Diamond Offshore Drilling (DODRW) 10-Q 4 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 29, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	DOFSQ
Entity Registrant Name	DIAMOND OFFSHORE DRILLING, INC.
Entity Central Index Key	0000949039
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		138,050,347
Title of 12(b) Security	Common Stock, $0.01 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
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 499,138	$ 156,281
Accounts receivable	273,923	256,315
Less: allowance for credit losses	(5,760)	(5,459)
Accounts receivable, net	268,163	250,856
Prepaid expenses and other current assets	76,769	68,658
Asset held for sale		1,000
Total current assets	844,070	476,795
Drilling and other property and equipment, net of accumulated depreciation	4,329,983	5,152,828
Other assets	204,280	204,421
Total assets	5,378,333	5,834,044
Current liabilities:
Accounts payable	59,564	68,586
Accrued liabilities	196,031	210,780
Taxes payable	16,437	23,228
Current maturities of long-term debt	2,412,215
Total current liabilities	2,684,247	302,594
Long-term debt		1,975,741
Deferred tax liability	37,825	47,528
Other liabilities	284,773	275,971
Total liabilities	3,006,845	2,601,834
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock (par value $0.01, 25,000,000 shares authorized, none issued and outstanding)
Common stock (par value $0.01, 500,000,000 shares authorized; 145,107,046 shares issued and 137,944,059 shares outstanding at March 31, 2020; 144,781,766 shares issued and 137,703,910 shares outstanding at December 31, 2019)	1,451	1,448
Additional paid-in capital	2,025,887	2,024,347
Retained earnings	550,261	1,412,201
Accumulated other comprehensive loss	(19)	(18)
Treasury stock, at cost (7,162,987 and 7,077,856 shares of common stock at March 31, 2020 and December 31, 2019, respectively)	(206,092)	(205,768)
Total stockholders’ equity	2,371,488	3,232,210
Total liabilities and stockholders’ equity	$ 5,378,333	$ 5,834,044

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Paranthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	145,107,046	144,781,766
Common stock, shares outstanding	137,944,059	137,703,910
Treasury stock, shares	7,162,987	7,077,856

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 229,170	$ 233,542
Operating expenses:
Depreciation	93,043	86,898
General and administrative	16,345	17,312
Impairment of assets	774,028
(Gain) loss on disposition of assets	(3,433)	4,287
Total operating expenses	1,075,607	282,669
Operating loss	(846,437)	(49,127)
Other income (expense):
Interest income	389	2,414
Interest expense, net of amounts capitalized	(32,321)	(29,925)
Foreign currency transaction gain (loss)	207	(1,085)
Other, net	323	333
Loss before income tax benefit	(877,839)	(77,390)
Income tax benefit	15,899	4,062
Net loss	$ (861,940)	$ (73,328)
Loss per share, Basic and Diluted	$ (6.25)	$ (0.53)
Weighted-average shares outstanding:
Shares of common stock	137,831	137,522
Total weighted-average shares outstanding	137,831	137,522
Contract Drilling [Member]
Revenues:
Total revenues	$ 217,866	$ 226,697
Operating expenses:
Contract drilling, excluding depreciation	184,511	167,429
Reimbursable Expenses [Member]
Revenues:
Total revenues	11,304	6,845
Operating expenses:
Contract drilling, excluding depreciation	$ 11,113	$ 6,743

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (861,940)	$ (73,328)
Derivative financial instruments:
Reclassification adjustment for gain included in net loss	(1)	(1)
Investments in marketable securities:
Unrealized holding gain		14
Reclassification adjustment for gain included in net loss		(32)
Total other comprehensive loss	(1)	(19)
Comprehensive loss	$ (861,941)	$ (73,347)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Gains (Losses) [Member]	Treasury Stock [Member]
Beginning Balance at Dec. 31, 2018	$ 3,584,653	$ 1,444	$ 2,018,143	$ 1,769,415	$ 21	$ (204,370)
Beginning Balance, shares at Dec. 31, 2018		144,383,662				6,945,309
Net loss	(73,328)			(73,328)
Stock-based compensation, net of tax	570	$ 2	1,412			$ (844)
Stock-based compensation, net of tax, shares		223,330				81,480
Net loss on investments	(18)				(18)
Net loss on derivative financial instruments	(1)				(1)
Ending Balance at Mar. 31, 2019	3,511,876	$ 1,446	2,019,555	1,696,087	2	$ (205,214)
Ending Balance, shares at Mar. 31, 2019		144,606,992				7,026,789
Beginning Balance at Dec. 31, 2019	3,232,210	$ 1,448	2,024,347	1,412,201	(18)	$ (205,768)
Beginning Balance, shares at Dec. 31, 2019		144,781,766				7,077,856
Net loss	(861,940)			(861,940)
Stock-based compensation, net of tax	1,219	$ 3	1,540			$ (324)
Stock-based compensation, net of tax, shares		325,280				85,131
Net loss on derivative financial instruments	(1)				(1)
Ending Balance at Mar. 31, 2020	$ 2,371,488	$ 1,451	$ 2,025,887	$ 550,261	$ (19)	$ (206,092)
Ending Balance, shares at Mar. 31, 2020		145,107,046				7,162,987

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net loss	$ (861,940)	$ (73,328)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation	93,043	86,898
Loss on impairment of assets	774,028
(Gain) loss on disposition of assets	(3,433)	4,287
Deferred tax provision	(13,797)	(7,769)
Stock-based compensation expense	1,543	1,414
Contract liabilities, net	34,285	11,980
Contract assets, net	3,092	(1,922)
Deferred contract costs, net	(14,576)	(6,244)
Other assets, noncurrent	(393)	98
Other liabilities, noncurrent	(3,346)	(570)
Other	451	(1,517)
Changes in operating assets and liabilities:
Accounts receivable	(17,307)	(20,761)
Prepaid expenses and other current assets	131	604
Accounts payable and accrued liabilities	(9,586)	13,329
Taxes payable	(5,036)	(3,637)
Net cash (used in) provided by operating activities	(22,841)	2,862
Investing activities:
Capital expenditures	(74,850)	(85,890)
Proceeds from maturities of marketable securities		1,000,000
Purchase of marketable securities		(948,298)
Proceeds from disposition of assets, net of disposal costs	4,548	95
Net cash used in investing activities	(70,302)	(34,093)
Financing activities:
Borrowings under Credit Facility	436,000
Other		(2)
Net cash provided by (used in) financing activities	436,000	(2)
Net change in cash and cash equivalents	342,857	(31,233)
Cash and cash equivalents, beginning of period	156,281	154,073
Cash and cash equivalents, end of period	$ 499,138	$ 122,840

General Information

General Information	3 Months Ended
	Mar. 31, 2020
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,” “we,” “us” or “our,” should be read in conjunction with our Annual Report on Form 10-K/A for the year ended December 31, 2019 (File No. 1-13926). As of May 1, 2020, Loews Corporation owned approximately 53% of the outstanding shares of our common stock. Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S.”) (“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 comprehensive loss, 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. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments to measure credit losses of certain financial assets, including trade receivables, utilizing a We adopted ASU 2016-13 and its related amendments Asset Held for Sale We reported the Ocean Confidence

Going Concern

Going Concern	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Going Concern	2. Going Concern As a result of the prolonged downturn in the offshore contract drilling industry, combined with the added economic uncertainty in the global energy markets resulting from a further decline in energy prices and the COVID-19 pandemic and efforts to mitigate the spread of the virus, we have reported a net loss of $861.9 million, inclusive of a $774.0 million impairment charge, for the three months ended March 31, 2020. As of March 31, 2020, we had an aggregate of approximately $2.4 billion in senior notes and borrowings under our revolving credit facility outstanding with stated maturities at various times from 2023 through 2043, of which an aggregate of $436.0 million was borrowed under our revolving credit facility. As described in Note 13 “Subsequent Events,” on April 26, 2020, Diamond Offshore Drilling, Inc. (the “Company”) and certain of its direct and indirect subsidiaries (together with the Company, the “Debtors”) filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). As a result of the filing of the Chapter 11 Cases, the principal and interest due under our outstanding senior notes and revolving credit facility became immediately due and payable and have been presented as “Current maturities of long-term debt” in our unaudited Condensed Consolidated Balance Sheet at March 31, 2020 . However, any efforts to enforce such payment obligations with respect to our senior notes and revolving credit facility are automatically stayed as a result of the filing of the Chapter 11 Cases. We have projected that we will not have sufficient cash on hand or available liquidity to repay such outstanding debt. These conditions and events raise substantial doubt over our ability to continue as a going concern for twelve months after the date our financial statements are issued. Financial information in this report has been prepared on the basis that we will continue as a going concern, which presumes that we will be able to realize our assets and discharge our liabilities in the normal course of business as they come due. Financial information in this report does not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if we were unable to realize our assets and settle our liabilities as a going concern in the normal course of operations. Such adjustments could be material. Our long-term liquidity requirements, the adequacy of capital resources and ability to continue as a going concern are difficult to predict at this time. If our future sources of liquidity are insufficient, we could face substantial liquidity constraints and be unable to continue as a going concern and will likely be required to significantly reduce, delay or eliminate capital expenditures, implement further cost reductions, or seek other financing alternatives. Although we anticipate that the Chapter 11 Cases will help address our liquidity concerns, the approval of a plan of reorganization is not within our control and uncertainty remains over the Bankruptcy Court's approval of a plan of reorganization. As such we have concluded that substantial doubt continues to exist about our ability to continue as a going concern.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers	3. 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. Contract Balances The following table provides information about receivables, contract assets and contract liabilities from our contracts with customers (in thousands): March 31, December 31, 2020 2019 Trade receivables $ 218,666 $ 199,572 Current contract assets (1) 3,223 6,314 Current contract liabilities (deferred revenue) (1) (23,662 ) (9,573 ) Noncurrent contract liabilities (deferred revenue) (1) (58,728 ) (38,531 ) (1) Significant 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, 2020 $ 6,314 Contract liabilities at January 1, 2020 (48,104 ) Net balance at January 1, 2020 (41,790 ) Decrease due to amortization of revenue included in the beginning contract liability balance 2,591 Increase due to cash received, excluding amounts recognized as revenue during the period (36,876 ) Increase due to revenue recognized during the period but contingent on future performance 160 Decrease due to transfer to receivables during the period (3,252 ) Net balance at March 31, 2020 $ (79,167 ) Contract assets at March 31, 2020 $ 3,223 Contract liabilities at March 31, 2020 (82,390 ) 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, 2020 (in thousands): For the Years Ending December 31, 2020 (1) 2021 2022 Total Mobilization and contract preparation revenue $ 3,135 $ 2,683 $ 352 $ 6,170 Capital modification revenue 16,054 15,509 1,452 33,015 Blended rate revenue and other 31,249 8,165 — 39,414 Total $ 50,438 $ 26,357 $ 1,804 $ 78,599 (1) nine-month The revenue included above consists of expected fixed m obilization and upgrade revenue for both wholly and partially unsatisfied performance obligations , as well as expected variable m obilization and upgrade revenue for partially unsatisfied performance obligations, which has been estimated for purposes of allocating across the entire corresponding performance obligations. Revenue expected to be recognized in the future related to the blending of rates when a contract has operating dayrates that decrease over the initial contract term is also included. The amounts are derived from the specific terms within drilling 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 March 31, 2020 . The actual timing of recognition of such amounts may vary due to factors outside of our control. We have applied the disclosure practical expedient in ASU No. 2014-09, Revenue from Contracts with Customers ( Topic 606 ) and its related amendments, and have not included estimated variable consideration related to wholly unsatisfied performance obligations or to distinct future time increments within our contracts, including dayrate revenue .

Impairment of Assets

Impairment of Assets	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of Assets	4 . Impairment of Assets 2020 Evaluation. During the first quarter of 2020, the business climate in which we operate experienced a significant adverse change, primarily as a result of the market impacts of the oil price war between Saudi Arabia and Russia and regulatory, market and commercial challenges arising as a result of the COVID-19 pandemic and efforts to mitigate the spread of the virus, both of which resulted in a dramatic decline in oil prices. At March 31, 2020, we evaluated five of our drilling rigs that had indicators of impairment. Based on our assumptions and analysis at that time, we determined that the carrying value of four of these rigs was impaired (we collectively refer to these four rigs as the 2020 Impaired Rigs). We estimated the fair values of the 2020 Impaired Rigs using an income approach, whereby the fair value of each rig was estimated based on a calculation of the rig’s future net cash flows. These calculations utilized significant unobservable inputs, including management’s assumptions related to estimated dayrate revenue, rig utilization, estimated capital expenditures, repair and regulatory survey costs, as well as We recorded aggregate impairments of $774.0 million for the three months ended March 31, 2020 related to our 2020 Impaired Rigs. See Note 7. We evaluate our property and equipment for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If market fundamentals in the offshore oil and gas industry deteriorate further or a market recovery is further delayed, we may be required to recognize additional impairment charges in future periods. See Note 13.

Supplemental Financial Informat

Supplemental Financial Information	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Supplemental Financial Information	5. Supplemental Financial Information Condensed Accounts receivable, net of allowance for credit losses, consist of the following (in thousands): March 31, December 31, 2020 2019 Trade receivables $ 218,666 $ 199,572 Federal income tax receivables 38,574 38,574 Value added tax receivables 16,111 17,716 Related party receivables 80 166 Other 492 287 273,923 256,315 Allowance for credit losses (5,760 ) (5,459 ) Total $ 268,163 $ 250,856 The Allowance for credit losses at March 31, 2020 and December 31, 2019, represents our current estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 7 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, 2020 2019 Deferred contract costs $ 31,956 $ 20,019 Rig spare parts and supplies 14,971 18,250 Prepaid taxes 13,877 12,475 Prepaid rig costs 3,897 2,990 Current contract assets 3,223 6,314 Prepaid insurance 1,940 2,892 Prepaid software costs 1,518 2,319 Other 5,387 3,399 Total $ 76,769 $ 68,658 Accrued liabilities consist of the following (in thousands): March 31, December 31, 2020 2019 Rig operating expenses $ 45,231 $ 37,969 Interest payable 36,813 28,234 Payroll and benefits 28,713 42,494 Accrued capital project/upgrade costs 26,094 56,603 Deferred revenue 23,662 9,573 Current operating lease liability 20,482 20,030 Personal injury and other claims 6,484 7,074 Shorebase and administrative costs 4,374 5,275 Other 4,178 3,528 Total $ 196,031 $ 210,780 Condensed Consolidated Statements of Cash Flows Information Noncash investing activities excluded from the unaudited Condensed Consolidated Statements of Cash Flows and other supplemental cash flow information is as follows (in thousands): Three Months Ended March 31, 2020 2019 Accrued but unpaid capital expenditures at period end $ 26,094 $ 29,902 Common stock withheld for payroll tax obligations (1) 324 844 Cash interest payments 19,785 19,688 Cash income taxes paid, net of (refunds): Foreign 7,142 8,700 State (14 ) (15 ) (1) Represents the cost of 85,131 shares and 81,480 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock units during the three-month periods ended March 31, 2020 and 2019, respectively. These costs are presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2020 and 2019, respectively.

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Loss Per Share	6. Loss Per Share We present basic and diluted net loss per share on our unaudited Condensed Consolidated Statements of Operations. Basic net loss per share excludes dilution and is computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. For all periods in which we experience a net loss, all shares of common stock issuable upon exercise of outstanding stock appreciation rights and vesting of outstanding restricted stock units have been excluded from the calculation of weighted-average shares because their inclusion would be antidilutive. The following table sets forth the stock-based awards excluded from the computations of diluted loss per share (in thousands). Three Months Ended March 31, 2020 2019 Employee and director: Stock appreciation rights 918 1,022 Restricted stock units 912 1,027

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosures	7. Financial Instruments and Fair Value Disclosures Concentrations of Credit Risk and Allowance for Credit Losses Our credit risk corresponds primarily to trade receivables. Since the market for our services is the offshore oil and gas industry, our customer base consists primarily of major and independent oil and gas companies, as well as government-owned oil companies. At March 31, 2020, we believe that we have potentially significant concentrations of credit risk due to the number of rigs we currently have 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 credit ratings and financial statements. Based on that credit review, we may require that the customer have a bank issue a letter of credit on their behalf, prepay for the services in advance or provide other credit enhancements. At March 31, 2020, we have not required customers to pay for services in advance, nor have we required credit enhancements from our customers. 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, 2020, $6.9 million in trade receivables were considered past due by 30 days or more, of which $5.5 million were fully reserved for in previous years and the remaining $1.4 million were less than 90 days past due and considered collectible. Pursuant to ASU 2016-13, 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 January 1, 2020 and March 31, 2020, 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 $0.3 million for the three months ended March 31, 2020, all of which related to the cumulative adjustment recorded for the initial adoption of ASU 2016-13. Due to immateriality, the cumulative adjustment was recorded in “Contract drilling expense, excluding depreciation” in our unaudited Condensed Consolidated Statements of Operations instead of in opening retained earnings as prescribed in ASU 2016-13 . Our total allowance for credit losses was $ 5.8 million and $ 5.5 million at March 31, 2020 and December 31, 2019, respectively. See Note s 1 and 5 . 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 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. We recorded an impairment charge related to four of our drilling rigs, which were measured at fair value on a nonrecurring basis at March 31, 2020 and have presented the aggregate loss in “Impairment of assets” in our unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2020. Assets measured at fair value are summarized below (in thousands). March 31, 2020 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets at Fair Value Total Losses for Three-Months Ended (1) Recurring fair value measurements: Money market funds $ 482,699 $ — $ — $ 482,699 Nonrecurring fair value measurements: Impaired assets (1) $ — $ — $ 175,400 $ 175,400 $ 774,028 (1) Represents the aggregate impairment charge recognized during the three months ended March 31, 2020 and corresponding book value as of March 31, 2020 of the four semisubmersible rigs, which were written down to their estimated fair values. See Note 4. December 31, 2019 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets at Fair Value Recurring fair value measurements: Money market funds $ 135,300 $ — $ — $ 135,300 We believe that the carrying amounts of our other financial assets and liabilities (excluding our senior notes), 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 -- 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. Our senior notes are not measured at fair value; however, under the GAAP fair value hierarchy, our senior notes would be considered Level 2 liabilities. The fair value of our senior notes was derived using a third-party pricing service at March 31, 2020 and December 31, 2019. We perform control procedures over information we obtain from pricing services and brokers to test whether prices received represent a reasonable estimate of fair value. These procedures include the review of pricing service or broker pricing methodologies and comparing fair value estimates to actual trade activity executed in the market for these instruments occurring generally within a 10-day period of the report date. Fair values and related carrying values of our senior notes are shown below (in millions). March 31, 2020 December 31, 2019 Fair Value Carrying Value Fair Value Carrying Value 3.45% Senior Notes due 2023 $ 73.7 $ 249.6 $ 212.5 $ 249.6 7.875% Senior Notes due 2025 147.5 497.3 435.0 497.1 5.70% Senior Notes due 2039 77.5 497.3 292.5 497.3 4.875% Senior Notes due 2043 101.3 749.0 408.8 749.0 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, 2020
Property Plant And Equipment [Abstract]
Drilling and Other Property and Equipment	8. 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, 2020 2019 Drilling rigs and equipment $ 7,273,173 $ 8,004,489 Land and buildings 64,342 64,267 Office equipment and other 92,965 92,289 Cost 7,430,480 8,161,045 Less: accumulated depreciation (3,100,497 ) (3,008,217 ) Drilling and other property and equipment, net $ 4,329,983 $ 5,152,828 During the three months ended March 31, 2020, we recorded an aggregate impairment charge of $774.0 million, to write down four of our drilling rigs with indicators of impairment to their estimated fair values. See Notes 4 and 7.

Credit Agreements and Credit Ra

Credit Agreements and Credit Ratings	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Credit Agreements and Credit Ratings	9. Credit Agreements and Credit Ratings Credit Agreements Effective March 17, 2020, we terminated our $225.0 million revolving credit agreement, which was scheduled to mature on October 22, 2020. At the time of termination, there were no borrowings outstanding under the facility. We did not incur any early termination penalties in connection with the termination and wrote off $0.5 million in deferred arrangement fees associated with the facility. In March 2020, we borrowed $436.0 million under our $950.0 million senior 5-year revolving credit agreement, or Credit Agreement, which was entered into on October 2, 2018. The weighted average interest rate on the combined borrowings at March 31, 2020 was 5.32%. Borrowings under the Credit Agreement mature at the earliest of the maturity of the Credit Agreement on October 2, 2023, termination of the commitments or acceleration upon an event of default. The filing of the Chapter 11 Cases constituted an event of default and the principal and interest due under the Credit Agreement became immediately due and payable and therefore ,have been presented as “Current maturities of long-term debt” in our unaudited Condensed Consolidated Balance Sheet at March 31, 2020. In January 2020, a $6.0 million financial letter of credit was issued under the Credit Agreement in support of a previously issued surety bond. See Note 13 “Subsequent Events.” Credit Ratings On March 9, 2020, Moody’s Investor Services (“Moody’s), downgraded our current corporate credit rating to Caa1 from B2 and our current senior unsecured notes credit rating to Caa2 from B3. On April 16, 2020, Moody’s further downgraded both our corporate credit rating and our current senior unsecured notes credit rating to Ca. And, on April 27, 2020, Moody’s downgraded our corporate credit rating to D. The rating outlook from Moody’s is negative. Additionally, on April 16, 2020, S&P Global Ratings (“S&P”) downgraded our corporate and senior unsecured notes credit ratings to CC from CCC+ and our Credit Agreement rating to CC from B-. On April 24, 2020, S&P lowered our corporate credit rating and all issue-level credit ratings to D. Our rating outlook from S&P has been designated as not meaningful. Our current credit ratings are below investment grade and could raise our cost of financing. Consequently, we may not be able to issue additional debt in amounts and/or with terms that we consider to be reasonable. These ratings could limit our ability to pursue other business opportunities.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. 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. Asbestos Litigation We are one of several unrelated defendants in lawsuits filed in Louisiana state courts alleging that defendants manufactured, distributed or utilized drilling mud containing asbestos and, in our case, allowed such drilling mud to have been utilized aboard our drilling rigs. The plaintiffs seek, among other things, an award of unspecified compensatory and punitive damages. The manufacture and use of asbestos-containing drilling mud had already ceased before we acquired any of the drilling rigs addressed in these lawsuits. We believe that we are not liable for the damages asserted in the lawsuits pursuant to the terms of our 1989 asset purchase agreement with Diamond M Corporation. We are unable to estimate our potential exposure, if any, to these lawsuits at this time but do not believe that our ultimate liability, if any, resulting from this litigation will have a material effect on our consolidated financial condition, results of operations or cash flows. 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 we have a probable loss for these taxes and the related penalties and interest and, accordingly, have recorded a $12.7 million and $16.1 million liability at March 31, 2020 and December 31, 2019, respectively. 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 consolidated financial condition, results of operations or 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 condition, results of operations or cash flows. Personal Injury Claims Under our insurance policies, our deductibles for marine liability insurance coverage 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, are $5.0 million for the first occurrence and vary in amounts ranging between $5.0 million and, if aggregate claims exceed certain thresholds, up to $100.0 million for each subsequent occurrence, depending on the nature, severity and frequency of claims that might arise during the policy year. Our deductibles for personal injury claims arising due to named windstorms in the U.S. Gulf of Mexico are $25.0 million for the first occurrence and vary in amounts ranging between $25.0 million and, if aggregate claims exceed certain thresholds, up to $100.0 million for each subsequent occurrence, depending on the nature, severity and frequency of claims that might arise during the policy year. 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, 2020 our estimated liability for personal injury claims was $15.7 million, of which $6.2 million and $9.5 million were recorded in “Accrued liabilities” and “Other liabilities,” respectively, in our unaudited Condensed Consolidated Balance Sheets. At December 31, 2019 our estimated liability for personal injury claims was $17.4 million, of which $6.4 million and $11.0 million were recorded in “Accrued liabilities” and “Other liabilities,” respectively, in our 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. Letters of Credit and Other We were contingently liable as of March 31, 2020 in the aggregate amount of $32.9 million under certain customs, performance, tax and VAT bonds and letters of credit. Agreements relating to approximately $24.3 million of these tax and customs bonds can require collateral at any time, while the remaining agreements, aggregating $ 8.6 million, cannot require collateral except in events of default. During the quarter ended March 31, 2020, we issued a $ 6.0 million financial letter of credit as collateral in support of our outstanding surety bonds. In April 2020, we made cash collateral deposits of $ 17.5 million with respect to other bonds and letters of credit.

Segments and Geographic Area An

Segments and Geographic Area Analysis	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segments and Geographic Area Analysis	11. Segments and Geographic Area Analysis Although we provide contract drilling services with different types of offshore drilling rigs and also provide such services in many geographic locations, 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. 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, 2020, our active drilling rigs were located offshore three 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. The following tables provide information about disaggregated revenue by country (in thousands): Three Months Ended March 31, 2020 Total Contract Drilling Revenues Revenues Related to Reimbursable Expenses Total United States $ 104,900 $ 3,144 $ 108,044 Brazil 63,179 - 63,179 United Kingdom 32,599 3,245 35,844 Australia 17,188 4,915 22,103 Total $ 217,866 $ 11,304 $ 229,170 Three Months Ended March 31, 2019 Total Contract Drilling Revenues Revenues Related to Reimbursable Expenses Total United States $ 138,632 $ 1,946 $ 140,578 Brazil 53,284 30 53,314 United Kingdom 24,609 1,907 26,516 Australia 10,172 2,962 13,134 Total $ 226,697 $ 6,845 $ 233,542

Income Tax

Income Tax	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax	12. Income Tax On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act allows a carryback of net operating losses generated in 2018, 2019 and 2020 to each of the five preceding taxable years. As a result of the carryback, we recognized a tax benefit of $9.7 million due to a partial release of a previously recognized valuation allowance and tax rate change.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Senior Notes and Potential Event of Default On April 16, 2020, we announced that we elected not to make the semiannual interest payment due in respect of our 5.70% Senior Notes due 2039 (the “Notes”), which was due on April 15, 2020. Under the terms of the governing indenture, we have a 30-day grace period to make the payment. Non-payment of the interest due on the due date was not an event of default but would become an event of default if the payment was not made within the 30-day grace period. During the grace period, we are not permitted to borrow additional amounts under our Credit Agreement. An event of default under the indenture governing the Notes would result in a cross-default under the Credit Agreement, whereupon the Notes and our borrowings under the Credit Agreement may then be subject to acceleration. The acceleration of the Notes or our borrowings under the Credit Agreement would result in a cross-default under the indentures governing our 3.45% Senior Notes due 2023, 7.875% Senior Notes due 2025 and 4.875% Senior Notes due 2043, whereupon such notes may then be subject to acceleration, subject to a 10-day cure period. We also announced on April 16, 2020 that we have retained the services of Lazard Frères & Co. LLC as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal advisor to assist our Board of Directors and management team in analyzing and evaluating the various alternatives with respect to our capital structure. Reduction in Force In April 2020, we initiated a plan to reduce the number of employees in our world-wide organization in an effort to lower operating costs and restructure our business. As a result, we announced and communicated a reduction in personnel in our corporate offices, warehouse facilities and certain of our international shorebase locations. Contract Termination In April 2020, we received a purported notice of termination by a subsidiary of Beach Energy Limited of its contract for the Ocean Onyx , which contract was scheduled to commence during the second quarter of 2020. We consider termination of the Ocean Onyx contract to be a triggering event for purposes of impairment testing, as the rig has no future contracts at this time, and we are currently preparing the rig for cold stacking. Based on our assumptions and analysis, we determined that the undiscounted probability-weighted cash flow for the Ocean Onyx was in excess of its carrying value. As a result, we concluded that the carrying value of the rig was not impaired. Termination of Services Agreement On April 24, 2020, our services agreement with Loews Corporation was terminated by mutual agreement. Under the services agreement, Loews had previously provided certain administrative and technical services, such as internal auditing services and advice and assistance with respect to obtaining insurance. We are in the process of replacing certain of these functions with services obtained through other third-party providers. Bankruptcy Filing On April 26, 2020, the Debtors commenced the Chapter 11 Cases. The Chapter 11 Cases are jointly administered under the caption In re Diamond Offshore Drilling, Inc., et al, Case No. 20-32307 The Debtors filed motions with the Bankruptcy Court seeking authorization to continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the United States Bankruptcy Code (the “Code”) and orders of the Bankruptcy Court. To ensure their ability to continue operating in the ordinary course of business, the Debtors have also filed with the Bankruptcy Court a variety of motions seeking “first day” relief, including authority to continue using their cash management system, pay employee wages and benefits and pay certain vendors and suppliers in the ordinary course of business (the “First Day Motions”). On April 27, 2020 the Bankruptcy Court approved the First Day Motions, certain of which were approved on an interim basis. A subsequent hearing to approve the First Day Motions granted on an interim basis is currently scheduled for May 27, 2020. Pursuant to the First Day Motions, and subject to certain terms and dollar limits included therein, the Debtors were authorized to continue to use their unrestricted cash on hand, as well as all cash generated from daily operations, which is being used to continue the Debtors’ operations without interruption during the course of their restructuring. Also pursuant to the First Day Motions, the Debtors received Bankruptcy Court authorization to, among other things and subject to the terms and conditions set forth in the applicable orders, pay certain pre-petition employee wages, salaries, health benefits and other employee obligations during their restructuring, pay certain claims relating to critical and other vendors, continue their cash management programs and insurance policies, as well as continue to honor their current customer programs. The Debtors are authorized under the Bankruptcy Code to pay post-petition expenses incurred in the ordinary course of business without seeking Bankruptcy Court approval. Until a plan of reorganization is approved and effective, the Debtors will continue to manage their properties and operate their businesses as “debtor s- in - possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. The Debtors filed the Chapter 11 Cases with approximately $434.9 million of unrestricted cash, which they will use to fund operations in the ordinary course and administrative costs during the Chapter 11 Cases. The filing of the Chapter 11 Cases constitutes an event of default that accelerated the Company’s obligations under the following debt instruments (collectively, the “Debt Instruments”): • 3.45 • 7.875 • 5.70 • 4.875 • the Credit Agreement, under which an aggregate of $442.0 million is outstanding, consisting of borrowings of $436.0 million and $6.0 million in the form of a letter of credit. The Debt Instruments provide that as a result of the filing of the Chapter 11 Cases, the principal and accrued interest due thereunder shall be immediately due and payable and have been presented as ”Current maturities of long-term debt” in our unaudited Condensed Consolidated Balance Sheet at March 31, 2020 Credit Agreement As a result of the filing of the Chapter 11 Cases, we received notification on April 28, 2020 that the commitment under our Credit Agreement had been reduced from $950 million to approximately $442.0 million, representing the amount of borrowings outstanding plus the value of the letter of credit that had been issued under the Credit Agreement.

General Information (Policies)

General Information (Policies)	3 Months Ended
	Mar. 31, 2020
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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments to measure credit losses of certain financial assets, including trade receivables, utilizing a We adopted ASU 2016-13 and its related amendments
Asset Held For Sale	Asset Held for Sale We reported the Ocean Confidence

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2020
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 from our contracts with customers (in thousands): March 31, December 31, 2020 2019 Trade receivables $ 218,666 $ 199,572 Current contract assets (1) 3,223 6,314 Current contract liabilities (deferred revenue) (1) (23,662 ) (9,573 ) Noncurrent contract liabilities (deferred revenue) (1) (58,728 ) (38,531 ) (1)
Summary of Significant Changes in Contract Assets and Contract Liabilities Balances	Significant 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, 2020 $ 6,314 Contract liabilities at January 1, 2020 (48,104 ) Net balance at January 1, 2020 (41,790 ) Decrease due to amortization of revenue included in the beginning contract liability balance 2,591 Increase due to cash received, excluding amounts recognized as revenue during the period (36,876 ) Increase due to revenue recognized during the period but contingent on future performance 160 Decrease due to transfer to receivables during the period (3,252 ) Net balance at March 31, 2020 $ (79,167 ) Contract assets at March 31, 2020 $ 3,223 Contract liabilities at March 31, 2020 (82,390 )
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, 2020 (in thousands): For the Years Ending December 31, 2020 (1) 2021 2022 Total Mobilization and contract preparation revenue $ 3,135 $ 2,683 $ 352 $ 6,170 Capital modification revenue 16,054 15,509 1,452 33,015 Blended rate revenue and other 31,249 8,165 — 39,414 Total $ 50,438 $ 26,357 $ 1,804 $ 78,599 (1) nine-month

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 2019 Trade receivables $ 218,666 $ 199,572 Federal income tax receivables 38,574 38,574 Value added tax receivables 16,111 17,716 Related party receivables 80 166 Other 492 287 273,923 256,315 Allowance for credit losses (5,760 ) (5,459 ) Total $ 268,163 $ 250,856
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2020 2019 Deferred contract costs $ 31,956 $ 20,019 Rig spare parts and supplies 14,971 18,250 Prepaid taxes 13,877 12,475 Prepaid rig costs 3,897 2,990 Current contract assets 3,223 6,314 Prepaid insurance 1,940 2,892 Prepaid software costs 1,518 2,319 Other 5,387 3,399 Total $ 76,769 $ 68,658
Accrued Liabilities	Accrued liabilities consist of the following (in thousands): March 31, December 31, 2020 2019 Rig operating expenses $ 45,231 $ 37,969 Interest payable 36,813 28,234 Payroll and benefits 28,713 42,494 Accrued capital project/upgrade costs 26,094 56,603 Deferred revenue 23,662 9,573 Current operating lease liability 20,482 20,030 Personal injury and other claims 6,484 7,074 Shorebase and administrative costs 4,374 5,275 Other 4,178 3,528 Total $ 196,031 $ 210,780
Noncash Investing and Financing Activities	Noncash investing activities excluded from the unaudited Condensed Consolidated Statements of Cash Flows and other supplemental cash flow information is as follows (in thousands): Three Months Ended March 31, 2020 2019 Accrued but unpaid capital expenditures at period end $ 26,094 $ 29,902 Common stock withheld for payroll tax obligations (1) 324 844 Cash interest payments 19,785 19,688 Cash income taxes paid, net of (refunds): Foreign 7,142 8,700 State (14 ) (15 ) (1) Represents the cost of 85,131 shares and 81,480 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock units during the three-month periods ended March 31, 2020 and 2019, respectively. These costs are presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2020 and 2019, respectively.

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Securities Excluded from Computation of Diluted Loss Per Share	The following table sets forth the stock-based awards excluded from the computations of diluted loss per share (in thousands). Three Months Ended March 31, 2020 2019 Employee and director: Stock appreciation rights 918 1,022 Restricted stock units 912 1,027

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on Recurring and Nonrecurring Basis	Assets measured at fair value are summarized below (in thousands). March 31, 2020 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets at Fair Value Total Losses for Three-Months Ended (1) Recurring fair value measurements: Money market funds $ 482,699 $ — $ — $ 482,699 Nonrecurring fair value measurements: Impaired assets (1) $ — $ — $ 175,400 $ 175,400 $ 774,028 (1) Represents the aggregate impairment charge recognized during the three months ended March 31, 2020 and corresponding book value as of March 31, 2020 of the four semisubmersible rigs, which were written down to their estimated fair values. See Note 4. December 31, 2019 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets at Fair Value Recurring fair value measurements: Money market funds $ 135,300 $ — $ — $ 135,300
Fair Values and Related Carrying Values of Our Debt Instruments	Fair values and related carrying values of our senior notes are shown below (in millions). March 31, 2020 December 31, 2019 Fair Value Carrying Value Fair Value Carrying Value 3.45% Senior Notes due 2023 $ 73.7 $ 249.6 $ 212.5 $ 249.6 7.875% Senior Notes due 2025 147.5 497.3 435.0 497.1 5.70% Senior Notes due 2039 77.5 497.3 292.5 497.3 4.875% Senior Notes due 2043 101.3 749.0 408.8 749.0

Drilling and Other Property a_2

Drilling and Other Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 2019 Drilling rigs and equipment $ 7,273,173 $ 8,004,489 Land and buildings 64,342 64,267 Office equipment and other 92,965 92,289 Cost 7,430,480 8,161,045 Less: accumulated depreciation (3,100,497 ) (3,008,217 ) Drilling and other property and equipment, net $ 4,329,983 $ 5,152,828

Segments and Geographic Area _2

Segments and Geographic Area Analysis (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 Total Contract Drilling Revenues Revenues Related to Reimbursable Expenses Total United States $ 104,900 $ 3,144 $ 108,044 Brazil 63,179 - 63,179 United Kingdom 32,599 3,245 35,844 Australia 17,188 4,915 22,103 Total $ 217,866 $ 11,304 $ 229,170 Three Months Ended March 31, 2019 Total Contract Drilling Revenues Revenues Related to Reimbursable Expenses Total United States $ 138,632 $ 1,946 $ 140,578 Brazil 53,284 30 53,314 United Kingdom 24,609 1,907 26,516 Australia 10,172 2,962 13,134 Total $ 226,697 $ 6,845 $ 233,542

General Information - Additiona

General Information - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2020	Mar. 31, 2020	Mar. 31, 2019	May 01, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Asset held for sale					$ 1,000
Gain (loss) on disposition of assets		$ 3,433	$ (4,287)
Semisubmersible Rig [Member]
Significant Accounting Policies [Line Items]
Gain (loss) on disposition of assets	$ 3,500
Subsequent Event [Member]
Significant Accounting Policies [Line Items]
Outstanding common stock owned by loews corporation				53.00%

Going Concern - Additional Info

Going Concern - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Going Concern [Line Items]
Net loss	$ (861,940)	$ (73,328)
Loss on impairment of assets	774,028
Amount in senior notes and borrowings under revolving credit facility	2,412,215
950 Million Credit Agreement [Member]
Going Concern [Line Items]
Amount in senior notes and borrowings under revolving credit facility	2,400,000
Amount borrowed under revolving credit facility	$ 436,000

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020
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, 2020	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Trade receivables	$ 218,666	$ 199,572
Current contract assets	3,223	6,314
Current contract liabilities (deferred revenue)	(23,662)	(9,573)
Noncurrent contract liabilities (deferred revenue)	$ (58,728)	$ (38,531)

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, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Contract assets at January 1, 2020	$ 6,314
Contract liabilities at January 1, 2020	(48,104)
Net balance at January 1, 2020	(41,790)
Decrease due to amortization of revenue included in the beginning contract liability balance	2,591
Increase due to cash received, excluding amounts recognized as revenue during the period	(36,876)
Increase due to revenue recognized during the period but contingent on future performance	160
Decrease due to transfer to receivables during the period	(3,252)
Net balance at March 31, 2020	(79,167)
Contract assets at March 31, 2020	3,223
Contract liabilities at March 31, 2020	$ (82,390)

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, 2020USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 78,599
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
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	$ 50,438
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
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	$ 26,357
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
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	$ 1,804
Mobilization and Contract Preparation Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	6,170
Mobilization and Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	3,135
Mobilization and Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	2,683
Mobilization and Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	352
Capital Modification Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	33,015
Capital Modification Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	16,054
Capital Modification Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	15,509
Capital Modification Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	1,452
Blended Rate Revenue and Other [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	39,414
Blended Rate Revenue and Other [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	31,249
Blended Rate Revenue and Other [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 8,165

Revenue from Contracts with C_7

Revenue from Contracts with Customers - Summary of Specified Types of Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Detail 1) $ in Thousands	Mar. 31, 2020USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 78,599
Mobilization and Contract Preparation Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	6,170
Capital Modification Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	33,015
Blended Rate Revenue and Other [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 39,414

Revenue from Contracts with C_8

Revenue from Contracts with Customers - Summary of Specified Types of Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Detail) (Parenthetical)	Mar. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
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, Expected Timing of Satisfaction, Start Date: 2021-01-01
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, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

Impairment of Assets - Addition

Impairment of Assets - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Rig
Schedule Of Asset Impairment Charges [Line Items]
Impairment of assets | $	$ 774,028
2020 Impaired Rigs [Member]
Schedule Of Asset Impairment Charges [Line Items]
Number of rigs evaluated for impairment | Rig	5
Number Of Rigs Impaired During Period | Rig	4
Impairment of assets | $	$ 774,000

Supplemental Financial Inform_3

Supplemental Financial Information - Accounts Receivable, Net of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade receivables	$ 218,666	$ 199,572
Federal income tax receivables	38,574	38,574
Value added tax receivables	16,111	17,716
Related party receivables	80	166
Other	492	287
Receivables Gross Current, Total	273,923	256,315
Allowance for credit losses	(5,760)	(5,459)
Accounts receivable, net	$ 268,163	$ 250,856

Supplemental Financial Inform_4

Supplemental Financial Information - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Deferred contract costs	$ 31,956	$ 20,019
Rig spare parts and supplies	14,971	18,250
Prepaid taxes	13,877	12,475
Prepaid rig costs	3,897	2,990
Current contract assets	3,223	6,314
Prepaid insurance	1,940	2,892
Prepaid software costs	1,518	2,319
Other	5,387	3,399
Total	$ 76,769	$ 68,658

Supplemental Financial Inform_5

Supplemental Financial Information - Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Rig operating expenses	$ 45,231	$ 37,969
Interest payable	36,813	28,234
Payroll and benefits	28,713	42,494
Accrued capital project/upgrade costs	26,094	56,603
Deferred revenue	23,662	9,573
Current operating lease liability	20,482	20,030
Personal injury and other claims	6,484	7,074
Shorebase and administrative costs	4,374	5,275
Other	4,178	3,528
Total	$ 196,031	$ 210,780

Supplemental Financial Inform_6

Supplemental Financial Information - Noncash Investing and Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Accrued but unpaid capital expenditures at period end	$ 26,094	$ 29,902
Common stock withheld for payroll tax obligations	324	844
Cash interest payments	19,785	19,688
Foreign [Member]
Cash income taxes paid, net of (refunds):
Cash income taxes paid, net of refunds	7,142	8,700
State [Member]
Cash income taxes paid, net of (refunds):
Cash income taxes paid, net of refunds	$ (14)	$ (15)

Supplemental Financial Inform_7

Supplemental Financial Information - Noncash Investing and Financing Activities (Parenthetical) (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted Stock [Member]
Condensed Financial Statements, Captions [Line Items]
Number of shares of common stock withheld	85,131	81,480

Loss Per Share - Securities Exc

Loss Per Share - Securities Excluded from Computations of Loss Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted Stock Units [Member]
Employee and director:
Securities excluded from computation of diluted loss per share	912	1,027
Stock Appreciation Rights [Member]
Employee and director:
Securities excluded from computation of diluted loss per share	918	1,022

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Trade receivables past due	$ 6,900
Trade receivables reserved for previous years	5,500
Trade receivables, less than 90 Days past due	1,400
Allowance for credit losses	$ 5,760	$ 5,459
Measurement period for determining fair value of debt instruments	10 days
ASU 2016-13
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimate of credit losses	$ 300

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of assets	$ 774,028
Nonrecurring Fair Value Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impaired assets	175,400
Impairment of assets	774,028
Money Market Funds [Member] | Fair Value Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	482,699	$ 135,300
Level 1 [Member] | Money Market Funds [Member] | Fair Value Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	482,699	$ 135,300
Level 3 [Member] | Nonrecurring Fair Value Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impaired assets	$ 175,400

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - Assets Measured at Fair Value on Recurring Basis (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2020Rig
Fair Value Disclosures [Abstract]
Number of semisubmersible rigs	4

Financial Instruments and Fai_6

Financial Instruments and Fair Value Disclosures - Fair Value and Related Carrying Values of Our Debt Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
3.45% Senior Notes due 2023 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 73.7	$ 212.5
Carrying Value	249.6	249.6
7.875% Senior Notes due 2025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	147.5	435
Carrying Value	497.3	497.1
5.70% Senior Notes due 2039 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	77.5	292.5
Carrying Value	497.3	497.3
4.875% Senior Notes due 2043 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	101.3	408.8
Carrying Value	$ 749	$ 749

Financial Instruments and Fai_7

Financial Instruments and Fair Value Disclosures - Fair Value and Related Carrying Values of Our Debt Instruments (Parenthetical) (Detail)	Mar. 31, 2020	Dec. 31, 2019
3.45% Senior Notes due 2023 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate of senior notes	3.45%	3.45%
7.875% Senior Notes due 2025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate of senior notes	7.875%	7.875%
5.70% Senior Notes due 2039 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate of senior notes	5.70%	5.70%
4.875% Senior Notes due 2043 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate of senior notes	4.875%	4.875%

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, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment	$ 7,430,480	$ 8,161,045
Less: accumulated depreciation	(3,100,497)	(3,008,217)
Drilling and other property and equipment, net	4,329,983	5,152,828
Drilling Rigs and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	7,273,173	8,004,489
Land and Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	64,342	64,267
Office Equipment and Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 92,965	$ 92,289

Drilling and Other Property a_4

Drilling and Other Property and Equipment - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Rig
Property, Plant and Equipment [Line Items]
Impairment charge of assets	$ 774,028
2020 Impaired Rigs [Member]
Property, Plant and Equipment [Line Items]
Impairment charge of assets	$ 774,000
Number Of Rigs Impaired During Period | Rig	4

Credit Agreements and Credit _2

Credit Agreements and Credit Ratings - Additional Information (Detail) - USD ($)	Apr. 16, 2020	Mar. 17, 2020	Mar. 31, 2020	Mar. 31, 2020	Apr. 28, 2020	Apr. 26, 2020	Jan. 31, 2020
Debt Instrument [Line Items]
Line of credit facility, amount borrowed				$ 436,000,000
Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit issued						$ 436,000,000
Credit Ratings	On March 9, 2020, Moody’s Investor Services (“Moody’s), downgraded our current corporate credit rating to Caa1 from B2 and our current senior unsecured notes credit rating to Caa2 from B3.  On April 16, 2020, Moody’s further downgraded both our corporate credit rating and our current senior unsecured notes credit rating to Ca. And, on April 27, 2020, Moody’s downgraded our corporate credit rating to D. The rating outlook from Moody’s is negative. Additionally, on April 16, 2020, S&P Global Ratings (“S&P”) downgraded our corporate and senior unsecured notes credit ratings to CC from CCC+ and our Credit Agreement rating to CC from B-. On April 24, 2020, S&P lowered our corporate credit rating and all issue-level credit ratings to D. Our rating outlook from S&P has been designated as not meaningful. Our current credit ratings are below investment grade and could raise our cost of financing. Consequently, we may not be able to issue additional debt in amounts and/or with terms that we consider to be reasonable. These ratings could limit our ability to pursue other business opportunities.
Amended Credit Agreement [Member] | Credit facility Mature on October 22, 2020 [Member]
Debt Instrument [Line Items]
Termination of credit agreement		$ 225,000,000
Credit facility, scheduled maturity date		Oct. 22, 2020
Write-off of deferred arrangement fees		$ 500,000
950 Million Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, amount borrowed			$ 436,000,000
Amount available for general purposes			$ 950,000,000	$ 950,000,000	$ 442,000,000
Credit facility, term			5 years
Weighted average interest rate on borrowings			5.32%	5.32%
Line of credit issued			$ 436,000,000	$ 436,000,000
950 Million Credit Agreement [Member] | Financial Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit issued							$ 6,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020	Dec. 31, 2019
Contingencies And Commitments [Line Items]
Estimated sales tax and related penalties and interest	$ 12,700,000		$ 16,100,000
Deductible for marine liability coverage including personal injury claims, per first occurrence	5,000,000
Range of deductible for liability coverage for personal injury claims, lower limit	5,000,000
Range of deductible for liability coverage for personal injury claims, upper limit	100,000,000
Total Contingent Liabilities Under Letters of Credit and Bonds [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds	32,900,000
Potentially Collateralized Contingent Liability Under Letters Of Credit and Bonds [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds	24,300,000
Uncollateralized Contingent Liability Under Letters of Credit and Bonds [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds	8,600,000
Collateralized Contingent Liability Under Financial Letters of Credit and Surety Bond [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds	6,000,000
Cash Collateralized Contingent Liability Under Letters of Credit and Bonds [Member] | Subsequent Event [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds		$ 17,500,000
Windstorms in U.S. Gulf of Mexico [Member]
Contingencies And Commitments [Line Items]
Deductible for marine liability coverage including personal injury claims, per first occurrence	25,000,000
Range of deductible for liability coverage for personal injury claims, lower limit	25,000,000
Range of deductible for liability coverage for personal injury claims, upper limit	100,000,000
Personal Injury Claims [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded	15,700,000		17,400,000
Personal Injury Claims [Member] | Accrued Liabilities [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded	6,200,000		6,400,000
Personal Injury Claims [Member] | Other Liabilities [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded	$ 9,500,000		$ 11,000,000

Segments and Geographic Area _3

Segments and Geographic Area Analysis - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020SegmentCountry
Segment Reporting [Abstract]
Number of reportable segments | Segment	1
Number of countries with rigs | Country	3

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, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 229,170	$ 233,542
Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	217,866	226,697
Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	11,304	6,845
United States [Member]
Segment Reporting Information [Line Items]
Total revenues	108,044	140,578
United States [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	104,900	138,632
United States [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	3,144	1,946
Brazil [Member]
Segment Reporting Information [Line Items]
Total revenues	63,179	53,314
Brazil [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	63,179	53,284
Brazil [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues		30
United Kingdom [Member]
Segment Reporting Information [Line Items]
Total revenues	35,844	26,516
United Kingdom [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	32,599	24,609
United Kingdom [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	3,245	1,907
Australia [Member]
Segment Reporting Information [Line Items]
Total revenues	22,103	13,134
Australia [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	17,188	10,172
Australia [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 4,915	$ 2,962

Income Tax - Additional Informa

Income Tax - Additional Information (Detail) $ in Millions	Mar. 27, 2020USD ($)
Income Tax Disclosure [Abstract]
Income tax benefit from carryback of net operating losses	$ (9.7)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Apr. 26, 2020	Apr. 16, 2020	Apr. 30, 2020	Apr. 28, 2020	Mar. 31, 2020	Dec. 31, 2019
Credit Agreement [Member]
Subsequent Event [Line Items]
Line of credit					$ 436,000,000
Amount available for general purposes				$ 442,000,000	$ 950,000,000
5.70% Senior Notes due 2039 [Member]
Subsequent Event [Line Items]
Interest rate of senior notes					5.70%	5.70%
3.45% Senior Notes due 2023 [Member]
Subsequent Event [Line Items]
Interest rate of senior notes					3.45%	3.45%
7.875% Senior Notes due 2025 [Member]
Subsequent Event [Line Items]
Interest rate of senior notes					7.875%	7.875%
4.875% Senior Notes due 2043 [Member]
Subsequent Event [Line Items]
Interest rate of senior notes					4.875%	4.875%
Subsequent Event [Member]
Subsequent Event [Line Items]
Expected incremental costs for severance and outplacement services			$ 7,000,000
Unrestricted Cash	$ 434,900,000
Credit agreement aggregate amount outstanding	442,000,000
Line of credit	436,000,000
Subsequent Event [Member] | Credit Agreement [Member]
Subsequent Event [Line Items]
Letters of credit	$ 6,000,000
Subsequent Event [Member] | 5.70% Senior Notes due 2039 [Member]
Subsequent Event [Line Items]
Maturity date		Apr. 15, 2020
Interest rate of senior notes		5.70%
Percentage of senior notes due	5.70%
Aggregate principal amount outstanding	$ 500,000,000
Subsequent Event [Member] | 3.45% Senior Notes due 2023 [Member]
Subsequent Event [Line Items]
Interest rate of senior notes		3.45%
Percentage of senior notes due	3.45%
Aggregate principal amount outstanding	$ 250,000,000
Subsequent Event [Member] | 7.875% Senior Notes due 2025 [Member]
Subsequent Event [Line Items]
Interest rate of senior notes		7.875%
Percentage of senior notes due	7.875%
Aggregate principal amount outstanding	$ 500,000,000
Subsequent Event [Member] | 4.875% Senior Notes due 2043 [Member]
Subsequent Event [Line Items]
Interest rate of senior notes		4.875%
Percentage of senior notes due	4.875%
Aggregate principal amount outstanding	$ 750,000,000