Diamond Offshore Drilling (DODRW) 10-K28 Feb 232022 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Feb. 22, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	DO
Entity Registrant Name	DIAMOND OFFSHORE DRILLING, INC.
Entity Central Index Key	0000949039
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		101,320,164
Entity Public Float			$ 594,790,930
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NYSE
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 Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	true
Entity Bankruptcy Proceedings, Reporting Current	true
Documents Incorporated by Reference	The information called for by Part III, Items 10, 11, 12, 13 and 14 of this Form 10-K, will be included in a definitive proxy statement or an amendment to this Form 10-K to be filed within 120 days after the end of the fiscal year covered by this Form 10-K, and is incorporated herein by reference.
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Houston, Texas

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 63,041	$ 38,388
Restricted cash	34,293	24,341
Accounts receivable	177,675	151,917
Less: allowance for credit losses	(5,622)	(5,582)
Accounts receivable, net	172,053	146,335
Prepaid expenses and other current assets	48,695	61,440
Assets held for sale	0	1,000
Total current assets	318,082	271,504
Drilling and other property and equipment, net of accumulated depreciation	1,141,908	1,175,895
Other assets	67,966	84,041
Total assets	1,527,956	1,531,440
Current liabilities:
Accounts payable	47,647	38,661
Accrued liabilities	166,785	143,736
Taxes payable	30,264	34,500
Current finance lease liabilities	16,965	15,865
Total current liabilities	261,661	232,762
Long-term debt	360,644	266,241
Noncurrent finance lease liabilities	131,393	148,358
Deferred tax liability	700	1,626
Other liabilities	93,888	114,748
Commitments and contingencies (Note 12)
Total liabilities	848,286	763,735
Stockholders’ equity:
Preferred stock (par value $0.0001, 50,000 shares authorized, none issued and outstanding)	0	0
Common stock (par value $0.0001, 750,000 shares authorized; 101,884 shares issued and 101,320 shares outstanding at December 31 2022; 100,075 shares issued and outstanding at December 31, 2021)	10	10
Additional paid-in capital	964,467	945,039
Treasury stock	(4,252)	0
Accumulated deficit	(280,555)	(177,344)
Total stockholders’ equity	679,670	767,705
Total liabilities and stockholders’ equity	$ 1,527,956	$ 1,531,440

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	101,884,000	100,075,000
Common stock, shares outstanding	101,320,000	100,075,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Revenues:
Total revenues	$ 169,379	$ 556,066	$ 841,278	$ 733,687
Operating expenses:
Depreciation	92,758	68,504	103,478	320,085
General and administrative	15,036	53,494	70,196	56,925
Impairment of assets	197,027	132,449	0	842,016
Restructuring and separation costs	0	0	0	17,724
(Gain) loss on disposition of assets	(5,486)	(1,024)	(4,895)	(7,375)
Total operating expenses	496,438	707,246	904,723	1,886,828
Operating loss	(327,059)	(151,180)	(63,445)	(1,153,141)
Other income (expense):
Interest income	30	3	18	484
Interest expense (excludes $35,390 and $98,027 of contractual interest expense on debt subject to compromise for the period from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020, respectively)	(34,827)	(26,180)	(40,423)	(42,585)
Foreign currency transaction loss	(172)	(997)	(3,023)	(4,498)
Reorganization items, net	(1,639,763)	(8,088)	0	(76,910)
Other, net	398	10,752	1,267	560
Loss before income tax benefit (expense)	(2,001,393)	(175,690)	(105,606)	(1,276,090)
Income tax benefit (expense)	39,404	(1,654)	2,395	21,186
Net loss	$ (1,961,989)	$ (177,344)	$ (103,211)	$ (1,254,904)
Earnings Per Share, Basic	$ (14.21)	$ (1.77)	$ (1.03)	$ (9.09)
Earnings Per Share, Diluted	$ (14.21)	$ (1.77)	$ (1.03)	$ (9.09)
Weighted Average Number of Shares Outstanding, Basic	138,054	100,071	100,561	137,996
Weighted Average Number of Shares Outstanding, Diluted	138,054	100,071	100,561	137,996
Contract Drilling [Member]
Revenues:
Total revenues	$ 153,364	$ 465,328	$ 724,744	$ 692,753
Operating expenses:
Contract drilling, excluding depreciation	181,626	364,539	620,982	618,553
Reimbursable Expenses [Member]
Revenues:
Total revenues	16,015	90,738	116,534	40,934
Operating expenses:
Contract drilling, excluding depreciation	$ 15,477	$ 89,284	$ 114,962	$ 38,900

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2020
Income Statement [Abstract]
Contractual interest expense of debt	$ 35,390	$ 98,027

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income or Loss - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,961,989)	$ (177,344)	$ (103,211)	$ (1,254,904)
Derivative financial instruments:
Reclassification adjustment for loss included in net loss				18
Investments in marketable securities:
Reclassification adjustment for gain included in net loss				(18)
Total other comprehensive gain				18
Comprehensive loss	$ (1,961,989)	$ (177,344)	$ (103,211)	$ (1,254,886)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Gains (Losses) [Member]	Treasury Stock [Member]
Beginning Balance at Dec. 31, 2019	$ 3,232,210	$ 1,448	$ 2,024,347	$ 1,412,201	$ (18)	$ (205,768)
Beginning Balance, shares at Dec. 31, 2019		144,782				7,078
Net loss	(1,254,904)			(1,254,904)
Stock-based compensation, net of tax	5,242	$ 5	5,632			$ (395)
Stock-based compensation, net of tax, shares		482				132
Net gain on derivative financial instruments	18				18
Ending Balance at Dec. 31, 2020	1,982,566	$ 1,453	2,029,979	157,297		$ (206,163)
Ending Balance, shares at Dec. 31, 2020		145,264				7,210
Net loss	(1,961,989)			(1,961,989)
Cancellation of Predecessor equity	(20,577)	$ (1,453)	(2,029,979)	1,804,692		$ 206,163
Cancellation of Predecessor equity, shares		(145,264)				(7,210)
Ending Balance at Apr. 23, 2021	934,810
Ending Balance at Apr. 23, 2021	0	$ 0	0	0	0	$ 0
Ending Balance, shares at Apr. 23, 2021		0				0
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		145,264				7,210
Net loss				177,344
Stock-based compensation, net of tax	10,239		10,239
Stock-based compensation, net of tax, shares		75
Ending Balance at Dec. 31, 2021	767,705	$ 10	945,039	(177,344)	0	$ 0
Ending Balance, shares at Dec. 31, 2021		100,075				0
Beginning Balance at Apr. 23, 2021	934,810
Beginning Balance, shares at Apr. 23, 2021		0				0
Issuance of Successor equity	934,810	$ 10	934,800
Issuance of Successor equity, shares		100,000
Ending Balance at Apr. 24, 2021	934,810	$ 10	934,800
Ending Balance, shares at Apr. 24, 2021		100,000
Beginning Balance at Apr. 23, 2021	934,810
Beginning Balance, shares at Apr. 23, 2021		0				0
Net loss	(177,344)
Ending Balance at Dec. 31, 2021	767,705	$ 10	945,039	(177,344)	0	$ 0
Ending Balance, shares at Dec. 31, 2021		100,075				0
Net loss	(103,211)			(103,211)
Stock-based compensation, net of tax	15,176		19,428			$ (4,252)
Stock-based compensation, net of tax, shares		1,245				564
Ending Balance at Dec. 31, 2022	$ 679,670
Ending Balance at Dec. 31, 2022		$ 10	$ 964,467	$ (280,555)	$ 0	$ (4,252)
Ending Balance, shares at Dec. 31, 2022		101,320				564

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net loss	$ (1,961,989)	$ (177,344)	$ (103,211)		$ (1,254,904)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	92,758	68,504	103,478		320,085
Loss on impairment of assets	197,027	132,449	0		842,016
Reorganization items, net	1,587,392				22,106
(Gain) loss on disposition of assets	(5,486)	(1,024)	(4,895)		(7,375)
Deferred tax provision	(35,894)	(3,482)	479		(19,228)
Stock-based compensation expense		10,766	20,159		5,637
Contract liabilities, net	10,617	48,293	(36,292)		8,823
Contract assets, net	(742)	(1,418)	1,694		3,444
Deferred contract costs, net	(12,034)	(13,081)	(1,594)		1,960
Long-term employee remuneration programs	475	119	62		(4,256)
Collateral deposits		6,030	17,479		(18,262)
Other assets, noncurrent	2,685	361	(2,950)		(7,950)
Other liabilities, noncurrent	(371)	(2,092)	115		(2,279)
Other	2,683	1,579	2,194		3,321
Changes in operating assets and liabilities:
Accounts receivable	2,108	(16,984)	(25,718)		114,329
Prepaid expenses and other current assets	(2,791)	305	2,028		6,334
Accounts payable and accrued liabilities	29,302	(40,133)	55,006		(14,143)
Taxes payable	(5,804)	6,056	(19,170)		8,721
Net cash provided by (used in) operating activities	(100,064)	18,904	8,864		8,379
Investing activities:
Capital expenditures	(49,119)	(42,812)	(60,023)		(189,528)
Proceeds from disposition of assets, net of disposal costs	7,484	1,053	5,959		13,333
Deposits on asset sales			1,670
Proceeds from sale of foreign bonds					5,915
Net cash used in investing activities	(41,635)	(41,759)	(52,394)		(170,280)
Financing activities:
(Repayments of) borrowings under revolving credit facility	(442,034)				436,000
Borrowings on exit facilities	200,000	50,000	94,000
Repayments on exit facilities		(70,000)
Issuance of exit notes	75,000
Debt issuance costs and arrangement fees	(6,218)
Principal payments of finance lease liabilities		(9,845)	(15,865)
Net cash provided by (used in) financing activities	(173,252)	(29,845)	78,135		436,000
Net change in cash, cash equivalents and restricted cash	(314,951)	(52,700)	34,605		274,099
Cash, cash equivalents and restricted cash, beginning of period	430,380	115,429	62,729	$ 430,380	156,281
Cash, cash equivalents and restricted cash, end of period	$ 115,429	$ 62,729	$ 97,334	$ 62,729	$ 430,380

General Information

General Information	12 Months Ended
General Information	Dec. 31, 2022
Accounting Policies [Abstract]
General Information	1. General Information Diamond Offshore Drilling, Inc. provides contract drilling services to the energy industry around the globe with a fleet of 14 offshore drilling rigs, consisting of four owned drillships, eight owned semisubmersible rigs and two managed rigs. Unless the context otherwise requires, references in these Notes to “Diamond Offshore,” “we,” “us” or “our” mean Diamond Offshore Drilling, Inc. and our consolidated subsidiaries. We were incorporated in Delaware in 1989. To facilitate our financial statement presentations, we refer to the post-emergence reorganized company in these Consolidated Financial Statements and footnotes as the “Successor” for periods subsequent to April 23, 2021 and to the pre-emergence company as the “Predecessor” for periods on or prior to April 23, 2021. This delineation between Predecessor periods and Successor periods is shown in the Consolidated Financial Statements, certain tables within the footnotes to the Consolidated Financial Statements and other parts of this Annual Report on Form 10-K through the use of a black line, calling out the lack of comparability between periods. Principles of Consolidation Our Consolidated Financial Statements include the accounts of Diamond Offshore Drilling, Inc. and our wholly-owned subsidiaries after elimination of intercompany transactions and balances. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States (or U.S.), or 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. Cash and Cash Equivalents We consider short-term, highly liquid investments that have an original maturity of three months or less and deposits in money market mutual funds that are readily convertible into cash to be cash equivalents. The effect of exchange rate changes on cash balances held in foreign currencies was not material for the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021 and the Predecessor period from January 1, 2021 through April 23, 2021. Asset Held for Sale We reported the $ 1.0 million carrying value of the Ocean Valor, as “Asset held for sale” in our Successor Consolidated Balance Sheet at December 31, 2021. The rig was sold in February 2022 at a net pre-tax gain of approximately $ 4.0 million. Drilling and Other Property and Equipment We carry our drilling and other property and equipment at cost, less accumulated depreciation. Maintenance and routine repairs are charged to income while replacements and betterments that upgrade or increase the functionality of our existing equipment and that significantly extend the useful life of an existing asset are capitalized. Significant judgments, assumptions and estimates may be required in determining whether or not such replacements and betterments meet the criteria for capitalization and in determining useful lives and salvage values of such assets. Changes in these judgments, assumptions and estimates could produce results that differ from those reported. During the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021 and the Predecessor period from January 1, 2021 through April 23, 2021, we capitalized $ 69.1 million, $ 22.0 million and $ 59.9 million, respectively, in replacements and betterments of our drilling fleet. Costs incurred for major rig upgrades and/or the construction of rigs are accumulated in construction work-in-progress, with no depreciation recorded on the additions, until the month the upgrade or newbuild is completed and the rig is placed in service. Upon retirement or sale of a rig, the cost and related accumulated depreciation are removed from the respective accounts and any gains or losses are reported in our Consolidated Statements of Operations as “(Gain) loss on disposition of assets.” Depreciation is recognized up to applicable salvage values by applying the straight-line method over the remaining estimated useful lives from the year the asset is placed in service. Drilling rigs and equipment are depreciated over their estimated useful lives ranging from 3 to 30 years . Impairment of Long-Lived Assets We evaluate our property and equipment for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable (such as, but not limited to, a change in the economic useful life of a rig, cold stacking a rig, the expectation of cold stacking a rig in the near term, a decision to retire or scrap a rig, or excess spending over budget on a newbuild, construction project, reactivation or major rig upgrade). We utilize an undiscounted probability-weighted cash flow analysis in testing an asset for potential impairment. Our assumptions and estimates underlying this analysis include the following: • dayrate by rig; • utilization rate by rig if active, warm-stacked or cold-stacked (expressed as the actual percentage of time per year that the rig would be used at certain dayrates); • the per day operating cost for each rig if active, warm-stacked or cold-stacked; • the estimated annual cost for rig replacements and/or enhancement programs; • the estimated maintenance and inspection or other reactivation costs associated with a rig returning to work; • the remaining economic useful life of a rig; • salvage value for each rig; and • estimated proceeds that may be received on disposition of each rig. Based on these assumptions, we develop a matrix for each rig under evaluation using multiple utilization/dayrate scenarios, to each of which we have assigned a probability of occurrence. We arrive at a projected probability-weighted cash flow for each rig based on the respective matrix and compare such amount to the carrying value of the asset to assess recoverability. The underlying assumptions and assigned probabilities of occurrence for utilization and dayrate scenarios are developed using a methodology that examines historical data for each rig, which considers the rig’s age, rated water depth and other attributes and then assesses its future marketability in light of the current and projected market environment at the time of assessment. Other assumptions, such as operating, maintenance, inspection and reactivation costs, are estimated using historical data adjusted for known developments, cost projections for re-entry of rigs into the market and future events that are anticipated by management at the time of the assessment. Management’s assumptions are necessarily subjective and are an inherent part of our asset impairment evaluation , and the use of different assumptions could produce results that differ from those reported. Our methodology generally involves the use of significant unobservable inputs, representative of a Level 3 fair value measurement, which may include assumptions related to future dayrate revenue, costs and rig utilization, quotes from rig brokers, the long-term future performance of our rigs and future market conditions. Management’s assumptions involve uncertainties about future demand for our services, dayrates, expenses and other future events, and management’s expectations may not be indicative of future outcomes. Significant unanticipated changes to these assumptions could materially alter our analysis in testing an asset for potential impairment. For example, changes in market conditions that exist at the measurement date or that are projected by management could affect our key assumptions. Other events or circumstances that could affect our assumptions may include, but are not limited to, a further sustained decline in oil and gas prices, cancellations of our drilling contracts or contracts of our competitors, contract modifications, costs to comply with new governmental regulations, capital expenditures required due to advances in offshore drilling technology, growth in the global oversupply of oil and geopolitical events, such as lifting sanctions on oil-producing nations. Should actual market conditions in the future vary significantly from market conditions used in our projections, our assessment of impairment would likely be different. See Note 5 “Asset Impairments.” Survey Costs C oncurrent with emergence from bankruptcy, the Successor entity adopted a new policy providing for the deferral and amortization of costs associated with planned periodic inspections of its drilling rigs (or vessels) to ensure compliance with applicable regulations and maintain certifications for vessels with classification societies that typically occur on five-year or two-and-one-half year intervals. These costs include mobilization of the vessel into the shipyard, drydocking, support services while in shipyard and the associated survey or inspection costs necessary to maintain class certifications. These recertification costs are typically incurred while the vessel is in drydock and may be performed concurrent with other vessel maintenance and improvement activities. Costs related to the recertification of vessels are deferred and amortized over the survey interval on a straight-line basis. Maintenance costs incurred at the time of the recertification drydocking, which are not related to the recertification of the vessel are expensed as incurred. Costs for vessel improvements which either extend the vessel’s useful life or increase the vessel's functionality are capitalized and depreciated. The Predecessor’s previous policy was to expense vessel recertification costs in the period incurred. For the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021, we deferred $ 3.3 million and $ 0.9 million, respectively, in survey costs. At December 31, 2022 and 2021, deferred survey costs of $ 0.8 million and $ 0.5 million, respectively, were reported in “Prepaid expenses and other current assets” and $ 2.5 million and $ 0.2 million, respectively, were reported in “Other assets” in our Successor Consolidated Balance Sheets. We amortized $ 0.7 million and $ 0.2 million in deferred survey costs as “Contract drilling, excluding depreciation” in the Successor’s Consolidated Statements of Operations for the year ended December 31, 2022 and the period from April 24, 2021 through December 31, 2021. Lease Accounting and Revenue Recognition Financial Accounting Standards Board (or FASB) Accounting Standards Update (or ASU), No. 2016-02, Leases (Topic 842) (ASU 2016-02), requires lessees to recognize a right of use asset and a lease liability on the balance sheet for most leases. Upon adoption of ASU 2016-02, we concluded that our drilling contracts contain a lease component for the use of our drilling rigs based on the updated definition of a lease. However, ASU 2016-02 provides for a practical expedient for lessors whereby, under certain circumstances, the lessor may combine the lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. We have determined that our current drilling contracts qualify for this practical expedient and have combined the lease and service components of our standard drilling contracts. We continue to account for the combined component under FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606 ) and its related amendments (collectively referred to as Topic 606). Fair Value of Financial Instruments We believe that the carrying amount of our current financial instruments approximates fair value because of the short maturity of these instruments. See Note 9 “Financial Instruments and Fair Value Disclosures.” Debt Issuance Costs Deferred costs associated with our credit facility are presented in “Other assets” in the Successor's Consolidated Balance Sheets at December 31, 2022 and 2021 and amortized as interest expense over the respective terms of the credit facility. Deferred costs associated with our other long-term debt are presented in the Successor's Consolidated Balance Sheets at December 31, 2022 and 2021 as a reduction in the related long-term debt and are amortized over the respective terms of the related debt as interest expense. See Note 2 “Chapter 11 Proceedings” and Note 11 “Prepetition Revolving Credit Facility, Senior Notes and Exit Debt” for a discussion of deferred arrangement fees associated with our Successor and Predecessor credit facilities and long-term debt. Income Taxes We account for income taxes in accordance with accounting standards that require the recognition of the amount of taxes payable or refundable for the current year and an asset and liability approach in recognizing the amount of deferred tax liabilities and assets for the future tax consequences of events that have been currently recognized in our financial statements or tax returns. In each of our tax jurisdictions we recognize a current tax liability or asset for the estimated taxes payable or refundable on tax returns for the current year and a deferred tax asset or liability for the estimated future tax effects attributable to temporary differences and carryforwards. Deferred tax assets are reduced by a valuation allowance, if necessary, which is determined by the amount of any tax benefits that, based on available evidence, are not expected to be realized under a “more likely than not” approach. Deferred tax assets and liabilities are classified as noncurrent in a classified statement of financial position. We make judgments regarding future events and related estimates especially as they pertain to the forecasting of our effective tax rate, the potential realization of deferred tax assets such as utilization of foreign tax credits, and exposure to the disallowance of items deducted on tax returns upon audit. We record both interest and penalties related to accrued uncertain tax positions in “Income tax benefit (expense)” in our Consolidated Statements of Operations. Liabilities for uncertain tax positions, including any interest and penalties, are denominated in the currency of the related tax jurisdiction and are revalued for changes in currency exchange rates. The revaluation of such liabilities for uncertain tax positions is reported in “Income tax benefit (expense)” in our Consolidated Statements of Operations. See Note 16 “Income Taxes.” Comprehensive Loss Comprehensive (loss) income is the change in equity of a business enterprise during a period from transactions and other events and circumstances except those transactions resulting from investments by owners and distributions to owners. Comprehensive loss for the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020 includes net losses and unrealized holding gains and losses on marketable securities and financial derivatives designated as cash flow accounting hedges. Foreign Currency Our functional currency is the U.S. dollar. Transactions incurred in currencies other than the U.S. dollar are subject to gains or losses due to fluctuations in those currencies. We report foreign currency transaction gains and losses as “Foreign currency transaction loss” in our Consolidated Statements of Operations. The revaluation of assets and liabilities related to foreign income taxes, including deferred tax assets and liabilities and uncertain tax positions, including any interest and/or penalties, is reported in “Income tax (expense) benefit” in our Consolidated Statements of Operations.

Chapter 11 Proceedings

Chapter 11 Proceedings	12 Months Ended
Chapter 11 Proceedings	Dec. 31, 2022
Reorganizations [Abstract]
Chapter 11 Proceedings	2. Chapter 11 Proceedings Chapter 11 Cases 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) filed voluntary petitions (or the Chapter 11 Cases) for relief under chapter 11 (or Chapter 11) of title 11 of the United States Code (or the Bankruptcy 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., et al ., Case No. 20-32307 (DRJ). 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). Chapter 11 Emergence 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. 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 of the Reorganized Company (as defined below) became effective, authorizing the issuance of shares of common stock representing 100 % of the equity interests in the Reorganized Company (or the New Diamond Common Shares). Pursuant to the Warrant Agreement (as defined below), the Emergence Warrants (as defined below) were issued by the Company to holders of existing shares of common stock in the amounts, and on the terms, set forth in the Plan and the Plan Supplement. Thus, the Company, as reorganized on the Effective Date in accordance with the Plan (or the Reorganized Company), issued the New Diamond Common Shares and the Emergence Warrants, and the 9.00 %/ 11.00 %/ 13.00 % Senior Secured First Lien PIK Toggle Notes due 2027 (or the First Lien Notes) were issued by Diamond Foreign Asset Company (or DFAC), a Cayman Islands exempted company limited by shares, and Diamond Finance, LLC (or DFLLC), a newly-formed wholly-owned subsidiary of DFAC (collectively, the New Capital). The New Capital issued pursuant to the Plan was issued in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended (or the Securities Act), provided by section 1145 of the Bankruptcy Code and, to the extent such exemption was unavailable, was issued in reliance on the exemption provided by section 4(a)(2) of the Securities Act or another applicable exemption. The new organizational documents authorized the Company to issue two classes of stock 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 million consisting of 750 million shares of common stock, having a par value of $ 0.0001 per share (or Common Stock), and 50 million shares of preferred stock, having a par value of $ 0.0001 per share. On the Effective Date, pursuant to the Plan: • 70.0 million New Diamond Common Shares were transferred pro rata to holders of Senior Notes Claims (as defined in the Plan) in exchange for the cancellation of the Senior Notes; • 30.0 million New Diamond Common Shares were transferred pro rata to holders of Senior Notes Claims in exchange for providing $ 114.7 million of new-money commitments to the Debtors pursuant to the Rights Offerings, the Private Placement, and the Backstop Commitments (each as defined in the Backstop Agreement); and • 7.5 million Emergence Warrants were issued to the holders of Existing Parent Equity Interests (as defined in the Plan). As of th e Effective Date, 100.0 million 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 7.5 million five-year warrants with no Black Scholes protection (or the Emergence Warrants). The Emergence Warrants have an exercise period of five years and are exercisable into 7 % of the New Diamond Common Shares measured at the time of the exercise, subject to dilution by the MIP Equity Shares (as defined in the Plan). The Emergence Warrants are initially exercisable for one New Diamond Common Share per Emergence Warrant at an exercise price of $ 29.22 per Emergence Warrant (as may be adjusted from time to time pursuant to the Warrant Agreement). Pursuant to the Warrant Agreement, no holder of Emergence Warrants shall have or exercise any rights held by holders of New Diamond Common Shares solely by virtue thereof as a holder of Emergence Warrants, including the right to vote or to receive dividends and other distributions as a holder of New Diamond Common Shares. 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 exercised their right to require the Company to file a shelf registration statement and on June 22, 2021, the Company filed a registration statement on Form S-1, which was later converted to a registration statement on Form S-3, to register 20,229,065 shares of Common Stock owned by the RRA Shareholders. The Company will not receive any proceeds from the sale of these shares and will bear all expenses associated with the registrations of such shares. The registration statement went effective on June 17, 2022. New Debt at Emergence On the Effective Date, pursuant to the terms of the Plan, the Company and DFAC entered into the following debt instruments: • a senio r secured revolving credit agreement (or the Exit Revolving Credit Agreement), which provides for a $ 400.0 million senior secured revolving credit facility (or the Exit RCF); • a senior secured term loan credit agreement (or the Exit Term Loan Credit Agreement), which provides for a $ 100.0 million senior secured term loan credit facility (or the Exit Term Loan Credit Facility and, together with the Exit RCF, the Exit Facilities), which is scheduled to mature on April 22, 2027 under which $ 100.0 million was drawn on the Effective Date (or the Exit Term Loans); • 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 the Last Out Incremental Debt), no ne of which had been issued as of December 31, 2022. See Note 11 “Prepetition Revolving Credit Facility, Senior Notes and Exit Debt.” 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 Exit RCF 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 Exit RCF; 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 Exit RCF, a share of $ 200 million (less the amount of aggregate funded loans under the Exit RCF on the Effective Date) of the Exit Term Loan Credit 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) canceled (or otherwise eliminated) and received no distribution under the Plan or (ii) Reinstated at the Debtors’ option. Chapter 11 Accounting We have prepared our Consolidated Financial Statements as if we were a going concern and in accordance with FASB Accounting Standards Codification (or ASC) Topic No. 852 – Reorganizations (or ASC 852). Prepetition Restructuring Charges . We have reported legal and other professional advisor fees incurred in relation to the Chapter 11 Cases, but prior to the Petition Date, as “Restructuring and separation costs” in our Consolidated Statements of Operations for the Predecessor year ended December 31, 2020. See Note 15 "Restructuring and Separation Costs." Reorganization Items . Expenditures, gains and losses that are realized or incurred by the Debtors subsequent to the Petition Date and as a direct result of the Chapter 11 Cases are reported as “Reorganization items, net” in our Consolidated Statements of Operations for the Successor period from April 24, 2021, through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020. These costs include legal and other professional advisory service fees pertaining to the Chapter 11 Cases and all adjustments made to the carrying amount of certain prepetition liabilities reflecting claims that were expected to be allowed by the Bankruptcy Court. The following tables provide information about reorganization items incurred during the Successor period from April 24, 2021 through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020 (in thousands): Successor Predecessor Period from Period from April 24, 2021 through January 1, 2021 through Year Ended December 31, April 23, 2021 December 31, Professional fees $ 8,088 $ 51,084 $ 53,517 Fresh start valuation adjustments — 2,699,422 — Net gain on settlement of liabilities subject to compromise — ( 1,129,892 ) — Accrued backstop commitment premium — 10,424 — Write-off of predecessor directors and officers tail insurance policy — 6,932 — Write-off of debt issuance costs — 1,793 27,552 Other — — ( 4,159 ) Total reorganization items, net $ 8,088 $ 1,639,763 $ 76,910 Payments of $ 36.2 million, $ 37.6 million and $ 40.3 million related to professional fees and vendor cancellation costs have been presented as cash outflows from operating activities in our Consolidated Statements of Cash Flows for the Successor period from April 24, 2021 to December 31, 2021 and the Predecessor periods from January 1, 2021 to April 23 2021 and the year ended December 31, 2020. See Note 6 “Supplemental Financial Information — Consolidated Statements of Cash Flows Information .” Liabilities Subject to Compromise . At April 23, 2021, “Liabilities subject to compromise” was comprised of the aggregate principal balance of our Senior Notes of $ 2.0 billion and the corresponding accrued interest of $ 44.9 million, as all other claims were to be paid in full and were unimpaired per the Plan. Upon commencement of the Chapter 11 Cases on April 26, 2020, we ceased accruing interest on our Senior Notes and borrowings under our RCF. 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 Predecessor period from January 1, 2021 through April 23, 2021, we accrued interest expense of $ 35.3 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 through December 31, 2020, and have reported such amount as “Interest expense” in our Consolidated Statements of Operations for the Predecessor period from January 1, 2021 through April 23, 2021.

Fresh Start Accounting

Fresh Start Accounting	12 Months Ended
Fresh Start Accounting	Dec. 31, 2022
Fresh-Start Balance Sheet [Abstract]
Fresh Start Accounting	3. Fresh Start Accounting Fresh Start Accounting Upon emergence from bankruptcy, we met the criteria and were required to adopt fresh start accounting in accordance with ASC 852, which on the Effective Date resulted in a new entity, the Successor, for financial reporting purposes, with no beginning retained earnings or deficit as of the fresh start reporting date. The criteria requiring fresh start accounting are: (i) the holders of the then-existing voting shares of the Predecessor (or legacy entity prior to the Effective Date) received less than 50 percent of the new voting shares of the Successor outstanding upon emergence from bankruptcy, and (ii) the reorganization value of the Company’s assets immediately prior to confirmation of the Plan was less than the total of all post-petition liabilities and allowed claims. Fresh start accounting requires that new fair values be established for the Company’s assets, liabilities, and equity as of the date of emergence from bankruptcy on April 23, 2021. The Effective Date fair values of the Successor’s assets and liabilities differ materially from their recorded values as reflected on the historical balance sheets of the Predecessor. In addition, as a result of the application of fresh start accounting and the effects of the implementation of the Plan, the financial statements for the period after April 23, 2021 will not be comparable with the financial statements prior to and including April 23, 2021. References to “Successor” refer to the Company and its financial position and results of operations after the Effective Date (or for the year ended December 31, 2022 and for the period from April 24, 2021 to December 31, 2021). References to “Predecessor” refer to the Company and its financial position and results of operations on or before the Effective Date (or from January 1, 2021 to April 23, 2021). Reorganization Value Reorganization value approximates the fair value of the Successor’s total assets and the amount a willing buyer would pay for the assets immediately after restructuring. Under fresh start accounting, the Company allocated the reorganization value to its individual assets based on their estimated fair values (except for deferred income taxes) in conformity with FASB ASC Topic 805, Business Combinations , and FASB ASC Topic 820, Fair Value Measurement . The amount of deferred taxes was determined in accordance with FASB ASC Topic 740, Income Taxes (or ASC 740). The Company’s reorganization value is derived from management projections and the valuation models determined by the Company’s financial advisors in setting an estimated range of enterprise values. Enterprise value represents the estimated fair value of an entity’s shareholders’ equity plus long-term debt and other interest-bearing liabilities less unrestricted cash and cash equivalents. The Company’s bankruptcy financial advisor did not contemplate any value within the selected estimated ranges of enterprise value for deferred tax assets or uncertain tax positions due to various unknown factors at the time the enterprise value assumptions were produced. At emergence, the resulting values calculated for the deferred tax asset and uncertain tax liabilities have a net accretive impact on the value of the Successor equity. As set forth in the disclosure statement approved by the Bankruptcy Court, the valuation analysis resulted in an enterprise value between $ 805.0 million and $ 1,520.0 million with a selected mid-point of $ 1,130.0 million. For U.S. GAAP purposes, we valued the Successor’s individual assets, liabilities, and equity instruments and determined that the value of the enterprise was $ 1,130.0 million as of the Effective Date, which fell in line within the selected mid-point of the forecasted enterprise value ranges approved by the Bankruptcy Court. Specific valuation approaches and key assumptions used to arrive at reorganization value, and the value of discrete assets and liabilities resulting from the application of fresh start accounting, are described below in greater detail within the valuation process. The following table reconciles the enterprise value to the estimated fair value of the Successor’s equity as of the Effective Date (in thousands): April 23, 2021 Enterprise value $ 1,130,000 Plus: Cash and cash equivalents 79,982 Plus: Deferred tax assets and uncertain tax positions 10,810 Less: Fair value of debt ( 285,982 ) Fair value of Successor equity $ 934,810 The following table reconciles enterprise value to the reorganization value of the Successor ( i.e. , value of the reconstituted entity) as of the Effective Date (in thousands): April 23, 2021 Enterprise value $ 1,130,000 Plus: Cash and cash equivalents 79,982 Plus: Non-interest bearing current liabilities 225,637 Plus: Non-interest bearing non-current liabilities 276,418 Plus: Deferred tax assets and uncertain tax positions 10,810 Reorganization value of Successor assets $ 1,722,847 With the assistance of third-party valuation advisors, we determined the enterprise and corresponding equity value of the Successor using various valuation approaches and methods, including: (i) income approach using a calculation of the present value of future cash flows based on our financial projections, (ii) market approach using selling prices of similar assets and (iii) cost approach. The enterprise value and corresponding equity value are dependent upon achieving future financial results set forth in our valuations, as well as the realization of certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, the estimates, assumptions, valuations or financial projections may not be realized and actual results could vary materially. Valuation Process Under the application of fresh start accounting and with the assistance of valuation experts, we conducted an analysis of the consolidated balance sheet to determine if any of the Company’s net assets would require a fair value adjustment as of the Effective Date. The results of our analysis indicated that our principal assets, which include drilling and other property and equipment; warehouse stock and fuel inventory; leases; long-term debt and warrants would require a fair value adjustment on the Effective Date. The rest of the Company’s net assets were determined to have carrying values that approximated fair value on the Effective Date with the exception of certain contract assets and liabilities which were written off. Deferred tax assets and uncertain tax positions were determined in accordance with ASC 740 after considering the tax effects of the reorganization and the newly established fair values of the Successor. Further details regarding the valuation process are described below. Drilling and Other Property and Equipment. The valuation of our offshore drilling units and other related tangible assets was determined by using a combination of (1) the discounted free cash flows expected to be generated from our drilling assets over their remaining useful lives and (2) the cost to replace our drilling assets, as adjusted by the current market for similar offshore drilling assets. Assumptions used in our assessment of the discounted free cash flows included, but were not limited to, the expected operating dayrates, operating costs, utilization rates, tax rates, capital expenditures, working capital requirements and estimated economic useful lives. The cash flows were discounted at a market participant weighted average cost of capital, which was derived from a blend of market participant after-tax cost of debt and market participant cost of equity, and computed using public share price information for similar offshore drilling market participants, certain U.S. Treasury rates, and certain risk premiums specific to the assets of the Company. For rigs where an active secondary market exists or that were expected to be scrapped, the market approach was used to estimate the fair value of the assets which involved gathering and analyzing recent market data of comparable assets. The fair value of land assets was estimated using a sales comparison method of the market approach which was based on third party databases identifying listings of recent sales, discussions held with local market participants and comparable properties within relevant market areas. Buildings and improvements and rig spare equipment were valued using a cost approach, in which we estimated the replacement cost of the assets and applied adjustments for physical depreciation and obsolescence, where applicable, to arrive at a fair value. The remaining property and equipment was valued by applying an economic obsolescence adjustment of 80 % to the carrying value based on the implied economic obsolescence observed from the offshore rig fleet. The fair value of the blow out preventer (or BOP) lease right-of-use (or ROU) asset was also included within the “ Drilling and Other Property and Equipment ” value. The valuation methodology related to the BOP lease ROU asset is discussed in the “ Leases ” section below. Warehouse Stock and Fuel Inventory. The fair value of warehouse stock was determined by applying an economic obsolescence adjustment of 80% to the carrying value based on the implied economic obsolescence observed from the offshore rig fleet. The fair value of fuel inventory was included at carrying value, which was representative of the price per gallon on the date of emergence from bankruptcy. These balances were included within the “ Prepaid expenses and other current assets ” caption. Leases. The fair value of leases was estimated using the present value of the remaining lease payments discounted at a weighted average incremental borrowing rate (or IBR) of 6.7 % for the emergent entity on the date of remeasurement ( i.e. , the Effective Date) with a further adjustment to the ROU assets for prepaid rent which was akin to an off-market term. Long-term Debt . The fair values of the Exit RCF and the Exit Term Loans were based on relevant market data as of the Effective Date and the terms of each respective instrument. Considering the interest rates were consistent with a range of comparable market yields (with considerations for term and seniority), the fair values of the Exit RCF and Exit Term Loans were consistent with the corresponding principal amounts outstanding as of the Effective Date. Thus, the values were reflected at par value. The fair value of the First Lien Notes was based on relevant market data as of the Effective Date, the contractual terms including the pre-payment terms, and a yield-to-worst analysis as of the Effective Date, which resulted in an estimated fair value of 101.0 % of par as of the Effective Date. Warrants . The fair value of the Emergence Warrants issued upon the Effective Date was estimated using the Black-Scholes-Merton option pricing model. The Black-Scholes-Merton model is an option pricing model used to estimate the fair value of options and warrants based on the following input assumptions: stock price, strike price, term, risk-free rate, volatility, and dividend yield. In using the Black-Scholes-Merton option pricing model to estimate the fair value of the warrants, the following assumptions were used: the stock price assumption was based on the value per share of Common Stock from the equity value as of the Effective Date and the equity capital structure; for the strike price assumption, the contractual strike price of $ 29.22 was used; the term assumption was based on the contractual term of the Emergence Warrants of five years as of the Effective Date; the expected volatility assumption of 70 % was estimated using market data for certain similar publicly traded entities with considerations for differences in size and leverage of the Company versus the similar publicly traded entities; and the risk-free rate assumption of 0.83 % was based on United States Constant Maturity Treasury rates as of the Effective Date. Consolidated Balance Sheet The following illustrates the effects on the Company’s Consolidated Balance Sheet due to the reorganization and fresh start accounting adjustments. The explanatory notes following the table below provide further details on the adjustments, including the assumptions and methods used to determine fair value for its assets, liabilities, and warrants. Unless otherwise indicated, dollar amounts are stated in thousands. April 23, 2021 Transaction Accounting Predecessor Reorganization Adjustments Fresh Start Adjustments Successor ASSETS Current assets: Cash and cash equivalents $ 333,699 $ ( 253,717 ) (a) $ — $ 79,982 Restricted cash 3,274 32,173 (b) — 35,447 Accounts receivable 134,104 — 802 (r) 134,906 Less: allowance for credit losses ( 5,555 ) — — ( 5,555 ) Accounts receivable, net 128,549 — 802 129,351 Prepaid expenses and other current assets 108,594 ( 15,484 ) (c) ( 34,455 ) (s) 58,655 Assets held for sale 1,000 — — 1,000 Total current assets 575,116 ( 237,028 ) ( 33,653 ) 304,435 Drilling and other property and equipment, net of accumulated depreciation 3,892,150 182,985 (d) ( 2,720,485 ) (t) 1,354,650 Other assets 179,783 ( 112,454 ) (e) ( 10,282 ) (u) 57,047 Deferred tax asset — — 6,716 (r) 6,716 Total assets $ 4,647,049 $ ( 166,497 ) $ ( 2,757,704 ) $ 1,722,848 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 66,397 $ ( 996 ) (f) $ — $ 65,401 Accrued liabilities 246,141 ( 67,125 ) (g) ( 55,961 ) (v) 123,055 Short-term debt 442,034 ( 442,034 ) (h) — — Finance lease right of use liabilities, current — 15,148 (i) — 15,148 Taxes payable 22,034 — — 22,034 Total current liabilities 776,606 ( 495,007 ) ( 55,961 ) 225,638 Deferred tax liability 23,060 3,869 (j) ( 34,447 ) (w) — 7,518 (r) Other liabilities 217,434 ( 90,098 ) (k) ( 9,837 ) (x) 117,499 Finance lease right of use liabilities, noncurrent — 158,919 (l) — 158,919 Long-term debt — 285,982 (m) — 285,982 Total liabilities not subject to compromise 1,017,100 ( 136,335 ) ( 92,727 ) 788,038 Liabilities subject to compromise 2,044,877 ( 2,044,877 ) (n) — — Stockholders’ equity: Predecessor preferred stock — — — — Predecessor common stock 1,453 ( 1,453 ) (o) — — Predecessor additional paid-in capital 2,029,978 ( 2,029,978 ) (o) — — Predecessor treasury stock ( 206,163 ) 206,163 (o) — — Successor preferred stock — — — — Successor common stock — 10 (p) — 10 Successor additional paid-in capital — 934,800 (p) — 934,800 Successor treasury stock — — — — Accumulated deficit ( 240,196 ) 2,905,173 (q) ( 2,664,977 ) (y) — Total stockholders’ equity 1,585,072 2,014,715 ( 2,664,977 ) 934,810 Total liabilities and stockholders’ equity $ 4,647,049 $ ( 166,497 ) $ ( 2,757,704 ) $ 1,722,848 Reorganization Adjustments (a) Reflects the net cash payments that occurred on the Effective Date as follows: April 23, 2021 Funding of professional fee escrow account $ ( 35,003 ) Payment of non-retained professional fees ( 14,087 ) Payment of Predecessor RCF, including accrued interest ( 479,627 ) Proceeds from Exit Facilities 200,000 Receipt of cash from the issuance of First Lien Notes through primary Private Placement and primary Rights Offering 75,000 Change in cash and cash equivalents $ ( 253,717 ) (b) Reflects the change in restricted cash for the following activities: April 23, 2021 Funding of professional fee escrow account $ 35,003 Payment of key employee incentive plan holdback escrow account ( 1,697 ) Payment of pre-petition trade claims ( 1,133 ) Change in restricted cash $ 32,173 (c) Reflects the changes in prepaid expenses and other current assets for the following activities: April 23, 2021 Reduction of prepaid expense for success fees $ ( 1,095 ) Reclassification of debt issuance costs to other assets and long-term debt ( 10,328 ) Reclassification of payment-in-kind upfront fee related to the Exit RCF to other assets ( 3,478 ) Write-off of Predecessor directors and officers tail insurance policy ( 583 ) Change in prepaid expenses and other current assets $ ( 15,484 ) (d) As a result of an amendment that became effective on the Effective Date, the BOP leases were recharacterized from operating leases to finance leases pursuant to FASB ASC Topic 842, Leases (or ASC 842). The impact of the recharacterization resulted in the reclassification of the ROU asset of $ 116.2 million from “Other assets” into “Drilling and other property and equipment.” The value of the BOP ROU assets and the corresponding finance lease liabilities after the amendment were increased by an adjustment of $ 66.8 million in accordance with the modification guidance of ASC 842. (e) Reflects the changes in other assets for the following activities: April 23, 2021 Reclassification of BOP lease asset to drilling and other property and equipment $ ( 116,242 ) Reclassification of payment-in-kind upfront fee related to the Exit RCF from prepaid expenses and other current assets 3,478 Record debt issuance costs related to the Exit RCF 6,659 Write-off of Predecessor directors and officers tail insurance policy ( 6,349 ) Change in other assets $ ( 112,454 ) (f) Reflects the $ 1.0 million reduction in accounts payable for the payment of pre-petition trade claims and associated post-petition interest related to general unsecured claims. (g) Reflects the changes in accrued liabilities for the following activities: April 23, 2021 Record accrued liability related to success fees $ 10,699 Record accrued liability related to a bonus accrual under the amended BOP services agreement 831 Reclassification of BOP short-term lease liability into a finance lease ( 17,225 ) Payment of non-retained professional fees ( 8,762 ) Payment of key employee incentive plan holdback awards ( 1,697 ) Payment of accrued interest related to Predecessor RCF ( 37,593 ) Reclassification of payment-in-kind upfront fee into the Exit RCF ( 3,478 ) Reclassification of backstop commitment premium to payment-in-kind First Lien Notes ( 9,900 ) Change in accrued liabilities $ ( 67,125 ) (h) Reflects the changes in short-term debt for the following activities: April 23, 2021 Record Predecessor RCF cash paydown of principal $ ( 242,034 ) Reflects payment in full of the borrowings outstanding under the Predecessor RCF on the Effective Date ( 200,000 ) Change in short-term debt $ ( 442,034 ) (i) Reflects the reclassification of the current BOP operating lease liability to a finance lease of $ 17.2 million, net of the modification pursuant to ASC 842 of the current BOP finance lease liability of $ 2.1 million. (j) Reflects the adjustment to deferred taxes of $ 3.9 million due to the step plan adjustments recorded as a result of the Plan. (k) Reflects the reclassification of the non-current BOP operating lease liability to a finance lease of $( 90.1 ) million. (l) Reflects the reclassification of the non-current BOP operating lease liability to a finance lease of $ 90.1 million and the modification of the non-current BOP finance lease liability of $ 68.8 million pursuant to ASC 842. (m) Reflects the changes in long-term debt for the following activities: April 23, 2021 Borrowings drawn under the Exit Facilities $ 200,000 Record payment-in-kind upfront fee related to the Exit RCF 3,478 Issuance of First Lien Notes for cash 75,000 Record 1 % premium associated with First Lien Notes 749 Record backstop commitment premium to payment-in-kind First Lien Notes 10,424 Record debt issuance costs related to Exit Term Loans and First Lien Notes ( 3,669 ) Change in long-term debt $ 285,982 (n) Liabilities subject to compromise were settled as follows in accordance with the Plan: April 23, 2021 Senior Notes Claims $ 2,044,877 Total settled liabilities subject to compromise 2,044,877 Issuance of New Diamond Common Shares to holders of Senior Notes Claims ( 639,965 ) Issuance of New Diamond Common Shares to participants of the Rights Offering and Private Placements ( 274,271 ) Record 1 % premium associated with First Lien Notes ( 749 ) Pre-tax gain on settlement of liabilities subject to compromise $ 1,129,892 (o) Reflects the cancellation of the Predecessor’s common stock, treasury stock and related components of the Predecessor’s additional paid-in capital. (p) The following reconciles reorganization adjustments made to the Successor’s common stock and Successor’s additional paid-in capital: April 23, 2021 Fair value of New Diamond Common Shares issued to holders of Senior Notes Claims $ 914,236 Fair value of Emergence Warrants issued to Predecessor equity holders 20,574 Total change in Successor common stock and additional paid-in capital 934,810 Less: Par value of Successor common stock ( 10 ) Successor additional paid-in capital $ 934,800 (q) Reflects the cumulative net impact of the effects on accumulated deficit as follows: April 23, 2021 Success fee recognized on the Effective Date $ ( 17,120 ) Pre-tax gain on settlement of liabilities subject to compromise 1,129,892 Backstop commitment expense to record difference between accrued termination fee and issuance of payment-in-kind First Lien Notes upon emergence ( 524 ) Write-off of Predecessor directors and officers tail insurance policy ( 6,932 ) Other emergence effects ( 137 ) Expense related to bonus accrual under BOP services agreement ( 831 ) Cancellation of Predecessor common stock, additional paid-in capital and treasury stock 1,825,268 Issuance of Emergence Warrants to Predecessor equity holders ( 20,574 ) Change in deferred tax as a result of step plan adjustments ( 3,869 ) Change in accumulated deficit $ 2,905,173 Fresh Start Adjustments (r) Reclassification of a net debit in the “Deferred tax liability” account to “Deferred tax asset” after the adjustment pursuant to ASC 740 based on the impact of the tax effects of the reorganization and the fair value ascribed to the enterprise upon emergence, with a portion classified to “Accounts receivable” based on the expected amount to be received from the amended tax return. (s) Reflects the write-off of current deferred contract assets of $( 27.3 ) million, as there was no future benefit to be recognized by the Successor, and the fair value adjustment of $( 7.2 ) million to rig spare parts and supplies. (t) Reflects the fair value adjustment to “Drilling and other property and equipment” and the elimination of accumulated depreciation of $( 2,712.1 ) million. In addition, the adjustment reflects the fair value adjustment of $( 8.4 ) million to the BOP finance lease assets by setting the ROU assets equal to the ROU liabilities less the prepaid amounts. Refer to the valuation procedures set forth above with respect to valuing the rigs and related equipment. (u) Reflects the fair value adjustments to “Other assets” for the following: April 23, 2021 Write-off of long-term contract assets $ ( 10,029 ) Fair value adjustment to set asset equal to right-of-use liability for other operating leases ( 1,998 ) Fair value adjustment to other operating leases to reflect the IBR on the Effective Date 1,745 Change in other assets $ ( 10,282 ) (v) Reflects the write-off of current deferred contract liabilities of $( 56.4 ) million as there is no future obligation to be performed by the Successor and the fair value adjustment of $ 0.4 million to current other lease liabilities because of the impact of applying the IBR at the Effective Date at emergence. (w) Reflects the adjustment to deferred taxes of $( 34.4 ) million pursuant to ASC 740 based on the impact of the tax effects of the reorganization, inclusive of the Successor company’s tax basis, and the fair value ascribed to the enterprise upon emergence. (x) Reflects the write-off of non-current deferred contract liabilities of $( 11.1 ) million as there was no future obligation to be performed by the Successor and the fair value adjustment of $ 1.3 million to non-current other lease liabilities. (y) Reflects the cumulative effect of the fresh start accounting adjustments discussed above.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	12 Months Ended
Revenue from Contracts with Customers	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	4. 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 ). 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. See below for further discussion regarding the allocation of the transaction price to the remaining performance obligations. The amount estimated for variable consideration may be constrained (reduced) and is only included in the transaction price to the extent that it is probable that a significant reversal of previously recognized revenue will not occur throughout the term of the contract. When determining if variable consideration should be constrained, management considers whether there are factors outside of our control that could result in a significant reversal of revenue as well as the likelihood and magnitude of a potential reversal of revenue. These estimates are reassessed each reporting period as required. Dayrate Drilling Revenue. Our drilling contracts generally provide for payment on a dayrate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate invoices billed to the customer are typically determined based on the varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is allocated to the distinct hourly increment it relates to within the contract term, and therefore, recognized in line with the contractual rate billed for the services provided for any given hour. Mobilization/Demobilization Revenue. We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the mobilization and demobilization of our rigs. These activities are not considered to be distinct within the context of the contract and therefore, the associated revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for mobilization fees received, which is amortized ratably to contract drilling revenue as services are rendered over the initial term of the related drilling contract. Demobilization revenue expected to be received upon contract completion is estimated as part of the overall transaction price at contract inception and recognized in earnings ratably over the initial term of the contract with an offset to an accretive contract asset. In some contracts, there is uncertainty as to the likelihood and amount of expected demobilization revenue to be received. For example, contractual provisions may require that a rig demobilize a certain distance before the demobilization revenue is payable or the amount may vary dependent upon whether or not the rig has additional contracted work within a certain distance from the wellsite. Therefore, the estimate for such revenue may be constrained, as described above, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on our past experience and knowledge of market conditions. Contract Preparation Revenue. Some of our drilling contracts require downtime before the start of the contract to prepare the rig to meet customer requirements. At times, the customer may compensate us for such work (on either a fixed lump-sum or variable dayrate basis). These activities are not considered to be distinct within the context of the contract. We record a contract liability for contract preparation fees received, which is amortized ratably to contract drilling revenue over the initial term of the related drilling contract. Capital Modification Revenue . From time to time, we may receive fees from our customers for capital improvements or upgrades to our rigs to meet contractual requirements (on either a fixed lump-sum or variable dayrate basis). The activities related to these capital modifications are not considered to be distinct within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the initial term of the related drilling contract. Revenues Related to Reimbursable Expenses . We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof are highly dependent on factors outside of our influence. Accordingly, reimbursable revenue is fully constrained and not included in the total transaction price until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a customer. We are generally considered a principal in such transactions and record the associated revenue at the gross amount billed to the customer, as “Revenues related to reimbursable expenses” in our Consolidated Statements of Operations. Such amounts are recognized ratably over the period within the contract term during which the corresponding goods and services are to be consumed. Revenues Related to Managed Rigs. In May 2021, we entered into an arrangement with an offshore drilling company whereby we provide management and marketing services (or the MMSA) for certain of its rigs. Per the MMSA, for stacked rigs we earn a daily service fee and are entitled to reimbursement of direct costs incurred in accordance with the agreement. The daily service fee revenue is recognized in line with the contractual rate billed for the services provided and is reported in “Contract Drilling Revenue” in our Consolidated Statements of Operations. We record the revenue relating to reimbursed expenses at the gross amount incurred and billed to the rig owner, as “Revenues related to reimbursable expenses” in our Consolidated Statements of Operations. The managed rigs West Auriga and West Vela commenced operations in the U.S. Gulf of Mexico in March 2022 and October 2022, respectively. Upon commencement of drilling operations, the MMSA for both rigs was suspended and replaced by a charter agreement for the duration of the drilling contracts. We entered into the drilling contract directly with the customer and recognize revenue under the terms of the contract. We report such revenue as “Contract drilling” in our Consolidated Statements of Operations. In addition, we have determined that the charter arrangement is an operating lease, and the related charter fee has been reported as lease expense within "Contract drilling, excluding depreciation" in our Consolidated Statements of Operations. Contract Balances Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 days. Contract asset balances consist primarily of demobilization revenue that we expect to receive and is recognized ratably throughout the contract term, but invoiced upon completion of the demobilization activities. Once the demobilization revenue is invoiced, the corresponding contract asset is transferred to accounts receivable. Contract assets may also include amounts recognized in advance of amounts invoiced due to the blending of rates when a contract has operating dayrates that increase over the initial contract term. Contract liabilities include payments received for mobilization as well as rig preparation and upgrade activities which are allocated to the overall performance obligation and recognized ratably over the initial term of the contract. Additionally, amounts received in relation to the MMSA in advance of services rendered are deferred as contract liabilities and recognized in reimbursable revenue as reimbursable costs are incurred on behalf of the rig owner. Contract liabilities may also include amounts invoiced in advance of amounts recognized due to the blending of rates when a contract has operating dayrates that decrease over the initial contract term. Contract balances are netted at a contract level, such that deferred revenue for mobilization, contract preparation and capital modifications (contract liabilities) is netted with any accrued demobilization revenue (contract asset) for each applicable contract. The following table provides information about receivables, contract assets and contract liabilities from our contracts with customers (in thousands): December 31, 2022 2021 Trade receivables $ 155,956 $ 130,021 Current contract assets (1) 141 1,835 Noncurrent contract assets (1) — — Current contract liabilities (deferred revenue) (1) ( 11,513 ) ( 38,506 ) Noncurrent contract liabilities (deferred revenue) (1) ( 487 ) ( 9,787 ) (1) Contract assets and contract liabilities may reflect balances that 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 asset and liability balances are included in “Other assets” and “Other liabilities,” respectively, in our Consolidated Balance Sheets as of December 31, 2022 and 2021 . Significant changes in net contract assets and the contract liabilities balances during the period are as follows (in thousands): Successor Predecessor December 31, April 24, 2021 through January 1, 2021 through December 31, 2022 December 31, 2021 April 23, 2021 2020 Contract assets, beginning of period $ 1,835 $ 418 $ 2,870 $ 6,314 Contract liabilities, beginning of period ( 48,293 ) — ( 56,927 ) ( 48,104 ) Net balance at beginning of period ( 46,458 ) 418 ( 54,057 ) ( 41,790 ) Decrease due to amortization of revenue that was 26,909 — 15,341 35,231 Increase due to cash received, excluding amounts ( 2,445 ) ( 48,293 ) ( 22,553 ) ( 44,081 ) Increase due to revenue recognized during the 6,619 1,417 1,442 4,748 Decrease due to transfer to receivables during the ( 8,312 ) — ( 700 ) ( 7,466 ) Write-off of deferred revenue due to application of fresh start accounting — — 60,945 — Adjustments (1) 11,828 — — ( 699 ) Net balance at end of period $ ( 11,859 ) $ ( 46,458 ) $ 418 $ ( 54,057 ) Contract assets at end of period $ 141 $ 1,835 $ 418 $ 2,870 Contract liabilities at end of period ( 12,000 ) ( 48,293 ) — ( 56,927 ) (1) Upon commencement of drilling operations, the MMSA for the managed rigs was suspended and replaced by a charter agreement for the duration of the contract. As a result, we reclassified $ 11.1 million previously recorded as a contract liability to “Contract advances,” which was reported as a component of “Accrued liabilities” in our Consolidated Balance Sheet at December 31, 2022. Deferred Contract Costs Certain direct and incremental costs incurred for upfront preparation, initial mobilization and modifications of contracted rigs represent costs of fulfilling a contract as they relate directly to a contract, enhance resources that will be used in satisfying our performance obligations in the future and are expected to be recovered. Such costs are deferred and amortized ratably to contract drilling expense as services are rendered over the initial term of the related drilling contract. Such deferred contract costs in the amount of $ 14.4 million and $ 0.3 million are reported in “Prepaid expenses and other current assets” and “Other assets,” respectively, in our Consolidated Balance Sheet at December 31, 2022 . Deferred contract costs in the amount of $ 7.3 million and $ 5.8 million are reported in “Prepaid expenses and other current assets” and “Other assets,” respectively, in our Consolidated Balance Sheet at December 31, 2021 . The amount of amortization of such costs was $ 7.3 million, $ 1.0 million, $ 6.3 million and $ 22.8 million for the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and for the year ended December 31, 2020, respectively. Excluding the effects of fresh start accounting, there was no impairment loss in relation to capitalized costs. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process. Costs incurred for rig modifications or upgrades required for a contract, which are considered to be capital improvements, are capitalized as drilling and other property and equipment and depreciated over the estimated useful life of the improvement. Transaction Price Allocated to Remaining Performance Obligations The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations as of December 31, 2022 (in thousands): For the Years Ending December 31, 2023 2024 Total Mobilization and contract $ 6,352 $ 225 $ 6,577 Capital modification revenue 5,138 287 5,425 Demobilization and other deferred revenue ( 164 ) — ( 164 ) Total $ 11,326 $ 512 $ 11,838 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 December 31, 2022 . 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 Topic 606 and have not included estimated variable consideration related to wholly unsatisfied performance obligations or to distinct future time increments within our contracts, including dayrate revenue.

Asset Impairments

Asset Impairments	12 Months Ended
Asset Impairments	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairments	5. Asset Impairments 2021 Impairment. During the first quarter of 2021, we identified indicators that the carrying amounts of certain of our assets may not be recoverable and 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 had concerns regarding future opportunities, was impaired. We recorded asset impairments aggregating $ 197.0 million for the Predecessor period from January 1, 2021 through April 23, 2021. Pursuant to fresh start accounting, our long-lived assets, including our drilling rigs, were valued at their estimated fair value on the Effective Date based on assumptions and market factors that we believed to be accurate at that time. On the Effective Date, the remaining economic useful life of each individual rig was validated or revised, if so indicated. Subsequently, at the end of 2021, we reviewed the marketability, age and physical condition of certain of our rigs in conjunction with other factors specific to the geographic markets in which our rigs are capable of operating and determined that, based on circumstances that arose in the fourth quarter of 2021, which we believed to be other than temporary, the economic useful lives of certain of the rigs in our fleet were materially different than that determined at the Effective Date. At December 31, 2021, we identified three semisubmersible rigs for which we believed a change in the economic useful life was appropriate. In connection with this reassessment, we evaluated each rig for recoverability and determined that the carrying values of two of these rigs were impaired. We recorded an aggregate impairment loss of $ 132.4 million in the Successor period from April 24, 2021 through December 31, 2021 to write down the carrying value of these rigs to their estimated fair values. In addition, we reviewed one other rig with an indicator of impairment and determined that no impairment had occurred at December 31, 2021. We collectively refer to rigs impaired during the Successor period from April 24, 2021 through December 31, 2021 and the Predecessor period from January 1, 2021 through April 23, 2021 as the 2021 Impaired Rigs. We estimated the fair values of the 2021 Impaired Rigs using an income approach, whereby the fair value of the rig was estimated based on a calculation of each rig’s future net cash flows. These calculations utilized significant unobservable inputs, including management’s assumptions related to estimated dayrate revenue, rig utilization and, when applicable, 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 Impairments. During the first quarter of 2020, the business climate in which we operate experienced a significant adverse change that resulted in a dramatic decline in oil prices. During the first quarter of 2020, we evaluated five rigs with indicators of impairment. Based on our assumptions and analysis at that time, we determined that the carrying values of four of our drilling rigs were impaired and recorded an aggregate impairment charge of $ 774.0 million to write down the carrying values of these rigs to their estimated fair values. During the fourth quarter of 2020, we evaluated three drilling rigs with indicators of impairment, including one rig that was previously impaired in the first quarter of 2020. Based on further diminished business opportunities for the previously impaired rig, we reassessed our business plan and, after consideration of several factors, including the costs of relocating and stacking the rig, concluded that the carrying value of this rig was impaired at December 31, 2020. We recognized an additional impairment charge of $ 68.0 million to further adjust the carrying value of this rig to its fair value. We collectively refer to rigs impaired during the first and fourth quarters of 2020 as the 2020 Impaired Rigs. We estimated the fair values of the 2020 Impaired Rigs using an income approach, as described above. Our fair value estimates were representative of Level 3 fair value measurements due to the significant level of estimation involved and the lack of transparency as to the inputs used. See Note 1 "General Information — Impairment of Long-Lived Assets" and Note 9 "Financial Instruments and Fair Value Disclosures."

Supplemental Financial Informat

Supplemental Financial Information	12 Months Ended
Supplemental Financial Information	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Information	6. Supplemental Financial Information Consolidated Balance Sheet Information Accounts receivable, net of allowance for bad debts, consists of the following (in thousands): December 31, 2022 2021 Trade receivables $ 155,956 $ 130,021 Federal income tax receivables 9,450 9,278 Value added tax receivables 6,075 9,729 Related party receivables 73 66 Other 6,121 2,823 177,675 151,917 Allowance for credit losses ( 5,622 ) ( 5,582 ) Total $ 172,053 $ 146,335 The allowance for credit losses at December 31, 2022 and 2021 represents our current estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 9 “Financial Instruments and Fair Value Disclosures” for a discussion of our concentrations of credit risk and allowance for credit losses. Prepaid expenses and other current assets consist of the following (in thousands): December 31, 2022 2021 Prepaid taxes 16,922 16,163 Deferred contract costs 14,373 7,267 Rig spare parts and supplies 5,091 3,716 Prepaid rig costs 4,001 4,048 Prepaid insurance 3,022 3,436 Deferred survey costs 838 511 Current contract assets 141 1,835 Collateral deposits — 17,480 Other 4,307 6,984 Total $ 48,695 $ 61,440 Accrued liabilities consist of the following (in thousands): December 31, 2022 2021 Contract advances $ 52,743 $ — Rig operating costs 39,288 42,532 Payroll and benefits 29,408 29,268 Current operating lease liability 13,480 15,998 Deferred revenue 11,513 38,506 Accrued capital project/upgrade costs 8,419 2,219 Shorebase and administrative costs 4,365 5,776 Personal injury and other claims 3,738 5,598 Interest payable 1,897 2,986 Deposit for equipment sale 1,670 — Other 264 853 Total $ 166,785 $ 143,736 Consolidated Statements of Cash Flows Information Noncash investing activities excluded from the Consolidated Statements of Cash Flows and other supplemental cash flow information is as follows (in thousands): Successor Successor Predecessor For the Year Ended Period from April 24 Period from January 1 For the Year Ended December 31, through December 31, through April 23, December 31, 2022 2021 2021 2020 Accrued but unpaid capital expenditures at period end $ 8,419 $ 2,219 $ 18,617 $ 7,615 Accrued but unpaid debt issuance costs and arrangement fees (1) — — 7,588 — Common stock withheld for payroll tax obligations (2) 4,252 — — 395 Cash interest payments 27,767 13,671 37,593 19,843 Cash paid for reorganization items, net — 36,154 37,566 40,301 Cash income taxes paid (refunded), net: Foreign 13,178 1,969 3,460 11,826 U.S. federal 110 468 — ( 42,462 ) State — — ( 34 ) 36 (1) Represents unpaid debt issuance costs related to our exit financing that were incurred and capitalized during the Predecessor period from January 1, 2021 through April 23, 2021, which were accrued at April 23, 2021. In total, we incurred and capitalized financing costs of $ 13.8 million in relation to our exit financing . (2) Represents the cost of 563,727 and 1 31,698 shares of common stock withheld to satisfy the payroll tax obligation incurred as a result of the vesting of equity awards in the Successor year ended December 31, 2022 and the Predecessor year ended December 31, 2020, respectively. These costs are presented as a deduction from stockholders’ equity in “Treasury stock” in our Consolidated Balance Sheet at December 31, 2022. In June 2020, we received Trinidad bonds in settlement of a value-added-tax (or VAT) receivable. The bonds were valued at $ 5.7 million based on third-party quotes received, which approximated the amount of the settled receivable. During the third quarter of 2020, we sold the bonds for proceeds of $ 5.9 million.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	7. Stock-Based Compensation We have an equity incentive compensation plan for our officers, independent contractors, employees and non-employee directors which is designed to encourage stock ownership by such persons. We may grant both time-vesting and performance-vesting awards, which are earned on the achievement of certain performance criteria. The following types of awards may be granted under our incentive plan: • Stock options (including incentive stock options and nonqualified stock options); • Stock appreciation rights (or SARs); • Restricted stock; • Restricted stock units (or RSUs); • Performance shares or units; and • Other stock-based awards (including dividend equivalents). Successor Plan Pursuant to the terms of the Plan, the Diamond Offshore Drilling, Inc. 2021 Long-Term Stock Incentive Plan (or the Equity Incentive Plan) was adopted and approved on the Effective Date. The Equity Incentive Plan provides for the grant of stock options, SARs, restricted stock, RSUs, performance awards, and other stock-based awards or any combination thereof to eligible participants. Vesting conditions and other terms and conditions of awards under the Equity Incentive Plan are determined by our Board of Directors (or Board) or the compensation committee of our Board, subject to the terms of the Equity Incentive Plan. RSUs and restricted stock awards may be issued with performance-vesting or time-vesting features and, except for restricted stock awards issued to our Chief Executive Officer, they are not participating securities. The aggregate number of shares of Common Stock initially available for issuance pursuant to awards under the Equity Incentive Plan was 11,111,111 . Total compensation cost recognized for all awards under the Equity Incentive Plan for the Successor periods for the year ended December 31, 2022 and from April 24, 2021 to December 31, 2021 was $ 20.2 million and $ 10.8 million, respectively. Tax benefits recognized for the Successor periods for the year ended December 31, 2022 and from April 24, 2021 to December 31, 2021 were $ 2.9 million and $ 2.0 million, respectively. As of December 31, 2022, there was $ 11.7 million of total unrecognized compensation cost related to non-vested awards under the Equity Incentive Plan, which we expect to recognize over a weighted average period of one and one-half years . Time-Vesting Awards RSUs . RSUs are contractual rights to receive shares of our Common Stock in the future if the applicable vesting conditions are met. During the Successor period, we granted an aggregate 347,797 time-vesting RSU awards to our non-employee members of the Board (or Board RSUs). The Board RSUs vest and become non-forfeitable with respect to 30 % of the RSUs on the first anniversary of the grant date and 70 % of the RSUs on the second anniversary of the grant date, subject to the recipient’s continuous service through the applicable vesting date. The vested Board RSUs will be issued at the earliest of (i) the fifth anniversary of the grant date, (ii) a separation from service, or (iii) a change in control. The recipients may elect, with respect to up to 40 % of the vested and non-forfeitable Board RSUs, to receive cash equal to the fair market value of those RSUs instead of shares. Accordingly, 40 % of the Board RSUs are considered liability-classified awards, which are remeasured each period. The remaining 60 % of the Board RSUs are equity-classified awards, for which the fair value was estimated based on the fair market value of our Common Stock on the date of grant. Effective July 1, 2021, the Board approved a new key employee retention and incentive plan covering executive officers and certain non-executive key employees. During the year ended December 31, 2022, and the Successor period between April 24, 2021 and December 31, 2021 we granted 535,516 and 1,916,043 time-vesting RSUs, respectively. The RSUs will vest annually over a period of three years from the grant date. Restricted Stock . Pursuant to the terms of the Equity Incentive Plan, we granted 222,222 shares of time-vesting restricted stock awards to our Chief Executive Officer. Two-thirds of the time-vesting awards were issued and have vested, and the remaining one-third will vest in May 2023, subject to his continuous service or employment. Holders of restricted stock have all privileges of a stockholder of the Company with respect to the restricted stock, including without limitation the right to vote any shares underlying such restricted stock and to receive dividends or other distributions in respect thereof. The fair value of time-vesting RSUs and restricted stock awards granted under the Equity Incentive Plan was estimated based on the fair market value of our Common Stock on the date of grant. A summary of time-vesting RSU and restricted stock award activity under the Successor Equity Incentive Plan as of December 31, 2022 and changes during the year ended December 31, 2022 is as follows: Number Weighted Nonvested awards at January 1, 2022 2,178,690 $ 8.75 Granted 545,651 $ 6.68 Vested ( 616,835 ) $ 8.75 Forfeited ( 162,368 ) $ 8.44 Nonvested awards at December 31, 2022 1,945,138 $ 8.20 The weighted average grant-date fair value of restricted stock awards granted during the year ended December 31, 2022 and the Successor period from April 24, 2021 to December 31, 2021 was $ 6.68 and $ 8.75 , respectively. The total fair value of the restricted stock awards that vested during the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021 was $ 3.9 million and $ 0.6 million, respectively. Performance-Vesting Awards RSUs . During the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021, we granted 709,148 and 1,733,404 performance-vesting RSU awards, respectively. The performance-vesting RSUs granted during the Successor year ended December 31, 2022 will vest at the end of a three-year period upon the achievement of certain market conditions and continuous employment of the award holder. The fair value of these shares was estimated using a Monte Carlo simulation. The performance-vesting RSUs granted during the Successor period from April 24, 2021 to December 31, 2021 vest annually over a three-year cycle and are distributed based on performance metrics and continuous employment. The fair value of these shares was estimated based on the fair market value of our Common Stock on the date of grant. A summary of performance-vesting RSU activity under the Equity Incentive Plan as of December 31, 2022 and changes during the year ended December 31, 2022 is as follows: Number Weighted Nonvested awards at January 1, 2022 1,440,641 $ 8.75 Granted 709,148 $ 5.71 Vested ( 444,474 ) $ 8.75 Forfeited ( 184,018 ) $ 8.04 Nonvested awards at December 31, 2022 1,521,297 $ 7.42 The weighted average grant-date fair value of performance awards granted during the year ended December 31, 2022 and the Successor period from April 24, 2021 to December 31, 2021 was $ 5.71 and $ 8.75 , respectively. The total fair value of performance awards vested during year ended December 31, 2022 was $ 3.2 million. Restricted Stock . In May 2021, we granted 777,777 shares of performance-vesting restricted stock to our Chief Executive Officer pursuant to the terms of the Equity Incentive Plan. These awards vest upon achievement of both a market and performance condition, and any awards not vested as of May 8, 2027 will be forfeited. Vesting is contingent upon certain conditions (as defined in the award agreement under the Equity Incentive Plan). As of December 31, 2022, a significant portion of the vesting conditions had been satisfied, resulting in the vesting of 747,407 shares of restricted stock during 2022. We recognized the total estimated grant date fair value of these awards of $ 5.4 million as compensation expense during the Successor year ended December 31, 2022. The weighted-average grant-date fair value of these performance-vesting restricted stock awards was $ 6.89 million. The total fair value of the awards that vested during the year ended December 31, 2022 was $ 6.2 million. The performance-vesting restricted stock awards granted during the year ended December 31, 2022 and the performance-vesting restricted stock awards granted to our Chief Executive Officer during the Successor period from April 24, 2021 through December 31, 2021 were valued using a Monte Carlo simulation assuming a Geometric Brownian Motion in a risk-neutral framework and using the following assumptions: Awards granted 2022 2021 Expected life of awards (in years) 3 3 Expected volatility 75.00 % 70.00 % Risk-free interest rate 2.71 % 0.29 % A summary of performance-vesting restricted stock activity under the Successor Equity Incentive Plan as of December 31, 2022 and changes during the year ended December 31, 2022 is as follows: Number Weighted Nonvested awards at January 1, 2022 777,777 $ 6.89 Vested ( 747,407 ) $ 6.89 Nonvested awards at December 31, 2022 30,370 $ 6.89 Predecessor Plan Under the Predecessor's Equity Incentive Compensation Plan (or the Predecessor Equity Plan), we had a maximum of 7,500,000 shares of our common stock initially available for the grant or settlement of awards, subject to adjustment for certain business transactions and changes in capital structure. On May 27, 2020, the Bankruptcy Court approved a new key employee retention plan and a new non-executive incentive plan covering certain non-executive key employees. On June 23, 2020, the Bankruptcy Court approved a key employee incentive plan covering certain additional key employees, including our executive officers. Upon the participating employee’s acceptance of an award under the new compensation plans, all outstanding unvested incentive awards previously granted to the employee under our Predecessor Equity Plan, consisting of time-vesting RSUs and/or SARs, were canceled. Any remaining outstanding awards under the Predecessor Equity Plan were automatically canceled on the Effective Date . Total compensation cost and tax benefit recognized for all awards under the Predecessor Equity Plan for the Predecessor year ended December 31, 2020 were $ 5.6 million and $ 0.2 million, respectively. Due to the cancellation of the awards under the Predecessor Equity Plan described above, no additional compensation cost is recognizable related to the Predecessor plan.

Loss Per Share

Loss Per Share	12 Months Ended
Loss Per Share	Dec. 31, 2022
Earnings Per Share [Abstract]
Loss Per Share	8. Loss Per Share We present basic and diluted loss per share on our Consolidated Statements of Operations. Basic loss per share excludes dilution and is computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. We experienced net losses for the Successor periods for the year ended December 31, 2022 and the period from April 24, 2021 through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020. We have excluded shares of common stock issuable upon exercise of outstanding stock appreciation rights and vesting of outstanding restricted stock units from the calculation of weighted-average shares because their inclusion would be antidilutive.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	12 Months Ended
Financial Instruments and Fair Value Disclosures	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosures	9. 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 December 31, 2022, we believe that we had potentially significant concentrations of credit risk due to the number of rigs we currently had contracted and our limited number of customers, as some of our customers have contracted for multiple rigs. In general, before working for a customer with whom we have not had a prior business relationship and/or whose financial stability may be uncertain, we perform a credit review on that customer, including a review of its credit ratings and financial statements. Based on that 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 had not required any other credit enhancements by our customers or required any to pay for services in advance at December 31, 2022. Prior to the adoption of FASB ASU No. 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (or ASU 2016-13), we historically recorded a provision for bad debts on a case-by-case basis when facts and circumstances indicated that a customer receivable may not be collectible. In establishing these reserves, we considered historical and other factors that predicted collectability of such customer receivables, including write-offs, recoveries and the monitoring of credit quality. The amounts reserved for uncollectible accounts in previous periods have not been significant, individually or in comparison to our total revenues. ASU 2016-13 requires an entity to measure credit losses of certain financial assets, including trade receivables, utilizing a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to form credit loss estimates. We adopted ASU 2016-13 and its related amendments (or collectively, CECL) effective January 1, 2020 by recognizing a cumulative-effect adjustment to our Consolidated Financial Statements, which was not material and has been reported in “Contract drilling, excluding depreciation” expense in our Consolidated Statements of Operations, rather than opening retained earnings as prescribed in ASU 2016-13. We have applied CECL prospectively. Pursuant to ASU 2016-13, we reviewed our historical credit loss experience over a look-back period of ten years, which we deem to be representative of both up-turns and down-cycles in the offshore drilling industry. Based on this review, we developed a credit loss factor using a weighted-average ratio of our actual credit losses to revenues during the look-back period. We also considered current and future anticipated economic conditions in determining our credit loss factor, including crude oil prices and liquidity of credit markets. In applying the requirements of CECL, we determined that it would be appropriate to segregate our trade receivables into three credit loss risk pools based on customer credit ratings, each of which represents a tier of increasing credit risk. We calculated a credit loss factor based on historical loss rate information and applied a multiple of our credit loss factor to each of these risk pools, considering the impact of current and future economic information and the level of risk associated with these pools, to calculate our current estimate of credit losses. Trade receivables that are fully covered by allowances for credit losses are excluded from these risk pools for purposes of calculating our current estimate of credit losses. At December 31, 2022, $ 6.1 million in trade receivables were considered past due by 30 days or more, of which $ 5.5 million have been fully reserved. The remaining $ 0.6 million were less than a year past due and considered collectible. For purposes of calculating our current estimate of credit losses at December 31, 2022 and 2021, all trade receivables, except for those fully-reserved, were deemed to be in a single risk pool based on their credit ratings at each respective period. Our total allowance for credit losses was $ 5.6 million at both December 31, 2022 and 2021, including $ 0.2 million and $ 0.1 million at December 31, 2022 and 2021, respectively, related to our current estimate of credit losses under CECL. See Note 6 “Supplemental Financial Information — Consolidated Balance Sheet Information .” Fair Values Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy prescribed by GAAP requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: Level 1 Quoted prices for identical instruments in active markets. Level 2 Quoted market prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Level 3 assets and liabilities generally include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation or for which there is a lack of transparency as to the inputs used. Certain of our assets and liabilities are required to be measured at fair value on a recurring basis in accordance with GAAP. In addition, certain assets and liabilities may be recorded at fair value on a nonrecurring basis. Generally, we record assets at fair value on a nonrecurring basis as a result of impairment charges. We recorded impairment charges related to certain of our drilling rigs, which were measured at fair value on a nonrecurring basis during the Successor period from April 24, 2021 through December 31 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020. The aggregate losses for the periods have been presented as “Impairment of assets” in our Consolidated Statements of Operations for the Successor period from April 24, 2021 through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020. See Note 5 “Asset Impairments.” Assets and liabilities measured at fair value are summarized below (in thousands). Successor December 31, 2022 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets and Liabilities at Total Losses for Year Ended (1) Recurring fair value measurements Liability-classified Director restricted stock units $ ( 818 ) $ ( 818 ) $ ( 230 ) Successor December 31, 2021 Fair Value Measurements Using Predecessor Level 1 Level 2 Level 3 Assets and Liabilities at Total Losses (2) Total Losses for Period from January 1, 2021 to April 23, 2021 (3) Recurring fair value measurements Liability-classified Director restricted stock units $ ( 528 ) $ — $ — $ ( 528 ) $ ( 528 ) $ — Nonrecurring fair value measurements Impaired assets (4) $ — $ — $ 77,900 $ 77,900 $ 132,449 $ 197,027 Predecessor December 31, 2020 Fair Value Measurements Using Nonrecurring fair value measurements Level 1 Level 2 Level 3 Assets at Total (5) Impaired assets (6) $ — $ — $ 1,000 $ 1,000 $ 842,016 (1) Represents an increase in stock compensation expense due to the “marking-to-market” of liability-classified restricted stock units granted to our non-employee directors. (2) Represents an impairment charge recognized during the Successor period from April 24, 2021 through December 31, 2021 related to two semisubmersible rigs that were written down to their estimated fair value. (3) Represents an impairment charge recognized during the Predecessor period from January 1, 2021 through April 23, 2021 related to one semisubmersible rig, which was written down to its estimated fair value. (4) Represents the total book value as of December 31, 2021 of two semisubmersible rigs, which were written down to estimated fair value during the Successor period from April 24, 2021 through December 31, 2021. (5) Represents impairment losses of $ 774.0 million and $ 68.0 million recognized during the first and fourth quarters of the Predecessor year ended December 31, 2020, respectively, related to four semisubmersible rigs which were written down to their estimated fair value. (6) 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 the Predecessor year ended December 31, 2020. We believe that the carrying amounts of our other financial assets and liabilities (excluding our Exit Term Loans, First Lien Notes and the Predecessor Senior Notes), which are not measured at fair value in our Consolidated Balance Sheets, approximate fair value based on the following assumptions: • Cash and cash equivalents and restricted cash — The carrying amounts approximate fair value because of the short maturity of these instruments. • Accounts receivable and accounts payable — The carrying amounts approximate fair value based on the nature of the instruments. • Exit RCF Borrowings - The carrying amount approximates fair value since the variable interest rates are tied to current market rates and the applicable margins represent market rates. Our debt is not measured at fair value on a recurring basis; however, under the GAAP fair value hierarchy, our Exit Term Loans, First Lien Notes and the Predecessor Senior Notes would be considered Level 2 liabilities. The fair value of these instruments was derived using a third-party pricing service at December 31, 2022 and 2021 . 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 for the Senior Notes, 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 Exit Term Loans, First Lien Notes and the Predecessor Senior Notes Senior Notes (see Note 11 "Prepetition Revolving Credit Facility, Senior Notes and Exit Debt") are shown below (in millions). December 31, 2022 2021 Fair Carrying Fair Carrying Exit Term Loans $ 91.1 $ 100.0 $ 100.0 $ 100.0 First Lien Notes 78.3 85.3 86.2 86.1 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	12 Months Ended
Drilling and Other Property and Equipment	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Drilling and Other Property and Equipment	10. Drilling and Other Property and Equipment Cost and accumulated depreciation of drilling and other property and equipment are summarized as follows (in thousands): December 31, 2022 2021 Drilling rigs and equipment $ 1,126,793 $ 1,057,739 Finance lease right of use asset 174,571 174,571 Land and buildings 10,001 9,823 Office equipment and other 2,515 2,264 Cost 1,313,880 1,244,397 Less: accumulated depreciation ( 171,972 ) ( 68,502 ) Drilling and other property and equipment, net $ 1,141,908 $ 1,175,895

Prepetition Revolving Credit Fa

Prepetition Revolving Credit Facility, Senior Notes and Exit Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Prepetition Revolving Credit Facility, Senior Notes and Exit Debt	11. Prepetition Revolving Credit Facility, Senior Notes and Exit Debt Prepetition Revolving Credit Facility In 2018, Diamond Offshore Drilling, Inc., or DODI, as the U.S. borrower, and our subsidiary DFAC, as the foreign borrower, entered into a syndicated, 5 -year Revolving Credit Agreement, under which we had borrowings outstanding in the aggregate amount of $ 436.0 million on the Petition Date. Subsequently, in January 2021, a $ 6.0 million financial letter of credit previously issued under the RCF was drawn on by the beneficiary and converted to an adjusted base rate loan. As a result, total outstanding borrowings under the RCF prior to the Effective Date were $ 442.0 million. On April 26, 2020, as a result of commencement of the Chapter 11 Cases, we ceased accruing interest on our borrowings under the RCF. Additionally, we wrote off $ 3.9 million in deferred arrangement fees associated with the RCF during the Predecessor year ended December 31, 2020, which was reported as “Reorganization items, net” in our Consolidated Statements of Operations. As a result of the signing of the PSA in January 2021, we no longer considered the outstanding borrowings and accrued pre-petition interest on the RCF to be debt subject to compromise, as such claims, including accrued interest since the Petition Date, were to be settled in full upon emergence from bankruptcy. In addition, due to provisions in the PSA and other orders of the Bankruptcy Court, we resumed recognizing interest on our outstanding borrowings under the RCF in the first quarter of 2021, including unpaid post-petition interest of $ 21.3 million not previously recognized for the Predecessor year ended December 31, 2020. See Note 2 “Chapter 11 Proceedings – Chapter 11 Cases .” On the Effective Date, the RCF claims were settled as follows: • Approximately $ 279.6 million paid in cash; and • Rollover of prepetition RCF into new debt of $ 200.0 million on a dollar-for-dollar basis. See “— Exit Debt — Exit Revolving Credit Agreement” and “— Exit Debt — Exit Term Loan Credit Agreement.” Senior Notes Upon commencement of the Chapter 11 Cases, we ceased accruing interest on the Senior Notes, which had an aggregate principal balance of $ 2.0 billion on the Petition Date. As a result, we did not record $ 76.7 million of contractual interest expense related to our Senior Notes for the Predecessor year ended December 31, 2020. I n addition, we wrote off $ 23.7 million in unamortized discount and debt issuance costs associated with the Senior Notes during the Predecessor year ended December 31, 2020, which have been reported as "Reorganization items, net" in our Consolidated Statements of Operations. On the Effective Date, New Diamond Common Shares were transferred pro rata to the holders of the Senior Notes in exchange for the cancellation of the aggregate $ 2.0 billion principal balance of the Senior Notes. See Note 2 “Chapter 11 Proceedings – Chapter 11 Cases .” As a result of the cancellation of the Senior Notes and associated accrued interest of $ 44.9 million, we recognized a pre-tax gain on extinguishment of debt of approximately $ 1.1 billion which was reported in “Reorganization items, net” in the Predecessor’s Consolidated Statement of Operations for the period January 1, 2021 through April 23, 2021. Exit Debt At December 31, 2022 and 2021, the carrying value of the Successor long-term debt (or Exit Debt), net of unamortized discount, premium and debt issuance costs, was comprised as follows (in thousands): December 31, 2022 2021 Borrowings under Exit RCF $ 177,478 $ 83,478 Exit Term Loans 99,190 99,034 First Lien Notes 83,976 83,729 Total Exit Debt, net $ 360,644 $ 266,241 The borrower under the Exit RCF and the Exit Term Loan Credit Agreement (or, collectively, the Credit Facilities) is DFAC (or the Borrower) and the co-issuers of the First Lien Notes are DFAC and DFLLC (or, 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 (or, 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. As of December 31, 2022, the aggregate annual maturity of the Successor Exit Debt, excluding net unamortized premium and debt issuance costs of $ 0.7 million and $ 2.8 million, respectively, was as follows (in thousands): Aggregate Year Ending December 31, 2023 $ — 2024 — 2025 — 2026 177,478 2027 185,321 Thereafter — Total maturities of long-term debt $ 362,799 Exit Revolving Credit Agreement On the Effective Date, the Company entered into the Exit RCF, which provides for a $ 400.0 million senior secured revolving credit facility and also originally provided for certain Exit RCF lenders (or the LC Lenders) to issue up to $ 100.0 million of letters of credit. On August 31, 2022, one of the LC Lenders in our Exit RCF notified us that it would exercise its right to resign as an LC Lender with regard to future letters of credit effective September 30, 2022. The resigning LC Lender had previously committed to issue up to $ 25.0 million in letters of credit under the Exit RCF. On February 21, 2023, we received notification from a second LC Lender that it would exercise its right to resign as an LC Lender effective March 23, 2023. This second LC Lender had previously committed to issue up to $ 25.0 million in letters of credit under the Exit RCF. Each resigning LC Lender continues to have all of the rights and obligations of an LC Lender under the Exit RCF with respect to letters of credit issued by it prior to its resignation but, after the effective date of its resignation, is not required to issue additional letters of credit or extend, renew or increase the outstanding letters of credit. As a result of the resignations discussed above, the aggregate amount of the commitments of the LC Lenders to issue letters of credit under the Exit RCF was reduced from $ 100.0 million to $ 75.0 million effective September 30, 2022, and will be reduced to $ 50.0 million effective March 23, 2023. Our total capacity for borrowings under the Exit RCF was not impacted by the resignation of the LC Lenders and remains at $ 400 million. The Exit RCF is scheduled to mature on April 22, 2026. Borrowings under the Exit RCF 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 Exit RCF 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 Exit 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 Exit RCF 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 Exit RCF 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 prepetition RCF (or PIK Loans). The PIK Loans do not reduce the amount of available commitments under the Exit RCF, and if repaid or prepaid may not be reborrowed. Loans outstanding under the Exit RCF bear interest at a rate per annum equal to the applicable margin plus , at the Borrower’s option, either: (i) the reserve-adjusted London Interbank Offered Rate (or LIBOR Rate), subject to a floor of 1.00 %, 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 was 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 Exit RCF in connection with certain specified asset dispositions (subject to reinvestment rights if no event of default exists). Available Cash (as defined in the Exit 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 Exit RCF 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. The Borrower is required to pay a quarterly commitment fee to each lender under the Exit 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 Exit RCF. The Borrower is also required to pay customary letter of credit and fronting fees. The Exit 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 Exit Revolving Credit Agreement), to (b) the aggregate outstanding principal amount of all Loans and L/C Obligations (both as defined in the Exit 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 Exit Term Loans, 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 Exit 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 Exit 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. At December 31, 2022, we were in compliance with all covenants under the Exit Revolving Credit Agreement. We incurred $ 6.6 million in debt issuance costs and $ 3.5 million in paid-in-kind upfront fees in connection with the Exit RCF, which have been deferred and are being amortized as incremental interest expense over the term of the Exit RCF on a straight-line basis. Deferred debt issuance costs and upfront fees associated with the Exit RCF are presented as a component of “Other assets” in the Successor's Consolidated Balance Sheet at December 31, 2022 and 2021. At December 31, 2022, we had borrowings outstanding of $ 177.5 million under the Exit RCF, including $ 3.5 million in PIK Loans and had utilized $ 19.4 million for the issuance of letters of credit. The weighted average interest rate on the combined borrowings outstanding under the Exit RCF at December 31, 2022 was 8.63 %. At February 24, 2023, we had borrowings of $ 162.5 million outstanding under the Exit RCF, excluding the PIK Loans, and had utilized $ 19.4 million of the Exit RCF for the issuance of a letter of credit in replacement of a previously existing letter of credit. As of February 24, 2023, approximately $ 221.6 million was available for borrowings or the issuance of letters of credit under the Exit RCF, subject to its terms and conditions. Exit Term Loan Credit Agreement The Exit Term Loan Credit Agreement provides for a $ 100.0 million senior secured term loan credit facility, scheduled to mature on April 22, 2027 . On the Effective Date, the Borrower utilized the entire $ 100.0 million under the Exit Term Loan Credit Facility to refinance a portion of the Predecessor obligations under the prepetition RCF. The Exit Term Loans outstanding under the Exit Term Loan 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, 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 %, and (z) the reserve-adjusted one-month LIBOR Rate 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 Exit Term Loans 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 Exit 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 Exit 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. At December 31, 2022, we were in compliance with all covenants under the Exit Term Loan Credit Agreement. The Exit Term Loans were valued at par for fresh start accounting purposes and are presented net of debt issuance costs of $ 0.8 million, which are being amortized as interest expense over the stated maturity of the loans using the effective interest method. At December 31, 2022, we had Exit Term Loans outstanding of $ 100.0 million, which accrue interest at 10.384 % per annum, assuming a one-month LIBOR and cash interest payment option, and had an effective interest rate of 10.627 % per annum. First Lien Notes Indenture On the Effective Date, we entered into the First Lien Notes Indenture and, pursuant to the Backstop Agreement and in accordance with the Plan, (i) consummated the primary rights offering of the Issuers’ First Lien Notes and associated New Diamond Common Shares at an aggregate subscription price of approximately $ 46.9 million, (ii) closed the delayed draw rights offering of the First Lien Notes and associated New Diamond Common Shares at an aggregate subscription price of approximately $ 21.9 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 $ 28.1 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 $ 17.8 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 $ 10.3 million, equal to 9.00 % of the aggregate amount of the committed First Lien Notes. First Lien Notes in the aggregate principal amount of $ 85.3 million were issued on the Effective Date and will mature on April 22, 2027 . 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 . In addition, the Issuers shall pay a commitment premium of 3 % per annum on the aggregate principal amount of undrawn delayed draw First Lien Notes pursuant to the terms of the First Lien Notes Indenture. 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 were redeemable at 101 % of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (none of which were redeemed); • 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 (none of which were redeemed as of December 31, 2022) ; • 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. At December 31, 2022, we were in compliance with all covenants under the First Lien Notes Indenture. The First Lien Notes were valued at a 101 % of par value for fresh start accounting purposes and are presented net of debt issuance costs of $ 2.0 million, which are being amortized as interest expense over the stated maturity of the notes using the effective interest method. At December 31, 2022, we had First Lien Notes outstanding aggregating $ 85.3 million, which accrue interest at 9.0 % per annum, assuming a cash interest payment option, and had an effective interest rate of 9.7 % per annum.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. 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 estimated, we record a liability at the time that both of these criteria are met. Our management believes that we have recorded adequate accruals for any liabilities that may reasonably be expected to result from these claims. Non-Income Tax and Related Claims . We have received assessments related to, or otherwise have exposure to, non-income tax items such as sales-and-use tax, value-added tax, ad valorem tax, custom duties, and other similar taxes in various taxing jurisdictions. We have determined that we have a probable loss for certain of these taxes and the related penalties and interest and, accordingly, have recorded a $ 12.4 million and $ 13.7 million liability at December 31, 2022 and 2021, 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 financial condition, results of operations or cash flows. Other Litigation. We have been named in various other claims, lawsuits or threatened actions that are incidental to the ordinary course of our business, including a claim by one of our customers in Brazil, Petróleo Brasileiro S.A. (or Petrobras), that it will seek to recover from its contractors, including us, any taxes, penalties, interest and fees that it must pay to the Brazilian tax authorities for our applicable portion of withholding taxes related to Petrobras’ charter agreements with its contractors. We intend to defend these matters vigorously; however, litigation is inherently unpredictable, and the ultimate outcome or effect of any claim, lawsuit or action cannot be predicted with certainty. As a result, there can be no assurance as to the ultimate outcome of any litigation matter. Any claims against us, whether meritorious or not, could cause us to incur significant costs and expenses and require significant amounts of management and operational time and resources. In the opinion of our management, no such pending or known threatened claims, actions or proceedings against us are expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows. Personal Injury Claims . Under our current insurance policies, we self-insure $ 1.0 million to $ 5.0 million per occurrence, depending on jurisdiction, with respect to personal injury claims not related to named windstorms in the U.S. Gulf of Mexico, which primarily result from Jones Act liability in the U.S. Gulf of Mexico. Depending on the nature, severity and frequency of claims that might arise during a policy year, if the aggregate level of claims exceed certain thresholds, we may self-insure up to $ 100.0 million for each subsequent occurrence. For personal injury claims arising due to named windstorms in the U.S. Gulf of Mexico, we self-insure $ 10.0 million for the first occurrence and, if the aggregate level of claims exceed certain thresholds, we self-insure 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 December 31, 2022 , our estimated liability for personal injury claims was $ 18.3 million, of which $ 3.7 million and $ 14.6 million were recorded in “Accrued liabilities” and “Other liabilities,” respectively, in our Consolidated Balance Sheets. At December 31, 2021 , our estimated liability for personal injury claims was $ 13.5 million, of which $ 5.4 million and $ 8.1 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 of personal injuries claimed; • significant changes in the volume of personal injury claims; • the unpredictability of legal jurisdictions where the claims will ultimately be litigated; • inconsistent court decisions; and • the risks and lack of predictability inherent in personal injury litigation. Purchase Obligations . At December 31, 2022, we had no purchase obligations for major rig upgrades or any other significant obligations, except for those related to our direct rig operations, which arise during the normal course of business. Services Agreement . In February 2016, we entered into a ten-year agreement with a subsidiary of Baker Hughes Company (formerly named Baker Hughes, a GE company) (or Baker Hughes) to provide services with respect to certain blowout preventer and related well control equipment (or Well Control Equipment) on our drillships. Such services include management of maintenance, certification and reliability with respect to such equipment. Future commitments under the contractual services agreements are estimated to be approximately $ 23.3 million per year or an estimated $ 112.5 million in the aggregate over the remaining term of the agreements. In addition, we lease Well Control Equipment for our drillships under ten-year finance leases. See Note 13 “Leases and Lease Commitments.” Letters of Credit and Other. We were contingently liable as of December 31, 2022 in connection with approximately $ 19.4 milli on in certain tax, supersedeas and customs bonds that have been issued on our behalf. The letter of credit collateralizing these bonds was issued under the Exit RCF and cannot require collateral except in events of default.

Leases and Lease Commitments

Leases and Lease Commitments	12 Months Ended
Leases and Lease Commitments	Dec. 31, 2022
Leases [Abstract]
Leases and Lease Commitments	13. Leases and Lease Commitments Our leasing activities primarily consist of operating leases for our corporate and shorebase offices, office and information technology equipment, employee housing, vehicles, onshore storage yards and certain rig equipment and tools. We also lease Well Control Equipment under finance leases . Our leases have original terms ranging from one month to ten years , some of which include options to extend the lease for up to five years and/or to terminate the lease within one year . We are participants in four sale and leaseback arrangements with a subsidiary of Baker Hughes pursuant to the 2016 sale of Well Control Equipment on our drillships and corresponding agreements to lease back that equipment under ten-year finance leases for approximately $ 26.0 million per year in the aggregate with renewal options for two successive five-year periods. At inception, these leases were determined to be operating leases, and the excess carrying value of the Well Control Equipment over the aggregate proceeds received from the sale resulted in the recognition of prepaid rent, which was included in the operating lease ROU asset balance within “Other assets” in our Consolidated Balance Sheet. On the Effective Date, the aggregate remaining prepaid rent balance of $ 8.4 million was written off in connection with fresh start accounting. On March 31, 2021, we signed an amendment to the operating lease agreement for the Well Control Equipment , 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 was considered a lease modification effective on April 23, 2021, whereby we were required to reassess lease classification and remeasure the corresponding ROU 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 and remeasured the ROU asset and lease liability to include the estimated purchase option price of the Well Control Equipment. In applying ASU 2016-02, we utilize an exemption for short-term leases whereby we do not record leases with terms of one year or less on the balance sheet. We have also made an accounting policy election not to separate lease components from non-lease components for each of our classes of underlying assets, except for subsea equipment, which includes the Well Control Equipment discussed above. At inception, the consideration for the overall Well Control Equipment arrangement was allocated between the lease and service components based on an estimation of stand-alone selling price of each component, which maximized observable inputs. The costs associated with the service portion of the agreement are accounted for separately from the cost attributable to the equipment leases based on that allocation and thus, are not included in our ROU asset or lease liability balances. The non-lease components for each of our other classes of assets generally relate to maintenance, monitoring and security services and are not separated from their respective lease components. See Note 12 “Commitments and Contingencies.” The lease term used for calculating our ROU assets and lease liabilities is determined by considering the noncancelable lease term, as well as any extension options that we are reasonably certain to exercise. The determination to include option periods is generally made by considering the activity in the region or for the rig corresponding to the respective lease, among other contract-based and market-based factors. We have used our incremental borrowing rate to discount future lease payments as the rate implicit in our leases is not readily determinable. To arrive at our incremental borrowing rate prior to filing of the Chapter 11 Cases, we considered our unsecured borrowings and then adjusted those rates to assume full collateralization and to factor in the individual lease term and payment structure. The incremental borrowing rate for leases entered or modified subsequent to the Petition Date was determined primarily based on secured borrowing rates negotiated in relation to our reorganization and the valuations received for our new debt. Amounts recognized in our Consolidated Balance Sheets for both our operating and finance leases are as follows (in thousands): December 31, 2022 2021 Operating Leases: Other assets $ 30,332 $ 38,834 Accrued liabilities ( 13,480 ) ( 15,998 ) Other liabilities ( 16,542 ) ( 22,762 ) Finance Leases: Drilling and other property and equipment, net of accumulated depreciation 145,510 162,717 Current finance lease liabilities ( 16,965 ) ( 15,865 ) Noncurrent finance lease liabilities ( 131,393 ) ( 148,358 ) Components of lease expense are as follows (in thousands): Successor Predecessor Period from Period from Year Ended December 31, April 24, 2021 through January 1, 2021 through Year Ended December 31, 2022 December 31, 2021 April 23, 2021 2020 Operating lease cost $ 19,479 $ 11,754 $ 11,799 $ 35,964 Finance lease cost: Amortization of ROU assets 17,207 11,854 — — Interest on lease liabilities 10,415 7,796 — — Short-term lease cost 242 199 101 832 Variable lease cost (1) 12,804 1,237 598 1,465 Total lease cost $ 60,147 $ 32,840 $ 12,498 $ 38,261 (1) Includes charter expenses incurred post-commencement of drilling operations for the managed rigs. Supplemental information related to leases is as follows (in thousands, except weighted-average data): Successor Predecessor Period from Period from Year Ended December 31, April 24, 2021 through January 1, 2021 through Year Ended December 31, 2022 December 31, 2021 April 23, 2021 2020 Operating Leases: Operating cash flows used $ 19,031 $ 12,005 $ 10,817 $ 35,057 ROU assets obtained in exchange for lease liabilities 8,662 19,064 1,076 10,645 Weighted-average remaining lease term (1) 4.0 years 4.4 years 5.9 years 5.6 years Weighted-average discount rate (1) 6.79 % 6.53 % 6.89 % 8.94 % Finance Leases: Operating cash flows used $ 10,415 $ 7,796 $ — $ — Financing cash flows used 15,865 9,845 — — ROU assets obtained in exchange for lease liabilities — 174,571 — — Weighted-average remaining lease term (1) 3.5 years 4.5 years n/a n/a Weighted-average discount rate (1) 6.72 % 6.72 % n/a n/a (1) Amounts represent the weighted average remaining lease term or discount rate as of the end of the respective period presented. Maturities of lease liabilities as of December 31, 2022 are as follows (in thousands): Operating Leases Finance Leases Total 2023 $ 14,937 $ 26,280 $ 41,217 2024 4,845 26,352 31,197 2025 3,686 26,280 29,966 2026 3,524 96,430 99,954 2027 3,437 — 3,437 Thereafter 4,258 — 4,258 Total lease payments 34,687 175,342 $ 210,029 Less: interest ( 4,665 ) ( 26,984 ) Total lease liability $ 30,022 $ 148,358

Related-Party Transactions

Related-Party Transactions	12 Months Ended
Related-Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	14. Related-Party Transactions Transactions with Loews. We were party to a services agreement with Loews Corporation (or Loews), our former majority shareholder prior to the Effective Date, under which Loews performed certain administrative and technical services on our behalf (or the Services Agreement) and included internal auditing services and advice and assistance with respect to obtaining insurance. On April 24, 2020, our Services Agreement with Loews was terminated by mutual agreement. We have since retained unrelated third parties to assist us with some of these services, including services related to internal audit functions. We were charged $ 0.3 million by Loews for these support functions related to the Predecessor year ended December 31, 2020.

Restructuring and Separation Co

Restructuring and Separation Costs	12 Months Ended
Restructuring and Separation Costs	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Separation Costs	15. Restructuring and Separation Costs Prepetition Restructuring Charges . We engaged financial and legal advisors to assist us in, among other things, analyzing various strategic alternatives to our capital structure, leading to the commencement of the Chapter 11 Cases in the Bankruptcy Court on April 26, 2020 . Prior to the Petition Date, we incurred $ 7.4 million in legal and other professional advisor fees in connection with the consideration of restructuring alternatives, including the preparation for filing of the Chapter 11 Cases and related matters. We have reported these amounts in “Restructuring and separation costs” in our Consolidated Statements of Operations for the year ended December 31, 2020. Professional fees in connection with the Chapter 11 Cases after the Petition Date are reported in “Reorganization items, net” in our Consolidated Statements of Operations for the Predecessor year ended December 31, 2020. See Note 2 "Chapter 11 Proceedings.” Costs Related to Reductions in Force. In April 2020, we initiated a plan to reduce the number of employees in our world-wide organization in an effort to restructure our business operations and lower operating costs. During the Predecessor year ended December 31, 2020, we incurred $ 10.3 million, primarily for severance and related costs associated with a reduction in personnel in our corporate offices, warehouse facilities and certain of our international shorebase locations. We have reported these amounts in “ Restructuring and separation costs ” in our Consolidated Statements of Operations for the Predecessor year ended December 31, 2020.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	16. Income Taxes In April 2021, we reorganized under Chapter 11 of the U.S. Bankruptcy Code in a transaction treated as a tax free reorganization under section 368(a)(1)(G) of the Internal Revenue Code of 1986, as amended (or the IRC). We realized approximately $ 1.3 billion of cancellation of indebtedness (or COD) income for U.S. tax purposes in 2021. Under exceptions applying to COD income resulting from a bankruptcy reorganization, we were not required to recognize this COD income currently as taxable income. Instead, our tax attribute carryforwards, including net operating losses, other noncurrent assets and the stock of our foreign corporate subsidiaries, were reduced under the operative tax statute and applicable regulations, affecting the balance of deferred taxes where appropriate. The total reduction of tax attributes under these rules amounted to approximately $ 1.3 billion, which impacted net operating losses and, without giving rise to deferred tax consequences, reduced the tax basis of foreign subsidiaries’ stock. The tax attribute reduction occurs on the first day of a company's tax year following the tax year in which COD income was realized, or, in our case, January 1, 2022. In the event of a change in ownership, IRC sections 382 and 383 provide an annual limitation with respect to a corporation’s ability to utilize its tax attributes, as well as certain built-in-losses, against future U.S. taxable income in the event of a change in ownership. Our emergence from the Chapter 11 Cases resulted in a change in ownership for purposes of IRC section 382. The limitation under the IRC is based on the value of the company as of the emergence date. To achieve business and administrative efficiencies, we undertook an internal restructuring in conjunction with emergence from bankruptcy, resulting in realignment of substantially all our assets and operations under a wholly owned foreign subsidiary, DFAC. Consequently, our management has determined that we will permanently reinvest foreign earnings of foreign subsidiaries. Several of our rigs are owned by Swiss branches of entities incorporated in the United Kingdom, or U.K., that have historically been taxed under a special tax regime pursuant to Swiss corporate income tax rules. On September 3, 2019, the Swiss federal government, along with the Canton of Zug, enacted tax legislation, which we refer to as Swiss Tax Reform, effective as of January 1, 2020. Swiss Tax Reform significantly changed Swiss corporate income tax rules by, among other things, abolishing special tax regimes. At the time Swiss Tax Reform was enacted, uncertainty regarding the tax basis of depreciable property under the normal Swiss tax regime led us to record a $ 187.0 million reserve for uncertain tax positions. The Swiss tax authorities subsequently provided further clarification, and we reversed such reserve for uncertain tax positions during April 2021. In 2021, deferred tax assets and liabilities were established based on the application of the clarifying guidance and offset by an associated increase in valuation allowance. Our income tax expense is a function of the mix between our domestic and international pre-tax earnings or losses, the mix of international tax jurisdictions in which we operate and recognition of valuation allowances for deferred tax assets for which the tax benefits are not likely to be realized. As of December 31, 2022, all of our rigs are owned and operated, directly or indirectly, by DFAC. Our management has determined that we will permanently reinvest foreign earnings. The potential unrecognized deferred tax liability related to these undistributed earnings was not practicable to estimate at December 31, 2022. The components of income tax (benefit) expense are as follows (in thousands): Successor Predecessor Period from Period from Year Ended December 31, April 24, 2021 through January 1, 2021 through Year Ended December 31, 2022 December 31, 2021 April 23, 2021 2020 Federal – current $ 1,267 $ 3,645 $ 171 $ ( 11,844 ) State – current 10 — — ( 12 ) Foreign – current ( 4,151 ) 1,491 ( 3,681 ) 9,898 Total current ( 2,874 ) 5,136 ( 3,510 ) ( 1,958 ) Federal – deferred 4,538 ( 6,742 ) ( 30,955 ) ( 7,431 ) Foreign – deferred ( 4,059 ) 3,260 ( 4,939 ) ( 11,797 ) Total deferred 479 ( 3,482 ) ( 35,894 ) ( 19,228 ) Total $ ( 2,395 ) $ 1,654 $ ( 39,404 ) $ ( 21,186 ) The difference between actual income tax expense and the tax provision computed by applying the statutory federal income tax rate to income before taxes is attributable to the following (in thousands): Successor Predecessor Period from Period from Year Ended December 31, April 24, 2021 through January 1, 2021 through Year Ended December 31, 2022 December 31, 2021 April 23, 2021 2020 (Loss) income before income tax expense: U.S. $ ( 7,054 ) $ ( 1,048 ) $ 686,202 $ ( 336,880 ) Foreign ( 98,552 ) ( 174,642 ) ( 2,687,595 ) ( 939,210 ) $ ( 105,606 ) $ ( 175,690 ) $ ( 2,001,393 ) $ ( 1,276,090 ) Expected income tax benefit at federal statutory rate $ ( 22,177 ) $ ( 36,895 ) $ ( 420,292 ) $ ( 267,979 ) Effect of tax rate changes — 9,871 — ( 7,003 ) Reorganization items — 266 ( 225,563 ) 7,871 Post-petition interest expense — — ( 6,771 ) ( 16,778 ) Disallowed officers' compensation and restricted stock unit awards 2,205 — — — Interest and penalties reported as income tax expense 3,318 — — — Effect of foreign operations 12,639 79,600 163,236 136,262 Valuation allowance ( 23,135 ) ( 45,919 ) 515,421 17,331 Uncertain tax positions, settlements and adjustments relating to prior years 25,692 ( 7,220 ) ( 67,626 ) 107,148 Other ( 937 ) 1,951 2,191 1,962 Income tax (benefit) expense $ ( 2,395 ) $ 1,654 $ ( 39,404 ) $ ( 21,186 ) The reorganization items listed above in the reconciliation to the statutory income tax rate are inclusive of the impact of fresh start accounting, bankruptcy-related costs, internal restructuring and the impact of attribute reduction. The impact of most reorganization items is offset by valuation allowance. Deferred Income Taxes. Significant components of our deferred income tax assets and liabilities are as follows (in thousands): December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards, or NOLs $ 412,152 $ 226,022 Foreign tax credits 27,223 29,243 Disallowed interest deduction 69,604 70,492 Worker’s compensation and other current accruals 6,273 5,150 Deferred deductions 7,661 6,869 Deferred revenue 33 6,282 Operating lease liability 22,011 33,815 Property, plant and equipment 129,938 334,757 Other 7,234 4,971 Total deferred tax assets 682,129 717,601 Valuation allowance ( 650,193 ) ( 673,452 ) Net deferred tax assets 31,936 44,149 Deferred tax liabilities: Right-of-use assets ( 21,374 ) ( 33,117 ) Other ( 652 ) ( 871 ) Total deferred tax liabilities ( 22,026 ) ( 33,988 ) Net deferred tax asset $ 9,910 $ 10,161 Net Operating Loss Carryforwards . As of December 31, 2022, we recorded a deferred tax asset of 412.2 million for the benefit of NOL carryforwards, comprised of $ 59.8 million related to our U.S. losses and $ 352.4 million related to our international operations. Approximately $ 139.1 million of this deferred tax asset relates to NOL carryforwards that have an indefinite life. The remaining $ 273.0 million relates to NOL carryforwards in several of our foreign subsidiaries, as well as in the U.S. Unless utilized, these NOL carryforwards will expire between 2024 and 2037 . As a result of our emergence from bankruptcy, we have significant limitations on our ability to utilize certain U.S. deferred tax assets. Foreign Tax Credits. As of December 31, 2022 , we recorded a deferred tax asset of $ 27.2 million for the benefit of foreign tax credits in the U.S. Of this balance, $ 2.6 million relates to a foreign tax credit carryback, which is expected to generate a cash tax benefit. The remaining credits will expire, unless utilized, between 2023 and 2028 . Valuation Allowances. We record a valuation allowance on a portion of our deferred tax assets not expected to be ultimately realized. In determining the need for a valuation allowance, we consider current and historical financial results, expectations for future taxable income and the availability of tax planning strategies that can be implemented, if necessary, to realize deferred tax assets. As of December 31, 2022, valuation allowances aggregating $ 650.2 million have been recorded for our net operating losses, foreign tax credits and other deferred tax assets for which the tax benefits are not likely to be realized. We intend to maintain a valuation allowance on our net federal and foreign deferred tax assets until there is sufficient evidence to support the reversal of these allowances. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change based on the level of profitability achieved. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future U.S. taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as the Company's projections for growth and/or tax planning strategies. Unrecognized Tax Benefits. Our income tax returns are subject to review and examination in the various jurisdictions in which we operate, and we are currently contesting various tax assessments. We accrue for income tax contingencies, or uncertain tax positions, that we believe are not likely to be realized. A rollforward of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): Successor Predecessor For the Period For the Period Year Ended April 24, 2021 January 31, 2021 Year Ended December 31, through through December 31, 2022 December 31, 2021 April 23, 2021 2020 Balance, beginning of period $ ( 21,148 ) $ ( 26,678 ) $ ( 214,626 ) $ ( 118,884 ) Additions for current year tax positions ( 5,993 ) ( 3,553 ) — ( 100,780 ) Additions for prior year tax positions ( 504 ) ( 1,424 ) ( 1,282 ) ( 1,559 ) Reductions for prior year tax positions 4,345 1,730 187,389 2,944 Reductions related to statute of limitation expirations 1,760 8,777 1,841 3,653 Balance, end of period $ ( 21,540 ) $ ( 21,148 ) $ ( 26,678 ) $ ( 214,626 ) The $ 6.0 million addition for current year uncertain tax positions recorded in the Successor year ended December 31, 2022 was attributable principally to transfer pricing for certain related party transactions. The $ 4.3 million reduction of uncertain tax positions recorded in the Successor year ended December 31, 2022 principally reflected the strengthening of the U.S. dollar relative to foreign currencies. The $ 8.8 million reduction of uncertain tax positions recorded in the Successor period from April 24, 2021 through December 31, 2021 was due to expiry of applicable statutes of limitation for tax returns filed between 2014 and 2018 in several jurisdictions. Due to Swiss Tax Reform and the resulting uncertainties regarding treatment of depreciable property, uncertain tax positions were recorded for $ 86.2 million in 2019 and $ 100.8 million in 2020. During the Predecessor period from January 1, 2021 through April 23, 2021, further clarification on the treatment of depreciable property resulted in the reversal of the previously recorded amount of $ 187.0 million. At December 31, 2022, $ 0.2 million, $ 1.5 million and $ 34.7 million of the net liability for uncertain tax positions were reflected in “Other assets,” “Deferred tax liability” and “Other liabilities,” respectively, in our Consolidated Balance Sheet. At December 31, 2021, $ 0.3 million, $ 1.7 million and $ 47.6 million of the net liability for uncertain tax positions we re reflected in “Other assets,” “Deferred tax liability” and “Other liabilities,” respectively, in our Consolidated Balance Sheet. Of the net unrecognized tax benefits at December 31, 2022, 2021 and 2020, $ 36.0 million, $ 48.9 million and $ 249.0 million, respectively, would affect the effective tax rates if recognized. At December 31, 2022, the amount of accrued interest and penalties related to uncertain tax positions was $ 3.1 million and $ 12.6 million, respectively. At December 31, 2021, the amount of accrued interest and penalties related to uncertain tax positions was $ 3.9 million and $ 19.7 million, respectively. Interest expense (benefit) recognized during the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021 and the Predecessor periods from Ja nuary 1, 2021 through April 23, 2021 and the year ended December 31, 2020 related to uncertain tax positions was $ 0.9 million, $ 1.8 million, $ 0.1 million and $ 1.9 million, respectively. Penalties recognized during the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020 related to uncertain tax positions were $ 1.0 million, $ 0.04 million, $( 0.4 ) million and $ 1.1 million, respectively. We expect the statutes of limitation for the 2014 through 2020 tax years to expire in 2023 for various of our su bsidiaries operating in Australia, Malaysia, Romania, Trinidad and Tobago and the U.K. We anticipate that the related unrecognized tax benefit will decrease by $ 5.0 million at that time. Tax Returns and Examinations. We file income tax returns in the U.S. federal jurisdiction, various state jurisdictions a nd various foreign jurisdictions. We remain subject to examination by these jurisdictions or are contesting assessments raised upon examinations in respect to the year 2000 and the years 2006 to 2022. We are currently under examination or contesting assessments in Australia, Brazil, Egypt, Equatorial Guinea, Malaysia, Romania and Trinidad and Tobago. We do not anticipate that any adjustments resulting from the tax audit of any of these years will have a material impact on our consolidated results of operations, financial condition or cash flows.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2022
Postemployment Benefits [Abstract]
Employee Benefit Plans	17. Employee Benefit Plans Defined Contribution Plans We maintain defined contribution retirement plans for our U.S., U.K., and third-country national (or TCN) employees. The plan for our U.S. employees (or the 401k Plan), is designed to qualify under Section 401(k) of the IRC. Under the 401k Plan, each participant may elect to defer taxation on a portion of his or her eligible earnings, as defined by the 401k Plan, by directing his or her employer to withhold a percentage of such earnings. A participating employee may also elect to make after-tax contributions to the 401k Plan. Under the 401k Plan, the employer may elect to match a percentage of each employee's qualifying annual compensation contributed to the 401k Plan on a pre-tax or Roth elective deferral basis. Participants are fully vested in any employer match immediately upon enrollment in the 401k Plan. During the Predecessor year 2020, we matched 100 % of the first 5 % of each employee’s qualifying annual compensation contributed to the 401k Plan, but ceased matching contributions effective November 2020. Employer matching contributions were resumed in 2022, matching 50 % of the first 6 % of each employee's qualifying annual compensation contributed to the 401k Plan. For the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31 2020, our provision for contributions was $ 3.2 million, $ 0 , $ 0 and $ 6.2 million, respectively. The defined contribution retirement plan for our U.K. employees provides that we make annual contributions in an amount equal to the employee's contributions generally up to a maximum percentage of the employee's defined compensation per year. Our contribution during 2022, 2021 and 2020 for employees working in the U.K. sector of the North Sea was 4 %, 4 % and 6 %, respectively, of the employee’s defined compensation. Our provision for contributions was $ 0.9 million, $ 0.6 million, $ 0.3 million and $ 1.8 million for the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020, respectively. The defined contribution retirement plan for our TCN employees (or the International Savings Plan) is similar to the 401k Plan. During the Predecessor year 2020, we matched 100 % of the first 5 % of each employee’s qualifying annual compensation contributed to the International Savings Plan, but ceased matching contributions effective November 2020. Employer matching contributions were resumed in 2022, matching 50 % of the first 6 % of each employee's qualifying annual compensation contributed to the International Savings Plan. For the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020, our provision for contributions was $ 0.8 million, $ 0 , $ 0 and $ 0.2 million, respectively. Deferred Compensation and Supplemental Executive Retirement Plan Our Amended and Restated Diamond Offshore Management Company Supplemental Executive Retirement Plan, or Supplemental Plan, provides benefits to a select group of our management or other highly compensated employees to compensate such employees for any portion of the applicable percentage of the base salary contribution and/or matching contribution under the 401k Plan that could not be contributed to that plan because of limitations within the Code. We ceased matching contributions to the Supplemental Plan effective January 2020.

Segments and Geographic Area An

Segments and Geographic Area Analysis	12 Months Ended
Segments and Geographic Area Analysis	Dec. 31, 2022
Segment Reporting [Abstract]
Segments and Geographic Area Analysis	18. Segments and Geographic Area Analysis We provide contract drilling services with different types of offshore drilling rigs and also provide such services in many geographic locations. However, we have aggregated these operations into one reportable segment based on the similarity of economic characteristics due to the nature of the revenue-earning process as it relates to the offshore drilling industry over the operating lives of our drilling rigs and other qualitative factors such as (i) the nature of services provided (contract drilling), (ii) similarity in operations (interchangeable rig crews and shared management and marketing, engineering, marine and maintenance support), (iii) similar regulatory environment (depending on customer and/or location) and (iv) similar contractual arrangements with customers. Our drilling rigs are highly mobile and may be moved to other markets throughout the world in response to market conditions or customer needs. At December 31, 2022 , our active drilling rigs were located offshore four countries in addition to the United States. Revenues by geographic area are presented by attributing revenues to the individual country or areas where the services were performed. The following tables provide information about disaggregated revenue by equipment-type and country (in thousands): Successor Year Ended December 31, 2022 Total Revenues Total United States $ 322,021 $ 75,069 $ 397,090 Senegal 154,574 11,929 166,503 Australia 92,939 14,082 107,021 United Kingdom 66,116 8,478 74,594 Brazil 80,185 — 80,185 Myanmar 8,909 6,976 15,885 Total $ 724,744 $ 116,534 $ 841,278 Successor Period from April 24, 2021 through December 31, 2021 Total Revenues Total United States $ 194,912 $ 55,471 $ 250,383 Senegal 48,758 10,110 58,868 Australia 95,601 15,132 110,733 United Kingdom 55,245 3,859 59,104 Brazil 42,215 — 42,215 Myanmar 28,597 6,166 34,763 Total $ 465,328 $ 90,738 $ 556,066 Predecessor Period from January 1, 2021 through April 23, 2021 Total Revenues Total United States $ 93,215 $ 7,048 $ 100,263 Australia 17,031 4,697 21,728 United Kingdom 27,967 2,300 30,267 Brazil 3,421 — 3,421 Myanmar 11,730 1,970 13,700 Total $ 153,364 $ 16,015 $ 169,379 Predecessor Year Ended December 31, 2020 Total Revenues Total United States $ 321,150 $ 13,262 $ 334,412 Australia 63,876 13,271 77,147 United Kingdom 112,121 8,929 121,050 Brazil 155,436 ( 18 ) 155,418 Malaysia (1) 40,170 5,490 45,660 Total $ 692,753 $ 40,934 $ 733,687 (1) Revenue earned by the Ocean Monarch during a standby period in Malaysia while awaiting clearance to begin operations in Myanmar waters. The following table presents the locations of our long-lived tangible assets by country as of December 31, 2022, 2021 and 2020. A substantial portion of our assets is comprised of rigs that are mobile and, therefore, asset locations at the end of the period are not necessarily indicative of the geographic distribution of the earnings generated by such assets during the periods and may vary from period to period due to the relocation of rigs. In circumstances where our drilling rigs were in transit at the end of a calendar year, they have been presented in the tables below within the country in which they were expected to operate (in thousands). Successor Predecessor December 31, December 31, December 31, 2022 2021 (1) (2) 2020 (2) Drilling and other property and equipment, net: United States $ 362,813 $ 559,288 $ 2,162,488 International: Senegal 352,655 188,694 — United Kingdom 256,837 98,338 248,500 Australia 91,089 106,173 722,389 Brazil 69,596 76,383 87,543 Spain (3) — 142,930 686,436 Myanmar — 2,258 207,451 Other countries (4) 8,918 1,831 8,002 779,095 616,607 1,960,321 Total $ 1,141,908 $ 1,175,895 $ 4,122,809 (1) Balances reflect a fair value adjustment to “Drilling and other property and equipment” and the elimination of accumulated depreciation aggregating $( 2,712.1 ) million. In addition, the adjustment reflects the fair value adjustment of $ ( 8.4 ) million to the BOP finance lease assets by setting the ROU assets equal to the ROU liabilities less the prepaid amounts. See Note 3 “Fresh Start Accounting.” (2) During the Predecessor period from January 1, 2021 through April 23, 2021 and the Successor period from April 24, 2021 through December, 31, 2021, we recorded aggregate impairment losses of $ 197.0 million and $ 132.4 million, respectively, to write down certain of our drilling rigs and related equipment with indicators of impairment to their estimated recoverable amounts. During the Predecessor year 2020, we recorded aggregate impairment losses of $ 842.0 million to write down certain of our drilling rigs and related equipment with indicators of impairment to their estimated recoverable amounts. (3) The Ocean GreatWhite was relocated to the U.K. in 2022 for reactivation and contract preparation activities. (4) Countries with long-lived assets that individually comprise less than 5 % of total drilling and other property and equipment, net of accumulated depreciation. Major Customers Our customer base includes major and independent oil and gas companies and government-owned oil companies. Revenues from our major customers for the Successor periods comprising the year ended December 31, 2022 and the period from April 24, 2021 through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020 that contributed more than 10% of our total revenues are as follows: Successor Predecessor Period from Period from Year Ended April 24, 2021 January 1, 2021 Year Ended Customer December 31, 2022 December 31, 2021 April 23, 2021 December 31, 2020 BP 33.1 % 25.4 % 39.8 % 20.6 % Woodside 29.7 % 22.4 % 0.5 % 7.0 % Petróleo Brasileiro S.A. 9.5 % 7.6 % 2.0 % 21.2 % Shell 4.1 % 5.1 % 9.2 % 10.1 % Occidental 3.9 % 11.5 % 21.4 % 20.1 % Hess Corporation — — — 10.7 %

Subsequent Event

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	19. Subsequent Event On February 10, 2023, Apache Beryl I Limited (or Apache) verbally informed us that it intends to exercise its option to terminate its drilling contract for the Ocean Patriot . In accordance with the terms of the drilling contract, the Ocean Patriot will continue to perform services under the contract until at least July 2023. Pursuant to the contract, upon cancellation Apache is obligated to pay an early termination fee of $ 12.5 million.

General Information (Policies)

General Information (Policies)	12 Months Ended
General Information (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation Our Consolidated Financial Statements include the accounts of Diamond Offshore Drilling, Inc. and our wholly-owned subsidiaries after elimination of intercompany transactions and balances.
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 accounting principles generally accepted in the United States (or U.S.), or 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.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider short-term, highly liquid investments that have an original maturity of three months or less and deposits in money market mutual funds that are readily convertible into cash to be cash equivalents. The effect of exchange rate changes on cash balances held in foreign currencies was not material for the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021 and the Predecessor period from January 1, 2021 through April 23, 2021.
Assets Held for Sale	Asset Held for Sale We reported the $ 1.0 million carrying value of the Ocean Valor, as “Asset held for sale” in our Successor Consolidated Balance Sheet at December 31, 2021. The rig was sold in February 2022 at a net pre-tax gain of approximately $ 4.0 million.
Drilling and Other Property and Equipment	Drilling and Other Property and Equipment We carry our drilling and other property and equipment at cost, less accumulated depreciation. Maintenance and routine repairs are charged to income while replacements and betterments that upgrade or increase the functionality of our existing equipment and that significantly extend the useful life of an existing asset are capitalized. Significant judgments, assumptions and estimates may be required in determining whether or not such replacements and betterments meet the criteria for capitalization and in determining useful lives and salvage values of such assets. Changes in these judgments, assumptions and estimates could produce results that differ from those reported. During the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021 and the Predecessor period from January 1, 2021 through April 23, 2021, we capitalized $ 69.1 million, $ 22.0 million and $ 59.9 million, respectively, in replacements and betterments of our drilling fleet. Costs incurred for major rig upgrades and/or the construction of rigs are accumulated in construction work-in-progress, with no depreciation recorded on the additions, until the month the upgrade or newbuild is completed and the rig is placed in service. Upon retirement or sale of a rig, the cost and related accumulated depreciation are removed from the respective accounts and any gains or losses are reported in our Consolidated Statements of Operations as “(Gain) loss on disposition of assets.” Depreciation is recognized up to applicable salvage values by applying the straight-line method over the remaining estimated useful lives from the year the asset is placed in service. Drilling rigs and equipment are depreciated over their estimated useful lives ranging from 3 to 30 years .
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We evaluate our property and equipment for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable (such as, but not limited to, a change in the economic useful life of a rig, cold stacking a rig, the expectation of cold stacking a rig in the near term, a decision to retire or scrap a rig, or excess spending over budget on a newbuild, construction project, reactivation or major rig upgrade). We utilize an undiscounted probability-weighted cash flow analysis in testing an asset for potential impairment. Our assumptions and estimates underlying this analysis include the following: • dayrate by rig; • utilization rate by rig if active, warm-stacked or cold-stacked (expressed as the actual percentage of time per year that the rig would be used at certain dayrates); • the per day operating cost for each rig if active, warm-stacked or cold-stacked; • the estimated annual cost for rig replacements and/or enhancement programs; • the estimated maintenance and inspection or other reactivation costs associated with a rig returning to work; • the remaining economic useful life of a rig; • salvage value for each rig; and • estimated proceeds that may be received on disposition of each rig. Based on these assumptions, we develop a matrix for each rig under evaluation using multiple utilization/dayrate scenarios, to each of which we have assigned a probability of occurrence. We arrive at a projected probability-weighted cash flow for each rig based on the respective matrix and compare such amount to the carrying value of the asset to assess recoverability. The underlying assumptions and assigned probabilities of occurrence for utilization and dayrate scenarios are developed using a methodology that examines historical data for each rig, which considers the rig’s age, rated water depth and other attributes and then assesses its future marketability in light of the current and projected market environment at the time of assessment. Other assumptions, such as operating, maintenance, inspection and reactivation costs, are estimated using historical data adjusted for known developments, cost projections for re-entry of rigs into the market and future events that are anticipated by management at the time of the assessment. Management’s assumptions are necessarily subjective and are an inherent part of our asset impairment evaluation , and the use of different assumptions could produce results that differ from those reported. Our methodology generally involves the use of significant unobservable inputs, representative of a Level 3 fair value measurement, which may include assumptions related to future dayrate revenue, costs and rig utilization, quotes from rig brokers, the long-term future performance of our rigs and future market conditions. Management’s assumptions involve uncertainties about future demand for our services, dayrates, expenses and other future events, and management’s expectations may not be indicative of future outcomes. Significant unanticipated changes to these assumptions could materially alter our analysis in testing an asset for potential impairment. For example, changes in market conditions that exist at the measurement date or that are projected by management could affect our key assumptions. Other events or circumstances that could affect our assumptions may include, but are not limited to, a further sustained decline in oil and gas prices, cancellations of our drilling contracts or contracts of our competitors, contract modifications, costs to comply with new governmental regulations, capital expenditures required due to advances in offshore drilling technology, growth in the global oversupply of oil and geopolitical events, such as lifting sanctions on oil-producing nations. Should actual market conditions in the future vary significantly from market conditions used in our projections, our assessment of impairment would likely be different. See Note 5 “Asset Impairments.”
Survey Costs	Survey Costs C oncurrent with emergence from bankruptcy, the Successor entity adopted a new policy providing for the deferral and amortization of costs associated with planned periodic inspections of its drilling rigs (or vessels) to ensure compliance with applicable regulations and maintain certifications for vessels with classification societies that typically occur on five-year or two-and-one-half year intervals. These costs include mobilization of the vessel into the shipyard, drydocking, support services while in shipyard and the associated survey or inspection costs necessary to maintain class certifications. These recertification costs are typically incurred while the vessel is in drydock and may be performed concurrent with other vessel maintenance and improvement activities. Costs related to the recertification of vessels are deferred and amortized over the survey interval on a straight-line basis. Maintenance costs incurred at the time of the recertification drydocking, which are not related to the recertification of the vessel are expensed as incurred. Costs for vessel improvements which either extend the vessel’s useful life or increase the vessel's functionality are capitalized and depreciated. The Predecessor’s previous policy was to expense vessel recertification costs in the period incurred. For the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021, we deferred $ 3.3 million and $ 0.9 million, respectively, in survey costs. At December 31, 2022 and 2021, deferred survey costs of $ 0.8 million and $ 0.5 million, respectively, were reported in “Prepaid expenses and other current assets” and $ 2.5 million and $ 0.2 million, respectively, were reported in “Other assets” in our Successor Consolidated Balance Sheets. We amortized $ 0.7 million and $ 0.2 million in deferred survey costs as “Contract drilling, excluding depreciation” in the Successor’s Consolidated Statements of Operations for the year ended December 31, 2022 and the period from April 24, 2021 through December 31, 2021.
Lease Accounting and Revenue Recognition	Lease Accounting and Revenue Recognition Financial Accounting Standards Board (or FASB) Accounting Standards Update (or ASU), No. 2016-02, Leases (Topic 842) (ASU 2016-02), requires lessees to recognize a right of use asset and a lease liability on the balance sheet for most leases. Upon adoption of ASU 2016-02, we concluded that our drilling contracts contain a lease component for the use of our drilling rigs based on the updated definition of a lease. However, ASU 2016-02 provides for a practical expedient for lessors whereby, under certain circumstances, the lessor may combine the lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. We have determined that our current drilling contracts qualify for this practical expedient and have combined the lease and service components of our standard drilling contracts. We continue to account for the combined component under FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606 ) and its related amendments (collectively referred to as Topic 606).
Fair Value of Financial Instruments	Fair Value of Financial Instruments We believe that the carrying amount of our current financial instruments approximates fair value because of the short maturity of these instruments. See Note 9 “Financial Instruments and Fair Value Disclosures.”
Debt Issuance Costs	Debt Issuance Costs Deferred costs associated with our credit facility are presented in “Other assets” in the Successor's Consolidated Balance Sheets at December 31, 2022 and 2021 and amortized as interest expense over the respective terms of the credit facility. Deferred costs associated with our other long-term debt are presented in the Successor's Consolidated Balance Sheets at December 31, 2022 and 2021 as a reduction in the related long-term debt and are amortized over the respective terms of the related debt as interest expense. See Note 2 “Chapter 11 Proceedings” and Note 11 “Prepetition Revolving Credit Facility, Senior Notes and Exit Debt” for a discussion of deferred arrangement fees associated with our Successor and Predecessor credit facilities and long-term debt.
Income Taxes	Income Taxes We account for income taxes in accordance with accounting standards that require the recognition of the amount of taxes payable or refundable for the current year and an asset and liability approach in recognizing the amount of deferred tax liabilities and assets for the future tax consequences of events that have been currently recognized in our financial statements or tax returns. In each of our tax jurisdictions we recognize a current tax liability or asset for the estimated taxes payable or refundable on tax returns for the current year and a deferred tax asset or liability for the estimated future tax effects attributable to temporary differences and carryforwards. Deferred tax assets are reduced by a valuation allowance, if necessary, which is determined by the amount of any tax benefits that, based on available evidence, are not expected to be realized under a “more likely than not” approach. Deferred tax assets and liabilities are classified as noncurrent in a classified statement of financial position. We make judgments regarding future events and related estimates especially as they pertain to the forecasting of our effective tax rate, the potential realization of deferred tax assets such as utilization of foreign tax credits, and exposure to the disallowance of items deducted on tax returns upon audit. We record both interest and penalties related to accrued uncertain tax positions in “Income tax benefit (expense)” in our Consolidated Statements of Operations. Liabilities for uncertain tax positions, including any interest and penalties, are denominated in the currency of the related tax jurisdiction and are revalued for changes in currency exchange rates. The revaluation of such liabilities for uncertain tax positions is reported in “Income tax benefit (expense)” in our Consolidated Statements of Operations. See Note 16 “Income Taxes.”
Comprehensive Loss	Comprehensive Loss Comprehensive (loss) income is the change in equity of a business enterprise during a period from transactions and other events and circumstances except those transactions resulting from investments by owners and distributions to owners. Comprehensive loss for the Successor periods for the year ended December 31, 2022 and from April 24, 2021 through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020 includes net losses and unrealized holding gains and losses on marketable securities and financial derivatives designated as cash flow accounting hedges.
Foreign Currency	Foreign Currency Our functional currency is the U.S. dollar. Transactions incurred in currencies other than the U.S. dollar are subject to gains or losses due to fluctuations in those currencies. We report foreign currency transaction gains and losses as “Foreign currency transaction loss” in our Consolidated Statements of Operations. The revaluation of assets and liabilities related to foreign income taxes, including deferred tax assets and liabilities and uncertain tax positions, including any interest and/or penalties, is reported in “Income tax (expense) benefit” in our Consolidated Statements of Operations.
Leases and Lease Commitments	In applying ASU 2016-02, we utilize an exemption for short-term leases whereby we do not record leases with terms of one year or less on the balance sheet. We have also made an accounting policy election not to separate lease components from non-lease components for each of our classes of underlying assets, except for subsea equipment, which includes the Well Control Equipment discussed above. At inception, the consideration for the overall Well Control Equipment arrangement was allocated between the lease and service components based on an estimation of stand-alone selling price of each component, which maximized observable inputs. The costs associated with the service portion of the agreement are accounted for separately from the cost attributable to the equipment leases based on that allocation and thus, are not included in our ROU asset or lease liability balances. The non-lease components for each of our other classes of assets generally relate to maintenance, monitoring and security services and are not separated from their respective lease components. See Note 12 “Commitments and Contingencies.” The lease term used for calculating our ROU assets and lease liabilities is determined by considering the noncancelable lease term, as well as any extension options that we are reasonably certain to exercise. The determination to include option periods is generally made by considering the activity in the region or for the rig corresponding to the respective lease, among other contract-based and market-based factors. We have used our incremental borrowing rate to discount future lease payments as the rate implicit in our leases is not readily determinable. To arrive at our incremental borrowing rate prior to filing of the Chapter 11 Cases, we considered our unsecured borrowings and then adjusted those rates to assume full collateralization and to factor in the individual lease term and payment structure. The incremental borrowing rate for leases entered or modified subsequent to the Petition Date was determined primarily based on secured borrowing rates negotiated in relation to our reorganization and the valuations received for our new debt. Amounts recognized in our Consolidated Balance Sheets for both our operating and finance leases are as follows (in thousands): December 31, 2022 2021 Operating Leases: Other assets $ 30,332 $ 38,834 Accrued liabilities ( 13,480 ) ( 15,998 ) Other liabilities ( 16,542 ) ( 22,762 ) Finance Leases: Drilling and other property and equipment, net of accumulated depreciation 145,510 162,717 Current finance lease liabilities ( 16,965 ) ( 15,865 ) Noncurrent finance lease liabilities ( 131,393 ) ( 148,358 )

Chapter 11 Proceedings (Tables)

Chapter 11 Proceedings (Tables)	12 Months Ended
Chapter 11 Proceedings (Tables)	Dec. 31, 2022
Reorganizations [Abstract]
Schedule of Reorganization Items Incurred	The following tables provide information about reorganization items incurred during the Successor period from April 24, 2021 through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020 (in thousands): Successor Predecessor Period from Period from April 24, 2021 through January 1, 2021 through Year Ended December 31, April 23, 2021 December 31, Professional fees $ 8,088 $ 51,084 $ 53,517 Fresh start valuation adjustments — 2,699,422 — Net gain on settlement of liabilities subject to compromise — ( 1,129,892 ) — Accrued backstop commitment premium — 10,424 — Write-off of predecessor directors and officers tail insurance policy — 6,932 — Write-off of debt issuance costs — 1,793 27,552 Other — — ( 4,159 ) Total reorganization items, net $ 8,088 $ 1,639,763 $ 76,910

Fresh Start Accounting (Tables)

Fresh Start Accounting (Tables)	12 Months Ended
Fresh Start Accounting (Tables)	Dec. 31, 2022
Fresh-Start Balance Sheet [Abstract]
Schedule of Reconciles Enterprise Value to Estimated Fair Value of Successor's Equity	The following table reconciles the enterprise value to the estimated fair value of the Successor’s equity as of the Effective Date (in thousands): April 23, 2021 Enterprise value $ 1,130,000 Plus: Cash and cash equivalents 79,982 Plus: Deferred tax assets and uncertain tax positions 10,810 Less: Fair value of debt ( 285,982 ) Fair value of Successor equity $ 934,810
Schedule of Reconciles Enterprise Value to Reorganization Value of Successors Equity	The following table reconciles enterprise value to the reorganization value of the Successor ( i.e. , value of the reconstituted entity) as of the Effective Date (in thousands): April 23, 2021 Enterprise value $ 1,130,000 Plus: Cash and cash equivalents 79,982 Plus: Non-interest bearing current liabilities 225,637 Plus: Non-interest bearing non-current liabilities 276,418 Plus: Deferred tax assets and uncertain tax positions 10,810 Reorganization value of Successor assets $ 1,722,847
Schedule of Effects on Consolidated Balance Sheet Due to Reorganization and Fresh Start Accounting Adjustments	The following illustrates the effects on the Company’s Consolidated Balance Sheet due to the reorganization and fresh start accounting adjustments. The explanatory notes following the table below provide further details on the adjustments, including the assumptions and methods used to determine fair value for its assets, liabilities, and warrants. Unless otherwise indicated, dollar amounts are stated in thousands. April 23, 2021 Transaction Accounting Predecessor Reorganization Adjustments Fresh Start Adjustments Successor ASSETS Current assets: Cash and cash equivalents $ 333,699 $ ( 253,717 ) (a) $ — $ 79,982 Restricted cash 3,274 32,173 (b) — 35,447 Accounts receivable 134,104 — 802 (r) 134,906 Less: allowance for credit losses ( 5,555 ) — — ( 5,555 ) Accounts receivable, net 128,549 — 802 129,351 Prepaid expenses and other current assets 108,594 ( 15,484 ) (c) ( 34,455 ) (s) 58,655 Assets held for sale 1,000 — — 1,000 Total current assets 575,116 ( 237,028 ) ( 33,653 ) 304,435 Drilling and other property and equipment, net of accumulated depreciation 3,892,150 182,985 (d) ( 2,720,485 ) (t) 1,354,650 Other assets 179,783 ( 112,454 ) (e) ( 10,282 ) (u) 57,047 Deferred tax asset — — 6,716 (r) 6,716 Total assets $ 4,647,049 $ ( 166,497 ) $ ( 2,757,704 ) $ 1,722,848 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 66,397 $ ( 996 ) (f) $ — $ 65,401 Accrued liabilities 246,141 ( 67,125 ) (g) ( 55,961 ) (v) 123,055 Short-term debt 442,034 ( 442,034 ) (h) — — Finance lease right of use liabilities, current — 15,148 (i) — 15,148 Taxes payable 22,034 — — 22,034 Total current liabilities 776,606 ( 495,007 ) ( 55,961 ) 225,638 Deferred tax liability 23,060 3,869 (j) ( 34,447 ) (w) — 7,518 (r) Other liabilities 217,434 ( 90,098 ) (k) ( 9,837 ) (x) 117,499 Finance lease right of use liabilities, noncurrent — 158,919 (l) — 158,919 Long-term debt — 285,982 (m) — 285,982 Total liabilities not subject to compromise 1,017,100 ( 136,335 ) ( 92,727 ) 788,038 Liabilities subject to compromise 2,044,877 ( 2,044,877 ) (n) — — Stockholders’ equity: Predecessor preferred stock — — — — Predecessor common stock 1,453 ( 1,453 ) (o) — — Predecessor additional paid-in capital 2,029,978 ( 2,029,978 ) (o) — — Predecessor treasury stock ( 206,163 ) 206,163 (o) — — Successor preferred stock — — — — Successor common stock — 10 (p) — 10 Successor additional paid-in capital — 934,800 (p) — 934,800 Successor treasury stock — — — — Accumulated deficit ( 240,196 ) 2,905,173 (q) ( 2,664,977 ) (y) — Total stockholders’ equity 1,585,072 2,014,715 ( 2,664,977 ) 934,810 Total liabilities and stockholders’ equity $ 4,647,049 $ ( 166,497 ) $ ( 2,757,704 ) $ 1,722,848 Reorganization Adjustments (a) Reflects the net cash payments that occurred on the Effective Date as follows: April 23, 2021 Funding of professional fee escrow account $ ( 35,003 ) Payment of non-retained professional fees ( 14,087 ) Payment of Predecessor RCF, including accrued interest ( 479,627 ) Proceeds from Exit Facilities 200,000 Receipt of cash from the issuance of First Lien Notes through primary Private Placement and primary Rights Offering 75,000 Change in cash and cash equivalents $ ( 253,717 ) (b) Reflects the change in restricted cash for the following activities: April 23, 2021 Funding of professional fee escrow account $ 35,003 Payment of key employee incentive plan holdback escrow account ( 1,697 ) Payment of pre-petition trade claims ( 1,133 ) Change in restricted cash $ 32,173 (c) Reflects the changes in prepaid expenses and other current assets for the following activities: April 23, 2021 Reduction of prepaid expense for success fees $ ( 1,095 ) Reclassification of debt issuance costs to other assets and long-term debt ( 10,328 ) Reclassification of payment-in-kind upfront fee related to the Exit RCF to other assets ( 3,478 ) Write-off of Predecessor directors and officers tail insurance policy ( 583 ) Change in prepaid expenses and other current assets $ ( 15,484 ) (d) As a result of an amendment that became effective on the Effective Date, the BOP leases were recharacterized from operating leases to finance leases pursuant to FASB ASC Topic 842, Leases (or ASC 842). The impact of the recharacterization resulted in the reclassification of the ROU asset of $ 116.2 million from “Other assets” into “Drilling and other property and equipment.” The value of the BOP ROU assets and the corresponding finance lease liabilities after the amendment were increased by an adjustment of $ 66.8 million in accordance with the modification guidance of ASC 842. (e) Reflects the changes in other assets for the following activities: April 23, 2021 Reclassification of BOP lease asset to drilling and other property and equipment $ ( 116,242 ) Reclassification of payment-in-kind upfront fee related to the Exit RCF from prepaid expenses and other current assets 3,478 Record debt issuance costs related to the Exit RCF 6,659 Write-off of Predecessor directors and officers tail insurance policy ( 6,349 ) Change in other assets $ ( 112,454 ) (f) Reflects the $ 1.0 million reduction in accounts payable for the payment of pre-petition trade claims and associated post-petition interest related to general unsecured claims. (g) Reflects the changes in accrued liabilities for the following activities: April 23, 2021 Record accrued liability related to success fees $ 10,699 Record accrued liability related to a bonus accrual under the amended BOP services agreement 831 Reclassification of BOP short-term lease liability into a finance lease ( 17,225 ) Payment of non-retained professional fees ( 8,762 ) Payment of key employee incentive plan holdback awards ( 1,697 ) Payment of accrued interest related to Predecessor RCF ( 37,593 ) Reclassification of payment-in-kind upfront fee into the Exit RCF ( 3,478 ) Reclassification of backstop commitment premium to payment-in-kind First Lien Notes ( 9,900 ) Change in accrued liabilities $ ( 67,125 ) (h) Reflects the changes in short-term debt for the following activities: April 23, 2021 Record Predecessor RCF cash paydown of principal $ ( 242,034 ) Reflects payment in full of the borrowings outstanding under the Predecessor RCF on the Effective Date ( 200,000 ) Change in short-term debt $ ( 442,034 ) (i) Reflects the reclassification of the current BOP operating lease liability to a finance lease of $ 17.2 million, net of the modification pursuant to ASC 842 of the current BOP finance lease liability of $ 2.1 million. (j) Reflects the adjustment to deferred taxes of $ 3.9 million due to the step plan adjustments recorded as a result of the Plan. (k) Reflects the reclassification of the non-current BOP operating lease liability to a finance lease of $( 90.1 ) million. (l) Reflects the reclassification of the non-current BOP operating lease liability to a finance lease of $ 90.1 million and the modification of the non-current BOP finance lease liability of $ 68.8 million pursuant to ASC 842. (m) Reflects the changes in long-term debt for the following activities: April 23, 2021 Borrowings drawn under the Exit Facilities $ 200,000 Record payment-in-kind upfront fee related to the Exit RCF 3,478 Issuance of First Lien Notes for cash 75,000 Record 1 % premium associated with First Lien Notes 749 Record backstop commitment premium to payment-in-kind First Lien Notes 10,424 Record debt issuance costs related to Exit Term Loans and First Lien Notes ( 3,669 ) Change in long-term debt $ 285,982 (n) Liabilities subject to compromise were settled as follows in accordance with the Plan: April 23, 2021 Senior Notes Claims $ 2,044,877 Total settled liabilities subject to compromise 2,044,877 Issuance of New Diamond Common Shares to holders of Senior Notes Claims ( 639,965 ) Issuance of New Diamond Common Shares to participants of the Rights Offering and Private Placements ( 274,271 ) Record 1 % premium associated with First Lien Notes ( 749 ) Pre-tax gain on settlement of liabilities subject to compromise $ 1,129,892 (o) Reflects the cancellation of the Predecessor’s common stock, treasury stock and related components of the Predecessor’s additional paid-in capital. (p) The following reconciles reorganization adjustments made to the Successor’s common stock and Successor’s additional paid-in capital: April 23, 2021 Fair value of New Diamond Common Shares issued to holders of Senior Notes Claims $ 914,236 Fair value of Emergence Warrants issued to Predecessor equity holders 20,574 Total change in Successor common stock and additional paid-in capital 934,810 Less: Par value of Successor common stock ( 10 ) Successor additional paid-in capital $ 934,800 (q) Reflects the cumulative net impact of the effects on accumulated deficit as follows: April 23, 2021 Success fee recognized on the Effective Date $ ( 17,120 ) Pre-tax gain on settlement of liabilities subject to compromise 1,129,892 Backstop commitment expense to record difference between accrued termination fee and issuance of payment-in-kind First Lien Notes upon emergence ( 524 ) Write-off of Predecessor directors and officers tail insurance policy ( 6,932 ) Other emergence effects ( 137 ) Expense related to bonus accrual under BOP services agreement ( 831 ) Cancellation of Predecessor common stock, additional paid-in capital and treasury stock 1,825,268 Issuance of Emergence Warrants to Predecessor equity holders ( 20,574 ) Change in deferred tax as a result of step plan adjustments ( 3,869 ) Change in accumulated deficit $ 2,905,173 Fresh Start Adjustments (r) Reclassification of a net debit in the “Deferred tax liability” account to “Deferred tax asset” after the adjustment pursuant to ASC 740 based on the impact of the tax effects of the reorganization and the fair value ascribed to the enterprise upon emergence, with a portion classified to “Accounts receivable” based on the expected amount to be received from the amended tax return. (s) Reflects the write-off of current deferred contract assets of $( 27.3 ) million, as there was no future benefit to be recognized by the Successor, and the fair value adjustment of $( 7.2 ) million to rig spare parts and supplies. (t) Reflects the fair value adjustment to “Drilling and other property and equipment” and the elimination of accumulated depreciation of $( 2,712.1 ) million. In addition, the adjustment reflects the fair value adjustment of $( 8.4 ) million to the BOP finance lease assets by setting the ROU assets equal to the ROU liabilities less the prepaid amounts. Refer to the valuation procedures set forth above with respect to valuing the rigs and related equipment. (u) Reflects the fair value adjustments to “Other assets” for the following: April 23, 2021 Write-off of long-term contract assets $ ( 10,029 ) Fair value adjustment to set asset equal to right-of-use liability for other operating leases ( 1,998 ) Fair value adjustment to other operating leases to reflect the IBR on the Effective Date 1,745 Change in other assets $ ( 10,282 ) (v) Reflects the write-off of current deferred contract liabilities of $( 56.4 ) million as there is no future obligation to be performed by the Successor and the fair value adjustment of $ 0.4 million to current other lease liabilities because of the impact of applying the IBR at the Effective Date at emergence. (w) Reflects the adjustment to deferred taxes of $( 34.4 ) million pursuant to ASC 740 based on the impact of the tax effects of the reorganization, inclusive of the Successor company’s tax basis, and the fair value ascribed to the enterprise upon emergence. (x) Reflects the write-off of non-current deferred contract liabilities of $( 11.1 ) million as there was no future obligation to be performed by the Successor and the fair value adjustment of $ 1.3 million to non-current other lease liabilities. (y) Reflects the cumulative effect of the fresh start accounting adjustments discussed above.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	12 Months Ended
Revenue from Contracts with Customers (Tables)	Dec. 31, 2022
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): December 31, 2022 2021 Trade receivables $ 155,956 $ 130,021 Current contract assets (1) 141 1,835 Noncurrent contract assets (1) — — Current contract liabilities (deferred revenue) (1) ( 11,513 ) ( 38,506 ) Noncurrent contract liabilities (deferred revenue) (1) ( 487 ) ( 9,787 ) (1) Contract assets and contract liabilities may reflect balances that 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 asset and liability balances are included in “Other assets” and “Other liabilities,” respectively, in our Consolidated Balance Sheets as of December 31, 2022 and 2021 .
Summary of Significant Changes in Net Contract Assets and Contract Liabilities Balances	Significant changes in net contract assets and the contract liabilities balances during the period are as follows (in thousands): Successor Predecessor December 31, April 24, 2021 through January 1, 2021 through December 31, 2022 December 31, 2021 April 23, 2021 2020 Contract assets, beginning of period $ 1,835 $ 418 $ 2,870 $ 6,314 Contract liabilities, beginning of period ( 48,293 ) — ( 56,927 ) ( 48,104 ) Net balance at beginning of period ( 46,458 ) 418 ( 54,057 ) ( 41,790 ) Decrease due to amortization of revenue that was 26,909 — 15,341 35,231 Increase due to cash received, excluding amounts ( 2,445 ) ( 48,293 ) ( 22,553 ) ( 44,081 ) Increase due to revenue recognized during the 6,619 1,417 1,442 4,748 Decrease due to transfer to receivables during the ( 8,312 ) — ( 700 ) ( 7,466 ) Write-off of deferred revenue due to application of fresh start accounting — — 60,945 — Adjustments (1) 11,828 — — ( 699 ) Net balance at end of period $ ( 11,859 ) $ ( 46,458 ) $ 418 $ ( 54,057 ) Contract assets at end of period $ 141 $ 1,835 $ 418 $ 2,870 Contract liabilities at end of period ( 12,000 ) ( 48,293 ) — ( 56,927 ) (1) Upon commencement of drilling operations, the MMSA for the managed rigs was suspended and replaced by a charter agreement for the duration of the contract. As a result, we reclassified $ 11.1 million previously recorded as a contract liability to “Contract advances,” which was reported as a component of “Accrued liabilities” in our Consolidated Balance Sheet at December 31, 2022.
Summary of Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations	The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations as of December 31, 2022 (in thousands): For the Years Ending December 31, 2023 2024 Total Mobilization and contract $ 6,352 $ 225 $ 6,577 Capital modification revenue 5,138 287 5,425 Demobilization and other deferred revenue ( 164 ) — ( 164 ) Total $ 11,326 $ 512 $ 11,838

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	12 Months Ended
Supplemental Financial Information (Tables)	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Net of Allowance for Doubtful Accounts	Accounts receivable, net of allowance for bad debts, consists of the following (in thousands): December 31, 2022 2021 Trade receivables $ 155,956 $ 130,021 Federal income tax receivables 9,450 9,278 Value added tax receivables 6,075 9,729 Related party receivables 73 66 Other 6,121 2,823 177,675 151,917 Allowance for credit losses ( 5,622 ) ( 5,582 ) Total $ 172,053 $ 146,335
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): December 31, 2022 2021 Prepaid taxes 16,922 16,163 Deferred contract costs 14,373 7,267 Rig spare parts and supplies 5,091 3,716 Prepaid rig costs 4,001 4,048 Prepaid insurance 3,022 3,436 Deferred survey costs 838 511 Current contract assets 141 1,835 Collateral deposits — 17,480 Other 4,307 6,984 Total $ 48,695 $ 61,440
Accrued Liabilities	Accrued liabilities consist of the following (in thousands): December 31, 2022 2021 Contract advances $ 52,743 $ — Rig operating costs 39,288 42,532 Payroll and benefits 29,408 29,268 Current operating lease liability 13,480 15,998 Deferred revenue 11,513 38,506 Accrued capital project/upgrade costs 8,419 2,219 Shorebase and administrative costs 4,365 5,776 Personal injury and other claims 3,738 5,598 Interest payable 1,897 2,986 Deposit for equipment sale 1,670 — Other 264 853 Total $ 166,785 $ 143,736
Noncash Investing and Financing Activities	Noncash investing activities excluded from the Consolidated Statements of Cash Flows and other supplemental cash flow information is as follows (in thousands): Successor Successor Predecessor For the Year Ended Period from April 24 Period from January 1 For the Year Ended December 31, through December 31, through April 23, December 31, 2022 2021 2021 2020 Accrued but unpaid capital expenditures at period end $ 8,419 $ 2,219 $ 18,617 $ 7,615 Accrued but unpaid debt issuance costs and arrangement fees (1) — — 7,588 — Common stock withheld for payroll tax obligations (2) 4,252 — — 395 Cash interest payments 27,767 13,671 37,593 19,843 Cash paid for reorganization items, net — 36,154 37,566 40,301 Cash income taxes paid (refunded), net: Foreign 13,178 1,969 3,460 11,826 U.S. federal 110 468 — ( 42,462 ) State — — ( 34 ) 36 (1) Represents unpaid debt issuance costs related to our exit financing that were incurred and capitalized during the Predecessor period from January 1, 2021 through April 23, 2021, which were accrued at April 23, 2021. In total, we incurred and capitalized financing costs of $ 13.8 million in relation to our exit financing . (2) Represents the cost of 563,727 and 1 31,698 shares of common stock withheld to satisfy the payroll tax obligation incurred as a result of the vesting of equity awards in the Successor year ended December 31, 2022 and the Predecessor year ended December 31, 2020, respectively. These costs are presented as a deduction from stockholders’ equity in “Treasury stock” in our Consolidated Balance Sheet at December 31, 2022.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2022
Time-vesting RSU and Restricted Stock [Member]
Summary of Activity Under Stock Plan	A summary of time-vesting RSU and restricted stock award activity under the Successor Equity Incentive Plan as of December 31, 2022 and changes during the year ended December 31, 2022 is as follows: Number Weighted Nonvested awards at January 1, 2022 2,178,690 $ 8.75 Granted 545,651 $ 6.68 Vested ( 616,835 ) $ 8.75 Forfeited ( 162,368 ) $ 8.44 Nonvested awards at December 31, 2022 1,945,138 $ 8.20
Performance-Vesting RSUs [Member]
Summary of Activity Under Stock Plan	A summary of performance-vesting RSU activity under the Equity Incentive Plan as of December 31, 2022 and changes during the year ended December 31, 2022 is as follows: Number Weighted Nonvested awards at January 1, 2022 1,440,641 $ 8.75 Granted 709,148 $ 5.71 Vested ( 444,474 ) $ 8.75 Forfeited ( 184,018 ) $ 8.04 Nonvested awards at December 31, 2022 1,521,297 $ 7.42 The weighted average grant-date fair value of performance awards granted during the year ended December 31, 2022 and the Successor period from April 24, 2021 to December 31, 2021 was $ 5.71 and $ 8.75 , respectively. The total fair value of performance awards vested during year ended December 31, 2022 was $ 3.2 million.
Performance-vesting Restricted Stock [Member]
Summary of Activity Under Stock Plan	A summary of performance-vesting restricted stock activity under the Successor Equity Incentive Plan as of December 31, 2022 and changes during the year ended December 31, 2022 is as follows: Number Weighted Nonvested awards at January 1, 2022 777,777 $ 6.89 Vested ( 747,407 ) $ 6.89 Nonvested awards at December 31, 2022 30,370 $ 6.89
Weighted Average Assumptions Used in Estimating Fair Value of Restricted Stock	The performance-vesting restricted stock awards granted during the year ended December 31, 2022 and the performance-vesting restricted stock awards granted to our Chief Executive Officer during the Successor period from April 24, 2021 through December 31, 2021 were valued using a Monte Carlo simulation assuming a Geometric Brownian Motion in a risk-neutral framework and using the following assumptions: Awards granted 2022 2021 Expected life of awards (in years) 3 3 Expected volatility 75.00 % 70.00 % Risk-free interest rate 2.71 % 0.29 %

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	12 Months Ended
Financial Instruments and Fair Value Disclosures (Tables)	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on Nonrecurring and Recurring Basis	Assets and liabilities measured at fair value are summarized below (in thousands). Successor December 31, 2022 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets and Liabilities at Total Losses for Year Ended (1) Recurring fair value measurements Liability-classified Director restricted stock units $ ( 818 ) $ ( 818 ) $ ( 230 ) Successor December 31, 2021 Fair Value Measurements Using Predecessor Level 1 Level 2 Level 3 Assets and Liabilities at Total Losses (2) Total Losses for Period from January 1, 2021 to April 23, 2021 (3) Recurring fair value measurements Liability-classified Director restricted stock units $ ( 528 ) $ — $ — $ ( 528 ) $ ( 528 ) $ — Nonrecurring fair value measurements Impaired assets (4) $ — $ — $ 77,900 $ 77,900 $ 132,449 $ 197,027 Predecessor December 31, 2020 Fair Value Measurements Using Nonrecurring fair value measurements Level 1 Level 2 Level 3 Assets at Total (5) Impaired assets (6) $ — $ — $ 1,000 $ 1,000 $ 842,016 (1) Represents an increase in stock compensation expense due to the “marking-to-market” of liability-classified restricted stock units granted to our non-employee directors. (2) Represents an impairment charge recognized during the Successor period from April 24, 2021 through December 31, 2021 related to two semisubmersible rigs that were written down to their estimated fair value. (3) Represents an impairment charge recognized during the Predecessor period from January 1, 2021 through April 23, 2021 related to one semisubmersible rig, which was written down to its estimated fair value. (4) Represents the total book value as of December 31, 2021 of two semisubmersible rigs, which were written down to estimated fair value during the Successor period from April 24, 2021 through December 31, 2021. (5) Represents impairment losses of $ 774.0 million and $ 68.0 million recognized during the first and fourth quarters of the Predecessor year ended December 31, 2020, respectively, related to four semisubmersible rigs which were written down to their estimated fair value. (6) 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 the Predecessor year ended December 31, 2020.
Fair Values and Related Carrying Values of Our Debt Instruments	Fair values and related carrying values of our Exit Term Loans, First Lien Notes and the Predecessor Senior Notes Senior Notes (see Note 11 "Prepetition Revolving Credit Facility, Senior Notes and Exit Debt") are shown below (in millions). December 31, 2022 2021 Fair Carrying Fair Carrying Exit Term Loans $ 91.1 $ 100.0 $ 100.0 $ 100.0 First Lien Notes 78.3 85.3 86.2 86.1

Drilling and Other Property a_2

Drilling and Other Property and Equipment (Tables)	12 Months Ended
Drilling and Other Property and Equipment (Tables)	Dec. 31, 2022
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): December 31, 2022 2021 Drilling rigs and equipment $ 1,126,793 $ 1,057,739 Finance lease right of use asset 174,571 174,571 Land and buildings 10,001 9,823 Office equipment and other 2,515 2,264 Cost 1,313,880 1,244,397 Less: accumulated depreciation ( 171,972 ) ( 68,502 ) Drilling and other property and equipment, net $ 1,141,908 $ 1,175,895

Prepetition Revolving Credit _2

Prepetition Revolving Credit Facility, Senior Notes and Exit Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Summary of Carrying Value of Long-term Debt, Net of Unamortized Discount, Premium and Debt Issuance Costs	At December 31, 2022 and 2021, the carrying value of the Successor long-term debt (or Exit Debt), net of unamortized discount, premium and debt issuance costs, was comprised as follows (in thousands): December 31, 2022 2021 Borrowings under Exit RCF $ 177,478 $ 83,478 Exit Term Loans 99,190 99,034 First Lien Notes 83,976 83,729 Total Exit Debt, net $ 360,644 $ 266,241
Summary of Aggregate Annual Maturity of Exit Debt	As of December 31, 2022, the aggregate annual maturity of the Successor Exit Debt, excluding net unamortized premium and debt issuance costs of $ 0.7 million and $ 2.8 million, respectively, was as follows (in thousands): Aggregate Year Ending December 31, 2023 $ — 2024 — 2025 — 2026 177,478 2027 185,321 Thereafter — Total maturities of long-term debt $ 362,799

Leases and Lease Commitments (T

Leases and Lease Commitments (Tables)	12 Months Ended
Leases and Lease Commitments (Tables)	Dec. 31, 2022
Leases [Abstract]
Schedule of Amounts Recognized in Unaudited Condensed Consolidated Balance Sheets	Amounts recognized in our Consolidated Balance Sheets for both our operating and finance leases are as follows (in thousands): December 31, 2022 2021 Operating Leases: Other assets $ 30,332 $ 38,834 Accrued liabilities ( 13,480 ) ( 15,998 ) Other liabilities ( 16,542 ) ( 22,762 ) Finance Leases: Drilling and other property and equipment, net of accumulated depreciation 145,510 162,717 Current finance lease liabilities ( 16,965 ) ( 15,865 ) Noncurrent finance lease liabilities ( 131,393 ) ( 148,358 )
Components of Lease Expense	Components of lease expense are as follows (in thousands): Successor Predecessor Period from Period from Year Ended December 31, April 24, 2021 through January 1, 2021 through Year Ended December 31, 2022 December 31, 2021 April 23, 2021 2020 Operating lease cost $ 19,479 $ 11,754 $ 11,799 $ 35,964 Finance lease cost: Amortization of ROU assets 17,207 11,854 — — Interest on lease liabilities 10,415 7,796 — — Short-term lease cost 242 199 101 832 Variable lease cost (1) 12,804 1,237 598 1,465 Total lease cost $ 60,147 $ 32,840 $ 12,498 $ 38,261 (1) Includes charter expenses incurred post-commencement of drilling operations for the managed rigs.
Supplemental Information Related to Leases	Supplemental information related to leases is as follows (in thousands, except weighted-average data): Successor Predecessor Period from Period from Year Ended December 31, April 24, 2021 through January 1, 2021 through Year Ended December 31, 2022 December 31, 2021 April 23, 2021 2020 Operating Leases: Operating cash flows used $ 19,031 $ 12,005 $ 10,817 $ 35,057 ROU assets obtained in exchange for lease liabilities 8,662 19,064 1,076 10,645 Weighted-average remaining lease term (1) 4.0 years 4.4 years 5.9 years 5.6 years Weighted-average discount rate (1) 6.79 % 6.53 % 6.89 % 8.94 % Finance Leases: Operating cash flows used $ 10,415 $ 7,796 $ — $ — Financing cash flows used 15,865 9,845 — — ROU assets obtained in exchange for lease liabilities — 174,571 — — Weighted-average remaining lease term (1) 3.5 years 4.5 years n/a n/a Weighted-average discount rate (1) 6.72 % 6.72 % n/a n/a (1) Amounts represent the weighted average remaining lease term or discount rate as of the end of the respective period presented.
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of December 31, 2022 are as follows (in thousands): Operating Leases Finance Leases Total 2023 $ 14,937 $ 26,280 $ 41,217 2024 4,845 26,352 31,197 2025 3,686 26,280 29,966 2026 3,524 96,430 99,954 2027 3,437 — 3,437 Thereafter 4,258 — 4,258 Total lease payments 34,687 175,342 $ 210,029 Less: interest ( 4,665 ) ( 26,984 ) Total lease liability $ 30,022 $ 148,358

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Components of Income Tax (Benefit) Expense	The components of income tax (benefit) expense are as follows (in thousands): Successor Predecessor Period from Period from Year Ended December 31, April 24, 2021 through January 1, 2021 through Year Ended December 31, 2022 December 31, 2021 April 23, 2021 2020 Federal – current $ 1,267 $ 3,645 $ 171 $ ( 11,844 ) State – current 10 — — ( 12 ) Foreign – current ( 4,151 ) 1,491 ( 3,681 ) 9,898 Total current ( 2,874 ) 5,136 ( 3,510 ) ( 1,958 ) Federal – deferred 4,538 ( 6,742 ) ( 30,955 ) ( 7,431 ) Foreign – deferred ( 4,059 ) 3,260 ( 4,939 ) ( 11,797 ) Total deferred 479 ( 3,482 ) ( 35,894 ) ( 19,228 ) Total $ ( 2,395 ) $ 1,654 $ ( 39,404 ) $ ( 21,186 )
Difference Between Actual Income Tax Expense and Tax Provision Computed by Applying Statutory Federal Income Tax Rate to Income Before Taxes	The difference between actual income tax expense and the tax provision computed by applying the statutory federal income tax rate to income before taxes is attributable to the following (in thousands): Successor Predecessor Period from Period from Year Ended December 31, April 24, 2021 through January 1, 2021 through Year Ended December 31, 2022 December 31, 2021 April 23, 2021 2020 (Loss) income before income tax expense: U.S. $ ( 7,054 ) $ ( 1,048 ) $ 686,202 $ ( 336,880 ) Foreign ( 98,552 ) ( 174,642 ) ( 2,687,595 ) ( 939,210 ) $ ( 105,606 ) $ ( 175,690 ) $ ( 2,001,393 ) $ ( 1,276,090 ) Expected income tax benefit at federal statutory rate $ ( 22,177 ) $ ( 36,895 ) $ ( 420,292 ) $ ( 267,979 ) Effect of tax rate changes — 9,871 — ( 7,003 ) Reorganization items — 266 ( 225,563 ) 7,871 Post-petition interest expense — — ( 6,771 ) ( 16,778 ) Disallowed officers' compensation and restricted stock unit awards 2,205 — — — Interest and penalties reported as income tax expense 3,318 — — — Effect of foreign operations 12,639 79,600 163,236 136,262 Valuation allowance ( 23,135 ) ( 45,919 ) 515,421 17,331 Uncertain tax positions, settlements and adjustments relating to prior years 25,692 ( 7,220 ) ( 67,626 ) 107,148 Other ( 937 ) 1,951 2,191 1,962 Income tax (benefit) expense $ ( 2,395 ) $ 1,654 $ ( 39,404 ) $ ( 21,186 )
Components of Deferred Income Tax Assets and Liabilities	Deferred Income Taxes. Significant components of our deferred income tax assets and liabilities are as follows (in thousands): December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards, or NOLs $ 412,152 $ 226,022 Foreign tax credits 27,223 29,243 Disallowed interest deduction 69,604 70,492 Worker’s compensation and other current accruals 6,273 5,150 Deferred deductions 7,661 6,869 Deferred revenue 33 6,282 Operating lease liability 22,011 33,815 Property, plant and equipment 129,938 334,757 Other 7,234 4,971 Total deferred tax assets 682,129 717,601 Valuation allowance ( 650,193 ) ( 673,452 ) Net deferred tax assets 31,936 44,149 Deferred tax liabilities: Right-of-use assets ( 21,374 ) ( 33,117 ) Other ( 652 ) ( 871 ) Total deferred tax liabilities ( 22,026 ) ( 33,988 ) Net deferred tax asset $ 9,910 $ 10,161
Summary of Rollforward of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Interest and Penalties	A rollforward of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): Successor Predecessor For the Period For the Period Year Ended April 24, 2021 January 31, 2021 Year Ended December 31, through through December 31, 2022 December 31, 2021 April 23, 2021 2020 Balance, beginning of period $ ( 21,148 ) $ ( 26,678 ) $ ( 214,626 ) $ ( 118,884 ) Additions for current year tax positions ( 5,993 ) ( 3,553 ) — ( 100,780 ) Additions for prior year tax positions ( 504 ) ( 1,424 ) ( 1,282 ) ( 1,559 ) Reductions for prior year tax positions 4,345 1,730 187,389 2,944 Reductions related to statute of limitation expirations 1,760 8,777 1,841 3,653 Balance, end of period $ ( 21,540 ) $ ( 21,148 ) $ ( 26,678 ) $ ( 214,626 )

Segments and Geographic Area _2

Segments and Geographic Area Analysis (Tables)	12 Months Ended
Segments and Geographic Area Analysis (Tables)	Dec. 31, 2022
Segment Reporting [Abstract]
Summary of Information About Disaggregated Revenue by Equipment type and Country	The following tables provide information about disaggregated revenue by equipment-type and country (in thousands): Successor Year Ended December 31, 2022 Total Revenues Total United States $ 322,021 $ 75,069 $ 397,090 Senegal 154,574 11,929 166,503 Australia 92,939 14,082 107,021 United Kingdom 66,116 8,478 74,594 Brazil 80,185 — 80,185 Myanmar 8,909 6,976 15,885 Total $ 724,744 $ 116,534 $ 841,278 Successor Period from April 24, 2021 through December 31, 2021 Total Revenues Total United States $ 194,912 $ 55,471 $ 250,383 Senegal 48,758 10,110 58,868 Australia 95,601 15,132 110,733 United Kingdom 55,245 3,859 59,104 Brazil 42,215 — 42,215 Myanmar 28,597 6,166 34,763 Total $ 465,328 $ 90,738 $ 556,066 Predecessor Period from January 1, 2021 through April 23, 2021 Total Revenues Total United States $ 93,215 $ 7,048 $ 100,263 Australia 17,031 4,697 21,728 United Kingdom 27,967 2,300 30,267 Brazil 3,421 — 3,421 Myanmar 11,730 1,970 13,700 Total $ 153,364 $ 16,015 $ 169,379 Predecessor Year Ended December 31, 2020 Total Revenues Total United States $ 321,150 $ 13,262 $ 334,412 Australia 63,876 13,271 77,147 United Kingdom 112,121 8,929 121,050 Brazil 155,436 ( 18 ) 155,418 Malaysia (1) 40,170 5,490 45,660 Total $ 692,753 $ 40,934 $ 733,687 (1) Revenue earned by the Ocean Monarch during a standby period in Malaysia while awaiting clearance to begin operations in Myanmar waters.
Long-Lived Tangible Assets by Country	The following table presents the locations of our long-lived tangible assets by country as of December 31, 2022, 2021 and 2020. A substantial portion of our assets is comprised of rigs that are mobile and, therefore, asset locations at the end of the period are not necessarily indicative of the geographic distribution of the earnings generated by such assets during the periods and may vary from period to period due to the relocation of rigs. In circumstances where our drilling rigs were in transit at the end of a calendar year, they have been presented in the tables below within the country in which they were expected to operate (in thousands). Successor Predecessor December 31, December 31, December 31, 2022 2021 (1) (2) 2020 (2) Drilling and other property and equipment, net: United States $ 362,813 $ 559,288 $ 2,162,488 International: Senegal 352,655 188,694 — United Kingdom 256,837 98,338 248,500 Australia 91,089 106,173 722,389 Brazil 69,596 76,383 87,543 Spain (3) — 142,930 686,436 Myanmar — 2,258 207,451 Other countries (4) 8,918 1,831 8,002 779,095 616,607 1,960,321 Total $ 1,141,908 $ 1,175,895 $ 4,122,809 (1) Balances reflect a fair value adjustment to “Drilling and other property and equipment” and the elimination of accumulated depreciation aggregating $( 2,712.1 ) million. In addition, the adjustment reflects the fair value adjustment of $ ( 8.4 ) million to the BOP finance lease assets by setting the ROU assets equal to the ROU liabilities less the prepaid amounts. See Note 3 “Fresh Start Accounting.” (2) During the Predecessor period from January 1, 2021 through April 23, 2021 and the Successor period from April 24, 2021 through December, 31, 2021, we recorded aggregate impairment losses of $ 197.0 million and $ 132.4 million, respectively, to write down certain of our drilling rigs and related equipment with indicators of impairment to their estimated recoverable amounts. During the Predecessor year 2020, we recorded aggregate impairment losses of $ 842.0 million to write down certain of our drilling rigs and related equipment with indicators of impairment to their estimated recoverable amounts. (3) The Ocean GreatWhite was relocated to the U.K. in 2022 for reactivation and contract preparation activities. (4) Countries with long-lived assets that individually comprise less than 5 % of total drilling and other property and equipment, net of accumulated depreciation.
Revenues from Major Customers that Contributed More than 10% of Total Revenues	Revenues from our major customers for the Successor periods comprising the year ended December 31, 2022 and the period from April 24, 2021 through December 31, 2021 and the Predecessor periods from January 1, 2021 through April 23, 2021 and the year ended December 31, 2020 that contributed more than 10% of our total revenues are as follows: Successor Predecessor Period from Period from Year Ended April 24, 2021 January 1, 2021 Year Ended Customer December 31, 2022 December 31, 2021 April 23, 2021 December 31, 2020 BP 33.1 % 25.4 % 39.8 % 20.6 % Woodside 29.7 % 22.4 % 0.5 % 7.0 % Petróleo Brasileiro S.A. 9.5 % 7.6 % 2.0 % 21.2 % Shell 4.1 % 5.1 % 9.2 % 10.1 % Occidental 3.9 % 11.5 % 21.4 % 20.1 % Hess Corporation — — — 10.7 %

General Information - Additiona

General Information - Additional Information (Detail) $ in Thousands	1 Months Ended	4 Months Ended	8 Months Ended	12 Months Ended
	Feb. 28, 2022 USD ($)	Apr. 23, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) Rig	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Significant Accounting Policies [Line Items]
Number of offshore rigs owned \| Rig				14
Survey Costs			$ 900	$ 3,300
Net book value of assets			1,175,895	1,141,908	$ 1,175,895	$ 4,122,809
Gain (loss) on disposition of assets		$ 5,486	1,024	$ 4,895		$ 7,375
Period considered to treat short-term, highly liquidity investments as cash equivalents				three months or less
Amount capitalized for asset replacements and betterments		$ 59,900	22,000	$ 69,100
Minimum [Member]
Significant Accounting Policies [Line Items]
Deferral and amortization costs incurred period				2 years 6 months
Estimated useful life for drilling rigs and equipment				3 years
Maximum [Member]
Significant Accounting Policies [Line Items]
Deferral and amortization costs incurred period				5 years
Estimated useful life for drilling rigs and equipment				30 years
Contract Drilling [Member]
Significant Accounting Policies [Line Items]
Amortized deferred survey costs			200	$ 700
Prepaid Expenses and Other Current Assets [Member]
Significant Accounting Policies [Line Items]
Survey Costs				800	500
Other Assets [Member]
Significant Accounting Policies [Line Items]
Survey Costs				$ 2,500	200
Ultra-deepwater Drillship [Member]
Significant Accounting Policies [Line Items]
Number of offshore rigs owned \| Rig				4
Semisubmersible Rigs [Member]
Significant Accounting Policies [Line Items]
Number of offshore rigs owned \| Rig				8
Ocean Valor [Member]
Significant Accounting Policies [Line Items]
Net book value of assets			$ 1,000		$ 1,000
Gain (loss) on disposition of assets	$ 4,000
Managed rigs [Member]
Significant Accounting Policies [Line Items]
Number of offshore rigs owned \| Rig				2

Chapter 11 Proceedings - Additi

Chapter 11 Proceedings - Additional Information (Detail) - USD ($)			4 Months Ended	8 Months Ended		12 Months Ended
	Apr. 23, 2021	Jan. 22, 2021	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2020	Jun. 22, 2021	Mar. 31, 2021	Apr. 26, 2020
Liabilities Subject To Compromise [Line Items]
Reorganization, date plan confirmed						Apr. 08, 2021
Reorganization, effective date of plan						Apr. 23, 2021
Authorizing issuance of shares of common stock representing equity interests percentage	100%		100%
Total capital stock authorized	800,000,000		800,000,000
Common stock, shares authorized	750,000,000		750,000,000	750,000,000		750,000,000
Common stock, par value	$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001
Preferred stock, shares authorized	50,000,000		50,000,000	50,000,000		50,000,000
Preferred stock, par value	$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001
Common stock transferred	30,000,000
New-money commitments to Debtors	$ 114,700,000
New stock warrants issued in exchange for common stock	7,500,000
Common stock, shares issued	100,000,000		100,000,000	100,075,000		101,884,000
Common stock, shares outstanding	100,000,000		100,000,000	100,075,000		101,320,000
Warrants term	5 years		5 years
Common stock shares registration								20,229,065
Payment for professional fees and vendor cancellation costs			$ 37,566,000	$ 36,154,000			$ 40,301,000
Accrued interest				2,986,000		$ 1,897,000
Interest expense			34,827,000	26,180,000		40,423,000	42,585,000
Net loss			(1,961,989,000)	(177,344,000)		(103,211,000)	(1,254,904,000)
Asset Impairment Charges			197,027,000	132,449,000		0	842,016,000
Contractual interest expense not recorded			$ 35,390,000				98,027,000
Computershare Inc. [Member]
Liabilities Subject To Compromise [Line Items]
Warrants issued	7,500,000
Warrants term	5 years		5 years
Warrants exercise years	5 years
Warrants exercisable percentage	7%
Warrants exercise price	$ 29.22		$ 29.22
Senior Notes [Member]
Liabilities Subject To Compromise [Line Items]
Common stock transferred	70,000,000
Senior notes										$ 2,000,000,000
Pro rata share received percentage	70%
Liabilities subject to compromise principal balance	$ 2,000,000,000		$ 2,000,000,000
Liabilities subject to compromise accrued interest	44,900,000		44,900,000
Contractual interest expense not recorded							$ 76,700,000
Senior Secured Term Loan Credit Agreement [Member]
Liabilities Subject To Compromise [Line Items]
Senior notes	$ 100,000,000		100,000,000
Debt instrument maturity date	Apr. 22, 2027
Debt instrument carrying amount	$ 100,000,000		100,000,000
Additional First Lien Notes [Member]
Liabilities Subject To Compromise [Line Items]
Senior notes	39,700,000		39,700,000
Debt instrument carrying amount				$ 0
Exit Revolving Credit Facility [Member]
Liabilities Subject To Compromise [Line Items]
Line of credit		$ 950,000,000
Exit Revolving Credit Facility [Member] \| Maximum [Member]
Liabilities Subject To Compromise [Line Items]
Credit facility pro rata share amount of funded loans	100,000,000
Senior Secured Revolving Credit Facility [Member]
Liabilities Subject To Compromise [Line Items]
Amount available for general purposes	400,000,000		400,000,000
Sublimit for issuance of letters of credit	$ 100,000,000		100,000,000
Credit Facility [Member]
Liabilities Subject To Compromise [Line Items]
Accrued interest									$ 35,300,000
Interest expense					$ 23,400,000
First Lien Notes [Member]
Liabilities Subject To Compromise [Line Items]
Senior notes maturity year	2027
Senior notes	$ 85,300,000		$ 85,300,000
Debt instrument maturity date	Apr. 22, 2027
First Lien Notes [Member] \| Cash Pay Rate [Member]
Liabilities Subject To Compromise [Line Items]
Interest rate of senior notes	9%		9%
First Lien Notes [Member] \| Cash Pay Rate and Payment in Kind Rate [Member]
Liabilities Subject To Compromise [Line Items]
Interest rate of senior notes	11%		11%
First Lien Notes [Member] \| Payment in Kind Rate [Member]
Liabilities Subject To Compromise [Line Items]
Interest rate of senior notes	13%		13%
5.70% Senior Notes due 2039 [Member]
Liabilities Subject To Compromise [Line Items]
Interest rate of senior notes		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%
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%
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%
Senior notes maturity year		2025
Exit Term Loan Credit Facility [Member]
Liabilities Subject To Compromise [Line Items]
Line of credit						$ 100,000,000
Senior notes	$ 100,000,000		$ 100,000,000
Maximum portion of facility used to settle RCF claims	$ 200,000,000

Chapter 11 Proceedings - Schedu

Chapter 11 Proceedings - Schedule of Reorganization Items Incurred (Detail) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Reorganizations [Abstract]
Professional fees	$ 51,084	$ 8,088		$ 53,517
Fresh start valuation adjustments	2,699,422
Net gain on settlement with certain unsecured vendors and liabilities subject to compromise	(1,129,892)
Accrued backstop commitment premium	10,424
Write-off of predecessor directors and officers tail insurance policy	6,932
Write-off of debt issuance costs	1,793			27,552
Other				(4,159)
Total reorganization items, net	$ 1,639,763	$ 8,088	$ 0	$ 76,910

Chapter 11 Proceedings - Summar

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

Fresh Start Accounting - Additi

Fresh Start Accounting - Additional Information (Detail) $ / shares in Units, $ in Thousands	Apr. 23, 2021 USD ($) $ / shares
Reorganization, Chapter 11 [Line Items]
Voting share of percentage	50%
Value of enterprise	$ 1,130,000
Percentage of economic obsolescence adjustment	80%
Weighted average incremental borrowing rate	6.70%
Percentage of estimated fair value of effective date	101%
Contractual strike price \| $ / shares	$ 29.22
Warrants term	5 years
Expected volatility assumption	70%
Warrants risk-free rate assumption	0.83%
Minimum [Member]
Reorganization, Chapter 11 [Line Items]
Value of enterprise	$ 805,000
Maximum [Member]
Reorganization, Chapter 11 [Line Items]
Value of enterprise	1,520,000
Mid-point
Reorganization, Chapter 11 [Line Items]
Value of enterprise	$ 1,130,000

Fresh Start Accounting - Schedu

Fresh Start Accounting - Schedule of Reconciles Enterprise Value to Estimated Fair Value of Successor's Equity (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Fresh-Start Balance Sheet [Abstract]
Enterprise value			$ 1,130,000
Cash and cash equivalents	$ 63,041	$ 38,388	79,982
Plus: Deferred tax assets and uncertain tax positions			10,810
Less: Fair value of debt			(285,982)
Fair value of Successor equity			$ 934,810

Fresh Start Accounting - Sche_2

Fresh Start Accounting - Schedule of Reconciles Enterprise Value to Reorganization Value of Successors Equity (Detail) $ in Thousands	Apr. 23, 2021 USD ($)
Fresh-Start Balance Sheet [Abstract]
Enterprise value	$ 1,130,000
Plus: Cash and cash equivalents	79,982
Plus: Non-interest bearing current liabilities	225,637
Plus: Non-interest bearing non-current liabilities	276,418
Plus: Deferred tax assets and uncertain tax positions	10,810
Reorganization value of Successor assets	$ 1,722,847

Fresh Start Accounting - Sche_3

Fresh Start Accounting - Schedule of Fresh Start Adjustments to Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 24, 2021	Apr. 23, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 63,041	$ 38,388		$ 79,982
Restricted cash	34,293	24,341		35,447
Accounts receivable	177,675	151,917		134,906
Less: allowance for credit losses	(5,622)	(5,582)		(5,555)
Accounts receivable, net	172,053	146,335		129,351
Prepaid expenses and other current assets	48,695	61,440		58,655
Assets held for sale	0	1,000		1,000
Total current assets	318,082	271,504		304,435
Drilling and other property and equipment, net of accumulated depreciation	1,141,908	1,175,895		1,354,650
Other assets	67,966	84,041		57,047
Deferred tax asset				6,716
Total assets	1,527,956	1,531,440		1,722,848
Current liabilities:
Accounts payable	47,647	38,661		65,401
Accrued liabilities	166,785	143,736		123,055
Current finance lease liabilities	16,965	15,865		15,148
Taxes payable	30,264	34,500		22,034
Total current liabilities	261,661	232,762		225,638
Deferred tax liability	700	1,626
Other liabilities	93,888	114,748		117,499
Noncurrent finance lease liabilities	131,393	148,358		158,919
Long-term debt	360,644	266,241		285,982
Total liabilities not subject to compromise				788,038
Stockholders’ equity:
Predecessor or Successor preferred stock	0	0		0
Predecessor or Successor common stock	10	10
Predecessor treasury stock, at cost	(4,252)	0
Successor additional paid-in capital				934,800
Accumulated deficit	(280,555)	(177,344)
Total stockholders’ equity	679,670	767,705	$ 934,810	934,810	$ 1,982,566	$ 3,232,210
Total liabilities and stockholders’ equity	$ 1,527,956	1,531,440		1,722,848
Fresh Start Adjustments
Current assets:
Accounts receivable				802
Accounts receivable, net				802
Prepaid expenses and other current assets				(34,455)
Total current assets				(33,653)
Drilling and other property and equipment, net of accumulated depreciation				(2,720,485)
Other assets				(10,282)
Deferred tax asset				6,716
Total assets				(2,757,704)
Current liabilities:
Accrued liabilities				(55,961)
Total current liabilities				(55,961)
Deferred tax liability				(34,447)
Deferred tax asset, reclassification				7,518
Other liabilities				(9,837)
Total liabilities not subject to compromise				(92,727)
Stockholders’ equity:
Predecessor or Successor preferred stock				0
Accumulated deficit				(2,664,977)
Total stockholders’ equity				(2,664,977)
Total liabilities and stockholders’ equity				(2,757,704)
Preferred Stock [Member]
Stockholders’ equity:
Predecessor or Successor preferred stock				0
Preferred Stock [Member] \| Fresh Start Adjustments
Stockholders’ equity:
Predecessor or Successor preferred stock				0
Common Stock [Member]
Stockholders’ equity:
Predecessor or Successor common stock				10
Total stockholders’ equity		$ 10	$ 10		$ 1,453	$ 1,448
Previously Reported \| Reorganization, Chapter 11, Predecessor, before Adjustment
Current assets:
Cash and cash equivalents				333,699
Restricted cash				3,274
Accounts receivable				134,104
Less: allowance for credit losses				(5,555)
Accounts receivable, net				128,549
Prepaid expenses and other current assets				108,594
Assets held for sale				1,000
Total current assets				575,116
Drilling and other property and equipment, net of accumulated depreciation				3,892,150
Other assets				179,783
Total assets				4,647,049
Current liabilities:
Accounts payable				66,397
Accrued liabilities				246,141
Short-term debt				442,034
Taxes payable				22,034
Total current liabilities				776,606
Deferred tax liability				23,060
Other liabilities				217,434
Total liabilities not subject to compromise				1,017,100
Liabilities subject to compromise				2,044,877
Stockholders’ equity:
Predecessor or Successor preferred stock				0
Predecessor or Successor common stock				1,453
Predecessor additional paid-in capital				2,029,978
Predecessor treasury stock, at cost				(206,163)
Accumulated deficit				(240,196)
Total stockholders’ equity				1,585,072
Total liabilities and stockholders’ equity				4,647,049
Previously Reported \| Preferred Stock [Member] \| Reorganization, Chapter 11, Predecessor, before Adjustment
Stockholders’ equity:
Predecessor or Successor preferred stock				0
Reorganization Adjustments \| Reorganization, Chapter 11, Predecessor, before Adjustment
Current assets:
Cash and cash equivalents				(253,717)
Restricted cash				32,173
Prepaid expenses and other current assets				(15,484)
Total current assets				(237,028)
Drilling and other property and equipment, net of accumulated depreciation				182,985
Other assets				(112,454)
Total assets				(166,497)
Current liabilities:
Accounts payable				(996)
Accrued liabilities				(67,125)
Short-term debt				(442,034)
Current finance lease liabilities				15,148
Total current liabilities				(495,007)
Deferred tax liability				3,869
Other liabilities				(90,098)
Noncurrent finance lease liabilities				158,919
Long-term debt				285,982
Total liabilities not subject to compromise				(136,335)
Liabilities subject to compromise				(2,044,877)
Stockholders’ equity:
Predecessor or Successor preferred stock				0
Predecessor or Successor common stock				(1,453)
Predecessor additional paid-in capital				(2,029,978)
Predecessor treasury stock, at cost				206,163
Successor additional paid-in capital				934,800
Accumulated deficit				2,905,173
Total stockholders’ equity				2,014,715
Total liabilities and stockholders’ equity				(166,497)
Reorganization Adjustments \| Preferred Stock [Member] \| Reorganization, Chapter 11, Predecessor, before Adjustment
Stockholders’ equity:
Predecessor or Successor preferred stock				0
Reorganization Adjustments \| Common Stock [Member] \| Reorganization, Chapter 11, Predecessor, before Adjustment
Stockholders’ equity:
Predecessor or Successor common stock				$ 10

Fresh Start Accounting - Sche_4

Fresh Start Accounting - Schedule of Net Cash Payments (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Reorganization, Chapter 11 [Line Items]
Change in cash and cash equivalents	$ 63,041	$ 38,388	$ 79,982
Reorganization Adjustments \| Reorganization, Chapter 11, Predecessor, before Adjustment
Reorganization, Chapter 11 [Line Items]
Funding of professional fee escrow account			(35,003)
Payment of non-retained professional fees			(14,087)
Payment of Predecessor RCF, including accrued interest			(479,627)
Proceeds from Exit Facilities			200,000
Receipt of cash from the issuance of First Lien Notes through primary Private Placement and primary Rights Offering			(75,000)
Change in cash and cash equivalents			$ (253,717)

Fresh Start Accounting - Sche_5

Fresh Start Accounting - Schedule of Change in Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Reorganization, Chapter 11 [Line Items]
Change in restricted cash	$ 34,293	$ 24,341	$ 35,447
Reorganization Adjustments \| Reorganization, Chapter 11, Predecessor, before Adjustment
Reorganization, Chapter 11 [Line Items]
Funding of professional fee escrow account			35,003
Payment of key employee incentive plan holdback escrow account			(1,697)
Payment of pre-petition trade claims			(1,133)
Change in restricted cash			$ 32,173

Fresh Start Accounting - Sche_6

Fresh Start Accounting - Schedule of Changes in Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Reorganization, Chapter 11 [Line Items]
Change in prepaid expenses and other current assets	$ 48,695	$ 61,440	$ 58,655
Reorganization Adjustments \| Reorganization, Chapter 11, Predecessor, before Adjustment
Reorganization, Chapter 11 [Line Items]
Reduction of prepaid expense for success fees			(1,095)
Reclassification of debt issuance costs to other assets and long-term debt			(10,328)
Reclassification of payment-in-kind upfront fee related to the Exit RCF to other assets			(3,478)
Write-off of Predecessor directors and officers tail insurance policy			(583)
Change in prepaid expenses and other current assets			$ (15,484)

Fresh Start Accounting - Reorga

Fresh Start Accounting - Reorganization Adjustments (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Reorganization, Chapter 11 [Line Items]
ROU asset	$ 30,332	$ 38,834
Finance lease liabilities	148,358
Reduction in accounts payable	$ 47,647	$ 38,661	$ 65,401
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Reclassification of current BOP operating lease liability to finance lease			17,200
Adjustment to deferred taxes			3,900
Reclassification of non-current BOP operating lease liability to finance lease			90,100
ASC 842 \| Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Current BOP finance lease liability			2,100
Non-current BOP finance lease liability			68,800
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
ROU asset			116,200
Reorganization Adjustments \| ASC 842
Reorganization, Chapter 11 [Line Items]
Finance lease liabilities			66,800
Reorganization, Chapter 11, Predecessor, before Adjustment \| Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Reduction in accounts payable			$ (996)

Fresh Start Accounting - Sche_7

Fresh Start Accounting - Schedule of Changes in Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Reorganization, Chapter 11 [Line Items]
Change in other assets	$ 67,966	$ 84,041	$ 57,047
Reorganization Adjustments \| Reorganization, Chapter 11, Predecessor, before Adjustment
Reorganization, Chapter 11 [Line Items]
Reclassification of BOP lease asset to drilling and other property and equipment			(116,242)
Reclassification of payment-in-kind upfront fee related to the Exit RCF from prepaid expenses and other current assets			3,478
Record debt issuance costs related to the Exit RCF			6,659
Write-off of Predecessor directors and officers tail insurance policy			(6,349)
Change in other assets			$ (112,454)

Fresh Start Accounting - Sche_8

Fresh Start Accounting - Schedule of Changes in Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Reorganization, Chapter 11 [Line Items]
Change in accrued liabilities	$ 166,785	$ 143,736	$ 123,055
Reorganization Adjustments \| Reorganization, Chapter 11, Predecessor, before Adjustment
Reorganization, Chapter 11 [Line Items]
Record accrued liability related to success fees			10,699
Record accrued liability related to a bonus accrual under the amended BOP services agreement			831
Reclassification of BOP short-term lease liability into a finance lease			(17,225)
Payment of non-retained professional fees			(8,762)
Payment of key employee incentive plan holdback awards			(1,697)
Payment of accrued interest related to Predecessor RCF			(37,593)
Reclassification of payment-in-kind upfront fee into the Exit RCF			(3,478)
Reclassification of backstop commitment premium to payment-in-kind First Lien Notes			(9,900)
Change in accrued liabilities			$ (67,125)

Fresh Start Accounting - Sche_9

Fresh Start Accounting - Schedule of Changes in Short-Term Debt (Detail) - Reorganization Adjustments - Reorganization, Chapter 11, Predecessor, before Adjustment $ in Thousands	Apr. 23, 2021 USD ($)
Reorganization, Chapter 11 [Line Items]
Record Predecessor RCF cash paydown of principal	$ (242,034)
Reflects payment in full of the borrowings outstanding under the Predecessor RCF on the Effective Date	(200,000)
Change in short-term debt	$ (442,034)

Fresh Start Accounting - Sch_10

Fresh Start Accounting - Schedule of Changes in Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Reorganization, Chapter 11 [Line Items]
Change in long-term debt	$ 360,644	$ 266,241	$ 285,982
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Record 1% premium associated with First Lien Notes			749
Reorganization Adjustments \| Reorganization, Chapter 11, Predecessor, before Adjustment
Reorganization, Chapter 11 [Line Items]
Borrowings drawn under the Exit Facilities			200,000
Record payment-in-kind upfront fee related to the Exit RCF			3,478
Issuance of First Lien Notes for cash			75,000
Record 1% premium associated with First Lien Notes			749
Record backstop commitment premium to payment-in-kind First Lien Notes			10,424
Record debt issuance costs related to Exit Term Loans and First Lien Notes			(3,669)
Change in long-term debt			$ 285,982

Fresh Start Accounting - Sch_11

Fresh Start Accounting - Schedule of Changes in Long-Term Debt (Parenthetical) (Detail)	Apr. 23, 2021
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Percentage of premium associated with First Lien notes	1%

Fresh Start Accounting - Sch_12

Fresh Start Accounting - Schedule of Liabilities Subject to Compromise were Settled (Detail) - Reorganization Adjustments $ in Thousands	Apr. 23, 2021 USD ($)
Reorganization, Chapter 11 [Line Items]
Senior Notes Claims	$ 2,044,877
Total settled liabilities subject to compromise	2,044,877
Issuance of New Diamond Common Shares to holders of Senior Notes Claims	(639,965)
Issuance of New Diamond Common Shares to participants of the Rights Offering and Private Placements	(274,271)
Record 1% premium associated with First Lien Notes	(749)
Pre-tax gain on settlement of liabilities subject to compromise	$ 1,129,892

Fresh Start Accounting - Sch_13

Fresh Start Accounting - Schedule of Liabilities Subject to Compromise were Settled (Parenthetical) (Detail)	Apr. 23, 2021
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Percentage of premium associated with First Lien notes	1%

Fresh Start Accounting - Sch_14

Fresh Start Accounting - Schedule of Reconciles Reorganization Adjustments Made to Successor's Common Stock and Successor's Additional Paid-in Capital (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Reorganization, Chapter 11 [Line Items]
Less: Par value of Successor common stock	$ (10)	$ (10)
Successor additional paid-in capital	$ 964,467	$ 945,039
Reorganization Adjustments \| Reorganization, Chapter 11, Predecessor, before Adjustment
Reorganization, Chapter 11 [Line Items]
Fair value of New Diamond Common Shares issued to holders of Senior Notes Claims			$ 914,236
Fair value of Emergence Warrants issued to Predecessor equity holders			20,574
Total change in Successor common stock and additional paid-in capital			934,810
Less: Par value of Successor common stock			1,453
Successor additional paid-in capital			934,800
Common Stock [Member]
Reorganization, Chapter 11 [Line Items]
Less: Par value of Successor common stock			(10)
Common Stock [Member] \| Reorganization Adjustments \| Reorganization, Chapter 11, Predecessor, before Adjustment
Reorganization, Chapter 11 [Line Items]
Less: Par value of Successor common stock			$ (10)

Fresh Start Accounting - Sch_15

Fresh Start Accounting - Schedule of Cumulative Net Impact of Effects on Accumulated Deficit (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Reorganization, Chapter 11 [Line Items]
Change in accumulated deficit	$ (280,555)	$ (177,344)
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Pre-tax gain on settlement of liabilities subject to compromise			$ 1,129,892
Reorganization Adjustments \| Reorganization, Chapter 11, Predecessor, before Adjustment
Reorganization, Chapter 11 [Line Items]
Success fee recognized on the Effective Date			(17,120)
Pre-tax gain on settlement of liabilities subject to compromise			1,129,892
Backstop commitment expense to record difference between accrued termination fee and issuance of payment-in-kind First Lien Notes upon emergence			(524)
Write-off of Predecessor directors and officers tail insurance policy			(6,932)
Other emergence effects			(137)
Expense related to bonus accrual under BOP services agreement			(831)
Cancellation of Predecessor common stock, additional paid-in capital and treasury stock			1,825,268
Issuance of Emergence Warrants to Predecessor equity holders			(20,574)
Change in deferred tax as a result of step plan adjustments			(3,869)
Change in accumulated deficit			$ 2,905,173

Fresh Start Accounting - Fresh

Fresh Start Accounting - Fresh Start Adjustments (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Reorganization, Chapter 11 [Line Items]
Fair value adjustment of rig spare parts and supplies			$ (7,200)
Write-off of current deferred contract assets			(27,300)
Fair value adjustment to drilling and other property and equipment net of accumulated depreciation			(2,712,100)
Fair value adjustment of BOP finance lease assets			(8,400)
Write-off of current deferred contract liabilities			(56,400)
Fair value adjustment to current other lease liabilities			400
Adjustment to deferred taxes	$ 700	$ 1,626
Write-off of non-current deferred contract liabilities			(11,100)
Fair value adjustment of non-current other lease liabilities			1,300
ASC 740 \| Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization, Chapter 11 [Line Items]
Adjustment to deferred taxes			$ (34,400)

Fresh Start Accounting - Sch_16

Fresh Start Accounting - Schedule of Fair Value Adjustments to Other assets (Detail) - Reorganization, Chapter 11, Fresh-Start Adjustment $ in Thousands	Apr. 23, 2021 USD ($)
Reorganization, Chapter 11 [Line Items]
Write-off of long-term contract assets	$ (10,029)
Fair value adjustment to set asset equal to right-of-use liability for other operating leases	(1,998)
Fair value adjustment to true-up other operating leases for change in incremental borrowing rate	1,745
Change in other assets	$ (10,282)

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($)	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Revenue From Contract With Customers [Line Items]
Payment terms on invoiced amounts			30 days
Deferred contract costs		$ 7,267,000	$ 14,373,000
Contract costs amortization	$ 6,300,000	1,000,000	7,300,000	$ 22,800,000
Contract costs impairment loss			0
Prepaid Expenses and Other Current Assets [Member]
Revenue From Contract With Customers [Line Items]
Deferred contract costs		7,300,000	14,400,000
Other Assets [Member]
Revenue From Contract With Customers [Line Items]
Deferred contract costs		$ 5,800,000	$ 300,000
Minimum [Member]
Revenue From Contract With Customers [Line Items]
Initial term of contract			2 months
Maximum [Member]
Revenue From Contract With Customers [Line Items]
Initial term of contract			60 months

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Summary of Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Trade receivables		$ 155,956	$ 130,021
Current contract assets	[1]	141	1,835
Current contract liabilities (deferred revenue)	[1]	(11,513)	(38,506)
Noncurrent contract liabilities (deferred revenue)	[1]	$ (487)	$ (9,787)

[1] Contract assets and contract liabilities may reflect balances that 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 asset and liability balances are included in “Other assets” and “Other liabilities,” respectively, in our Consolidated Balance Sheets as of December 31, 2022 and 2021 .

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Summary of Significant Changes in Net Contract Assets and Contract Liabilities Balances (Detail) - USD ($) $ in Thousands		4 Months Ended	8 Months Ended	12 Months Ended
		Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets, beginning of period		$ 2,870	$ 418	$ 1,835	$ 6,314
Contract liabilities, beginning of period		(56,927)		(48,293)	(48,104)
Net balance at beginning of period		(54,057)	418	(46,458)	(41,790)
Decrease due to amortization of revenue that was included in the beginning contract liabilities balance		15,341		26,909	35,231
Increase due to cash received, excluding amounts recognized as revenue during the period		(22,553)	(48,293)	(2,445)	(44,081)
Increase due to revenue recognized during the period but contingent on future performance		1,442	1,417	6,619	4,748
Decrease due to transfer to receivables during the period		(700)		(8,312)	(7,466)
Write-off of deferred revenue due to application of fresh start accounting		60,945
Adjustments	[1]			11,828	(699)
Net balance at end of period		418	(46,458)	(11,859)	(54,057)
Contract assets at end of period		$ 418	1,835	141	2,870
Contract liabilities at end of period			$ (48,293)	$ (12,000)	$ (56,927)

[1] Upon commencement of drilling operations, the MMSA for the managed rigs was suspended and replaced by a charter agreement for the duration of the contract. As a result, we reclassified $ 11.1 million previously recorded as a contract liability to “Contract advances,” which was reported as a component of “Accrued liabilities” in our Consolidated Balance Sheet at December 31, 2022.

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Summary of Significant Changes in Net Contract Assets and Contract Liabilities Balances (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Adjustments	$ 11.1

Revenue from Contracts with C_7

Revenue from Contracts with Customers - Summary of Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ (11,838)
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	$ (11,326)
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	$ (512)
Mobilization and Contract Preparation Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(6,577)
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	(6,352)
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	(225)
Capital Modification Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(5,425)
Capital Modification 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	(5,138)
Capital Modification 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	(287)
Demobilization and Other Deferred Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	(164)
Demobilization and Other Deferred 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	$ (164)

Revenue from Contracts with C_8

Revenue from Contracts with Customers - Summary of Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Detail 1) $ in Thousands	Dec. 31, 2022 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 11,838
Mobilization and Contract Preparation Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	6,577
Capital Modification Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	5,425
Demobilization and Other Deferred Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 164

Asset Impairments - Additional

Asset Impairments - Additional Information (Detail) $ in Thousands	3 Months Ended				4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2021 Rig	Mar. 31, 2021 Rig	Dec. 31, 2020 Rig	Mar. 31, 2020 USD ($) Rig	Apr. 23, 2021 USD ($)	Dec. 31, 2021 USD ($) Rig	Dec. 31, 2022 USD ($)	Dec. 31, 2021 Rig	Dec. 31, 2020 USD ($)
Schedule Of Asset Impairment Charges [Line Items]
Number of rigs impaired during period			1			2
Loss on impairment of assets \| $					$ 197,027	$ 132,449	$ 0		$ 842,016
2021 Impaired Rigs [Member]
Schedule Of Asset Impairment Charges [Line Items]
Number of rigs evaluated for impairment	3	3						1
Number of rigs impaired during period	2	1
Loss on impairment of assets \| $					$ 197,000	$ 132,400
2020 Impaired Rigs [Member]
Schedule Of Asset Impairment Charges [Line Items]
Number of rigs evaluated for impairment			3	5
Number of rigs impaired during period			1	4
Loss on impairment of assets \| $				$ 774,000
Impaired long-lived assets held and used, method for determining fair value							We estimated the fair values of the 2020 Impaired Rigs using an income approach, as described above. Our fair value estimates were representative of Level 3 fair value measurements due to the significant level of estimation involved and the lack of transparency as to the inputs used.
2020 Impaired Rigs [Member] \| Previously Impaired Rig [Member]
Schedule Of Asset Impairment Charges [Line Items]
Loss on impairment of assets \| $									$ 68,000

Supplemental Financial Inform_3

Supplemental Financial Information - Accounts Receivable, Net of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Receivables [Abstract]
Trade receivables	$ 155,956	$ 130,021
Federal income tax receivable	9,450	9,278
Value added tax receivables	6,075	9,729
Related party receivables	73	66
Other	6,121	2,823
Receivables Gross Current, Total	177,675	151,917	$ 134,906
Allowance for credit losses	(5,622)	(5,582)	(5,555)
Accounts receivable, net	$ 172,053	$ 146,335	$ 129,351

Supplemental Financial Inform_4

Supplemental Financial Information - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid taxes		$ 16,922	$ 16,163
Deferred contract costs		14,373	7,267
Rig spare parts and supplies		5,091	3,716
Prepaid rig costs		4,001	4,048
Prepaid insurance		3,022	3,436
Deferred survey costs		838	511
Current contract assets	[1]	141	1,835
Collateral deposits			17,480
Other		4,307	6,984
Change in prepaid expenses and other current assets		$ 48,695	$ 61,440	$ 58,655

[1] Contract assets and contract liabilities may reflect balances that 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 asset and liability balances are included in “Other assets” and “Other liabilities,” respectively, in our Consolidated Balance Sheets as of December 31, 2022 and 2021 .

Supplemental Financial Inform_5

Supplemental Financial Information - Accrued Liabilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Payables and Accruals [Abstract]
Contract advances		$ 52,743
Rig operating costs		39,288	$ 42,532
Payroll and benefits		29,408	29,268
Current operating lease liability		13,480	15,998
Deferred revenue	[1]	11,513	38,506
Accrued capital project/upgrade costs		8,419	2,219
Shorebase and administrative costs		4,365	5,776
Personal injury and other claims		3,738	5,598
Interest payable		1,897	2,986
Deposit for equipment sale		1,670
Other		264	853
Change in accrued liabilities		$ 166,785	$ 143,736	$ 123,055

[1] Contract assets and contract liabilities may reflect balances that 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 asset and liability balances are included in “Other assets” and “Other liabilities,” respectively, in our Consolidated Balance Sheets as of December 31, 2022 and 2021 .

Supplemental Financial Inform_6

Supplemental Financial Information - Noncash Investing Activities (Detail) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Accrued but unpaid capital expenditures at period end	$ 18,617	$ 2,219	$ 8,419	$ 7,615
Accrued but unpaid debt issuance costs and arrangement fees	7,588
Common stock withheld for payroll tax obligations			4,252	395
Cash interest payments	37,593	13,671	27,767	19,843
Cash paid for reorganization items, net	37,566	36,154		40,301
Foreign [Member]
Cash income taxes paid (refunded), net:
Cash income taxes paid (refunded), net	3,460	1,969	13,178	11,826
U.S. Federal [Member]
Cash income taxes paid (refunded), net:
Cash income taxes paid (refunded), net		$ 468	$ 110	(42,462)
State [Member]
Cash income taxes paid (refunded), net:
Cash income taxes paid (refunded), net	$ (34)			$ 36

Supplemental Financial Inform_7

Supplemental Financial Information - Noncash Investing and Financing Activities (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020	Apr. 23, 2021
Condensed Financial Statements, Captions [Line Items]
Capitalized financing costs			$ 13.8
Restricted Stock [Member]
Condensed Financial Statements, Captions [Line Items]
Number of shares of common stock withheld	563,727	31,698

Supplemental Financial Inform_8

Supplemental Financial Information - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Jun. 30, 2020
Condensed Financial Statements, Captions [Line Items]
Proceeds from bonds		$ 5,915
Trinidad Bonds [Member]
Condensed Financial Statements, Captions [Line Items]
Proceeds from bonds	$ 5,900
Bonds received			$ 5,700

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	8 Months Ended	12 Months Ended			20 Months Ended
	May 31, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Performance-Vesting RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments awarded in period			709,148
Vesting			444,474
Weighted-average grant-date fair value of performance-vesting restricted stock		$ 8.75	$ 7.42	$ 8.75		$ 7.42
Weighted-Average Grant Date Fair Value Per Share, granted			$ 5.71
Performance-vesting Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting			747,407
Weighted-average grant-date fair value of performance-vesting restricted stock		6.89	$ 6.89	6.89		6.89
Weighted-average grant-date fair value of performance-vesting restricted stock			$ 6,890
Weighted-average grant date fair values of awards granted		8.75	$ 5.71
Share based compensation arrangement by Share based payment award options vested in period fair value 1			$ 3,200
Time-vesting RSU and Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments awarded in period			545,651
Vesting			616,835
Weighted-average grant-date fair value of performance-vesting restricted stock		8.75	$ 8.20	$ 8.75		$ 8.20
Weighted-Average Grant Date Fair Value Per Share, granted			6.68
Weighted-average grant date fair values of awards granted		$ 8.75	$ 6.68
Share based compensation arrangement by Share based payment award options vested in period fair value 1		$ 600	$ 3,900
Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized for awards under the Equity Plan		$ 10,800	20,200		$ 5,600
Tax benefits recognized			2,900		$ 200	$ 2,000
Unrecognized compensation cost related to nonvested awards under the Equity Plan			$ 11,700			$ 11,700
Expected weighted average period to recognized compensation cost related to nonvested awards under the Equity Plan			1 year 6 months
Equity Plan [Member] \| Performance-vesting Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested			$ 5,400
Vesting			747,407
Share based compensation arrangement by Share based payment award options vested in period fair value 1			$ 6,200
Equity Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock available for issuance			7,500,000			7,500,000
2021 Long-Term Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock available for issuance			11,111,111			11,111,111
2021 Long-Term Stock Incentive Plan [Member] \| Time-vesting RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments awarded in period		535,516		1,916,043
Vesting period			3 years
2021 Long-Term Stock Incentive Plan [Member] \| Time-vesting RSUs [Member] \| Non-Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments awarded in period		347,797
2021 Long-Term Stock Incentive Plan [Member] \| Time-vesting RSUs [Member] \| First Anniversary of Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of RSUs vesting		30%
2021 Long-Term Stock Incentive Plan [Member] \| Time-vesting RSUs [Member] \| Second Anniversary of Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of RSUs vesting		70%
2021 Long-Term Stock Incentive Plan [Member] \| Time-vesting Restricted Stock [Member] \| Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments awarded in period		222,222
2021 Long-Term Stock Incentive Plan [Member] \| Time-vesting Restricted Stock [Member] \| Immediately Vested on May 8, 2021 Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of RSUs vesting		66.67%
2021 Long-Term Stock Incentive Plan [Member] \| Time-vesting Restricted Stock [Member] \| First and Second Anniversaries of Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of RSUs vesting		33.33%
2021 Long-Term Stock Incentive Plan [Member] \| Performance-Vesting RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments awarded in period		1,733,404	709,148
Vesting period		3 years	3 years
2021 Long-Term Stock Incentive Plan [Member] \| Performance-vesting Restricted Stock [Member] \| Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments awarded in period	777,777
2021 Long-Term Stock Incentive Plan [Member] \| Liability-classified Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of RSUs vesting		40%
2021 Long-Term Stock Incentive Plan [Member] \| Equity-classified Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of RSUs vesting		60%
2021 Long-Term Stock Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential cash-settled RSUs		40%

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Assumptions Used in Estimating Fair Value of Restricted Stock (Detail) - Performance-vesting Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of awards (in years)	3 years	3 years
Expected volatility	75%	70%
Risk free interest rate	2.71%	0.29%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Stock Unit and Restricted Stock Awarded Under Equity Plan (Detail)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Performance-Vesting RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards, Nonvested, Beginning Balance \| shares	1,440,641
Number of Awards, granted \| shares	709,148
Number of Awards, vested \| shares	(444,474)
Number of Awards, forfeited \| shares	(184,018)
Number of Awards, Nonvested, Ending Balance \| shares	1,521,297
Weighted-Average Grant Date Fair Value Per Share, Nonvested, Beginning Balance \| $ / shares	$ 8.75
Weighted-Average Grant Date Fair Value Per Share, granted \| $ / shares	5.71
Weighted-Average Grant Date Fair Value Per Share, vested \| $ / shares	8.75
Weighted-Average Grant Date Fair Value Per Share, forfeited \| $ / shares	8.04
Weighted-Average Grant Date Fair Value Per Share, Nonvested, Ending Balance \| $ / shares	$ 7.42
Performance-vesting Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards, Nonvested, Beginning Balance \| shares	777,777
Number of Awards, vested \| shares	(747,407)
Number of Awards, Nonvested, Ending Balance \| shares	30,370
Weighted-Average Grant Date Fair Value Per Share, Nonvested, Beginning Balance \| $ / shares	$ 6.89
Weighted-Average Grant Date Fair Value Per Share, vested \| $ / shares	6.89
Weighted-Average Grant Date Fair Value Per Share, Nonvested, Ending Balance \| $ / shares	$ 6.89
Time-vesting RSU and Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards, Nonvested, Beginning Balance \| shares	2,178,690
Number of Awards, granted \| shares	545,651
Number of Awards, vested \| shares	(616,835)
Number of Awards, forfeited \| shares	(162,368)
Number of Awards, Nonvested, Ending Balance \| shares	1,945,138
Weighted-Average Grant Date Fair Value Per Share, Nonvested, Beginning Balance \| $ / shares	$ 8.75
Weighted-Average Grant Date Fair Value Per Share, granted \| $ / shares	6.68
Weighted-Average Grant Date Fair Value Per Share, vested \| $ / shares	8.75
Weighted-Average Grant Date Fair Value Per Share, forfeited \| $ / shares	8.44
Weighted-Average Grant Date Fair Value Per Share, Nonvested, Ending Balance \| $ / shares	$ 8.20

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Trade receivables past due	$ 6,100
Trade receivables reserved for previous years	5,500
Trade receivables remaining past due	600
Estimate of credit losses	200	$ 100
Allowance for credit losses	$ 5,622	$ 5,582	$ 5,555
Measurement period for determining fair value of debt instruments	10 days

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures - Assets Measured at Fair Value on Nonrecurring and Recurring Basis (Detail) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of assets	$ 197,027	$ 132,449	$ 0		$ 842,016
Nonrecurring Fair Value Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impaired assets		77,900		$ 77,900	1,000
Impairment of assets	$ 197,027				842,016
Nonrecurring Fair Value Measurements [Member] \| Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impaired assets		77,900		77,900	$ 1,000
Impairment of assets		132,449
Recurring Fair Value Measurements [Member] \| Director [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability-classified Director restricted stock units		(528)	(818)	$ (528)
Total Losses		(528)	$ (230)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Costs and Expenses	Costs and Expenses
Recurring Fair Value Measurements [Member] \| Level 1 [Member] \| Director [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability-classified Director restricted stock units		$ (528)	$ (818)	$ (528)

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - Assets Measured at Fair Value on Nonrecurring and Recurring Basis (Parenthetical) (Detail) $ in Thousands	3 Months Ended		4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($) Rig	Mar. 31, 2020 USD ($)	Apr. 23, 2021 USD ($) Rig	Dec. 31, 2021 USD ($) Rig	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loss on impairment of assets \| $			$ 197,027	$ 132,449	$ 0	$ 842,016
Number of semisubmersible rigs \| Rig			1	2
Number of rigs impaired during period \| Rig	1			2
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	Dec. 31, 2022	Dec. 31, 2021
First Lien Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 78.3	$ 86.2
Carrying Value	85.3	86.1
Exit Term Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	91.1	100
Carrying Value	$ 100	$ 100

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	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,313,880	$ 1,244,397
Less: accumulated depreciation	(171,972)	(68,502)
Drilling and other property and equipment, net	1,141,908	1,175,895	$ 1,354,650
Drilling Rigs and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	1,126,793	1,057,739
Finance Lease Right of Use Asset [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	174,571	174,571
Land and Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	10,001	9,823
Office Equipment and Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,515	$ 2,264

Prepetition Revolving Credit _3

Prepetition Revolving Credit Facility, Senior Notes and Exit Debt - Additional Information (Detail) - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2022	Jan. 31, 2021	Jan. 22, 2021	Apr. 26, 2020
Debt Instrument [Line Items]
Contractual interest expense not recorded	$ 35,390	$ 98,027
Write-off of deferred arrangement fees and unamortized discount and debt issuance costs	1,793	27,552
Unamortized premium				$ 700
Debt issuance costs				$ 2,800
Senior Notes [Member]
Debt Instrument [Line Items]
Contractual interest expense not recorded		76,700
Write-off of deferred arrangement fees and unamortized discount and debt issuance costs		23,700
Aggregate principal balance							$ 2,000,000
Accrued interest	44,900
Pre-tax gain on extinguishment of debt	1,100,000
Senior Notes [Member] \| Common Stock [Member]
Debt Instrument [Line Items]
Aggregate principal balance	2,000,000
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Borrowings outstanding						$ 950,000
Prepetition Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, term			5 years
Borrowings outstanding					$ 442,000		$ 436,000
Write-off of deferred arrangement fees and unamortized discount and debt issuance costs		3,900
Post-petition interest unpaid		$ 21,300
Claims settled in cash	279,600
Aggregate amount of rollover debt	$ 200,000
Prepetition Revolving Credit Facility [Member] \| Financial Letter of Credit [Member]
Debt Instrument [Line Items]
Borrowings outstanding					$ 6,000

Prepetition Revolving Credit _4

Prepetition Revolving Credit Facility, Senior Notes and Exit Debt - Summary of Senior Notes (Parenthetical) (Detail)	Jan. 22, 2021
3.45% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Interest rate of senior notes	3.45%
7.875% Senior Notes due 2025 [Member]
Debt Instrument [Line Items]
Interest rate of senior notes	7.875%
5.70% Senior Notes due 2039 [Member]
Debt Instrument [Line Items]
Interest rate of senior notes	5.70%
4.875% Senior Notes due 2043 [Member]
Debt Instrument [Line Items]
Interest rate of senior notes	4.875%

Prepetition Revolving Credit _5

Prepetition Revolving Credit Facility, Senior Notes and Exit Debt - Summary of Carrying Value of Long-term Debt, Net of Unamortized Discount, Premium and Debt Issuance Costs (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Debt Instrument [Line Items]
Total Exit Debt, net	$ 360,644	$ 266,241	$ 285,982
Exit Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total Exit Debt, net	177,478	83,478
Exit Term Loans [Member]
Debt Instrument [Line Items]
Total Exit Debt, net	99,190	99,034
First Lien Notes [Member]
Debt Instrument [Line Items]
Total Exit Debt, net	$ 83,976	$ 83,729

Prepetition Revolving Credit _6

Prepetition Revolving Credit Facility, Senior Notes and Exit Debt - Summary of Aggregate Annual Maturity of Exit Debt (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2026	$ 177,478
2027	185,321
Total maturities of long-term debt	$ 362,799

Prepetition Revolving Credit _7

Prepetition Revolving Credit Facility, Senior Notes and Exit Debt - Exit Revolving Credit Agreement - Additional Information (Detail) - USD ($) $ in Thousands		4 Months Ended	12 Months Ended
	Apr. 23, 2021	Apr. 23, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 23, 2023	Feb. 24, 2023	Feb. 21, 2023	Sep. 30, 2022	Aug. 31, 2022
Debt Instrument [Line Items]
Debt issuance costs		$ 6,218
Second Lc Lender [Member]
Debt Instrument [Line Items]
Amount available for general purposes					$ 400,000
Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available for general purposes	$ 400,000	400,000
Sublimit for issuance of letters of credit	100,000	100,000
Exit Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available for general purposes					$ 50,000			$ 75,000	$ 100,000
Line of credit	103,500	103,500	$ 177,500
Incurred in exchange for certain obligations	100,000
Upfront fees incurred	3,500
Aggregate amount of available cash triggering repayment of debt	$ 125,000	$ 125,000
Debt instrument, interest rate term description			Loans outstanding under the Exit RCF bear interest at a rate per annum equal to the applicable margin plus, at the Borrower’s option, either: (i) the reserve-adjusted London Interbank Offered Rate (or LIBOR Rate), subject to a floor of 1.00%, 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 was 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 Exit RCF in connection with certain specified asset dispositions (subject to reinvestment rights if no event of default exists). Available Cash (as defined in the Exit 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 Exit RCF 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%
Minimum line of credit total collateral coverage ratio	1.30%
Debt issuance costs				$ 6,600
Upfront fees				$ 3,500
Borrowing accrue interest			8.63%
Exit Revolving Credit Facility [Member] \| Financial Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit			$ 19,400
Exit Revolving Credit Facility [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit						$ 162,500
Amount available for issuance of letter of credit under credit facility						221,600
Exit Revolving Credit Facility [Member] \| Subsequent Event [Member] \| Financial Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit						$ 19,400
Exit Revolving Credit Facility [Member] \| PIK Loans [Member]
Debt Instrument [Line Items]
Line of credit			$ 3,500
Exit Revolving Credit Facility [Member] \| Reserve-Adjusted LIBOR Rate Subject To Floor [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Exit Revolving Credit Facility [Member] \| Base Rate Subject to Floor [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Exit Revolving Credit Facility [Member] \| Federal Funds Effective Rate Plus [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Exit Revolving Credit Facility [Member] \| Reserve-Adjusted One Month LIBOR Rate Plus [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Exit Revolving Credit Facility [Member] \| Libor Rate Loans [Member]
Debt Instrument [Line Items]
Interest rate of senior notes	4.25%	4.25%
Exit Revolving Credit Facility [Member] \| Base Rate Loans [Member]
Debt Instrument [Line Items]
Interest rate of senior notes	3.25%	3.25%
Exit Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Amount available for general purposes	$ 400,000	$ 400,000
Aggregate amount of available cash	$ 125,000	$ 125,000
Exit Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Collateral coverage ratio	2%
Total collateral coverage ratio	1.30%
Exit Revolving Credit Facility [Member] \| Resigning Lender [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Amount available for general purposes									$ 25,000
Exit Revolving Credit Facility [Member] \| Second Lc Lender [Member] \| Letter of Credit [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Amount available for general purposes							$ 25,000

Prepetition Revolving Credit _8

Prepetition Revolving Credit Facility, Senior Notes and Exit Debt - Exit Term Loan Credit Agreement - Additional Information (Detail) - USD ($) $ in Thousands		4 Months Ended	12 Months Ended
	Apr. 23, 2021	Apr. 23, 2021	Dec. 31, 2022
Debt Instrument [Line Items]
Debt issuance costs		$ 6,218
Senior Secured Term Loan Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 100,000	100,000
Debt instrument maturity date	Apr. 22, 2027
Exit Term Loan Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 100,000	$ 100,000
Debt instrument, interest rate term description			The Exit Term Loan Credit Agreement provides for a $100.0 million senior secured term loan credit facility, scheduled to mature on April 22, 2027. On the Effective Date, the Borrower utilized the entire $100.0 million under the Exit Term Loan Credit Facility to refinance a portion of the Predecessor obligations under the prepetition RCF. The Exit Term Loans outstanding under the Exit Term Loan 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, 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%, and (z) the reserve-adjusted one-month LIBOR Rate 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 Exit Term Loans 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.
Debt Instrument covenant description			The Exit 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.
Debt issuance costs	$ 800
Line of credit			$ 100,000
Borrowing accrue interest			10.384%
Exit Term Loan Credit Facility [Member] \| LIBOR Rate Subject to Floor [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Exit Term Loan Credit Facility [Member] \| Base Rate Subject to Floor [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Exit Term Loan Credit Facility [Member] \| Federal Funds Effective Rate Plus [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Exit Term Loan Credit Facility [Member] \| Reserve-Adjusted One Month LIBOR Rate Plus [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Exit Term Loan Credit Facility [Member] \| Libor Rate Loans [Member]
Debt Instrument [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.
Borrowings effective interest rate			10.627%
Exit Term Loan Credit Facility [Member] \| Base Rate Loans [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate term description			Interest on Base Rate Term Loans is payable quarterly.
Debt instrument frequency of periodic payment			quarterly
Exit Term Loan Credit Facility [Member] \| Paid in Cash [Member] \| Libor Rate Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	6%
Exit Term Loan Credit Facility [Member] \| Paid in Cash [Member] \| Base Rate Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	5%
Exit Term Loan Credit Facility [Member] \| Combined Cash and PIK Note Paid in Cash [Member] \| Libor Rate Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	4%
Exit Term Loan Credit Facility [Member] \| Combined Cash and PIK Note Paid in Cash [Member] \| Base Rate Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Exit Term Loan Credit Facility [Member] \| Combined Cash and PIK Note Paid in Kind [Member] \| Libor Rate Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	4%
Exit Term Loan Credit Facility [Member] \| Combined Cash and PIK Note Paid in Kind [Member] \| Base Rate Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Exit Term Loan Credit Facility [Member] \| Payment in Kind Rate [Member] \| Libor Rate Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	10%
Exit Term Loan Credit Facility [Member] \| Payment in Kind Rate [Member] \| Base Rate Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	9%

Prepetition Revolving Credit _9

Prepetition Revolving Credit Facility, Senior Notes and Exit Debt - First Lien Notes Indenture - Additional Information (Detail) - First Lien Notes [Member] - USD ($) $ in Millions		12 Months Ended
	Apr. 23, 2021	Dec. 31, 2022
Debt Instrument [Line Items]
Debt instrument face amount	$ 85.3
Aggregate principal amount	$ 85.3
Commitment premium percentage	9%
Exit notes maturity date	Apr. 22, 2027
Debt instrument frequency of periodic payment		semi-annually
Debt instrument, date of first required payment	Oct. 31, 2021
Debt instrument, commitment fee on undrawn principal amount	3%
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. In addition, the Issuers shall pay a commitment premium of 3% per annum on the aggregate principal amount of undrawn delayed draw First Lien Notes pursuant to the terms of the First Lien Notes Indenture.
Debt instrument, redemption price, percentage	101%
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, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date, within 30 days of such Change of Control.
Period for debt redemption on change of control	30 days
Debt instrument par value percentage		101%
Debt issuance costs net		$ 2
Debt instruments outstanding aggregate amount		$ 85.3
Borrowing accrue interest		9%
Debt instrument effective interest rate		9.70%
Redemption of Notes before October 23, 2021 [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101%
Debt instrument, redemption, description		before October 23, 2021, all of the First Lien Notes were redeemable at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (none of which were redeemed);
Redemption of Notes on or after October 23, 2021 and prior to April 22, 2023 [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100%
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 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 (none of which were redeemed as of December 31, 2022)
Debt instrument, redemption period, start date	Oct. 23, 2021
Redemption of Notes on or after April 22, 2023 [Member]
Debt Instrument [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) plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date
Debt instrument, redemption period, start date	Apr. 22, 2023
Cash Pay Rate [Member]
Debt Instrument [Line Items]
Interest rate of senior notes	9%
Cash Pay Rate and Payment in Kind Rate [Member]
Debt Instrument [Line Items]
Interest rate of senior notes	11%
Percentage of interest payable in cash	50%
Percentage of interest payable in kind	50%
Payment in Kind Rate [Member]
Debt Instrument [Line Items]
Interest rate of senior notes	13%
Commitment Premium [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 10.3
Private Placement [Member]
Debt Instrument [Line Items]
Debt instrument face amount	28.1
Private Placement [Member] \| Unfunded Loan Commitment [Member]
Debt Instrument [Line Items]
Debt instrument face amount	17.8
Rights Offerings [Member]
Debt Instrument [Line Items]
Debt instrument face amount	46.9
Rights Offerings [Member] \| Unfunded Loan Commitment [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 21.9

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 29, 2016	Dec. 31, 2022	Dec. 31, 2021
Contingencies And Commitments [Line Items]
Estimated sales tax and related penalties and interest		$ 12,400	$ 13,700
Range of deductible for liability coverage for personal injury claims, upper limit		100,000
Purchase obligations		0
Annual payments due under service agreement		41,217
Total remaining payments due under service agreement		210,029
Maximum [Member]
Contingencies And Commitments [Line Items]
Range of deductible for liability coverage for personal injury claims, upper limit		5,000
Minimum [Member]
Contingencies And Commitments [Line Items]
Range of deductible for liability coverage for personal injury claims, upper limit		1,000
Total Contingent Liabilities Under Letters of Credit and Bonds [Member]
Contingencies And Commitments [Line Items]
Contingent liability under letters of credit and other bonds		19,400
Services Agreement [Member]
Contingencies And Commitments [Line Items]
Maturity of service arrangement	10 years
Annual payments due under service agreement		23,300
Total remaining payments due under service agreement		112,500
Windstorms in U.S. Gulf of Mexico [Member]
Contingencies And Commitments [Line Items]
Deductible for marine liability coverage including personal injury claims, per first occurrence		10,000
Range of deductible for liability coverage for personal injury claims, upper limit		100,000
Personal Injury Claims [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		18,300	13,500
Personal Injury Claims [Member] \| Accrued Liabilities [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		3,700	5,400
Personal Injury Claims [Member] \| Other Liabilities [Member]
Contingencies And Commitments [Line Items]
Personal injury claims recorded		$ 14,600	$ 8,100

Leases and Lease Commitments -

Leases and Lease Commitments - Additional Information (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Lessee Lease Description [Line Items]
Options to extend the leases			5 years
Operating cash flows used for operating leases	$ 10,817	$ 12,005	$ 19,031	$ 35,057
Sale and Lease-back Equipment [Member]
Lessee Lease Description [Line Items]
Operating lease term	10 years
Prepaid rent	$ 8,400
Sale and Lease-back Equipment [Member] \| ASC 842
Lessee Lease Description [Line Items]
Operating lease term			10 years
Options to extend the leases			5 years
Operating cash flows used for operating leases			$ 26,000
Sale lease back transaction renewal term description			renewal options for two successive five-year periods.
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease term			1 month
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease term			10 years
Options to terminate the leases			1 year

Leases and Lease Commitments _2

Leases and Lease Commitments - Schedule of Amounts Recognized in Unaudited Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2021
Leases [Abstract]
Operating leases, right of use asset	$ 30,332	$ 38,834
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating leases, lease liabilities current	$ (13,480)	$ (15,998)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Operating leases, lease liabilities noncurrent	$ (16,542)	$ (22,762)
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Finance leases, right-of-use-asset	$ 145,510	$ 162,717
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Current finance lease liabilities	$ (16,965)	$ (15,865)	$ (15,148)
Noncurrent finance lease liabilities	$ (131,393)	$ (148,358)	$ (158,919)

Leases and Lease Commitments _3

Leases and Lease Commitments - Components of Lease Expense (Details) - USD ($) $ in Thousands		4 Months Ended	8 Months Ended	12 Months Ended
		Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Leases [Abstract]
Operating lease cost		$ 11,799	$ 11,754	$ 19,479	$ 35,964
Amortization of ROU assets			11,854	17,207
Interest on lease liabilities			7,796	10,415
Short-term lease cost		101	199	242	832
Variable lease cost	[1]	598	1,237	12,804	1,465
Total lease cost		$ 12,498	$ 32,840	$ 60,147	$ 38,261

[1] charter expenses incurred post-commencement of drilling operations for the managed rigs.

Leases and Lease Commitments _4

Leases and Lease Commitments - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands		4 Months Ended	8 Months Ended	12 Months Ended
		Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Leases [Abstract]
Operating cash flows used for operating leases		$ 10,817	$ 12,005	$ 19,031	$ 35,057
ROU assets obtained in exchange for lease liabilities		$ 1,076	$ 19,064	$ 8,662	$ 10,645
Weighted-average remaining lease term	[1]	5 years 10 months 24 days	4 years 4 months 24 days	4 years	5 years 7 months 6 days
Weighted-average discount rate	[1]	6.89%	6.53%	6.79%	8.94%
Operating cash flows used			$ 7,796	$ 10,415
Financing cash flows used			9,845	15,865
ROU assets obtained in exchange for lease liabilities			$ 174,571	$ 0
Weighted-average remaining lease term	[1]		4 years 6 months	3 years 6 months
Weighted-average discount rate	[1]		6.72%	6.72%

[1] Amounts represent the weighted average remaining lease term or discount rate as of the end of the respective period presented.

Leases and Lease Commitments _5

Leases and Lease Commitments - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 14,937
2024	4,845
2025	3,686
2026	3,524
2027	3,437
Thereafter	4,258
Operating Leases, Total lease payments	34,687
Less: interest	(4,665)
Operating lease liabilities	30,022
2023	26,280
2024	26,352
2025	26,280
2026	96,430
Finance Leases, Total lease payments	175,342
Less: interest	(26,984)
Finance lease liabilities	148,358
2023	41,217
2024	31,197
2025	29,966
2026	99,954
2027	3,437
Thereafter	4,258
Total lease payments	$ 210,029

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Services Agreement with Loews [Member]
Related Party Transaction [Line Items]
Related party transaction expenses	$ 0.3

Restructuring and Separation _2

Restructuring and Separation Costs - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Restructuring Cost And Reserve [Line Items]
Restructuring and separation costs extensible enumeration		Restructuring and separation costs
Commencement of chapter 11 cases in bankruptcy court , date of petition filed	Apr. 26, 2020
Legal and other professional advisor fees incurred prior to petition date		$ 7.4
Restructuring and Separation Costs [Member]
Restructuring Cost And Reserve [Line Items]
Severance and related costs		$ 10.3

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2019	Jan. 30, 2021
Income Tax Contingency [Line Items]
Estimated amount of cancellation of debt income				$ 1,300,000
Net deferred tax asset and offsetting valuation allowance for swiss tax reform		$ 187,000
Net tax benefit related to tax law change	$ 187,389		$ 1,730	4,345	$ 2,944
Net operating loss carryforwards, or NOLs			226,022	412,152
Deferred tax asset relates to NOL carryforwards				139,100
Net operating loss carryforwards to expire				$ 273,000
Net operating loss carryforwards expiring years				2024 and 2037
Foreign tax credit carryback				$ 2,600
Deferred tax assets for foreign tax credits			29,243	27,223
Uncertain tax position recorded for current year			3,553	5,993	100,780
Reductions related to statute of limitation expirations	1,841		8,777	1,760	3,653
Valuation allowance of net operating losses				650,200
Net liability for uncertain tax positions	26,678	26,678	21,148	21,540	214,626	$ 118,884	$ 214,626
Net increase in uncertain tax positions from prior years	$ 1,282		1,424	504	1,559
Net unrecognized tax benefits that would affect the effective tax rate			48,900	36,000	249,000
Accrued interest on uncertain tax positions			3,900	3,100
Accrued penalties on uncertain tax positions			19,700	12,600
Interest expense (benefit) recognized related to uncertain tax positions		100	1,800	900	1,900
Penalties recognized related to uncertain tax positions		(400)	40	1,000	1,100
Tax Year 2014 through 2019 [Member]
Income Tax Contingency [Line Items]
Decrease in unrecognized tax benefit				5,000
Other Assets [Member]
Income Tax Contingency [Line Items]
Net liability for uncertain tax positions			300	200
Deferred Tax Liability [Member]
Income Tax Contingency [Line Items]
Net liability for uncertain tax positions			1,700	1,500
Other Liabilities [Member]
Income Tax Contingency [Line Items]
Net liability for uncertain tax positions			$ 47,600	34,700
United States [Member]
Income Tax Contingency [Line Items]
Net tax benefit related to tax law change				4,300
Deferred tax assets for foreign tax credits				27,200
U.S. Federal [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards, or NOLs				59,800
Foreign [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards, or NOLs				$ 352,400
Swiss Federal Tax Administration (FTA) [Member]
Income Tax Contingency [Line Items]
Net tax benefit related to tax law change		$ 187,000
Uncertain tax position recorded for current year					$ 100,800	$ 86,200
Foreign Tax Credit Carryforwards [Member] \| United States [Member]
Income Tax Contingency [Line Items]
Foreign tax credits expiration periods				between 2023 and 2028

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal – current	$ 171	$ 3,645	$ 1,267	$ (11,844)
State – current			10	(12)
Foreign – current	(3,681)	1,491	(4,151)	9,898
Total current	(3,510)	5,136	2,874	(1,958)
Federal – deferred	(30,955)	(6,742)	4,538	(7,431)
Foreign – deferred	(4,939)	3,260	(4,059)	(11,797)
Total deferred	(35,894)	(3,482)	479	(19,228)
Income tax (benefit) expense	$ (39,404)	$ 1,654	$ (2,395)	$ (21,186)

Income Taxes - Difference Betwe

Income Taxes - Difference Between Actual Income Tax Expense and Tax Provision Computed by Applying Statutory Federal Income Tax Rate to Income Before Taxes (Detail) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
(Loss) income before income tax expense:
U.S.	$ 686,202	$ (1,048)	$ (7,054)	$ (336,880)
Foreign	(2,687,595)	(174,642)	(98,552)	(939,210)
Loss before income tax benefit (expense)	(2,001,393)	(175,690)	(105,606)	(1,276,090)
Expected income tax benefit at federal statutory rate	(420,292)	(36,895)	(22,177)	(267,979)
Effect of tax rate changes		9,871		(7,003)
Reorganization items	(225,563)	266		7,871
Post-petition interest expense	(6,771)			(16,778)
Disallowed officers' compensation and restricted stock unit awards			2,205
Interest and penalties reported as income tax expense			3,318
Effect of foreign operations	163,236	79,600	12,639	136,262
Valuation allowance	515,421	(45,919)	(23,135)	17,331
Uncertain tax positions, settlements and adjustments relating to prior years	(67,626)	(7,220)	25,692	107,148
Other	2,191	1,951	(937)	1,962
Income tax (benefit) expense	$ (39,404)	$ 1,654	$ (2,395)	$ (21,186)

Income Taxes - Components of De

Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards, or NOLs	$ 412,152	$ 226,022
Foreign tax credits	27,223	29,243
Disallowed interest deduction	69,604	70,492
Worker’s compensation and other current accruals	6,273	5,150
Deferred deductions	7,661	6,869
Deferred revenue	33	6,282
Operating lease liability	22,011	33,815
Property, plant and equipment	129,938	334,757
Other	7,234	4,971
Total deferred tax assets	682,129	717,601
Valuation allowance	(650,193)	(673,452)
Net deferred tax assets	31,936	44,149
Deferred tax liabilities:
Right-of-use assets	(21,374)	(33,117)
Other	(652)	(871)
Total deferred tax liabilities	(22,026)	(33,988)
Net deferred tax asset	$ 9,910	$ 10,161

Income Taxes - Summary of Rollf

Income Taxes - Summary of Rollforward of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ 214,626	$ 214,626	$ 26,678	$ 21,148	$ 118,884
Additions for current year tax positions			(3,553)	(5,993)	(100,780)
Additions for prior year tax positions	(1,282)		(1,424)	(504)	(1,559)
Reductions for prior year tax positions	187,389		1,730	4,345	2,944
Reductions related to statute of limitation expirations	1,841		8,777	1,760	3,653
Unrecognized Tax Benefits, Ending Balance	$ 26,678	$ 26,678	$ 21,148	$ 21,540	$ 214,626

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
US Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employers percentage matching of first 5% of each employee's qualifying annual compensation			50%		100%
Defined Contribution Plan, Matching Contribution per employee by the company			6%		5%
Defined contribution plan, cost recognized	$ 0	$ 0	$ 3.2		$ 6.2
UK Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, cost recognized	0.3	0.6	$ 0.9		$ 1.8
UK Plan [Member] \| U. K. Sector of North Sea [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Matching Contribution by the company			4%	4%	6%
International Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employers percentage matching of first 5% of each employee's qualifying annual compensation			50%		100%
Defined Contribution Plan, Matching Contribution per employee by the company			6%		5%
Defined contribution plan, cost recognized	$ 0	$ 0	$ 0.8		$ 0.2

Segments and Geographic Area _3

Segments and Geographic Area Analysis - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 Country Segment
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	1
Number of countries with rigs \| Country	4
Customer Concentration Risk [Member] \| Revenues [Member]
Segment Reporting Information [Line Items]
Concentration risk benchmark	contributed more than 10% of our total revenues

Segments and Geographic Area _4

Segments and Geographic Area Analysis - Summary of Information about Disaggregated Revenue by Equipment-type and Country (Detail) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 169,379	$ 556,066	$ 841,278	$ 733,687
Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	153,364	465,328	724,744	692,753
Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	16,015	90,738	116,534	40,934
United States [Member]
Segment Reporting Information [Line Items]
Total revenues	100,263	250,383	397,090	334,412
United States [Member] \| Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	93,215	194,912	322,021	321,150
United States [Member] \| Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	7,048	55,471	75,069	13,262
Australia [Member]
Segment Reporting Information [Line Items]
Total revenues	21,728	110,733	107,021	77,147
Australia [Member] \| Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	17,031	95,601	92,939	63,876
Australia [Member] \| Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	4,697	15,132	14,082	13,271
United Kingdom [Member]
Segment Reporting Information [Line Items]
Total revenues	30,267	59,104	74,594	121,050
United Kingdom [Member] \| Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	27,967	55,245	66,116	112,121
United Kingdom [Member] \| Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	2,300	3,859	8,478	8,929
Senegal [Member]
Segment Reporting Information [Line Items]
Total revenues		58,868	166,503
Senegal [Member] \| Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues		48,758	154,574
Senegal [Member] \| Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues		10,110	11,929
Brazil [Member]
Segment Reporting Information [Line Items]
Total revenues	3,421	42,215	80,185	155,418
Brazil [Member] \| Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	3,421	42,215	80,185	155,436
Brazil [Member] \| Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues				(18)
Myanmar [Member]
Segment Reporting Information [Line Items]
Total revenues	13,700	34,763	15,885	45,660
Myanmar [Member] \| Contract Drilling [Member]
Segment Reporting Information [Line Items]
Total revenues	11,730	28,597	8,909	40,170
Myanmar [Member] \| Reimbursable Expenses [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 1,970	$ 6,166	$ 6,976	$ 5,490

Segments and Geographic Area _5

Segments and Geographic Area Analysis - Long-Lived Tangible Assets by Country (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net book value of assets	$ 1,141,908	$ 1,175,895	$ 4,122,809
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net book value of assets	362,813	559,288	2,162,488
Senegal [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net book value of assets	352,655	188,694
Spain [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net book value of assets		142,930	686,436
Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net book value of assets	91,089	106,173	722,389
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net book value of assets	256,837	98,338	248,500
Brazil [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net book value of assets	69,596	76,383	87,543
Myanmar [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net book value of assets		2,258	207,451
Other Countries [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net book value of assets	8,918	1,831	8,002
International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net book value of assets	$ 779,095	$ 616,607	$ 1,960,321

Segments and Geographic Area _6

Segments and Geographic Area Analysis - Long-Lived Tangible Assets by Country (Parenthetical) (Detail) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Fair value adjustment to drilling and other property and equipment net of accumulated depreciation	$ (2,712,100)
Fair value adjustment of BOP finance lease assets	(8,400)
Impairment of assets	$ 197,027	$ 132,449	$ 0		$ 842,016
Other Countries [Member] \| Drilling and Other Property and Equipment , Net of Accumulated Depreciation [Member] \| Maximum [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk percentage				5%

Segments and Geographic Area _7

Segments and Geographic Area Analysis - Revenues from Major Customers that Contributed More than 10% of Total Revenues (Detail) - Revenues [Member] - Customer Concentration Risk [Member]	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
BP [Member]
Revenue, Major Customer [Line Items]
Percentage of revenues from major customers	39.80%	25.40%	33.10%	20.60%
Woodside [Member]
Revenue, Major Customer [Line Items]
Percentage of revenues from major customers	0.50%	22.40%	29.70%	7%
Occidental [Member]
Revenue, Major Customer [Line Items]
Percentage of revenues from major customers	21.40%	11.50%	3.90%	20.10%
Petrobras Brasileiro S.A. [Member]
Revenue, Major Customer [Line Items]
Percentage of revenues from major customers	2%	7.60%	9.50%	21.20%
Shell [Member]
Revenue, Major Customer [Line Items]
Percentage of revenues from major customers	9.20%	5.10%	4.10%	10.10%
Hess Corporation [Member]
Revenue, Major Customer [Line Items]
Percentage of revenues from major customers				10.70%

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) $ in Millions	Feb. 10, 2023 USD ($)
Subsequent Event [Member] \| Apache [Member]
Subsequent Event [Line Items]
The amount of early contract termination fees related to a contract with a customer	$ 12.5