Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | DO | |
Entity Registrant Name | DIAMOND OFFSHORE DRILLING, INC. | |
Entity Central Index Key | 949,039 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 137,434,702 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 201,853 | $ 376,037 |
Marketable securities | 274,690 | |
Accounts receivable, net of allowance for bad debts | 198,701 | 256,730 |
Prepaid expenses and other current assets | 139,191 | 157,625 |
Assets held for sale | 96,261 | |
Total current assets | 814,435 | 886,653 |
Drilling and other property and equipment, net of accumulated depreciation | 5,191,841 | 5,261,641 |
Other assets | 62,047 | 102,276 |
Total assets | 6,068,323 | 6,250,570 |
Current liabilities: | ||
Accounts payable | 42,169 | 38,755 |
Accrued liabilities | 151,359 | 154,655 |
Taxes payable | 14,789 | 29,878 |
Total current liabilities | 208,317 | 223,288 |
Long-term debt | 1,973,488 | 1,972,225 |
Deferred tax liability | 114,736 | 167,299 |
Other liabilities | 110,643 | 113,497 |
Total liabilities | 2,407,184 | 2,476,309 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
Preferred stock (par value $0.01, 25,000,000 shares authorized, none issued and outstanding) | ||
Common stock (par value $0.01, 500,000,000 shares authorized; 144,378,512 shares issued and 137,434,458 shares outstanding at September 30, 2018; 144,085,292 shares issued and 137,227,782 shares outstanding at December 31, 2017) | 1,444 | 1,441 |
Additional paid-in capital | 2,015,430 | 2,011,397 |
Retained earnings | 1,848,623 | 1,964,497 |
Accumulated other comprehensive income (loss) | (4) | (5) |
Treasury stock, at cost (6,944,054 and 6,857,510 shares of common stock at September 30, 2018 and December 31, 2017, respectively) | (204,354) | (203,069) |
Total stockholders' equity | 3,661,139 | 3,774,261 |
Total liabilities and stockholders' equity | $ 6,068,323 | $ 6,250,570 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 144,378,512 | 144,085,292 |
Common stock, shares outstanding | 137,434,458 | 137,227,782 |
Treasury stock, shares | 6,944,054 | 6,857,510 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Total revenues | $ 286,322 | $ 366,023 | $ 850,693 | $ 1,139,538 |
Operating expenses: | ||||
Depreciation | 81,884 | 83,281 | 245,534 | 262,492 |
General and administrative | 33,308 | 17,806 | 70,057 | 54,299 |
Impairment of assets | 27,225 | 71,268 | ||
Restructuring and separation costs | 649 | 4,925 | ||
(Gain) loss on disposition of assets | (506) | 63 | (1,066) | (2,085) |
Total operating expenses | 309,365 | 307,442 | 925,599 | 1,009,274 |
Operating (loss) income | (23,043) | 58,581 | (74,906) | 130,264 |
Other income (expense): | ||||
Interest income | 2,364 | 776 | 6,001 | 1,347 |
Interest expense, net of amounts capitalized | (34,293) | (28,562) | (92,196) | (83,409) |
Loss on extinguishment of senior notes | (35,366) | (35,366) | ||
Foreign currency transaction (loss) gain | (743) | (677) | 115 | (517) |
Other, net | (179) | 1,447 | 664 | 1,322 |
(Loss) income before income tax benefit | (55,894) | (3,801) | (160,322) | 13,641 |
Income tax benefit | 4,782 | 14,600 | 59,257 | 36,646 |
Net (loss) income | $ (51,112) | $ 10,799 | $ (101,065) | $ 50,287 |
(Loss) earnings per share, Basic and Diluted | $ (0.37) | $ 0.08 | $ (0.74) | $ 0.37 |
Weighted-average shares outstanding: | ||||
Shares of common stock | 137,434 | 137,227 | 137,386 | 137,208 |
Dilutive potential shares of common stock | 14 | 29 | ||
Total weighted-average shares outstanding | 137,434 | 137,241 | 137,386 | 137,237 |
Contract Drilling [Member] | ||||
Revenues: | ||||
Total revenues | $ 280,691 | $ 357,683 | $ 833,970 | $ 1,113,410 |
Operating expenses: | ||||
Contract drilling, excluding depreciation | 188,456 | 198,072 | 562,466 | 597,812 |
Reimbursable Expenses [Member] | ||||
Revenues: | ||||
Total revenues | 5,631 | 8,340 | 16,723 | 26,128 |
Operating expenses: | ||||
Contract drilling, excluding depreciation | $ 5,574 | $ 8,220 | $ 16,458 | $ 25,488 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (51,112) | $ 10,799 | $ (101,065) | $ 50,287 |
Derivative financial instruments: | ||||
Reclassification adjustment for gain included in net income | (2) | (1) | (5) | (4) |
Investments in marketable securities: | ||||
Unrealized holding gain | 6 | 37 | ||
Reclassification adjustment for gain included in net income | (31) | (31) | ||
Total other comprehensive gain (loss) | (27) | (1) | 1 | (4) |
Comprehensive (loss) income | $ (51,139) | $ 10,798 | $ (101,064) | $ 50,283 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities: | ||
Net (loss) income | $ (101,065) | $ 50,287 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation | 245,534 | 262,492 |
Loss on impairment of assets | 27,225 | 71,268 |
Loss on extinguishment of senior notes | 35,366 | |
Restructuring and separation costs | 1,817 | |
Gain on disposition of assets | (1,066) | (2,085) |
Deferred tax provision | (69,109) | (73,873) |
Stock-based compensation expense | 4,036 | 4,806 |
Contract liabilities, net | (6,589) | 8,379 |
Contract assets, net | (4,395) | |
Deferred contract costs, net | 34,901 | 32,701 |
Other assets, noncurrent | 823 | (2,806) |
Other liabilities, noncurrent | (4,298) | (212) |
Other | 2,152 | 2,387 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 57,881 | (25,743) |
Prepaid expenses and other current assets | 4,901 | (4,831) |
Accounts payable and accrued liabilities | (11,836) | 17,787 |
Taxes payable | 7,844 | (9,288) |
Net cash provided by operating activities | 188,756 | 366,635 |
Investing activities: | ||
Capital expenditures | (159,751) | (100,613) |
Proceeds from maturities of marketable securities | 775,000 | 31 |
Purchase of marketable securities | (1,047,453) | |
Proceeds from disposition of assets, net of disposal costs | 69,533 | 4,017 |
Net cash used in investing activities | (362,671) | (96,565) |
Financing activities: | ||
Redemption of senior notes | (500,000) | |
Payment of debt extinguishment costs | (34,395) | |
Proceeds from issuance of senior notes | 496,360 | |
Debt issuance costs and arrangement fees | (234) | (7,226) |
Net repayment of short-term borrowings | (104,200) | |
Other | (35) | (156) |
Net cash used in financing activities | (269) | (149,617) |
Net change in cash and cash equivalents | (174,184) | 120,453 |
Cash and cash equivalents, beginning of period | 376,037 | 156,233 |
Cash and cash equivalents, end of period | $ 201,853 | $ 276,686 |
General Information
General Information | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
General Information | 1. General Information The unaudited condensed consolidated financial statements of Diamond Offshore Drilling, Inc. and subsidiaries, which we refer to as “Diamond Offshore,” “we,” “us” or “our,” should be read in conjunction with our Annual Report on Form 10-K No. 1-13926). As of November 1, 2018, Loews Corporation owned approximately 53% of the outstanding shares of our common stock. Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S., or GAAP, for interim financial information and with the instructions to Form 10-Q S-X Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated. Changes in Accounting Principles Revenue Recognition No. 2014-09, Revenue from Contracts with Customers 2014-09, We adopted ASU 2014-09 Our adoption of ASU 2014-09 Income Taxes No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, 2016-16. 2016-16 2016-16 The aggregate impact of the changes in accounting principles, as discussed above, to our unaudited Condensed Consolidated Balance Sheets on January 1, 2018 was as follows (in thousands): Retained Prepaid Expenses and Other Deferred Balance as of January 1, 2018 before adoption $ 1,964,497 $ 157,625 $ 102,276 $ 167,299 Adjustments for adoption of: Topic 606 2,590 611 2,107 128 ASU 2016-16 (17,401 ) — — 17,401 Balance as of January 1, 2018 after adoption $ 1,949,686 $ 158,236 $ 104,383 $ 184,828 Other Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018-13. 2018-13 2018-13 In February 2018, the FASB issued ASU No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018-02. 2018-02 one-time 2018-02 2018-02 2018-02 tax-related 2018-02 In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15. 2016-15 zero-coupon 2016-15 Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 2016-02, 2016-02, 2018-11, Leases (Topic 842): Targeted Improvements, 2016-02 non-lease Revenue from Contracts with Customers With respect to leases whereby we are the lessee, we expect to recognize lease liabilities and offsetting right of use assets corresponding to our currently identified future minimum lease commitments of between $130 million and $150 million, primarily related to certain leased subsea equipment. However, we are still evaluating the overall impact and will continue to refine our estimate prior to adoption of the ASU. We currently expect to elect the transition practical expedient package available in the ASU whereby we will not reassess (i) whether any of our expired or existing contracts contain a lease, (ii) the classification for any expired or existing leases and (iii) initial direct costs for any existing leases. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 2. Revenue from Contracts with Customers The activities that primarily drive the revenue earned from our drilling contracts 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 as time elapses 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 re-assessed Dayrate Drilling Revenue. Mobilization/Demobilization Revenue. lump-sum 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 past experience and knowledge of the market conditions. Contract Preparation Revenue. lump-sum Capital Modification Revenue lump-sum Revenues Related to Reimbursable Expenses 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 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. 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): September 30, January 1, 2018 2018 Trade receivables $ 189,348 $ 247,453 Current contract assets (1) 5,006 611 Noncurrent contract assets (1) 2,107 2,107 Current contract liabilities (deferred revenue) (1) (2,986 ) (11,371 ) Noncurrent contract liabilities (deferred revenue) (1) (10,767 ) (8,972 ) (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 unaudited Condensed Consolidated Balance Sheets as of September 30, 2018. Significant changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands): Net Contract Contract assets at January 1, 2018 $ 2,718 Contract liabilities at January 1, 2018 (20,343 ) Net balance at January 1, 2018 (17,625 ) Decrease due to amortization of revenue that was included in the beginning contract liability balance 18,396 Increase due to cash received, excluding amounts recognized as revenue during the period (11,944 ) Increase due to revenue recognized during the period but contingent on future performance 5,006 Decrease due to transfer to receivables during the period (611 ) Adjustments 138 Net balance at September 30, 2018 $ (6,640 ) Contract assets at September 30, 2018 $ 7,113 Contract liabilities at September 30, 2018 (13,753 ) 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 $54.3 million and $16.7 million are reported in “Prepaid expenses and other current assets” and “Other assets,” respectively, in our unaudited Condensed Consolidated Balance Sheets at September 30, 2018. During the three-month and nine-month periods ended September 30, 2018, the amount of amortization of such costs was $28.3 million and $55.6 million, respectively. 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 September 30, 2018 (in thousands): For the Years Ending December 31, 2018 (1) 2019 2020 2021 2022 Total Mobilization and contract preparation revenue $ 3,106 $ 5,935 $ 391 $ 511 $ 83 $ 10,026 Capital modification revenue 3,383 10,588 4,297 — — 18,268 Demobilization revenue 694 — — — — 694 Other deferred revenue 977 3,878 3,878 1,105 — 9,838 Total $ 8,160 $ 20,401 $ 8,566 $ 1,616 $ 83 $ 38,826 (1) Represents the three-month period beginning October 1, 2018. The revenue included above consists primarily of expected fixed mobilization, demobilization, and upgrade revenue for both wholly and partially unsatisfied performance obligations as well as expected variable mobilization, demobilization, and upgrade revenue for partially unsatisfied performance obligations, which has been estimated for purposes of allocating across the entire corresponding performance obligations. 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 September 30, 2018. 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 Accounting Standards Codification 606-10-50-14A(b) Impact of Topic 606 on Financial Statement Line Items Our revenue recognition pattern under Topic 606 is similar to revenue recognition under the previous guidance, except for the recognition of demobilization revenue. Such revenue, which was recognized upon completion of a contract under the previous guidance, is now estimated at contract inception and recognized ratably as contract drilling revenue over the term of the contract with an offset to a contract asset under Topic 606. The following tables summarize the impacts of adopting Topic 606 on our selected unaudited Condensed Consolidated Balance Sheets, Statements of Operations and Statements of Cash Flows information, as of and for the nine months ended September 30, 2018 (in thousands, except per share data): September 30, 2018 Balances as reported Adjustments Balances Unaudited Condensed Consolidated Balance Sheets Prepaid and other current assets $ 139,191 $ (3,390 ) $ 135,801 Other assets 62,047 (2,107 ) 59,940 Deferred tax liability 114,736 (712 ) 114,024 Retained earnings 1,848,623 (4,785 ) 1,843,838 Unaudited Condensed Consolidated Statements of Operations Contract drilling revenues $ 833,970 $ (2,779 ) $ 831,191 Income tax benefit 59,257 584 59,841 Loss per share, basic and diluted (0.74 ) (0.02 ) (0.76 ) Unaudited Condensed Consolidated Statements of Cash Flows Cash flow from operating activities: Net loss $ (101,065 ) $ (2,195 ) $ (103,260 ) Adjustments to reconcile net loss to net cash Deferred tax provision (69,109 ) (584 ) (69,693 ) Contract assets (4,395 ) 2,779 (1,616 ) |
Assets Held for Sale and Impair
Assets Held for Sale and Impairment of Assets | 9 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Assets Held for Sale and Impairment of Assets | 3. Assets Held for Sale and Impairment of Assets Assets Held for Sale We reported the $96.3 million carrying value of two of our rigs, the Ocean Scepter Ocean Victory Ocean Victory, Ocean Scepter pre-tax Asset Impairments.” Asset Impairments 2018 Impairment. Ocean Scepter During the third quarter of 2018, we evaluated two of our drilling rigs with indicators of impairment. Based on our assumptions and analysis at that time, we determined that the undiscounted probability-weighted cash flow for each rig was in excess of its respective carrying value. As a result, we concluded that no impairment of these rigs had occurred at September 30, 2018. As of September 30, 2018, there were 11 rigs in our drilling fleet not previously written down to scrap, for which there were no current indicators that their carrying amounts may not be recoverable and, thus, were not evaluated for impairment. If market fundamentals in the offshore oil and gas industry deteriorate further or a projected market recovery is further delayed, we may be required to recognize additional impairment losses in future periods. 2017 Impairments. We estimated the fair value of the 2017 Impaired Rigs using an income approach, whereby the fair value of each rig was estimated based on a calculation of the rig’s future net cash flows. These calculations utilized significant unobservable inputs, including estimated proceeds that may be received on ultimate disposition of the rig, and are representative of Level 3 fair value measurements due to the significant level of estimation involved and lack of transparency as to the inputs used. During the second quarter of 2017, we recorded an impairment loss of $71.3 million related to our 2017 Impaired Rigs. |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | 4. Supplemental Financial Information Condensed Consolidated Balance Sheets Information Accounts receivable, net of allowance for bad debts, consist of the following (in thousands): September 30, December 31, 2018 2017 Trade receivables $ 189,348 $ 247,453 Value added tax receivables 14,176 14,067 Related party receivables 109 205 Other 527 464 204,160 262,189 Allowance for bad debts (5,459 ) (5,459 ) Total $ 198,701 $ 256,730 Prepaid expenses and other current assets consist of the following (in thousands): September 30, December 31, 2018 2017 Rig spare parts and supplies $ 21,514 $ 28,383 Deferred contract costs 54,322 51,297 Prepaid BOP lease 3,873 3,873 Prepaid insurance 3,448 3,091 Prepaid taxes 46,422 67,212 Other 9,612 3,769 Total $ 139,191 $ 157,625 Accrued liabilities consist of the following (in thousands): September 30, December 31, 2018 2017 Rig operating expenses $ 33,796 $ 48,894 Payroll and benefits 42,238 46,560 Deferred revenue 2,986 11,371 Accrued capital project/upgrade costs 19,763 3,698 Interest payable 36,813 28,234 Personal injury and other claims 6,090 5,699 Other 9,673 10,199 Total $ 151,359 $ 154,655 “Accrued liabilities” includes $1.8 million and $13.6 million in accrued costs at September 30, 2018 and December 31, 2017, respectively, related to a restructuring plan that was implemented in late 2017. See Note 10. Condensed Consolidated Statements of Cash Flows Information Noncash investing activities excluded from the unaudited Condensed Consolidated Statements of Cash Flows and other supplemental cash flow information is as follows (in thousands): Nine Months Ended September 30, 2018 2017 Accrued but unpaid capital expenditures at period end $ 19,413 $ 3,338 Common stock withheld for payroll tax obligations (1) 1,285 481 Cash interest payments 76,219 60,253 Cash income taxes paid, net of (refunds): Foreign 5,941 37,884 U.S. federal (7,389 ) — State 2 94 (1) Represents the cost of 86,544 shares and 29,241 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock units in the nine months ended September 30, 2018 and 2017, respectively. These costs for the nine months ended September 30, 2018 are presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets at September 30, 2018. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 5. Earnings (Loss) Per Share A reconciliation of the numerators and the denominators of our basic and diluted per-share Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net (loss) income – basic and diluted numerator $ (51,112 ) $ 10,799 $ (101,065 ) $ 50,287 Weighted average shares – basic (denominator): 137,434 137,227 137,386 137,208 Dilutive effect of stock-based awards — 14 — 29 Weighted average shares including conversions – diluted (denominator) 137,434 137,241 137,386 137,237 (Loss) earnings per share: Basic $ (0.37 ) $ 0.08 $ (0.74 ) $ 0.37 Diluted $ (0.37 ) $ 0.08 $ (0.74 ) $ 0.37 The following table sets forth the share effects of stock-based awards excluded from the computations of diluted (loss) earnings per share, as the inclusion of such potentially dilutive shares would have been antidilutive for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Employee and director: Stock options — — — 1 Stock appreciation rights 1,071 1,297 1,161 1,330 Restricted stock units 1,182 1,061 1,150 977 |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 6. Marketable Securities We report our investments as current assets in our unaudited Condensed Consolidated Balance Sheets in “Marketable securities,” representing the investment of cash available for current operations. See Note 7. Our investments in marketable securities are classified as available for sale and are summarized as follows (in thousands): September 30, 2018 Amortized Unrealized Gain Market Value U.S. Treasury bills (due within one year) $ 274,683 $ 7 $ 274,690 Proceeds from maturities of U.S. Treasury bills were $475.0 million and $775.0 million during the three-month and nine-month periods ended September 30, 2018. There were no sales of U.S. Treasury bills during the three-month and nine-month periods ended September 30, 2018. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Disclosures | 7. Financial Instruments and Fair Value Disclosures Financial instruments that potentially subject us to significant concentrations of credit or market risk consist primarily of periodic temporary investments of excess cash, trade accounts receivable and investments in debt securities. We generally place our excess cash investments in U.S. Treasury bills and U.S. government-backed short-term money market instruments through several financial institutions. We periodically evaluate the relative credit standing of these financial institutions as part of our investment strategy. Concentrations of credit risk with respect to our trade accounts receivable are limited primarily due to the entities comprising our customer base. Since the market for our services is the offshore oil and gas industry, this customer base has consisted primarily of major and independent oil and gas companies and government-owned oil companies. Based on our current customer base and the geographic areas in which we operate, we do not believe that we have any significant concentrations of credit risk at September 30, 2018. 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 to us, we perform a credit review on that company. Based on that analysis, we may require that the customer present a letter of credit, prepay or provide other credit enhancements. We record a provision for bad debts on a case-by-case 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 1 assets include short-term investments such as money market funds and U.S. Treasury bills. Our Level 1 assets at September 30, 2018 consisted of cash held in money market funds of $162.2 million, time deposits of $20.9 million and investments in U.S. Treasury bills of $274.7 million. Our Level 1 assets at December 31, 2017 consisted of cash held in money market funds of $337.1 million and time deposits of $20.9 million. 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. We had no Level 2 assets or liabilities as of September 30, 2018 or December 31, 2017. 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. Our Level 3 assets at December 31, 2017 consisted of nonrecurring measurements of certain of our drilling rigs for which we recorded impairment losses during 2017. We had no Level 3 assets as of September 30, 2018. 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 nine-month period ended September 30, 2018 and the year ended December 31, 2017 of $27.2 million and $99.3 million, respectively. Assets and liabilities measured at fair value are summarized below (in thousands). September 30, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets at Total for Period (1) Recurring fair value measurements: Assets: Short-term investments $ 457,811 $ — $ — $ 457,811 Nonrecurring fair value measurements: Assets: Impaired assets $ — $ — $ — $ — $ 27,225 (1) Represents impairment loss of $27.2 million recognized during the second quarter of 2018 related to a drilling rig whose carrying value was impaired and was subsequently sold. See Note 3. December 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets at Total for Year (1) Recurring fair value measurements: Assets: Short-term investments $ 358,019 $ — $ — $ 358,019 Nonrecurring fair value measurements: Assets: Impaired assets (2) $ — $ — $ 97,261 $ 97,261 $ 99,313 (1) Represents impairment losses of $71.3 million and $28.0 million recognized during the second and fourth quarters of 2017, respectively, related to three drilling rigs whose carrying values were impaired. See Note 3. (2) Represents the total book value as of December 31, 2017 of two floaters, which were written down to their estimated fair values during the second quarter of 2017, and one jack-up We believe that the carrying amounts of our other financial assets and liabilities (excluding long-term debt), which are not measured at fair value in our unaudited Condensed Consolidated Balance Sheets, approximate fair value based on the following assumptions: • Cash and cash equivalents • Accounts receivable and accounts payable We consider our senior notes to be Level 2 liabilities under the GAAP fair value hierarchy and, accordingly, the fair value of our senior notes was derived using a third-party pricing service at September 30, 2018 and December 31, 2017. We perform control procedures over information we obtain from pricing services and brokers to test whether prices received represent a reasonable estimate of fair value. These procedures include the review of pricing service or broker pricing methodologies and comparing fair value estimates to actual trade activity executed in the market for these instruments occurring generally within a 10-day September 30, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value 3.45% Senior Notes due 2023 $ 218.9 $ 249.4 $ 223.1 $ 249.4 7.875% Senior Notes due 2025 519.4 496.8 523.1 496.5 5.70% Senior Notes due 2039 401.3 497.2 405.0 497.2 4.875% Senior Notes due 2043 549.4 748.9 547.5 748.9 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 | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Drilling and Other Property and Equipment | 8. Drilling and Other Property and Equipment Cost and accumulated depreciation of drilling and other property and equipment are summarized as follows (in thousands): September 30, December 31, 2018 2017 Drilling rigs and equipment $ 8,133,948 $ 7,971,406 Land and buildings 63,692 63,309 Office equipment and other 91,129 82,691 Cost 8,288,769 8,117,406 Less: accumulated depreciation (3,096,928 ) (2,855,765 ) Drilling and other property and equipment, net $ 5,191,841 $ 5,261,641 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Various claims have been filed against us in the ordinary course of business, including claims by offshore workers alleging personal injuries. With respect to each claim or exposure, we have made an assessment, in accordance with GAAP, of the probability that the resolution of the matter would ultimately result in a loss. When we determine that an unfavorable resolution of a matter is probable and such amount of loss can be reasonably estimated, we record a liability for the amount of the reasonably estimated loss at the time that both of these criteria are met. Our management believes that we have recorded adequate accruals for any liabilities that may reasonably be expected to result from these claims. Patent Litigation Ocean BlackHawk Ocean BlackHornet Ocean BlackRhino Ocean BlackLion Inter Partes Inter Partes Asbestos Litigation Other Litigation. Personal Injury Claims 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 September 30, 2018 our estimated liability for personal injury claims was $29.1 million, of which $5.3 million and $23.8 million were recorded in “Accrued liabilities” and “Other liabilities,” respectively, in our unaudited Condensed Consolidated Balance Sheets. At December 31, 2017 our estimated liability for personal injury claims was $30.9 million, of which $5.2 million and $25.7 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. Letters of Credit and Other. |
Restructuring and Separation Co
Restructuring and Separation Costs | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Separation Costs | 10. Restructuring and Separation Costs In late 2017, our management approved and initiated a plan to restructure our worldwide operations, which included a reduction in workforce at our corporate facilities and onshore bases that we refer to as the 2017 Reduction Plan. During the three-month and nine-month periods ended September 30, 2018, we incurred an additional $0.7 million and $4.9 million, respectively, in severance and related costs for redundant employees identified in 2018. As of September 30, 2018, accrued costs related to severance payments to former employees were $1.8 million, of which $0.3 million is payable during the remainder of 2018 and $1.5 million is payable in 2019. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes Effective January 1, 2018, we adopted ASU 2016-16, Additionally, in response to our interpretation of the Tax Reform Act, which was signed into law in late December 2017, we recorded a provisional net tax expense of $1.1 million during the fourth quarter of 2017, which included a charge relating to the one-time non-U.S. We are still in the process of evaluating our estimate as it relates to the tax effect of (i) the mandatory, deemed repatriation aspect of the Tax Reform Act, (ii) the amount of deferred tax assets and liabilities subject to the income tax rate change from 35% to 21% and (iii) the ability to more likely than not realize the benefit of deferred tax assets, including net operating losses and foreign tax credits. We will continue to monitor developments in these areas and adjust our estimates throughout 2018, as and if necessary, if additional guidance and clarification becomes available. |
Segments and Geographic Area An
Segments and Geographic Area Analysis | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segments and Geographic Area Analysis | 12. Segments and Geographic Area Analysis Although we provide contract drilling services with different types of offshore drilling rigs and also provide such services in many geographic locations, we have aggregated these operations into one reportable segment based on the similarity of economic characteristics due to the nature of the revenue-earning process as it relates to the offshore drilling industry over the operating lives of our drilling rigs. Our drilling rigs are highly mobile and may be moved to other markets throughout the world in response to market conditions or customer needs. At September 30, 2018, our active drilling rigs were located offshore three countries in addition to the United States. Revenues by geographic area are presented by attributing revenues to the individual country or areas where the services were performed. The following tables provide information about disaggregated revenue by equipment-type and primary geographical market (in thousands): Three Months Ended September 30, 2018 Floater Jack-up Total Revenues Total United States $ 155,695 $ — $ 155,695 $ 1,916 $ 157,611 South America 49,410 — 49,410 (32 ) 49,378 Europe 30,809 — 30,809 1,996 32,805 Australia/Asia 44,777 — 44,777 1,751 46,528 Total $ 280,691 $ — $ 280,691 $ 5,631 $ 286,322 Nine Months Ended September 30, 2018 Floater Jack-up (1) Total Revenues Total United States $ 473,924 $ 8,413 $ 482,337 $ 5,224 $ 487,561 South America 129,966 — 129,966 (31 ) 129,935 Europe 60,938 — 60,938 5,116 66,054 Australia/Asia 160,729 — 160,729 6,414 167,143 Total $ 825,557 $ 8,413 $ 833,970 $ 16,723 $ 850,693 (1) Loss-of-hire jack-up Three Months Ended September 30, 2017 Floater Jack-up Total Revenues Total United States $ 163,136 $ — $ 163,136 $ 2,191 $ 165,327 South America 58,750 — 58,750 (21 ) 58,729 Europe 48,680 — 48,680 1,702 50,382 Australia/Asia 80,543 — 80,543 3,835 84,378 Mexico — 6,574 6,574 633 7,207 Total $ 351,109 $ 6,574 $ 357,683 $ 8,340 $ 366,023 Nine Months Ended September 30, 2017 Floater Rigs Jack-up Total Revenues Total United States $ 455,805 $ — $ 455,805 $ 6,647 $ 462,452 South America 272,929 — 272,929 (243 ) 272,686 Europe 148,948 — 148,948 4,861 153,809 Australia/Asia 219,103 — 219,103 13,844 232,947 Mexico — 16,625 16,625 1,019 17,644 Total $ 1,096,785 $ 16,625 $ 1,113,410 $ 26,128 $ 1,139,538 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events Amendment to Existing Credit Agreement On October 2, 2018, Diamond Offshore Drilling, Inc., or DODI, entered into Amendment No. 6 and Consent to Credit Agreement and Successor Agency Agreement, or the Amendment, which amended our 5-year As of November 2, 2018, no borrowings or letters of credit were outstanding under the Existing Credit Agreement. New Credit Agreement On October 2, 2018, DODI, as the U.S. borrower, and Diamond Foreign Asset Company, or DFAC, as the foreign borrower, entered into a senior 5-year The entire amount of borrowings available under the New Credit Agreement will be available for loans to DFAC, and a portion of such amount will be available for loans to DODI, based on a ratio as specified in the agreement. The obligations of DODI and DFAC under the New Credit Agreement are each guaranteed by certain subsidiaries of DODI and DFAC, and 65% of the equity interest in DFAC is pledged as collateral. The New Credit Agreement includes restrictions on borrowing if, after giving effect to any such borrowings and the application of the proceeds thereof, the aggregate amount of available cash, as defined in the New Credit Agreement, would exceed $500.0 million. In addition, the ability to borrow revolving loans under the New Credit Agreement is conditioned on there being no unused commitments to advance loans under the Existing Credit Agreement. The New Credit Agreement contains certain financial covenants, including (i) maintenance of a ratio of consolidated indebtedness to total capitalization not to exceed 60% at the end of each fiscal quarter, (ii) maintenance of a ratio of (A) the value of certain rigs directly wholly owned by the borrowers and subsidiary guarantors to (B) the aggregate value of substantially all rigs owned by us of not less than 80% at the end of each fiscal quarter and (iii) maintenance of a ratio of (A) the sum of the aggregate value of all marketed rigs, as defined in the New Credit Agreement, wholly owned directly by DFAC and certain foreign guarantors, as specified in the New Credit Agreement, plus the value of the Ocean Valiant The New Credit Agreement also contains additional covenants generally applicable to DODI and its subsidiaries that we consider usual and customary for an agreement of this type, including a limit on the payment of dividends if certain minimum cash balances are not maintained. The New Credit Agreement provides for customary events of default including, among others, a cross-default provision with respect to DODI’s and its subsidiaries’ other indebtedness in excess of $100.0 million. As of November 2, 2018, no borrowings had been made or letters of credit issued under the New Credit Agreement. |
General Information (Policies)
General Information (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Interim Financial Information | Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S., or GAAP, for interim financial information and with the instructions to Form 10-Q S-X |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated. |
Changes in Accounting Principles | Changes in Accounting Principles Revenue Recognition No. 2014-09, Revenue from Contracts with Customers 2014-09, We adopted ASU 2014-09 Our adoption of ASU 2014-09 Income Taxes No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, 2016-16. 2016-16 2016-16 The aggregate impact of the changes in accounting principles, as discussed above, to our unaudited Condensed Consolidated Balance Sheets on January 1, 2018 was as follows (in thousands): Retained Prepaid Expenses and Other Deferred Balance as of January 1, 2018 before adoption $ 1,964,497 $ 157,625 $ 102,276 $ 167,299 Adjustments for adoption of: Topic 606 2,590 611 2,107 128 ASU 2016-16 (17,401 ) — — 17,401 Balance as of January 1, 2018 after adoption $ 1,949,686 $ 158,236 $ 104,383 $ 184,828 |
Other Recently Adopted Accounting Pronouncements | Other Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018-13. 2018-13 2018-13 In February 2018, the FASB issued ASU No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018-02. 2018-02 one-time 2018-02 2018-02 2018-02 tax-related 2018-02 In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15. 2016-15 zero-coupon 2016-15 |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 2016-02, 2016-02, 2018-11, Leases (Topic 842): Targeted Improvements, 2016-02 non-lease Revenue from Contracts with Customers With respect to leases whereby we are the lessee, we expect to recognize lease liabilities and offsetting right of use assets corresponding to our currently identified future minimum lease commitments of between $130 million and $150 million, primarily related to certain leased subsea equipment. However, we are still evaluating the overall impact and will continue to refine our estimate prior to adoption of the ASU. We currently expect to elect the transition practical expedient package available in the ASU whereby we will not reassess (i) whether any of our expired or existing contracts contain a lease, (ii) the classification for any expired or existing leases and (iii) initial direct costs for any existing leases. |
General Information (Tables)
General Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Aggregate Impact of Changes in Accounting Principles | The aggregate impact of the changes in accounting principles, as discussed above, to our unaudited Condensed Consolidated Balance Sheets on January 1, 2018 was as follows (in thousands): Retained Prepaid Expenses and Other Deferred Balance as of January 1, 2018 before adoption $ 1,964,497 $ 157,625 $ 102,276 $ 167,299 Adjustments for adoption of: Topic 606 2,590 611 2,107 128 ASU 2016-16 (17,401 ) — — 17,401 Balance as of January 1, 2018 after adoption $ 1,949,686 $ 158,236 $ 104,383 $ 184,828 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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): September 30, January 1, 2018 2018 Trade receivables $ 189,348 $ 247,453 Current contract assets (1) 5,006 611 Noncurrent contract assets (1) 2,107 2,107 Current contract liabilities (deferred revenue) (1) (2,986 ) (11,371 ) Noncurrent contract liabilities (deferred revenue) (1) (10,767 ) (8,972 ) (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 unaudited Condensed Consolidated Balance Sheets as of September 30, 2018. |
Summary of Significant Changes in Contract Assets and Contract Liabilities Balances | Significant changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands): Net Contract Contract assets at January 1, 2018 $ 2,718 Contract liabilities at January 1, 2018 (20,343 ) Net balance at January 1, 2018 (17,625 ) Decrease due to amortization of revenue that was included in the beginning contract liability balance 18,396 Increase due to cash received, excluding amounts recognized as revenue during the period (11,944 ) Increase due to revenue recognized during the period but contingent on future performance 5,006 Decrease due to transfer to receivables during the period (611 ) Adjustments 138 Net balance at September 30, 2018 $ (6,640 ) Contract assets at September 30, 2018 $ 7,113 Contract liabilities at September 30, 2018 (13,753 ) |
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 September 30, 2018 (in thousands): For the Years Ending December 31, 2018 (1) 2019 2020 2021 2022 Total Mobilization and contract preparation revenue $ 3,106 $ 5,935 $ 391 $ 511 $ 83 $ 10,026 Capital modification revenue 3,383 10,588 4,297 — — 18,268 Demobilization revenue 694 — — — — 694 Other deferred revenue 977 3,878 3,878 1,105 — 9,838 Total $ 8,160 $ 20,401 $ 8,566 $ 1,616 $ 83 $ 38,826 (1) Represents the three-month period beginning October 1, 2018. |
Summary of Impacts of Adopting Topic 606 on Condensed Consolidated Balance Sheet, Statement of Operations and Cash Flows Information | The following tables summarize the impacts of adopting Topic 606 on our selected unaudited Condensed Consolidated Balance Sheets, Statements of Operations and Statements of Cash Flows information, as of and for the nine months ended September 30, 2018 (in thousands, except per share data): September 30, 2018 Balances as reported Adjustments Balances Unaudited Condensed Consolidated Balance Sheets Prepaid and other current assets $ 139,191 $ (3,390 ) $ 135,801 Other assets 62,047 (2,107 ) 59,940 Deferred tax liability 114,736 (712 ) 114,024 Retained earnings 1,848,623 (4,785 ) 1,843,838 Unaudited Condensed Consolidated Statements of Operations Contract drilling revenues $ 833,970 $ (2,779 ) $ 831,191 Income tax benefit 59,257 584 59,841 Loss per share, basic and diluted (0.74 ) (0.02 ) (0.76 ) Unaudited Condensed Consolidated Statements of Cash Flows Cash flow from operating activities: Net loss $ (101,065 ) $ (2,195 ) $ (103,260 ) Adjustments to reconcile net loss to net cash Deferred tax provision (69,109 ) (584 ) (69,693 ) Contract assets (4,395 ) 2,779 (1,616 ) |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounts Receivable, Net of Allowance for Doubtful Accounts | Accounts receivable, net of allowance for bad debts, consist of the following (in thousands): September 30, December 31, 2018 2017 Trade receivables $ 189,348 $ 247,453 Value added tax receivables 14,176 14,067 Related party receivables 109 205 Other 527 464 204,160 262,189 Allowance for bad debts (5,459 ) (5,459 ) Total $ 198,701 $ 256,730 |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): September 30, December 31, 2018 2017 Rig spare parts and supplies $ 21,514 $ 28,383 Deferred contract costs 54,322 51,297 Prepaid BOP lease 3,873 3,873 Prepaid insurance 3,448 3,091 Prepaid taxes 46,422 67,212 Other 9,612 3,769 Total $ 139,191 $ 157,625 |
Accrued Liabilities | Accrued liabilities consist of the following (in thousands): September 30, December 31, 2018 2017 Rig operating expenses $ 33,796 $ 48,894 Payroll and benefits 42,238 46,560 Deferred revenue 2,986 11,371 Accrued capital project/upgrade costs 19,763 3,698 Interest payable 36,813 28,234 Personal injury and other claims 6,090 5,699 Other 9,673 10,199 Total $ 151,359 $ 154,655 |
Noncash Investing and Financing Activities | Noncash investing activities excluded from the unaudited Condensed Consolidated Statements of Cash Flows and other supplemental cash flow information is as follows (in thousands): Nine Months Ended September 30, 2018 2017 Accrued but unpaid capital expenditures at period end $ 19,413 $ 3,338 Common stock withheld for payroll tax obligations (1) 1,285 481 Cash interest payments 76,219 60,253 Cash income taxes paid, net of (refunds): Foreign 5,941 37,884 U.S. federal (7,389 ) — State 2 94 (1) Represents the cost of 86,544 shares and 29,241 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock units in the nine months ended September 30, 2018 and 2017, respectively. These costs for the nine months ended September 30, 2018 are presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets at September 30, 2018. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Per-Share Computations | A reconciliation of the numerators and the denominators of our basic and diluted per-share Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net (loss) income – basic and diluted numerator $ (51,112 ) $ 10,799 $ (101,065 ) $ 50,287 Weighted average shares – basic (denominator): 137,434 137,227 137,386 137,208 Dilutive effect of stock-based awards — 14 — 29 Weighted average shares including conversions – diluted (denominator) 137,434 137,241 137,386 137,237 (Loss) earnings per share: Basic $ (0.37 ) $ 0.08 $ (0.74 ) $ 0.37 Diluted $ (0.37 ) $ 0.08 $ (0.74 ) $ 0.37 |
Securities Excluded from Computations of Diluted Earnings Per Share | The following table sets forth the share effects of stock-based awards excluded from the computations of diluted (loss) earnings per share, as the inclusion of such potentially dilutive shares would have been antidilutive for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Employee and director: Stock options — — — 1 Stock appreciation rights 1,071 1,297 1,161 1,330 Restricted stock units 1,182 1,061 1,150 977 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | Our investments in marketable securities are classified as available for sale and are summarized as follows (in thousands): September 30, 2018 Amortized Unrealized Gain Market Value U.S. Treasury bills (due within one year) $ 274,683 $ 7 $ 274,690 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis | Assets and liabilities measured at fair value are summarized below (in thousands). September 30, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets at Total for Period (1) Recurring fair value measurements: Assets: Short-term investments $ 457,811 $ — $ — $ 457,811 Nonrecurring fair value measurements: Assets: Impaired assets $ — $ — $ — $ — $ 27,225 (1) Represents impairment loss of $27.2 million recognized during the second quarter of 2018 related to a drilling rig whose carrying value was impaired and was subsequently sold. See Note 3. December 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets at Total for Year (1) Recurring fair value measurements: Assets: Short-term investments $ 358,019 $ — $ — $ 358,019 Nonrecurring fair value measurements: Assets: Impaired assets (2) $ — $ — $ 97,261 $ 97,261 $ 99,313 (1) Represents impairment losses of $71.3 million and $28.0 million recognized during the second and fourth quarters of 2017, respectively, related to three drilling rigs whose carrying values were impaired. See Note 3. (2) Represents the total book value as of December 31, 2017 of two floaters, which were written down to their estimated fair values during the second quarter of 2017, and one jack-up |
Fair Values and Related Carrying Values of Our Debt Instruments | September 30, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value 3.45% Senior Notes due 2023 $ 218.9 $ 249.4 $ 223.1 $ 249.4 7.875% Senior Notes due 2025 519.4 496.8 523.1 496.5 5.70% Senior Notes due 2039 401.3 497.2 405.0 497.2 4.875% Senior Notes due 2043 549.4 748.9 547.5 748.9 |
Drilling and Other Property a_2
Drilling and Other Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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): September 30, December 31, 2018 2017 Drilling rigs and equipment $ 8,133,948 $ 7,971,406 Land and buildings 63,692 63,309 Office equipment and other 91,129 82,691 Cost 8,288,769 8,117,406 Less: accumulated depreciation (3,096,928 ) (2,855,765 ) Drilling and other property and equipment, net $ 5,191,841 $ 5,261,641 |
Segments and Geographic Area _2
Segments and Geographic Area Analysis (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Summary of Information about Disaggregated Revenue by Equipment-type and Primary Geographical Market | The following tables provide information about disaggregated revenue by equipment-type and primary geographical market (in thousands): Three Months Ended September 30, 2018 Floater Jack-up Total Revenues Total United States $ 155,695 $ — $ 155,695 $ 1,916 $ 157,611 South America 49,410 — 49,410 (32 ) 49,378 Europe 30,809 — 30,809 1,996 32,805 Australia/Asia 44,777 — 44,777 1,751 46,528 Total $ 280,691 $ — $ 280,691 $ 5,631 $ 286,322 Nine Months Ended September 30, 2018 Floater Jack-up (1) Total Revenues Total United States $ 473,924 $ 8,413 $ 482,337 $ 5,224 $ 487,561 South America 129,966 — 129,966 (31 ) 129,935 Europe 60,938 — 60,938 5,116 66,054 Australia/Asia 160,729 — 160,729 6,414 167,143 Total $ 825,557 $ 8,413 $ 833,970 $ 16,723 $ 850,693 (1) Loss-of-hire jack-up Three Months Ended September 30, 2017 Floater Jack-up Total Revenues Total United States $ 163,136 $ — $ 163,136 $ 2,191 $ 165,327 South America 58,750 — 58,750 (21 ) 58,729 Europe 48,680 — 48,680 1,702 50,382 Australia/Asia 80,543 — 80,543 3,835 84,378 Mexico — 6,574 6,574 633 7,207 Total $ 351,109 $ 6,574 $ 357,683 $ 8,340 $ 366,023 Nine Months Ended September 30, 2017 Floater Rigs Jack-up Total Revenues Total United States $ 455,805 $ — $ 455,805 $ 6,647 $ 462,452 South America 272,929 — 272,929 (243 ) 272,686 Europe 148,948 — 148,948 4,861 153,809 Australia/Asia 219,103 — 219,103 13,844 232,947 Mexico — 16,625 16,625 1,019 17,644 Total $ 1,096,785 $ 16,625 $ 1,113,410 $ 26,128 $ 1,139,538 |
General Information - Additiona
General Information - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Nov. 01, 2018 | |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Future minimum lease commitments | $ 130,000,000 | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Future minimum lease commitments | 150,000,000 | |
ASU 2016-16 [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Reduction in retained earnings | $ 17,400,000 | |
Subsequent Event [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Outstanding common stock owned by Loews Corporation | 53.00% |
General Information - Summary o
General Information - Summary of Aggregate Impact of Changes in Accounting Principles (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 1,848,623 | $ 1,949,686 | $ 1,964,497 |
Prepaid expenses and other current assets | 139,191 | 158,236 | 157,625 |
Other assets | 62,047 | 104,383 | 102,276 |
Deferred tax liability | $ 114,736 | 184,828 | $ 167,299 |
Previously Reported [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | 1,964,497 | ||
Prepaid expenses and other current assets | 157,625 | ||
Other assets | 102,276 | ||
Deferred tax liability | 167,299 | ||
Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | 2,590 | ||
Prepaid expenses and other current assets | 611 | ||
Other assets | 2,107 | ||
Deferred tax liability | 128 | ||
Restatement Adjustment [Member] | ASU 2016-16 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | (17,401) | ||
Deferred tax liability | $ 17,401 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customers [Line Items] | |||
Payment terms on invoiced amounts | 30 days | ||
Deferred contract costs | $ 54,322,000 | $ 54,322,000 | $ 51,297,000 |
Contract costs amortization | 28,300,000 | 55,600,000 | |
Contract costs impairment loss | 0 | 0 | |
Prepaid Expenses and Other Current Assets [Member] | |||
Revenue from Contract with Customers [Line Items] | |||
Deferred contract costs | 54,300,000 | 54,300,000 | |
Other Assets [Member] | |||
Revenue from Contract with Customers [Line Items] | |||
Deferred contract costs | $ 16,700,000 | $ 16,700,000 | |
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 | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | |||
Trade receivables | $ 189,348 | $ 247,453 | $ 247,453 |
Current contract assets | 5,006 | 611 | |
Noncurrent contract assets | 2,107 | 2,107 | |
Current contract liabilities (deferred revenue) | (2,986) | (11,371) | $ (11,371) |
Noncurrent contract liabilities (deferred revenue) | $ (10,767) | $ (8,972) |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Significant Changes in Contract Assets and Contract Liabilities Balances (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contract assets at January 1, 2018 | $ 2,718 |
Contract liabilities at January 1, 2018 | (20,343) |
Net balance at January 1, 2018 | (17,625) |
Decrease due to amortization of revenue that was included in the beginning contract liability balance | 18,396 |
Increase due to cash received, excluding amounts recognized as revenue during the period | (11,944) |
Increase due to revenue recognized during the period but contingent on future performance | 5,006 |
Decrease due to transfer to receivables during the period | (611) |
Adjustments | 138 |
Net balance at September 30, 2018 | (6,640) |
Contract assets at September 30, 2018 | 7,113 |
Contract liabilities at September 30, 2018 | $ (13,753) |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Summary of Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | $ 38,826 |
Mobilization and Contract Preparation Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 10,026 |
Capital Modification Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 18,268 |
Demobilization Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 694 |
Other Deferred Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 9,838 |
2018 [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 8,160 |
2018 [Member] | Mobilization and Contract Preparation Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 3,106 |
2018 [Member] | Capital Modification Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 3,383 |
2018 [Member] | Demobilization Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 694 |
2018 [Member] | Other Deferred Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 977 |
2019 [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 20,401 |
2019 [Member] | Mobilization and Contract Preparation Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 5,935 |
2019 [Member] | Capital Modification Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 10,588 |
2019 [Member] | Other Deferred Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 3,878 |
2020 [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 8,566 |
2020 [Member] | Mobilization and Contract Preparation Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 391 |
2020 [Member] | Capital Modification Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 4,297 |
2020 [Member] | Other Deferred Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 3,878 |
2021 [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 1,616 |
2021 [Member] | Mobilization and Contract Preparation Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 511 |
2021 [Member] | Other Deferred Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 1,105 |
2022 [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | 83 |
2022 [Member] | Mobilization and Contract Preparation Revenue [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenue remaining performance obligation | $ 83 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Summary of Comparison of Selected Unaudited Condensed Statement of Operations and Cash Flows Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Unaudited Condensed Consolidated Statements of Operations | ||||
Total revenues | $ 286,322 | $ 366,023 | $ 850,693 | $ 1,139,538 |
Income tax benefit | $ 4,782 | $ 14,600 | $ 59,257 | $ 36,646 |
Loss per share, basic and diluted | $ (0.37) | $ 0.08 | $ (0.74) | $ 0.37 |
Cash flow from operating activities: | ||||
Net loss | $ (51,112) | $ 10,799 | $ (101,065) | $ 50,287 |
Adjustments to reconcile net loss to net cash | ||||
Deferred tax provision | (69,109) | (73,873) | ||
Contract assets | (4,395) | |||
Contract Drilling [Member] | ||||
Unaudited Condensed Consolidated Statements of Operations | ||||
Total revenues | $ 280,691 | $ 357,683 | 833,970 | $ 1,113,410 |
Adjustments [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Unaudited Condensed Consolidated Statements of Operations | ||||
Income tax benefit | $ 584 | |||
Loss per share, basic and diluted | $ (0.02) | |||
Cash flow from operating activities: | ||||
Net loss | $ (2,195) | |||
Adjustments to reconcile net loss to net cash | ||||
Deferred tax provision | (584) | |||
Contract assets | 2,779 | |||
Adjustments [Member] | Accounting Standards Update 2014-09 [Member] | Contract Drilling [Member] | ||||
Unaudited Condensed Consolidated Statements of Operations | ||||
Total revenues | (2,779) | |||
Balance Without Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Unaudited Condensed Consolidated Statements of Operations | ||||
Income tax benefit | $ 59,841 | |||
Loss per share, basic and diluted | $ (0.76) | |||
Cash flow from operating activities: | ||||
Net loss | $ (103,260) | |||
Adjustments to reconcile net loss to net cash | ||||
Deferred tax provision | (69,693) | |||
Contract assets | (1,616) | |||
Balance Without Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Contract Drilling [Member] | ||||
Unaudited Condensed Consolidated Statements of Operations | ||||
Total revenues | $ 831,191 |
Revenue from Contracts with C_8
Revenue from Contracts with Customers - Summary of Comparison of Selected Unaudited Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Unaudited Condensed Consolidated Balance Sheets | |||
Prepaid and other current assets | $ 139,191 | $ 158,236 | $ 157,625 |
Other assets | 62,047 | 104,383 | 102,276 |
Deferred tax liability | 114,736 | 184,828 | 167,299 |
Retained earnings | 1,848,623 | $ 1,949,686 | $ 1,964,497 |
Adjustments [Member] | Accounting Standards Update 2014-09 [Member] | |||
Unaudited Condensed Consolidated Balance Sheets | |||
Prepaid and other current assets | (3,390) | ||
Other assets | (2,107) | ||
Deferred tax liability | (712) | ||
Retained earnings | (4,785) | ||
Balance Without Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Unaudited Condensed Consolidated Balance Sheets | |||
Prepaid and other current assets | 135,801 | ||
Other assets | 59,940 | ||
Deferred tax liability | 114,024 | ||
Retained earnings | $ 1,843,838 |
Assets Held for Sale and Impa_2
Assets Held for Sale and Impairment of Assets - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2018USD ($)Rigs | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($)Rigs | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($)Rigs | Sep. 30, 2018USD ($)Rigs | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)Rigs | |
Schedule Of Asset Impairment Charges [Line Items] | ||||||||
Assets held for sale | $ 96,261,000 | $ 96,261,000 | ||||||
Number of rigs held for sale | Rigs | 2 | 2 | ||||||
Gain on disposition of assets | $ 506,000 | $ (63,000) | $ 1,066,000 | $ 2,085,000 | ||||
Loss on impairment of assets | $ 27,225,000 | $ 71,268,000 | $ 99,300,000 | |||||
Number of rigs not evaluated for impairment | Rigs | 11 | 11 | ||||||
2017 Impaired Rigs [Member] | ||||||||
Schedule Of Asset Impairment Charges [Line Items] | ||||||||
Number of rigs evaluated for impairment | Rigs | 7 | |||||||
Loss on impairment of assets | $ 28,000,000 | $ 71,300,000 | ||||||
Impaired long-lived assets held and used, method for determining fair value | We estimated the fair value of the 2017 Impaired Rigs using an income approach, whereby the fair value of each rig was estimated based on a calculation of the rig’s future net cash flows. These calculations utilized significant unobservable inputs, including estimated proceeds that may be received on ultimate disposition of the rig, and are representative of Level 3 fair value measurements due to the significant level of estimation involved and lack of transparency as to the inputs used. During the second quarter of 2017, we recorded an impairment loss of $71.3 million related to our 2017 Impaired Rigs | |||||||
Number of rigs impaired | Rigs | 1 | 2 | 3 | |||||
2018 Impaired Rigs [Member] | ||||||||
Schedule Of Asset Impairment Charges [Line Items] | ||||||||
Number of rigs evaluated for impairment | Rigs | 2 | |||||||
Loss on impairment of assets | $ 27,200,000 | $ 27,200,000 | $ 0 | |||||
Impaired long-lived assets held and used, method for determining fair value | We estimated the fair value of the impaired rig using a market approach based on a signed agreement to sell the rig, including estimated costs to sell. We consider this valuation approach to be a Level 3 fair value measurement due to the level of estimation involved as the sale had not yet been completed at the time of our analysis. | |||||||
Ocean Victory [Member] | ||||||||
Schedule Of Asset Impairment Charges [Line Items] | ||||||||
Assets held for sale | $ 1,200,000 | $ 1,200,000 | ||||||
Floater Rigs [Member] | 2017 Impaired Rigs [Member] | ||||||||
Schedule Of Asset Impairment Charges [Line Items] | ||||||||
Number of rigs impaired | 2 | |||||||
Sold Rigs [Member] | ||||||||
Schedule Of Asset Impairment Charges [Line Items] | ||||||||
Gain on disposition of assets | $ 100,000 |
Supplemental Financial Inform_3
Supplemental Financial Information - Accounts Receivable, Net of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | |||
Trade receivables | $ 189,348 | $ 247,453 | $ 247,453 |
Value added tax receivables | 14,176 | 14,067 | |
Related party receivables | 109 | 205 | |
Other | 527 | 464 | |
Receivables Gross Current, Total | 204,160 | 262,189 | |
Allowance for bad debts | (5,459) | (5,459) | |
Total | $ 198,701 | $ 256,730 |
Supplemental Financial Inform_4
Supplemental Financial Information - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Rig spare parts and supplies | $ 21,514 | $ 28,383 | |
Deferred contract costs | 54,322 | 51,297 | |
Prepaid BOP lease | 3,873 | 3,873 | |
Prepaid insurance | 3,448 | 3,091 | |
Prepaid taxes | 46,422 | 67,212 | |
Other | 9,612 | 3,769 | |
Total | $ 139,191 | $ 158,236 | $ 157,625 |
Supplemental Financial Inform_5
Supplemental Financial Information - Accrued Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | |||
Rig operating expenses | $ 33,796 | $ 48,894 | |
Payroll and benefits | 42,238 | 46,560 | |
Deferred revenue | 2,986 | $ 11,371 | 11,371 |
Accrued capital project/upgrade costs | 19,763 | 3,698 | |
Interest payable | 36,813 | 28,234 | |
Personal injury and other claims | 6,090 | 5,699 | |
Other | 9,673 | 10,199 | |
Total | $ 151,359 | $ 154,655 |
Supplemental Financial Inform_6
Supplemental Financial Information - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Supplemental Cash Flow Information [Abstract] | ||
Accrued costs related to restructuring plan | $ 1.8 | $ 13.6 |
Supplemental Financial Inform_7
Supplemental Financial Information - Noncash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||
Accrued but unpaid capital expenditures at period end | $ 19,413 | $ 3,338 |
Common stock withheld for payroll tax obligations | 1,285 | 481 |
Cash interest payments | 76,219 | 60,253 |
U.S. Federal [Member] | ||
Cash income taxes paid, net of (refunds): | ||
Cash income taxes paid, net of refunds | (7,389) | |
Foreign [Member] | ||
Cash income taxes paid, net of (refunds): | ||
Cash income taxes paid, net of refunds | 5,941 | 37,884 |
State [Member] | ||
Cash income taxes paid, net of (refunds): | ||
Cash income taxes paid, net of refunds | $ 2 | $ 94 |
Supplemental Financial Inform_8
Supplemental Financial Information - Noncash Investing and Financing Activities (Parenthetical) (Detail) - shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Restricted Stock [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Number of shares of common stock withheld | 86,544 | 29,241 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Numerators and Denominators of Basic and Diluted Per-Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net (loss) income-basic and diluted numerator | $ (51,112) | $ 10,799 | $ (101,065) | $ 50,287 |
Weighted average shares-basic (denominator): | 137,434 | 137,227 | 137,386 | 137,208 |
Dilutive effect of stock-based awards | 14 | 29 | ||
Weighted average shares including conversions-diluted (denominator) | 137,434 | 137,241 | 137,386 | 137,237 |
(Loss) earnings per share: | ||||
Basic | $ (0.37) | $ 0.08 | $ (0.74) | $ 0.37 |
Diluted | $ (0.37) | $ 0.08 | $ (0.74) | $ 0.37 |
Earnings Per Share - Securities
Earnings Per Share - Securities Excluded from Computations of Diluted Earnings Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock Options [Member] | ||||
Employee and director: | ||||
Securities excluded from computation of diluted earning per share | 1 | |||
Restricted Stock Units [Member] | ||||
Employee and director: | ||||
Securities excluded from computation of diluted earning per share | 1,182 | 1,061 | 1,150 | 977 |
Stock Appreciation Rights [Member] | ||||
Employee and director: | ||||
Securities excluded from computation of diluted earning per share | 1,071 | 1,297 | 1,161 | 1,330 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Marketable Securities [Line Items] | |
Market Value | $ 274,690 |
U.S. Treasury Bills (due within one year) [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 274,683 |
Unrealized Gain | 7 |
Market Value | $ 274,690 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
Marketable Securities [Line Items] | |||
Proceeds from sale and maturities of marketable securities | $ 775,000,000 | $ 31,000 | |
U.S. Treasury Bills (due within one year) [Member] | |||
Marketable Securities [Line Items] | |||
Proceeds from sale and maturities of marketable securities | $ 475,000,000 | 775,000,000 | |
Proceeds from sales | $ 0 | $ 0 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment charges | $ 27,225 | $ 71,268 | $ 99,300 |
Measurement period for determining fair value of debt instruments | 10 days | ||
Level 1 [Member] | Cash Held in Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of investments | $ 162,200 | 337,100 | |
Level 1 [Member] | Time Deposits [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of investments | 20,900 | $ 20,900 | |
Level 1 [Member] | US Treasury Bill [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of investments | $ 274,700 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Assets: | |||
Loss on assets | $ 27,225 | $ 71,268 | $ 99,300 |
Carrying value of impaired assets | 1,000 | ||
Fair Value Measurements, Recurring [Member] | |||
Assets: | |||
Short-term investments | 457,811 | 358,019 | |
Fair Value Measurements, Recurring [Member] | Level 1 [Member] | |||
Assets: | |||
Short-term investments | 457,811 | 358,019 | |
Nonrecurring Fair Value Measurements [Member] | |||
Assets: | |||
Loss on assets | $ 27,225 | 99,313 | |
Carrying value of impaired assets | 97,261 | ||
Nonrecurring Fair Value Measurements [Member] | Level 3 [Member] | |||
Assets: | |||
Carrying value of impaired assets | $ 97,261 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis (Parenthetical) (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($)Rigs | Jun. 30, 2017USD ($)Rigs | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)Rigs | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Loss on impairment of assets | $ 27,225,000 | $ 71,268,000 | $ 99,300,000 | ||||
Carrying value of impaired assets | $ 1,000,000 | 1,000,000 | |||||
Held for Sale [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Carrying value of impaired assets | 96,300,000 | $ 96,300,000 | |||||
2017 Impaired Rigs [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Loss on impairment of assets | $ 28,000,000 | $ 71,300,000 | |||||
Number of rigs written down to their estimated fair value | Rigs | 1 | 2 | 3 | ||||
2017 Impaired Rigs [Member] | Floater Rigs [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Number of rigs written down to their estimated fair value | 2 | ||||||
2018 Impaired Rigs [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Loss on impairment of assets | $ 27,200,000 | $ 27,200,000 | 0 | ||||
Nonrecurring Fair Value Measurements [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Loss on impairment of assets | $ 27,225,000 | $ 99,313,000 | |||||
Carrying value of impaired assets | $ 97,261,000 | $ 97,261,000 | |||||
Nonrecurring Fair Value Measurements [Member] | Floater Rigs [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Number of rigs written down to their estimated fair value | Rigs | 2 | ||||||
Nonrecurring Fair Value Measurements [Member] | Jack-up Rigs [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Number of rigs written down to their estimated fair value | Rigs | 1 |
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 | Sep. 30, 2018 | Dec. 31, 2017 |
3.45% Senior Notes due 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $ 218.9 | $ 223.1 |
Carrying Value | 249.4 | 249.4 |
7.875% Senior Notes due 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 519.4 | 523.1 |
Carrying Value | 496.8 | 496.5 |
5.70% Senior Notes due 2039 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 401.3 | 405 |
Carrying Value | 497.2 | 497.2 |
4.875% Senior Notes due 2043 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 549.4 | 547.5 |
Carrying Value | $ 748.9 | $ 748.9 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Disclosures - Fair Value and Related Carrying Values of Our Debt Instruments (Parenthetical) (Detail) | Sep. 30, 2018 | Dec. 31, 2017 |
3.45% Senior Notes due 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate of senior notes | 3.45% | 3.45% |
7.875% Senior Notes due 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate of senior notes | 7.875% | 7.875% |
5.70% Senior Notes due 2039 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate of senior notes | 5.70% | 5.70% |
4.875% Senior Notes due 2043 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate of senior notes | 4.875% | 4.875% |
Drilling and Other Property a_3
Drilling and Other Property and Equipment - Summary of Cost and Accumulated Depreciation of Drilling and Other Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 8,288,769 | $ 8,117,406 |
Less: accumulated depreciation | (3,096,928) | (2,855,765) |
Drilling and other property and equipment, net | 5,191,841 | 5,261,641 |
Drilling Rigs and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 8,133,948 | 7,971,406 |
Land and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 63,692 | 63,309 |
Office Equipment and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 91,129 | $ 82,691 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Contingencies And Commitments [Line Items] | ||
Deductible for marine liability coverage including personal injury claims, per first occurrence | $ 10,000,000 | |
Range of deductible for liability coverage for personal injury claims, lower limit | 5,000,000 | |
Range of deductible for liability coverage for personal injury claims, upper limit | 100,000,000 | |
Total Contingent Liabilities Under Letters of Credit and Bonds [Member] | ||
Contingencies And Commitments [Line Items] | ||
Contingent liability under letters of credit and other bonds | 19,900,000 | |
Potentially Collateralized Contingent Liability Under Letters Of Credit and Bonds [Member] | ||
Contingencies And Commitments [Line Items] | ||
Contingent liability under letters of credit and other bonds | 14,200,000 | |
Windstorms in U.S. Gulf of Mexico [Member] | ||
Contingencies And Commitments [Line Items] | ||
Deductible for marine liability coverage including personal injury claims, per first occurrence | 25,000,000 | |
Range of deductible for liability coverage for personal injury claims, lower limit | 25,000,000 | |
Range of deductible for liability coverage for personal injury claims, upper limit | 100,000,000 | |
Personal Injury Claims [Member] | ||
Contingencies And Commitments [Line Items] | ||
Personal injury claims recorded | 29,100,000 | $ 30,900,000 |
Personal Injury Claims [Member] | Accrued Liabilities [Member] | ||
Contingencies And Commitments [Line Items] | ||
Personal injury claims recorded | 5,300,000 | 5,200,000 |
Personal Injury Claims [Member] | Other Liabilities [Member] | ||
Contingencies And Commitments [Line Items] | ||
Personal injury claims recorded | $ 23,800,000 | $ 25,700,000 |
Restructuring and Separation _2
Restructuring and Separation Costs - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||
Accrued costs associated with Corporate Reduction Plan | $ 1.8 | $ 1.8 | $ 13.6 | ||
2017 Reduction Plan [Member] | Severance Payments [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrued costs associated with Corporate Reduction Plan | 1.8 | 1.8 | $ 0.3 | ||
2017 Reduction Plan [Member] | Severance Payments [Member] | Scenario, Forecast [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrued costs associated with Corporate Reduction Plan | $ 1.5 | ||||
2017 Reduction Plan [Member] | Redundant Employees [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Costs associated with Corporate Reduction Plan | $ 0.7 | $ 4.9 | |||
Restructuring a cost description | As of September 30, 2018, accrued costs related to severance payments to former employees were $1.8 million, of which $0.3 million is payable during the remainder of 2018 and $1.5 million is payable in 2019. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Income Tax Contingency [Line Items] | |||
Net tax expense related to tax law change | $ 1.1 | ||
Reversal of liability for an uncertain tax position | $ 43.3 | ||
U.S corporate income tax rate | 35.00% | 21.00% | |
ASU 2016-16 [Member] | |||
Income Tax Contingency [Line Items] | |||
Cumulative effect of applying new standard as adjustment to opening retained earnings | $ 17.4 |
Segments and Geographic Area _3
Segments and Geographic Area Analysis - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018CountrySegment | |
Segment Reporting [Abstract] | |
Number of reportable segments | Segment | 1 |
Number of countries with rigs | Country | 3 |
Segments and Geographic Area _4
Segments and Geographic Area Analysis - Summary of Information about Disaggregated Revenue by Equipment-type and Primary Geographical Market (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 286,322 | $ 366,023 | $ 850,693 | $ 1,139,538 |
Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 280,691 | 357,683 | 833,970 | 1,113,410 |
Reimbursable Expenses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 5,631 | 8,340 | 16,723 | 26,128 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 157,611 | 165,327 | 487,561 | 462,452 |
United States [Member] | Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 155,695 | 163,136 | 482,337 | 455,805 |
United States [Member] | Reimbursable Expenses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,916 | 2,191 | 5,224 | 6,647 |
South America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 49,378 | 58,729 | 129,935 | 272,686 |
South America [Member] | Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 49,410 | 58,750 | 129,966 | 272,929 |
South America [Member] | Reimbursable Expenses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (32) | (21) | (31) | (243) |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 32,805 | 50,382 | 66,054 | 153,809 |
Europe [Member] | Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 30,809 | 48,680 | 60,938 | 148,948 |
Europe [Member] | Reimbursable Expenses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,996 | 1,702 | 5,116 | 4,861 |
Australia/Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 46,528 | 84,378 | 167,143 | 232,947 |
Australia/Asia [Member] | Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 44,777 | 80,543 | 160,729 | 219,103 |
Australia/Asia [Member] | Reimbursable Expenses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,751 | 3,835 | 6,414 | 13,844 |
Mexico [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 7,207 | 17,644 | ||
Mexico [Member] | Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 6,574 | 16,625 | ||
Mexico [Member] | Reimbursable Expenses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 633 | 1,019 | ||
Floater Rigs [Member] | Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 280,691 | 351,109 | 825,557 | 1,096,785 |
Floater Rigs [Member] | United States [Member] | Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 155,695 | 163,136 | 473,924 | 455,805 |
Floater Rigs [Member] | South America [Member] | Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 49,410 | 58,750 | 129,966 | 272,929 |
Floater Rigs [Member] | Europe [Member] | Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 30,809 | 48,680 | 60,938 | 148,948 |
Floater Rigs [Member] | Australia/Asia [Member] | Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 44,777 | 80,543 | 160,729 | 219,103 |
Jack-up Rigs [Member] | Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 6,574 | 8,413 | 16,625 | |
Jack-up Rigs [Member] | United States [Member] | Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 8,413 | |||
Jack-up Rigs [Member] | Mexico [Member] | Contract Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 6,574 | $ 16,625 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) | Oct. 02, 2018 | Nov. 02, 2018 |
New Credit Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Credit facility | $ 950,000,000 | |
Credit facility, maturity | Oct. 2, 2023 | |
Borrowings outstanding amount | $ 0 | |
Letters of credit issued or outstanding, amount | 0 | |
Credit facility, term | 5 years | |
Required ratio of value of marketed rigs to total commitments | 3 | |
Excess of other indebtedness | $ 100,000,000 | |
New Credit Agreement [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Consolidated indebtedness to total capitalization | 60.00% | |
New Credit Agreement [Member] | Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Aggregate amount of available cash | $ 500,000,000 | |
Required ration of value of rigs owned by borrower to total rigs owned by entity | 80.00% | |
New Credit Agreement [Member] | Diamond Foreign Assets Corporation [Member] | ||
Subsequent Event [Line Items] | ||
Equity interest pledged as collateral | 65.00% | |
New Credit Agreement [Member] | Swingline Sub Facility [Member] | ||
Subsequent Event [Line Items] | ||
Credit facility | $ 100,000,000 | |
New Credit Agreement [Member] | Letter Of Credit Subfacility [Member] | ||
Subsequent Event [Line Items] | ||
Credit facility | 250,000,000 | |
Existing Credit Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Credit facility | 325,000,000 | |
Borrowings outstanding amount | 0 | |
Letters of credit issued or outstanding, amount | $ 0 | |
Existing Credit Agreement [Member] | Credit Facility Mature on March 17, 2019 [Member] | ||
Subsequent Event [Line Items] | ||
Credit facility | $ 40,000,000 | |
Credit facility, maturity | Mar. 17, 2019 | |
Existing Credit Agreement [Member] | Credit Facility Mature on October 22, 2019 [Member] | ||
Subsequent Event [Line Items] | ||
Credit facility | $ 60,000,000 | |
Credit facility, maturity | Oct. 22, 2019 | |
Existing Credit Agreement [Member] | Credit facility Mature on October 22, 2020 [Member] | ||
Subsequent Event [Line Items] | ||
Credit facility | $ 225,000,000 | |
Credit facility, maturity | Oct. 22, 2020 |