Supplemental Financial Information (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Balance Sheet Related Disclosures [Abstract] |
|
| Prepaid Expenses and Other Current Assets |
Prepaid expenses and other current assets consisted of the following:
|
|
|
Successor |
|
|
|
Predecessor |
|
|
|
|
December 31, 2016 |
|
|
|
December 31, 2015 |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Prepaid insurance |
|
$ |
782 |
|
|
|
$ |
1,394 |
|
|
Sales tax receivable |
|
|
7,129 |
|
|
|
|
8,203 |
|
|
Income tax receivable |
|
|
1,025 |
|
|
|
|
5,398 |
|
|
Other receivables |
|
|
74 |
|
|
|
|
734 |
|
|
Other |
|
|
3,413 |
|
|
|
|
6,377 |
|
|
|
|
$ |
12,423 |
|
|
|
$ |
22,106 |
|
|
| Property and Equipment, Net |
Property and equipment, net consisted of the following:
|
|
|
Successor |
|
|
|
Predecessor |
|
|
|
|
December 31, 2016 |
|
|
|
December 31, 2015 |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Drilling equipment |
|
$ |
880,267 |
|
|
|
$ |
3,425,738 |
|
|
Assets under construction |
|
|
2,138 |
|
|
|
|
23,421 |
|
|
Office and technology equipment |
|
|
18,764 |
|
|
|
|
29,405 |
|
|
Leasehold improvements |
|
|
1,072 |
|
|
|
|
2,442 |
|
|
|
|
|
902,241 |
|
|
|
|
3,481,006 |
|
|
Accumulated depreciation |
|
|
(67,713 |
) |
|
|
|
(532,619 |
) |
|
Property and equipment, net |
|
$ |
834,528 |
|
|
|
$ |
2,948,387 |
|
|
| Other Assets |
Other assets consisted of the following:
|
|
|
Successor |
|
|
|
Predecessor |
|
|
|
|
December 31, 2016 |
|
|
|
December 31, 2015 |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Performance bond collateral |
|
$ |
3,197 |
|
|
|
$ |
3,197 |
|
|
Deferred certification costs |
|
|
4,885 |
|
|
|
|
10,050 |
|
|
Deferred mobilization costs |
|
|
4,194 |
|
|
|
|
8,454 |
|
|
Deferred income taxes |
|
|
2,237 |
|
|
|
|
152 |
|
|
Deposits |
|
|
1,181 |
|
|
|
|
1,197 |
|
|
|
|
$ |
15,694 |
|
|
|
$ |
23,050 |
|
|
| Accrued Liabilities |
Accrued liabilities consisted of the following:
|
|
|
Successor |
|
|
|
Predecessor |
|
|
|
|
|
December 31, 2016 |
|
|
|
December 31, 2015 |
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
104 |
|
|
|
$ |
1,125 |
|
|
|
Compensation |
|
|
11,289 |
|
|
|
|
8,360 |
|
|
|
Income taxes payable |
|
|
5,008 |
|
|
|
|
8,901 |
|
|
|
Other |
|
|
2,047 |
|
|
|
|
3,316 |
|
|
|
|
|
$ |
18,448 |
|
|
|
$ |
21,702 |
|
|
|
| Consolidated Statement of Operations Transactions with Former Parent Company |
Our consolidated statement of operations includes the following transactions with VDC for the periods indicated:
|
|
|
Successor |
|
|
|
Predecessor |
|
|
|
|
Period from February 10, 2016 to December 31, 2016 |
|
|
|
Period from January 1, 2016 to February 10, 2016 |
|
|
Year Ended December 31, |
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reimbursable revenues |
|
$ |
— |
|
|
|
$ |
— |
|
|
$ |
6,212 |
|
|
$ |
9,428 |
|
|
Interest income |
|
|
(3 |
) |
|
|
|
3 |
|
|
|
27 |
|
|
|
27 |
|
|
Interest expense |
|
|
— |
|
|
|
|
(662 |
) |
|
|
(489 |
) |
|
|
— |
|
|
|
|
$ |
(3 |
) |
|
|
$ |
(659 |
) |
|
$ |
5,750 |
|
|
$ |
9,455 |
|
|
| Consolidated Balance Sheet Balances Payable to Former Parent Company |
The following table summarizes the balances payable to VDC included in our consolidated balance sheet as of the periods indicated:
|
|
|
Successor |
|
|
|
Predecessor |
|
|
|
|
|
December 31, 2016 |
|
|
|
December 31, 2015 |
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Accounts payable to related parties, net |
|
$ |
17,278 |
|
|
|
$ |
17,340 |
|
|
|
VDC Note |
|
|
— |
|
|
|
|
61,477 |
|
|
|
Accrued liabilities |
|
|
— |
|
|
|
|
489 |
|
|
|
|
|
$ |
17,278 |
|
|
|
$ |
79,306 |
|
|
|