Diamond Offshore Drilling (DODRW) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 03, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	DIAMOND OFFSHORE DRILLING, INC.
Entity Central Index Key	0000949039
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		100,000,019
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, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 311,357	$ 405,869
Restricted cash	34,308	24,511
Accounts receivable	151,224	136,222
Less: allowance for credit losses	(5,571)	(5,562)
Accounts receivable, net	145,653	130,660
Prepaid expenses and other current assets	89,666	62,275
Assets held for sale	1,000	2,000
Total current assets	581,984	625,315
Drilling and other property and equipment, net of accumulated depreciation	3,900,414	4,122,809
Other assets	197,044	200,329
Total assets	4,679,442	4,948,453
Current liabilities:
Accounts payable	69,278	33,437
Accrued liabilities	236,649	140,788
Taxes payable	28,432	27,214
Current maturities of long-term debt	442,034
Total current liabilities	776,393	201,439
Deferred tax liability	22,766	28,338
Other liabilities	214,521	117,305
Commitments and contingencies (Note 9)
Total liabilities not subject to compromise	1,013,680	347,082
Liabilities subject to compromise	2,044,877	2,618,805
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; 145,263,865 shares issued and 138,054,311 shares outstanding at March 31, 2021 and December 31, 2020)	1,453	1,453
Additional paid-in capital	2,029,979	2,029,979
(Accumulated deficit) retained earnings	(204,384)	157,297
Treasury stock, at cost (7,209,554 shares of common stock at March 31, 2021 and December 31, 2020)	(206,163)	(206,163)
Total stockholders’ equity	1,620,885	1,982,566
Total liabilities and stockholders’ equity	$ 4,679,442	$ 4,948,453

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	145,263,865	145,263,865
Common stock, shares outstanding	138,054,311	138,054,311
Treasury stock, shares	7,209,554	7,209,554

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total revenues	$ 134,817	$ 229,170
Operating expenses:
Depreciation	74,626	93,043
General and administrative	12,366	16,345
Impairment of assets	197,027	774,028
Gain on disposition of assets	(5,401)	(3,433)
Total operating expenses	432,028	1,075,607
Operating loss	(297,211)	(846,437)
Other income (expense):
Interest income	30	389
Interest expense, net of amounts capitalized (excludes $28,266 of contractual interest expense on debt subject to compromise for the three-month period ended March 31, 2021)	(32,562)	(32,321)
Foreign currency transaction gain	625	207
Reorganization items, net	(35,252)
Other, net	489	323
Loss before income tax expense	(363,881)	(877,839)
Income tax benefit	2,200	15,899
Net loss	$ (361,681)	$ (861,940)
Loss per share, Basic and Diluted	$ (2.62)	$ (6.25)
Weighted-average shares outstanding, Basic and Diluted	138,054	137,831
Contract Drilling [Member]
Revenues:
Total revenues	$ 122,553	$ 217,866
Operating expenses:
Contract drilling, excluding depreciation	141,573	184,511
Reimbursable Expenses [Member]
Revenues:
Total revenues	12,264	11,304
Operating expenses:
Contract drilling, excluding depreciation	$ 11,837	$ 11,113

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Income Statement [Abstract]
Contractual interest expense of debt	$ 28,266

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (361,681)	$ (861,940)
Derivative financial instruments:
Reclassification adjustment for gain included in net loss		(1)
Total other comprehensive loss		(1)
Comprehensive loss	$ (361,681)	$ (861,941)

Condensed Consolidated Statem_4

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]	Accumulated Other Comprehensive Gains (Losses) [Member]
Beginning Balance at Dec. 31, 2019	$ 3,232,210	$ 1,448	$ 2,024,347	$ 1,412,201	$ (205,768)	$ (18)
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	$ (206,092)	$ (19)
Ending Balance, shares at Mar. 31, 2020		145,107,046			7,162,987
Beginning Balance at Dec. 31, 2020	1,982,566	$ 1,453	2,029,979	157,297	$ (206,163)
Beginning Balance, shares at Dec. 31, 2020		145,263,865			7,209,554
Net loss	(361,681)			(361,681)
Ending Balance at Mar. 31, 2021	$ 1,620,885	$ 1,453	$ 2,029,979	$ (204,384)	$ (206,163)
Ending Balance, shares at Mar. 31, 2021		145,263,865			7,209,554

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net loss	$ (361,681)	$ (861,940)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	74,626	93,043
Loss on impairment of assets	197,027	774,028
Gain on disposition of assets	(5,401)	(3,433)
Deferred tax provision	(5,565)	(13,797)
Stock-based compensation expense		1,543
Contract liabilities, net	6,974	34,285
Contract assets, net	(326)	3,092
Deferred contract costs, net	(9,176)	(14,576)
Other assets, noncurrent	1,279	(393)
Other liabilities, noncurrent	(110)	(3,346)
Other	282	451
Changes in operating assets and liabilities:
Accounts receivable	(14,993)	(17,307)
Prepaid expenses and other current assets	(1,340)	131
Accounts payable and accrued liabilities	68,274	(9,586)
Taxes payable	922	(5,036)
Net cash used in operating activities	(49,208)	(22,841)
Investing activities:
Capital expenditures	(40,617)	(74,850)
Proceeds from disposition of assets, net of disposal costs	7,400	4,548
Net cash used in investing activities	(33,217)	(70,302)
Financing activities:
Borrowings under credit facility		436,000
Debt issuance costs and arrangement fees	(2,290)
Net cash (used in) provided by financing activities	(2,290)	436,000
Net change in cash, cash equivalents and restricted cash	(84,715)	342,857
Cash, cash equivalents and restricted cash, beginning of period	430,380	156,281
Cash, cash equivalents and restricted cash, end of period	$ 345,665	$ 499,138

General Information

General Information	3 Months Ended
	Mar. 31, 2021
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 for the year ended December 31, 2020, as amended by Amendment No. 1 on Form 10-K/A (File No. 1-13926). Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (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 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. Restricted Cash We maintain restricted cash bank accounts, which are subject to restrictions pursuant to a court order, to settle certain professional fees incurred upon or prior to our emergence from bankruptcy. See Note 2. 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, 2021, our restricted cash was considered to be current and was recorded in “Restricted cash” in our unaudited Condensed Consolidated Balance Sheets.

Chapter 11 Proceedings

Chapter 11 Proceedings	3 Months Ended
	Mar. 31, 2021
Reorganizations [Abstract]
Chapter 11 Proceedings	2. Chapter 11 Proceedings Chapter 11 Cases As previously disclosed, on April 26, 2020 (or the Petition Date), Diamond Offshore Drilling, Inc. (or the Company) and certain of its direct and indirect subsidiaries (which we refer to, together with the Company, as the Debtors) commenced voluntary cases (or the Chapter 11 Cases) for relief under chapter 11 (or Chapter 11) of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas (or the Bankruptcy Court). The Chapter 11 Cases were jointly administered under the caption In re Diamond Offshore Drilling, Inc., ., Case No. 20-32307 (DRJ). On and following the Petition Date, 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 (or the Bankruptcy Code) and orders of the Bankruptcy Court. On January 22, 2021, the Debtors entered into a Plan Support Agreement (or the PSA) among the Debtors, certain holders of the Company’s then-existing 5.70% Senior Notes due 2039, 3.45% Senior Notes due 2023, 4.875% Senior Notes due 2043 and 7.875% Senior Notes due 2025 (collectively, the Senior Notes) party thereto and certain holders of claims (collectively, the RCF Claims) under the Company’s then-existing $950.0 million syndicated revolving credit facility (or RCF). Concurrently, the Debtors entered into the Backstop Agreement (as defined in the PSA) with certain holders of Senior Notes and entered into the Commitment Letter (as defined in the PSA) with certain holders of RCF Claims to provide exit financing upon emergence from bankruptcy. The Debtors filed a joint Chapter 11 plan of reorganization with the Bankruptcy Court on January 22, 2021, which was subsequently amended on February 24, 2021 and February 26, 2021 (or the Plan). On March 23, 2021, the Debtors filed the plan supplement for the Plan with the Bankruptcy Court, which was subsequently amended on April 6, 2021 and April 22, 2021 (or the Plan Supplement). On April 8, 2021, the Bankruptcy Court entered an order confirming the Plan (or the Confirmation Order). On April 23, 2021 (or the Effective Date), all conditions precedent to the Plan were satisfied, the Plan became effective in accordance with its terms, and the Debtors emerged from Chapter 11 reorganization. See Note 11. Going Concern In our Annual Report on Form 10-K for the year ended December 31, 2020, we previously disclosed, based on our financial condition and our projected operating results, the defaults under our debt agreements, and the risks and uncertainties surrounding the Chapter 11 Cases, that there was substantial doubt as to our ability to continue as a going concern at that time. Our ability to continue as a going concern was contingent upon confirmation of the Plan by the Bankruptcy Court and our ability to successfully implement the Plan. After the Debtors’ emergence from the Chapter 11 Cases on April 23, 2021 and based on our post-emergence capital structure and liquidity position, we concluded that there is no longer substantial doubt regarding our ability to continue as a going concern for the next 12 months. Chapter 11 Accounting We have prepared our unaudited condensed consolidated financial statements as if we were a going concern and in accordance with Financial Accounting Standards Board (or FASB) Accounting Standards Codification Topic No. 852 – Reorganizations Reorganization Items The following table provides information about reorganization items incurred during the three-month period ended March 31, 2021, subsequent to the Petition Date (in thousands): Three Months Ended March 31, 2021 Professional fees $ 25,670 Accrued backstop commitment premium 9,900 Net gain on adjustments for allowed claims (318 ) Total reorganization items, net $ 35,252 Payments of $20.6 million related to professional fees have been presented as cash outflows from operating activities in our unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021. See Note 5. Liabilities Subject to Compromise . We have reported prepetition unsecured and under-secured obligations that may be impacted by the Chapter 11 Cases as “Liabilities subject to compromise” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020. ASC 852 requires prepetition liabilities that are subject to compromise to be reported at the amounts expected to be allowed by the Bankruptcy Court. The amounts reported as liabilities subject to compromise at December 31, 2020 were preliminary and subject to potential future adjustment depending on Bankruptcy Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims, rejection of executory contracts, continued reconciliation or other events. Upon filing the Plan in January 2021, we reclassified all prepetition liabilities out of “Liabilities subject to compromise,” because these claims will be paid in full and are unimpaired per the Plan, except for our Senior Notes and the corresponding prepetition interest, which were the only claims considered to be impaired and unsecured per the Plan. Liabilities subject to compromise at March 31, 2021 and December 31, 2020 consisted of the following (in thousands): March 31, December 31, 2021 2020 Debt subject to compromise: Borrowings under RCF $ — $ 436,000 3.45% Senior Notes due 2023 250,000 250,000 7.875% Senior Notes due 2025 500,000 500,000 5.70% Senior Notes due 2039 500,000 500,000 4.875% Senior Notes due 2043 750,000 750,000 Lease liabilities — 112,646 Accrued interest 44,877 47,636 Accounts payable — 16,725 Other accrued liabilities — 1,302 Other liabilities — 4,496 Total liabilities subject to compromise $ 2,044,877 $ 2,618,805 Upon filing of the Chapter 11 Cases on April 26, 2020, we ceased accruing interest on our Senior Notes and borrowings under the RCF. Accordingly, we did not record $28.3 million of contractual interest expense related to our Senior Notes for the three months ended March 31, 2021. However, due to provisions in the PSA signed in January 2021 and other orders of the Bankruptcy Court, we resumed recognizing interest on our outstanding borrowings under the RCF and also recorded the unpaid post-petition interest not previously recognized. As a result, during the first quarter of 2021, we accrued interest expense of $32.6 million for the period from April 26, 2020 through March 31, 2021, inclusive of a $23.4 million catch-up adjustment for the period from April 26, 2020 to December 31, 2020, and have reported such amount as “Interest expense” in our unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2021. Fresh Start Accounting . Upon emergence from bankruptcy, we will be required to apply fresh start accounting to our financial statements because the following fresh start accounting criteria have been met: (i) the holders of existing voting shares of our common stock prior to the Effective Date will receive less than 50% of the voting shares outstanding following emergence from the Chapter 11 Cases and (ii) the reorganization value of our assets immediately prior to confirmation of the Plan is expected to be less than the post-petition liabilities and allowed claims. Fresh start accounting will be applied to our consolidated financial statements as of the Effective Date. Under the principles of fresh start accounting, a new reporting entity is considered to have been created, and, as a result, we will allocate our reorganization value to our individual assets, including property, plant and equipment, based on their estimated fair values, which may differ materially from the recorded values of assets and liabilities on our unaudited condensed consolidated financial statements. The process of estimating the fair value of our assets, liabilities and equity on the Effective Date is currently ongoing and such amounts have not yet been finalized. In support of confirmation of the Plan, the enterprise value of the reorganized company was estimated to be approximately $805.0 million to $1,520.0 million, with a selected mid-point of $1,130.0 million as of an anticipated emergence date of April 30, 2021. In addition, the cancellation of indebtedness income in relation to the Plan, along with other restructuring transactions contemplated in the Plan, are expected to materially reduce the Company’s existing U.S. tax attributes, including, but not limited to, net operating loss carryforwards. As a result of the application of fresh start accounting and the effects of the implementation of the Plan, the financial statements on or after the Effective Date will not be comparable with the financial statements prior to that date. Debtor Financial Statements . Unaudited condensed combined financial statements of the Debtors are set forth below. These financial statements exclude the financial statements of the non-Debtor subsidiaries. Transactions and balances of receivables and payables between the Debtors have been eliminated. Amounts payable to the non-Debtor subsidiaries are reported in the unaudited condensed combined balance sheet of the Debtors. DIAMOND OFFSHORE DRILLING, INC. AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED BALANCE SHEET (Unaudited) (In thousands) March 31, December 31, 2021 2020 ASSETS Current assets: Cash and cash equivalents $ 296,249 $ 390,407 Restricted cash 34,308 24,511 Accounts receivable 138,619 123,981 Less: allowance for credit losses (113 ) (102 ) Accounts receivable, net 138,506 123,879 Prepaid expenses and other current assets 77,833 50,439 Asset held for sale 1,000 1,000 Total current assets 547,896 590,236 Drilling and other property and equipment, net of accumulated depreciation 3,890,261 4,112,527 Investments in non-debtor subsidiaries 2,468,384 2,468,384 Other assets 181,641 184,955 Total assets $ 7,088,182 $ 7,356,102 LIABILITIES AND DEBTORS’ EQUITY Current liabilities: Accounts payable $ 64,316 $ 30,280 Accrued liabilities 223,311 130,133 Taxes payable 27,517 25,005 Current maturities of long-term debt 442,034 - Amounts payable to non-debtor subsidiaries 1,053,795 1,057,913 Total current liabilities 1,810,973 1,243,331 Note payable to non-debtor subsidiary 328,000 328,000 Deferred tax liability 6,342 11,907 Other liabilities 162,227 63,674 Total liabilities not subject to compromise 2,307,542 1,646,912 Liabilities subject to compromise 2,044,877 2,618,805 Total debtors’ equity 2,735,763 3,090,385 Total liabilities and debtors’ equity $ 7,088,182 $ 7,356,102 DIAMOND OFFSHORE DRILLING, INC. AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED STATEMENT OF OPERATIONS (Unaudited) (In thousands) Three Months Ended March 31, 2021 Revenues: Contract drilling $ 119,133 Revenues related to reimbursable expenses 12,264 Total revenues 131,397 Operating expenses: Contract drilling, excluding depreciation 130,268 Reimbursable expenses 11,837 Depreciation 74,496 General and administrative 12,039 Impairment of assets 197,027 Gain on disposition of assets (3,442 ) Total operating expenses 422,225 Operating loss (290,828 ) Other income (expense): Interest income 15 Interest expense, net of amounts capitalized (32,900 ) Foreign currency transaction gain 402 Reorganization items, net (35,252 ) Other, net 467 Loss before income tax benefit (358,096 ) Income tax benefit 3,465 Net loss $ (354,631 ) DIAMOND OFFSHORE DRILLING, INC. AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED STATEMENT OF CASH FLOWS (Unaudited) (In thousands) Three Months Ended March 31, 2021 Operating activities: Net loss $ (354,631 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 74,496 Loss on impairment of assets 197,027 Gain on disposition of assets (3,442 ) Deferred tax provision (5,558 ) Contract liabilities, net 6,974 Contract assets, net (326 ) Deferred contract costs, net (9,176 ) Other assets, noncurrent 1,256 Other liabilities, noncurrent 2,494 Other (370 ) Changes in operating assets and liabilities: Accounts receivable (14,628 ) Prepaid expenses and other current assets (506 ) Accounts payable and accrued liabilities 66,599 Taxes payable 1,001 Due to non-debtor subsidiaries (4,118 ) Net cash used in operating activities (42,908 ) Investing activities: Capital expenditures (43,605 ) Proceeds from disposition of assets, net of disposal costs 4,442 Net cash used in investing activities (39,163 ) Financing activities: Debt issuance costs and arrangement fees (2,290 ) Net cash used in financing activities (2,290 ) Net change in cash, cash equivalents and restricted cash (84,361 ) Cash, cash equivalents and restricted cash, beginning of period 414,918 Cash, cash equivalents and restricted cash, end of period $ 330,557

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 Trade receivables $ 130,998 $ 115,732 Current contract assets (1) 3,196 2,870 Current contract liabilities (deferred revenue) (1) (57,185 ) (51,763 ) Noncurrent contract liabilities (deferred revenue) (1) (6,715 ) (5,164 ) (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. 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, 2021 $ 2,870 Contract liabilities at January 1, 2021 (56,927 ) Net balance at January 1, 2021 (54,057 ) Decrease due to amortization of revenue included in the beginning contract liability balance 11,340 Increase due to cash received, excluding amounts recognized as revenue during the period (18,313 ) Increase due to revenue recognized during the period but contingent on future performance 1,026 Decrease due to transfer to receivables during the period (700 ) Net balance at March 31, 2021 $ (60,704 ) Contract assets at March 31, 2021 $ 3,196 Contract liabilities at March 31, 2021 (63,900 ) 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, 2021 (in thousands): For the Years Ending December 31, 2021 (1) 2022 2023 2024 Total Mobilization and contract preparation revenue $ 26,861 $ 5,540 $ 2,908 $ 80 $ 35,389 Capital modification revenue 10,070 1,452 — — 11,522 Blended rate revenue and other 15,054 1,070 — — 16,124 Total $ 51,985 $ 8,062 $ 2,908 $ 80 $ 63,035 (1) Represents the nine-month 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. 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, 2021. 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 FASB Accounting Standards Update (or ASU) No. 2014-09, Revenue from Contracts with Customers As discussed in Note 2, upon application of fresh start accounting, the estimated fair value of our assets and liabilities may differ materially from the recorded values of such assets and liabilities on our unaudited condensed consolidated financial statements at March 31, 2021. As a result, we expect that certain contract asset and contract liability balances discussed above and deferred contract costs may be redetermined in accordance with fresh start accounting guidance. As such, the amounts presented above as “revenue expected to be recognized in the future related to unsatisfied performance obligations” may not be fully recognized, if at all.

Impairment of Assets

Impairment of Assets	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of Assets	4 . Impairment of Assets 2021 Impairment. For the first quarter ended March 31, 2021, we evaluated three of our drilling rigs with indicators of impairment. Based on our assumptions and analysis at that time, we determined that the carrying value of one of these rigs, for which we have concerns regarding future opportunities, was impaired (or the 2021 Impaired Rig). We estimated the fair value of the 2021 Impaired Rig using an income approach, whereby the fair value of the 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 estimated proceeds that may be received on ultimate disposition of the rig. Our fair value estimate was representative of a Level 3 fair value measurement due to the significant level of estimation involved and the lack of transparency as to the inputs used. 2020 Impairment . During the first quarter of 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 values of four of these rigs were 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, which utilized significant unobservable inputs, including management’s assumptions related to estimated dayrate revenue, rig utilization, estimated capital expenditures and repair costs, as well as We recorded aggregate impairments of $197.0 million and $774.0 million for the three months ended March 31, 2021 and 2020, respectively. See Note 6. 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.

Supplemental Financial Informat

Supplemental Financial Information	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 Trade receivables $ 130,998 $ 115,732 Value added tax receivables 10,642 10,781 Federal income tax receivables 8,420 8,420 Related party receivables 46 78 Other 1,118 1,211 151,224 136,222 Allowance for credit losses (5,571 ) (5,562 ) Total $ 145,653 $ 130,660 The allowance for credit losses at March 31, 2021 and December 31, 2020, represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 6 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, 2021 2020 Deferred contract costs $ 23,280 $ 19,808 Prepaid taxes 15,312 16,112 Rig spare parts and supplies 13,007 12,606 Deferred debt issuance costs 12,430 — Collateral deposits 8,625 — Current contract assets 3,196 2,870 Prepaid rig costs 2,548 2,317 Prepaid legal retainers 2,309 2,408 Prepaid insurance 2,196 2,446 Other 6,763 3,708 Total $ 89,666 $ 62,275 Accrued liabilities consist of the following (in thousands): March 31, December 31, 2021 2020 Deferred revenue $ 57,185 $ 51,763 Accrued interest 35,329 — Payroll and benefits 33,216 30,296 Shorebase and administrative costs 23,547 17,275 Current operating lease liability 22,548 5,072 Rig operating costs 20,673 21,123 Accrued capital project/upgrade costs 17,255 7,075 Deferred debt issuance costs and financing fees 10,140 — Accrued backstop commitment premium 9,900 — Personal injury and other claims 5,346 6,495 Other 1,510 1,689 Total $ 236,649 $ 140,788 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 is as follows (in thousands): Three Months Ended March 31, 2021 2020 Accrued but unpaid capital expenditures at period end $ 17,255 $ 26,094 Accrued but unpaid debt issuance costs and arrangement fees (1) 10,140 — Common stock withheld for payroll tax obligations (2) — 324 Cash interest payments — 19,785 Cash paid for reorganization items, net 20,584 — Cash income taxes paid, net of (refunds): Foreign 3,363 7,142 State (34 ) (14 ) (1) related to our exit financing that were in we incurred and capitalized financing costs of $12.4 million, which are reported in “ Prepaid expenses and other current assets” in ( 2 ) Represents the cost of 85,131 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 period ended March 31, 2020. This cost is presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2020

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosures	6. 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, 2021, 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 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. We currently have one customer for which we have required a letter of credit to guarantee $12.8 million of the revenue to be earned pursuant to a contract extension amendment signed during 2020. We have not required any other credit enhancements by our customers or required any to pay for services in advance at March 31, 2021. 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, 2021, $5.9 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, of the remaining $0.4 million, only $0.2 million were older than 90 days past due. Pursuant to FASB ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments For purposes of calculating our current estimate of credit losses at March 31, 2021 and December 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 $0.1 million at both March 31, 2021 and December 31, 2020. Our total allowance for credit losses was $5.6 million at both March 31, 2021 and December 31, 2020. See Note 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 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. We recorded impairment charge s related to certain of o ur drilling rigs, which were measured at fair value on a nonrecurring basis at March 31, 2021 and December 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, 202 1 . We had no assets measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020 . Assets measured at fair value are summarized below (in thousands). March 31, 2021 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets at Fair Value Total Losses for Three Months Ended (1) Nonrecurring fair value measurements: Impaired assets (1) $ — $ — $ 5,854 $ 5,854 $ 197,027 (1) Represents an impairment charge recognized during the three months ended March 31, 2021 and corresponding book value as of March 31, 2021 of one semisubmersible rig, which was written down to its estimated fair value. See Note 4. December 31, 2020 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets at Fair Value Total Losses for Year Ended (1) Nonrecurring fair value measurements: Impaired assets (2) $ — $ — $ 1,000 $ — $ 842,016 (1) (2) Represents the total book value as of December 31, 2020 of one semisubmersible rig, which was written down to its estimated fair value during the fourth quarter of 2020. See Note 4. 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 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. 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, 2021 and December 31, 2020. 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, 2021 December 31, 2020 Fair Value Carrying Value Fair Value Carrying Value 3.45% Senior Notes due 2023 $ 42.7 $ 250.0 $ 30.6 $ 250.0 7.875% Senior Notes due 2025 85.0 500.0 61.3 500.0 5.70% Senior Notes due 2039 85.0 500.0 61.2 500.0 4.875% Senior Notes due 2043 127.5 750.0 91.9 750.0 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, 2021
Property Plant And Equipment [Abstract]
Drilling and Other Property and Equipment	7. 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, 2021 2020 Drilling rigs and equipment $ 6,558,577 $ 6,987,630 Land and buildings 40,425 41,072 Office equipment and other 83,226 83,016 Cost 6,682,228 7,111,718 Less: accumulated depreciation (2,781,814 ) (2,988,909 ) Drilling and other property and equipment, net $ 3,900,414 $ 4,122,809 During the first quarter of 2021, we recorded an impairment charge of $197.0 million to write down a drilling rig with indicators of impairment to its estimated fair values. See Notes 4 and 6. We have reported the $1.0 million net book value of the Ocean Valor , a previously impaired semisubmersible rig, as “Assets held for sale” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2021. During the first quarter of 2021, we sold the Ocean America and Ocean Rover , both previously impaired semisubmersible rigs that were reported as “Assets held for sale” in our Consolidated Balance Sheets at December 31, 2020, for an aggregate net pre-tax gain of $4.4 million.

Credit Agreements

Credit Agreements	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Credit Agreements	8. Credit Agreements In March 2020, we borrowed $436.0 million under the RCF, which we entered into on October 2, 2018. The principal and interest under the RCF became immediately due and payable upon filing of the Chapter 11 Cases, which constituted an event of default under the RCF. Also, as a result of the filing of the Chapter 11 Cases, we received notification on April 28, 2020 that the commitments under the RCF had been reduced from $950.0 million to approximately $442.0 million, representing the amount of borrowings outstanding plus the value of a . The letter of credit was drawn on by the beneficiary in January 2021 and was converted to an adjusted base rate loan under the RCF. The outstanding borrowings and accrued pre-petition interest were presented as “ Liabilities subject to compromise” in our unaudited Condensed Consolidated Balance Sheets at December 31 , 2020 . As a result of the signing of the PSA, we reclassified the outstanding borrowings and accrued pre-petition interest to “Current maturities of long-term debt” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2021 and , during the first quarter of 2021, accrued post-petition interest incurred of $ 32.6 million for the period from April 26, 2020 through March 31, 2021. The weighted average interest rate on the combined borrowings at March 31, 2021 was 8.50 % . See Note 11.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. 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 $14.1 million and $13.5 million liability at March 31, 2021 and December 31, 2020, 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. In addition, to defend against these assessments through all applicable proceedings, including any necessary judicial appeals, we could be required to post appeal bonds or other forms of guarantees, some of which may require cash collateral for up to the full amount of the guarantees. If we are required to post cash collateral to support any such guarantees, we intend to utilize a combination of cash on hand and availability under our revolving credit agreement, which could have a material adverse effect on our liquidity. 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 primary insurance policies, which renewed effective May 1, 2021, our deductibles for marine liability insurance coverage with respect to personal injury claims, 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. 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, 2021 our estimated liability for personal injury claims was $15.0 million, of which $5.1 million and $9.9 million were recorded in “Accrued liabilities” and “Other liabilities,” respectively, in our unaudited Condensed Consolidated Balance Sheets. At December 31, 2020 our estimated liability for personal injury claims was $14.7 million, of which $5.9 million and $8.8 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, 2021 in the aggregate amount of $25.0 million under certain customs, performance, tax and VAT bonds and letters of credit. Agreements relating to approximately $18.9 million of these tax and customs bonds can require collateral at any time, while the remaining agreements, aggregating $6.1 million, cannot require collateral except in events of default. At March 31, 2021, w 6.0 Prepaid expenses and other current assets” and at March 31, 2021

Segments and Geographic Area An

Segments and Geographic Area Analysis	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segments and Geographic Area Analysis	10. 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, 2021, 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, 2021 Total Contract Drilling Revenues Revenues Related to Reimbursable Expenses Total United States $ 74,046 $ 5,993 $ 80,039 United Kingdom 24,091 1,950 26,041 Australia 11,673 3,154 14,827 Myanmar 9,322 1,167 10,489 Brazil 3,421 — 3,421 Total $ 122,553 $ 12,264 $ 134,817 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

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events Chapter 11 Emergence On April 8, 2021, the Bankruptcy Court entered the Confirmation Order. On April 23, 2021, all conditions precedent to the Plan were satisfied, the Plan became effective in accordance with its terms, and the Debtors emerged from Chapter 11 reorganization. New Diamond Common Shares and New Warrants On the Effective Date, in connection with the effectiveness of, and pursuant to the terms of, the Plan and the Confirmation Order, the Company’s common stock outstanding immediately before the Effective Date was canceled . The new organizational documents authorized the Company to issue two classes of stock to be designated, respectively, Common Stock and Preferred Stock. The total number of shares of capital stock that the Company shall have authority to issue is 800,000,000, consisting of 750,000,000 shares of Common Stock, having a par value of $0.0001 per share and 50,000,000 shares of Preferred Stock, having a par value of $0.0001 per share. On the Effective Date, pursuant to the Plan: • • • Emergence As of the Effective Date, 100,000,019 New Diamond Common Shares were issued and outstanding. On the Effective Date and pursuant to the Plan, the Company entered into a Warrant Agreement (or the Warrant Agreement) with Computershare Inc., a Delaware corporation, and Computershare Trust Company, N.A., a federally chartered trust company, as warrant agent, which provides for the issuance of an aggregate of 7,526,894 five-year Registration Rights Agreement On the Effective Date, the Company entered into a registration rights agreement (or the Registration Rights Agreement) with certain parties who received New Diamond Common Shares under the Plan (or the RRA Shareholders). The RRA Shareholders have the right to demand that the Company file a shelf registration statement on or prior to the 60th day following the Effective Date if requested by at least one member of the Ad Hoc Group (as defined in the Plan) or on or prior to the 180th day following the Effective Date if requested by a holder of at least 1% of the New Diamond Common Shares at the time the Registration Rights Agreement was signed. New Debt at Emergence On the Effective Date, pursuant to the terms of the Plan, the Company and Diamond Foreign Asset Company (or DFAC), a Cayman Islands exempted company limited by shares, entered into the following debt instruments: • a senior secured revolving credit agreement (or the Revolving Credit Agreement), which provides for a $400.0 million senior secured revolving credit facility, with a $100.0 million sublimit for the issuance of letters of credit thereunder (or the Revolving Credit Facility), which is scheduled to mature on April 22, 2026; • a senior secured term loan credit agreement (or the Term Loan Credit Agreement), which provides for a $100.0 million senior secured term loan credit facility (or the Term Loan Credit Facility), which is scheduled to mature on April 22, 2027; • an indenture (or the First Lien Notes Indenture), pursuant to which approximately $85.3 million in aggregate principal amount of First Lien Notes maturing on April 22, 2027 were issued on the Effective Date; and • approximately $39.7 million in the form of delayed draw note commitments that may be issued as additional First Lien Notes after the Effective Date (or Last Out Incremental Debt). The borrower under the Revolving Credit Agreement and Term Loan Credit Agreement (collectively, the Credit Facilities) is DFAC (or the Borrower) and the co-issuers of the First Lien Notes are DFAC and Diamond Finance, LLC, a newly-formed wholly owned subsidiary of DFAC, (together, the Issuers). The Credit Facilities and the First Lien Notes are unconditionally guaranteed, on a joint and several basis by the Borrower and certain of its direct and indirect subsidiaries (collectively with the Borrower, the Credit Parties and each, a Credit Party) and secured by senior priority liens on substantially all of the assets of, and the equity interests in, each Credit Party, including all rigs owned by the Company as of the Effective Date or acquired thereafter and certain assets related thereto, in each case, subject to certain exceptions and limitations described in the Credit Facilities and the First Lien Notes Indenture . Revolving Credit Facility . Borrowings under the Revolving Credit Agreement may be used to finance capital expenditures, pay fees, commissions and expenses in connection with the loan transactions and consummation of the Plan, and for working capital and other general corporate purposes. Availability of borrowings under the Revolving Credit Agreement is subject to the satisfaction of certain conditions, including restrictions on borrowings if, after giving effect to any such borrowings and the application of the proceeds thereof, (i) the aggregate amount of Available Cash (as defined in the Revolving Credit Agreement) would exceed $125.0 million or (ii) the Collateral Coverage Ratio (as defined below) would be less than 2.00 to 1.00 and the aggregate principal amount outstanding under the Revolving Credit Facility would exceed $400.0 million and/or the Total Collateral Coverage Ratio (as defined below) would be less than 1.30 to 1.00. On the Effective Date, the Borrower incurred loans under the Revolving Credit Agreement in an aggregate amount of approximately $103.5 million of which $100.0 million was deemed incurred in exchange for certain obligations of the Company under its prepetition RCF and approximately $3.5 million was deemed incurred in satisfaction of certain upfront fees payable to the lenders under the Revolving Credit Agreement (or PIK Loans). The PIK Loans do not reduce the amount of available commitments under the Revolving Credit Agreement, and if repaid or prepaid may not be reborrowed. Subsequent to the Effective Date, the Borrower drew an additional $10.0 million under the Revolving Credit Agreement. The loans outstanding under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable margin plus plus 1.00 plus The Borrower is required to pay a quarterly commitment fee to each lender under the Revolving Credit Agreement, which accrues at a rate per annum equal to 0.50% on the average daily unused portion of such lender’s commitments under the Revolving Credit Facility. The Borrower is also required to pay customary letter of credit and fronting fees. The Revolving Credit Agreement obligates the Borrower and its restricted subsidiaries to comply with the following financial maintenance covenants: • as of the last day of each fiscal quarter, the ratio of (a) the Collateral Rig Value (as defined in the Revolving Credit Agreement), to (b) the aggregate outstanding principal amount of all Loans and L/C Obligations (both as defined in the Revolving Credit Agreement) thereunder (or the Collateral Coverage Ratio) is not permitted to be less than 2.00 to 1.00; and • as of the last day of each fiscal quarter, the ratio of (a) the Collateral Rig Value to (b) the sum of (1) the aggregate outstanding principal amount of all Loans and L/C Obligations thereunder, plus (2) the aggregate outstanding principal amount of the Term Loan Credit Facility, plus (3) the aggregate outstanding principal amount of the First Lien Notes, plus (4) the aggregate outstanding principal amount of the Last Out Incremental Debt (or the Total Collateral Coverage Ratio) as of the last day of any such fiscal quarter is not permitted to be less than 1.30 to 1.00. The Revolving Credit Agreement contains negative covenants that limit, among other things, the Borrower’s ability and the ability of its 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, the Revolving Credit Agreement contains other covenants, representations and warranties and events of default that are customary for a financing of this type. Events of default include, among other things, nonpayment of principal or interest, breach of covenants, breach of representations and warranties, failure to pay final judgments in excess of a specified threshold, failure of a guarantee to remain in effect, failure of a security document to create an effective security interest in collateral, bankruptcy and insolvency events, cross-default to other material indebtedness, and a change of control. Term Loan Credit Facility . On the Effective Date, the Borrower utilized the entire $100.0 million under the Term Loan Credit Facility to refinance a portion of the Company’s obligations under its prepetition RCF. The loans outstanding under the Term Loan Credit Facility (or the Term Loans) bear interest at a rate per annum equal to the applicable margin plus , at the Borrower’s option, either: (i) the reserve-adjusted London Inter-bank Offered Rate (or LIBOR), subject to a floor of 1.00%, (or LIBOR Rate Term Loans) or (ii) a base rate, (or Base Rate Term Loans) subject to a floor of 2.00%, determined as the greatest of (x) the Wells Fargo Prime Rate, (y) the federal funds effective rate plus ½ of 1.00 plus 1.00%. The margin applicable to LIBOR Rate Term Loans is, at the Borrower’s option: (i) 6.00%, paid in cash; (ii) 4.00% paid in cash plus an additional 4.00% paid in kind; or (iii) 10.00% paid in kind. The margin applicable to Base Rate Term Loans is, at the Borrower’s option: (i) 5.00%, paid in cash; (ii) 3.50% paid in cash plus an additional 3.50% paid in kind; or (iii) 9.00% paid in kind. The loans under the Term Loan Credit Agreement may be voluntarily prepaid, and the commitments thereunder voluntarily terminated or reduced, by the Borrower at any time without premium or penalty, other than customary breakage costs. Interest on LIBOR Rate Term Loans is payable one, two, three, six, or, if agreed by all lenders, twelve months after such LIBOR Rate Term Loan is disbursed as, converted to or continued as a LIBOR Rate Term Loan as selected by the Borrower. Interest on Base Rate Term Loans is payable quarterly. The Term Loan Credit Agreement contains negative covenants that limit, among other things, the Borrower’s ability and the ability of its 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, the Term Loan Credit Agreement contains other covenants, representations and warranties and events of default that are customary for a financing of this type. Events of default include, among other things, nonpayment of principal or interest, breach of covenants, breach of representations and warranties, failure to pay final judgments in excess of a specified threshold, failure of a guarantee to remain in effect, failure of a security document to create an effective security interest in collateral, bankruptcy and insolvency events, any material default under certain material contracts and agreements, cross-default to other material indebtedness, and a change of control. First Lien Notes Indenture . On the Effective Date, pursuant to the Backstop Agreement and in accordance with the Plan, the Company (i) consummated the primary rights offering of the Issuers’ 9.00%/11.00%/13.00% Senior Secured First Lien PIK Toggle Notes due 2027 (or the First Lien Notes) and associated New Diamond Common Shares at an aggregate subscription price of approximately $ million , (ii) closed the delayed draw rights offering of the Issuers’ First Lien Notes and associated New Diamond Common Shares at an aggregate subscription price of approximately $ million , which was committed to but unfunded as of the Effective Date, (iii) consummated the primary private placement of the Issuers’ First Lien Notes and associated New Diamond Common Shares in an aggregate amount of approximately $ million , (iv) closed the delayed draw private placement of the Issuers’ First Lien Notes and associated New Diamond Common Shares in an aggregate amount of approximately $ million , which was committed to but unfunded as of the Effective Date, and (v) paid as consideration to the participants in the Backstop Agreement a commitment premium in the form of additional First Lien Notes in a principal amount of approximately $ million , equal to 9.00 % of the aggregate amount of First Lien Notes (or the Commitment Premium First Lien Notes). Interest on the First Lien Notes accrues, at the Issuers’ option, at a rate of: (i) 9.00% per annum, payable in cash; (ii) 11.00% per annum, with 50% of such interest to be payable in cash and 50% of such interest to be payable by issuing additional First Lien Notes (or PIK Notes); or (iii) 13.00% per annum, with the entirety of such interest to be payable by issuing PIK Notes. The Issuers shall pay interest semi-annually in arrears on April 30 and October 31 of each year, commencing October 31, 2021. The First Lien Notes Indenture provides for the early redemption of the First Lien Notes by the Issuers as follows: • before October 23, 2021, all of the First Lien Notes may be redeemed at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date; • on or after October 23, 2021 and prior to April 22, 2023, the First Lien Notes may be redeemed, in whole or in part, at any time and from time to time at a redemption price equal to 100% of the principal amount plus the Applicable Premium (as defined in the First Lien Notes Indenture) as of, and accrued and unpaid interest, if any, to, but excluding, the applicable redemption date; • on or after April 22, 2023, the First Lien Notes may be redeemed, in whole or in part, at any time and from time to time at fixed redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date; and • upon a Change of Control (as defined in the First Lien Notes Indenture), the Issuers must offer to purchase all remaining outstanding First Lien Notes at a redemption price equal to 101% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date, within 30 days of such Change of Control. The First Lien Notes Indenture contains covenants that limit, among other things, the ability of the Company and certain of its subsidiaries to: (i) incur, assume or guarantee additional indebtedness; (ii) pay dividends or distributions on capital stock or redeem or repurchase capital stock; (iii) make investments; (iv) repay or redeem junior debt; (v) sell stock of its subsidiaries; (vi) transfer or sell assets; (vii) enter into sale and leaseback transactions; (viii) create, incur or assume liens; or (ix) enter into transactions with certain affiliates. These covenants are subject to a number of important limitations and exceptions. The First Lien Notes Indenture also provides for certain customary events of default, including, among other things, nonpayment of principal or interest, breach of covenants, failure to pay final judgments in excess of a specified threshold, failure of a guarantee to remain in effect, failure of a security document to create an effective security interest in collateral, bankruptcy and insolvency events, and cross acceleration, which would permit the principal, premium, if any, interest and other monetary obligations on all the then outstanding First Lien Notes to be declared due and payable immediately. Claims Treatment Under the Plan In accordance with the Plan, holders of claims against and interests in the Debtors received the following treatment on the Effective Date, or as soon as reasonably practicable thereafter: • Other Secured Claims . Except to the extent that such holder agreed to a less favorable treatment, in full and final satisfaction, settlement, release, and discharge of, and in exchange for such Other Secured Claim (as defined in the Plan) , each such holder received ( i ) payment in full in cash or (ii) such other treatment so as to render such holder’s claim unimpaired. • Other Priority Claims . Except to the extent that such holder agreed to a less favorable treatment, in full and final satisfaction, settlement, release, and discharge of, and in exchange for such claim each holder of an Allowed Other Priority Claim (as defined in the Plan) received (i) payment in cash of the unpaid portion of its claim or (ii) other treatment consistent with the provisions of section 1129(a)(9) of the Bankruptcy Code. • RCF Claims . Except to the extent that such holder agreed to a less favorable treatment, in full and final satisfaction, settlement, release, and discharge of, and in exchange for each RCF Claim (as defined in the Plan), each holder of an Allowed RCF Claim (as defined in the Plan) received (A) first, its pro rata share calculated as a percentage of all holders in such class that elected to participate in the Revolving Credit Facility of the RCF Cash Paydown (as defined in the Plan); (B) second, to the extent such holder’s RCF Claims were not satisfied in full after the application of the RCF Cash Paydown, its Participating RCF Lender Share (as defined in the Plan) of up to $100 million of funded loans under the Revolving Credit Facility; and (C) third, to the extent such holder’s RCF Claims were not satisfied in full after the application of the RCF Cash Paydown and the allocation of funded loans under the Revolving Credit Facility, a share of $200 million (less the amount of aggregate funded loans under the Revolving Credit Facility on the Effective Date) of the Term Loan Facility that was equal to the remaining unsatisfied amount of such holder’s RCF Claims. • Senior Notes Claims . Except to the extent that such holder agreed to a less favorable treatment, in full and final satisfaction, settlement, release and discharge of, and in exchange for such Senior Notes Claims (as defined in the Plan), each holder of an Allowed Senior Notes Claim (as defined in the Plan) received its pro rata share of 70.00% of the New Diamond Common Shares, subject to dilution by the Emergence Warrants and the MIP Equity Shares. • General Unsecured Claims . Except to the extent that such holder agreed to a less favorable treatment, in full and final satisfaction, settlement, release, and discharge of, and in exchange for such General Unsecured Claims (as defined in the Plan), each holder of an Allowed General Unsecured Claim (as defined in the Plan) received (i) payment in full in cash (inclusive of post-petition interest); (ii) Reinstatement (as defined in the Plan); or (iii) such other treatment sufficient to render such claims unimpaired. • Existing Parent Equity Interests . Each holder of an Allowed Existing Parent Equity Interest (as defined in the Plan) received its pro rata share of the Emergence Warrants, subject to dilution by the MIP Equity Shares. • Intercompany Claims . All Intercompany Claims (as defined in the Plan) were adjusted, Reinstated (as defined in the Plan), or discharged at the Debtors’ discretion. • Intercompany Interests . All Intercompany Interests (as defined in the Plan) were (i) cancelled (or otherwise eliminated) and received no distribution under the Plan or (ii) Reinstated at the Debtors’ option. Changes to Board of Directors and Chief Executive Officer In accordance with the Plan, Anatol Feygin, Paul G. Gaffney II, Alan H. Howard, Peter McTeague, Kenneth I. Siegel, and James S. Tisch resigned from the board of directors of the Company (or the “Board”) on the Effective Date. In addition, Marc Edwards resigned from his position as Chairman of the Board, President and Chief Executive Officer of the Company on the Effective Date. Also on the Effective Date, the following new directors were appointed to the Board: Neal Goldman, John Hollowell, Raj Iyer, Ane Launy, Patrick Carey Lowe and Adam Peakes; and Ron Woll, the Company’s Executive Vice President and Chief Operating Officer, assumed the role of Interim Chief Executive Officer and Interim President. Well Control Equipment Services and Lease Agreements On March 29, 2021, we signed an amendment to an existing agreement with a subsidiary of Baker Hughes Company (or Baker Hughes) to provide services with respect to certain blowout preventer and related well control equipment (or Well Control Equipment) on our four drillships, which became effective on the Effective Date. Among other things, the amendment reduced the rate payable to Baker Hughes for such services, reduced the scope of services to be provided under the agreement and added a requirement for us to contract with Baker Hughes independent of the agreement for certain work previously covered by the agreement. The amendment also provides for the early termination of the agreement by us for convenience after January 1, 2022 pursuant to the terms of the amended agreement. On March 31, 2021, we signed an amendment to our long-term operating lease agreement for the Well Control Equipment on our four drillships, which became effective on the Effective Date. The general terms of the lease were unchanged, including the stipulated cost per day and available renewal options, however, a ceiling was added to a previously unpriced purchase option at the end of the original 10-year lease term. This amendment is considered a lease modification effective on April 23, 2021, whereby we were required to reassess lease classification and remeasure the corresponding right-of-use-asset and lease liability. Due to the purchase option ceiling provision included in the amendment, we now believe that we are reasonably certain to exercise the purchase option at the end of the original lease term. Therefore, we have changed the lease classification from an operating lease to a finance lease. The remeasurement of the right-of-use asset and lease liability, which now includes the estimated purchase option price of the Well Control Equipment, is currently being evaluated.

General Information (Policies)

General Information (Policies)	3 Months Ended
	Mar. 31, 2021
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 restricted cash bank accounts, which are subject to restrictions pursuant to a court order, to settle certain professional fees incurred upon or prior to our emergence from bankruptcy. See Note 2. 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, 2021, our restricted cash was considered to be current and was recorded in “Restricted cash” in our unaudited Condensed Consolidated Balance Sheets.

Chapter 11 Proceedings (Tables)

Chapter 11 Proceedings (Tables)	3 Months Ended
	Mar. 31, 2021
Reorganizations [Abstract]
Schedule of Reorganization Items Incurred	The following table provides information about reorganization items incurred during the three-month period ended March 31, 2021, subsequent to the Petition Date (in thousands): Three Months Ended March 31, 2021 Professional fees $ 25,670 Accrued backstop commitment premium 9,900 Net gain on adjustments for allowed claims (318 ) Total reorganization items, net $ 35,252 Payments of $20.6 million related to professional fees have been presented as cash outflows from operating activities in our unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021. See Note 5.
Summary of Liabilities Subject to Compromise	Liabilities subject to compromise at March 31, 2021 and December 31, 2020 consisted of the following (in thousands): March 31, December 31, 2021 2020 Debt subject to compromise: Borrowings under RCF $ — $ 436,000 3.45% Senior Notes due 2023 250,000 250,000 7.875% Senior Notes due 2025 500,000 500,000 5.70% Senior Notes due 2039 500,000 500,000 4.875% Senior Notes due 2043 750,000 750,000 Lease liabilities — 112,646 Accrued interest 44,877 47,636 Accounts payable — 16,725 Other accrued liabilities — 1,302 Other liabilities — 4,496 Total liabilities subject to compromise $ 2,044,877 $ 2,618,805
Debtor-in-Possession Condensed Combined Balance Sheet	Unaudited condensed combined financial statements of the Debtors are set forth below. These financial statements exclude the financial statements of the non-Debtor subsidiaries. Transactions and balances of receivables and payables between the Debtors have been eliminated. Amounts payable to the non-Debtor subsidiaries are reported in the unaudited condensed combined balance sheet of the Debtors DIAMOND OFFSHORE DRILLING, INC. AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED BALANCE SHEET (Unaudited) (In thousands) March 31, December 31, 2021 2020 ASSETS Current assets: Cash and cash equivalents $ 296,249 $ 390,407 Restricted cash 34,308 24,511 Accounts receivable 138,619 123,981 Less: allowance for credit losses (113 ) (102 ) Accounts receivable, net 138,506 123,879 Prepaid expenses and other current assets 77,833 50,439 Asset held for sale 1,000 1,000 Total current assets 547,896 590,236 Drilling and other property and equipment, net of accumulated depreciation 3,890,261 4,112,527 Investments in non-debtor subsidiaries 2,468,384 2,468,384 Other assets 181,641 184,955 Total assets $ 7,088,182 $ 7,356,102 LIABILITIES AND DEBTORS’ EQUITY Current liabilities: Accounts payable $ 64,316 $ 30,280 Accrued liabilities 223,311 130,133 Taxes payable 27,517 25,005 Current maturities of long-term debt 442,034 - Amounts payable to non-debtor subsidiaries 1,053,795 1,057,913 Total current liabilities 1,810,973 1,243,331 Note payable to non-debtor subsidiary 328,000 328,000 Deferred tax liability 6,342 11,907 Other liabilities 162,227 63,674 Total liabilities not subject to compromise 2,307,542 1,646,912 Liabilities subject to compromise 2,044,877 2,618,805 Total debtors’ equity 2,735,763 3,090,385 Total liabilities and debtors’ equity $ 7,088,182 $ 7,356,102
Debtor-in-Possession Condensed Combined Statement of Operations	DIAMOND OFFSHORE DRILLING, INC. AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED STATEMENT OF OPERATIONS (Unaudited) (In thousands) Three Months Ended March 31, 2021 Revenues: Contract drilling $ 119,133 Revenues related to reimbursable expenses 12,264 Total revenues 131,397 Operating expenses: Contract drilling, excluding depreciation 130,268 Reimbursable expenses 11,837 Depreciation 74,496 General and administrative 12,039 Impairment of assets 197,027 Gain on disposition of assets (3,442 ) Total operating expenses 422,225 Operating loss (290,828 ) Other income (expense): Interest income 15 Interest expense, net of amounts capitalized (32,900 ) Foreign currency transaction gain 402 Reorganization items, net (35,252 ) Other, net 467 Loss before income tax benefit (358,096 ) Income tax benefit 3,465 Net loss $ (354,631 )
Debtor-in-Possession Condensed Combined Statement of Cash Flows	DIAMOND OFFSHORE DRILLING, INC. AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED STATEMENT OF CASH FLOWS (Unaudited) (In thousands) Three Months Ended March 31, 2021 Operating activities: Net loss $ (354,631 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 74,496 Loss on impairment of assets 197,027 Gain on disposition of assets (3,442 ) Deferred tax provision (5,558 ) Contract liabilities, net 6,974 Contract assets, net (326 ) Deferred contract costs, net (9,176 ) Other assets, noncurrent 1,256 Other liabilities, noncurrent 2,494 Other (370 ) Changes in operating assets and liabilities: Accounts receivable (14,628 ) Prepaid expenses and other current assets (506 ) Accounts payable and accrued liabilities 66,599 Taxes payable 1,001 Due to non-debtor subsidiaries (4,118 ) Net cash used in operating activities (42,908 ) Investing activities: Capital expenditures (43,605 ) Proceeds from disposition of assets, net of disposal costs 4,442 Net cash used in investing activities (39,163 ) Financing activities: Debt issuance costs and arrangement fees (2,290 ) Net cash used in financing activities (2,290 ) Net change in cash, cash equivalents and restricted cash (84,361 ) Cash, cash equivalents and restricted cash, beginning of period 414,918 Cash, cash equivalents and restricted cash, end of period $ 330,557

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 Trade receivables $ 130,998 $ 115,732 Current contract assets (1) 3,196 2,870 Current contract liabilities (deferred revenue) (1) (57,185 ) (51,763 ) Noncurrent contract liabilities (deferred revenue) (1) (6,715 ) (5,164 ) (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	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, 2021 $ 2,870 Contract liabilities at January 1, 2021 (56,927 ) Net balance at January 1, 2021 (54,057 ) Decrease due to amortization of revenue included in the beginning contract liability balance 11,340 Increase due to cash received, excluding amounts recognized as revenue during the period (18,313 ) Increase due to revenue recognized during the period but contingent on future performance 1,026 Decrease due to transfer to receivables during the period (700 ) Net balance at March 31, 2021 $ (60,704 ) Contract assets at March 31, 2021 $ 3,196 Contract liabilities at March 31, 2021 (63,900 )
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, 2021 (in thousands): For the Years Ending December 31, 2021 (1) 2022 2023 2024 Total Mobilization and contract preparation revenue $ 26,861 $ 5,540 $ 2,908 $ 80 $ 35,389 Capital modification revenue 10,070 1,452 — — 11,522 Blended rate revenue and other 15,054 1,070 — — 16,124 Total $ 51,985 $ 8,062 $ 2,908 $ 80 $ 63,035 (1) Represents the nine-month

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 Trade receivables $ 130,998 $ 115,732 Value added tax receivables 10,642 10,781 Federal income tax receivables 8,420 8,420 Related party receivables 46 78 Other 1,118 1,211 151,224 136,222 Allowance for credit losses (5,571 ) (5,562 ) Total $ 145,653 $ 130,660
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2021 2020 Deferred contract costs $ 23,280 $ 19,808 Prepaid taxes 15,312 16,112 Rig spare parts and supplies 13,007 12,606 Deferred debt issuance costs 12,430 — Collateral deposits 8,625 — Current contract assets 3,196 2,870 Prepaid rig costs 2,548 2,317 Prepaid legal retainers 2,309 2,408 Prepaid insurance 2,196 2,446 Other 6,763 3,708 Total $ 89,666 $ 62,275
Accrued Liabilities	Accrued liabilities consist of the following (in thousands): March 31, December 31, 2021 2020 Deferred revenue $ 57,185 $ 51,763 Accrued interest 35,329 — Payroll and benefits 33,216 30,296 Shorebase and administrative costs 23,547 17,275 Current operating lease liability 22,548 5,072 Rig operating costs 20,673 21,123 Accrued capital project/upgrade costs 17,255 7,075 Deferred debt issuance costs and financing fees 10,140 — Accrued backstop commitment premium 9,900 — Personal injury and other claims 5,346 6,495 Other 1,510 1,689 Total $ 236,649 $ 140,788
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 is as follows (in thousands): Three Months Ended March 31, 2021 2020 Accrued but unpaid capital expenditures at period end $ 17,255 $ 26,094 Accrued but unpaid debt issuance costs and arrangement fees (1) 10,140 — Common stock withheld for payroll tax obligations (2) — 324 Cash interest payments — 19,785 Cash paid for reorganization items, net 20,584 — Cash income taxes paid, net of (refunds): Foreign 3,363 7,142 State (34 ) (14 ) (1) related to our exit financing that were in we incurred and capitalized financing costs of $12.4 million, which are reported in “ Prepaid expenses and other current assets” in ( 2 ) Represents the cost of 85,131 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 period ended March 31, 2020. This cost is presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2020

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on Nonrecurring Basis	Assets measured at fair value are summarized below (in thousands). March 31, 2021 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets at Fair Value Total Losses for Three Months Ended (1) Nonrecurring fair value measurements: Impaired assets (1) $ — $ — $ 5,854 $ 5,854 $ 197,027 (1) Represents an impairment charge recognized during the three months ended March 31, 2021 and corresponding book value as of March 31, 2021 of one semisubmersible rig, which was written down to its estimated fair value. See Note 4. December 31, 2020 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets at Fair Value Total Losses for Year Ended (1) Nonrecurring fair value measurements: Impaired assets (2) $ — $ — $ 1,000 $ — $ 842,016 (1) (2) Represents the total book value as of December 31, 2020 of one semisubmersible rig, which was written down to its estimated fair value during the fourth quarter of 2020. See Note 4.
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, 2021 December 31, 2020 Fair Value Carrying Value Fair Value Carrying Value 3.45% Senior Notes due 2023 $ 42.7 $ 250.0 $ 30.6 $ 250.0 7.875% Senior Notes due 2025 85.0 500.0 61.3 500.0 5.70% Senior Notes due 2039 85.0 500.0 61.2 500.0 4.875% Senior Notes due 2043 127.5 750.0 91.9 750.0

Drilling and Other Property a_2

Drilling and Other Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 Drilling rigs and equipment $ 6,558,577 $ 6,987,630 Land and buildings 40,425 41,072 Office equipment and other 83,226 83,016 Cost 6,682,228 7,111,718 Less: accumulated depreciation (2,781,814 ) (2,988,909 ) Drilling and other property and equipment, net $ 3,900,414 $ 4,122,809

Segments and Geographic Area _2

Segments and Geographic Area Analysis (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 Total Contract Drilling Revenues Revenues Related to Reimbursable Expenses Total United States $ 74,046 $ 5,993 $ 80,039 United Kingdom 24,091 1,950 26,041 Australia 11,673 3,154 14,827 Myanmar 9,322 1,167 10,489 Brazil 3,421 — 3,421 Total $ 122,553 $ 12,264 $ 134,817 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

Chapter 11 Proceedings - Additi

Chapter 11 Proceedings - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 22, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Liabilities Subject To Compromise [Line Items]
Line of credit				$ 436,000
Reorganization, date plan confirmed		Apr. 8, 2021
Reorganization, effective date of plan		Apr. 23, 2021
Contractual interest expense not recorded		$ 28,266
Accrued post-petition interest incurred		35,329
Interest expense		$ 32,562	$ 32,321
Voting share of percentage		50.00%
Reorganization value		$ 1,130,000
Minimum
Liabilities Subject To Compromise [Line Items]
Reorganization value		805,000
Maximum
Liabilities Subject To Compromise [Line Items]
Reorganization value		1,520,000
Senior Notes [Member]
Liabilities Subject To Compromise [Line Items]
Contractual interest expense not recorded		28,300
Revolving Credit Agreement [Member]
Liabilities Subject To Compromise [Line Items]
Line of credit	$ 950,000
Accrued post-petition interest incurred		32,600
Credit Facility [Member]
Liabilities Subject To Compromise [Line Items]
Accrued post-petition interest incurred		$ 32,600
Interest expense				$ 23,400
5.70% Senior Notes due 2039 [Member]
Liabilities Subject To Compromise [Line Items]
Interest rate of senior notes	5.70%	5.70%		5.70%
Senior notes maturity year	2039
3.45% Senior Notes due 2023 [Member]
Liabilities Subject To Compromise [Line Items]
Interest rate of senior notes	3.45%	3.45%		3.45%
Senior notes maturity year	2023
4.875% Senior Notes due 2043 [Member]
Liabilities Subject To Compromise [Line Items]
Interest rate of senior notes	4.875%	4.875%		4.875%
Senior notes maturity year	2043
7.875% Senior Notes due 2025 [Member]
Liabilities Subject To Compromise [Line Items]
Interest rate of senior notes	7.875%	7.875%		7.875%
Senior notes maturity year	2025

Chapter 11 Proceedings - Schedu

Chapter 11 Proceedings - Schedule of Reorganization Items Incurred (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Reorganizations [Abstract]
Professional fees	$ 25,670
Accrued backstop commitment premium	9,900
Net gain on adjustments for allowed claims	(318)
Total reorganization items, net	$ 35,252

Chapter 11 Proceedings - Sche_2

Chapter 11 Proceedings - Schedule of Reorganization Items Incurred (Detail) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Reorganizations [Abstract]
Payment for professional fees	$ 20,584

Chapter 11 Proceedings - Summar

Chapter 11 Proceedings - Summary of Liabilities Subject to Compromise (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt subject to compromise:
Accrued interest	$ 44,877	$ 47,636
Total liabilities subject to compromise	2,044,877	2,618,805
Borrowings under RCF		436,000
Lease liabilities		112,646
Accounts payable		16,725
Other accrued liabilities		1,302
Other liabilities		4,496
3.45% Senior Notes due 2023 [Member]
Debt subject to compromise:
Senior Notes	250,000	250,000
7.875% Senior Notes due 2025 [Member]
Debt subject to compromise:
Senior Notes	500,000	500,000
5.70% Senior Notes due 2039 [Member]
Debt subject to compromise:
Senior Notes	500,000	500,000
4.875% Senior Notes due 2043 [Member]
Debt subject to compromise:
Senior Notes	$ 750,000	$ 750,000

Chapter 11 Proceedings - Summ_2

Chapter 11 Proceedings - Summary of Liabilities Subject to Compromise (Parenthetical) (Detail)	Mar. 31, 2021	Jan. 22, 2021	Dec. 31, 2020
3.45% Senior Notes due 2023 [Member]
Liabilities Subject To Compromise [Line Items]
Interest rate of senior notes	3.45%	3.45%	3.45%
7.875% Senior Notes due 2025 [Member]
Liabilities Subject To Compromise [Line Items]
Interest rate of senior notes	7.875%	7.875%	7.875%
5.70% Senior Notes due 2039 [Member]
Liabilities Subject To Compromise [Line Items]
Interest rate of senior notes	5.70%	5.70%	5.70%
4.875% Senior Notes due 2043 [Member]
Liabilities Subject To Compromise [Line Items]
Interest rate of senior notes	4.875%	4.875%	4.875%

Chapter 11 Proceedings - Debtor

Chapter 11 Proceedings - Debtor-in-Possession Condensed Combined Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 311,357	$ 405,869
Accounts receivable	151,224	136,222
Less: allowance for credit losses	(5,571)	(5,562)
Accounts receivable, net	145,653	130,660
Prepaid expenses and other current assets	89,666	62,275
Assets held for sale	1,000	2,000
Total current assets	581,984	625,315
Drilling and other property and equipment, net of accumulated depreciation	3,900,414	4,122,809
Other assets	197,044	200,329
Total assets	4,679,442	4,948,453
Current liabilities:
Accounts payable	69,278	33,437
Accrued liabilities	236,649	140,788
Taxes payable	28,432	27,214
Current maturities of long-term debt	442,034
Total current liabilities	776,393	201,439
Deferred tax liability	22,766	28,338
Other liabilities	214,521	117,305
Total liabilities not subject to compromise	1,013,680	347,082
Liabilities subject to compromise	2,044,877	2,618,805
Total debtors’ equity	1,620,885	1,982,566	$ 2,371,488	$ 3,232,210
Total liabilities and stockholders’ equity	4,679,442	4,948,453
Debtor [Member]
Current assets:
Cash and cash equivalents	296,249	390,407
Restricted cash	34,308	24,511
Accounts receivable	138,619	123,981
Less: allowance for credit losses	(113)	(102)
Accounts receivable, net	138,506	123,879
Prepaid expenses and other current assets	77,833	50,439
Assets held for sale	1,000	1,000
Total current assets	547,896	590,236
Drilling and other property and equipment, net of accumulated depreciation	3,890,261	4,112,527
Investments in non-debtor subsidiaries	2,468,384	2,468,384
Other assets	181,641	184,955
Total assets	7,088,182	7,356,102
Current liabilities:
Accounts payable	64,316	30,280
Accrued liabilities	223,311	130,133
Taxes payable	27,517	25,005
Current maturities of long-term debt	442,034
Amounts payable to non-debtor subsidiaries	1,053,795	1,057,913
Total current liabilities	1,810,973	1,243,331
Note payable to non-debtor subsidiary	328,000	328,000
Deferred tax liability	6,342	11,907
Other liabilities	162,227	63,674
Total liabilities not subject to compromise	2,307,542	1,646,912
Liabilities subject to compromise	2,044,877	2,618,805
Total debtors’ equity	2,735,763	3,090,385
Total liabilities and stockholders’ equity	$ 7,088,182	$ 7,356,102

Chapter 11 Proceedings - Debt_2

Chapter 11 Proceedings - Debtor-in-Possession Condensed Combined Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total revenues	$ 134,817	$ 229,170
Operating expenses:
Depreciation	74,626	93,043
General and administrative	12,366	16,345
Impairment of assets	197,027	774,028
Gain on disposition of assets	(5,401)	(3,433)
Total operating expenses	432,028	1,075,607
Operating loss	(297,211)	(846,437)
Other income (expense):
Interest income	30	389
Interest expense, net of amounts capitalized	(32,562)	(32,321)
Foreign currency transaction gain	625	207
Reorganization items, net	(35,252)
Other, net	489	323
Loss before income tax benefit	(363,881)	(877,839)
Income tax benefit	2,200	15,899
Net loss	(361,681)	(861,940)
Contract Drilling [Member]
Revenues:
Total revenues	122,553	217,866
Operating expenses:
Contract drilling, excluding depreciation	141,573	184,511
Reimbursable Expenses [Member]
Revenues:
Total revenues	12,264	11,304
Operating expenses:
Contract drilling, excluding depreciation	11,837	$ 11,113
Debtor [Member]
Revenues:
Total revenues	131,397
Operating expenses:
Depreciation	74,496
General and administrative	12,039
Impairment of assets	197,027
Gain on disposition of assets	(3,442)
Total operating expenses	422,225
Operating loss	(290,828)
Other income (expense):
Interest income	15
Interest expense, net of amounts capitalized	(32,900)
Foreign currency transaction gain	402
Reorganization items, net	(35,252)
Other, net	467
Loss before income tax benefit	(358,096)
Income tax benefit	3,465
Net loss	(354,631)
Debtor [Member] | Contract Drilling [Member]
Revenues:
Total revenues	119,133
Operating expenses:
Contract drilling, excluding depreciation	130,268
Debtor [Member] | Reimbursable Expenses [Member]
Revenues:
Total revenues	12,264
Operating expenses:
Contract drilling, excluding depreciation	$ 11,837

Chapter 11 Proceedings - Debt_3

Chapter 11 Proceedings - Debtor-in-Possession Condensed Combined Statement of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Operating activities:
Net loss	$ (361,681)	$ (861,940)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	74,626	93,043
Loss on impairment of assets	197,027	774,028
Gain on disposition of assets	(5,401)	(3,433)
Deferred tax provision	(5,565)	(13,797)
Contract liabilities, net	6,974	34,285
Contract assets, net	(326)	3,092
Deferred contract costs, net	(9,176)	(14,576)
Other assets, noncurrent	1,279	(393)
Other liabilities, noncurrent	(110)	(3,346)
Other	282	451
Changes in operating assets and liabilities:
Accounts receivable	(14,993)	(17,307)
Prepaid expenses and other current assets	(1,340)	131
Accounts payable and accrued liabilities	68,274	(9,586)
Taxes payable	922	(5,036)
Net cash used in operating activities	(49,208)	(22,841)
Investing activities:
Capital expenditures	(40,617)	(74,850)
Proceeds from disposition of assets, net of disposal costs	7,400	4,548
Net cash used in investing activities	(33,217)	(70,302)
Financing activities:
Debt issuance costs and arrangement fees	(2,290)
Net cash (used in) provided by financing activities	(2,290)	436,000
Net change in cash, cash equivalents and restricted cash	(84,715)	342,857
Cash, cash equivalents and restricted cash, beginning of period	430,380	156,281	$ 156,281
Cash, cash equivalents and restricted cash, end of period	345,665	$ 499,138	430,380
Debtor [Member]
Operating activities:
Net loss	(354,631)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	74,496
Loss on impairment of assets	197,027
Gain on disposition of assets	(3,442)
Deferred tax provision	(5,558)
Contract liabilities, net	6,974
Contract assets, net	(326)
Deferred contract costs, net	(9,176)
Other assets, noncurrent	1,256
Other liabilities, noncurrent	2,494
Other	(370)
Changes in operating assets and liabilities:
Accounts receivable	(14,628)
Prepaid expenses and other current assets	(506)
Accounts payable and accrued liabilities	66,599
Taxes payable	1,001
Due to non-debtor subsidiaries	(4,118)
Net cash used in operating activities	(42,908)
Investing activities:
Capital expenditures	(43,605)
Proceeds from disposition of assets, net of disposal costs	4,442
Net cash used in investing activities	(39,163)
Financing activities:
Debt issuance costs and arrangement fees	(2,290)
Net cash (used in) provided by financing activities	(2,290)
Net change in cash, cash equivalents and restricted cash	(84,361)
Cash, cash equivalents and restricted cash, beginning of period	414,918
Cash, cash equivalents and restricted cash, end of period	$ 330,557		$ 414,918

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021
Minimum
Revenue From Contract With Customers [Line Items]
Initial term of contract	2 months
Maximum
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, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Trade receivables	$ 130,998	$ 115,732
Current contract assets	3,196	2,870
Current contract liabilities (deferred revenue)	(57,185)	(51,763)
Noncurrent contract liabilities (deferred revenue)	$ (6,715)	$ (5,164)

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, 2021USD ($)
Revenue From Contract With Customer [Abstract]
Contract assets at January 1, 2021	$ 2,870
Contract liabilities at January 1, 2021	(56,927)
Net balance at January 1, 2021	(54,057)
Decrease due to amortization of revenue included in the beginning contract liability balance	11,340
Increase due to cash received, excluding amounts recognized as revenue during the period	(18,313)
Increase due to revenue recognized during the period but contingent on future performance	1,026
Decrease due to transfer to receivables during the period	(700)
Net balance at March 31, 2021	(60,704)
Contract assets at March 31, 2021	3,196
Contract liabilities at March 31, 2021	$ (63,900)

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, 2021USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 63,035
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
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	$ 51,985
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	$ 8,062
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
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	$ 2,908
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 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	$ 80
Mobilization and Contract Preparation Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	35,389
Mobilization and Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	26,861
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	5,540
Mobilization and Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	2,908
Mobilization and Contract Preparation Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	80
Capital Modification Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	11,522
Capital Modification Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	10,070
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	16,124
Blended Rate Revenue and Other [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	15,054
Blended Rate Revenue and Other [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	$ 1,070

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, 2021USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 63,035
Mobilization and Contract Preparation Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	35,389
Capital Modification Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	11,522
Blended Rate Revenue and Other [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 16,124

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, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
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: 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, Expected Timing of Satisfaction, Start Date: 2023-01-01
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: 2024-01-01
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		12 Months Ended
	Mar. 31, 2021USD ($)Rig	Mar. 31, 2020USD ($)Rig	Dec. 31, 2020Rig
Schedule Of Asset Impairment Charges [Line Items]
Number of rigs impaired during period	1		1
Impairment of assets | $	$ 197,027	$ 774,028
2021 Impaired Rigs [Member]
Schedule Of Asset Impairment Charges [Line Items]
Number of rigs evaluated for impairment	3
Number of rigs impaired during period	1
Impairment of assets | $	$ 197,000
2020 Impaired Rigs [Member]
Schedule Of Asset Impairment Charges [Line Items]
Number of rigs evaluated for impairment		5
Number of rigs impaired during period		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, 2021	Dec. 31, 2020
Receivables [Abstract]
Trade receivables	$ 130,998	$ 115,732
Value added tax receivables	10,642	10,781
Federal income tax receivables	8,420	8,420
Related party receivables	46	78
Other	1,118	1,211
Receivables Gross Current, Total	151,224	136,222
Allowance for credit losses	(5,571)	(5,562)
Accounts receivable, net	$ 145,653	$ 130,660

Supplemental Financial Inform_4

Supplemental Financial Information - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Deferred contract costs	$ 23,280	$ 19,808
Prepaid taxes	15,312	16,112
Rig spare parts and supplies	13,007	12,606
Deferred debt issuance costs	12,430
Collateral deposits	8,625
Current contract assets	3,196	2,870
Prepaid rig costs	2,548	2,317
Prepaid legal retainers	2,309	2,408
Prepaid insurance	2,196	2,446
Other	6,763	3,708
Total	$ 89,666	$ 62,275

Supplemental Financial Inform_5

Supplemental Financial Information - Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Deferred revenue	$ 57,185	$ 51,763
Accrued interest	35,329
Payroll and benefits	33,216	30,296
Shorebase and administrative costs	23,547	17,275
Current operating lease liability	22,548	5,072
Rig operating costs	20,673	21,123
Accrued capital project/upgrade costs	17,255	7,075
Deferred debt issuance costs and financing fees	10,140
Accrued backstop commitment premium	9,900
Personal injury and other claims	5,346	6,495
Other	1,510	1,689
Total	$ 236,649	$ 140,788

Supplemental Financial Inform_6

Supplemental Financial Information - Noncash Operating, Investing and Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Accrued but unpaid capital expenditures at period end	$ 17,255	$ 26,094
Accrued but unpaid debt issuance costs and arrangement fees	10,140
Common stock withheld for payroll tax obligations		324
Cash interest payments		19,785
Cash paid for reorganization items, net	20,584
Foreign [Member]
Cash income taxes paid, net of (refunds):
Cash income taxes paid, net of refunds	3,363	7,142
State [Member]
Cash income taxes paid, net of (refunds):
Cash income taxes paid, net of refunds	$ (34)	$ (14)

Supplemental Financial Inform_7

Supplemental Financial Information - Noncash Operating, Investing and Financing Activities (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Capitalized financing costs		$ 12,430
Restricted Stock [Member]
Condensed Financial Statements, Captions [Line Items]
Number of shares of common stock withheld	85,131
Prepaid Expenses and Other Current Assets [Member]
Condensed Financial Statements, Captions [Line Items]
Capitalized financing costs		$ 12,400

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, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Letters of credit to guarantee			$ 12,800
Trade receivables past due	$ 5,900
Trade receivables reserved for previous years	5,500
Trade receivables remaining past due	400
Trade receivables, older than 90 Days past due	200
Allowance for credit losses	5,571		5,562
Loss on impairment of assets	$ 197,027	$ 774,028
Measurement period for determining fair value of debt instruments	10 days
Fair Value Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loss on impairment of assets	$ 0		0
ASU 2016-13 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimate of credit losses	$ 100		$ 100

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of assets	$ 197,027	$ 774,028
Nonrecurring Fair Value Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impaired assets	5,854
Impairment of assets	197,027		$ 842,016
Level 3 [Member] | Nonrecurring Fair Value Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impaired assets	$ 5,854		$ 1,000

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - Assets Measured at Fair Value on Nonrecurring Basis (Parenthetical) (Detail) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2021USD ($)Rig	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020Rig
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of rigs impaired during period | Rig	1			1
Loss on impairment of assets	$ 197,027		$ 774,028
Four Semisubmersible Rigs [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loss on impairment of assets		$ 68,000	$ 774,000

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, 2021	Dec. 31, 2020
3.45% Senior Notes due 2023 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 42.7	$ 30.6
Carrying Value	250	250
7.875% Senior Notes due 2025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	85	61.3
Carrying Value	500	500
5.70% Senior Notes due 2039 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	85	61.2
Carrying Value	500	500
4.875% Senior Notes due 2043 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	127.5	91.9
Carrying Value	$ 750	$ 750

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, 2021	Jan. 22, 2021	Dec. 31, 2020
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%	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%	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%	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%	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, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment	$ 6,682,228	$ 7,111,718
Less: accumulated depreciation	(2,781,814)	(2,988,909)
Drilling and other property and equipment, net	3,900,414	4,122,809
Drilling Rigs and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	6,558,577	6,987,630
Land and Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	40,425	41,072
Office Equipment and Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 83,226	$ 83,016

Drilling and Other Property a_4

Drilling and Other Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Impairment charge of assets	$ 197,027	$ 774,028
Drilling and other property and equipment, net of accumulated depreciation	3,900,414		$ 4,122,809
Gain (loss) on disposition of assets	5,401	$ 3,433
Ocean Valor [Member]
Property, Plant and Equipment [Line Items]
Drilling and other property and equipment, net of accumulated depreciation	1,000
Ocean America and Ocean Rover [Member]
Property, Plant and Equipment [Line Items]
Gain (loss) on disposition of assets	$ 4,400

Credit Agreements - Additional

Credit Agreements - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2021	Jan. 22, 2021	Dec. 31, 2020	Apr. 28, 2020	Jan. 31, 2020
Debt Instrument [Line Items]
Line of credit facility, amount borrowed		$ 436,000
Line of credit issued					$ 436,000
Accrued post-petition interest incurred			$ 35,329
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, amount borrowed	$ 436,000
Amount available for general purposes	$ 950,000	$ 950,000				$ 442,000
Weighted average interest rate on borrowings			8.50%
Line of credit issued				$ 950,000
Accrued post-petition interest incurred			$ 32,600
Revolving Credit Facility [Member] | Financial Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit issued							$ 6,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	May 01, 2021	Mar. 31, 2021	Dec. 31, 2020
Contingencies And Commitments [Line Items]
Estimated sales tax and related penalties and interest		$ 14.1	$ 13.5
Total Contingent Liabilities Under Letters of Credit and Bonds [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds		25
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		18.9
Uncollateralized Contingent Liability Under Letters of Credit and Bonds [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds		6.1
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
Cash Collateralized Contingent Liability Under Letters of Credit and Bonds [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds		23.5
Prepaid Expenses and Other Current Assets [Member] | Cash Collateralized Contingent Liability Under Letters of Credit and Bonds [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds		8.6
Other Assets [Member] | Cash Collateralized Contingent Liability Under Letters of Credit and Bonds [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds		14.9
Personal Injury Claims [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		15	14.7
Personal Injury Claims [Member] | Accrued Liabilities [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		5.1	5.9
Personal Injury Claims [Member] | Other Liabilities [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		$ 9.9	$ 8.8
Subsequent Event [Member]
Contingencies And Commitments [Line Items]
Deductible for marine liability coverage including personal injury claims, per first occurrence	$ 5
Range of deductible for liability coverage for personal injury claims, lower limit	5
Range of deductible for liability coverage for personal injury claims, upper limit	$ 100

Segments and Geographic Area _3

Segments and Geographic Area Analysis - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021SegmentCountry
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, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 134,817	$ 229,170
Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	122,553	217,866
Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	12,264	11,304
United States [Member]
Segment Reporting Information [Line Items]
Total revenues	80,039	108,044
United States [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	74,046	104,900
United States [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	5,993	3,144
United Kingdom [Member]
Segment Reporting Information [Line Items]
Total revenues	26,041	35,844
United Kingdom [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	24,091	32,599
United Kingdom [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	1,950	3,245
Australia [Member]
Segment Reporting Information [Line Items]
Total revenues	14,827	22,103
Australia [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	11,673	17,188
Australia [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	3,154	4,915
Myanmar [Member]
Segment Reporting Information [Line Items]
Total revenues	10,489
Myanmar [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	9,322
Myanmar [Member] | Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	1,167
Brazil [Member]
Segment Reporting Information [Line Items]
Total revenues	3,421	63,179
Brazil [Member] | Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 3,421	$ 63,179

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ / shares in Units, Rig in Millions	Apr. 24, 2021USD ($)	Apr. 23, 2021USD ($)$ / sharesshares	Mar. 31, 2021Rig$ / sharesshares	Mar. 31, 2020USD ($)	Dec. 31, 2020$ / sharesshares
Subsequent Event [Line Items]
Reorganization, date plan confirmed			Apr. 8, 2021
Reorganization, effective date of plan			Apr. 23, 2021
Common stock, shares authorized | shares			500,000,000		500,000,000
Common stock, par value | $ / shares			$ 0.01		$ 0.01
Preferred stock, shares authorized | shares			25,000,000		25,000,000
Preferred stock, par value | $ / shares			$ 0.01		$ 0.01
Common stock, shares issued | shares			145,263,865		145,263,865
Common stock, shares outstanding | shares			138,054,311		138,054,311
Borrowings under credit facility				$ 436,000,000
Number of offshore rigs subject to well control equipment agreements | Rig			4
Subsequent Event [Member]
Subsequent Event [Line Items]
Total capital stock authorized | shares		800,000,000
Common stock, shares authorized | shares		750,000,000
Common stock, par value | $ / shares		$ 0.0001
Preferred stock, shares authorized | shares		50,000,000
Preferred stock, par value | $ / shares		$ 0.0001
Common stock transferred | shares		30,000,000
New-money commitments to Debtors		$ 114,675,000
New stock warrants issued in exchange for common stock | shares		7,526,894
Common stock, shares issued | shares		100,000,019
Common stock, shares outstanding | shares		100,000,019
Minimum percentage of holders required to request to filing of shelf registration		1.00%
Subsequent Event [Member] | Sale and Lease-back Equipment [Member]
Subsequent Event [Line Items]
Operating lease term		10 years
Subsequent Event [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Senior Notes		$ 100,000,000
Debt instrument, interest rate term description		On the Effective Date, the Borrower utilized the entire $100.0 million under the Term Loan Credit Facility to refinance a portion of the Company’s obligations under its prepetition RCF. The loans outstanding under the Term Loan Credit Facility (or the Term Loans) bear interest at a rate per annum equal to the applicable margin
Debt instrument, covenant description		The Term Loan Credit Agreement contains negative covenants that limit, among other things, the Borrower’s ability and the ability of its 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.
Maximum portion of facility used to settle RCF claims		$ 200,000,000
Subsequent Event [Member] | Base Rate Subject to Floor [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		2.00%
Subsequent Event [Member] | Federal Funds Effective Rate Plus [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		0.50%
Subsequent Event [Member] | Reserve-Adjusted One Month LIBOR Rate Plus [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		1.00%
Subsequent Event [Member] | Libor Rate Loans [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Debt instrument, interest rate term description		Interest on LIBOR Rate Term Loans is payable one, two, three, six, or, if agreed by all lenders, twelve months after such LIBOR Rate Term Loan is disbursed as, converted to or continued as a LIBOR Rate Term Loan as selected by the Borrower.
Subsequent Event [Member] | Base Rate Loans [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Debt instrument, interest rate term description		Interest on Base Rate Term Loans is payable quarterly.
Debt instrument frequency of periodic payment		quarterly
Subsequent Event [Member] | LIBOR Rate Subject to Floor [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		1.00%
Subsequent Event [Member] | Senior Secured Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Amount available for general purposes		$ 400,000,000
Sublimit for issuance of letters of credit		$ 100,000,000
Credit facility, scheduled maturity date		Apr. 22, 2026
Aggregate amount of available cash		$ 125,000,000
Borrowings under credit facility	$ 10,000,000	103,500,000
Incurred in exchange for certain obligations		100,000,000
Upfront fees incurred		$ 3,500,000
Debt instrument, interest rate term description		The loans outstanding under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable margin plus, at the Borrower’s option, either: (i) the reserve-adjusted LIBOR Rate (as defined below), subject to a floor of 1% or (ii) a base rate, subject to a floor of 2.00%, determined as the greatest of (x) the rate per annum publicly announced from time to time by Wells Fargo Bank, National Association, as its prime rate (or the Wells Fargo Prime Rate), (y) the federal funds effective rate plus ½ of 1.00%, and (z) the reserve-adjusted one-month LIBOR Rate plus 1.00%. The applicable margin is initially 4.25% per annum for LIBOR Rate loans and 3.25% per annum for base rate loans. Mandatory prepayments and, under certain circumstances, commitment reductions are required under the Revolving Credit Facility in connection with certain specified asset dispositions (subject to reinvestment rights if no event of default exists). Available Cash (as defined in the Revolving Credit Agreement) in excess of $125 million is also required to be applied periodically to prepay loans (without a commitment reduction). The loans under the Revolving Credit Facility may be voluntarily prepaid and the commitments thereunder voluntarily terminated or reduced by the Borrower at any time without premium or penalty, other than customary breakage costs.
Line of credit facility commitment fee percentage		0.50%
Minimum line of credit collateral coverage ratio		2.00%
Minimum line of credit total collateral coverage ratio		1.30%
Subsequent Event [Member] | Senior Secured Revolving Credit Facility [Member] | Reserve-Adjusted LIBOR Rate Subject To Floor [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		1.00%
Subsequent Event [Member] | Senior Secured Revolving Credit Facility [Member] | Base Rate Subject to Floor [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		2.00%
Subsequent Event [Member] | Senior Secured Revolving Credit Facility [Member] | Federal Funds Effective Rate Plus [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		0.50%
Subsequent Event [Member] | Senior Secured Revolving Credit Facility [Member] | Reserve-Adjusted One Month LIBOR Rate Plus [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		1.00%
Subsequent Event [Member] | Senior Secured Revolving Credit Facility [Member] | Libor Rate Loans [Member]
Subsequent Event [Line Items]
Interest rate of senior notes		4.25%
Subsequent Event [Member] | Senior Secured Revolving Credit Facility [Member] | Base Rate Loans [Member]
Subsequent Event [Line Items]
Interest rate of senior notes		3.25%
Subsequent Event [Member] | Senior Secured Revolving Credit Facility [Member] | Minimum
Subsequent Event [Line Items]
Amount available for general purposes		$ 400,000,000
Aggregate amount of available cash		$ 125,000,000
Subsequent Event [Member] | Senior Secured Revolving Credit Facility [Member] | Maximum
Subsequent Event [Line Items]
Collateral coverage ratio		2.00%
Total collateral coverage ratio		1.30%
Credit facility pro rata share amount of funded loans		$ 100,000,000
Subsequent Event [Member] | First Lien Notes [Member]
Subsequent Event [Line Items]
Debt instrument, interest rate term description		Interest on the First Lien Notes accrues, at the Issuers’ option, at a rate of: (i) 9.00% per annum, payable in cash; (ii) 11.00% per annum, with 50% of such interest to be payable in cash and 50% of such interest to be payable by issuing additional First Lien Notes (or PIK Notes); or (iii) 13.00% per annum, with the entirety of such interest to be payable by issuing PIK Notes. The Issuers shall pay interest semi-annually in arrears on April 30 and October 31 of each year, commencing October 31, 2021.
Line of credit facility commitment fee percentage		9.00%
Debt instrument frequency of periodic payment		semi-annually
Debt instrument, covenant description		The First Lien Notes Indenture contains covenants that limit, among other things, the ability of the Company and certain of its subsidiaries to: (i) incur, assume or guarantee additional indebtedness; (ii) pay dividends or distributions on capital stock or redeem or repurchase capital stock; (iii) make investments; (iv) repay or redeem junior debt; (v) sell stock of its subsidiaries; (vi) transfer or sell assets; (vii) enter into sale and leaseback transactions; (viii) create, incur or assume liens; or (ix) enter into transactions with certain affiliates. These covenants are subject to a number of important limitations and exceptions.
Senior notes maturity year		2027
Debt instrument, date of first required payment		Oct. 31, 2021
Debt instrument, redemption price, percentage		101.00%
Debt instrument, redemption, description		upon a Change of Control (as defined in the First Lien Notes Indenture), the Issuers must offer to purchase all remaining outstanding First Lien Notes at a redemption price equal to 101% of the principal amount,
Period for debt redemption on change of control		30 days
Subsequent Event [Member] | First Lien Notes [Member] | Redemption of Notes before October 23, 2021 [Member]
Subsequent Event [Line Items]
Debt instrument, redemption price, percentage		101.00%
Debt instrument, redemption period, end date		Oct. 23, 2021
Debt instrument, redemption, description		before October 23, 2021, all of the First Lien Notes may be redeemed at 101% of the principal amount,
Subsequent Event [Member] | First Lien Notes [Member] | Redemption of Notes on or after October 23, 2021 and prior to April 22, 2023 [Member]
Subsequent Event [Line Items]
Debt instrument, redemption price, percentage		100.00%
Debt instrument, redemption period, end date		Apr. 22, 2023
Debt instrument, redemption, description		on or after October 23, 2021 and prior to April 22, 2023, the First Lien Notes may be redeemed, in whole or in part, at any time and from time to time at a redemption price equal to 100% of the principal amount
Debt instrument, redemption period, start date		Oct. 23, 2021
Subsequent Event [Member] | First Lien Notes [Member] | Redemption of Notes on or after April 22, 2023 [Member]
Subsequent Event [Line Items]
Debt instrument, redemption, description		on or after April 22, 2023, the First Lien Notes may be redeemed, in whole or in part, at any time and from time to time at fixed redemption prices (expressed as percentages of the principal amount)
Debt instrument, redemption period, start date		Apr. 22, 2023
Subsequent Event [Member] | First Lien Notes [Member] | Commitment Premium [Member]
Subsequent Event [Line Items]
Aggregate principal amount		$ 10,300,000
Subsequent Event [Member] | First Lien Notes [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Senior Notes		28,100,000
Subsequent Event [Member] | First Lien Notes [Member] | Private Placement [Member] | Unfunded Loan Commitment [Member]
Subsequent Event [Line Items]
Senior Notes		17,800,000
Subsequent Event [Member] | First Lien Notes [Member] | Rights Offerings [Member]
Subsequent Event [Line Items]
Senior Notes		46,900,000
Subsequent Event [Member] | First Lien Notes [Member] | Rights Offerings [Member] | Unfunded Loan Commitment [Member]
Subsequent Event [Line Items]
Senior Notes		$ 21,900,000
Subsequent Event [Member] | Computershare Inc. [Member]
Subsequent Event [Line Items]
Warrants issued | shares		7,526,894
Warrants term		5 years
Warrants exercise years		5 years
Warrants exercisable percentage		7.00%
Warrants exercise price | $ / shares		$ 29.22
Subsequent Event [Member] | Senior Notes [Member]
Subsequent Event [Line Items]
Common stock transferred | shares		70,000,019
Pro rata share received percentage		70.00%
Subsequent Event [Member] | Senior Secured Term Loan Credit Agreement [Member]
Subsequent Event [Line Items]
Senior Notes		$ 100,000,000
Debt instrument maturity date		Apr. 22, 2027
Subsequent Event [Member] | First Lien Notes [Member]
Subsequent Event [Line Items]
Senior Notes		$ 85,300,000
Debt instrument maturity date		Apr. 22, 2027
Subsequent Event [Member] | Additional First Lien Notes [Member]
Subsequent Event [Line Items]
Senior Notes		$ 39,700,000
Subsequent Event [Member] | Paid in Cash [Member] | Libor Rate Loans [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		6.00%
Subsequent Event [Member] | Paid in Cash [Member] | Base Rate Loans [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		5.00%
Subsequent Event [Member] | Combined Cash and PIK Note Paid in Cash [Member] | Libor Rate Loans [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		4.00%
Subsequent Event [Member] | Combined Cash and PIK Note Paid in Cash [Member] | Base Rate Loans [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		3.50%
Subsequent Event [Member] | Combined Cash and PIK Note Paid in Kind [Member] | Libor Rate Loans [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		4.00%
Subsequent Event [Member] | Combined Cash and PIK Note Paid in Kind [Member] | Base Rate Loans [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		3.50%
Subsequent Event [Member] | Payment in Kind Rate [Member] | Libor Rate Loans [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		10.00%
Subsequent Event [Member] | Payment in Kind Rate [Member] | Base Rate Loans [Member] | Term Loan Credit Facility [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		9.00%
Subsequent Event [Member] | Payment in Kind Rate [Member] | First Lien Notes [Member]
Subsequent Event [Line Items]
Interest rate of senior notes		13.00%
Percentage of interest payable in cash or kind		50.00%
Subsequent Event [Member] | Cash Pay Rate [Member] | First Lien Notes [Member]
Subsequent Event [Line Items]
Interest rate of senior notes		9.00%
Percentage of interest payable in cash or kind		50.00%
Subsequent Event [Member] | Cash Pay Rate and Payment in Kind Rate [Member] | First Lien Notes [Member]
Subsequent Event [Line Items]
Interest rate of senior notes		11.00%