v3.19.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 48,602 $ 141,549
Restricted cash 10,389 0
Accounts and Notes Receivable, net of allowance for bad debts of $7,767 at December 31, 2018 and $7,564 at December 31, 2017 136,437 122,511
Rig materials and supplies 36,245 31,415
Deferred costs 4,353 3,145
Other tax assets 2,949 4,889
Other current assets 27,929 14,327
Total current assets 266,904 317,836
Property, plant and equipment, net of accumulated depreciation of $951,798 at December 31, 2018 and $1,343,105 at December 31, 2017 (Note 3) 534,371 625,771
Goodwill (Note 4) 0 6,708
Intangible assets, net (Note 4) 4,821 7,128
Rig materials and supplies 12,971 18,788
Deferred income taxes 2,143 1,284
Other non-current assets 7,204 12,764
Total assets 828,414 990,279
Current Liabilities:    
Debtor in possession financing (Note 2) 10,000 0
Accounts payable 39,678 41,523
Accrued liabilities 35,385 57,723
Accrued income taxes 3,385 4,430
Total current liabilities 88,448 103,676
Long-term debt, net of unamortized debt issuance costs of $7,029 at December 31, 2017 0 577,971
Other long-term liabilities 11,544 12,433
Long-term deferred tax liability 510 78
Commitments and contingencies (Note 9) 0
Total liabilities not subject to compromise 100,502 694,158
Liabilities subject to compromise (Note 2) 600,996 0
Stockholders’ equity:    
Preferred stock, $1.00 par value, 1,942,000 shares authorized, 7.25% Series A Mandatory Convertible, 500,000 shares issued and outstanding 500 500
Common Stock, $0.16 2/3 par value, authorized 18,666,667 shares, issued and outstanding, 9,384,669 shares (9,262,382 shares in 2017) [1] 1,398 1,378
Capital in excess of par value [1] 766,347 766,508
Accumulated deficit (634,450) (468,753)
Accumulated other comprehensive income (loss) (6,879) (3,512)
Total stockholders’ equity 126,916 296,121
Total liabilities and stockholders’ equity $ 828,414 $ 990,279
[1] See Note 12 - Stockholders' Equity for details regarding the 1-for-15 reverse stock split.

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