Diamond Offshore Drilling (DODRW) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	DO
Entity Registrant Name	DIAMOND OFFSHORE DRILLING, INC.
Entity Central Index Key	0000949039
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		101,357,868
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Entity Current Reporting Status	Yes
Entity File Number	1-13926
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0321760
Entity Address, Address Line One	15415 Katy Freeway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77094
City Area Code	281
Local Phone Number	492-5300
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Bankruptcy Proceedings, Reporting Current	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 18,552	$ 63,041
Restricted cash	22,776	34,293
Accounts receivable	187,674	177,675
Less: allowance for credit losses	(5,656)	(5,622)
Accounts receivable, net	182,018	172,053
Prepaid expenses and other current assets	60,633	48,695
Asset held for sale	1,000	0
Total current assets	284,979	318,082
Drilling and other property and equipment, net of accumulated depreciation	1,140,800	1,141,908
Other assets	85,350	67,966
Total assets	1,511,129	1,527,956
Current liabilities:
Accounts payable	52,631	47,647
Accrued liabilities	159,100	166,785
Taxes payable	30,315	30,264
Current finance lease liabilities	17,297	16,965
Total current liabilities	259,343	261,661
Long-term debt	345,750	360,644
Noncurrent finance lease liabilities	126,983	131,393
Deferred tax liability	1,394	700
Other liabilities	86,822	93,888
Commitments and contingencies (Note 7)
Total liabilities	820,292	848,286
Stockholders’ equity:
Preferred stock (par value $0.0001, 50,000 shares authorized, none issued and outstanding at March 31, 2023 and December 31, 2022)	0	0
Common stock (par value $0.0001, 750,000 shares authorized; 101,933 shares issued and 101,358 shares outstanding at March 31, 2023 and 101,884 shares issued and 101,320 shares outstanding at December 31, 2022)	10	10
Additional paid-in capital	968,539	964,467
Treasury stock	(4,386)	(4,252)
Accumulated deficit	(273,326)	(280,555)
Total stockholders’ equity	690,837	679,670
Total liabilities and stockholders’ equity	$ 1,511,129	$ 1,527,956

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000	50,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	750,000	750,000
Common stock, shares issued	101,933	101,884
Common stock, shares outstanding	101,358	101,320

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 232,021	$ 186,239
Operating expenses:
Depreciation	27,906	26,952
General and administrative	19,585	16,732
Gain on disposition of assets	(1,213)	(4,044)
Total operating expenses	236,981	220,155
Operating loss	(4,960)	(33,916)
Other income (expense):
Interest income	7	1
Interest expense, net of amounts capitalized	(12,040)	(8,325)
Foreign currency transaction loss	(1,271)	(2,129)
Other, net	(152)	1,362
Loss before income tax benefit (expense)	(18,416)	(43,007)
Income tax benefit (expense)	25,645	8,653
Net income (loss)	$ 7,229	$ (34,354)
Income (loss) per share, Basic	$ 0.07	$ (0.34)
Income (loss) per share, Diluted	$ 0.07	$ (0.34)
Weighted-average shares outstanding, Basic	101,331	100,075
Weighted-average shares outstanding, Diluted	103,936	100,075
Contract Drilling [Member]
Revenues:
Total revenues	$ 214,383	$ 150,252
Operating expenses:
Contract drilling, excluding depreciation	173,490	144,902
Reimbursable Expenses [Member]
Revenues:
Total revenues	17,638	35,987
Operating expenses:
Contract drilling, excluding depreciation	$ 17,213	$ 35,613

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Treasury Stock [Member]
Beginning Balance at Dec. 31, 2021	$ 767,705	$ 10	$ 945,039	$ (177,344)
Beginning Balance, shares at Dec. 31, 2021		100,075
Net income (loss) - basic and diluted numerator	(34,354)			(34,354)
Stock-based compensation, net of tax	4,472		4,472
Ending Balance, shares at Mar. 31, 2022		100,075
Ending Balance at Mar. 31, 2022	737,823	$ 10	949,511	(211,698)
Beginning Balance at Dec. 31, 2022	679,670	$ 10	964,467	(280,555)	$ (4,252)
Beginning Balance, shares at Dec. 31, 2022		101,320			564
Net income (loss) - basic and diluted numerator	7,229			7,229
Stock-based compensation, net of tax	3,938		4,072		$ (134)
Stock-based compensation, net of tax, shares		38			11
Ending Balance at Mar. 31, 2023	690,837
Ending Balance, shares at Mar. 31, 2023		101,358			575
Ending Balance at Mar. 31, 2023	$ 690,837	$ 10	$ 968,539	$ (273,326)	$ (4,386)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net income (loss)	$ 7,229	$ (34,354)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	27,906	26,952
Gain on disposition of assets	(1,213)	(4,044)
Deferred tax provision	(14,457)	(5,217)
Stock-based compensation expense	4,414	4,531
Contract liabilities, net	297	(13,411)
Contract assets, net	(270)	(334)
Deferred contract costs, net	(2,560)	1,850
Collateral deposits	0	(1,482)
Other assets, noncurrent	(400)	(302)
Other liabilities, noncurrent	1,883	2,992
Other	706	418
Changes in operating assets and liabilities:
Accounts receivable	(15,023)	26,909
Prepaid expenses and other current assets	(4,229)	1,378
Accounts payable and accrued liabilities	(7,796)	11,129
Taxes payable	(4,664)	(7,957)
Net cash (used in) provided by operating activities	(8,177)	9,058
Investing activities:
Capital expenditures	(29,413)	(20,046)
Proceeds from disposition of assets, net of disposal costs	663	5,045
Net cash used in investing activities	(28,750)	(15,001)
Financing activities:
Borrowings under revolving credit facility	0	20,000
Repayments under revolving credit facility	(15,000)	0
Principal payments of finance lease liabilities	(4,079)	(3,813)
Net cash (used in) provided by financing activities	(19,079)	16,187
Net change in cash, cash equivalents and restricted cash	(56,006)	10,244
Cash, cash equivalents and restricted cash, beginning of period	97,334	62,729
Cash, cash equivalents and restricted cash, end of period	$ 41,328	$ 72,973

General Information

General Information	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
General Information	1. General Information The unaudited condensed consolidated financial statements of Diamond Offshore Drilling, Inc. and subsidiaries, which we refer to as “Diamond Offshore,” “Company,” “we,” “us” or “our,” should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022. Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, pursuant to such rules and regulations, they do not include all disclosures required by GAAP for annual financial statements. The condensed consolidated financial information has not been audited but, in the opinion of management, includes all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of Diamond Offshore’s condensed consolidated balance sheets, statements of operations, statements of stockholders’ equity and statements of cash flows at the dates and for the periods indicated. Results of operations for interim periods are not necessarily indicative of results of operations for the respective full years. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated. Restricted Cash We maintain a restricted cash bank account which is subject to restrictions pursuant to a management services agreement with an offshore drilling company. See Note 2 “Revenue from Contracts with Customers.” We classify such restricted cash accounts in current assets if the restrictions are expected to expire or otherwise be resolved within one year or if such funds are considered to offset current liabilities. At March 31, 2023 and December 31, 2022, our restricted cash was considered to be current and was recorded in “Restricted cash” in our unaudited Condensed Consolidated Balance Sheets. Asset Held for Sale We reported the $ 1.0 million carrying value of the Ocean Monarch as “Asset held for sale” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2023. A broker has been engaged to assist in marketing the rig for sale.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	2. Revenue from Contracts with Customers The activities that primarily drive the revenue earned from our contract drilling services include (i) providing a drilling rig and the crew and supplies necessary to operate the rig, (ii) mobilizing and demobilizing the rig to and from the drill site and (iii) performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation revenue and reimbursement revenue. We account for these integrated services provided within our drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which we provide drilling services. Consideration for activities that are not distinct within the context of our contracts and do not correspond to a distinct time increment within the contract term are allocated across the single performance obligation and recognized ratably over the initial term of the contract (which is the period we estimate to be benefited from the corresponding activities and generally ranges from two to 60 months ). Such consideration may include mobilization, demobilization, contract preparation and capital modification revenue that is stipulated in our drilling contracts. Consideration for activities that correspond to a distinct time increment within the contract term is recognized in the period when the services are performed. The total transaction price is determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the term of the contract. Revenues Related to Managed Rigs We are participants in an arrangement with an offshore drilling company whereby we provide management and marketing services (or the MSA) for certain of its rigs. Per the MSA, for stacked rigs we earn a daily service fee and are entitled to reimbursement of direct costs incurred in accordance with the agreement. The daily service fee revenue is recognized in line with the contractual rate billed for the services provided and is reported in “Contract Drilling Revenue” in our unaudited Condensed Consolidated Statements of Operations. We record the revenue relating to reimbursed expenses at the gross amount incurred and billed to the rig owner, as “Revenues related to reimbursable expenses” in our unaudited Condensed Consolidated Statements of Operations. In April 2023, we received notice of termination of the marketing arrangement for the managed rigs, which will be effective in the third quarter of 2023. However, termination of the marketing arrangement does not impact the management services that we provide under the MSA. The managed rigs West Auriga and West Vela commenced operations in the U.S. Gulf of Mexico (or GOM) in March 2022 and October 2022, respectively. Upon commencement of drilling operations, the MSA for both rigs was suspended and replaced by a charter agreement for the duration of the drilling contracts. We entered into the drilling contract directly with the customer and recognize revenue under the terms of the contract. We report such revenue as “Contract drilling” in our unaudited Condensed Consolidated Statements of Operations. In addition, we have determined that the charter arrangement is an operating lease, and the related charter fee has been reported as lease expense within "Contract drilling, excluding depreciation" in our unaudited Condensed Consolidated Statements of Operations. Contract Balances The following table provides information about receivables, contract assets and contract liabilities related to our contracts with customers (in thousands): March 31, December 31, 2023 2022 Trade receivables $ 179,083 $ 155,956 Current contract assets (1) 411 141 Current contract liabilities (deferred revenue) (1) ( 12,298 ) ( 11,513 ) Noncurrent contract liabilities (deferred revenue) (1) — ( 487 ) (1) Contract assets and contract liabilities may reflect balances which have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets. Changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands): Net Contract Balances Contract assets at January 1, 2023 $ 141 Contract liabilities at January 1, 2023 ( 12,000 ) Net balance at January 1, 2023 ( 11,859 ) Decrease due to amortization of revenue included in the beginning contract liability balance 3,626 Increase due to cash received, excluding amounts recognized as revenue during the period ( 3,676 ) Increase due to revenue recognized during the period but contingent on future performance 22 Net balance at March 31, 2023 $ ( 11,887 ) Contract assets at March 31, 2023 $ 411 Contract liabilities at March 31, 2023 ( 12,298 ) Transaction Price Allocated to Remaining Performance Obligations The following table reflects the specified types of revenue expected to be recognized in the future related to unsatisfied performance obligations as of March 31, 2023 (in thousands): For the Years Ending December 31, 2023 (1) 2024 Total Mobilization and contract preparation revenue $ 3,241 $ 898 $ 4,139 Capital modification revenue 6,909 1,249 8,158 Demobilization and other deferred revenue ( 338 ) — ( 338 ) Total $ 9,812 $ 2,147 $ 11,959 (1) Represents the nine-month period beginning April 1, 2023. The revenue included above consists of expected fixed mobilization and upgrade revenue for both wholly and partially unsatisfied performance obligations, as well as expected variable mobilization and upgrade revenue for partially unsatisfied performance obligations, which has been estimated for purposes of allocating across the entire corresponding performance obligations. The actual timing of recognition of such amounts may vary due to factors outside of our control. We have applied certain disclosure practical expedients and, accordingly, have excluded estimated variable consideration related to wholly unsatisfied performance obligations or to distinct future time increments within our contracts, including dayrate revenue.

Supplemental Financial Informat

Supplemental Financial Information	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Information	3. Supplemental Financial Information Unaudited Condensed Consolidated Balance Sheets Information Accounts receivable, net of allowance for credit losses, consist of the following (in thousands): March 31, December 31, 2023 2022 Trade receivables $ 179,083 $ 155,956 Value added tax receivables 5,355 6,075 Federal income tax receivables 1,093 9,450 Related party receivables 51 73 Other 2,092 6,121 187,674 177,675 Allowance for credit losses ( 5,656 ) ( 5,622 ) Total $ 182,018 $ 172,053 The allowance for credit losses at March 31, 2023 and December 31, 2022 represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 4 “Financial Instruments and Fair Value Disclosures” for a discussion of our concentrations of credit risk and allowance for credit losses. Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2023 2022 Prepaid taxes $ 21,756 $ 16,922 Deferred contract costs 17,235 14,373 Prepaid rig costs 4,337 4,001 Rig spare parts and supplies 3,890 5,091 Prepaid insurance 2,493 3,022 Software maintenance agreements and subscriptions 1,919 1,212 Deferred survey costs 1,104 838 Current contract assets 411 141 Other 7,488 3,095 Total $ 60,633 $ 48,695 Accrued liabilities consist of the following (in thousands): March 31, December 31, 2023 2022 Rig operating costs $ 39,811 $ 39,288 Contract advances 36,036 52,743 Payroll and benefits 29,032 29,408 Deferred revenue 12,298 11,513 Accrued capital project/upgrade costs 11,697 8,419 Current operating lease liability 10,612 13,480 Personal injury and other claims 5,267 3,738 Shorebase and administrative costs 4,820 4,365 Deposit for equipment sale 4,368 1,670 Interest payable 3,942 1,897 Other 1,217 264 Total $ 159,100 $ 166,785 Unaudited Condensed Consolidated Statements of Cash Flows Information Noncash operating, investing and financing activities excluded from the unaudited Condensed Consolidated Statements of Cash Flows and other supplemental cash flow information are as follows (in thousands): Three Months Ended 2023 2022 Accrued but unpaid capital expenditures at period end $ 11,697 $ 5,555 Common stock withheld for payroll tax obligations (1) 134 — Cash interest payments 7,488 3,258 Cash income taxes paid, net of (refunds): Foreign 1,258 1,114 U.S. Federal ( 8,966 ) — (1) Represents the cost of 10,946 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock during the three-month period ended March 31, 2023, which is presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2023.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosures	4. Financial Instruments and Fair Value Disclosures Concentrations of Credit Risk and Allowance for Credit Losses Our credit risk corresponds primarily to trade receivables. The market for our services is the offshore oil and gas industry, and our customer base consists primarily of major and independent oil and gas companies, as well as government-owned oil companies. At March 31, 2023, we believed that we had potentially significant concentrations of credit risk due to the number of rigs we had contracted and our limited number of customers, as some of our customers have contracted for multiple rigs. In general, before working for a customer with whom we have not had a prior business relationship and/or whose financial stability may be uncertain, we perform a credit review on that customer, including a review of its credit ratings and financial statements. Based on our credit review, we may require that the customer have a bank issue a letter of credit on its behalf, prepay for the services in advance or provide other credit enhancements. At March 31, 2023, we had not required any credit enhancements by our customers or required any to pay for services in advance. We have historically used the specific identification method to identify and reserve for uncollectible accounts. The amounts reserved for uncollectible accounts in previous periods have not been significant, individually or in comparison to our total revenues. At March 31, 2023, $ 7.6 million in trade receivables were considered past due by 30 days or more, of which $ 5.5 million have been fully reserved. The remaining $ 2.1 million were less than a year past due. We are working with our customers to resolve any billing issues and expect that the outstanding receivables will be collected or resolved. Pursuant to Financial Accounting Standards Board ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and its related amendments (or collectively, CECL), we have reviewed our historical credit loss experience over a look-back period of ten years, which we deem to be representative of both up-turns and down-cycles in the offshore drilling industry. Based on this review, we developed a credit loss factor using a weighted-average ratio of our actual credit losses to revenues during the look-back period. In addition, we also considered current and future anticipated economic conditions in determining our credit loss factor, including crude oil prices and liquidity of credit markets. In applying the requirements of CECL, we segregated our trade receivables into three credit loss risk pools based on customer credit ratings, each of which represents a tier of increasing credit risk. We calculated a credit loss factor based on historical loss rate information and then applied a multiple of our credit loss factor to each of these risk pools, considering the impact of current and future economic information and the level of risk associated with these pools, to calculate our current estimate of credit losses. Trade receivables that are fully covered by allowances for credit losses are excluded from these risk pools for purposes of calculating our current estimate of credit losses. For purposes of calculating our current estimate of credit losses at March 31, 2023 and December 31, 2022, all trade receivables were deemed to be in a single risk pool based on their credit ratings at each respective period. Our current estimate of credit losses under CECL was $ 0.2 m illion at both March 31, 2023 and December 31, 2022. Our total allowance for credit losses was $ 5.7 million an d $ 5.6 mi llion at March 31, 2023 and December 31, 2022, respectively. See Note 3 “Supplemental Financial Information.” Fair Values Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy prescribed by GAAP requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: Level 1 Quoted prices for identical instruments in active markets. Level 2 Quoted market prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Level 3 assets and liabilities generally include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation or for which there is a lack of transparency as to the inputs used. Certain of our assets and liabilities are required to be measured at fair value on a recurring basis in accordance with GAAP. In addition, certain assets and liabilities may be recorded at fair value on a nonrecurring basis. Generally, we record assets at fair value on a nonrecurring basis as a result of impairment charges. Assets and liabilities measured at fair value are summarized below (in thousands). March 31, 2023 Fair Value Measurements Using Level 1 Level 2 Level 3 Liabilities at Total Losses for Three Months Ended (1) Recurring fair value measurements: Liability-classified Director restricted stock units $ ( 1,607 ) $ — $ — $ ( 1,607 ) $ ( 219 ) (1) Represents an increase in stock compensation expense due to the “marking-to-market” of liability-classified restricted stock units granted to our non-employee directors. December 31, 2022 Fair Value Measurements Using Level 1 Level 2 Level 3 Liabilities at Total Losses for Year Ended (1) Recurring fair value measurements: Liability-classified Director restricted stock units $ ( 1,258 ) $ — $ — $ ( 1,258 ) $ ( 230 ) (1) Represents an increase in stock compensation expense due to the “marking-to-market” of liability-classified restricted stock units granted to our non-employee directors. We believe that the carrying amounts of our other financial assets and liabilities (excluding our Exit Term Loans and First Lien Notes (each as defined below in Note 6 “Long-Term Debt”)), which are not measured at fair value in our unaudited Condensed Consolidated Balance Sheets, approximate fair value based on the following assumptions: • Cash and cash equivalents and restricted cash – The carrying amounts approximate fair value because of the short maturity of these instruments. • Accounts receivable and accounts payable – The carrying amounts approximate fair value based on the nature of the instruments. • Exit RCF borrowings – The carrying amount of borrowings under our Exit RCF (as defined below in Note 6 “Long-Term Debt”) approximates fair value since the variable interest rates are tied to current market rates and the applicable margins represent market rates. Our long-term debt is not measured at fair value on a recurring basis; however, under the GAAP fair value hierarchy, our long-term debt would be considered Level 2 liabilities. The fair value of these instruments was derived using valuation specialists at March 31, 2023 and December 31, 2022. Fair values and related carrying values of our long-term debt are shown below (in millions). March 31, 2023 December 31, 2022 Fair Value Carrying Value Fair Value Carrying Value Exit Term Loans $ 90.9 $ 100.0 $ 91.1 $ 100.0 First Lien Notes 82.4 85.3 78.3 85.3 We have estimated the fair value amounts by using appropriate valuation methodologies and information available to management. Considerable judgment is required in developing these estimates, and accordingly, no assurance can be given that the estimated values are indicative of the amounts that would be realized in a free market exchange.

Drilling and Other Property and

Drilling and Other Property and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Drilling and Other Property and Equipment	5. Drilling and Other Property and Equipment Cost and accumulated depreciation of drilling and other property and equipment are summarized as follows (in thousands): March 31, December 31, 2023 2022 Drilling rigs and equipment $ 1,148,468 $ 1,126,793 Finance lease right of use asset 174,571 174,571 Land and buildings 10,001 10,001 Office equipment and other 2,622 2,515 Cost 1,335,662 1,313,880 Less: accumulated depreciation ( 194,862 ) ( 171,972 ) Drilling and other property and equipment, net $ 1,140,800 $ 1,141,908

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	6. Long-Term Debt At March 31, 2023 and December 31, 2022, the carrying value of our long-term debt (or Exit Debt), net of unamortized discount, premium and debt issuance costs, was comprised as follows (in thousands): March 31, December 31, 2023 2022 Borrowings under Exit RCF $ 162,478 $ 177,478 Exit Term Loans 99,229 99,190 First Lien Notes 84,043 83,976 Total Exit Debt, net $ 345,750 $ 360,644 The Exit Revolving Credit Agreement (as defined below) obligates Diamond Offshore Drilling, Inc., the borrower thereunder and their respective restricted subsidiaries to comply with certain financial maintenance covenants as specified in the Exit Revolving Credit Agreement. The Exit Revolving Credit Agreement and Exit Term Loan Credit Agreement (as defined below) and the indenture governing our 9.00 %/ 11.00 %/ 13.00 % Senior Secured First Lien PIK Toggle Notes due 2027 (or First Lien Notes) contain negative covenants that limit, among other things, the ability of Diamond Offshore Drilling, Inc., the applicable borrower thereunder and their respective restricted subsidiaries to: (i) incur, assume or guarantee additional indebtedness; (ii) create, incur or assume liens; (iii) make investments; (iv) merge or consolidate with or into any other person or undergo certain other fundamental changes; (v) transfer or sell assets; (vi) pay dividends or distributions on capital stock or redeem or repurchase capital stock; (vii) enter into transactions with certain affiliates; (viii) repay, redeem or amend certain indebtedness; (ix) sell stock of its subsidiaries; or (x) enter into certain burdensome agreements. These negative covenants are subject to a number of important limitations and exceptions. Additionally, these agreements contain other covenants, representations and warranties and events of default that are customary for financings of this type. At March 31, 2023, we were in compliance with all covenants under the Exit Revolving Credit Agreement and other Exit Debt. Exit Revolving Credit Agreement On April 23, 2021, we entered into a senior secured revolving credit agreement (or the Exit Revolving Credit Agreement), which provides for a $ 400.0 million senior secured revolving credit facility and includes an aggregate of $ 50.0 million of commitments for the issuance of letters of credit thereunder (or the Exit RCF). The Exit RCF is scheduled to mature on April 22, 2026 . Borrowings under the Exit RCF may be used to finance capital expenditures, for working capital and other general corporate purposes. Availability of borrowings under the Exit RCF is subject to the satisfaction of certain conditions, including restrictions on borrowings, as provided in the Exit Revolving Credit Agreement. At March 31, 2023, we had borrowings outstanding of $ 162.5 million under the Exit RCF, including $ 3.5 million in payment-in-kind loans, and $ 19.4 million had been utilized for the issuance of letters of credit. The weighted average interest rate on the combined borrowings outstanding under the Exit RCF at March 31, 2023 was 9.08 %. At May 5, 2023, we had borrowings of $ 182.5 million outstanding under the Exit RCF and had utilized $ 19.3 million for the issuance of letters of credit. As of May 5, 2023, approximately $ 201.6 million was available for borrowings or the issuance of letters of credit under the Exit RCF, subject to its terms and conditions. Exit Term Loan Credit Agreement Our senior secured term loan credit agreement (or the Exit Term Loan Credit Agreement) provides for a $ 100.0 million senior secured term loan credit facility which is scheduled to mature on April 22, 2027 . At March 31, 2023, $ 100.0 million was drawn under the facility (or the Exit Term Loans), and the interest rate applicable to borrowings outstanding under the Exit Term Loan Credit Agreement was 10.84 %.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Various claims have been filed against us in the ordinary course of business, including claims by offshore workers alleging personal injuries. With respect to each claim or exposure, we have made an assessment, in accordance with GAAP, of the probability that the resolution of the matter would ultimately result in a loss. When we determine that an unfavorable resolution of a matter is probable and such amount of loss can be determined, we record a liability for the amount of the estimated loss at the time that both of these criteria are met. Our management believes that we have recorded adequate accruals for any liabilities that may reasonably be expected to result from these claims. Non-Income Tax and Related Claims. We have received assessments related to, or otherwise have exposure to, non-income tax items such as sales-and-use tax, value-added tax, ad valorem tax, custom duties, and other similar taxes in various taxing jurisdictions. We have determined that w e have a probable loss for certain of these taxes and the related penalties and interest and, accordingly, have recorded a $ 12.6 m illion and $ 12.4 million liability at March 31, 2023 and December 31, 2022, respectively, in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets. We intend to defend these matters vigorously; however, the ultimate outcome of these assessments and exposures could result in additional taxes, interest and penalties for which the fully assessed amounts would have a material adverse effect on our financial condition, results of operations and cash flows. Other Litigation. We have been named in various other claims, lawsuits or threatened actions that are incidental to the ordinary course of our business, including a claim by one of our customers in Brazil, Petróleo Brasileiro S.A. (or Petrobras), that it will seek to recover from its contractors, including us, any taxes, penalties, interest and fees that it must pay to the Brazilian tax authorities for our applicable portion of withholding taxes related to Petrobras’ charter agreements with its contractors. We intend to defend these matters vigorously; however, litigation is inherently unpredictable, and the ultimate outcome or effect of any claim, lawsuit or action cannot be predicted with certainty. As a result, there can be no assurance as to the ultimate outcome of any litigation matter. Any claims against us, whether meritorious or not, could cause us to incur significant costs and expenses and require significant amounts of management and operational time and resources. In the opinion of our management, no such pending or known threatened claims, actions or proceedings against us are expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows. Personal Injury Claims. Under our current insurance policies, we generally self-insure $ 1.0 million to $ 5.0 million per occurrence, depending on jurisdiction, with respect to personal injury claims not related to named windstorms in the U.S. Gulf of Mexico, which primarily result from Jones Act liability in the U.S. Gulf of Mexico. Depending on the nature, severity, and frequency of claims that might arise during the policy year, if the aggregate level of claims exceed certain thresholds, we may self-insure up to $ 100.0 million for each subsequent occurrence. The Jones Act is a federal law that permits seamen to seek compensation for certain injuries during the course of their employment on a vessel and governs the liability of vessel operators and marine employers for the work-related injury or death of an employee. We engage outside consultants to assist us in estimating our aggregate liability for personal injury claims based on our historical losses and utilizing various actuarial models. We allocate a portion of the aggregate liability to “Accrued liabilities” based on an estimate of claims expected to be paid within the next twelve months with the residual recorded as “Other liabilities.” At March 31, 2023 , our estimated liability for personal injury claims was $ 18.4 million, of which $ 5.3 million and $ 13.1 mil lion were recorded in “Accrued liabilities” and “Other liabilities,” respectively, in our unaudited Condensed Consolidated Balance Sheets. At December 31, 2022 , our estimated liability for personal injury claims was $ 18.3 million, of which $ 3.7 million and $ 14.6 million were recorded in “Accrued liabilities” and “Other liabilities,” respectively, in our unaudited Condensed Consolidated Balance Sheets. The eventual settlement or adjudication of these claims could differ materially from our estimated amounts due to uncertainties such as: • the severity and volume of personal injuries claimed; • the unpredictability of legal jurisdictions where the claims will ultimately be litigated; • inconsistent court decisions; and • the risks and lack of predictability inherent in personal injury litigation. Purchase Obligations. At March 31, 2023, we had no purchase obligations for major rig upgrades or any other significant obligations, except for those related to our direct rig operations, which arise during the normal course of business. Services Agreement. In February 2016, we entered into a ten-year agreement with a subsidiary of Baker Hughes Company (formerly named Baker Hughes, a GE company) to provide services with respect to certain blowout preventer and related well control equipment (or Well Control Equipment) on our drillships. Such services include management of maintenance, certification and reliability with respect to such equipment. Future commitments under the contractual services agreements are estimated to be approximately $ 27.0 million in 2023. In addition, we lease Well Control Equipment for our drillships under ten-year finance leases that commenced in 2016 that also include an option to purchase the leased equipment at the end of the respective lease term. Letters of Credit and Other. W e were contingently liable as of March 31, 2023 in connection with approximately $ 19.4 million in certain tax, supersedeas, VAT and customs bonds that have been issued on our behalf. The letter of credit collateralizing these bonds was issued under the Exit RCF and cannot require additional collateral except in events of default.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	8. Earnings (Loss) Per Share We compute basic earnings (loss) per share by dividing net income (loss) available to holders of our common stock by the weighted-average number of shares of our common stock outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue our common stock (common stock equivalents) were exercised or converted into common stock. Basic and diluted earnings per share (or EPS) was calculated in accordance with the treasury stock method, and includes all potentially dilutive stock equivalents, including warrants, restricted stock awards, restricted stock unit awards and performance stock unit awards. For periods in which a net loss available to holders of our common stock exists, no amounts are allocated to non-vested share awards, as the inclusion of such amounts would be antidilutive. A reconciliation of the numerators and denominators of our basic and diluted EPS computations are summarized as follows (in thousands). Three Months Ended 2023 2022 Net income (loss) – basic and diluted numerator $ 7,229 $ ( 34,354 ) Weighted average shares – basic (denominator): 101,331 100,075 Dilutive effect of stock-based awards 2,605 — Weighted average shares including conversions – diluted (denominator) 103,936 100,075 As of March 31, 2023, we had 7.5 million stock warrants outstanding (or Warrants) to purchase shares of our common stock that were exercisable for one share of common stock per Warrant at an exercise price of $ 29.22 . The Warrants are exercisable until they expire on April 23, 2026 . The presumed exercise of these Warrants into shares of our common stock would have an antidilutive effect as the exercise price per warrant exceeded the average price of our common stock and have been excluded from the computation of EPS for all periods presented. T he computation of EPS for the three-month period ended March 31, 2023 excludes non-vested stock-based awards of 349,784 sha res, as the inclusion of such would have been antidilutive for the periods.

Segments and Geographic Area An

Segments and Geographic Area Analysis	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segments and Geographic Area Analysis	9. Segments and Geographic Area Analysis We provide contract drilling services with different types of offshore drilling rigs and also provide such services in many geographic locations. However, we have aggregated these operations into one reportable segment based on the similarity of economic characteristics due to the nature of the revenue-earning process as it relates to the offshore drilling industry over the operating lives of our drilling rigs and other qualitative factors such as (i) the nature of services provided (contract drilling), (ii) similarity in operations (interchangeable rig crews and shared management and marketing, engineering, marine and maintenance support), (iii) similar regulatory environment (depending on customer and/or location) and (iv) similar contractual arrangements with customers. Our drilling rigs are highly mobile and may be moved to other markets throughout the world in response to market conditions or customer needs. At March 31, 2023 , our active drilling rigs were located offshore four countries in addition to the United States. Revenues by geographic area are presented by attributing revenues to the individual country where the services were performed during the periods presented, which may not be indicative of where the rigs are currently located. The following tables provide information about disaggregated revenue by country (in thousands): Three Months Ended March 31, 2023 Total Revenues Total United States $ 104,581 $ 12,557 $ 117,138 Senegal 52,131 3,181 55,312 Brazil 20,660 — 20,660 Australia 19,309 840 20,149 United Kingdom 17,702 1,060 18,762 Total $ 214,383 $ 17,638 $ 232,021 Three Months Ended March 31, 2022 Total Revenues Total United States $ 76,283 $ 26,239 $ 102,522 Senegal 27,116 1,746 28,862 Brazil 19,266 — 19,266 Australia 15,697 2,604 18,301 United Kingdom 2,306 1,428 3,734 Myanmar 9,584 3,970 13,554 Total $ 150,252 $ 35,987 $ 186,239

General Information (Policies)

General Information (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated.
Restricted Cash	Restricted Cash We maintain a restricted cash bank account which is subject to restrictions pursuant to a management services agreement with an offshore drilling company. See Note 2 “Revenue from Contracts with Customers.” We classify such restricted cash accounts in current assets if the restrictions are expected to expire or otherwise be resolved within one year or if such funds are considered to offset current liabilities. At March 31, 2023 and December 31, 2022, our restricted cash was considered to be current and was recorded in “Restricted cash” in our unaudited Condensed Consolidated Balance Sheets.
Assets held for Sale	Asset Held for Sale We reported the $ 1.0 million carrying value of the Ocean Monarch as “Asset held for sale” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2023. A broker has been engaged to assist in marketing the rig for sale.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers	The following table provides information about receivables, contract assets and contract liabilities related to our contracts with customers (in thousands): March 31, December 31, 2023 2022 Trade receivables $ 179,083 $ 155,956 Current contract assets (1) 411 141 Current contract liabilities (deferred revenue) (1) ( 12,298 ) ( 11,513 ) Noncurrent contract liabilities (deferred revenue) (1) — ( 487 ) (1) Contract assets and contract liabilities may reflect balances which have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets.
Summary of Significant Changes in Contract Assets and Contract Liabilities Balances	Changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands): Net Contract Balances Contract assets at January 1, 2023 $ 141 Contract liabilities at January 1, 2023 ( 12,000 ) Net balance at January 1, 2023 ( 11,859 ) Decrease due to amortization of revenue included in the beginning contract liability balance 3,626 Increase due to cash received, excluding amounts recognized as revenue during the period ( 3,676 ) Increase due to revenue recognized during the period but contingent on future performance 22 Net balance at March 31, 2023 $ ( 11,887 ) Contract assets at March 31, 2023 $ 411 Contract liabilities at March 31, 2023 ( 12,298 )
Summary of Specified Types Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations	The following table reflects the specified types of revenue expected to be recognized in the future related to unsatisfied performance obligations as of March 31, 2023 (in thousands): For the Years Ending December 31, 2023 (1) 2024 Total Mobilization and contract preparation revenue $ 3,241 $ 898 $ 4,139 Capital modification revenue 6,909 1,249 8,158 Demobilization and other deferred revenue ( 338 ) — ( 338 ) Total $ 9,812 $ 2,147 $ 11,959 (1) Represents the nine-month period beginning April 1, 2023.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Net of Allowance for Credit Losses	Accounts receivable, net of allowance for credit losses, consist of the following (in thousands): March 31, December 31, 2023 2022 Trade receivables $ 179,083 $ 155,956 Value added tax receivables 5,355 6,075 Federal income tax receivables 1,093 9,450 Related party receivables 51 73 Other 2,092 6,121 187,674 177,675 Allowance for credit losses ( 5,656 ) ( 5,622 ) Total $ 182,018 $ 172,053
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2023 2022 Prepaid taxes $ 21,756 $ 16,922 Deferred contract costs 17,235 14,373 Prepaid rig costs 4,337 4,001 Rig spare parts and supplies 3,890 5,091 Prepaid insurance 2,493 3,022 Software maintenance agreements and subscriptions 1,919 1,212 Deferred survey costs 1,104 838 Current contract assets 411 141 Other 7,488 3,095 Total $ 60,633 $ 48,695
Accrued Liabilities	Accrued liabilities consist of the following (in thousands): March 31, December 31, 2023 2022 Rig operating costs $ 39,811 $ 39,288 Contract advances 36,036 52,743 Payroll and benefits 29,032 29,408 Deferred revenue 12,298 11,513 Accrued capital project/upgrade costs 11,697 8,419 Current operating lease liability 10,612 13,480 Personal injury and other claims 5,267 3,738 Shorebase and administrative costs 4,820 4,365 Deposit for equipment sale 4,368 1,670 Interest payable 3,942 1,897 Other 1,217 264 Total $ 159,100 $ 166,785
Noncash Operating, Investing and Financing Activities	Noncash operating, investing and financing activities excluded from the unaudited Condensed Consolidated Statements of Cash Flows and other supplemental cash flow information are as follows (in thousands): Three Months Ended 2023 2022 Accrued but unpaid capital expenditures at period end $ 11,697 $ 5,555 Common stock withheld for payroll tax obligations (1) 134 — Cash interest payments 7,488 3,258 Cash income taxes paid, net of (refunds): Foreign 1,258 1,114 U.S. Federal ( 8,966 ) — (1) Represents the cost of 10,946 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock during the three-month period ended March 31, 2023, which is presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2023.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Values and Related Carrying Values of Our Debt Instruments	Fair values and related carrying values of our long-term debt are shown below (in millions). March 31, 2023 December 31, 2022 Fair Value Carrying Value Fair Value Carrying Value Exit Term Loans $ 90.9 $ 100.0 $ 91.1 $ 100.0 First Lien Notes 82.4 85.3 78.3 85.3
Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis	Assets and liabilities measured at fair value are summarized below (in thousands). March 31, 2023 Fair Value Measurements Using Level 1 Level 2 Level 3 Liabilities at Total Losses for Three Months Ended (1) Recurring fair value measurements: Liability-classified Director restricted stock units $ ( 1,607 ) $ — $ — $ ( 1,607 ) $ ( 219 ) Represents an increase in stock compensation expense due to the “marking-to-market” of liability-classified restricted stock units granted to our non-employee directors.
Nonrecurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Measured at Fair Value on Recurring and Nonrecurring Basis	December 31, 2022 Fair Value Measurements Using Level 1 Level 2 Level 3 Liabilities at Total Losses for Year Ended (1) Recurring fair value measurements: Liability-classified Director restricted stock units $ ( 1,258 ) $ — $ — $ ( 1,258 ) $ ( 230 ) (1) Represents an increase in stock compensation expense due to the “marking-to-market” of liability-classified restricted stock units granted to our non-employee directors.

Drilling and Other Property a_2

Drilling and Other Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Summary of Cost and Accumulated Depreciation of Drilling and Other Property and Equipment	Cost and accumulated depreciation of drilling and other property and equipment are summarized as follows (in thousands): March 31, December 31, 2023 2022 Drilling rigs and equipment $ 1,148,468 $ 1,126,793 Finance lease right of use asset 174,571 174,571 Land and buildings 10,001 10,001 Office equipment and other 2,622 2,515 Cost 1,335,662 1,313,880 Less: accumulated depreciation ( 194,862 ) ( 171,972 ) Drilling and other property and equipment, net $ 1,140,800 $ 1,141,908

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Carrying Value of Long-term Debt, Net of Unamortized Discount, Premium and Debt Issuance Costs	At March 31, 2023 and December 31, 2022, the carrying value of our long-term debt (or Exit Debt), net of unamortized discount, premium and debt issuance costs, was comprised as follows (in thousands): March 31, December 31, 2023 2022 Borrowings under Exit RCF $ 162,478 $ 177,478 Exit Term Loans 99,229 99,190 First Lien Notes 84,043 83,976 Total Exit Debt, net $ 345,750 $ 360,644

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerators and Denominators of Basic and Diluted EPS	A reconciliation of the numerators and denominators of our basic and diluted EPS computations are summarized as follows (in thousands). Three Months Ended 2023 2022 Net income (loss) – basic and diluted numerator $ 7,229 $ ( 34,354 ) Weighted average shares – basic (denominator): 101,331 100,075 Dilutive effect of stock-based awards 2,605 — Weighted average shares including conversions – diluted (denominator) 103,936 100,075

Segments and Geographic Area _2

Segments and Geographic Area Analysis (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of Information About Disaggregated Revenue by Country	The following tables provide information about disaggregated revenue by country (in thousands): Three Months Ended March 31, 2023 Total Revenues Total United States $ 104,581 $ 12,557 $ 117,138 Senegal 52,131 3,181 55,312 Brazil 20,660 — 20,660 Australia 19,309 840 20,149 United Kingdom 17,702 1,060 18,762 Total $ 214,383 $ 17,638 $ 232,021 Three Months Ended March 31, 2022 Total Revenues Total United States $ 76,283 $ 26,239 $ 102,522 Senegal 27,116 1,746 28,862 Brazil 19,266 — 19,266 Australia 15,697 2,604 18,301 United Kingdom 2,306 1,428 3,734 Myanmar 9,584 3,970 13,554 Total $ 150,252 $ 35,987 $ 186,239

General Information - Additiona

General Information - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash, nature of restriction, description	We maintain a restricted cash bank account which is subject to restrictions pursuant to a management services agreement with an offshore drilling company.
Ocean Valor [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Net book value of assets	$ 1

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023
Minimum [Member]
Revenue From Contract With Customers [Line Items]
Initial term of contract	2 months
Maximum [Member]
Revenue From Contract With Customers [Line Items]
Initial term of contract	60 months

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Summary of Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade receivables		$ 179,083	$ 155,956
Current contract assets	[1]	411	141
Current contract liabilities (deferred revenue)	[1]	(12,298)	(11,513)
Noncurrent contract liabilities (deferred revenue)	[1]	$ 0	$ (487)
[1] Contract assets and contract liabilities may reflect balances which have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets.

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Summary of Significant Changes in Contract Assets and Contract Liabilities Balances (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Contract assets at January 1, 2023	$ 141
Contract liabilities at January 1, 2023	(12,000)
Net balance at January 1, 2023	(11,859)
Decrease due to amortization of revenue included in the beginning contract liability balance	3,626
Increase due to cash received, excluding amounts recognized as revenue during the period	(3,676)
Increase due to revenue recognized during the period but contingent on future performance	22
Net balance at March 31, 2023	(11,887)
Contract assets at March 31, 2023	411
Contract liabilities at March 31, 2023	$ (12,298)

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Summary of Specified Types of Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 11,959
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue remaining performance obligation	$ 9,812	[1]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue remaining performance obligation	$ 2,147
Mobilization And Contract Preparation Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	4,139
Mobilization And Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	3,241	[1]
Mobilization And Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	898
Capital Modification Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	8,158
Capital Modification Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	6,909	[1]
Capital Modification Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	1,249
Demobilization And Other Deferred Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	338
Demobilization And Other Deferred Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 338	[1]
[1] Represents the nine-month period beginning April 1, 2023.

Supplemental Financial Inform_3

Supplemental Financial Information - Accounts Receivable, Net of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade receivables	$ 179,083	$ 155,956
Value added tax receivables	5,355	6,075
Federal income tax receivables	1,093	9,450
Related party receivables	51	73
Other	2,092	6,121
Receivables Gross Current, Total	187,674	177,675
Allowance for credit losses	(5,656)	(5,622)
Accounts receivable, net	$ 182,018	$ 172,053

Supplemental Financial Inform_4

Supplemental Financial Information - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid taxes		$ 21,756	$ 16,922
Deferred contract costs		17,235	14,373
Prepaid rig costs		4,337	4,001
Rig spare parts and supplies		3,890	5,091
Prepaid insurance		2,493	3,022
Software maintenance agreements and subscriptions		1,919	1,212
Deferred survey costs		1,104	838
Current contract assets	[1]	411	141
Other		7,488	3,095
Change in prepaid expenses and other current assets		$ 60,633	$ 48,695
[1] Contract assets and contract liabilities may reflect balances which have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets.

Supplemental Financial Inform_5

Supplemental Financial Information - Accrued Liabilities (Detail) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Rig operating costs		$ 39,811	$ 39,288
Contract advances		36,036	52,743
Payroll and benefits		29,032	29,408
Deferred revenue	[1]	12,298	11,513
Accrued capital project/upgrade costs		11,697	8,419
Current operating lease liability		10,612	13,480
Personal injury and other claims		5,267	3,738
Shorebase and administrative costs		4,820	4,365
Deposit for equipment sale		4,368	1,670
Interest payable		3,942	1,897
Other		1,217	264
Change in accrued liabilities		$ 159,100	$ 166,785
[1] Contract assets and contract liabilities may reflect balances which have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets.

Supplemental Financial Inform_6

Supplemental Financial Information - Noncash Operating, Investing and Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Accrued but unpaid capital expenditures at period end	$ 11,697	$ 5,555
Common stock withheld for payroll tax obligations	134	0
Cash interest payments	7,488	3,258
Foreign [Member]
Cash income taxes paid, net of (refunds):
Cash income taxes paid, net of refunds	1,258	1,114
Domestic [Member]
Cash income taxes paid, net of (refunds):
Cash income taxes paid, net of refunds	$ (8,966)	$ 0

Supplemental Financial Inform_7

Supplemental Financial Information - Noncash Operating, Investing and Financing Activities (Detail) (Parenthetical)	3 Months Ended
	Mar. 31, 2023 shares
Restricted Stock [Member]
Condensed Financial Statements, Captions [Line Items]
Number of shares of common stock withheld	10,946

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Trade receivables past due	$ 7,600
Trade receivables reserved for previous years	5,500
Trade receivables remaining past due	2,100
Allowance for credit losses	5,656	$ 5,622
ASU 2016-13 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimate of credit losses	$ 200	$ 200

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures - Assets Measured at Fair Value on Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Costs and Expenses	Costs and Expenses
Director [Member] | Recurring Fair Value Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability-classified Director restricted stock units	$ (1,607)	$ (1,258)
Total Losses	(219)	(230)
Level 1 [Member] | Director [Member] | Recurring Fair Value Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability-classified Director restricted stock units	$ (1,607)	$ (1,258)

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - Fair Value and Related Carrying Values of Our Debt Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Exit Term Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 90.9	$ 91.1
Carrying Value	100	100
First Lien Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	82.4	78.3
Carrying Value	$ 85.3	$ 85.3

Drilling and Other Property a_3

Drilling and Other Property and Equipment - Summary of Cost and Accumulated Depreciation of Drilling and Other Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,335,662	$ 1,313,880
Less: accumulated depreciation	(194,862)	(171,972)
Drilling and other property and equipment, net	1,140,800	1,141,908
Drilling Rigs and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	1,148,468	1,126,793
Finance Lease Right of Use Asset [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	174,571	174,571
Land and Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	10,001	10,001
Office Equipment and Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,622	$ 2,515

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - First Lien Notes	Apr. 23, 2021
Debt Instrument [Line Items]
Debt instrument, maturity year	2027
Cash Pay Rate [Member]
Debt Instrument [Line Items]
Interest rate of senior notes	9%
Cash Pay Rate and Payment in Kind Rate [Member]
Debt Instrument [Line Items]
Interest rate of senior notes	11%
Payment in Kind Rate [Member]
Debt Instrument [Line Items]
Interest rate of senior notes	13%

Long-Term Debt - Summary of Car

Long-Term Debt - Summary of Carrying Value of Long-term Debt, Net of Unamortized Discount, Premium and Debt Issuance Costs (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total Exit Debt, net	$ 345,750	$ 360,644
Exit Revolving Credit Facility
Debt Instrument [Line Items]
Total Exit Debt, net	162,478	177,478
Exit Term Loans
Debt Instrument [Line Items]
Total Exit Debt, net	99,229	99,190
First Lien Notes
Debt Instrument [Line Items]
Total Exit Debt, net	$ 84,043	$ 83,976

Long-Term Debt - Exit Revolving

Long-Term Debt - Exit Revolving Credit Agreement - Additional Information (Detail) - USD ($) $ in Millions	Apr. 23, 2021	May 05, 2023	Mar. 31, 2023
Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available for general purposes	$ 400
Sublimit for issuance of letters of credit	$ 50
Exit Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit			$ 162.5
Borrowing accrue interest			9.08%
Debt instrument maturity date	Apr. 22, 2026
Exit Revolving Credit Facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit		$ 182.5
Amount available for issuance of letter of credit under credit facility		201.6
Exit Revolving Credit Facility [Member] | Financial Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit			$ 19.4
Exit Revolving Credit Facility [Member] | Financial Letter of Credit [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit		$ 19.3
Exit Revolving Credit Facility [Member] | Payment in Kind Rate [Member]
Debt Instrument [Line Items]
Line of credit			$ 3.5

Long-Term Debt - Exit Term Loan

Long-Term Debt - Exit Term Loan Credit Agreement - Additional Information (Detail) - USD ($) $ in Millions	Apr. 23, 2021	Mar. 31, 2022
Exit Term Loan Credit Agreement [Member]
Debt Instrument [Line Items]
Outstanding line of credit facility interest rate		10.84%
Senior Secured Term Loan Credit Agreement [Member]
Debt Instrument [Line Items]
Senior notes	$ 100
Debt instrument maturity date	Apr. 22, 2027
Debt instrument carrying amount		$ 100

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2023	Dec. 31, 2022
Contingencies And Commitments [Line Items]
Estimated sales tax and related penalties and interest		$ 12.6	$ 12.4
Purchase Obligations		0
Maximum [Member]
Contingencies And Commitments [Line Items]
Range of deductible for liability coverage for personal injury claims, upper limit		5
Minimum [Member]
Contingencies And Commitments [Line Items]
Range of deductible for liability coverage for personal injury claims, upper limit		1
Loss from Catastrophes [Member]
Contingencies And Commitments [Line Items]
Range of deductible for liability coverage for personal injury claims, upper limit		100
Personal Injury Claims [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		18.4	18.3
Total Contingent Liabilities Under Letters of Credit and Bonds [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds		19.4
Services Agreement [Member]
Contingencies And Commitments [Line Items]
Maturity of service arrangement	10 years
Annual payments due under service agreement		27
Accrued Liabilities [Member] | Personal Injury Claims [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		5.3	3.7
Other Liabilities [Member] | Personal Injury Claims [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		$ 13.1	$ 14.6

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Reconciliation of Numerators and Denominators of Basic and Diluted EPS (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income (loss) - basic and diluted numerator	$ 7,229	$ (34,354)
Weighted average shares - basic (denominator):	101,331,000	100,075,000
Dilutive effect of stock-based awards	2,605	0
Weighted average shares including conversions - diluted (denominator)	103,936,000	100,075,000

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Schedule of reconciliation of the Numerators and Denominators of Basic and Diluted EPS - Additional Information (Detail)	Mar. 31, 2023 $ / shares shares
Earnings Per Share [Abstract]
Exercise period of warrant | $ / shares	$ 29.22
Warrants outstanding	7,500,000
Maturity date of warrant	Apr. 23, 2026
Non-vested stock-based awards	349,784

Segments and Geographic Area _3

Segments and Geographic Area Analysis - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 Segment Country
Segment Reporting [Abstract]
Number of reportable segments | Segment	1
Number of countries with rigs | Country	4

Segments and Geographic Area _4

Segments and Geographic Area Analysis - Summary of Information about Disaggregated Revenue by Country (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 232,021	$ 186,239
Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	214,383	150,252
Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	17,638	35,987
United States [Member]
Segment Reporting Information [Line Items]
Total revenues	117,138	102,522
United States [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	104,581	76,283
United States [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	12,557	26,239
Australia [Member]
Segment Reporting Information [Line Items]
Total revenues	20,149	18,301
Australia [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	19,309	15,697
Australia [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	840	2,604
Senegal [Member]
Segment Reporting Information [Line Items]
Total revenues	55,312	28,862
Senegal [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	52,131	27,116
Senegal [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	3,181	1,746
United Kingdom [Member]
Segment Reporting Information [Line Items]
Total revenues	18,762	3,734
United Kingdom [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	17,702	2,306
United Kingdom [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	1,060	1,428
Brazil [Member]
Segment Reporting Information [Line Items]
Total revenues	20,660	19,266
Brazil [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 20,660	19,266
Myanmar [Member]
Segment Reporting Information [Line Items]
Total revenues		13,554
Myanmar [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues		9,584
Myanmar [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues		$ 3,970