Quarterly report pursuant to Section 13 or 15(d)

Fresh Start Accounting - Balance Sheet Information (Details)

v3.19.2
Fresh Start Accounting - Balance Sheet Information (Details) - USD ($)
$ in Thousands
Apr. 01, 2019
Mar. 31, 2019
Mar. 30, 2019
Current assets:      
Cash and cash equivalents   $ 127,849 $ 51,777
Restricted cash   21,436 11,070
Accounts and notes receivable, net   168,444 168,444
Rig materials and supplies   17,839 39,024
Other current assets   19,577 31,944
Total current assets   355,145 302,259
Property, plant and equipment, net   303,970 533,938
Intangible assets, net   18,000 4,245
Deferred income taxes   4,269 2,518
Other non-current assets   32,997 38,045
Total assets   714,381 881,005
Current liabilities:      
Debtor in possession financing   0 10,000
Accounts payable and accrued liabilities   135,583 134,461
Accrued income taxes   5,013 5,013
Total current liabilities   140,596 149,474
Long-term debt   210,000 0
Other long-term liabilities   20,035 20,901
Long-term deferred tax liability   950 28,445
Commitments and contingencies  
Total liabilities not subject to compromise   371,581 198,820
Liabilities subject to compromise   0 600,996
Total liabilities   371,581 799,816
Stockholders’ equity:      
Predecessor preferred stock     500
Common stock   150 1,398
Capital in excess of par value   342,650 767,793
Predecessor accumulated other comprehensive income (loss)     (7,256)
Accumulated deficit     (681,246)
Total stockholders’ equity   342,800 81,189
Total liabilities and stockholders’ equity   $ 714,381 $ 881,005
Predecessor and Successor Successor Predecessor Successor
Reorganization Adjustments      
Current assets:      
Cash and cash equivalents   $ 76,072  
Restricted cash   10,366  
Accounts and notes receivable, net   0  
Rig materials and supplies   0  
Other current assets   (8,764)  
Total current assets   77,674  
Property, plant and equipment, net   0  
Intangible assets, net   0  
Deferred income taxes   0  
Other non-current assets   1,253  
Total assets   78,927  
Current liabilities:      
Debtor in possession financing   (10,000)  
Accounts payable and accrued liabilities   4,990  
Accrued income taxes   0  
Total current liabilities   (5,010)  
Long-term debt   210,000  
Other long-term liabilities   0  
Long-term deferred tax liability   0  
Commitments and contingencies    
Total liabilities not subject to compromise   204,990  
Liabilities subject to compromise   (600,996)  
Total liabilities   (396,006)  
Stockholders’ equity:      
Predecessor preferred stock     $ (500)
Common stock   150 (1,398)
Capital in excess of par value   342,650 $ (35,839)
Accumulated deficit   169,870  
Total stockholders’ equity   474,933  
Total liabilities and stockholders’ equity   78,927  
Fresh Start Adjustments      
Current assets:      
Cash and cash equivalents   0  
Restricted cash   0  
Accounts and notes receivable, net   0  
Rig materials and supplies   (21,185)  
Other current assets   (3,603)  
Total current assets   (24,788)  
Property, plant and equipment, net   (229,968)  
Intangible assets, net   13,755  
Deferred income taxes   1,751  
Other non-current assets   (6,301)  
Total assets   (245,551)  
Current liabilities:      
Debtor in possession financing   0  
Accounts payable and accrued liabilities   (3,868)  
Accrued income taxes   0  
Total current liabilities   (3,868)  
Long-term debt   0  
Other long-term liabilities   (866)  
Long-term deferred tax liability   (27,495)  
Commitments and contingencies    
Total liabilities not subject to compromise   (32,229)  
Liabilities subject to compromise   0  
Total liabilities   (32,229)  
Stockholders’ equity:      
Capital in excess of par value   (731,954)  
Predecessor accumulated other comprehensive income (loss)   7,256  
Accumulated deficit   511,376  
Total stockholders’ equity   (213,322)  
Total liabilities and stockholders’ equity   $ (245,551)