Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Statement of Cash Flows [Abstract]      
Net income (loss) $ (165,697,000) $ (118,701,000) $ (230,814,000)
Adjustments to reconcile net income (loss):      
Depreciation and amortization 107,545,000 122,373,000 139,795,000
Accretion on contingent consideration 0 0 419,000
(Gain) loss on debt modification 0 0 1,088,000
Gain (loss) on disposition of assets, net 1,724,000 2,851,000 1,613,000
Deferred tax expense (benefit) (429,000) (224,000) 69,062,000
Loss on impairment 50,698,000 0 0
Equity in net earnings of subsidiaries 7,538,000 0 0
Provision for reduction in carrying value of certain assets 0 1,938,000 0
Expenses not requiring cash 5,151,000 4,251,000 2,518,000
Change in assets and liabilities:      
Accounts and notes receivable (15,235,000) (9,628,000) 60,391,000
Rig materials and supplies 249,000 4,710,000 (1,752,000)
Other current assets (10,860,000) (1,319,000) 2,140,000
Other non-current assets 13,019,000 8,658,000 3,897,000
Accounts payable and accrued liabilities (9,489,000) (8,714,000) (19,494,000)
Accrued income taxes (1,264,000) 538,000 (6,422,000)
Net cash provided by (used in) operating activities (17,050,000) 6,733,000 22,441,000
Cash flows from investing activities:      
Capital expenditures (70,567,000) (54,533,000) (28,954,000)
Proceeds from the sale of assets 1,353,000 403,000 2,441,000
Net cash provided by (used in) investing activities (69,214,000) (54,130,000) (26,513,000)
Cash flows from financing activities:      
Proceeds from borrowing under DIP facility 10,000,000 0 0
Payment of DIP facility costs (975,000) 0 0
Convertible preferred stock dividend (3,625,000) (2,145,000) 0
Payments of debt issuance costs (1,443,000) 0 0
Shares surrendered in lieu of tax (251,000) (936,000) (1,156,000)
Proceeds from the issuance of common stock 0 25,200,000 0
Proceeds from the issuance of convertible preferred stock 0 50,000,000 0
Payment of equity issuance costs 0 (2,864,000) 0
Payment of contingent consideration 0 0 (6,000,000)
Payment for noncontrolling interest 0 0 (3,375,000)
Net cash provided by (used in) financing activities 3,706,000 69,255,000 (10,531,000)
Net increase (decrease) in cash, cash equivalents and restricted cash (82,558,000) 21,858,000 (14,603,000)
Cash, cash equivalents and restricted cash at beginning of period 141,549,000 119,691,000 134,294,000
Cash, cash equivalents and restricted cash at end of period 58,991,000 141,549,000 119,691,000
Supplemental cash flow information:      
Interest paid 41,175,000 41,175,000 41,175,000
Income taxes paid 8,625,000 8,422,000 14,341,000
Restructuring costs paid $ 6,638,000 $ 0 $ 0