividends on our Convertible Preferred Stock are payable on a cumulative basis when, as, and if declared by our board of directors, or an authorized committee of our board of directors, at an annual rate of 7.25 percent of the liquidation preference of $100 per share. We may pay declared dividends in cash or, subject to certain limitations, in shares of our common stock, or in any combination of cash and shares of our common stock on March 31, June 30, September 30 and December 31 of each year, commencing on June 30, 2017 and ending on, and including, March 31, 2020. On August 23, 2018, the Company declared a cash dividend of $1.8125 per share of our Convertible Preferred Stock for the period beginning on June 30, 2018 and ending on September 29, 2018, which was paid on September 28, 2018 to holders of record of the Convertible Preferred Stock as of September 15, 2018. Rights agreement — On July 12, 2018, the Board of Directors of the Company declared a dividend of one right (“Right”) for each outstanding share of common stock to common stockholders of record at the close of business on July 27, 2018, which was amended by the Board of Directors on August 23, 2018 (the “Rights Plan”). On August 23, 2018, our Board of Directors approved an amendment and restatement of the Rights Agreement, dated as of July 12, 2018, between the Company and Equiniti Trust Company, as Rights Agent (as amended and restated, the “Section 382 Rights Agreement”). The purpose of the Section 382 Rights Agreement is to protect value by preserving the Company’s ability to use its net operating losses and foreign tax credits (“Tax Benefits”). Each Right entitles the registered holder to purchase from the Company a unit consisting of one one-thousandth of a share (a “Fractional Share”) of Series A Junior Participating Preferred Stock, par value $1.00 per share, at a purchase price of $52.50 per Fractional Share, subject to adjustment. Initially, the Rights are attached to all outstanding shares of common stock. The Rights will separate from the common stock and a “Distribution Date” will occur, with certain exceptions, upon the earlier of (i) 10 days following a public announcement that a person or group of affiliated or associated persons (an “Acquiring Person”) has acquired, or obtained the right to acquire, beneficial ownership of 4.9% or more of the outstanding shares of common stock, or (ii) 10 business days following the commencement of a tender offer or exchange offer that would result in a person’s becoming an Acquiring Person. Each person or group of affiliated or associated persons that was a beneficial owner of 4.9% or more of the outstanding shares of common stock at the time of the adoption of the Section 382 Rights Agreement was grandfathered in at its then-current ownership level, but the Rights will become exercisable if at any time after the adoption of the Section 382 Rights Agreement, such person or group increases its ownership of common stock by one share or more. Any person or group of affiliated or associated persons who proposes to acquire 4.9% or more of the outstanding shares of common stock may apply to our Board of Directors in advance for an exemption. The Rights are not exercisable until the Distribution Date and will expire at the earliest of (i) the close of business on August 23, 2021, (ii) the redemption or exchange of the Rights by the Company, (iii) the date on which our Board of Directors determines that the Rights Plan is no longer necessary for the preservation of a material Tax Benefit, (iv) the beginning of a taxable year of the Company for which our Board of Directors determines that no Tax Benefits may be carried forward, (v) July 12, 2019, if the affirmative vote of the majority of the Company’s stockholders has not been obtained with respect to ratification of the Rights Plan, and (vi) the occurrence of a “qualifying offer” (as described in the Section 382 Rights Agreement). If the rights become exercisable, each holder other than the Acquiring Person (and certain related parties) will be entitled to acquire shares of common stock at a 50% discount or the Company may exchange each right held by such holders for two shares of common stock. Reverse Stock Split — On July 27, 2018, the Company’s 1-for- 15

Earnings (Loss) Per share (EPS)

Earnings (Loss) Per share (EPS)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings (Loss) Per Share (EPS)	Note 9 - Earnings (Loss) Per Common Share (“EPS”) Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. The effects of dilutive securities, stock options, unvested restricted stock, convertible debt and equity are included in the diluted EPS calculation, when applicable. See Note 8 - Stockholders’ Equity for details regarding the 1-for- 15 reverse stock split. The following table represents the computation of earnings per share for the three and nine months ended September 30, 2018 and 2017 , respectively: Three Months Ended September 30, Nine Months Ended September 30, Dollars in thousands, except per share amounts 2018 2017 2018 2017 Basic EPS Numerator Net Income (Loss) Available to Common Stockholders $ (71,857 ) $ (21,217 ) $ (125,343 ) $ (92,153 ) Denominator Weighted average shares outstanding 9,334,390 9,220,001 9,292,858 9,030,345 Number of shares used for basic EPS computation 9,334,390 9,220,001 9,292,858 9,030,345 Basic earnings (loss) per common share $ (7.70 ) $ (2.30 ) $ (13.49 ) $ (10.20 ) Diluted EPS Numerator Net Income (Loss) Available to Common Stockholders $ (71,857 ) $ (21,217 ) $ (125,343 ) $ (92,153 ) Denominator Number of shares used for basic EPS computation 9,334,390 9,220,001 9,292,858 9,030,345 Restricted stock units (1) — — — — Convertible preferred stock (2) — — — — Number of shares used for diluted EPS computation 9,334,390 9,220,001 9,292,858 9,030,345 Diluted earnings (loss) per common share $ (7.70 ) $ (2.30 ) $ (13.49 ) $ (10.20 ) (1) For the three and nine months ended September 30, 2018 and 2017 , respectively, all common shares potentially issuable in connection with outstanding restricted stock unit awards have been excluded from the calculation of diluted EPS as the Company incurred losses during the periods, therefore, inclusion of such potential common shares would be anti-dilutive. (2) Weighted average common shares issuable upon the assumed conversion of our Convertible Preferred Stock totaling 1,587,300

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Note 10 - Revenue from Contracts with Customers We adopted the Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) effective January 1, 2018, using the modified retrospective implementation method. Accordingly, we have applied the five-step method outlined in Topic 606 for determining when and how revenue is recognized to all contracts that were not completed as of the date of adoption. Revenues for reporting periods beginning as of January 1, 2018 are presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported under the previous revenue recognition guidance. For contracts that were modified before the effective date, we have considered the modification guidance within the new standard and determined that the revenue recognized and contract balances recorded prior to adoption for such contracts were not impacted. While Topic 606 requires additional disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, its adoption has not had a material impact on the measurement or recognition of our revenues. As part of the adoption, no adjustments were needed to the consolidated balance sheets, statements of operations and statements of cash flows. Our business is comprised of two business lines: (1) Drilling Services and (2) Rental Tools Services. See Note 11 - Reportable Segments for further details on these business lines and revenue disaggregation amounts. Our drilling and rental tools services provided under each contract is a single performance obligation satisfied over time and comprised of a series of distinct time increments, or service periods. Total revenue is determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the contract term. Fixed consideration generally relates to activities that are not distinct within the context of our contracts and is recognized on a straight-line basis over the contract term. Variable consideration generally relates to distinct service periods during the contract term and are recognized in the period when the services are performed. Our contract terms generally range from 2 to 60 months. The amount estimated for variable consideration may be constrained (reduced) and is only recognized as revenue to the extent that it is probable that a significant reversal of previously recognized revenue will not occur during the contract term. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue as well as the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 days. Drilling Services Business Dayrate Revenues — Our drilling services contracts generally provide for payment on a dayrate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate invoices billed to the customer are typically determined based on the varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is allocated to the distinct hourly increment to which it relates within the contract term, and therefore, recognized in line with the contractual rate billed for the services provided for any given hour. Mobilization Revenues — We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the mobilization of our rigs. These activities are not considered to be distinct within the context of the contract and therefore, the associated revenues are allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for mobilization fees received, which is amortized ratably to revenue as services are rendered over the initial term of the related drilling contract. The amortized amount is adjusted accordingly if the term of the initial contract is extended. Capital Modification Revenues — We may, from time to time, receive fees from our customers for capital improvements to our rigs to meet contractual requirements (on either a fixed lump-sum or variable dayrate basis). Such revenues are allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract as these activities are not considered to be distinct within the context of our contracts. We record a contract liability for such fees and recognize them ratably as revenue over the initial term of the related drilling contract. Demobilization Revenues — We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the demobilization of our rigs. Due to the inherent uncertainty regarding the realization, we have elected to not recognize demobilization revenues till the uncertainty is resolved. Therefore, demobilization revenues are recognized once the related performance obligations have been completed. Reimbursable Revenues — We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. Such reimbursable revenues are variable and subject to uncertainty, as the amounts received and timing thereof is highly dependent on factors outside of our control. Accordingly, reimbursable revenues are not included in the total transaction price until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a customer. We are generally considered a principal in such transactions and record the associated revenues at the gross amount billed to the customer in our consolidated condensed statements of operations. Such amounts are recognized once the services have been performed. Such amounts totaled $13.4 million and $ 15.0 million for the three months ended September 30, 2018 and 2017 , respectively, and $40.4 million and $45.5 million for the nine months ended September 30, 2018 and 2017 , respectively. Rental Tools Services Business Dayrate Revenues — Our rental tools services contracts generally provide for payment on a dayrate basis depending on the rate for the tool defined in the contract. Such dayrate consideration is allocated to the distinct hourly increment it relates to within the contract term, and therefore, recognized in line with the contractual rate billed for the services provided for any given hour. Contract Costs The following is a description of the different costs that we may incur for our contracts: Mobilization Costs — These costs include certain direct and incremental costs incurred for mobilization of contracted rigs. These costs relate directly to a contract, enhance resources of the Company that will be used in satisfying its performance obligations in the future and are expected to be recovered. These costs are capitalized when incurred as a current or noncurrent asset (depending on the length of the initial contract term), and are amortized over the initial term of the related drilling contract. The balance for capitalized mobilization costs was $6.4 million and $3.1 million as of September 30, 2018 and December 31, 2017 , respectively. There was no impairment loss in relation to capitalized costs. Amortization of capitalized mobilization costs was $1.8 million and and $3.9 million for the three and nine months ended September 30, 2018 , respectively. Demobilization Costs — These costs are incurred for the demobilization of rigs at contract completion and are recognized as incurred during the demobilization process. Capital Modification Costs — These costs are incurred for rig modifications or upgrades required for a contract, which are considered to be capital improvements, are capitalized as property, plant and equipment and depreciated over the estimated useful life of the improvement. Contract Liabilities The following table provides information about contract liabilities from contracts with customers: Dollars in thousands September 30, December 31, Contract liabilities - current (Deferred revenue) (1) $ (5,501 ) $ (1,581 ) Contract liabilities - noncurrent (Deferred revenue) (1) (2,461 ) (1,568 ) Total contract liabilities $ (7,962 ) $ (3,149 ) (1) Contract liabilities - current and contract liabilities - noncurrent are included in accounts payable and accrued liabilities and other long-term liabilities respectively, in our consolidated condensed balance sheet as of September 30, 2018 and December 31, 2017 . Contract liabilities relate to mobilization revenues and capital modification revenues, where, we have unconditional right to cash or cash has been received but performance obligations have not been fulfilled. These liabilities are reduced and revenue is recognized as performance obligations are fulfilled. Significant changes to contract liabilities balances during the nine months ended September 30, 2018 are shown below: Dollars in thousands Contract Liabilities Balance at December 31, 2017 $ (3,149 ) Increase to deferred revenue during current period (7,657 ) Decrease due to recognition of revenue 2,844 Balance at September 30, 2018 $ (7,962 ) Transaction price allocated to the remaining performance obligations The following table includes revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. Balance at September 30, 2018 Dollars in thousands Remaining 2018 2019 2020 Beyond 2020 Total Deferred revenue $2,706 $3,015 $873 $1,368 $7,962 The revenues included above consist of mobilization and capital modification revenues for both wholly and partially unsatisfied performance obligations, which have been estimated for purposes of allocating across the entire corresponding performance obligations. The amounts are derived from the specific terms within contracts that contain such provisions, and the expected timing for recognition of such revenue is based on the estimated start date and duration of each respective contract based on information known at September 30, 2018

Reportable Segments

Reportable Segments	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Reportable Segments	Note 11 - Reportable Segments Our business is comprised of two business lines: (1) Drilling Services and (2) Rental Tools Services. We report our Drilling Services business as two reportable segments: (1) U.S. (Lower 48) Drilling and (2) International & Alaska Drilling. We report our Rental Tools Services business as two reportable segments: (1) U.S. Rental Tools and (2) International Rental Tools. Within the four reportable segments, we have aggregated our Arctic, Eastern Hemisphere, and Latin America business units under International & Alaska Drilling, one business unit under U.S. (Lower 48) Drilling, one business unit under U.S. Rental Tools, and one business unit under International Rental Tools, for a total of six business units. The Company has aggregated each of its business units in one of the four reporting segments based on the guidelines of the FASB ASC Topic No. 280, Segment Reporting. We eliminate inter-segment revenues and expenses. We disclose revenues under the four reportable segments based on the similarity of the use and markets for the groups of products and services within each segment. Drilling Services Business In our Drilling Services business, we drill oil, natural gas, and geothermal wells for customers in both the U.S. and international markets. We provide this service with both Company-owned rigs and customer-owned rigs. We refer to the provision of drilling services with customer-owned rigs as our operations and management (“O&M”) service in which operators own their own drilling rigs but choose Parker Drilling to operate and manage the rigs for them. The nature and scope of activities involved in drilling an oil and natural gas well is similar whether it is drilled with a Company-owned rig (as part of a traditional drilling contract) or a customer-owned rig (as part of an O&M contract). In addition, we provide project-related services, such as engineering, procurement, project management, commissioning of customer-owned drilling rig projects, operations execution, and quality and safety management. We have extensive experience and expertise in drilling geologically challenging wells and in managing the logistical and technological challenges of operating in remote, harsh, and ecologically sensitive areas. U.S. (Lower 48) Drilling Our U.S. (Lower 48) Drilling segment provides drilling services with our Gulf of Mexico (“GOM”) barge drilling rig fleet and markets our U.S. (Lower 48)-based O&M services. We also provide O&M services for customer-owned rigs in California. Our GOM barge rigs drill for oil and natural gas in shallow waters in and along the inland waterways and coasts of Louisiana, Alabama and Texas. The majority of these wells are drilled in shallow water depths ranging from 6 to 12 feet. Our rigs are suitable for a variety of drilling programs, from inland coastal waters requiring shallow draft barges, to open water drilling on both state and federal water projects requiring more robust capabilities. Contract terms typically consist of well-to-well or multi-well programs, most commonly ranging from 20 to 180 days. International & Alaska Drilling Our International & Alaska Drilling segment provides drilling services, using both Company-owned rigs and O&M contracts, and project-related services. The drilling markets in which this segment operates have one or more of the following characteristics: • customers typically are major, independent, or national oil and natural gas companies or integrated service providers; • drilling programs in remote locations with little infrastructure, requiring a large inventory of spare parts and other ancillary equipment and self-supported service capabilities; • complex wells and/or harsh environments (such as high pressures, deep depths, hazardous or geologically challenging conditions and sensitive environments) requiring specialized equipment and considerable experience to drill; and • O&M contracts that generally cover periods of one year or more. We have rigs under contract in Alaska, Kazakhstan, the Kurdistan region of Iraq, Guatemala, Mexico, and on Sakhalin Island, Russia. In addition, we have O&M and ongoing project-related services for customer-owned rigs in Kuwait, Canada, Indonesia, and on Sakhalin Island, Russia. Rental Tools Services Business In our Rental Tools Services business, we provide premium rental equipment and services to exploration & production companies, drilling contractors, and service companies on land and offshore in the U.S. and select international markets. Tools we provide include standard and heavy-weight drill pipe, all of which are available with standard or high-torque connections, tubing, drill collars, pressure control equipment, including blowout preventers, and more. We also provide well construction services, which include tubular running services and downhole tool rentals, well intervention services, which include whipstocks, fishing and related services, and inspection and machine shop support. Rental tools are used during drilling and/or workover programs and are requested by the customer as needed, requiring us to keep a broad inventory of rental tools in stock. Rental tools are usually rented on a daily or monthly basis. U.S. Rental Tools Our U.S. Rental Tools segment maintains an inventory of rental tools for deepwater, drilling, completion, workover, and production applications at facilities in Louisiana, Texas, Wyoming, North Dakota and West Virginia. We also provide well construction and well intervention services. Our largest single market for rental tools is U.S. land drilling, a cyclical market driven primarily by oil and natural gas prices and our customers’ access to project financing. A portion of our U.S. rental tools business supplies tubular goods and other equipment to offshore GOM customers. International Rental Tools Our International Rental Tools segment maintains an inventory of rental tools and provides well construction, well intervention, and surface and tubular services to our customers in the Middle East, Latin America, United Kingdom, Europe, and Asia-Pacific regions. The following table represents the results of operations by reportable segment: Three Months Ended Nine Months Ended Dollars in thousands 2018 2017 2018 2017 Revenues: (1) Drilling Services: U.S. (Lower 48) Drilling $ 4,530 $ 4,585 $ 9,167 $ 10,843 International & Alaska Drilling 47,770 62,726 157,168 186,606 Total Drilling Services 52,300 67,311 166,335 197,449 Rental Tools Services: U.S. Rental Tools 50,944 35,677 127,775 85,613 International Rental Tools 20,151 15,320 57,563 43,124 Total Rental Tools Services 71,095 50,997 185,338 128,737 Total revenues 123,395 118,308 351,673 326,186 Operating gross margin: (2) Drilling Services: U.S. (Lower 48) Drilling (3,402 ) (3,516 ) (12,443 ) (15,278 ) International & Alaska Drilling (8,541 ) 1,082 (17,701 ) (3,461 ) Total Drilling Services (11,943 ) (2,434 ) (30,144 ) (18,739 ) Rental Tools Services: U.S. Rental Tools 16,588 8,556 30,903 7,746 International Rental Tools (2,713 ) (6,001 ) (9,402 ) (19,647 ) Total Rental Tools Services 13,875 2,555 21,501 (11,901 ) Total operating gross margin (loss) 1,932 121 (8,643 ) (30,640 ) General and administrative expense (14,495 ) (7,033 ) (28,984 ) (20,576 ) Loss on impairment (43,990 ) — (43,990 ) — Gain (loss) on disposition of assets, net 9 97 (126 ) (368 ) Total operating income (loss) (56,544 ) (6,815 ) (81,743 ) (51,584 ) Interest expense (11,350 ) (11,067 ) (33,787 ) (33,032 ) Interest income 23 128 76 160 Other income (loss) (709 ) (638 ) (1,609 ) 452 Income (loss) before income taxes $ (68,580 ) $ (18,392 ) $ (117,063 ) $ (84,004 ) (1) For the nine months ended September 30, 2018 , our largest customer, ENL , constituted approximately 25.7 percent of our total consolidated revenues and approximately 57.5 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $34.6 million , ENL constituted approximately 17.9 percent of our total consolidated revenues and approximately 47.6 percent of our International & Alaska Drilling segment revenues. For the nine months ended September 30, 2017 , our largest customer, ENL , constituted approximately 32.6 percent of our total consolidated revenues and approximately 56.9 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $39.9 million , ENL constituted approximately 23.6 percent of our total consolidated revenues and approximately 46.9 percent of our International & Alaska Drilling segment revenues. Our second largest customer, BP, constituted 10.0 percent of our total consolidated revenues and approximately 17.5 percent of our International & Alaska Drilling segment revenues. (2) Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense. The following table shows the Company’s revenues by geographic region: Three Months Ended September 30, Nine Months Ended September 30, Dollars in Thousands 2018 2017 2018 2017 Revenues by geographic region: United States $ 57,016 $ 51,444 $ 153,665 $ 129,405 Russia 30,315 35,794 90,378 106,819 EMEA & Asia 23,902 15,646 66,206 44,283 Latin America 2,596 2,393 10,214 8,013 Other CIS 2,743 6,378 9,799 18,439 Other 6,823 6,653 21,411 19,227 Total revenues $ 123,395 $ 118,308 $ 351,673 $ 326,186

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Note 12 - Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This ASU requires (a) an entity to separate the lease components from the non-lease components in a contract where the lease component will be accounted for under ASU 2016-02 and the non-lease component will be accounted for under ASU 2014-09, (b) recognition of lease assets and lease liabilities by lessees and derecognition of the leased asset and recognition of a net investment in the lease by the lessor and (c) additional disclosure requirements for both lessees and lessors. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, although early adoption is permitted. Under the updated accounting standard, we have determined that our drilling contracts contain a lease component. In July 2018, the FASB issued ASU 2018-11 which 1) provides for a new transition method whereby entities may elect to adopt the Update using a prospective with cumulative catch-up approach and (2) provides lessors with an option to not separate non-lease components from the associated lease components when certain criteria are met and requires them to account for the combined component in accordance with the new revenue standard if the associated non-lease components are the predominant components. We will adopt ASU 2016-02 on January 1, 2019. Our adoption, and the ultimate effect on our consolidated condensed financial statements, will be based on an evaluation of the contract-specific facts and circumstances, and such effect could introduce variability to the timing of our revenue recognition relative to current accounting standards. We are evaluating the requirements to determine the effect such requirements may have on our consolidated balance sheets, statements of operations, statements of cash flows and on the disclosures contained in our notes to the consolidated financial statements upon the adoption of ASU 2016-02. While, the Company continues to evaluate all of the effects of the adoption of this ASU, the Company believes the most significant effects relate to (i) the recognition of new right-of-use assets and lease liabilities on the condensed consolidated balance sheet for the Company’s operating leases and (ii) providing significant new disclosures about the Company’s leasing activities. Depending on the results of the evaluation our ultimate conclusions may vary. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in ASC 605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Effective January 1, 2018, we adopted ASU 2014-09 using the modified retrospective approach and it did not have a material impact on our consolidated balance sheets, statement of operations, and statements of cash flows. See Note 10 - Revenue from Contracts with Customers

Parent, Guarantor, Non-Guaranto

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements	Note 13 - Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements Set forth on the following pages are the consolidating condensed financial statements of Parker Drilling. The Company’s 2015 Secured Credit Agreement and Senior Notes are fully and unconditionally guaranteed by substantially all of our direct and indirect domestic subsidiaries, other than immaterial subsidiaries and subsidiaries generating revenues primarily outside the United States, subject to the following customary release provisions: • in connection with any sale or other disposition of all or substantially all of the assets of that guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company; • in connection with any sale of such amount of capital stock as would result in such guarantor no longer being a subsidiary to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company; • if the Company designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary; • if the guarantee by a guarantor of all other indebtedness of the Company or any other guarantor is released, terminated or discharged, except by, or as a result of, payment under such guarantee; or • upon legal defeasance or covenant defeasance (satisfaction and discharge of the indenture). There are currently no restrictions on the ability of the restricted subsidiaries to transfer funds to Parker Drilling in the form of cash dividends, loans or advances. Parker Drilling is a holding company with no operations, other than through its subsidiaries. Separate financial statements for each guarantor company are not provided as the Company complies with the exception to Rule 3-10(f) of Regulation S-X. All guarantor subsidiaries are owned 100 percent by the parent company. We are providing unaudited consolidating condensed financial information of the parent, Parker Drilling, the guarantor subsidiaries, and the non-guarantor subsidiaries as of September 30, 2018 and December 31, 2017 and for the three and nine months ended September 30, 2018 and 2017 CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) September 30, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 30,825 $ 7,939 $ 42,964 $ — $ 81,728 Accounts and notes receivable, net — 53,515 84,386 — 137,901 Rig materials and supplies — (1,792 ) 35,971 319 34,498 Other current assets — 8,733 18,940 — 27,673 Total current assets 30,825 68,395 182,261 319 281,800 Property, plant and equipment, net (19 ) 380,029 170,163 296 550,469 Goodwill — 6,708 — — 6,708 Intangible assets, net — 5,398 — — 5,398 Deferred income taxes 21,272 (33,125 ) 13,664 — 1,811 Other noncurrent assets 2,596,927 3,273,124 4,727,353 (10,574,409 ) 22,995 Total assets $ 2,649,005 $ 3,700,529 $ 5,093,441 $ (10,573,794 ) $ 869,181 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ (103,158 ) $ 219,483 $ 604,393 $ (617,477 ) $ 103,241 Accrued income taxes 84,361 (62,926 ) (17,223 ) — 4,212 Total current liabilities (18,797 ) 156,557 587,170 (617,477 ) 107,453 Long-term debt, net 579,289 — — — 579,289 Other long-term liabilities 2,867 4,588 4,753 — 12,208 Long-term deferred tax liability — — 60 — 60 Intercompany payables 1,912,224 1,473,535 2,670,598 (6,056,357 ) — Total liabilities 2,475,583 1,634,680 3,262,581 (6,673,834 ) 699,010 Total stockholders’ equity 173,422 2,065,849 1,830,860 (3,899,960 ) 170,171 Total liabilities and stockholders’ equity $ 2,649,005 $ 3,700,529 $ 5,093,441 $ (10,573,794 ) $ 869,181 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) December 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 75,342 $ 20,655 $ 45,552 $ — $ 141,549 Accounts and notes receivable, net — 32,338 90,173 — 122,511 Rig materials and supplies — (3,025 ) 34,440 — 31,415 Other current assets — 6,362 15,999 — 22,361 Total current assets 75,342 56,330 186,164 — 317,836 Property, plant and equipment, net (19 ) 428,556 197,234 — 625,771 Goodwill — 6,708 — — 6,708 Intangible assets, net — 7,128 — — 7,128 Deferred income taxes 15,144 (26,623 ) 12,763 — 1,284 Other noncurrent assets 2,678,674 3,235,834 4,479,914 (10,362,870 ) 31,552 Total assets $ 2,769,141 $ 3,707,933 $ 4,876,075 $ (10,362,870 ) $ 990,279 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ (51,060 ) $ 179,247 $ 588,536 $ (617,477 ) $ 99,246 Accrued income taxes 76,883 (56,870 ) (15,583 ) — 4,430 Total current liabilities 25,823 122,377 572,953 (617,477 ) 103,676 Long-term debt, net 577,971 — — — 577,971 Other long-term liabilities 2,867 5,741 3,825 — 12,433 Long-term deferred tax liability (1 ) — 79 — 78 Intercompany payables 1,865,810 1,465,744 2,430,340 (5,761,894 ) — Total liabilities 2,472,470 1,593,862 3,007,197 (6,379,371 ) 694,158 Total stockholders’ equity 296,671 2,114,071 1,868,878 (3,983,499 ) 296,121 Total liabilities and stockholders’ equity $ 2,769,141 $ 3,707,933 $ 4,876,075 $ (10,362,870 ) $ 990,279 CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Three months ended September 30, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated Revenues $ — $ 63,178 $ 76,316 $ (16,099 ) $ 123,395 Expenses: Operating expenses — 31,039 79,003 (16,099 ) 93,943 Depreciation and amortization — 19,680 7,840 — 27,520 — 50,719 86,843 (16,099 ) 121,463 Total operating gross margin (loss) — 12,459 (10,527 ) — 1,932 General and administrative expense (1) (96 ) (14,421 ) 22 — (14,495 ) Loss on impairment — (34,209 ) (9,781 ) — (43,990 ) Gain (loss) on disposition of assets, net — 54 (45 ) — 9 Total operating income (loss) (96 ) (36,117 ) (20,331 ) — (56,544 ) Other income (expense): Interest expense (12,072 ) (44 ) (2,866 ) 3,632 (11,350 ) Interest income 127 183 3,345 (3,632 ) 23 Other — (2 ) (707 ) — (709 ) Equity in net earnings of subsidiaries (57,588 ) — — 57,588 — Total other income (expense) (69,533 ) 137 (228 ) 57,588 (12,036 ) Income (loss) before income taxes (69,629 ) (35,980 ) (20,559 ) 57,588 (68,580 ) Income tax expense (benefit) 1,322 59 990 — 2,371 Net income (loss) (70,951 ) (36,039 ) (21,549 ) 57,588 (70,951 ) Less: Convertible preferred stock dividend 906 — — — 906 Net income (loss) available to common stockholders $ (71,857 ) $ (36,039 ) $ (21,549 ) $ 57,588 $ (71,857 ) (1) General and administrative expenses for field operations are included in operating expenses. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Three months ended September 30, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Revenues $ — $ 46,820 $ 89,027 $ (17,539 ) $ 118,308 Expenses: Operating expenses — 24,085 81,574 (17,539 ) 88,120 Depreciation and amortization — 20,025 10,042 — 30,067 — 44,110 91,616 (17,539 ) 118,187 Total operating gross margin (loss) — 2,710 (2,589 ) — 121 General and administrative expense (1) (96 ) (6,823 ) (114 ) — (7,033 ) Gain (loss) on disposition of assets, net — — 97 — 97 Total operating income (loss) (96 ) (4,113 ) (2,606 ) — (6,815 ) Other income (expense): Interest expense (11,742 ) (90 ) (1,959 ) 2,724 (11,067 ) Interest income 259 206 2,387 (2,724 ) 128 Other — 13 (651 ) — (638 ) Equity in net earnings of subsidiaries (8,172 ) — — 8,172 — Total other income (expense) (19,655 ) 129 (223 ) 8,172 (11,577 ) Income (loss) before income taxes (19,751 ) (3,984 ) (2,829 ) 8,172 (18,392 ) Income tax expense (benefit) 560 12 1,347 — 1,919 Net income (loss) (20,311 ) (3,996 ) (4,176 ) 8,172 (20,311 ) Less: Convertible preferred stock dividend 906 — — — 906 Net income (loss) available to common stockholders $ (21,217 ) $ (3,996 ) $ (4,176 ) $ 8,172 $ (21,217 ) (1) General and administrative expenses for field operations are included in operating expenses. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Nine Months Ended September 30, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated Revenues $ — $ 156,766 $ 240,579 $ (45,672 ) $ 351,673 Expenses: Operating expenses — 83,231 239,552 (45,672 ) 277,111 Depreciation and amortization — 59,163 24,042 — 83,205 — 142,394 263,594 (45,672 ) 360,316 Total operating gross margin (loss) — 14,372 (23,015 ) — (8,643 ) General and administrative expense (1) (340 ) (28,408 ) (236 ) — (28,984 ) Loss on impairment — (34,209 ) (9,781 ) — (43,990 ) Gain (loss) on disposition of assets, net — 2 (128 ) — (126 ) Total operating income (loss) (340 ) (48,243 ) (33,160 ) — (81,743 ) Other income (expense): Interest expense (36,214 ) 129 (7,022 ) 9,320 (33,787 ) Interest income 447 544 8,405 (9,320 ) 76 Other — 14 (1,623 ) — (1,609 ) Equity in net earnings of subsidiaries (85,039 ) — — 85,039 — Total other income (expense) (120,806 ) 687 (240 ) 85,039 (35,320 ) Income (loss) before income taxes (121,146 ) (47,556 ) (33,400 ) 85,039 (117,063 ) Income tax expense (benefit) 1,478 665 3,418 — 5,561 Net income (loss) (122,624 ) (48,221 ) (36,818 ) 85,039 (122,624 ) Less: Convertible preferred stock dividend 2,719 — — — 2,719 Net income (loss) available to common stockholders $ (125,343 ) $ (48,221 ) $ (36,818 ) $ 85,039 $ (125,343 ) (1) General and administrative expenses for field operations are included in operating expenses. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Nine Months Ended September 30, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Revenues $ — $ 116,203 $ 262,293 $ (52,310 ) $ 326,186 Expenses: Operating expenses — 70,362 245,523 (52,310 ) 263,575 Depreciation and amortization — 61,483 31,768 — 93,251 — 131,845 277,291 (52,310 ) 356,826 Total operating gross margin (loss) — (15,642 ) (14,998 ) — (30,640 ) General and administrative expense (1) (244 ) (19,996 ) (336 ) — (20,576 ) Gain (loss) on disposition of assets, net — (242 ) (126 ) — (368 ) Total operating income (loss) (244 ) (35,880 ) (15,460 ) — (51,584 ) Other income (expense): Interest expense (35,221 ) (175 ) (5,971 ) 8,335 (33,032 ) Interest income 592 563 7,340 (8,335 ) 160 Other — 59 393 — 452 Equity in net earnings of subsidiaries (45,774 ) — — 45,774 — Total other income (expense) (80,403 ) 447 1,762 45,774 (32,420 ) Income (loss) before income taxes (80,647 ) (35,433 ) (13,698 ) 45,774 (84,004 ) Income tax expense (benefit) 9,361 (7,150 ) 3,793 — 6,004 Net income (loss) (90,008 ) (28,283 ) (17,491 ) 45,774 (90,008 ) Less: Convertible preferred stock dividend 2,145 — — — 2,145 Net income (loss) available to common stockholders $ (92,153 ) $ (28,283 ) $ (17,491 ) $ 45,774 $ (92,153 ) (1) CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Three months ended September 30, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income (loss): Net income (loss) $ (70,951 ) $ (36,039 ) $ (21,549 ) $ 57,588 $ (70,951 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — (315 ) — (315 ) Currency translation difference on foreign currency net investments — — 162 — 162 Total other comprehensive income (loss), net of tax: — — (153 ) — (153 ) Comprehensive income (loss) $ (70,951 ) $ (36,039 ) $ (21,702 ) $ 57,588 $ (71,104 ) PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Three months ended September 30, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income (loss): Net income (loss) $ (20,311 ) $ (3,996 ) $ (4,176 ) $ 8,172 $ (20,311 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — 170 — 170 Currency translation difference on foreign currency net investments — — 1,217 — 1,217 Total other comprehensive income (loss), net of tax: — — 1,387 — 1,387 Comprehensive income (loss) $ (20,311 ) $ (3,996 ) $ (2,789 ) $ 8,172 $ (18,924 ) PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Nine Months Ended September 30, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income (loss): Net income (loss) $ (122,624 ) $ (48,221 ) $ (36,818 ) $ 85,039 $ (122,624 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — (484 ) — (484 ) Currency translation difference on foreign currency net investments — — (2,216 ) — (2,216 ) Total other comprehensive income (loss), net of tax: — — (2,700 ) — (2,700 ) Comprehensive income (loss) $ (122,624 ) $ (48,221 ) $ (39,518 ) $ 85,039 $ (125,324 ) PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Nine Months Ended September 30, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income (loss): Net income (loss) $ (90,008 ) $ (28,283 ) $ (17,491 ) $ 45,774 $ (90,008 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — 438 — 438 Currency translation difference on foreign currency net investments — — 2,666 — 2,666 Total other comprehensive income (loss), net of tax: — — 3,104 — 3,104 Comprehensive income (loss) $ (90,008 ) $ (28,283 ) $ (14,387 ) $ 45,774 $ (86,904 ) CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (Dollars in Thousands) (Unaudited) Nine Months Ended September 30, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ (122,624 ) $ (48,221 ) $ (36,818 ) $ 85,039 $ (122,624 ) Adjustments to reconcile net income (loss): Depreciation and amortization — 59,163 24,042 — 83,205 (Gain) loss on disposition of assets, net — (2 ) 128 — 126 Deferred tax expense (benefit) (6,129 ) 6,503 (920 ) — (546 ) Loss on impairment — 34,209 9,781 — 43,990 Expenses not requiring cash 3,660 536 (8,872 ) 9,167 4,491 Change in assets and liabilities: Accounts and notes receivable — (21,161 ) 5,515 — (15,646 ) Other assets 83,191 (37,686 ) (249,047 ) 211,220 7,678 Accounts payable and accrued liabilities (4,777 ) 45,820 260,517 (305,426 ) (3,866 ) Accrued income taxes 7,478 (6,056 ) (1,746 ) — (324 ) Net cash provided by (used in) operating activities (39,201 ) 33,105 2,580 — (3,516 ) Cash flows from investing activities: Capital expenditures — (45,888 ) (6,132 ) — (52,020 ) Proceeds from the sale of assets — 67 964 — 1,031 Net cash provided by (used in) investing activities — (45,821 ) (5,168 ) — (50,989 ) Cash flows from financing activities: Convertible preferred stock dividend (3,625 ) — — — (3,625 ) Payments of debt issuance costs (1,443 ) — — — (1,443 ) Shares surrendered in lieu of tax (248 ) — — — (248 ) Net cash provided by (used in) financing activities (5,316 ) — — — (5,316 ) Net increase (decrease) in cash and cash equivalents (44,517 ) (12,716 ) (2,588 ) — (59,821 ) Cash and cash equivalents at beginning of period 75,342 20,655 45,552 — 141,549 Cash and cash equivalents at end of period $ 30,825 $ 7,939 $ 42,964 $ — $ 81,728 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (Dollars in Thousands) (Unaudited) Nine Months Ended September 30, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ (90,008 ) $ (28,283 ) $ (17,491 ) $ 45,774 $ (90,008 ) Adjustments to reconcile net income (loss) Depreciation and amortization — 61,483 31,768 — 93,251 (Gain) loss on disposition of assets, net — 242 126 — 368 Deferred tax expense (benefit) (14,138 ) 12,217 1,327 — (594 ) Expenses not requiring cash 4,479 (45 ) 1,465 — 5,899 Equity in net earnings of subsidiaries 45,774 — — (45,774 ) — Change in assets and liabilities: Accounts and notes receivable — (18,515 ) 3,607 — (14,908 ) Other assets (34,318 ) 26,426 7,567 — (325 ) Accounts payable and accrued liabilities (57,275 ) 42,116 (3,361 ) — (18,520 ) Accrued income taxes 76,281 (57,261 ) (18,589 ) — 431 Net cash provided by (used in) operating activities (69,205 ) 38,380 6,419 — (24,406 ) Cash flows from investing activities: Capital expenditures — (35,301 ) (9,535 ) — (44,836 ) Proceeds from the sale of assets — 26 296 — 322 Net cash provided by (used in) investing activities — (35,275 ) (9,239 ) — (44,514 ) Cash flows from financing activities: Convertible preferred stock dividend (1,239 ) — — — (1,239 ) Shares surrendered in lieu of tax (829 ) — — — (829 ) Proceeds from the issuance of common stock 25,200 — — — 25,200 Proceeds from the issuance of convertible preferred stock 50,000 — — — 50,000 Payment of equity issuance costs (2,864 ) — — — (2,864 ) Net cash provided by (used in) financing activities 70,268 — — — 70,268 Net increase (decrease) in cash and cash equivalents 1,063 3,105 (2,820 ) — 1,348 Cash and cash equivalents at beginning of period 65,000 14,365 40,326 — 119,691 Cash and cash equivalents at end of period $ 66,063 $ 17,470 $ 37,506 $ — $ 121,039

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Nature of Operations	The Consolidated Condensed Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and are unaudited. In the opinion of Parker Drilling Company (“Parker Drilling” or the “Company”), these consolidated condensed financial statements include all adjustments, which, unless otherwise disclosed, are of a normal recurring nature, necessary for their fair presentation for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year.
Consolidation	The consolidated condensed financial statements include the accounts of the Company and subsidiaries in which we exercise control or have a controlling financial interest, including entities, if any, in which the Company is allocated a majority of the entity’s losses or returns, regardless of ownership percentage. If a subsidiary of Parker Drilling has a 50 percent
Reclassifications	Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications did not materially affect our consolidated financial results.
Use of Estimates	The preparation of our consolidated condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, our disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements, and our revenues and expenses during the periods reported. Estimates are typically used when accounting for certain significant items such as legal or contractual liability accruals, self-insured medical/dental plans, impairment, income taxes and valuation allowance, and other items requiring the use of estimates. Estimates are based on a number of variables, which may include third party valuations, historical experience, where applicable, and assumptions that we believe are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ from management estimates.
Purchase Price Allocation	We allocate the purchase price of an acquired business to its identifiable assets and liabilities in accordance with the acquisition method based on estimated fair values at the transaction date. Transaction and integration costs associated with an acquisition are expensed as incurred. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. We use all available information to estimate fair values, including quoted market prices, the carrying value of acquired assets, and widely accepted valuation techniques such as discounted cash flows. We typically engage third-party appraisal firms to assist in fair value determination of inventories, identifiable intangible assets, and any other significant assets or liabilities. Judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations.
Goodwill	We perform our annual goodwill impairment review during the fourth quarter, as of October 1, and more frequently if negative conditions or other triggering events arise. The quantitative impairment test we perform for goodwill utilizes certain assumptions, including forecasted revenues and costs assumptions.
Intangible Assets	Our intangible assets are related to developed technology and trade names, which were acquired through acquisition and are classified as definite lived intangibles, that are generally amortized over a weighted average period of approximately three to six years
Impairment	We evaluate the carrying amounts of long-lived assets for potential impairment when events occur or circumstances change that indicate the carrying values of such assets may not be recoverable. We evaluate recoverability by determining the undiscounted estimated future net cash flows for the respective asset groups identified. If the sum of the estimated undiscounted cash flows is less than the carrying value of the asset group, we measure the impairment as the amount by which the assets’ carrying value exceeds the fair value of such assets. Management considers a number of factors such as estimated future cash flows from the assets, appraisals and current market value analysis in determining fair value. Assets are written down to fair value if the final estimate of current fair value is below the net carrying value. The assumptions used in the impairment evaluation are inherently uncertain and require management judgment.
Income Taxes	Income taxes are accounted for under the asset and liability method and have been provided for based upon tax laws and rates in effect in the countries in which operations are conducted and income or losses are generated. There is little or no expected relationship between the provision for or benefit from income taxes and income or loss before income taxes as the countries in which we operate have taxation regimes that vary not only with respect to nominal rate, but also in terms of the availability of deductions, credits, and other benefits. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the temporary differences are expected to be recovered or settled and the effect of changes in tax rates is recognized in income in the period in which the change is enacted. Valuation allowances are established to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In order to determine the amount of deferred tax assets or liabilities, as well as the valuation allowances, we must make estimates and assumptions regarding future taxable income, where rigs will be deployed, and other matters. Changes in these estimates and assumptions, including changes in tax laws and other changes affecting our ability to recognize the underlying deferred tax assets, could require us to adjust the valuation allowances.The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized and changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
Earnings (Loss) Per Share (EPS)	Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. The effects of dilutive securities, stock options, unvested restricted stock, assumed conversion of convertible stock and convertible debt are included in the diluted EPS calculation, when applicable.
Concentrations of Credit Risk	Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of trade receivables with a variety of national and international oil and natural gas companies. We generally do not require collateral on our trade receivables. We depend on a limited number of significant customers.
Legal and Investigation Matters	We accrue estimates of the probable and estimable costs for the resolution of certain legal and investigative matters. We do not accrue any amounts for other matters for which the liability is not probable and reasonably estimable. Generally, the estimate of probable costs related to these matters is developed in consultation with our legal advisors. The estimates take into consideration factors such as the complexity of the issues, litigation risks and settlement costs. If the actual settlement costs, final judgments, or fines, after appeals, differ from our estimates, our future financial results may be adversely affected.
Recent Accounting Pronouncements	In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This ASU requires (a) an entity to separate the lease components from the non-lease components in a contract where the lease component will be accounted for under ASU 2016-02 and the non-lease component will be accounted for under ASU 2014-09, (b) recognition of lease assets and lease liabilities by lessees and derecognition of the leased asset and recognition of a net investment in the lease by the lessor and (c) additional disclosure requirements for both lessees and lessors. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, although early adoption is permitted. Under the updated accounting standard, we have determined that our drilling contracts contain a lease component. In July 2018, the FASB issued ASU 2018-11 which 1) provides for a new transition method whereby entities may elect to adopt the Update using a prospective with cumulative catch-up approach and (2) provides lessors with an option to not separate non-lease components from the associated lease components when certain criteria are met and requires them to account for the combined component in accordance with the new revenue standard if the associated non-lease components are the predominant components. We will adopt ASU 2016-02 on January 1, 2019. Our adoption, and the ultimate effect on our consolidated condensed financial statements, will be based on an evaluation of the contract-specific facts and circumstances, and such effect could introduce variability to the timing of our revenue recognition relative to current accounting standards. We are evaluating the requirements to determine the effect such requirements may have on our consolidated balance sheets, statements of operations, statements of cash flows and on the disclosures contained in our notes to the consolidated financial statements upon the adoption of ASU 2016-02. While, the Company continues to evaluate all of the effects of the adoption of this ASU, the Company believes the most significant effects relate to (i) the recognition of new right-of-use assets and lease liabilities on the condensed consolidated balance sheet for the Company’s operating leases and (ii) providing significant new disclosures about the Company’s leasing activities. Depending on the results of the evaluation our ultimate conclusions may vary. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in ASC 605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Effective January 1, 2018, we adopted ASU 2014-09 using the modified retrospective approach and it did not have a material impact on our consolidated balance sheets, statement of operations, and statements of cash flows. See Note 10 - Revenue from Contracts with Customers

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The change in the carrying amount of goodwill for the period ended September 30, 2018 is as follows: Dollars in thousands Goodwill Balance at December 31, 2017 $ 6,708 Additions — Balance at September 30, 2018 $ 6,708
Schedule of Intangible Assets	Intangible Assets consist of the following: Balance at September 30, 2018 Dollars in thousands Estimated Useful Life (Years) Gross Carrying Amount Write-off Due to Disposal Accumulated Amortization Net Carrying Amount Amortized intangible assets: Developed technology 6 $ 11,630 $ — $ (6,784 ) $ 4,846 Trade names 5 4,940 (332 ) (4,056 ) 552 Total amortized intangible assets $ 16,570 $ (332 ) $ (10,840 ) $ 5,398
Schedule of Intangible Assets, Future Amortization Expense	Our remaining intangibles amortization expense for the next five years is presented below: Dollars in thousands Expected future intangible amortization expense 2018 $ 577 2019 $ 2,306 2020 $ 2,030 2021 $ 485 Beyond 2021 $ —

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Summary of Company's Current Debt Portfolio	The following table illustrates the Company’s current debt portfolio as of September 30, 2018 and December 31, 2017 : Dollars in thousands September 30, December 31, 6.75% Senior Notes, due July 2022 $ 360,000 $ 360,000 7.50% Senior Notes, due August 2020 225,000 225,000 Total principal 585,000 585,000 Less: unamortized debt issuance costs (5,711 ) (7,029 ) Total long-term debt $ 579,289 $ 577,971

Fair Value of Measurements (Tab

Fair Value of Measurements (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Values and Related Carrying Values of Debt Instruments	Fair value of our debt instruments is determined using Level 2 inputs. Fair values and related carrying values of our debt instruments were as follows for the periods indicated: September 30, 2018 December 31, 2017 Dollars in thousands Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt 6.75% Notes $ 360,000 $ 282,600 $ 360,000 $ 296,100 7.50% Notes 225,000 200,250 225,000 206,438 Total $ 585,000 $ 482,850 $ 585,000 $ 502,538

Earnings (Loss) Per Share (EP_2

Earnings (Loss) Per Share (EPS) (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Schedule of Computation of Earnings per Share	The following table represents the computation of earnings per share for the three and nine months ended September 30, 2018 and 2017 , respectively: Three Months Ended September 30, Nine Months Ended September 30, Dollars in thousands, except per share amounts 2018 2017 2018 2017 Basic EPS Numerator Net Income (Loss) Available to Common Stockholders $ (71,857 ) $ (21,217 ) $ (125,343 ) $ (92,153 ) Denominator Weighted average shares outstanding 9,334,390 9,220,001 9,292,858 9,030,345 Number of shares used for basic EPS computation 9,334,390 9,220,001 9,292,858 9,030,345 Basic earnings (loss) per common share $ (7.70 ) $ (2.30 ) $ (13.49 ) $ (10.20 ) Diluted EPS Numerator Net Income (Loss) Available to Common Stockholders $ (71,857 ) $ (21,217 ) $ (125,343 ) $ (92,153 ) Denominator Number of shares used for basic EPS computation 9,334,390 9,220,001 9,292,858 9,030,345 Restricted stock units (1) — — — — Convertible preferred stock (2) — — — — Number of shares used for diluted EPS computation 9,334,390 9,220,001 9,292,858 9,030,345 Diluted earnings (loss) per common share $ (7.70 ) $ (2.30 ) $ (13.49 ) $ (10.20 ) (1) For the three and nine months ended September 30, 2018 and 2017 , respectively, all common shares potentially issuable in connection with outstanding restricted stock unit awards have been excluded from the calculation of diluted EPS as the Company incurred losses during the periods, therefore, inclusion of such potential common shares would be anti-dilutive. (2) Weighted average common shares issuable upon the assumed conversion of our Convertible Preferred Stock totaling 1,587,300

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	Significant changes to contract liabilities balances during the nine months ended September 30, 2018 are shown below: Dollars in thousands Contract Liabilities Balance at December 31, 2017 $ (3,149 ) Increase to deferred revenue during current period (7,657 ) Decrease due to recognition of revenue 2,844 Balance at September 30, 2018 $ (7,962 ) Dollars in thousands September 30, December 31, Contract liabilities - current (Deferred revenue) (1) $ (5,501 ) $ (1,581 ) Contract liabilities - noncurrent (Deferred revenue) (1) (2,461 ) (1,568 ) Total contract liabilities $ (7,962 ) $ (3,149 ) (1) Contract liabilities - current and contract liabilities - noncurrent are included in accounts payable and accrued liabilities and other long-term liabilities respectively, in our consolidated condensed balance sheet as of September 30, 2018 and December 31, 2017
Revenue Expected to be Recognized in the Future Related to Performance Obligations	The following table includes revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. Balance at September 30, 2018 Dollars in thousands Remaining 2018 2019 2020 Beyond 2020 Total Deferred revenue $2,706 $3,015 $873 $1,368 $7,962

Reportable Segments (Tables)

Reportable Segments (Tables)	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Results of Operations by Reportable Segment	Our International Rental Tools segment maintains an inventory of rental tools and provides well construction, well intervention, and surface and tubular services to our customers in the Middle East, Latin America, United Kingdom, Europe, and Asia-Pacific regions. The following table represents the results of operations by reportable segment: Three Months Ended Nine Months Ended Dollars in thousands 2018 2017 2018 2017 Revenues: (1) Drilling Services: U.S. (Lower 48) Drilling $ 4,530 $ 4,585 $ 9,167 $ 10,843 International & Alaska Drilling 47,770 62,726 157,168 186,606 Total Drilling Services 52,300 67,311 166,335 197,449 Rental Tools Services: U.S. Rental Tools 50,944 35,677 127,775 85,613 International Rental Tools 20,151 15,320 57,563 43,124 Total Rental Tools Services 71,095 50,997 185,338 128,737 Total revenues 123,395 118,308 351,673 326,186 Operating gross margin: (2) Drilling Services: U.S. (Lower 48) Drilling (3,402 ) (3,516 ) (12,443 ) (15,278 ) International & Alaska Drilling (8,541 ) 1,082 (17,701 ) (3,461 ) Total Drilling Services (11,943 ) (2,434 ) (30,144 ) (18,739 ) Rental Tools Services: U.S. Rental Tools 16,588 8,556 30,903 7,746 International Rental Tools (2,713 ) (6,001 ) (9,402 ) (19,647 ) Total Rental Tools Services 13,875 2,555 21,501 (11,901 ) Total operating gross margin (loss) 1,932 121 (8,643 ) (30,640 ) General and administrative expense (14,495 ) (7,033 ) (28,984 ) (20,576 ) Loss on impairment (43,990 ) — (43,990 ) — Gain (loss) on disposition of assets, net 9 97 (126 ) (368 ) Total operating income (loss) (56,544 ) (6,815 ) (81,743 ) (51,584 ) Interest expense (11,350 ) (11,067 ) (33,787 ) (33,032 ) Interest income 23 128 76 160 Other income (loss) (709 ) (638 ) (1,609 ) 452 Income (loss) before income taxes $ (68,580 ) $ (18,392 ) $ (117,063 ) $ (84,004 ) (1) For the nine months ended September 30, 2018 , our largest customer, ENL , constituted approximately 25.7 percent of our total consolidated revenues and approximately 57.5 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $34.6 million , ENL constituted approximately 17.9 percent of our total consolidated revenues and approximately 47.6 percent of our International & Alaska Drilling segment revenues. For the nine months ended September 30, 2017 , our largest customer, ENL , constituted approximately 32.6 percent of our total consolidated revenues and approximately 56.9 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $39.9 million , ENL constituted approximately 23.6 percent of our total consolidated revenues and approximately 46.9 percent of our International & Alaska Drilling segment revenues. Our second largest customer, BP, constituted 10.0 percent of our total consolidated revenues and approximately 17.5 percent of our International & Alaska Drilling segment revenues. (2)
Schedule of Revenue by Geographic Region	The following table shows the Company’s revenues by geographic region: Three Months Ended September 30, Nine Months Ended September 30, Dollars in Thousands 2018 2017 2018 2017 Revenues by geographic region: United States $ 57,016 $ 51,444 $ 153,665 $ 129,405 Russia 30,315 35,794 90,378 106,819 EMEA & Asia 23,902 15,646 66,206 44,283 Latin America 2,596 2,393 10,214 8,013 Other CIS 2,743 6,378 9,799 18,439 Other 6,823 6,653 21,411 19,227 Total revenues $ 123,395 $ 118,308 $ 351,673 $ 326,186

Parent, Guarantor, Non-Guaran_2

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidating Condensed Balance Sheet	PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) September 30, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 30,825 $ 7,939 $ 42,964 $ — $ 81,728 Accounts and notes receivable, net — 53,515 84,386 — 137,901 Rig materials and supplies — (1,792 ) 35,971 319 34,498 Other current assets — 8,733 18,940 — 27,673 Total current assets 30,825 68,395 182,261 319 281,800 Property, plant and equipment, net (19 ) 380,029 170,163 296 550,469 Goodwill — 6,708 — — 6,708 Intangible assets, net — 5,398 — — 5,398 Deferred income taxes 21,272 (33,125 ) 13,664 — 1,811 Other noncurrent assets 2,596,927 3,273,124 4,727,353 (10,574,409 ) 22,995 Total assets $ 2,649,005 $ 3,700,529 $ 5,093,441 $ (10,573,794 ) $ 869,181 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ (103,158 ) $ 219,483 $ 604,393 $ (617,477 ) $ 103,241 Accrued income taxes 84,361 (62,926 ) (17,223 ) — 4,212 Total current liabilities (18,797 ) 156,557 587,170 (617,477 ) 107,453 Long-term debt, net 579,289 — — — 579,289 Other long-term liabilities 2,867 4,588 4,753 — 12,208 Long-term deferred tax liability — — 60 — 60 Intercompany payables 1,912,224 1,473,535 2,670,598 (6,056,357 ) — Total liabilities 2,475,583 1,634,680 3,262,581 (6,673,834 ) 699,010 Total stockholders’ equity 173,422 2,065,849 1,830,860 (3,899,960 ) 170,171 Total liabilities and stockholders’ equity $ 2,649,005 $ 3,700,529 $ 5,093,441 $ (10,573,794 ) $ 869,181 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) December 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 75,342 $ 20,655 $ 45,552 $ — $ 141,549 Accounts and notes receivable, net — 32,338 90,173 — 122,511 Rig materials and supplies — (3,025 ) 34,440 — 31,415 Other current assets — 6,362 15,999 — 22,361 Total current assets 75,342 56,330 186,164 — 317,836 Property, plant and equipment, net (19 ) 428,556 197,234 — 625,771 Goodwill — 6,708 — — 6,708 Intangible assets, net — 7,128 — — 7,128 Deferred income taxes 15,144 (26,623 ) 12,763 — 1,284 Other noncurrent assets 2,678,674 3,235,834 4,479,914 (10,362,870 ) 31,552 Total assets $ 2,769,141 $ 3,707,933 $ 4,876,075 $ (10,362,870 ) $ 990,279 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ (51,060 ) $ 179,247 $ 588,536 $ (617,477 ) $ 99,246 Accrued income taxes 76,883 (56,870 ) (15,583 ) — 4,430 Total current liabilities 25,823 122,377 572,953 (617,477 ) 103,676 Long-term debt, net 577,971 — — — 577,971 Other long-term liabilities 2,867 5,741 3,825 — 12,433 Long-term deferred tax liability (1 ) — 79 — 78 Intercompany payables 1,865,810 1,465,744 2,430,340 (5,761,894 ) — Total liabilities 2,472,470 1,593,862 3,007,197 (6,379,371 ) 694,158 Total stockholders’ equity 296,671 2,114,071 1,868,878 (3,983,499 ) 296,121 Total liabilities and stockholders’ equity $ 2,769,141 $ 3,707,933 $ 4,876,075 $ (10,362,870 ) $ 990,279
Consolidating Condensed Statement of Operations	PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Three months ended September 30, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated Revenues $ — $ 63,178 $ 76,316 $ (16,099 ) $ 123,395 Expenses: Operating expenses — 31,039 79,003 (16,099 ) 93,943 Depreciation and amortization — 19,680 7,840 — 27,520 — 50,719 86,843 (16,099 ) 121,463 Total operating gross margin (loss) — 12,459 (10,527 ) — 1,932 General and administrative expense (1) (96 ) (14,421 ) 22 — (14,495 ) Loss on impairment — (34,209 ) (9,781 ) — (43,990 ) Gain (loss) on disposition of assets, net — 54 (45 ) — 9 Total operating income (loss) (96 ) (36,117 ) (20,331 ) — (56,544 ) Other income (expense): Interest expense (12,072 ) (44 ) (2,866 ) 3,632 (11,350 ) Interest income 127 183 3,345 (3,632 ) 23 Other — (2 ) (707 ) — (709 ) Equity in net earnings of subsidiaries (57,588 ) — — 57,588 — Total other income (expense) (69,533 ) 137 (228 ) 57,588 (12,036 ) Income (loss) before income taxes (69,629 ) (35,980 ) (20,559 ) 57,588 (68,580 ) Income tax expense (benefit) 1,322 59 990 — 2,371 Net income (loss) (70,951 ) (36,039 ) (21,549 ) 57,588 (70,951 ) Less: Convertible preferred stock dividend 906 — — — 906 Net income (loss) available to common stockholders $ (71,857 ) $ (36,039 ) $ (21,549 ) $ 57,588 $ (71,857 ) (1) General and administrative expenses for field operations are included in operating expenses. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Three months ended September 30, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Revenues $ — $ 46,820 $ 89,027 $ (17,539 ) $ 118,308 Expenses: Operating expenses — 24,085 81,574 (17,539 ) 88,120 Depreciation and amortization — 20,025 10,042 — 30,067 — 44,110 91,616 (17,539 ) 118,187 Total operating gross margin (loss) — 2,710 (2,589 ) — 121 General and administrative expense (1) (96 ) (6,823 ) (114 ) — (7,033 ) Gain (loss) on disposition of assets, net — — 97 — 97 Total operating income (loss) (96 ) (4,113 ) (2,606 ) — (6,815 ) Other income (expense): Interest expense (11,742 ) (90 ) (1,959 ) 2,724 (11,067 ) Interest income 259 206 2,387 (2,724 ) 128 Other — 13 (651 ) — (638 ) Equity in net earnings of subsidiaries (8,172 ) — — 8,172 — Total other income (expense) (19,655 ) 129 (223 ) 8,172 (11,577 ) Income (loss) before income taxes (19,751 ) (3,984 ) (2,829 ) 8,172 (18,392 ) Income tax expense (benefit) 560 12 1,347 — 1,919 Net income (loss) (20,311 ) (3,996 ) (4,176 ) 8,172 (20,311 ) Less: Convertible preferred stock dividend 906 — — — 906 Net income (loss) available to common stockholders $ (21,217 ) $ (3,996 ) $ (4,176 ) $ 8,172 $ (21,217 ) (1) General and administrative expenses for field operations are included in operating expenses. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Nine Months Ended September 30, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated Revenues $ — $ 156,766 $ 240,579 $ (45,672 ) $ 351,673 Expenses: Operating expenses — 83,231 239,552 (45,672 ) 277,111 Depreciation and amortization — 59,163 24,042 — 83,205 — 142,394 263,594 (45,672 ) 360,316 Total operating gross margin (loss) — 14,372 (23,015 ) — (8,643 ) General and administrative expense (1) (340 ) (28,408 ) (236 ) — (28,984 ) Loss on impairment — (34,209 ) (9,781 ) — (43,990 ) Gain (loss) on disposition of assets, net — 2 (128 ) — (126 ) Total operating income (loss) (340 ) (48,243 ) (33,160 ) — (81,743 ) Other income (expense): Interest expense (36,214 ) 129 (7,022 ) 9,320 (33,787 ) Interest income 447 544 8,405 (9,320 ) 76 Other — 14 (1,623 ) — (1,609 ) Equity in net earnings of subsidiaries (85,039 ) — — 85,039 — Total other income (expense) (120,806 ) 687 (240 ) 85,039 (35,320 ) Income (loss) before income taxes (121,146 ) (47,556 ) (33,400 ) 85,039 (117,063 ) Income tax expense (benefit) 1,478 665 3,418 — 5,561 Net income (loss) (122,624 ) (48,221 ) (36,818 ) 85,039 (122,624 ) Less: Convertible preferred stock dividend 2,719 — — — 2,719 Net income (loss) available to common stockholders $ (125,343 ) $ (48,221 ) $ (36,818 ) $ 85,039 $ (125,343 ) (1) General and administrative expenses for field operations are included in operating expenses. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Nine Months Ended September 30, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Revenues $ — $ 116,203 $ 262,293 $ (52,310 ) $ 326,186 Expenses: Operating expenses — 70,362 245,523 (52,310 ) 263,575 Depreciation and amortization — 61,483 31,768 — 93,251 — 131,845 277,291 (52,310 ) 356,826 Total operating gross margin (loss) — (15,642 ) (14,998 ) — (30,640 ) General and administrative expense (1) (244 ) (19,996 ) (336 ) — (20,576 ) Gain (loss) on disposition of assets, net — (242 ) (126 ) — (368 ) Total operating income (loss) (244 ) (35,880 ) (15,460 ) — (51,584 ) Other income (expense): Interest expense (35,221 ) (175 ) (5,971 ) 8,335 (33,032 ) Interest income 592 563 7,340 (8,335 ) 160 Other — 59 393 — 452 Equity in net earnings of subsidiaries (45,774 ) — — 45,774 — Total other income (expense) (80,403 ) 447 1,762 45,774 (32,420 ) Income (loss) before income taxes (80,647 ) (35,433 ) (13,698 ) 45,774 (84,004 ) Income tax expense (benefit) 9,361 (7,150 ) 3,793 — 6,004 Net income (loss) (90,008 ) (28,283 ) (17,491 ) 45,774 (90,008 ) Less: Convertible preferred stock dividend 2,145 — — — 2,145 Net income (loss) available to common stockholders $ (92,153 ) $ (28,283 ) $ (17,491 ) $ 45,774 $ (92,153 ) (1) General and administrative expenses for field operations are included in operating expenses.
Consolidating Condensed Statements of Comprehensive Income (Loss)	PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Three months ended September 30, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income (loss): Net income (loss) $ (70,951 ) $ (36,039 ) $ (21,549 ) $ 57,588 $ (70,951 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — (315 ) — (315 ) Currency translation difference on foreign currency net investments — — 162 — 162 Total other comprehensive income (loss), net of tax: — — (153 ) — (153 ) Comprehensive income (loss) $ (70,951 ) $ (36,039 ) $ (21,702 ) $ 57,588 $ (71,104 ) PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Three months ended September 30, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income (loss): Net income (loss) $ (20,311 ) $ (3,996 ) $ (4,176 ) $ 8,172 $ (20,311 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — 170 — 170 Currency translation difference on foreign currency net investments — — 1,217 — 1,217 Total other comprehensive income (loss), net of tax: — — 1,387 — 1,387 Comprehensive income (loss) $ (20,311 ) $ (3,996 ) $ (2,789 ) $ 8,172 $ (18,924 ) PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Nine Months Ended September 30, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income (loss): Net income (loss) $ (122,624 ) $ (48,221 ) $ (36,818 ) $ 85,039 $ (122,624 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — (484 ) — (484 ) Currency translation difference on foreign currency net investments — — (2,216 ) — (2,216 ) Total other comprehensive income (loss), net of tax: — — (2,700 ) — (2,700 ) Comprehensive income (loss) $ (122,624 ) $ (48,221 ) $ (39,518 ) $ 85,039 $ (125,324 ) PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Nine Months Ended September 30, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income (loss): Net income (loss) $ (90,008 ) $ (28,283 ) $ (17,491 ) $ 45,774 $ (90,008 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — 438 — 438 Currency translation difference on foreign currency net investments — — 2,666 — 2,666 Total other comprehensive income (loss), net of tax: — — 3,104 — 3,104 Comprehensive income (loss) $ (90,008 ) $ (28,283 ) $ (14,387 ) $ 45,774 $ (86,904 )
Consolidated Condensed Statements of Cash Flows	PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (Dollars in Thousands) (Unaudited) Nine Months Ended September 30, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ (122,624 ) $ (48,221 ) $ (36,818 ) $ 85,039 $ (122,624 ) Adjustments to reconcile net income (loss): Depreciation and amortization — 59,163 24,042 — 83,205 (Gain) loss on disposition of assets, net — (2 ) 128 — 126 Deferred tax expense (benefit) (6,129 ) 6,503 (920 ) — (546 ) Loss on impairment — 34,209 9,781 — 43,990 Expenses not requiring cash 3,660 536 (8,872 ) 9,167 4,491 Change in assets and liabilities: Accounts and notes receivable — (21,161 ) 5,515 — (15,646 ) Other assets 83,191 (37,686 ) (249,047 ) 211,220 7,678 Accounts payable and accrued liabilities (4,777 ) 45,820 260,517 (305,426 ) (3,866 ) Accrued income taxes 7,478 (6,056 ) (1,746 ) — (324 ) Net cash provided by (used in) operating activities (39,201 ) 33,105 2,580 — (3,516 ) Cash flows from investing activities: Capital expenditures — (45,888 ) (6,132 ) — (52,020 ) Proceeds from the sale of assets — 67 964 — 1,031 Net cash provided by (used in) investing activities — (45,821 ) (5,168 ) — (50,989 ) Cash flows from financing activities: Convertible preferred stock dividend (3,625 ) — — — (3,625 ) Payments of debt issuance costs (1,443 ) — — — (1,443 ) Shares surrendered in lieu of tax (248 ) — — — (248 ) Net cash provided by (used in) financing activities (5,316 ) — — — (5,316 ) Net increase (decrease) in cash and cash equivalents (44,517 ) (12,716 ) (2,588 ) — (59,821 ) Cash and cash equivalents at beginning of period 75,342 20,655 45,552 — 141,549 Cash and cash equivalents at end of period $ 30,825 $ 7,939 $ 42,964 $ — $ 81,728 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (Dollars in Thousands) (Unaudited) Nine Months Ended September 30, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ (90,008 ) $ (28,283 ) $ (17,491 ) $ 45,774 $ (90,008 ) Adjustments to reconcile net income (loss) Depreciation and amortization — 61,483 31,768 — 93,251 (Gain) loss on disposition of assets, net — 242 126 — 368 Deferred tax expense (benefit) (14,138 ) 12,217 1,327 — (594 ) Expenses not requiring cash 4,479 (45 ) 1,465 — 5,899 Equity in net earnings of subsidiaries 45,774 — — (45,774 ) — Change in assets and liabilities: Accounts and notes receivable — (18,515 ) 3,607 — (14,908 ) Other assets (34,318 ) 26,426 7,567 — (325 ) Accounts payable and accrued liabilities (57,275 ) 42,116 (3,361 ) — (18,520 ) Accrued income taxes 76,281 (57,261 ) (18,589 ) — 431 Net cash provided by (used in) operating activities (69,205 ) 38,380 6,419 — (24,406 ) Cash flows from investing activities: Capital expenditures — (35,301 ) (9,535 ) — (44,836 ) Proceeds from the sale of assets — 26 296 — 322 Net cash provided by (used in) investing activities — (35,275 ) (9,239 ) — (44,514 ) Cash flows from financing activities: Convertible preferred stock dividend (1,239 ) — — — (1,239 ) Shares surrendered in lieu of tax (829 ) — — — (829 ) Proceeds from the issuance of common stock 25,200 — — — 25,200 Proceeds from the issuance of convertible preferred stock 50,000 — — — 50,000 Payment of equity issuance costs (2,864 ) — — — (2,864 ) Net cash provided by (used in) financing activities 70,268 — — — 70,268 Net increase (decrease) in cash and cash equivalents 1,063 3,105 (2,820 ) — 1,348 Cash and cash equivalents at beginning of period 65,000 14,365 40,326 — 119,691 Cash and cash equivalents at end of period $ 66,063 $ 17,470 $ 37,506 $ — $ 121,039

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	Jul. 27, 2018	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Revenue, Major Customer [Line Items]
Percentage accounted for under the equity method		50.00%		50.00%
Revenues		$ 123,395	$ 118,308	$ 351,673	$ 326,186
Deposits in domestic bank		41,300		41,300		$ 97,600
Uninsured deposits in foreign banks		42,400		$ 42,400		$ 45,600
Reverse stock split, conversion ratio	15
Preferred dividend percentage				7.25%		7.25%
Reimbursable revenue
Revenue, Major Customer [Line Items]
Revenues		$ 13,400	$ 15,000	$ 40,400	45,500
Exxon Neftegas Limited | Reimbursable revenue
Revenue, Major Customer [Line Items]
Revenues				$ 34,600	$ 39,900
Customer Concentration Risk | Sales Revenue, Net | Exxon Neftegas Limited
Revenue, Major Customer [Line Items]
Percentage of revenue from major customer				25.70%	32.60%
Customer Concentration Risk | Sales Revenue, Net Of Reimbursable Revenues | Exxon Neftegas Limited
Revenue, Major Customer [Line Items]
Percentage of revenue from major customer				17.90%	23.60%
Minimum
Revenue, Major Customer [Line Items]
Estimated Useful Life (Years)				3 years
Maximum
Revenue, Major Customer [Line Items]
Estimated Useful Life (Years)				6 years

Property, Plant and Equipment_2

Property, Plant and Equipment Impairment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)business_line	Sep. 30, 2017USD ($)
Property, Plant and Equipment [Abstract]
Number of business lines | business_line			2
Property, Plant and Equipment [Line Items]
Loss on impairment	$ 43,990	$ 0	$ 43,990	$ 0
Barge Rigs | Gulf Of Mexico
Property, Plant and Equipment [Line Items]
Long-lived assets carrying amount prior to impairment	19,700		19,700
Loss on impairment	34,200
Barge Rigs | International
Property, Plant and Equipment [Line Items]
Long-lived assets carrying amount prior to impairment	3,400		$ 3,400
Loss on impairment	$ 9,800

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details)	9 Months Ended
	Sep. 30, 2018USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2017	$ 6,708,000
Additions	0
Balance at September 30, 2018	6,708,000
Goodwill expected tax deductible amount	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 16,570
Write-off Due to Disposal	(332)
Accumulated Amortization	(10,840)
Net Carrying Amount	5,398
Amortization of Intangible Assets	$ 1,700	$ 2,200
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (Years)	6 years
Gross Carrying Amount	$ 11,630
Write-off Due to Disposal	0
Accumulated Amortization	(6,784)
Net Carrying Amount	$ 4,846
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (Years)	5 years
Gross Carrying Amount	$ 4,940
Write-off Due to Disposal	(332)
Accumulated Amortization	(4,056)
Net Carrying Amount	$ 552

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Expected Future Intangibles Amortization Expense (Details) $ in Thousands	Sep. 30, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,018	$ 577
2,019	2,306
2,020	2,030
2,021	485
Beyond 2,021	$ 0

Long-term Debt - Summary of Com

Long-term Debt - Summary of Company's Current Debt Portfolio (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total principal	$ 585,000	$ 585,000
Less: unamortized debt issuance costs	(5,711)	(7,029)
Total long-term debt	579,289	577,971
6.75% Senior Notes, due July 2022
Debt Instrument [Line Items]
Total principal	360,000	360,000
Less: unamortized debt issuance costs	(3,900)
7.50% Senior Notes, due August 2020
Debt Instrument [Line Items]
Total principal	225,000	$ 225,000
Less: unamortized debt issuance costs	$ (1,800)

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail) - USD ($)	Oct. 30, 2018	Sep. 30, 2018	Feb. 14, 2018	Dec. 31, 2017	Jan. 26, 2015	Jan. 22, 2014	Jul. 30, 2013
Debt Instrument [Line Items]
Deferred acquisition costs		$ 5,711,000		$ 7,029,000
2015 Secured Credit Agreement
Debt Instrument [Line Items]
Deferred acquisition costs		1,400,000
Maximum borrowing capacity			$ 80,000,000	$ 100,000,000	$ 200,000,000
Minimum liquidity amount			30,000,000
Minimum liquidity amount, restricted amount		15,000,000	15,000,000
Maximum borrowing capacity net of restricted liquidity amount and outstanding letters of credit			$ 65,000,000
Unamortized debt issuance expense		1,400,000
Senior secured credit facility		79,900,000
Letters of credit outstanding		6,300,000
Remaining borrowing capacity		58,600,000
Long-term line of credit		0
2015 Secured Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Cash collateral to support letters of credit	$ 10,000,000
Revolver borrowing availability increase	$ 10,000,000
6.75% Senior Notes, due July 2022
Debt Instrument [Line Items]
Percentage of notes guaranteed by restricted subsidiaries						6.75%
Aggregate principal amount						$ 360,000,000
Debt issuance costs		7,600,000
Deferred acquisition costs		$ 3,900,000
Redemption price rate after year three		103.375%
Redemption price rate after year five						101.00%
7.50% Senior Notes, due August 2020
Debt Instrument [Line Items]
Percentage of notes guaranteed by restricted subsidiaries							7.50%
Aggregate principal amount							$ 225,000,000
Debt issuance costs		$ 5,600,000
Deferred acquisition costs		$ 1,800,000
Redemption price rate after year five							101.00%

Fair Value of Measurements - Fa

Fair Value of Measurements - Fair Values and Related Carrying Values of Debt Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Jan. 22, 2014	Jul. 30, 2013
6.75% Senior Notes, due July 2022
Long-term debt
Percentage of notes guaranteed by restricted subsidiaries			6.75%
7.50% Senior Notes, due August 2020
Long-term debt
Percentage of notes guaranteed by restricted subsidiaries				7.50%
Carrying Amount
Long-term debt
Long term debt Fair value	$ 585,000	$ 585,000
Carrying Amount | 6.75% Senior Notes, due July 2022
Long-term debt
Long term debt Fair value	360,000	360,000
Carrying Amount | 7.50% Senior Notes, due August 2020
Long-term debt
Long term debt Fair value	225,000	225,000
Fair Value
Long-term debt
Long term debt Fair value	482,850	502,538
Fair Value | 6.75% Senior Notes, due July 2022
Long-term debt
Long term debt Fair value	282,600	296,100
Fair Value | 7.50% Senior Notes, due August 2020
Long-term debt
Long term debt Fair value	$ 200,250	$ 206,438

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Liability for unrecognized tax	$ 6,000		$ 6,000		$ 5,400
Accrued interest and penalties applied to uncertain tax positions			2,100		$ 2,100
Income tax expense (benefit)	$ 2,371	$ 1,919	$ 5,561	$ 6,004

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	Aug. 23, 2018$ / shares	Jul. 27, 2018	Jul. 12, 2018$ / sharesshares	Feb. 28, 2017USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2018USD ($)shares	Mar. 31, 2018USD ($)shares	Sep. 30, 2017USD ($)shares	Jun. 30, 2017USD ($)shares	Mar. 31, 2017USD ($)shares	Sep. 30, 2018$ / sharesshares	Dec. 31, 2017$ / shares
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares					$ 0.166667						$ 0.166667	$ 0.166667
Preferred stock, par value (in dollars per share) | $ / shares			$ 1		1						1	$ 1
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares					$ 100						$ 100
Issuance of common stock and mandatory convertible preferred stock | $				$ 72,300
Convertible preferred stock, terms of conversion, measurement period											20 days
Preferred dividend percentage											7.25%	7.25%
Preferred stock, dividends per share, declared (in dollars per share) | $ / shares	$ 1.8125
Exercise price (in dollars per share) | $ / shares			$ 52.50
Number of securities called by each warrant			0.001
Period following public announcement of acquisition of 10% or more of outstanding shares			10 days
Percentage threshold for triggering event			4.90%
Period following tender offer for acquisition			10 days
Discount percentage on share price if rights are exercisable			50.00%
Shares exchangeable if rights become exercisable (in shares)			2
Reverse stock split, conversion ratio		15
Common Stock
Class of Stock [Line Items]
Common stock, shares issued				800,000	0	0	0	0	0	800,000
Pre-split shares issued (in shares)				12,000,000
Stock issued, price per share (in dollars per share) | $ / shares				$ 2.10
Issuance of common stock and mandatory convertible preferred stock | $					$ 0	$ 0	$ 0	$ 0	$ (1)	$ 24,060
Common Stock | Minimum
Class of Stock [Line Items]
Convertible preferred stock, shares issued upon conversion					2.7605						2.7605
Common Stock | Maximum
Class of Stock [Line Items]
Convertible preferred stock, shares issued upon conversion					3.1746						3.1746
Preferred Stock
Class of Stock [Line Items]
Common stock, shares issued				500,000	0	0	0	0	0	500,000
Issuance of common stock and mandatory convertible preferred stock | $					$ 0	$ 0	$ 0	$ 0	$ (2)	$ 48,279
Series A Preferred Stock
Class of Stock [Line Items]
Preferred dividend percentage											7.25%

Earnings (Loss) Per Share (EP_3

Earnings (Loss) Per Share (EPS) - Summary of Earnings Per Share (EPS) (Detail) $ / shares in Units, $ in Thousands		Jul. 27, 2018	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2017USD ($)$ / sharesshares
Earnings Per Share [Abstract]
Reverse stock split, conversion ratio		15
Net income (loss) available to common stockholders | $			$ (71,857)	$ (21,217)	$ (125,343)	$ (92,153)
Basic earnings (loss) per share (in shares)	[1]		9,334,390	9,220,001	9,292,858	9,030,345
Basic earnings (loss) per common share (in dollars per share) | $ / shares	[1]		$ (7.70)	$ (2.30)	$ (13.49)	$ (10.20)
Effect of dilutive securities:
Restricted stock units (in shares)			0	0	0	0
Convertible preferred stock (in shares)			0	0	0	0
Number of shares used in diluted EPS computation (in shares)	[1]		9,334,390	9,220,001	9,292,858	9,030,345
Diluted earnings (loss) per common share (in dollars per share) | $ / shares	[1]		$ (7.70)	$ (2.30)	$ (13.49)	$ (10.20)
Shares excluded from the computation of diluted EPS					1,587,300
[1]	See Note 8 - Stockholders’ Equity for details regarding the 1-for- 15

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)business_line	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Revenue from Contract with Customer [Abstract]
Number of business lines | business_line			2
Disaggregation of Revenue [Line Items]
Typical payment term			30 days
Revenues	$ 123,395	$ 118,308	$ 351,673	$ 326,186
Capitalized mobilization costs	6,400		6,400		$ 3,100
Capitalized contract cost, amortization	1,800		3,900
Reimbursable revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 13,400	$ 15,000	$ 40,400	$ 45,500
Minimum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period			2
Maximum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period			60

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Summary of Accounts And Notes Receivable And Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Contract Liabilities - current		$ (5,501)	$ (1,581)
Contract Liabilities - noncurrent		(2,461)	(1,568)
Total contract liabilities	$ (3,149)	$ (7,962)	$ (3,149)
Change in Contract with Customer, Liability [Roll Forward]
Contract Liabilities	(3,149)
Increase to deferred revenue during current period	(7,657)
Decrease due to recognition of revenue	2,844
Contract Liabilities	$ (7,962)

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Summary of Future Obligations (Details) $ in Thousands	Sep. 30, 2018USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 2,706
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 3,015
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 873
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 7,962
Revenue, remaining performance obligation, expected timing of satisfaction, period

Reportable Segments - Additiona

Reportable Segments - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2018segmentbusiness_lineft
Segment Information [Line Items]
Number of business lines | business_line	2
Number of reportable segments	4
U.S. (Lower 48) Drilling
Segment Information [Line Items]
Number of business lines | business_line	2
Number of reportable segments	2
U.S. (Lower 48) Drilling | Minimum
Segment Information [Line Items]
Underwater drilling depth | ft	6
Drilling contract terms	20 days
U.S. (Lower 48) Drilling | Maximum
Segment Information [Line Items]
Underwater drilling depth | ft	12
Drilling contract terms	180 days
International & Alaska Drilling
Segment Information [Line Items]
Number of reportable segments	2
Drilling contract terms	1 year

Reportable Segments - Results o

Reportable Segments - Results of Operations by Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Revenues	$ 123,395	$ 118,308	$ 351,673	$ 326,186
Operating gross margin:
Total operating gross margin (loss)	1,932	121	(8,643)	(30,640)
General and administrative expense	(14,495)	(7,033)	(28,984)	(20,576)
Loss on impairment	(43,990)	0	(43,990)	0
Gain (loss) on disposition of assets, net	9	97	(126)	(368)
Total operating income (loss)	(56,544)	(6,815)	(81,743)	(51,584)
Interest expense	(11,350)	(11,067)	(33,787)	(33,032)
Interest income	23	128	76	160
Other	(709)	(638)	(1,609)	452
Income (loss) before income taxes	(68,580)	(18,392)	(117,063)	(84,004)
Reimbursable revenue
Revenues:
Revenues	13,400	15,000	40,400	45,500
Exxon Neftegas Limited | Reimbursable revenue
Revenues:
Revenues			$ 34,600	$ 39,900
Exxon Neftegas Limited | Customer Concentration Risk | Sales Revenue, Net
Operating gross margin:
Percentage of revenue from major customer			25.70%	32.60%
Exxon Neftegas Limited | Customer Concentration Risk | Sales Revenue, Net Of Reimbursable Revenues
Operating gross margin:
Percentage of revenue from major customer			17.90%	23.60%
BP Exploration Alaska, Inc. | Customer Concentration Risk | Sales Revenue, Net
Operating gross margin:
Percentage of revenue from major customer				10.00%
Total Drilling Services
Revenues:
Revenues	52,300	67,311	$ 166,335	$ 197,449
Operating gross margin:
Total operating gross margin (loss)	(11,943)	(2,434)	(30,144)	(18,739)
U.S. (Lower 48) Drilling
Revenues:
Revenues	4,530	4,585	9,167	10,843
Operating gross margin:
Total operating gross margin (loss)	(3,402)	(3,516)	(12,443)	(15,278)
International & Alaska Drilling
Revenues:
Revenues	47,770	62,726	157,168	186,606
Operating gross margin:
Total operating gross margin (loss)	(8,541)	1,082	$ (17,701)	$ (3,461)
International & Alaska Drilling | Exxon Neftegas Limited | Customer Concentration Risk | Sales Revenue, Net
Operating gross margin:
Percentage of revenue from major customer			57.50%	56.90%
International & Alaska Drilling | Exxon Neftegas Limited | Customer Concentration Risk | Sales Revenue, Net Of Reimbursable Revenues
Operating gross margin:
Percentage of revenue from major customer			47.60%	46.90%
International & Alaska Drilling | BP Exploration Alaska, Inc. | Customer Concentration Risk | Sales Revenue, Net Of Reimbursable Revenues
Operating gross margin:
Percentage of revenue from major customer				17.50%
Total Rental Tools Services
Revenues:
Revenues	71,095	50,997	$ 185,338	$ 128,737
Operating gross margin:
Total operating gross margin (loss)	13,875	2,555	21,501	(11,901)
U.S. Rental Tools
Revenues:
Revenues	50,944	35,677	127,775	85,613
Operating gross margin:
Total operating gross margin (loss)	16,588	8,556	30,903	7,746
International Rental Tools
Revenues:
Revenues	20,151	15,320	57,563	43,124
Operating gross margin:
Total operating gross margin (loss)	$ (2,713)	$ (6,001)	$ (9,402)	$ (19,647)

Reportable Segments - Revenue b

Reportable Segments - Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 123,395	$ 118,308	$ 351,673	$ 326,186
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	57,016	51,444	153,665	129,405
Russia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	30,315	35,794	90,378	106,819
EMEA & Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	23,902	15,646	66,206	44,283
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,596	2,393	10,214	8,013
Other CIS
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,743	6,378	9,799	18,439
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 6,823	$ 6,653	$ 21,411	$ 19,227

Parent, Guarantor, Non-Guaran_3

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percentage of guaranteed subsidiaries by the parent companies	100.00%

Parent, Guarantor, Non-Guaran_4

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidating Condensed Balance Sheet (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 81,728			$ 141,549	$ 121,039			$ 119,691
Accounts and notes receivable, net	137,901			122,511
Rig materials and supplies	34,498			31,415
Other current assets	27,673			22,361
Total current assets	281,800			317,836
Property, plant and equipment, net	550,469			625,771
Goodwill (Note 3)	6,708			6,708
Intangible assets, net (Note 3)	5,398			7,128
Deferred income taxes	1,811			1,284
Other noncurrent assets	22,995			31,552
Total assets	869,181			990,279
Current liabilities:
Accounts payable and accrued liabilities	103,241			99,246
Accrued income taxes	4,212			4,430
Total current liabilities	107,453			103,676
Long-term debt, net	579,289			577,971
Other long-term liabilities	12,208			12,433
Long-term deferred tax liability	60			78
Intercompany payables	0			0
Total liabilities	699,010			694,158
Total stockholders' equity	170,171	$ 241,730	$ 266,975	296,121	324,556	$ 343,795	$ 373,441	339,135
Total liabilities and stockholders’ equity	869,181			990,279
Reportable Legal Entities | Parent
Current assets:
Cash and cash equivalents	30,825			75,342	66,063			65,000
Accounts and notes receivable, net	0			0
Rig materials and supplies	0			0
Other current assets	0			0
Total current assets	30,825			75,342
Property, plant and equipment, net	(19)			(19)
Goodwill (Note 3)	0			0
Intangible assets, net (Note 3)	0			0
Deferred income taxes	21,272			15,144
Other noncurrent assets	2,596,927			2,678,674
Total assets	2,649,005			2,769,141
Current liabilities:
Accounts payable and accrued liabilities	(103,158)			(51,060)
Accrued income taxes	84,361			76,883
Total current liabilities	(18,797)			25,823
Long-term debt, net	579,289			577,971
Other long-term liabilities	2,867			2,867
Long-term deferred tax liability	0			(1)
Intercompany payables	1,912,224			1,865,810
Total liabilities	2,475,583			2,472,470
Total stockholders' equity	173,422			296,671
Total liabilities and stockholders’ equity	2,649,005			2,769,141
Reportable Legal Entities | Guarantor
Current assets:
Cash and cash equivalents	7,939			20,655	17,470			14,365
Accounts and notes receivable, net	53,515			32,338
Rig materials and supplies	(1,792)			(3,025)
Other current assets	8,733			6,362
Total current assets	68,395			56,330
Property, plant and equipment, net	380,029			428,556
Goodwill (Note 3)	6,708			6,708
Intangible assets, net (Note 3)	5,398			7,128
Deferred income taxes	(33,125)			(26,623)
Other noncurrent assets	3,273,124			3,235,834
Total assets	3,700,529			3,707,933
Current liabilities:
Accounts payable and accrued liabilities	219,483			179,247
Accrued income taxes	(62,926)			(56,870)
Total current liabilities	156,557			122,377
Long-term debt, net	0			0
Other long-term liabilities	4,588			5,741
Long-term deferred tax liability	0			0
Intercompany payables	1,473,535			1,465,744
Total liabilities	1,634,680			1,593,862
Total stockholders' equity	2,065,849			2,114,071
Total liabilities and stockholders’ equity	3,700,529			3,707,933
Reportable Legal Entities | Non-Guarantor
Current assets:
Cash and cash equivalents	42,964			45,552	37,506			40,326
Accounts and notes receivable, net	84,386			90,173
Rig materials and supplies	35,971			34,440
Other current assets	18,940			15,999
Total current assets	182,261			186,164
Property, plant and equipment, net	170,163			197,234
Goodwill (Note 3)	0			0
Intangible assets, net (Note 3)	0			0
Deferred income taxes	13,664			12,763
Other noncurrent assets	4,727,353			4,479,914
Total assets	5,093,441			4,876,075
Current liabilities:
Accounts payable and accrued liabilities	604,393			588,536
Accrued income taxes	(17,223)			(15,583)
Total current liabilities	587,170			572,953
Long-term debt, net	0			0
Other long-term liabilities	4,753			3,825
Long-term deferred tax liability	60			79
Intercompany payables	2,670,598			2,430,340
Total liabilities	3,262,581			3,007,197
Total stockholders' equity	1,830,860			1,868,878
Total liabilities and stockholders’ equity	5,093,441			4,876,075
Eliminations
Current assets:
Cash and cash equivalents	0			0	$ 0			$ 0
Accounts and notes receivable, net	0			0
Rig materials and supplies	319			0
Other current assets	0			0
Total current assets	319			0
Property, plant and equipment, net	296			0
Goodwill (Note 3)	0			0
Intangible assets, net (Note 3)	0			0
Deferred income taxes	0			0
Other noncurrent assets	(10,574,409)			(10,362,870)
Total assets	(10,573,794)			(10,362,870)
Current liabilities:
Accounts payable and accrued liabilities	(617,477)			(617,477)
Accrued income taxes	0			0
Total current liabilities	(617,477)			(617,477)
Long-term debt, net	0			0
Other long-term liabilities	0			0
Long-term deferred tax liability	0			0
Intercompany payables	(6,056,357)			(5,761,894)
Total liabilities	(6,673,834)			(6,379,371)
Total stockholders' equity	(3,899,960)			(3,983,499)
Total liabilities and stockholders’ equity	$ (10,573,794)			$ (10,362,870)

Parent, Guarantor, Non-Guaran_5

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidating Condensed Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Financial Statements [Line Items]
Revenues	$ 123,395			$ 118,308			$ 351,673	$ 326,186
Expenses:
Operating expenses	93,943			88,120			277,111	263,575
Depreciation and amortization	27,520			30,067			83,205	93,251
Total expenses	121,463			118,187			360,316	356,826
Total operating gross margin (loss)	1,932			121			(8,643)	(30,640)
General and administrative expense	(14,495)			(7,033)			(28,984)	(20,576)
Loss on impairment	(43,990)			0			(43,990)	0
Gain (loss) on disposition of assets, net	9			97			(126)	(368)
Total operating income (loss)	(56,544)			(6,815)			(81,743)	(51,584)
Other income (expense):
Interest expense	(11,350)			(11,067)			(33,787)	(33,032)
Interest income	23			128			76	160
Other	(709)			(638)			(1,609)	452
Equity in net earnings of subsidiaries	0			0			0	0
Total other income (expense)	(12,036)			(11,577)			(35,320)	(32,420)
Income (loss) before income taxes	(68,580)			(18,392)			(117,063)	(84,004)
Income tax expense (benefit)	2,371			1,919			5,561	6,004
Net income (loss)	(70,951)	$ (22,877)	$ (28,796)	(20,311)	$ (29,888)	$ (39,809)	(122,624)	(90,008)
Less: Convertible preferred stock dividend	906			906			2,719	2,145
Net income (loss) available to common stockholders	(71,857)			(21,217)			(125,343)	(92,153)
Reportable Legal Entities | Parent
Condensed Financial Statements [Line Items]
Revenues	0			0			0	0
Expenses:
Operating expenses	0			0			0	0
Depreciation and amortization	0			0			0	0
Total expenses	0			0			0	0
Total operating gross margin (loss)	0			0			0	0
General and administrative expense	(96)			(96)			(340)	(244)
Loss on impairment	0						0
Gain (loss) on disposition of assets, net	0			0			0	0
Total operating income (loss)	(96)			(96)			(340)	(244)
Other income (expense):
Interest expense	(12,072)			(11,742)			(36,214)	(35,221)
Interest income	127			259			447	592
Other	0			0			0	0
Equity in net earnings of subsidiaries	(57,588)			(8,172)			(85,039)	(45,774)
Total other income (expense)	(69,533)			(19,655)			(120,806)	(80,403)
Income (loss) before income taxes	(69,629)			(19,751)			(121,146)	(80,647)
Income tax expense (benefit)	1,322			560			1,478	9,361
Net income (loss)	(70,951)			(20,311)			(122,624)	(90,008)
Less: Convertible preferred stock dividend	906			906			2,719	2,145
Net income (loss) available to common stockholders	(71,857)			(21,217)			(125,343)	(92,153)
Reportable Legal Entities | Guarantor
Condensed Financial Statements [Line Items]
Revenues	63,178			46,820			156,766	116,203
Expenses:
Operating expenses	31,039			24,085			83,231	70,362
Depreciation and amortization	19,680			20,025			59,163	61,483
Total expenses	50,719			44,110			142,394	131,845
Total operating gross margin (loss)	12,459			2,710			14,372	(15,642)
General and administrative expense	(14,421)			(6,823)			(28,408)	(19,996)
Loss on impairment	(34,209)						(34,209)
Gain (loss) on disposition of assets, net	54			0			2	(242)
Total operating income (loss)	(36,117)			(4,113)			(48,243)	(35,880)
Other income (expense):
Interest expense	(44)			(90)			129	(175)
Interest income	183			206			544	563
Other	(2)			13			14	59
Equity in net earnings of subsidiaries	0			0			0	0
Total other income (expense)	137			129			687	447
Income (loss) before income taxes	(35,980)			(3,984)			(47,556)	(35,433)
Income tax expense (benefit)	59			12			665	(7,150)
Net income (loss)	(36,039)			(3,996)			(48,221)	(28,283)
Less: Convertible preferred stock dividend	0			0			0	0
Net income (loss) available to common stockholders	(36,039)			(3,996)			(48,221)	(28,283)
Reportable Legal Entities | Non-Guarantor
Condensed Financial Statements [Line Items]
Revenues	76,316			89,027			240,579	262,293
Expenses:
Operating expenses	79,003			81,574			239,552	245,523
Depreciation and amortization	7,840			10,042			24,042	31,768
Total expenses	86,843			91,616			263,594	277,291
Total operating gross margin (loss)	(10,527)			(2,589)			(23,015)	(14,998)
General and administrative expense	22			(114)			(236)	(336)
Loss on impairment	(9,781)						(9,781)
Gain (loss) on disposition of assets, net	(45)			97			(128)	(126)
Total operating income (loss)	(20,331)			(2,606)			(33,160)	(15,460)
Other income (expense):
Interest expense	(2,866)			(1,959)			(7,022)	(5,971)
Interest income	3,345			2,387			8,405	7,340
Other	(707)			(651)			(1,623)	393
Equity in net earnings of subsidiaries	0			0			0	0
Total other income (expense)	(228)			(223)			(240)	1,762
Income (loss) before income taxes	(20,559)			(2,829)			(33,400)	(13,698)
Income tax expense (benefit)	990			1,347			3,418	3,793
Net income (loss)	(21,549)			(4,176)			(36,818)	(17,491)
Less: Convertible preferred stock dividend	0			0			0	0
Net income (loss) available to common stockholders	(21,549)			(4,176)			(36,818)	(17,491)
Eliminations
Condensed Financial Statements [Line Items]
Revenues	(16,099)			(17,539)			(45,672)	(52,310)
Expenses:
Operating expenses	(16,099)			(17,539)			(45,672)	(52,310)
Depreciation and amortization	0			0			0	0
Total expenses	(16,099)			(17,539)			(45,672)	(52,310)
Total operating gross margin (loss)	0			0			0	0
General and administrative expense	0			0			0	0
Loss on impairment	0						0
Gain (loss) on disposition of assets, net	0			0			0	0
Total operating income (loss)	0			0			0	0
Other income (expense):
Interest expense	3,632			2,724			9,320	8,335
Interest income	(3,632)			(2,724)			(9,320)	(8,335)
Other	0			0			0	0
Equity in net earnings of subsidiaries	57,588			8,172			85,039	45,774
Total other income (expense)	57,588			8,172			85,039	45,774
Income (loss) before income taxes	57,588			8,172			85,039	45,774
Income tax expense (benefit)	0			0			0	0
Net income (loss)	57,588			8,172			85,039	45,774
Less: Convertible preferred stock dividend	0			0			0	0
Net income (loss) available to common stockholders	$ 57,588			$ 8,172			$ 85,039	$ 45,774

Parent, Guarantor, Non-Guaran_6

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	$ (70,951)	$ (22,877)	$ (28,796)	$ (20,311)	$ (29,888)	$ (39,809)	$ (122,624)	$ (90,008)
Other comprehensive income (loss), net of tax:
Currency translation difference on related borrowings	(315)			170			(484)	438
Currency translation difference on foreign currency net investments	162			1,217			(2,216)	2,666
Total other comprehensive income (loss), net of tax:	(153)	$ (2,247)	$ (300)	1,387	$ 871	$ 846	(2,700)	3,104
Comprehensive income (loss) attributable to controlling interest	(71,104)			(18,924)			(125,324)	(86,904)
Reportable Legal Entities | Parent
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	(70,951)			(20,311)			(122,624)	(90,008)
Other comprehensive income (loss), net of tax:
Currency translation difference on related borrowings	0			0			0	0
Currency translation difference on foreign currency net investments	0			0			0	0
Total other comprehensive income (loss), net of tax:	0			0			0	0
Comprehensive income (loss) attributable to controlling interest	(70,951)			(20,311)			(122,624)	(90,008)
Reportable Legal Entities | Guarantor
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	(36,039)			(3,996)			(48,221)	(28,283)
Other comprehensive income (loss), net of tax:
Currency translation difference on related borrowings	0			0			0	0
Currency translation difference on foreign currency net investments	0			0			0	0
Total other comprehensive income (loss), net of tax:	0			0			0	0
Comprehensive income (loss) attributable to controlling interest	(36,039)			(3,996)			(48,221)	(28,283)
Reportable Legal Entities | Non-Guarantor
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	(21,549)			(4,176)			(36,818)	(17,491)
Other comprehensive income (loss), net of tax:
Currency translation difference on related borrowings	(315)			170			(484)	438
Currency translation difference on foreign currency net investments	162			1,217			(2,216)	2,666
Total other comprehensive income (loss), net of tax:	(153)			1,387			(2,700)	3,104
Comprehensive income (loss) attributable to controlling interest	(21,702)			(2,789)			(39,518)	(14,387)
Eliminations
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	57,588			8,172			85,039	45,774
Other comprehensive income (loss), net of tax:
Currency translation difference on related borrowings	0			0			0	0
Currency translation difference on foreign currency net investments	0			0			0	0
Total other comprehensive income (loss), net of tax:	0			0			0	0
Comprehensive income (loss) attributable to controlling interest	$ 57,588			$ 8,172			$ 85,039	$ 45,774

Parent, Guarantor, Non-Guaran_7

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidated Condensed Statement of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income (loss)	$ (70,951)	$ (22,877)	$ (28,796)	$ (20,311)	$ (29,888)	$ (39,809)	$ (122,624)	$ (90,008)
Adjustments to reconcile net income (loss)
Depreciation and amortization	27,520			30,067			83,205	93,251
(Gain) loss on disposition of assets, net							126	368
Deferred tax expense (benefit)							(546)	(594)
Loss on impairment	43,990			0			43,990	0
Expenses not requiring cash							4,491	5,899
Equity in net earnings of subsidiaries	0			0			0	0
Change in assets and liabilities:
Accounts and notes receivable							(15,646)	(14,908)
Other assets							7,678	(325)
Accounts payable and accrued liabilities							(3,866)	(18,520)
Accrued income taxes							(324)	431
Net cash provided by (used in) operating activities							(3,516)	(24,406)
Cash flows from investing activities:
Capital expenditures							(52,020)	(44,836)
Proceeds from the sale of assets							1,031	322
Net cash provided by (used in) investing activities							(50,989)	(44,514)
Cash flows from financing activities:
Payments of debt issuance costs							(1,443)	0
Convertible preferred stock dividend							(3,625)	(1,239)
Shares surrendered in lieu of tax							(248)	(829)
Proceeds from the issuance of common stock							0	25,200
Proceeds from the issuance of convertible preferred stock							0	50,000
Payment of equity issuance costs							0	(2,864)
Net cash provided by (used in) financing activities							(5,316)	70,268
Net increase (decrease) in cash and cash equivalents							(59,821)	1,348
Cash and cash equivalents at beginning of period			141,549			119,691	141,549	119,691
Cash and cash equivalents at end of period	81,728			121,039			81,728	121,039
Reportable Legal Entities | Parent
Cash flows from operating activities:
Net income (loss)	(70,951)			(20,311)			(122,624)	(90,008)
Adjustments to reconcile net income (loss)
Depreciation and amortization	0			0			0	0
(Gain) loss on disposition of assets, net							0	0
Deferred tax expense (benefit)							(6,129)	(14,138)
Loss on impairment	0						0
Expenses not requiring cash							3,660	4,479
Equity in net earnings of subsidiaries	57,588			8,172			85,039	45,774
Change in assets and liabilities:
Accounts and notes receivable							0	0
Other assets							83,191	(34,318)
Accounts payable and accrued liabilities							(4,777)	(57,275)
Accrued income taxes							7,478	76,281
Net cash provided by (used in) operating activities							(39,201)	(69,205)
Cash flows from investing activities:
Capital expenditures							0	0
Proceeds from the sale of assets							0	0
Net cash provided by (used in) investing activities							0	0
Cash flows from financing activities:
Payments of debt issuance costs							(1,443)
Convertible preferred stock dividend							(3,625)	(1,239)
Shares surrendered in lieu of tax							(248)	(829)
Proceeds from the issuance of common stock								25,200
Proceeds from the issuance of convertible preferred stock								50,000
Payment of equity issuance costs								(2,864)
Net cash provided by (used in) financing activities							(5,316)	70,268
Net increase (decrease) in cash and cash equivalents							(44,517)	1,063
Cash and cash equivalents at beginning of period			75,342			65,000	75,342	65,000
Cash and cash equivalents at end of period	30,825			66,063			30,825	66,063
Reportable Legal Entities | Guarantor
Cash flows from operating activities:
Net income (loss)	(36,039)			(3,996)			(48,221)	(28,283)
Adjustments to reconcile net income (loss)
Depreciation and amortization	19,680			20,025			59,163	61,483
(Gain) loss on disposition of assets, net							(2)	242
Deferred tax expense (benefit)							6,503	12,217
Loss on impairment	34,209						34,209
Expenses not requiring cash							536	(45)
Equity in net earnings of subsidiaries	0			0			0	0
Change in assets and liabilities:
Accounts and notes receivable							(21,161)	(18,515)
Other assets							(37,686)	26,426
Accounts payable and accrued liabilities							45,820	42,116
Accrued income taxes							(6,056)	(57,261)
Net cash provided by (used in) operating activities							33,105	38,380
Cash flows from investing activities:
Capital expenditures							(45,888)	(35,301)
Proceeds from the sale of assets							67	26
Net cash provided by (used in) investing activities							(45,821)	(35,275)
Cash flows from financing activities:
Payments of debt issuance costs							0
Convertible preferred stock dividend							0	0
Shares surrendered in lieu of tax							0	0
Proceeds from the issuance of common stock								0
Proceeds from the issuance of convertible preferred stock								0
Payment of equity issuance costs								0
Net cash provided by (used in) financing activities							0	0
Net increase (decrease) in cash and cash equivalents							(12,716)	3,105
Cash and cash equivalents at beginning of period			20,655			14,365	20,655	14,365
Cash and cash equivalents at end of period	7,939			17,470			7,939	17,470
Reportable Legal Entities | Non-Guarantor
Cash flows from operating activities:
Net income (loss)	(21,549)			(4,176)			(36,818)	(17,491)
Adjustments to reconcile net income (loss)
Depreciation and amortization	7,840			10,042			24,042	31,768
(Gain) loss on disposition of assets, net							128	126
Deferred tax expense (benefit)							(920)	1,327
Loss on impairment	9,781						9,781
Expenses not requiring cash							(8,872)	1,465
Equity in net earnings of subsidiaries	0			0			0	0
Change in assets and liabilities:
Accounts and notes receivable							5,515	3,607
Other assets							(249,047)	7,567
Accounts payable and accrued liabilities							260,517	(3,361)
Accrued income taxes							(1,746)	(18,589)
Net cash provided by (used in) operating activities							2,580	6,419
Cash flows from investing activities:
Capital expenditures							(6,132)	(9,535)
Proceeds from the sale of assets							964	296
Net cash provided by (used in) investing activities							(5,168)	(9,239)
Cash flows from financing activities:
Payments of debt issuance costs							0
Convertible preferred stock dividend							0	0
Shares surrendered in lieu of tax							0	0
Proceeds from the issuance of common stock								0
Proceeds from the issuance of convertible preferred stock								0
Payment of equity issuance costs								0
Net cash provided by (used in) financing activities							0	0
Net increase (decrease) in cash and cash equivalents							(2,588)	(2,820)
Cash and cash equivalents at beginning of period			45,552			40,326	45,552	40,326
Cash and cash equivalents at end of period	42,964			37,506			42,964	37,506
Eliminations
Cash flows from operating activities:
Net income (loss)	57,588			8,172			85,039	45,774
Adjustments to reconcile net income (loss)
Depreciation and amortization	0			0			0	0
(Gain) loss on disposition of assets, net							0	0
Deferred tax expense (benefit)							0	0
Loss on impairment	0						0
Expenses not requiring cash							9,167	0
Equity in net earnings of subsidiaries	(57,588)			(8,172)			(85,039)	(45,774)
Change in assets and liabilities:
Accounts and notes receivable							0	0
Other assets							211,220	0
Accounts payable and accrued liabilities							(305,426)	0
Accrued income taxes							0	0
Net cash provided by (used in) operating activities							0	0
Cash flows from investing activities:
Capital expenditures							0	0
Proceeds from the sale of assets							0	0
Net cash provided by (used in) investing activities							0	0
Cash flows from financing activities:
Payments of debt issuance costs							0
Convertible preferred stock dividend							0	0
Shares surrendered in lieu of tax							0	0
Proceeds from the issuance of common stock								0
Proceeds from the issuance of convertible preferred stock								0
Payment of equity issuance costs								0
Net cash provided by (used in) financing activities							0	0
Net increase (decrease) in cash and cash equivalents							0	0
Cash and cash equivalents at beginning of period			$ 0			$ 0	0	0
Cash and cash equivalents at end of period	$ 0			$ 0			$ 0	$ 0