0000950170-24-028222 | 10-K | XBRL Viewer | Superior Energy Services INC

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Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 03, 2021	Feb. 02, 2021	Jan. 01, 2021	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 391,684	$ 258,999	$ 314,974	$ 172,768	$ 172,768	$ 188,006
Restricted cash-current	0	0	0	16,751	16,751	0
Restricted cash-non-current	85,444	80,108	79,561	80,179	80,179	80,178
Cash, cash equivalents, and restricted cash	$ 477,128	$ 339,107	$ 394,535	$ 269,698	$ 269,698	$ 268,184	$ 268,184

Equity and Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computation of weighted average number of shares for basic and diluted earnings per share

The following table presents the reconciliation between the weighted average number of shares for basic and diluted earnings per share.


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Weighted-average shares outstanding - basic		20,126		20,024		19,998		14,845
Potentially dilutive stock awards and units		26		63		-		60
Weighted-average shares outstanding - diluted		20,152		20,087		19,998		14,905

Income Taxes (Schedule Of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Feb. 02, 2021
Deferred tax assets:
Allowance for doubtful accounts	$ 1,159	$ 1,374
U.S. operating loss and tax credit carryforwards	163,823	157,395
Compensation and employee benefits	6,843	7,376
Decommissioning liabilities	38,989	39,328
Goodwill and other intangible assets	63	369
Operating leases	147	126
Foreign deferred tax assets	45,003	38,780
Other assets	9,779	13,565
Deferred tax assets, gross	265,806	258,313
Valuation allowance	(132,031)	(80,280)
Total deferred tax assets	133,775	178,033
Deferred tax liabilities:
Property, plant and equipment	53,613	64,571
Notes receivable	17,659	17,812
Other Liability	1,399	1,546
Total deferred tax liabilities	72,671	83,929
Net deferred tax assets (liabilities)	61,104	94,104
Deferred Income Tax Assets, Net	67,241	97,492
Deferred Income Tax Liabilities, Net	$ 6,137	$ 3,388	$ 59,522

Leases (Operating Lease Expense) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Long-term fixed lease expense	$ 1,824	$ 12,579	$ 8,477	$ 9,761
Long-term variable lease expense	19	0	0	2
Short-term lease expense	789	10,165	8,771	22,705
Total operating lease expense	$ 2,632	$ 22,744	$ 17,248	$ 32,468

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 268,777	$ (162,178)	$ 175,020	$ 286,465
Change in cumulative translation adjustment, net of tax	67,947	0	0	0
Comprehensive income (loss)	$ 336,724	$ (162,178)	$ 175,020	$ 286,465

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Note Receivable

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Note Receivable

(6) Note Receivable

Our note receivable consists of a commitment from the seller of our oil and gas property for costs associated with the abandonment of the platform. Pursuant to an agreement with the seller, we will invoice the seller an agreed upon amount at the completion of certain decommissioning activities. In December 2023, revisions to our decommissioning cost estimates increased the gross amount of the seller’s obligation to us, which totaled $108.4 million as of December 31, 2023. The carrying value of the note receivable, which is recorded at its present value, totaled $69.0 million as of December 31, 2023.

The discount on the note receivable is currently based on an effective interest rate of 7.2% and is amortized to interest income over the expected timing of the completion of the decommissioning activities, which are expected to be completed during the second quarter of 2030. Interest receivable is considered paid in kind and is compounded into the carrying amount of the note.

We recorded non-cash interest income related to the note receivable as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Interest income	$	3.9	$	3.8	$	3.9	$	0.4

Interest income is included in Other, net in the Consolidated Statements of Cash Flows.

Income Taxes (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended	11 Months Ended	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Feb. 02, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 03, 2021	Jan. 01, 2021
Net operating loss carryforwards				$ 90,000,000
Limitation on operating loss carryforward usage as percent of taxable income				80.00%
Deferred tax assets, state net operating loss carryforwards				$ 16,900,000
Unrecognized tax benefits	$ 14,706,000		$ 14,973,000	4,112,000	$ 14,009,000	$ 14,973,000	$ 14,706,000	$ 13,206,000
Deferred income taxes	56,689,000	$ 7,600,000	(38,105,000)	22,849,000	(102,352,000)
Unrecognized tax benefits settlement due				900,000
Interest and penalties accrued			6,900,000	1,900,000	7,200,000	6,900,000
Reduction to unrecognized tax benefits, foreign tax audits			2,029,000	112,000	1,277,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount				50,000,000
Worthless stock deduction	0		0	6,781,000	(103,992,000)
Income tax (expense) benefit	$ 60,003,000		(33,298,000)	59,741,000	$ (77,719,000)
Tax benefits, foreign uncertain tax positions				$ 9,900,000
Effective tax reconciliation, federal statutory rate				21.00%
Effective income tax rate reconciliation, OECD income tax rate				15.00%
Expiring 2024 to 2033
Foreign tax credit carryforward				$ 77,600,000
Domestic Subsidiaries [Member]
Gain loss from extinguishment of debt						433,000,000
Deferred tax assets, state net operating loss carryforwards			$ 19,200			$ 19,200

Segment Information (Schedule Of Capital Expenditures, By Segment) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Capital expenditures	$ 3,035	$ 34,152	$ 74,496	$ 65,784
Rentals [Member]
Segment Reporting Information [Line Items]
Capital expenditures	2,429	27,335	58,962	54,126
Well Services [Member]
Segment Reporting Information [Line Items]
Capital expenditures	$ 606	$ 6,817	12,103	10,729
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Capital expenditures			$ 3,431	$ 929

Other Income (Expense) (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Loss on foreign currency expense		$ 2.7
Gain on sale of assets, discontinued operation	$ 4.1	34.7
Equity Securities, FV-NI, Realized Gain (Loss)	$ 0.4	$ 8.9
Select Common Stock
Debt and Equity Securities, FV-NI [Line Items]
Number of shares disposed	0.7	4.1

Income Taxes (Schedule Of Income Tax Provision) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current, federal	$ 0		$ (1,106)	$ (205)	$ (50)
Current, state	0		(307)	576	945
Current, foreign	3,314		6,220	36,111	23,738
Current, total	3,314		4,807	(36,892)	24,633
Deferred, federal	55,015		(42,904)	44,712	(83,420)
Deferred, state	(182)		2,633	(886)	165
Deferred, foreign	1,856		2,166	(20,977)	(19,097)
Deferred income taxes	56,689	$ 7,600	(38,105)	22,849	(102,352)
Income tax (expense) benefit	$ 60,003		$ (33,298)	$ 59,741	$ (77,719)

Fresh Start Accounting (Tables)

12 Months Ended

Dec. 31, 2023

Fresh Start Accounting [Abstract]

Reorganization Of Assets

The following table reconciles the enterprise value to the reorganization value of our assets that has been allocated to our individual assets as of the Emergence Date (in thousands):


	Emergence Date
Selected Enterprise Value within Bankruptcy Court Range	$	729,918
Plus: Cash and cash equivalents		172,768
Plus: Liabilities excluding the decommissioning liabilities		380,496
Plus: Decommissioning liabilities, including decommissioning liabilities classified as held for sale		173,622
Reorganization Value	$	1,456,804

Fresh Start

The consolidated balance sheet as of the Emergence Date was as follows (in thousands):


	As of February 2, 2021
				Reorganization				Fresh Start
	Predecessor			Adjustments				Adjustments				Successor
ASSETS
Current assets:
Cash and cash equivalents	$	194,671		$	(21,903	)	(1)	$	-			$	172,768
Restricted cash - current		-			16,751		(2)		-				16,751
Accounts receivable, net		153,518			11		(3)		-				153,529
Income taxes receivable		9,146			-				(170	)	(16)		8,976
Prepaid expenses		31,630			-				-				31,630
Inventory and other current assets		90,073			-				11,067		(17)		101,140
Assets held for sale		240,761			-				(20,402	)	(18)		220,359
Total current assets		719,799			(5,141	)			(9,505	)			705,153

Property, plant and equipment, net		401,263			-				139,587		(19)		540,850
Operating lease right-of-use assets		32,488			-				1,430		(20)		33,918
Goodwill		138,934			-				(138,934	)	(21)		-
Notes receivable		72,484			-				-				72,484
Restricted cash - non-current		80,179			-				-				80,179
Intangible and other long-term assets, net		52,264			(10,080	)	(4)		(17,964	)	(22)		24,220
Total assets	$	1,497,411		$	(15,221	)		$	(25,386	)		$	1,456,804

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	51,816		$	(700	)	(5)	$	-			$	51,116
Accrued expenses		126,768			9,042		(6)		1,406		(23)		137,216
Liabilities held for sale		39,642			1,614		(7)		(3,992	)	(24)		37,264
Total current liabilities		218,226			9,956				(2,586	)			225,596

Decommissioning liabilities		134,934			-				34,581		(25)		169,515
Operating lease liabilities		23,584			-				(29	)	(26)		23,555
Deferred income taxes		4,853			3,100		(8)		51,569		(27)		59,522
Other long-term liabilities		121,756			-				(45,826	)	(28)		75,930
Total non-current liabilities		285,127			3,100				40,295				328,522
Liabilities subject to compromise		1,572,772			(1,572,772	)	(9)		-				-
Total liabilities		2,076,125			(1,559,716	)			37,709				554,118

Stockholders’ equity (deficit):
Predecessor common stock $0.001 par value		16			(16	)	(10)		-				-
Predecessor Additional paid-in capital		2,757,824			(2,757,824	)	(11)		-				-
Predecessor Treasury stock at cost		(4,290	)		4,290		(12)		-				-
Successor Class A common stock $0.001 par value		-			200		(13)		-				200
Successor Additional paid-in capital		-			902,486		(14)		-				902,486
Accumulated other comprehensive loss, net		(67,532	)		-				67,532		(29)		-
Accumulated deficit		(3,264,732	)		3,395,359		(15)		(130,627	)	(30)		-
Total stockholders’ equity (deficit)		(578,714	)		1,544,495				(63,095	)			902,686
Total liabilities and stockholders’ equity (deficit)	$	1,497,411		$	(15,221	)		$	(25,386	)		$	1,456,804

Reorganization Adjustments (in thousands)

(1)

Changes in cash and cash equivalents included the following:


Payment of debtor in possession financing fees	$	(183	)
Payment of professional fees at the Emergence Date		(2,649	)
Payment of lease rejection damages classified as liabilities subject to compromise		(400	)
Transfers from cash to restricted cash for Professional Fees Escrow and General Unsecured Creditors Escrow		(16,751	)
Payment of debt issuance costs for the Credit Facility		(1,920	)
Net change in cash and cash equivalents	$	(21,903	)

(2)

Changes to restricted cash - current included the following:


Transfer from cash for Professional Fee Escrow	$	16,626
Transfer from cash for General Unsecured Creditors Escrow		125
Net change in restricted cash - current	$	16,751

(3)

Changes of $11 to accounts receivable reflect a receivable from the solicitor from the Chapter 11 Cases for excess proceeds received during the Rights Offering.

(4)

Changes to intangibles and other long-term assets included the following:


Write-off of deferred financing costs related to the Delayed-Draw Term Loan	$	(12,000	)
Capitalization of debt issuance costs associated with the Credit Facility		1,920
Net change in intangibles and other long-term assets	$	(10,080	)

(5)

Changes to accounts payable included the following:


Payment of professional fees at the Emergence Date	$	(2,649	)
Professional fees recognized and payable at the Emergence Date		1,949
Net change in accounts payable	$	(700	)

(6)

Changes in accrued liabilities include the following:


Payment of debtor in possession financing fees	$	(183	)
Accrual of professional fees		6,500
Accrual for transfer taxes		1,900
Reinstatement of lease rejection liabilities to be settled post-emergence		700
Accrual of general unsecured claims against parent		125
Net change in accrued liabilities	$	9,042

(7)

Changes in liabilities held for sale reflect the fair value reinstatement of rejected lease claims.

(8)

Changes in deferred income taxes are due to reorganization adjustments.

(9)

The resulting gain on liabilities subject to compromise was determined as follows:


Prepetition 7.125% and 7.750% notes including accrued interest and unpaid interest	$	1,335,794
Rejected lease liability claims		4,956
Allowed Class 6 General Unsecured Claims against Parent		232,022
Liabilities subject to compromise settled in accordance with the Plan		1,572,772
Reinstatement of accrued liabilities for lease rejection claims		(700	)
Reinstatement of liabilities held for sale for lease rejection claims		(1,614	)
Payment to settle lease rejection claims		(400	)
Cash proceeds from rights offering		963
Cash payout provided to cash opt-in noteholders		(952	)
Cash Pool to settle GUCs against Parent		(125	)
Issuance of common stock to prepetition noteholders, incremental to rights offering (par value)		(193	)
Additional paid-in capital attributable to successor common stock issuance		(869,311	)
Successor common stock issued to cash opt-out noteholders in the rights offering (par value)		(7	)
Additional paid-in capital attributable to rights offering shares		(33,175	)
Gain on settlement of liabilities subject to compromise	$	667,258

The Equity Rights Offering generated $963 thousand in proceeds used to settle $952 thousand in Cash Opt-in Noteholder claims. The Equity Rights Offering shares were offered at a price of $1.31/share to Cash Opt-out Noteholders. As such, the Equity Rights Offering shares generated the $963 thousand in cash proceeds from the share issuance as well as an implied discount to the Cash Opt-in claimants of $32.2 million, recorded as a loss on share issuance in reorganization items, net. The loss on the Equity Rights Offering share issuance is offset by the gain on share issuance of $32.2 million implied by the issuance of shares to settle Cash Opt-out Noteholder claims at a value of $46.82/share compared to the reorganization value implied share price of $45.14/share.

(10)

Changes of $16 in Predecessor common stock reflect the cancellation of the Predecessor’s common stock.

(11)

Changes in Predecessor additional paid-in capital (APIC) include the following:


Extinguishment of APIC related to Predecessor's outstanding equity interests	$	(2,758,812	)
Extinguishment of RSUs for the Predecessor's incentive plan		988
Net change in Predecessor's additional paid-in capital	$	(2,757,824	)

(12)

Reflects $4.3 million cancellation of Predecessor treasury stock held at cost.

(13)

Changes in the Successor’s Class A common stock include the following:


Issuance of successor Class A common stock to prepetition noteholders, incremental to rights offering (par value)	$	193
Successor Class A common stock issued to cash opt-out noteholders in the rights offering (par value)		7
Net change in Successor Class A common stock	$	200

(14)

Changes in Successor additional paid-in capital include the following:


Additional paid-in capital (Successor Class A common stock)	$	869,311
Additional paid-in capital (rights offering shares)		33,175
Net change in Successor additional paid-in capital	$	902,486

(15)

Changes to retained earnings (deficit) include the following:


Gain on settlement of liabilities subject to compromise	$	667,258
Accrual for transfer tax		(1,900	)
Extinguishment of RSUs for Predecessor incentive plan		(988	)
Adjustment to net deferred tax liability taken to tax expense		(3,100	)
Professional fees earned and payable as a result of consummation of the Plan of Reorganization		(8,449	)
Write-off of deferred financing costs related to the Delayed-Draw Term Loan		(12,000	)
Extinguishment of Predecessor equity (par value, APIC, and treasury stock)		2,754,538
Net change in retained earnings (deficit)	$	3,395,359

Fresh Start Adjustments (in thousands)

(16)

Changes of $170 in income tax receivable reflects the decrease to current deferred tax assets due to the adoption of fresh start accounting.

(17)

Changes in inventory and other current assets included the following:


Fair value adjustment to inventory - Global Segment	$	12,137
Fair value adjustment to other current assets		(1,070	)
Net change in inventory and other current assets due to the adoption of fresh start accounting	$	11,067

(18)

Changes of $20.4 million in assets held for sale primarily reflect a fair value adjustment of $16.5 million which decreased the value of real property and a $3.5 million decrease to Predecessor decommissioning balances due to the adoption of fresh start accounting.

(19)

Changes of $139.6 million to property, plant and equipment reflect the fair value adjustment.


	Successor Fair Value		Predecessor Book Value
Land, Buildings, and Associated Improvements	$	117,341	$	205,237
Machinery and Equipment		290,593		1,103,501
Rental Services Equipment		92,861		617,762
Other Depreciable or Depletable Assets		35,143		46,403
Construction in Progress		4,912		4,912
		540,850		1,977,815
Less: Accumulated Depreciation and Depletion		-		(1,576,552	)
Property, Plant and Equipment, net	$	540,850	$	401,263

(20)

Reflects $1.4 million due to the fair value adjustment increasing operating lease right-of-use assets.

(21)

Changes of $138.9 million to goodwill reflect the derecognition of the Predecessor’s goodwill due to the adoption of fresh start accounting.

(22)

Reduction of other long-term assets was due to the adoption of fresh start accounting and include $17.1 million in decommissioning liabilities related to Predecessor long-term assets fair valued and presented in the Successor’s property, plant, and equipment.

The fair value changes of $1.4 million to intangibles assets are reflected in the table below:


	Successor Fair Value		Predecessor Net Book Value
Customer Relationships	$	-	$	4,901
Trademarks		4,166		11
Patents		2,120		-
Intangible Assets, Net	$	6,286	$	4,912

(23)

Changes of $1.4 million to accrued expenses reflect the fair value adjustment increasing the current portion of operating lease liabilities.

(24)

Reflects the $4.0 million fair value adjustment decreasing decommissioning liabilities and operating lease liabilities related to assets held for sale.

(25)

Reflects the $34.6 million fair value adjustment increasing the non-current portion of decommissioning liabilities.

(26)

Reflects the fair value adjustment decreasing the non-current portion of operating lease liabilities.

(27)

Reflects the $70.4 million increase of deferred tax liabilities netted against an $18.8 million increase in realizable deferred tax assets due to the adoption of fresh start accounting.

(28)

Changes of $45.8 million in other long-term liabilities reflects the reclassification of amounts associated with the Predecessor’s decommissioning liability balances that were fair valued and presented in the Successor’s decommissioning liabilities, as well as an increase in FIN48 liabilities of $1.5 million.

(29)

Changes to accumulated other comprehensive loss reflect the elimination of Predecessor currency translation adjustment balances due to the adoption of fresh start accounting on Predecessor currency translation adjustment balances.

(30)

Changes reflect the cumulative impact of fresh start accounting adjustments discussed above and the elimination of the Predecessor’s accumulated other comprehensive loss and the Predecessor’s accumulated deficit.


Fresh start valuation adjustments	$	(77,376	)
Adjustment to net deferred tax liability taken to tax expense		(53,251	)
Net impact to accumulated other comprehensive loss and accumulated deficit	$	(130,627	)

Reorganization


	Predecessor
	For the Period January 1, 2021 through February 2, 2021
Gain on settlement of liabilities subject to compromise	$	667,258
Allowed claim adjustment for Class 6 claims		(232,022	)
Fresh Start valuation adjustments (1)		(77,376	)
Professional fees		(16,005	)
Predecessor lease liabilities rejected per the Plan		13,347
Write off of deferred financing costs related to the Delayed-Draw Term Loan		(12,000	)
Lease rejection damages		(4,956	)
Extinguishment of RSU's for the Predecessor's incentive plan		(988	)
Other items		(1,698	)
Total reorganization items, net	$	335,560

(1) Includes approximately $16.4 million in adjustments to assets and liabilities classified as held for sale. See Note 18 - Discontinued Operations.

Segment Information (Schedule Of Revenues By Geographic Segment) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 294,960	$ 282,376
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	232,629	212,534
International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 62,331	$ 69,842

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 41,082	$ 36,136
Raw materials	10,379	8,351
Work-in-process	8,025	4,718
Supplies and consumables	15,509	16,382
Total	$ 74,995	$ 65,587

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Components Of Income (Loss) From Discontinued Operations

The following table summarizes the components of loss from discontinued operations, net of tax (in thousands):


	Successor									Predecessor
	For the Year Ended December 31,						For the Period February 3, 2021 through December 31, 2021			For the Period January 1, 2021 through February 2, 2021
	2023			2022
Revenues	$	-		$	-		$	90,682		$	10,719
Cost of services		-			-			85,191			10,398
Depreciation, depletion, amortization and accretion		-			-			31,502			2,141
General and administrative expenses		590			8,043			8,847			1,119
Other (gains) and losses, net		(1,129	)		(2,249	)		15,807			-
Loss from operations		539			(5,794	)		(50,665	)		(2,939	)
Other income (expense)		-			-			188			2,485
Income (loss) from discontinued operations before tax		539			(5,794	)		(50,477	)		(454	)
Income tax benefit (expense)		(113	)		1,217			10,408			102
Income (loss) from discontinued operations, net of income tax	$	426		$	(4,577	)	$	(40,069	)	$	(352	)

Assets And Liabilities Of Discontinued Operation

The following summarizes the assets and liabilities related to our discontinued operations (in thousands):


	For the Year Ended December 31,
	2023		2022
Assets:
Accounts receivable, net	$	-	$	350
Property, plant and equipment, net		-		11,468
Other assets, net		-		160
Total assets held for sale	$	-	$	11,978

Liabilities:
Accounts payable	$	-	$	86
Accrued expenses		-		3,192
Other liabilities		-		71
Total liabilities held for sale	$	-	$	3,349

Schedule Of Cash Flows From Discontinued Operations

Significant operating non-cash items and cash flows from investing activities for our discontinued operations were as follows (in thousands):


	For the Year Ended December 31,
	2023			2022
Cash flows from discontinued operating activities:
Other gains, net	$	(1,129	)	$	(2,249	)
Cash flows from discontinued investing activities:
Proceeds from sales of assets	$	13,020		$	20,110

Summary Of Significant Accounting Policies (Summary of Restructuring and Transaction Expenses) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Restructuring and transaction expenses	$ 1,270	$ 22,952	$ 3,294	$ 6,375

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 45,928	$ 648,754	$ 919,420	$ 883,960
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	29,773	422,252	474,127	476,951
Depreciation, depletion, amortization and accretion	8,358	219,859	81,068	98,060
General and administrative expenses	11,052	117,575	125,659	128,294
Restructuring expenses	1,270	22,952	3,294	6,375
Other (gains) and losses, net		16,726	(6,549)	(29,134)
Income (loss) from operations	(4,525)	(150,610)	241,821	203,414
Rentals [Member]
Segment Reporting Information [Line Items]
Total revenues	18,339	268,695	452,249	402,942
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	7,839	105,373	149,835	137,626
Depreciation, depletion, amortization and accretion	4,271	152,250	49,414	58,731
General and administrative expenses	2,027	24,812	28,475	28,139
Other (gains) and losses, net		3,609	(495)	(5,190)
Income (loss) from operations	4,202	(17,349)	225,020	183,636
Well Services [Member]
Segment Reporting Information [Line Items]
Total revenues	27,589	380,059	467,171	481,018
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	21,934	316,879	324,292	339,325
Depreciation, depletion, amortization and accretion	3,666	61,074	28,796	34,841
General and administrative expenses	4,111	46,780	44,267	45,898
Other (gains) and losses, net		13,117	(5,000)	(23,575)
Income (loss) from operations	(2,122)	(57,791)	74,816	84,529
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion, amortization and accretion	421	6,535	2,858	4,488
General and administrative expenses	4,914	45,983	52,917	54,257
Restructuring expenses	1,270	22,952	3,294	6,375
Other (gains) and losses, net			(1,054)	(369)
Income (loss) from operations	$ (6,605)	$ (75,470)	$ (58,015)	$ (64,751)

Fresh Start Accounting - (Reorganization) (Details) - USD ($) $ in Thousands		1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Fresh Start Accounting [Abstract]
Gain on settlement of liabilities subject to compromise	$ 667,258	$ 667,258
Allowed claim adjustment for Class 6 claims		232,022
Loss on fresh start adjustment		(77,376)
Professional fees		(16,005)
Rejected leases		13,347
Debtor in possession credit facility costs		(12,000)
Lease rejection damages		(4,956)
Extinguishment of RSUs for the Predecessor's incentive plan		(988)
Other items		(1,698)
Total reorganization items, net		335,560	$ 0	$ 0	$ 0
Adjustment for discontinued operations		$ 16,400

Fair Value Measurements (Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - Non Qualified Deferred Compensation Assets and Liabilities [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets, net	$ 17,079	$ 16,299
Accrued expense	1,797	1,831
Other liabilities	$ 15,589	$ 15,855

Leases (Supplemental Balance Sheet Information) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Leases [Abstract]
Weighted average remaining lease term	19 years
Weighted average discount rate	5.33%
Cash paid for operating leases	$ 6,828
ROU assets obtained in exchange for lease obligations	$ 4,621

Discontinued Operation (Cash Flow Of Discontinued Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other gains, net	$ 0	$ 16,726	$ (6,549)	$ (29,134)
Pumpco Member
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other gains, net	$ 0	$ 15,807	(1,129)	(2,249)
Proceeds from sales of assets			$ 13,020	$ 20,110

Blue Chip Swap Securities (Additional Information) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Proceeds from Sale, Maturity and Collection of Investments [Abstract]
Proceeds from sales of Blue Chip Swap securities	$ 0	$ 4,300	$ 9,700	$ 0	$ 13,912	$ 0
Derivative exchange rate premium percentage		184.00%	123.00%
Loss on Blue Chip Swap securities	$ 0			$ 0	$ (19,856)	$ 0

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

A summary of property, plant and equipment, net is as follows (in thousands):


	December 31, 2023			December 31, 2022
Machinery and equipment	$	422,071		$	378,907
Buildings, improvements and leasehold improvements		66,746			70,816
Automobiles, trucks, tractors and trailers		8,106			6,376
Furniture and fixtures		22,746			19,373
Construction-in-progress		8,195			5,185
Land		25,654			26,695
Oil and gas producing assets		28,984			11,714
Total		582,502			519,066
Accumulated depreciation and depletion		(287,542	)		(236,690	)
Property, plant and equipment, net	$	294,960		$	282,376

Summary of depreciation and depletion expense

A summary of depreciation and depletion expense associated with our property, plant and equipment is as follows:


	For the Year Ended
	December 31,
	2023		2022
Depreciation	$	68,100	$	84,005
Depletion		2,305		3,615
Total depreciation and depletion	$	70,405	$	87,620

Decommissioning Liability - Schedule of Decommissioning Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Decommissioning Liability	$ 170,283	$ 160,671
Less: Note Receivable	(69,005)	(69,679)
Decommissioning Liability, net of Note Receivable	101,278	90,992
Well Services [Member]
Decommissioning Liability	96,603	96,171
Platform Service [Member]
Decommissioning Liability	$ 73,680	$ 64,500

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-80

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-79

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479344/326-20-45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)
-Publisher SEC

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)
-Publisher SEC

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-SubTopic 10
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5

+ Details

Revenue (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 45,928	$ 648,754	$ 919,420	$ 883,960
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	18,339	268,695	452,249	402,942
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	27,589	380,059	467,171	481,018
Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	19,234	305,699	357,936	386,775
Services [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,005	33,629	71,088	53,029
Services [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	17,229	272,070	286,848	333,746
Rentals Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	14,434	208,951	346,728	309,314
Rentals Services [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	14,082	197,050	330,475	299,128
Rentals Services [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	352	11,901	16,253	10,186
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	12,260	134,104	214,756	187,871
Product Sales [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,252	38,016	50,686	50,786
Product Sales [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 10,008	$ 96,088	$ 164,070	$ 137,085

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Paragraph 32
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Fresh Start Accounting - (Fresh Start) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 03, 2021	Feb. 02, 2021	Jan. 01, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 391,684	$ 258,999	$ 314,974	$ 172,768	$ 172,768	$ 188,006
Restricted Cash and Cash Equivalents, Current	0	0	0	16,751	16,751	0
Accounts receivable, net					153,529
Income taxes receivable					8,976
Prepaid Expense, Current	18,614	17,299			31,630
Inventory and Other Current Assets	74,995	65,587			101,140
Assets held for sale					220,359
Total current assets	780,625	616,612			705,153
Property, plant and equipment, net	294,960	282,376			540,850
Operating lease right-of-use assets					33,918
Goodwill					138,934
Notes receivable					72,484
Restricted Cash and Cash Equivalents, Noncurrent	85,444	80,108	79,561	$ 80,179	80,179	$ 80,178
Net Balance					24,220
Total assets	1,340,993	1,191,012			1,456,804
Current liabilities:
Accounts payable	38,214	31,570			51,116
Accrued expenses	103,782	116,575			137,216
Liabilities held for sale	0	3,349			37,264
Total current liabilities	183,847	172,946			225,596
Decommissioning liability	148,652	150,901			169,515
Operating lease liability	11,338	14,634			23,555
Deferred income taxes	6,137	3,388			59,522
Other long-term liabilities	36,245	69,647			75,930
Total non-current liabilities					328,522
Liabilities subject to compromise					1,572,772
Total liabilities	380,082	408,128			554,118
Stockholders’ equity (deficit):
Common Stock $0.001 par value					200
Additional paid-in capital					902,486
Accumulated deficit	49,321	(125,699)
Total stockholders' equity	960,911	782,884	$ 741,733		902,686		$ (338,647)
Total liabilities and stockholders' equity	1,340,993	$ 1,191,012			1,456,804
Reorganization, Chapter 11, Predecessor, before Adjustment [Member]
Current assets:
Cash and cash equivalents					194,671
Accounts receivable, net					153,518
Income taxes receivable					9,146
Prepaid Expense, Current					31,630
Inventory and Other Current Assets					90,073
Assets held for sale					240,761
Total current assets					719,799
Property, plant and equipment, net					401,263
Operating lease right-of-use assets					32,488
Goodwill					138,934
Notes receivable					72,484
Restricted Cash and Cash Equivalents, Noncurrent					80,179
Net Balance					52,264
Total assets	1,456,800				1,497,411
Current liabilities:
Accounts payable					51,816
Accrued expenses					126,768
Liabilities held for sale					39,642
Total current liabilities					218,226
Decommissioning liability					134,934
Operating lease liability					23,584
Deferred income taxes					4,853
Other long-term liabilities					121,756
Total non-current liabilities					285,127
Liabilities subject to compromise					1,572,772
Total liabilities	$ 2,076,100				2,076,125
Stockholders’ equity (deficit):
common stock $0.001 par value					16
Additional paid-in capital					2,757,824
Treasury Stock at Cost					(4,290)
Accumulated other comprehensive loss, net					(67,532)
Accumulated deficit					(3,264,732)
Total stockholders' equity					(578,714)
Total liabilities and stockholders' equity					1,497,411
Reorganization Adjustments [Member]
Current assets:
Cash and cash equivalents					(21,903)
Restricted Cash and Cash Equivalents, Current					16,751
Accounts receivable, net					11
Total current assets					5,141
Net Balance					(10,080)
Total assets					(15,221)
Current liabilities:
Accounts payable					(700)
Accrued expenses					9,042
Liabilities held for sale					1,614
Total current liabilities					9,956
Decommissioning liability					0
Operating lease liability					0
Deferred income taxes					3,100
Other long-term liabilities					0
Total non-current liabilities					3,100
Liabilities subject to compromise					(1,572,772)
Total liabilities					(1,559,716)
Stockholders’ equity (deficit):
common stock $0.001 par value					(16)
Additional paid-in capital					(2,757,824)
Treasury Stock at Cost					4,290
Common Stock $0.001 par value					200
Additional paid-in capital					902,486
Accumulated other comprehensive loss, net					0
Accumulated deficit					3,395,359
Total stockholders' equity					1,544,495
Total liabilities and stockholders' equity					(15,221)
Reorganization, Chapter 11, Fresh-Start Adjustment [Member]
Current assets:
Restricted Cash and Cash Equivalents, Current					16,751
Income taxes receivable					(170)
Inventory and Other Current Assets					11,067
Assets held for sale					(20,402)
Total current assets					(9,505)
Property, plant and equipment, net					139,587
Operating lease right-of-use assets					1,430
Net Balance					17,964
Total assets					(25,386)
Current liabilities:
Accounts payable					0
Accrued expenses					1,406
Liabilities held for sale					(3,992)
Total current liabilities					(2,586)
Decommissioning liability					34,581
Operating lease liability					(29)
Deferred income taxes					51,569
Other long-term liabilities					(45,826)
Total non-current liabilities					40,295
Total liabilities					37,709
Stockholders’ equity (deficit):
Common Stock $0.001 par value
Additional paid-in capital					0
Accumulated other comprehensive loss, net					67,532
Accumulated deficit					(130,627)
Total stockholders' equity					(63,095)
Total liabilities and stockholders' equity					$ (25,386)

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

(7) Property, Plant and Equipment, Net

A summary of property, plant and equipment, net is as follows (in thousands):


	December 31, 2023			December 31, 2022
Machinery and equipment	$	422,071		$	378,907
Buildings, improvements and leasehold improvements		66,746			70,816
Automobiles, trucks, tractors and trailers		8,106			6,376
Furniture and fixtures		22,746			19,373
Construction-in-progress		8,195			5,185
Land		25,654			26,695
Oil and gas producing assets		28,984			11,714
Total		582,502			519,066
Accumulated depreciation and depletion		(287,542	)		(236,690	)
Property, plant and equipment, net	$	294,960		$	282,376

We had $6.0 million and $7.1 million of leasehold improvements at December 31, 2023 and 2022, respectively. These leasehold improvements are depreciated over the shorter of the life of the asset or the term of the lease using the straight line method. Oil and gas producing assets include capitalized asset retirement costs associated with our oil and gas property, which are being depreciated over the remaining life of the underlying reserves. In December 2023, revisions to our decommissioning cost estimates resulted in the recognition of $16.0 million in additional capitalized asset retirement costs.

A summary of depreciation and depletion expense associated with our property, plant and equipment is as follows:


	For the Year Ended
	December 31,
	2023		2022
Depreciation	$	68,100	$	84,005
Depletion		2,305		3,615
Total depreciation and depletion	$	70,405	$	87,620

Other Income (Expense) (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Foreign currency losses

Foreign currency losses are as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Loss on foreign currency	$	12.8	$	12.6	$	8.8	$	2.1

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

(14) Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2: Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical assets or liabilities in inactive markets or model-derived valuations or other inputs that can be corroborated by observable market data; and

Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

The following tables provide a summary of the financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	December 31, 2023		December 31, 2022
Non-qualified deferred compensation assets and liabilities
Other assets, net	$	17,079	$	16,299
Accrued expenses		1,797		1,831
Other liabilities		15,589		15,855

Our non-qualified deferred compensation plans investments are reported at fair value based on unadjusted quoted prices in active markets for identifiable assets and observable inputs for similar assets and liabilities, which represent a Level 2 in the fair value hierarchy.

The carrying amount of cash equivalents, accounts receivable, accounts payable and accrued expenses, as reflected in the consolidated balance sheets, approximates fair value due to the short maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 268,777	$ (162,178)	$ 175,020	$ 286,465
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	10,499	251,361	81,068	98,060
Right-of-use assets amortization	1,372	8,380	2,825	6,357
Deferred income taxes	54,322	(48,975)	33,000	(104,587)
Stock-based compensation expense	935	2,710	4,123	4,807
Reorganization items, net	(354,279)	0	0	0
Bad debt	(210)	(4,908)	873	2,248
Gain on sale of assets and businesses	58	0	0	0
Gain on sale of equity securities	0	(383)	0	(8,950)
Unrealized gain on investment in equity securities	0	(2,147)	0	0
Other (gains) and losses, net	0	30,707	(13,520)	(32,872)
Loss on Blue Chip Swap securities	0	0	19,856	0
Washington State Tax Settlement	0	0	(27,068)	0
Decommissioning costs	0	0	(10,776)	0
Other reconciling items, net	(355)	6,687	(3,427)	(3,822)
Changes in operating assets and liabilities:
Accounts receivable	3,602	(28,676)	(30,168)	(65,669)
Prepaid expense	(340)	4,854	(1,958)	(1,096)
Inventory and other current assets	(221)	22,866	(28,153)	(4,568)
Accounts payable	(2,365)	735	2,015	(10,149)
Accrued expenses	23,489	(21,770)	(18,449)	8,503
Income taxes	340	11,535	5,318	771
Other, net	(241)	(11,914)	11,811	(82)
Net cash from operating activities	5,383	58,884	202,390	175,416
Cash flows from investing activities:
Payments for capital expenditures	(3,035)	(34,152)	(74,496)	(65,784)
Proceeds from sales of assets	775	97,505	31,099	50,376
Proceeds from sales of equity securities	0	4,099	0	34,685
Proceeds from sales of Blue Chip Swap securities	0	0	13,912	0
Purchases of Blue Chip Swap securities	0	0	(33,768)	0
Net cash from investing activities	(2,260)	67,452	(63,253)	19,277
Cash flows from financing activities:
Credit facility costs	(1,920)	(14)	0	0
Tax withholdings for vested restricted stock units	0	(1,485)	(1,116)	(135)
Distributions to shareholders	0	0	0	(249,986)
Net cash from financing activities	(1,920)	(1,499)	(1,116)	(250,121)
Effect of exchange rate changes on cash	311	0	0	0
Net change in cash, cash equivalents, and restricted cash	1,514	124,837	138,021	(55,428)
Cash, cash equivalents, and restricted cash beginning of period	268,184	269,698	339,107	394,535
Cash, cash equivalents, and restricted cash at end of period	$ 269,698	$ 394,535	$ 477,128	$ 339,107

Fresh Start Accounting (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended		12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Reorganization, Chapter 11 [Line Items]
Identifiable Assets	$ 1,456,804			$ 1,340,993	$ 1,191,012
Postconfirmation Liabilities	554,118			$ 380,082	408,128
Internal Rate Of Return				17.60%
Perpetuity Growth Rate				3.00%
Reorganization Expenses, Discount Rate				5.30%
Reorganization Expenses, Cash Used In Operating Activities	3,100			$ 13,700
Reorganization items, net	335,560	$ 0		0	0
Reorganization Expenses, Professional Fees, Expense				2,700
Reorganization Expenses, Professional Fees, Lease Rejection Damages				400
Well Services [Member]
Reorganization, Chapter 11 [Line Items]
Identifiable Assets				597,438	$ 533,327
Shut Down Cost		$ 8,900
Inventory write down			$ 6,500
Other ShutDown Cost			$ 2,400
Maximum [Member]
Reorganization, Chapter 11 [Line Items]
Bankruptcy Proceedings, Enterprise Value				880,000
Minimum [Member]
Reorganization, Chapter 11 [Line Items]
Bankruptcy Proceedings, Enterprise Value				710,000
Reorganization, Chapter 11, Predecessor, before Adjustment [Member]
Reorganization, Chapter 11 [Line Items]
Identifiable Assets	1,497,411			1,456,800
Postconfirmation Liabilities	$ 2,076,125			$ 2,076,100

Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Components of Inventory

The components of inventory balances are as follows (in thousands):


	December 31, 2023		December 31, 2022
Finished goods	$	41,082	$	36,136
Raw materials		10,379		8,351
Work-in-process		8,025		4,718
Supplies and consumables		15,509		16,382
Total	$	74,995	$	65,587

Leases (Maturities Of Operating Lease Liabilities) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 6,998
2025	5,242
2026	2,467
2027	997
2028	832
Thereafter	14,909
Total lease payments	31,445
Less imputed interest	(15,671)
Total operating lease liabilities	$ 15,774

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

(1) Summary of Significant Accounting Policies

Basis of Presentation

As used herein, “we,” “us,” “our” and similar terms refer to (i) prior to February 2, 2021 (the “Emergence Date”), SESI Holdings, Inc. and its subsidiaries (“Predecessor”) and (ii) after the Emergence Date, Superior Energy Services, Inc. and its subsidiaries (“Successor”).

As used herein, the following terms refer to our operations:


“Predecessor Period”	January 1, 2021 through February 2, 2021
“Successor Period”	February 3, 2021 through December 31, 2021
“Prior Year”	January 1, 2022 through December 31, 2022
“Current Year”	January 1, 2023 through December 31, 2023

Due to the lack of comparability with historical financials, our consolidated financial statements and related footnotes are presented with a “black line” division to emphasize the lack of comparability between amounts presented as of, and after, the Emergence Date.

Our consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in the accompanying consolidated financial statements.

Business

We serve major, national and independent oil and natural gas exploration and production companies around the world and offer products and services with respect to the various phases of a well’s economic life cycle.

Historically, we provided a wide variety of services and products to many markets within the energy industry. Our core businesses focus on products and services that we believe meet the criteria of:

•

being critical to our customers’ oil and gas operations;

•

limiting competition from the three largest global oilfield service companies;

•

requiring deep technical expertise through the design or use of our products or services, such as premium drill pipe and drilling bottom hole assembly accessory rentals;

•

unlikely to become a commoditized product or service to our customers; and

•

providing strong cash flow generation capacity and opportunities.

The result of this approach is a portfolio of business lines grounded in our core mission of providing high quality products and services while maintaining the trust and serving the needs of our customers, with an emphasis on free cash flow generation and capital efficiency.

Emergence from Voluntary Reorganization under Chapter 11

On December 7, 2020, certain of our direct and indirect wholly-owned domestic subsidiaries filed petitions for reorganization under the provisions of Chapter 11 of the Bankruptcy Code and, in connection therewith, filed the proposed Joint Prepackaged Plan of Reorganization (as amended, modified or supplemented from time to time, the “Plan”). On the Emergence Date, the conditions to the effectiveness of the Plan were satisfied and we emerged from Chapter 11.

Use of Estimates

In preparing the accompanying financial statements, we make various estimates and assumptions that affect the reported amounts of assets and liabilities, including contingent liabilities as of the dates of the balance sheets and the amounts of revenues and expenses reported for the periods shown in the income statements. Actual results could differ from those estimates.

Major Customers and Concentration of Credit Risk

The majority of our business is conducted with major and independent oil and gas companies. We evaluate the financial strength of our customers and provide allowances for probable credit losses when deemed necessary.

The market for our services and products is the oil and gas industry in the U.S. land and Gulf of Mexico areas and select international market areas. Oil and gas companies make capital expenditures on exploration, development and production operations. The level of these expenditures historically has been characterized by significant volatility.

We derive a large amount of revenue from a small number of major and independent oil and gas companies. There were no customers that exceeded 10% of our total revenues in any of the last three years.

Our assets that are potentially exposed to concentrations of credit risk consist primarily of cash, cash equivalents, and trade receivables. The financial institutions with which we transact business are large, investment grade financial institutions which are “well capitalized” under applicable regulatory capital adequacy guidelines, thereby minimizing our exposure to credit risks for deposits in excess of federally insured amounts.

Cash Equivalents

We consider all short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.

Restricted Cash

Restricted cash totaled $85.4 million as of December 31, 2023. This primarily includes approximately $32.3 million for the payment and performance of secured obligations including the reimbursement of letters of credit and approximately $51.6 million in escrow to secure the future decommissioning obligations related to our oil and gas property.

Accounts Receivable and Allowance for Credit Losses

Trade accounts receivable are recorded at the invoiced amount or the earned but not yet invoiced amount and do not bear interest. We maintain an allowance for credit losses based on our best estimate of probable uncollectible amounts in existing accounts receivable. Adjustments to the allowance for credit losses in future periods may be made based on changing customer conditions. Our allowance for credit losses as of December 31, 2023 and 2022 was $6.3 million and $6.1 million, respectively.

Bad debt expenses or recoveries are recognized within cost of revenues. The following table presents bad debt expense or recoveries for the periods shown (in millions):


	Successor							Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021			For the Period January 1, 2021 through February 2, 2021
Bad debt expense (recoveries)	$	0.9	$	2.2	$	(4.9	)	$	(0.2	)

Revenue Recognition

Revenues are recognized when performance obligations are satisfied in accordance with contractual terms, in an amount that reflects the consideration we expect to be entitled to in exchange for services rendered, rentals provided or products sold. Taxes collected from customers and remitted to governmental authorities and revenues are reported on a net basis.

A performance obligation arises under contracts with customers and is the unit of account under Topic 606. We account for services rendered and rentals provided separately if they are distinct and the service or rental is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered or rentals provided on their own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. A contract’s standalone selling prices are determined based on the prices charged for services rendered, rentals provided or products sold. Our payment terms vary by the type of products or services offered. The term between invoicing and when the payment is due is typically 30 days.

Services revenue: primarily represents amounts charged to customers for the completion of services rendered, including labor, products and supplies necessary to perform the service. Rates for these services vary depending on the type of services provided and are primarily based on a per hour or per day basis.

Rentals revenue: primarily priced on a per day, per man hour or similar basis and consists of fees charged to customers for use of rental equipment over the term of the rental period, which is generally less than twelve months.

Product sales: products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. We recognize revenue from product sales when title passes to the customer, the customer assumes risks and rewards of ownership, collectability is reasonably assured and delivery occurs as directed by the customer.

We expense sales commissions when incurred as the amortization period would typically be one year or less.

Inventory

Inventories are stated at the lower of cost or net realizable value. We apply net realizable value and obsolescence to the gross value of inventory. Work-in-progress and finished goods are primarily recorded utilizing the standard cost method. Supplies and consumables are recorded at either the first-in first-out or weighted average cost method. Supplies and consumables consist principally of products used in the services provided to our customers.

Decommissioning Liabilities

We account for our decommissioning liability under ASC 410 – Asset Retirement Obligations. Our decommissioning liability is associated with our oil and gas property and includes costs related to the plugging of wells, decommissioning of the related platform and equipment and site restoration. We review the adequacy of our decommissioning liability whenever indicators suggest that the estimated cash flows and/or relating timing needed to satisfy the liability have changed materially.

Property, Plant and Equipment

Property, plant and equipment are stated at cost, except for assets for which impairments have been recorded and assets acquired using purchase accounting, which are recorded at fair value as of the date of acquisition. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets as follows:


Machinery and equipment		3-12 years
Buildings, improvements and leasehold improvements		10-30 years
Automobiles, trucks, tractors and trailers		4-7 years
Furniture and fixtures		3-10 years

Impairment of long-lived assets

We review long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. The carrying amount of an asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. We record impairment losses on long-lived assets to be held and used when the fair value of those assets is less than their respective carrying amount. Impairment losses are recorded in the amount by which the carrying amount of such assets exceeds the fair value. Fair value is measured, in part, by the estimated cash flows to be generated by those assets. Our cash flow estimates are based upon, among other things, historical results adjusted to reflect our best estimate of future market rates, utilization levels and operating performance. Our estimates of cash flows may differ from actual cash flows due to, among other things, changes in economic conditions or changes in an asset’s operating performance. Assets are generally grouped by subsidiary or division for the impairment testing, which represent the lowest level of identifiable cash flows. Assets held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell. Our estimate of fair value represents our best estimate based on industry trends and reference to market transactions and is subject to variability. The oil and gas industry is cyclical and our estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows, can have a significant impact on the carrying value of these assets and, in periods of prolonged down cycles, may result in impairment charges.

Other (gains) and losses, net

Other (gains) and losses, net includes gains and losses on the disposal of assets, as well as impairments related to long-lived assets.

Other gains, net for the Current Year were $6.5 million, and are primarily comprised of net gains of $5.0 million related to our Well Services segment from the sale of non-core assets.

Other gains, net for the Prior Year were $29.1 million and are primarily comprised of gains of $23.6 million related to our Well Services segment, including a gain of $17.4 million from revisions in estimates related to our decommissioning liability, and $5.2 million related to net gains on the disposal of non-core assets within our Rentals segment.

Other losses, net in the Successor Period were $16.7 million, and are comprised of $13.1 million related to our Well Services segment, including approximately $11.7 million from exit activities related to SES Energy Services India Pvt. Ltd, and $3.6 million related to our Rentals segment.

Income Taxes

We use the asset and liability method of accounting for income taxes. This method considers the differences between financial statement treatment and tax treatment of certain transactions. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Our deferred tax calculation requires us to make certain estimates about our future operations. Changes in state, federal and foreign tax laws, as well as changes in our financial condition or the carrying value of existing assets and liabilities, could affect these estimates. The effect of a change in tax rates is recognized as income or expense in the period that the rate is enacted.

We recognize deferred tax assets (“DTAs”) to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law, and results of recent operations. If we determine that we would be able to realize our DTAs in the future in excess of their net recorded amount, we would make an adjustment to the DTA valuation allowance, which would reduce the provision for income taxes.

We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

Foreign Currency

The functional currency of our international subsidiaries is the U.S. dollar. Financial statements of our international subsidiaries are remeasured into U.S. dollars using the historical exchange rate for affected the long-term assets and liabilities and the balance sheet date exchange rate for affected current assets and liabilities. An average exchange rate is used for each period for revenues and expenses. These transaction gains and losses, as well as any other transactions in a currency other than the functional currency, are included in other income (expense) in the consolidated statements of operations in the period in which the currency exchange rates change

Foreign currency losses are as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Loss on foreign currency	$	12.8	$	12.6	$	8.8	$	2.1

Stock-Based Compensation

We record compensation costs relating to share-based payment transactions and include such costs in general and administrative expenses in the consolidated statements of operations. The cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award).

Self-Insurance Reserves

We are self-insured, through deductibles and retentions, up to certain levels for losses under our insurance programs. We accrue for these liabilities based on estimates of the ultimate cost of claims incurred as of the balance sheet date. We regularly review the estimates of asserted and unasserted claims and provide for losses through reserves. We obtain actuarial reviews to evaluate the reasonableness of internal estimates for losses related to workers’ compensation, auto liability and group medical on an annual basis.

Restructuring and Transaction Expenses

Restructuring and transaction expenses in our consolidated statement of operations are as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Restructuring and transaction expenses	$	3.3	$	6.4	$	23.0	$	1.3

Expenses in the Current Year represent charges recorded as part of our strategic efforts to reconfigure our organization both operationally and financially. Expenses in the Prior Year represent costs associated with these strategic efforts, as well as legal and other professional expenses primarily related to certain tax and stockholder distribution matters. Expenses in the Successor Period and Predecessor Period primarily relate to professional fees and separation costs related to former executives and personnel. During the Successor Period, we incurred shut down costs of $8.9 million at certain locations in our Well Services segment. These shut down costs include the write-down of inventory of $6.5 million which is reflected in cost of sales and the severance of personnel and other shut down costs of $2.4 million which is primarily reflected in cost of services.

Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation, depletion, amortization and accretion	$ 8,358	$ 219,859	$ 81,068	$ 98,060
General and administrative expenses	11,052	117,575	125,659	128,294
Other (gains) and losses, net	0	16,726	(6,549)	(29,134)
Net income (loss) from operations	(4,525)	(150,610)	241,821	203,414
Other income (expense)	(2,105)	(7,128)	(13,391)	(1,804)
Income (loss) from discontinued operations, net of income tax	(352)	(40,069)	426	(4,577)
Pumpco [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	10,719	90,682	0	0
Cost of services	10,398	85,191	0	0
Depreciation, depletion, amortization and accretion	2,141	31,502	0	0
General and administrative expenses	1,119	8,847	590	8,043
Other (gains) and losses, net	0	15,807	(1,129)	(2,249)
Net income (loss) from operations	(2,939)	(50,665)	539	(5,794)
Other income (expense)	2,485	188	0	0
Loss from discontinued operations before tax	(454)	(50,477)	539	(5,794)
Income tax benefit (expense)	102	10,408	(113)	1,217
Income (loss) from discontinued operations, net of income tax	$ (352)	$ (40,069)	$ 426	$ (4,577)

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

(3) Revenue

Disaggregation of Revenue

The following table presents revenues by segment disaggregated by geography (in thousands):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
U.S. land
Rentals	$	166,938	$	160,742	$	87,432	$	4,917
Well Services		25,572		24,558		20,133		3,379
Total U.S. land		192,510		185,300		107,565		8,296

U.S. offshore
Rentals		161,771		140,881		103,646		8,196
Well Services		106,565		122,848		93,412		7,371
Total U.S. offshore		268,336		263,729		197,058		15,567

International
Rentals		123,540		101,319		77,617		5,226
Well Services		335,034		333,612		266,514		16,839
Total International		458,574		434,931		344,131		22,065
Total Revenues	$	919,420	$	883,960	$	648,754	$	45,928

The following table presents revenues by segment disaggregated by type (in thousands):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Services
Rentals	$	71,088	$	53,029	$	33,629	$	2,005
Well Services		286,848		333,746		272,070		17,229
Total Services		357,936		386,775		305,699		19,234

Rentals
Rentals		330,475		299,128		197,050		14,082
Well Services		16,253		10,186		11,901		352
Total Rentals		346,728		309,314		208,951		14,434

Product Sales
Rentals		50,686		50,786		38,016		2,252
Well Services		164,070		137,085		96,088		10,008
Total Product Sales		214,756		187,871		134,104		12,260
Total Revenues	$	919,420	$	883,960	$	648,754	$	45,928

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Subsequent Events (Details) - $ / shares	Feb. 13, 2024	Dec. 31, 2022
Subsequent Event [Line Items]
Special dividend		$ 12.45
Subsequent Event [Member]
Subsequent Event [Line Items]
Special dividend date to be paid	Mar. 12, 2024
Common Class A [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Special dividend	$ 12.38

Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

(18) Discontinued Operations

The following table summarizes the components of loss from discontinued operations, net of tax (in thousands):


	Successor									Predecessor
	For the Year Ended December 31,						For the Period February 3, 2021 through December 31, 2021			For the Period January 1, 2021 through February 2, 2021
	2023			2022
Revenues	$	-		$	-		$	90,682		$	10,719
Cost of services		-			-			85,191			10,398
Depreciation, depletion, amortization and accretion		-			-			31,502			2,141
General and administrative expenses		590			8,043			8,847			1,119
Other (gains) and losses, net		(1,129	)		(2,249	)		15,807			-
Loss from operations		539			(5,794	)		(50,665	)		(2,939	)
Other income (expense)		-			-			188			2,485
Income (loss) from discontinued operations before tax		539			(5,794	)		(50,477	)		(454	)
Income tax benefit (expense)		(113	)		1,217			10,408			102
Income (loss) from discontinued operations, net of income tax	$	426		$	(4,577	)	$	(40,069	)	$	(352	)

The following summarizes the assets and liabilities related to our discontinued operations (in thousands):


	For the Year Ended December 31,
	2023		2022
Assets:
Accounts receivable, net	$	-	$	350
Property, plant and equipment, net		-		11,468
Other assets, net		-		160
Total assets held for sale	$	-	$	11,978

Liabilities:
Accounts payable	$	-	$	86
Accrued expenses		-		3,192
Other liabilities		-		71
Total liabilities held for sale	$	-	$	3,349

Significant operating non-cash items and cash flows from investing activities for our discontinued operations were as follows (in thousands):


	For the Year Ended December 31,
	2023			2022
Cash flows from discontinued operating activities:
Other gains, net	$	(1,129	)	$	(2,249	)
Cash flows from discontinued investing activities:
Proceeds from sales of assets	$	13,020		$	20,110

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue by Geography [Member]

Disaggregation of Revenue [Line Items]

Disaggregation Of Revenues

The following table presents revenues by segment disaggregated by geography (in thousands):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
U.S. land
Rentals	$	166,938	$	160,742	$	87,432	$	4,917
Well Services		25,572		24,558		20,133		3,379
Total U.S. land		192,510		185,300		107,565		8,296

U.S. offshore
Rentals		161,771		140,881		103,646		8,196
Well Services		106,565		122,848		93,412		7,371
Total U.S. offshore		268,336		263,729		197,058		15,567

International
Rentals		123,540		101,319		77,617		5,226
Well Services		335,034		333,612		266,514		16,839
Total International		458,574		434,931		344,131		22,065
Total Revenues	$	919,420	$	883,960	$	648,754	$	45,928

Revenue by Type [Member]

Disaggregation of Revenue [Line Items]

Disaggregation Of Revenues

The following table presents revenues by segment disaggregated by type (in thousands):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Services
Rentals	$	71,088	$	53,029	$	33,629	$	2,005
Well Services		286,848		333,746		272,070		17,229
Total Services		357,936		386,775		305,699		19,234

Rentals
Rentals		330,475		299,128		197,050		14,082
Well Services		16,253		10,186		11,901		352
Total Rentals		346,728		309,314		208,951		14,434

Product Sales
Rentals		50,686		50,786		38,016		2,252
Well Services		164,070		137,085		96,088		10,008
Total Product Sales		214,756		187,871		134,104		12,260
Total Revenues	$	919,420	$	883,960	$	648,754	$	45,928

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation Plans (Narrative) (Details)	12 Months Ended
Stock-Based Compensation Plans (Narrative) (Details)	Dec. 31, 2023 shares
Restricted Stock Units (RSUs) [Member] \| Equal Installments [Member]
Cancelled stock incentive plans
Share-based payment vesting period, years	3 years
Performance Share Units [Member] \| Minimum [Member]
Cancelled stock incentive plans
Percentage of achievement of share price based on target award	25.00%
Performance Share Units [Member] \| Maximum [Member]
Cancelled stock incentive plans
Percentage of achievement of share price based on target award	100.00%
Management Incentive Plan [Member]
Cancelled stock incentive plans
Common stock reserved for issuance	1,999,869
401K [Member]
Cancelled stock incentive plans
Maximum empoyee contribution	75.00%
Maximum portion of base salary to defer under non-qualified deferred compensation plan	100.00%
Maximum Portion of Base Salary to Defer under Non Qualified Deferred Compensation Plan	4.00%

Other Income (Expense) Schedule of Foreign currency losses (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Loss on foreign currency	$ 2.1	$ 8.8	$ 12.8	$ 12.6

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis


	December 31, 2023		December 31, 2022
Non-qualified deferred compensation assets and liabilities
Other assets, net	$	17,079	$	16,299
Accrued expenses		1,797		1,831
Other liabilities		15,589		15,855

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

(9) Debt

Credit Facility

On December 6, 2023, we, certain of our subsidiaries (the “Parent Entities”) and SESI, L.L.C. (the “Borrower”) entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative and collateral agent, and other lenders providing for a senior secured asset-based revolving credit facility in an aggregate principal amount of $140 million (including a sub-facility for financial letters of credit in an amount up to $40 million) (the “Credit Facility”). The issuance of letters of credit will reduce availability under the Credit Facility dollar-for-dollar. The Credit Facility matures on December 6, 2028, subject to certain conditions set forth in the Credit Agreement.

The obligations under the Credit Agreement are guaranteed by the Parent Entities and the Borrower’s direct and indirect, existing and future domestic subsidiaries, subject to certain exceptions (collectively, the “Guarantors” and each, a “Guarantor”). The obligations under the Credit Agreement are secured by a first priority lien on substantially all of the personal property of the Borrower and the Guarantors (collectively, the “Loan Parties”).

Subject to certain limitations set forth in the Credit Agreement, the Credit Agreement includes certain conditions to borrowings, representations and warranties, affirmative and negative covenants, and events of default customary for financings of its type and size.

Under the terms of the Credit Agreement, the amount available for advances is subject to a borrowing base, which is calculated by reference to the value of certain eligible accounts receivable, inventory, equipment, cash and cash equivalents, offset by certain reserves. As of December 31, 2023, the borrowing base under the Credit Facility was approximately $140.0 million and we had $31.5 million of letters of credit outstanding that reduced the borrowing availability under the revolving credit facility. We had no outstanding borrowings under the Credit Facility as of December 31, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Income Taxes (Summary Of Activity In Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at beginning of period		$ 14,706	$ 14,009	$ 14,973
Additions based on tax positions related to prior years	$ 1,500	2,848	55	569
Reductions based on tax positions related to prior years		(552)	(75)	(334)
Additions based on tax positions related to current year		0	0	78
Reductions as a result of a lapse of the applicable statute of limitations		0	(9,765)	0
Reductions relating to settlements with taxing authorities		(2,029)	(112)	(1,277)
Unrecognized tax benefits at end of period	$ 14,706	$ 14,973	$ 4,112	$ 14,009

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information

Summarized financial information for our segments is as follows (in thousands):


For the year ended December 31, 2023 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	452,249		$	467,171		$	-		$	919,420
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		149,835			324,292			-			474,127
Depreciation, depletion, amortization and accretion		49,414			28,796			2,858			81,068
General and administrative expenses		28,475			44,267			52,917			125,659
Restructuring expenses		-			-			3,294			3,294
Other gains, net		(495	)		(5,000	)		(1,054	)		(6,549	)
Income (loss) from operations	$	225,020		$	74,816		$	(58,015	)	$	241,821

For the year ended December 31, 2022 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	402,942		$	481,018		$	-		$	883,960
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		137,626			339,325			-			476,951
Depreciation, depletion, amortization and accretion		58,731			34,841			4,488			98,060
General and administrative expenses		28,139			45,898			54,257			128,294
Restructuring expenses		-			-			6,375			6,375
Other gains, net		(5,190	)		(23,575	)		(369	)		(29,134	)
Income (loss) from operations	$	183,636		$	84,529		$	(64,751	)	$	203,414

For the Period February 3, 2021 through December 31, 2021 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	268,695		$	380,059		$	-		$	648,754
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		105,373			316,879			-			422,252
Depreciation, depletion, amortization and accretion		152,250			61,074			6,535			219,859
General and administrative expenses		24,812			46,780			45,983			117,575
Restructuring expenses		-			-			22,952			22,952
Other losses, net		3,609			13,117			-			16,726
Loss from operations	$	(17,349	)	$	(57,791	)	$	(75,470	)	$	(150,610	)

For the Period January 1, 2021 through February 2, 2021 (Predecessor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	18,339		$	27,589		$	-		$	45,928
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		7,839			21,934			-			29,773
Depreciation, depletion, amortization and accretion		4,271			3,666			421			8,358
General and administrative expenses		2,027			4,111			4,914			11,052
Restructuring expenses		-			-			1,270			1,270
Income (loss) from operations	$	4,202		$	(2,122	)	$	(6,605	)	$	(4,525	)

Schedule Of Identifiable Assets


			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
December 31, 2023	$	553,706	$	597,438	$	189,849	$	1,340,993
December 31, 2022		432,437		533,327		225,248		1,191,012

Schedule Of Capital Expenditures, By Segment


			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
December 31, 2023	$	58,962	$	12,103	$	3,431	$	74,496
December 31, 2022		54,126		10,729		929		65,784
For the period from February 3, 2021 through December 31, 2021 (Successor)		27,335		6,817		-		34,152
For the period from January 1, 2021 through February 2, 2021 (Predecessor)		2,429		606		-		3,035

Schedule Of Revenues By Geographic Segment

Long-Lived Assets


	December 31, 2023		December 31, 2022
United States	$	232,629	$	212,534
International		62,331		69,842
Total	$	294,960	$	282,376

Inventory (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods inventory	$ 25.0	$ 20.7

Debt (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 06, 2023
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 140.0
Letters of Credit Outstanding, Amount	$ 31.5
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Senior Secured Asset-Based Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 140.0
Letters of Credit Outstanding, Amount		$ 40.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 391,684	$ 258,999
Accounts receivable, net	276,868	249,808
Income taxes receivable	10,542	6,665
Prepaid expenses	18,614	17,299
Inventory	74,995	65,587
Other current assets	7,922	6,276
Assets held for sale	0	11,978
Total current assets	780,625	616,612
Property, plant and equipment, net	294,960	282,376
Note receivable	69,005	69,679
Restricted cash	85,444	80,108
Operating lease right-of-use assets	15,972	18,797
Deferred tax assets	67,241	97,492
Other assets, net	27,746	25,948
Total assets	1,340,993	1,191,012
Current liabilities:
Accounts payable	38,214	31,570
Accrued expenses	103,782	116,575
Income taxes payable	20,220	11,682
Decommissioning liability	21,631	9,770
Liabilities held for sale	0	3,349
Total current liabilities	183,847	172,946
Decommissioning liability	148,652	150,901
Operating lease liability	11,338	14,634
Other liabilities	36,245	69,647
Total liabilities	380,082	408,128
Stockholders' equity:
Accumulated deficit	49,321	(125,699)
Total stockholders' equity	960,911	782,884
Total liabilities and stockholders' equity	1,340,993	1,191,012
Common Class A [Member]
Stockholders' equity:
Common Stock $0.001 par value	202	200
Additional paid in capital	911,388	902,486
Common Class B [Member]
Stockholders' equity:
Common Stock $0.001 par value	0	1
Additional paid in capital	$ 0	$ 5,896

Equity and Earnings per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Equity and Earnings per Share

(10) Equity and Earnings per Share

Our common equity consists of Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”). All holders of Class A Common Stock have one vote per share in matters subject to a stockholder vote.

Class B Common Stock Reclassification

On December 18, 2023, following the approval of our Board and stockholders each outstanding share of Class B Common Stock, par value $0.01 per share, was automatically reclassified into one share of Class A Common Stock. Prior to the reclassification, holders of Class B Common Stock were not entitled to vote on the election or removal of our directors.

This reclassification became effective as of December 18, 2023, at which time our Class B Common Stock was no longer outstanding. There was no impact on basic and diluted EPS or the carrying value of total common stock as presented in our consolidated balance sheet as it was a one-for-one stock exchange.

Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of Common Stock outstanding during the period plus any potentially dilutive Common Stock, such as restricted stock awards and restricted stock units calculated using the treasury stock method.

The following table presents the reconciliation between the weighted average number of shares for basic and diluted earnings per share.


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Weighted-average shares outstanding - basic		20,126		20,024		19,998		14,845
Potentially dilutive stock awards and units		26		63		-		60
Weighted-average shares outstanding - diluted		20,152		20,087		19,998		14,905

Stock-Based Compensation Plans - Compensation expense associated with RSA and RSU grants (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Unit And Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation Expense	$ 4,123	$ 4,807

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Note Receivable (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Note receivable	$ 69,005	$ 69,679
Change In Gross Amount Of Sellers Obligation	$ 108,400
Notes Receivable, Seller Obligation [Member]
Financing Receivable, Past Due [Line Items]
Interest rate percentage to record present value of notes receivable	7.20%

Discontinued Operations (Assets And Liabilities Of Discontinued Operation) (Details) - Pumpco Member - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	$ 0	$ 350
Property, plant and equipment, net	0	11,468
Other assets	0	160
Total assets held for sale	0	11,978
Accounts payable	0	86
Accrued expenses	0	3,192
Other liabilities	0	71
Total liabilities held for sale	$ 0	$ 3,349

Segment Information (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets held for sale	$ 0	$ 11,978
Noncurrent deferred tax assets	67,241	97,492
Corporate And Other [Member]
Noncurrent deferred tax assets	$ 67,200	$ 97,500

Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Contingencies

(17) Contingencies

Due to the nature of our business, we are involved, from time to time, in various routine litigation or subject to disputes or claims or actions, including those commercial in nature, regarding our business activities in the ordinary course of business. Legal costs related to these matters are expensed as incurred. Management is of the opinion that none of the claims and actions will have a material adverse impact on our financial position, results of operations or cash flows.

We are currently involved in legal proceedings with the Washington State Department of Revenue in relation to a dispute arising in April 2019 pertaining to a use tax assessment from 2016 as a result of the construction of a vessel by one of our subsidiaries. The matter was appealed to the Washington State Board of Tax Appeals, which affirmed the assessment on May 22, 2023. In order to appeal the assessment to Whatcom County Superior Court, we paid the full $27.1 million assessment on May 31, 2023. On June 20, 2023, we appealed this decision to Whatcom County Superior Court where it is currently pending review.

Consolidated Statements Of Changes In Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Common Class A [Member]	Additional Paid-in Capital [Member] Common Class B [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss, Net [Member]	Accumulated Deficit [Member]
Beginning balance, value at Dec. 31, 2020	$ (338,647)	$ 16			$ 2,756,889		$ (4,290)	$ (67,947)	$ (3,023,315)
Beginning balance, shares at Dec. 31, 2020		15,799
Net income	268,777								268,777
Foreign currency translation adjustment	67,947							$ 67,947
Extinguishment of unrecognized compensation expense	988				988
Stock-based compensation expense, net	$ 935				935
Restricted stock units vested, shares		49
Common stock issued,shares	19,996
Common stock issued,value	$ 902,686	$ 200			902,486
Shares withheld and retired, shares		15
Cancellation of Predecessor equity, shares		(15,833)
Cancellation of Predecessor equity		$ (16)		$ (2,758,812)			$ 4,290		2,754,538
Ending balance, value at Feb. 02, 2021	902,686	$ 200		$ 902,486	902,486
Ending balance, shares at Feb. 02, 2021		19,996
Net income	(162,178)								(162,178)
Foreign currency translation adjustment	0
Stock-based compensation expense, net	2,710					$ 2,710
Common stock issued,shares		3	114
Common stock issued,value			$ 1			(1)
Shares withheld and retired, shares			38
Shares withheld and retired, value	(1,485)					(1,485)
Ending balance, value at Dec. 31, 2021	741,733	$ 200	$ 1		902,486	1,224			(162,178)
Ending balance, shares at Dec. 31, 2021		19,999	76
Net income	286,465								286,465
Foreign currency translation adjustment	0
Cash dividends	(249,986)								249,986
Stock-based compensation expense, net	4,807					4,807
Restricted stock units vested, shares			10
Shares withheld and retired, shares			2
Shares withheld and retired, value	(135)					(135)
Shares placed in treasury, shares			(4)
Ending balance, value at Dec. 31, 2022	782,884	$ 200	$ 1		902,486	5,896			(125,699)
Ending balance, shares at Dec. 31, 2022		19,999	80
Net income	175,020								175,020
Foreign currency translation adjustment	0
Stock-based compensation expense, net	4,123					4,123
Restricted stock units vested, shares			91
Restricted stock units vested, value			$ 1			(1)
Shares withheld and retired, shares			19
Shares withheld and retired, value	(1,116)					(1,116)
Reclassification Of Stock, Shares		152	(152)
Reclassification Of Stock, Value		$ 2	$ (2)		8,902	$ (8,902)
Ending balance, value at Dec. 31, 2023	$ 960,911	$ 202			$ 911,388				$ 49,321
Ending balance, shares at Dec. 31, 2023		20,151

Note Receivable (Schedule Of Non-cash Interest Income Related To Note Receivable) (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Interest income	$ 0.4	$ 3.9	$ 3.9	$ 3.8

Consolidated Statements Of Operations - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Revenues [Abstract]
Total revenues	$ 45,928	$ 648,754	$ 919,420	$ 883,960
Costs and expenses:
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	29,773	422,252	474,127	476,951
Total depreciation, depletion, amortization and accretion	8,358	219,859	81,068	98,060
General and administrative expenses	11,052	117,575	125,659	128,294
Restructuring and transaction expenses	1,270	22,952	3,294	6,375
Other (gains) and losses, net	0	16,726	(6,549)	(29,134)
Net income (loss) from operations	(4,525)	(150,610)	241,821	203,414
Other income (expense):
Interest income, net	202	2,331	25,761	11,713
Reorganization items, net	335,560	0	0	0
Loss on Blue Chip Swap securities	0	0	(19,856)	0
Other expense, net	(2,105)	(7,128)	(13,391)	(1,804)
Income (loss) from continuing operations before income taxes	329,132	(155,407)	234,335	213,323
Income tax benefit (expense)	(60,003)	33,298	(59,741)	77,719
Net income (loss) from continuing operation	269,129	(122,109)	174,594	291,042
Income (loss) from discontinued operations, net of income tax	(352)	(40,069)	426	(4,577)
Net income (loss)	$ 268,777	$ (162,178)	$ 175,020	$ 286,465
Income (loss) per share -basic
Net income (loss) from continuing operations	$ 18.13	$ (6.11)	$ 8.68	$ 14.53
Income (loss) from discontinued operations, net of income tax	(0.02)	(2)	0.02	(0.22)
Net income (loss)	18.11	(8.11)	8.7	14.31
Income (loss) per share - diluted:
Net income (loss) from continuing operations	18.06	(6.11)	8.66	14.49
Income (loss) from discontinued operations, net of income tax	(0.03)	(2)	0.02	(0.23)
Net income (loss)	$ 18.03	$ (8.11)	$ 8.68	$ 14.26
Weighted-average shares outstanding - basic	14,845	19,998	20,126	20,024
Weighted-average shares outstanding - diluted	14,905	19,998	20,152	20,087
Services [Member]
Revenues [Abstract]
Total revenues	$ 19,234	$ 305,699	$ 357,936	$ 386,775
Costs and expenses:
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	15,080	236,784	238,543	268,078
Total depreciation, depletion, amortization and accretion	3,500	105,426	26,878	37,168
Rentals [Member]
Revenues [Abstract]
Total revenues	14,434	208,951	346,728	309,314
Costs and expenses:
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	5,876	86,354	120,738	102,975
Total depreciation, depletion, amortization and accretion	2,627	69,443	26,036	29,724
Product Sales [Member]
Revenues [Abstract]
Total revenues	12,260	134,104	214,756	187,871
Costs and expenses:
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	8,817	99,114	114,846	105,898
Total depreciation, depletion, amortization and accretion	$ 2,231	$ 44,990	$ 28,154	$ 31,168

Decommissioning Liability (Tables)

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Schedule of decommissioning liability

The following table presents our decommissioning liability as of the periods indicated:


	December 31, 2023			December 31, 2022
Wells	$	96,603		$	96,171
Platform		73,680			64,500
Total decommissioning liability		170,283			160,671
Note receivable		(69,005	)		(69,679	)
Total decommissioning liability, net of note receivable	$	101,278		$	90,992

Schedule of decommissioning program activity

The following table presents the activity during 2023 impacting our decommissioning liability, the related note receivable and oil and gas producing assets:


	December 31,			2023			2023		December 31,
	2022			Activity (1)			Revision		2023
Wells	$	96,171		$	(5,606	)	$	6,038	$	96,603
Platform		64,500			3,800			5,380		73,680
Decommissioning liability		160,671			(1,806	)		11,418		170,283
Note receivable		(69,679	)		(3,935	)		4,609		(69,005	)
Decommissioning liability, net of note receivable	$	90,992		$	(5,741	)	$	16,027	$	101,278

(1) Activity during 2023 includes $9.7 million in accretion expense associated with the decommissioning liability, net of $11.5 million in decommissioning costs incurred and $3.9 million in interest income recognized on the note receivable.

Schedule of accretion expenses

The following table presents accretion expense as of the periods indicated (in millions):


	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Accretion expense	$	9.7	$	9.5	$	9.3	$	0.5

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

(13) Segment Information

Our reportable segments are Rentals and Well Services.

Business Segments

The products and service offerings of Rentals are comprised of value-added engineering and design services, rental of premium drill strings, tubing, landing strings, completion tubulars and handling accessories, manufacturing and rental of bottom hole assemblies, and rentals of accommodation units.

The products and service offerings of Well Services are comprised of risk management, well control and training solutions, hydraulic workover and snubbing services, engineering and manufacturing of premium sand control tools, and onshore international production services. The Well Services segment also includes the operations of our offshore oil and gas property.

We evaluate the performance of our reportable segments based on income or loss from operations. The segment measure is calculated as segment revenues less segment operating expenses, including general and administrative expenses, depreciation, depletion, amortization and accretion expense and other (gains) and losses, net. We use this segment measure to evaluate our reportable segments as it is the measure that is most consistent with how we organize and manage our business operations. Corporate and other costs primarily include expenses related to support functions, including salaries and benefits for corporate employees.

Summarized financial information for our segments is as follows (in thousands):


For the year ended December 31, 2023 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	452,249		$	467,171		$	-		$	919,420
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		149,835			324,292			-			474,127
Depreciation, depletion, amortization and accretion		49,414			28,796			2,858			81,068
General and administrative expenses		28,475			44,267			52,917			125,659
Restructuring expenses		-			-			3,294			3,294
Other gains, net		(495	)		(5,000	)		(1,054	)		(6,549	)
Income (loss) from operations	$	225,020		$	74,816		$	(58,015	)	$	241,821

For the year ended December 31, 2022 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	402,942		$	481,018		$	-		$	883,960
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		137,626			339,325			-			476,951
Depreciation, depletion, amortization and accretion		58,731			34,841			4,488			98,060
General and administrative expenses		28,139			45,898			54,257			128,294
Restructuring expenses		-			-			6,375			6,375
Other gains, net		(5,190	)		(23,575	)		(369	)		(29,134	)
Income (loss) from operations	$	183,636		$	84,529		$	(64,751	)	$	203,414

For the Period February 3, 2021 through December 31, 2021 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	268,695		$	380,059		$	-		$	648,754
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		105,373			316,879			-			422,252
Depreciation, depletion, amortization and accretion		152,250			61,074			6,535			219,859
General and administrative expenses		24,812			46,780			45,983			117,575
Restructuring expenses		-			-			22,952			22,952
Other losses, net		3,609			13,117			-			16,726
Loss from operations	$	(17,349	)	$	(57,791	)	$	(75,470	)	$	(150,610	)

For the Period January 1, 2021 through February 2, 2021 (Predecessor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	18,339		$	27,589		$	-		$	45,928
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		7,839			21,934			-			29,773
Depreciation, depletion, amortization and accretion		4,271			3,666			421			8,358
General and administrative expenses		2,027			4,111			4,914			11,052
Restructuring expenses		-			-			1,270			1,270
Income (loss) from operations	$	4,202		$	(2,122	)	$	(6,605	)	$	(4,525	)

Identifiable Assets


			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
December 31, 2023	$	553,706	$	597,438	$	189,849	$	1,340,993
December 31, 2022		432,437		533,327		225,248		1,191,012

The Corporate and Other segment as of December 31, 2023 and 2022 includes $67.2 million and $97.5 million of non-current deferred tax assets, respectfully. At December 31, 2022, the Corporate and Other segment included $12.0 million of identifiable assets relating to assets held for sale. We had no assets held for sale as of December 31, 2023.

Capital Expenditures

The following represents capital expenditures for the periods presented:


			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
December 31, 2023	$	58,962	$	12,103	$	3,431	$	74,496
December 31, 2022		54,126		10,729		929		65,784
For the period from February 3, 2021 through December 31, 2021 (Successor)		27,335		6,817		-		34,152
For the period from January 1, 2021 through February 2, 2021 (Predecessor)		2,429		606		-		3,035

Geographic Information

We operate in the U.S. and in various other countries throughout the world. Our international operations are primarily focused in Latin America, Asia-Pacific and the Middle East regions. We attribute revenue to various countries based on the location where services are performed or the destination of the drilling products or equipment sold or rented. See “Note 3 - Revenues” for a detail of our domestic and international revenues. Long-lived assets consist primarily of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period.

Long-Lived Assets


	December 31, 2023		December 31, 2022
United States	$	232,629	$	212,534
International		62,331		69,842
Total	$	294,960	$	282,376

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Property, Plant and Equipment, Net (Summary of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Feb. 02, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 582,502	$ 519,066
Accumulated depreciation and depletion	(287,542)	(236,690)
Property, plant and equipment, net	294,960	282,376	$ 540,850
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	422,071	378,907
Buildings, Improvements And Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	66,746	70,816
Automobiles, Trucks, Tractors and Trailers [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8,106	6,376
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	22,746	19,373
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8,195	5,185
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	25,654	26,695
Oil and Gas Producing Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 28,984	$ 11,714

Fresh Start Accounting

12 Months Ended

Dec. 31, 2023

Fresh Start Accounting [Abstract]

Fresh Start Accounting

(2) Fresh Start Accounting

In connection with the emergence from bankruptcy and in accordance with ASC 852, we qualified for and adopted fresh start accounting on the Emergence Date because (1) the holders of our then existing common shares received less than 50 percent of our new common shares outstanding upon emergence and (2) the reorganization value of our assets immediately prior to confirmation of the Plan of $1,456.8 million was less than the total of all post-petition liabilities and allowed claims of $2,076.1 million.

Reorganization Value

In accordance with ASC 852, upon adoption of fresh start accounting, the reorganization value derived from the enterprise value as disclosed in the Plan was allocated to our assets and liabilities based on their fair values (except for deferred income taxes) in accordance with FASB ASC Topic No. 805 - Business Combinations (ASC 805) and FASB ASC Topic No. 820 - Fair Value Measurements (ASC 820). The amount of deferred income taxes recorded due to the fair value adjustments to assets and liabilities was determined in accordance with FASB ASC Topic No. 740 - Income Taxes.

The reorganization value represents the fair value of our total assets before considering certain liabilities and is intended to approximate the amount a willing buyer would pay for our assets immediately after restructuring. The Plan confirmed by the Bankruptcy Court estimated a range of enterprise values between $710.0 million and $880.0 million.

The following table reconciles the enterprise value to the reorganization value of our assets that has been allocated to our individual assets as of the Emergence Date (in thousands):


	Emergence Date
Selected Enterprise Value within Bankruptcy Court Range	$	729,918
Plus: Cash and cash equivalents		172,768
Plus: Liabilities excluding the decommissioning liabilities		380,496
Plus: Decommissioning liabilities, including decommissioning liabilities classified as held for sale		173,622
Reorganization Value	$	1,456,804

Management determined the enterprise and corresponding equity value using various valuation methods, including (i) discounted cash flow analysis (“DCF”), (ii) comparable company analysis and (iii) precedent transaction analysis. The use of each approach provides corroboration for the other approaches.

In order to estimate the enterprise value using the DCF analysis approach, management’s estimated future cash flow projections, plus a terminal value which was calculated by applying a multiple based on our internal rate of return (“IRR”) of 17.6% and a perpetuity growth rate of 3.0% to the terminal year’s projected earnings before interest, tax, depreciation and amortization (“EBITDA”). These estimated future cash flows were then discounted to an assumed present value using our estimated weighted-average cost of capital, which is represented by our IRR.

The comparable company analysis provides an estimate of our value relative to other publicly traded companies with similar operating and financial characteristics, by which a range of EBITDA multiples of the comparable companies was then applied to management’s projected EBITDA to derive an estimated enterprise value.

Precedent transaction analysis provides an estimate of enterprise value based on recent sale transactions of similar companies, by deriving the implied EBITDA multiple of those transactions, based on sales prices, which was then applied to management’s projected EBITDA.

The enterprise value and corresponding equity value are dependent upon achieving the future financial results set forth in our valuations, as well as the realization of certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, we cannot assure you that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially.

Valuation Process

The reorganization value was allocated to the Successor’s reporting segments using the discounted cash flow approach. The reorganization value was then allocated to the Successor’s identifiable assets and liabilities using the fair value principle as contemplated in ASC 820. The specific approach, or approaches, used to allocate reorganization value by asset class are noted below.

Inventory

The fair value of the inventory was determined by using both a cost approach and income approach. Inventory was segregated into raw materials, spare parts, work in process (“WIP”), and finished goods. Fair value of raw materials and spare parts inventory were determined using the cost approach. Fair value of finished goods and WIP inventory were determined by using the net realizable value approach. The fair value of finished goods was measured using an estimate of the costs to sell or dispose of the inventory plus a reasonable profit allowance on those efforts adjusted for holding costs. The fair value of WIP was measured using an estimate of the costs to complete and sell or consume the inventory plus a reasonable profit allowance on those efforts adjusted for holding costs.

Property, Plant and Equipment

Real Property

The fair values of real property locations were estimated using the sales comparison (market) approach and cost approach. As part of the valuation process, information was obtained on the Successor’s current usage, building type, year built, and cost history for all properties valued. In determining the fair value and remaining useful life for real property assets, functional and economic obsolescence was considered and taken as an adjustment at the asset level.

Tangible Assets Excluding Real Property and Oil and Gas Assets

The fair values of our tangible assets were calculated using either the cost or market approach. For most tangible asset categories, a cost approach was utilized relying on purchase year, historic costs, and industry/equipment based trend factors to determine replacement cost new of the assets. Readily available market transaction data was used and adjusted for current market conditions for asset categories with active secondary markets such as heavy trucks and computer equipment. In both approaches, consideration was made for the effects of physical deterioration as well as functional and economic obsolescence in determining both estimates of fair value and the remaining useful lives of the assets.

Oil and Gas Assets

The oil and gas assets were valued using estimates of the reserve volumes and associated income data based on escalated price and cost parameters.

Internally-Developed Software

Internally-developed software was valued using the cost approach in which a replacement cost was estimated based on the software developer time, materials, and other supporting services required to replicate the software.

Decommissioning Liabilities

In accordance with FASB ASC Topic No. 410 – Asset Retirement and Environmental Obligations (“ASC 410”), the decommissioning liabilities associated with our oil and gas assets were valued using the income approach. Estimates of future retirement costs were adjusted for an estimated inflation rate over the expected time period prior to retirement and future cash outflows were discounted by a credit adjusted risk-free rate. We changed our presentation to consolidate the decommissioning liabilities previously recorded to other long-term liabilities into decommissioning liabilities.

Intangible Assets

Intangible assets were identified apart from goodwill using the guidance provided in ASC 805. Intangible assets that were identified as either separable or arose from contract or other legal rights were valued using either the cost or income approaches. The principal intangible assets identified were trademarks and patents. Trademarks and patents were valued using the relief from royalty method in which the subject intangible asset is valued by reference to the amount of royalty income it could generate if it was licensed in an arm’s length transaction to a third party.

Lease Liabilities and Right of Use Assets

The fair value of lease liabilities was measured as the present value of the remaining lease payments, as if the lease were a new lease as of the Emergence Date. The Successor used its incremental borrowing rate of 5.3% commensurate with the Successor's capital structure as the discount rate in determining the present value of the remaining lease payments.

Consolidated Balance Sheet

The adjustments included in the following fresh start consolidated balance sheet as of February 2, 2021 reflect the effects of the transactions contemplated by the Plan and executed by the Successor on the Emergence Date (reflected in the column Reorganization Adjustments), and fair value and other required accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column Fresh Start Adjustments). The explanatory notes provide additional information with regard to the adjustments recorded, the methods used to determine the fair values and significant assumptions.

The consolidated balance sheet as of the Emergence Date was as follows (in thousands):


	As of February 2, 2021
				Reorganization				Fresh Start
	Predecessor			Adjustments				Adjustments				Successor
ASSETS
Current assets:
Cash and cash equivalents	$	194,671		$	(21,903	)	(1)	$	-			$	172,768
Restricted cash - current		-			16,751		(2)		-				16,751
Accounts receivable, net		153,518			11		(3)		-				153,529
Income taxes receivable		9,146			-				(170	)	(16)		8,976
Prepaid expenses		31,630			-				-				31,630
Inventory and other current assets		90,073			-				11,067		(17)		101,140
Assets held for sale		240,761			-				(20,402	)	(18)		220,359
Total current assets		719,799			(5,141	)			(9,505	)			705,153

Property, plant and equipment, net		401,263			-				139,587		(19)		540,850
Operating lease right-of-use assets		32,488			-				1,430		(20)		33,918
Goodwill		138,934			-				(138,934	)	(21)		-
Notes receivable		72,484			-				-				72,484
Restricted cash - non-current		80,179			-				-				80,179
Intangible and other long-term assets, net		52,264			(10,080	)	(4)		(17,964	)	(22)		24,220
Total assets	$	1,497,411		$	(15,221	)		$	(25,386	)		$	1,456,804

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	51,816		$	(700	)	(5)	$	-			$	51,116
Accrued expenses		126,768			9,042		(6)		1,406		(23)		137,216
Liabilities held for sale		39,642			1,614		(7)		(3,992	)	(24)		37,264
Total current liabilities		218,226			9,956				(2,586	)			225,596

Decommissioning liabilities		134,934			-				34,581		(25)		169,515
Operating lease liabilities		23,584			-				(29	)	(26)		23,555
Deferred income taxes		4,853			3,100		(8)		51,569		(27)		59,522
Other long-term liabilities		121,756			-				(45,826	)	(28)		75,930
Total non-current liabilities		285,127			3,100				40,295				328,522
Liabilities subject to compromise		1,572,772			(1,572,772	)	(9)		-				-
Total liabilities		2,076,125			(1,559,716	)			37,709				554,118

Stockholders’ equity (deficit):
Predecessor common stock $0.001 par value		16			(16	)	(10)		-				-
Predecessor Additional paid-in capital		2,757,824			(2,757,824	)	(11)		-				-
Predecessor Treasury stock at cost		(4,290	)		4,290		(12)		-				-
Successor Class A common stock $0.001 par value		-			200		(13)		-				200
Successor Additional paid-in capital		-			902,486		(14)		-				902,486
Accumulated other comprehensive loss, net		(67,532	)		-				67,532		(29)		-
Accumulated deficit		(3,264,732	)		3,395,359		(15)		(130,627	)	(30)		-
Total stockholders’ equity (deficit)		(578,714	)		1,544,495				(63,095	)			902,686
Total liabilities and stockholders’ equity (deficit)	$	1,497,411		$	(15,221	)		$	(25,386	)		$	1,456,804

Reorganization Adjustments (in thousands)

(1)

Changes in cash and cash equivalents included the following:


Payment of debtor in possession financing fees	$	(183	)
Payment of professional fees at the Emergence Date		(2,649	)
Payment of lease rejection damages classified as liabilities subject to compromise		(400	)
Transfers from cash to restricted cash for Professional Fees Escrow and General Unsecured Creditors Escrow		(16,751	)
Payment of debt issuance costs for the Credit Facility		(1,920	)
Net change in cash and cash equivalents	$	(21,903	)

(2)

Changes to restricted cash - current included the following:


Transfer from cash for Professional Fee Escrow	$	16,626
Transfer from cash for General Unsecured Creditors Escrow		125
Net change in restricted cash - current	$	16,751

(3)

Changes of $11 to accounts receivable reflect a receivable from the solicitor from the Chapter 11 Cases for excess proceeds received during the Rights Offering.

(4)

Changes to intangibles and other long-term assets included the following:


Write-off of deferred financing costs related to the Delayed-Draw Term Loan	$	(12,000	)
Capitalization of debt issuance costs associated with the Credit Facility		1,920
Net change in intangibles and other long-term assets	$	(10,080	)

(5)

Changes to accounts payable included the following:


Payment of professional fees at the Emergence Date	$	(2,649	)
Professional fees recognized and payable at the Emergence Date		1,949
Net change in accounts payable	$	(700	)

(6)

Changes in accrued liabilities include the following:


Payment of debtor in possession financing fees	$	(183	)
Accrual of professional fees		6,500
Accrual for transfer taxes		1,900
Reinstatement of lease rejection liabilities to be settled post-emergence		700
Accrual of general unsecured claims against parent		125
Net change in accrued liabilities	$	9,042

(7)

Changes in liabilities held for sale reflect the fair value reinstatement of rejected lease claims.

(8)

Changes in deferred income taxes are due to reorganization adjustments.

(9)

The resulting gain on liabilities subject to compromise was determined as follows:


Prepetition 7.125% and 7.750% notes including accrued interest and unpaid interest	$	1,335,794
Rejected lease liability claims		4,956
Allowed Class 6 General Unsecured Claims against Parent		232,022
Liabilities subject to compromise settled in accordance with the Plan		1,572,772
Reinstatement of accrued liabilities for lease rejection claims		(700	)
Reinstatement of liabilities held for sale for lease rejection claims		(1,614	)
Payment to settle lease rejection claims		(400	)
Cash proceeds from rights offering		963
Cash payout provided to cash opt-in noteholders		(952	)
Cash Pool to settle GUCs against Parent		(125	)
Issuance of common stock to prepetition noteholders, incremental to rights offering (par value)		(193	)
Additional paid-in capital attributable to successor common stock issuance		(869,311	)
Successor common stock issued to cash opt-out noteholders in the rights offering (par value)		(7	)
Additional paid-in capital attributable to rights offering shares		(33,175	)
Gain on settlement of liabilities subject to compromise	$	667,258

(10)

Changes of $16 in Predecessor common stock reflect the cancellation of the Predecessor’s common stock.

(11)

Changes in Predecessor additional paid-in capital (APIC) include the following:


Extinguishment of APIC related to Predecessor's outstanding equity interests	$	(2,758,812	)
Extinguishment of RSUs for the Predecessor's incentive plan		988
Net change in Predecessor's additional paid-in capital	$	(2,757,824	)

(12)

Reflects $4.3 million cancellation of Predecessor treasury stock held at cost.

(13)

Changes in the Successor’s Class A common stock include the following:


Issuance of successor Class A common stock to prepetition noteholders, incremental to rights offering (par value)	$	193
Successor Class A common stock issued to cash opt-out noteholders in the rights offering (par value)		7
Net change in Successor Class A common stock	$	200

(14)

Changes in Successor additional paid-in capital include the following:


Additional paid-in capital (Successor Class A common stock)	$	869,311
Additional paid-in capital (rights offering shares)		33,175
Net change in Successor additional paid-in capital	$	902,486

(15)

Changes to retained earnings (deficit) include the following:


Gain on settlement of liabilities subject to compromise	$	667,258
Accrual for transfer tax		(1,900	)
Extinguishment of RSUs for Predecessor incentive plan		(988	)
Adjustment to net deferred tax liability taken to tax expense		(3,100	)
Professional fees earned and payable as a result of consummation of the Plan of Reorganization		(8,449	)
Write-off of deferred financing costs related to the Delayed-Draw Term Loan		(12,000	)
Extinguishment of Predecessor equity (par value, APIC, and treasury stock)		2,754,538
Net change in retained earnings (deficit)	$	3,395,359

Fresh Start Adjustments (in thousands)

(16)

Changes of $170 in income tax receivable reflects the decrease to current deferred tax assets due to the adoption of fresh start accounting.

(17)

Changes in inventory and other current assets included the following:


Fair value adjustment to inventory - Global Segment	$	12,137
Fair value adjustment to other current assets		(1,070	)
Net change in inventory and other current assets due to the adoption of fresh start accounting	$	11,067

(18)

(19)

Changes of $139.6 million to property, plant and equipment reflect the fair value adjustment.


	Successor Fair Value		Predecessor Book Value
Land, Buildings, and Associated Improvements	$	117,341	$	205,237
Machinery and Equipment		290,593		1,103,501
Rental Services Equipment		92,861		617,762
Other Depreciable or Depletable Assets		35,143		46,403
Construction in Progress		4,912		4,912
		540,850		1,977,815
Less: Accumulated Depreciation and Depletion		-		(1,576,552	)
Property, Plant and Equipment, net	$	540,850	$	401,263

(20)

Reflects $1.4 million due to the fair value adjustment increasing operating lease right-of-use assets.

(21)

Changes of $138.9 million to goodwill reflect the derecognition of the Predecessor’s goodwill due to the adoption of fresh start accounting.

(22)

The fair value changes of $1.4 million to intangibles assets are reflected in the table below:


	Successor Fair Value		Predecessor Net Book Value
Customer Relationships	$	-	$	4,901
Trademarks		4,166		11
Patents		2,120		-
Intangible Assets, Net	$	6,286	$	4,912

(23)

Changes of $1.4 million to accrued expenses reflect the fair value adjustment increasing the current portion of operating lease liabilities.

(24)

Reflects the $4.0 million fair value adjustment decreasing decommissioning liabilities and operating lease liabilities related to assets held for sale.

(25)

Reflects the $34.6 million fair value adjustment increasing the non-current portion of decommissioning liabilities.

(26)

Reflects the fair value adjustment decreasing the non-current portion of operating lease liabilities.

(27)

Reflects the $70.4 million increase of deferred tax liabilities netted against an $18.8 million increase in realizable deferred tax assets due to the adoption of fresh start accounting.

(28)

(29)

(30)


Fresh start valuation adjustments	$	(77,376	)
Adjustment to net deferred tax liability taken to tax expense		(53,251	)
Net impact to accumulated other comprehensive loss and accumulated deficit	$	(130,627	)

Reorganization Items, net

In the Predecessor Period, we incurred costs associated with the reorganization, primarily unamortized debt issuance costs, expenses related to rejected leases and post-petition professional fees. In accordance with applicable guidance, costs associated with the Chapter 11 Cases have been recorded as reorganization items, net within the accompanying consolidated statement of operations for the Predecessor Period. Reorganization items, net was zero for the Successor Period, with $13.7 million used in operating activities during the Successor Period. Reorganization items, net was $335.6 million for the Predecessor Period, with $3.1 million representing cash used in operating activities during the Predecessor Period, $2.7 million and $0.4 million paid for professional fees and to settle lease rejection damages, respectively.


	Predecessor
	For the Period January 1, 2021 through February 2, 2021
Gain on settlement of liabilities subject to compromise	$	667,258
Allowed claim adjustment for Class 6 claims		(232,022	)
Fresh Start valuation adjustments (1)		(77,376	)
Professional fees		(16,005	)
Predecessor lease liabilities rejected per the Plan		13,347
Write off of deferred financing costs related to the Delayed-Draw Term Loan		(12,000	)
Lease rejection damages		(4,956	)
Extinguishment of RSU's for the Predecessor's incentive plan		(988	)
Other items		(1,698	)
Total reorganization items, net	$	335,560

(1) Includes approximately $16.4 million in adjustments to assets and liabilities classified as held for sale. See Note 18 - Discontinued Operations.

Stock-Based Compensation Plans - Summary of Contribution Plan (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
401K [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
401 (K) contribution plan	$ 0.4	$ 2.6	$ 3.2	$ 3.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Decommissioning Liability - Schedule of Decommissioning Program Activity (Parenthetical) (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Accretion Expense	$ 0.5	$ 9.3	$ 9.7	$ 9.5
Decommissioning costs			11.5
Interest income	$ 0.4	$ 3.9	$ 3.9	$ 3.8

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation Plans

(11) Stock-Based Compensation Plans

2021 Management Incentive Plan

On December 15, 2023, the Board and the Compensation Committee approved an amendment to the Management Incentive Plan (“MIP”), to provide for the grant of share-based and cash-based awards and to provide for the issuance from time to time of up to 1,999,869 shares of our Class A Common Stock. Outstanding grants under the MIP are in the form of restricted stock awards (“RSAs”) and time-based vesting restricted stock units (“RSUs”). The RSUs will be settled in Class A Common Stock upon the satisfaction of time-based vesting conditions. In December 2023, we cancelled all outstanding performance-based vesting restricted stock units (“PSUs”) in exchange for a cash retention bonus, payable in four equal semi-annual installments beginning on March 15, 2024, subject generally to the executive’s continued employment on each payment date.

The RSAs vest over a period of three years, subject to earlier vesting and forfeiture on terms and conditions set forth in the applicable award agreement. RSUs granted in 2022 generally vest in three equal annual installments over the three-year period, subject generally to continued employment and the other terms and conditions set forth in the forms of the RSU award agreements. RSUs granted in 2021 vested in full in the first quarter of 2023, subject generally to continued employment and the other terms and conditions set forth in the forms of the RSU award agreements. Prior to cancellation, holders of PSUs were eligible to earn between 25% and 100% of the target award based on achievement of share price goals set forth in the forms of the PSU award agreements.

The following sets forth activity related to issuances under the MIP for the year ended December 31, 2023 and 2022:


	Grants of Share-Based Awards
				July/
	June			August			March			July
	2021			2021			2022			2022			Total
Unvested awards outstanding, December 31, 2022		29,976			37,947			72,050			88,215			228,188
Vested		(14,988	)		(37,947	)		(24,017	)		(29,405	)		(106,357	)
Unvested awards outstanding, December 31, 2023		14,988			-			48,033			58,810			121,831

Estimated grant date fair value	$	39.53		$	39.53		$	58.80		$	58.80

Unamortized grant date fair value, December 31, 2022 (in millions)	$	0.8		$	-		$	3.1		$	4.2		$	8.1
Unamortized grant date fair value, December 31, 2023 (in millions)	$	0.2		$	-		$	1.6		$	2.2		$	4.0


	Grants of Share-Based Awards
				July/
	June			August			March		July
	2021			2021			2022		2022		Total
Unvested awards outstanding, December 31, 2021		76,269			50,596			-		-		126,865
Granted					-			72,050		88,215		160,265
Vested		(46,293	)		(12,649	)		-		-		(58,942	)
Unvested awards outstanding, December 31, 2022		29,976			37,947			72,050		88,215		228,188

Estimated grant date fair value	$	39.53		$	39.53		$	58.80	$	58.80

Unamortized grant date fair value, December 31, 2021 (in millions)	$	2.4		$	1.4		$	-	$	-	$	3.8
Unamortized grant date fair value, December 31, 2022 (in millions)	$	0.8		$	-		$	3.1	$	4.2	$	8.1

Compensation expense associated with RSA and RSU grants are as follows:


	For the Year Ended
	December 31,
	2023		2022
Compensation Expense	$	4,123	$	4,807

Liability-Classified Compensation

401(k)

We maintain a defined contribution profit sharing plan for employees who have satisfied minimum service requirements. Employees may contribute up to 75% of their eligible earnings to the plan subject to the contribution limitations imposed by the Internal Revenue Service. We provide a nondiscretionary match of 100% of an employee’s contributions to the plan, up to 4% of the employee’s salary.

We made contributions to the plan as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
401K	$	3.2	$	3.1	$	2.6	$	0.4

Supplemental Executive Retirement Plan

We have a supplemental executive retirement plan (“SERP”). The SERP provides retirement benefits to our executive officers and certain other designated key employees. The SERP is an unfunded, non-qualified defined contribution retirement plan, and all contributions under the plan are unfunded credits to a notional account maintained for each participant. We suspended all contributions to the plan effective January 1, 2020.

We made payments to eligible participants in the SERP as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
SERP	$	0.2	$	1.7	$	3.4	$	-

Non-Qualified Deferred Compensation Plan

The Nonqualified Deferred Compensation Plan (“NQDC Plan”) provides an income deferral opportunity for executive officers and certain senior managers who qualified for participation. Participants in the NQDC Plan could make an advance election each year to defer portions of their base salary, bonus and other compensation. Payments made to participants are based on their enrollment elections and plan balances. No deferrals were elected for 2023. We have not had enrollment periods for the NQDC since 2019.

Retention Bonus Agreements

On December 15, 2023, the Board and the Compensation Committee of the Board approved retention bonus agreements for executives pursuant to which each is eligible to earn a cash retention bonus beginning on March 15, 2024, subject to continued employment on each payment date. As a condition to execution of the retention bonus, all rights and obligations under the existing PSU agreements were forfeited and PSUs were cancelled.

Blue Chip Swap Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Blue Chip Swap Securities

(16) Blue Chip Swap Securities

The functional currency for our Argentine operations is the U.S. dollar and we use Argentina’s official exchange rate to remeasure our Argentine peso-denominated net monetary assets into U.S. dollars at each balance sheet date. The Central Bank of Argentina has maintained certain currency controls that limited our ability to access U.S. dollars in Argentina and to remit cash from our Argentine operations.

During the third quarter of 2023, we utilized an indirect foreign exchange mechanism known as a Blue Chip Swap (“BCS”) to remit $9.7 million U.S. dollars from Argentina through the purchase and sale of BCS securities. These transactions were completed at exchange rates that represented a premium of approximately 123%.

Additionally, during the fourth quarter of 2023, we performed a BCS to remit approximately $4.3 million U.S. dollars from Argentina through the purchase and sale of BCS securities. The transactions were completed at exchange rates that represented a premium of approximately 184%.

These BCS transactions resulted in a net loss of $19.9 million during the Current Year.

We continue to use the official exchange rate for remeasurement of our Argentine peso-denominated net monetary assets under U.S. GAAP as the BCS rate does not meet the criteria for remeasurement under U.S. GAAP.

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

The table below is a reconciliation of cash, cash equivalents and restricted cash for the beginning and the end of the period for all periods presented:


	Successor						Predecessor
	For the Year Ended December 31,				For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
	2023		2022
Cash and cash equivalents	$	258,999	$	314,974	$	172,768	$	188,006
Restricted cash-current		-		-		16,751		-
Restricted cash-non-current		80,108		79,561		80,179		80,178
Cash, cash equivalents, and restricted cash, beginning of period	$	339,107	$	394,535	$	269,698	$	268,184

Cash and cash equivalents	$	391,684	$	258,999	$	314,974	$	172,768
Restricted cash-current		-		-		-		16,751
Restricted cash-non-current		85,444		80,108		79,561		80,179
Cash, cash equivalents, and restricted cash, end of period	$	477,128	$	339,107	$	394,535	$	269,698

Decommissioning Liability (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Decommissioning Liability, Noncurrent	$ 11.4	$ 53.0
Decommissioning costs	11.5
Capitalized Costs, Asset Retirement Costs	16.0	38.2
Gain recognized from changes in cost and timing	$ 17.4
Financing Receivable, before Allowance for Credit Loss, Noncurrent		$ 2.6

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

(8) Leases

We determine if an arrangement is a lease at inception. All of our leases are operating leases and are included in right-of-use (“ROU”) assets, accounts payable and operating lease liabilities in the consolidated balance sheet per ASC 842.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligations to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the respective lease term. We use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Our lease terms may include options to extend or terminate the lease. We have elected not to recognize ROU assets and lease liabilities that arise from short-term leases for any class of underlying asset,

Our operating leases are primarily for real estate, machinery and equipment, and vehicles. The terms and conditions for these leases vary by the type of underlying asset. Total operating lease expense was as follows (in thousands):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Long-term fixed lease expense	$	8,477	$	9,761	$	12,579	$	1,824
Long-term variable lease expense		-		2		-		19
Short-term lease expense		8,771		22,705		10,165		789
Total operating lease expense	$	17,248	$	32,468	$	22,744	$	2,632

Operating leases for the Current Year were as follows (dollars in thousands):


	December 31, 2023
Weighted average remaining lease term	19 years
Weighted average discount rate		5.33	%

Cash paid for operating leases	$	6,828
ROU assets obtained in exchange for lease obligations		4,621

Maturities of operating lease liabilities at December 31, 2023 are as follows (in thousands):


2024	$	6,998
2025		5,242
2026		2,467
2027		997
2028		832
Thereafter		14,909
Total lease payments		31,445
Less: imputed interest		(15,671	)
Total	$	15,774

Equity and Earnings per Share (Summary of weighted average number of shares for basic and diluted earnings per share) (Details) - shares	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Weighted-average shares outstanding - basic	14,845	19,998	20,126	20,024
Potentially dilutive stock awards and units	60	0	26	63
Weighted-average shares outstanding - diluted	14,905	19,998	20,152	20,087

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of contingently issuable shares. Contingently issuable shares are those shares that are issuable for little or no cash contingent on certain conditions being met.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-26

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 44
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-44

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 51
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-51

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-52

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-53

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 54
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-54

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 48
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-48

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 48
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-48

+ Details

Revenue (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 45,928	$ 648,754	$ 919,420	$ 883,960
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	18,339	268,695	452,249	402,942
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	27,589	380,059	467,171	481,018
U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	8,296	107,565	192,510	185,300
U.S. Land [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	4,917	87,432	166,938	160,742
U.S. Land [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,379	20,133	25,572	24,558
U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	15,567	197,058	268,336	263,729
U.S. Offshore [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	8,196	103,646	161,771	140,881
U.S. Offshore [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	7,371	93,412	106,565	122,848
International [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	22,065	344,131	458,574	434,931
International [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	5,226	77,617	123,540	101,319
International [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 16,839	$ 266,514	$ 335,034	$ 333,612

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Leasehold Improvements, Gross	$ 6.0	$ 7.1
Asset Retirement Costs	$ 16.0		$ 38.2

Stock-Based Compensation Plans - Issuances Under Management Incentive Plan (Details) - Management Incentive Plan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards outstanding, beginning	228,188	126,865
Vested	(106,357)	(58,942)
Granted		160,265
Awards outstanding, ending	121,831	228,188
Unamortized grant date fair value, beginning	8,100,000	3,800,000
Unamortized grant date fair value, ending	4,000,000	8,100,000
June 2021 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards outstanding, beginning	29,976	76,269
Vested	(14,988)	(46,293)
Awards outstanding, ending	14,988	29,976
Estimated grant date fair value	$ 39,530
Unamortized grant date fair value, beginning	800,000	2,400,000
Unamortized grant date fair value, ending	200,000	800,000
July/August 2021 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards outstanding, beginning	37,947	50,596
Vested	(37,947)	(12,649)
Granted		0
Awards outstanding, ending	0	37,947
Estimated grant date fair value	$ 39,530
Unamortized grant date fair value, beginning	0	1,400,000
Unamortized grant date fair value, ending	0	0
March 2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards outstanding, beginning	72,050	0
Vested	(24,017)	0
Granted		72,050
Awards outstanding, ending	48,033	72,050
Estimated grant date fair value	$ 58,800
Unamortized grant date fair value, beginning	3,100,000	0
Unamortized grant date fair value, ending	1,600,000	3,100,000
July 2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards outstanding, beginning	88,215	0
Vested	(29,405)	0
Granted		88,215
Awards outstanding, ending	58,810	88,215
Estimated grant date fair value	$ 58,800
Unamortized grant date fair value, beginning	4,200,000	0
Unamortized grant date fair value, ending	2,200,000	4,200,000

Note Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule Of Non-cash Interest Income Related To Note Receivable

We recorded non-cash interest income related to the note receivable as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Interest income	$	3.9	$	3.8	$	3.9	$	0.4

Fresh Start Accounting (Fresh Start II) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	2 Months Ended	12 Months Ended
	Feb. 02, 2021	Feb. 02, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 03, 2021	Jan. 01, 2021
Fresh Start, Parenthetical [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Reorganization Adjustments, Cash And Cash Equivalents [Abstract]
Payment of debtor in possession financing fees		$ (183)
Payment of professional fees at the Emergence Date		(2,649)
Payment of lease rejection damages classified as liabilities subject to compromise		(400)
Transfers from cash to restricted cash for Professional Fees Escrow and General Unsecured Creditors Escrow		(16,751)
Payment of debt issuance costs for the Credit Facility		(1,920)
Net change in cash and cash equivalents		(21,903)
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted Cash and Cash Equivalents, Current	$ 16,751	16,751		$ 0	$ 0	$ 0	$ 16,751	$ 0
Debtor Reorganization Items, Accounts Receivables		11
Reorganization Adjustments, Intangibles [Abstract]
Write-off of deferred financing costs related to the Delayed-Draw Term Loan	(12,000)	(12,000)
Capitalization of debt issuance costs associated with the Credit Facility		1,920
Net change in intangibles and other long-term assets		(10,080)
Reorganization Adjustments, Accounts Payable [Abstract]
Payment of professional fees at the Emergence Date		(2,649)
Professional fees recognized and payable at the Emergence Date		1,949
Net change in accounts payable		(700)
Reorganization Adjustments, Accrued Liabilities [Abstract]
Payment of debtor in possession financing fees		(183)
Accrual of professional fees		6,500
Accrual for transfer taxes		1,900
Reinstatement of lease rejection liabilities to be settled post-emergence		700
Accrual of general unsecured claims against parent		125
Net change in accrued liabilities		9,042
Liabilities Subject To Compromise, Settled [Abstract]
Prepetition 7.125% and 7.750% notes including accrued interest and unpaid interest	1,335,794	1,335,794
Rejected lease liability claims	4,956	4,956
Allowed Class 6 General Unsecured Claims against Parent	232,022	232,022
Liabilities subject to compromise settled in accordance with the Plan	1,572,772	1,572,772
Reorganization Adjustments, Gain (Loss) On Settlement[Abstract]
Accrued liabilities for lease rejection claims		(700)
Lease liabilities settled at Emergence Date		(1,614)
Payment to settle lease rejection claims		(400)
Proceeds from rights offering	963	963
Cash payout provided to cash opt-in noteholders		(952)
Cash Pool to settle general unsecured claims against the Predecessor		(125)
Issuance of Successor Class A common stock to prepetition noteholders (par value)		(193)
Additional paid-in capital (Successor)		(869,311)
Successor Class A common stock issued to cash opt-out noteholders in the rights offering (par value)		(7)
Additional paid-in capital (rights offering shares)		33,175
Gain on settlement of liabilities subject to compromise	667,258	667,258
Proceeds from rights offering	963	963
Cash payout provided to cash opt-in noteholders	$ 952
Debtor Reorganization Items, Discount Price	$ 1.31
Debtor Reorganization Items, Implied Discount	$ 32,200
Debtor Reorganization Items, Implied Share Price	$ 45.14
Debtor Reorganization Items, Cancellation Of Common Stock	$ 16
Debtor Reorganization Items, Cancellation Of Treasury Stock	4,300
Reorganization Adjustments, APIC [Abstract]
Extinguishment of APIC related to Predecessor's outstanding equity interests	(2,758,812)
Extinguishment of RSUs for the Predecessor's incentive plan	988
Net change in Predecessor's additional paid-in capital	(2,757,824)
Reorganization Adjustments, APIC, Successor [Abstract]
Postconfirmation, Additional APIC, Common Shares	869,311
Postconfirmation, Additional APIC, Rights Offering	33,175
Postconfirmation, Change In APIC	902,486
Reorganization Adjustments, Retained Earnings [Abstract]
Gain on settlement of liabilities subject to compromise	667,258	667,258
Accrual for transfer tax	(1,900)
Extinguishment of RSUs for the Predecessor's incentive plan	(988)
Adjustment to net deferred tax liability taken to tax expense	(3,100)
Professional fees earned and payable as a result of consummation of the Plan of Reorganization	(8,449)
Debtor Reorganization Items, Debt Issuance Cost and Debt Discount, Writeoff	(12,000)	(12,000)
Debtor Reorganization Items, Extinguishment Of Equity	2,754,538
Net change in retained earnings	3,395,359
Debtor Reorganization Items, Change In Income Tax Receivable		170
Reorganization Adjustments, Change In Inventory And Other Current Assets [Abstract]
Fair value adjustment to inventory		12,137
Fair value adjustment to other current assets		(1,070)
Net change in inventory and other current assets due to the adoption of fresh start accounting		11,067
Debtor Reorganization Items, Fair Value Adjustment, Assets Held For Sale		3,500	$ 16,500	20,400
Debtor Reorganization Items, Fair Value Adjustment, PPE				$ 139,600
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment		1,977,815	540,850
Less: Accumulated Depreciation and Depletion		1,576,552
Property, Plant and Equipment, net		401,263	540,850
Debtor Reorganization Items, Fair Value Adjustment, Right Of Use Assets		1,400
Debtor Reorganization Items, Change In Goodwill		138,900
Debtor Reorganization Items, Fair Value Adjustment, Intangible Assets		1,400
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value	4,912	4,912	6,286
Debtor Reorganization Items, Change In Other Long Term Assets		17,100
Debtor Reorganization Items, Fair Value Adjustment, Accrued Expenses		1,400
Debtor Reorganization Items, Fair Value Adjustment, Current ARO		400
Debtor Reorganization Items, Fair Value Adjustment, Non-Current ARO		34,600
Debtor Reorganization Items, Change In Deferred Tax Liabilities		70,400
Debtor Reorganization Items, Change In Realizable Deferred Tax Assets		18,800
Debtor Reorganization Items, Reclassification Of Deferred Revenue		45,800
Debtor Reorganization Items, FIN48		1,500
Debtor Reorganization Items, Reorganization Expense AOCI		(77,376)
Debtor Reorganization Items, Cumulative Adjustment		(53,251)
Debtor Reorganization Items, Elimination Of AOCI		(130,627)
Patents
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value	0	0	2,120
TrademarksMember
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value	11	11	4,166
Customer relationships
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value	$ 4,901	4,901
Land, Buildings and Improvements [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment		205,237	117,341
Machinery and Equipment [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment		1,103,501	290,593
Rental Services Equipment [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment		617,762	92,861
Other Capitalized Property Plant and Equipment [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment		46,403	35,143
Construction in Progress [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment		$ 4,912	$ 4,912
New Senior Unsecured Notes Due 2021 [Member]
Liabilities Subject To Compromise, Settled [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	7.125%	7.125%
Senior Unsecured Notes Due 2024 [Member]
Liabilities Subject To Compromise, Settled [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	7.75%	7.75%
Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted Cash and Cash Equivalents, Current	$ 16,751	$ 16,751
Professional Fee Escrow \| Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted Cash and Cash Equivalents, Current	16,626	16,626
General Unsecured Creditors Escrow \| Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted Cash and Cash Equivalents, Current	$ 125	$ 125
Common Class A [Member]
Fresh Start, Parenthetical [Abstract]
Common stock, par value	$ 0.001	$ 0.001		$ 0.01	$ 0.01
Reorganization Adjustments, Changes In Common Stock [Abstract]
Issuance of successor Class A common stock to prepetition noteholders (par value)	$ 193
Successor Class A common stock issued to cash opt-out noteholders in the rights offering (par value)	7
Net change in Successor Class A common stock	$ 200

Other Income (Expense)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Income (Expense)

(15) Other Income (Expense)

Other income (expense) primarily relates to re-measurement gains and losses associated with our foreign currencies and gains on our investment in common stock of Select Energy Services, Inc. (“Select”).

Foreign currency losses are as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Loss on foreign currency	$	12.8	$	12.6	$	8.8	$	2.1

Losses on foreign currencies during the Prior Year include an expense of $2.7 million which represents a correction of an immaterial error relating to a period prior to our emergence from bankruptcy. Gains and losses on foreign currencies are primarily related to our operations in Brazil and Argentina.

During the Prior Year, we disposed of 4.1 million shares of Select for $34.7 million, and we recognized gains totaling $8.9 million in connection with these transactions. During the Successor Period, we disposed of 0.7 million shares of Select for $4.1 million, and we recognized gains totaling $0.4 million. As of December 31, 2022, all shares of Select have been disposed.

Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Feb. 02, 2021
Segment Reporting Information [Line Items]
Identifiable Assets	$ 1,340,993	$ 1,191,012	$ 1,456,804
Rentals [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	553,706	432,437
Well Services [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	597,438	533,327
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	$ 189,849	$ 225,248

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Common Class A [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	52,000,000	52,000,000
Common stock, shares issued	20,151,000	19,999,000
Common stock, shares outstanding	20,151,000	19,999,000
Common Class B [Member]
Common stock, par value		$ 0.01
Common stock, shares issued		84,000
Common stock, shares outstanding		80,000

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
Document And Entity Information - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 07, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-34037
Entity Registrant Name	SUPERIOR ENERGY SERVICES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-4613576
Entity Address, Address Line One	1001 Louisiana Street
Entity Address, Address Line Two	Suite 2900
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	654-2200
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Public Float	$ 0
Document Financial Statement Error Correction [Flag]	false
Entity Common Stock, Shares Outstanding		20,174,135
Documents Incorporated by Reference	Not applicable.
Entity Central Index Key	0000886835
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Houston, Texas
Auditor Firm ID	238

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Operating Lease Expense


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Long-term fixed lease expense	$	8,477	$	9,761	$	12,579	$	1,824
Long-term variable lease expense		-		2		-		19
Short-term lease expense		8,771		22,705		10,165		789
Total operating lease expense	$	17,248	$	32,468	$	22,744	$	2,632

Operating leases for the Current Year were as follows (dollars in thousands):


	December 31, 2023
Weighted average remaining lease term	19 years
Weighted average discount rate		5.33	%

Cash paid for operating leases	$	6,828
ROU assets obtained in exchange for lease obligations		4,621

Maturities Of Operating Lease Liabilities

Maturities of operating lease liabilities at December 31, 2023 are as follows (in thousands):


2024	$	6,998
2025		5,242
2026		2,467
2027		997
2028		832
Thereafter		14,909
Total lease payments		31,445
Less: imputed interest		(15,671	)
Total	$	15,774

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Computed expected tax benefit	$ 69,125	$ (32,635)	$ 49,211	$ 44,798
State and foreign income taxes	6,217	(17,893)	17,249	(350)
Foreign Tax Credit			15,022	5,161
Valuation allowance	(46,208)		(4,580)	(13,140)
Release of unrecognized tax benefits			(9,897)
Non-recurring non-deductible			3,498
Foreign income inclusion in US			10,270
Gain on Settlement of Liabilities Subject to Compromise	(89,905)	0	0	0
Reduction in value of assets	87,316	19,154	0	0
Fresh Start Adjustments	29,099	0	0	0
Worthless stock deduction	0	0	6,781	(103,992)
Other	4,359	(1,924)	2,231	126
Income tax (expense) benefit	$ 60,003	$ (33,298)	$ 59,741	$ (77,719)

Decommissioning Liability

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Decommissioning Liability

(5) Decommissioning Liability

The following table presents our decommissioning liability as of the periods indicated:


	December 31, 2023			December 31, 2022
Wells	$	96,603		$	96,171
Platform		73,680			64,500
Total decommissioning liability		170,283			160,671
Note receivable		(69,005	)		(69,679	)
Total decommissioning liability, net of note receivable	$	101,278		$	90,992

In December 2023, revisions to our decommissioning cost estimates resulted in an $11.4 million increase in our decommissioning liability. During the Current Year, we incurred $11.5 million in costs associated with our decommissioning program.

The following table presents the activity during 2023 impacting our decommissioning liability, the related note receivable and oil and gas producing assets:


	December 31,			2023			2023		December 31,
	2022			Activity (1)			Revision		2023
Wells	$	96,171		$	(5,606	)	$	6,038	$	96,603
Platform		64,500			3,800			5,380		73,680
Decommissioning liability		160,671			(1,806	)		11,418		170,283
Note receivable		(69,679	)		(3,935	)		4,609		(69,005	)
Decommissioning liability, net of note receivable	$	90,992		$	(5,741	)	$	16,027	$	101,278

The following table presents accretion expense as of the periods indicated (in millions):


	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Accretion expense	$	9.7	$	9.5	$	9.3	$	0.5

During the second quarter of 2022, we undertook an initiative to alter our decommissioning program, whereby we intend to convert the platform into an artificial reef (“reef-in-place”). The reduction in cost estimates under a reef-in-place program resulted in a reduction in the carrying value of our decommissioning liability and related note receivable (see “Note 6 - Note Receivable”), as well as impacted the carrying value of our oil and gas producing assets, such that as of June 30, 2022, our decommissioning liability was reduced by $53.0 million, and the related note receivable was increased by $2.6 million. In accordance with ASC 410, the carrying value of our oil and gas producing assets was reduced by $38.2 million, which represented the net book value of our oil and gas assets as of June 30, 2022. In connection with these changes, we recognized a gain of approximately $17.4 million, which is included in other (gains) and losses, net in our statement of operations.

Fresh Start Accounting - (Reorganization of Assets) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Fresh Start Accounting [Abstract]
Selected Enterprise Value win Range	$ 729,918
Plus: Cash and cash equivalents	172,768
Plus: Decommissioning Liabilities
Plus: Liabilities excluding the decommissioning liabilities	380,496
Plus: Decommissioning liabilities	173,622
Reorganization Value	$ 1,456,804

New Accounting Pronouncements

12 Months Ended

Dec. 31, 2023

Disclosure Text Block [Abstract]

New Accounting Pronouncements

(20) New Accounting Pronouncements

On January 1, 2023, we adopted Financial Accounting Standards Board (FASB) ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements, which replaces the incurred loss impairment methodology from previous U.S. GAAP with the Current Expected Credit losses model (“CECL”). The CECL model contemplates a broader range of information to estimate expected credit losses over the contractual lifetime of an asset. It also requires consideration on the risk of loss even if it is remote. We estimate expected credit losses through an assessment of our portfolio on a collective (pool) basis with the primary factor based on the aging of our customer accounts. Additionally, we review historical collection experience and the financial condition of our customers when assessing the CECL allowance.

In November 2023, the FASB issued ASU 2023-07, “Segment reporting (Topic 280)”, which is intended to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. The amendments require disclosure of significant segment expenses regularly provided to the chief operating decision maker (CODM) as well as other segment items, extend certain annual disclosures to interim periods, clarify the applicability to single reportable segment entities, permit more than one measure of profit or loss to be reported under certain conditions, and require disclosure of the title and position of the CODM. We expect to adopt the new disclosures as required for the year ended December 31, 2024.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires the annual financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis with a retrospective option.

We are currently evaluating the effect the adoption of ASU 2023-07 and ASU 2023-09 will have on our disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Stock-Based Compensation Plans - Schedule of Payments to Eligible Participants in the SERP (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
SERP [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Payments to participants in SERP	$ 0.0	$ 3.4	$ 0.2	$ 1.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements Of Changes In Stockholders' Equity (Deficit) (Parenthetical)	Dec. 31, 2022 $ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends ($12.45 per share)	$ 12.45

Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventory

(4) Inventory

The components of inventory balances are as follows (in thousands):


	December 31, 2023		December 31, 2022
Finished goods	$	41,082	$	36,136
Raw materials		10,379		8,351
Work-in-process		8,025		4,718
Supplies and consumables		15,509		16,382
Total	$	74,995	$	65,587

Finished goods inventory includes component parts awaiting assembly of approximately $25.0 million and $20.7 million as of December 31, 2023 and 2022, respectively.

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

(19) Supplemental Cash Flow Information

The table below is a reconciliation of cash, cash equivalents and restricted cash for the beginning and the end of the period for all periods presented:


	Successor						Predecessor
	For the Year Ended December 31,				For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
	2023		2022
Cash and cash equivalents	$	258,999	$	314,974	$	172,768	$	188,006
Restricted cash-current		-		-		16,751		-
Restricted cash-non-current		80,108		79,561		80,179		80,178
Cash, cash equivalents, and restricted cash, beginning of period	$	339,107	$	394,535	$	269,698	$	268,184

Cash and cash equivalents	$	391,684	$	258,999	$	314,974	$	172,768
Restricted cash-current		-		-		-		16,751
Restricted cash-non-current		85,444		80,108		79,561		80,179
Cash, cash equivalents, and restricted cash, end of period	$	477,128	$	339,107	$	394,535	$	269,698

Property, Plant and Equipment, Net (Summary of Depreciation and Depletion Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 68,100	$ 84,005
Depletion	2,305	3,615
Total depreciation and depletion	$ 70,405	$ 87,620

Decommissioning Liability - Schedule of Decommissioning Program Activity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Decommissioning Liability	$ 170,283	$ 160,671
Note receivable	(69,005)	(69,679)
Oil And Gas Producing Assets Net	101,278	90,992
Platform Service [Member]
Decommissioning Liability	73,680	64,500
Well Services [Member]
Decommissioning Liability	96,603	$ 96,171
Two Thousand And Twenty Three Activity [Member]
Decommissioning Liability	(1,806)
Note receivable	(3,935)
Oil And Gas Producing Assets Net	(5,741)
Two Thousand And Twenty Three Activity [Member] \| Platform Service [Member]
Decommissioning Liability	3,800
Two Thousand And Twenty Three Activity [Member] \| Well Services [Member]
Decommissioning Liability	(5,606)
Two Thousand And Twenty Three Revision [Member]
Decommissioning Liability	11,418
Note receivable	4,609
Oil And Gas Producing Assets Net	16,027
Two Thousand And Twenty Three Revision [Member] \| Platform Service [Member]
Decommissioning Liability	5,380
Two Thousand And Twenty Three Revision [Member] \| Well Services [Member]
Decommissioning Liability	$ 6,038

Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands	1 Months Ended	11 Months Ended		12 Months Ended
	Feb. 02, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) Customer	Dec. 31, 2022 USD ($) Customer	Dec. 31, 2021 Customer
Summary Of Significant Accounting Policies [Line Items]
Payment term of obligation				30 days
Other gains				$ 6,500	$ 29,100
Number of customers exceeding threshhold measurement \| Customer				10	10	10
Allowance for doubtful accounts				$ 6,300	$ 6,100
Other (gains) and losses, net	$ 0	$ 16,726		(6,549)	(29,134)
Restricted Cash				85,400
Asia Pacific [Member]
Summary Of Significant Accounting Policies [Line Items]
Other (gains) and losses, net		11,700
Decommissioning liability [Member]
Summary Of Significant Accounting Policies [Line Items]
Other (gains) and losses, net					17,400
Well Services [Member]
Summary Of Significant Accounting Policies [Line Items]
Other gains				5,000	23,600
Other (gains) and losses, net		13,100
Shut Down Cost		8,900
Inventory write down			$ 6,500
Other ShutDown Cost			$ 2,400
Rentals [Member]
Summary Of Significant Accounting Policies [Line Items]
Other gains					$ 5,200
Other (gains) and losses, net		$ 3,600
Collateral, Secured Obligations [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted Cash				32,300
Escrow, Future Decommissioning Obligations [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted Cash				$ 51,600

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

(21) Subsequent Events

On February 13, 2024, we announced that our Board declared a special dividend of $12.38 per share on our outstanding Class A Common Stock. Additionally, the Board determined that, in addition to the special dividend to holders of our Class A Common Stock, we would make dividend equivalent payments to each holder of unvested restricted stock units. The special dividend will be paid on March 12, 2024 to holders of record as of February 27, 2024.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

(12) Income Taxes

The income tax provision is as follows:


	Successor									Predecessor
In thousands:	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021
Current income tax expense/(benefit)
Federal	$	205		$	(50	)	$	(1,106	)	$	-
State		576			945			(307	)		-
Foreign		36,111			23,738			6,220			3,314
Total current income tax expense/(benefit)		36,892			24,633			4,807			3,314

Deferred income tax expense/(benefit)
Federal		44,712			(83,420	)		(42,904	)		55,015
State		(886	)		165			2,633			(182	)
Foreign		(20,977	)		(19,097	)		2,166			1,856
Total deferred income tax expense/(benefit)		22,849			(102,352	)		(38,105	)		56,689
Total income tax expense/(benefit)	$	59,741		$	(77,719	)	$	(33,298	)	$	60,003

Federal current and deferred tax primarily reflect use of NOL carryforwards. Foreign current tax is commensurate with prior year’s based on profitable operations in jurisdictions with limited annual or little NOL carryforwards and deferred benefit related to the release of valuation allowances on deferred tax assets in jurisdictions where there was positive evidence.

The Organization for Economic Co-operation and Development (“OECD”) reached agreement on Pillar Two Model Rules (“Pillar Two”) to implement a minimum 15% tax rate on certain multinational companies. Many countries are in the process of proposing and enacting tax laws to implement the Pillar Two framework. We continue to evaluate the impact of these proposals and legislative changes

as new guidance emerges. Due to the uncertainty regarding the timing and manner in which the separate jurisdictions in which we operate may adopt the Pillar Two rules, its impact is not currently estimable.

Effective in tax year 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures in the current period and requires taxpayers to capitalize and amortize them over five or fifteen years pursuant to Internal Revenue Code Section 174. The legislation did not have a material impact in our business, operating results, and financial condition.

A reconciliation of the U.S. statutory federal tax rate to the consolidated effective tax rate is as follows:


	Successor									Predecessor
Continuing Operations (in thousands):	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021
Computed expected tax expense/(benefit)	$	49,211		$	44,798		$	(32,635	)	$	69,125
State and foreign income taxes		17,249			(350	)		(17,893	)		6,217
Foreign Tax Credit		(15,022	)		(5,161	)		-			-
Valuation allowance		(4,580	)		(13,140	)		-			(46,208	)
Release of unrecognized tax benefits		(9,897	)		-			-			-
Non-recurring non-deductible		3,498			-			-			-
Foreign income inclusion in US		10,270			-			-			-
Gain on Settlement of Liabilities Subject to Compromise		-			-			-			(89,905	)
Reduction in Deferred Tax Assets		-			-			19,154			87,316
Fresh Start Adjustments		-			-			-			29,099
Worthless stock deduction		6,781			(103,992	)		-			-
Other		2,231			126			(1,924	)		4,359
Total income tax expense/(benefit)	$	59,741		$	(77,719	)	$	(33,298	)	$	60,003

The effective tax rate in the Current Year is different from the U.S. federal statutory rate of 21.0% due to foreign income taxable in the U.S., a non-recurring non-deductible loss, and foreign tax rates that differ from the U.S. federal statutory rate. The effective tax rate in the Current Year was also impacted by the benefit of FTC generated in and carried over from 2023, and $9.9 million in income tax benefits from reversals of uncertain tax positions in foreign jurisdictions. Finally, the effective tax rate in the Current Year was impacted by adjustments to valuation allowances in the U.S. and foreign jurisdictions. We evaluate deferred tax assets, including tax credits and net operating losses, on a routine basis and this may result in the release of all or a portion of currently recorded valuation allowance when there is sufficient positive evidence.

Additionally, we identified an error in the tax provision for the year ended December 31, 2022 pertaining to certain net operating loss carryforwards that should have been eliminated as part of a worthless stock deduction taken in the fourth quarter of 2022. As such, we recognized an additional income tax expense of $7.6 million during the three months ended March 31, 2023, with a corresponding decrease to deferred tax assets, to correct this immaterial misstatement.

The effective tax rate for the Prior Year is different from the U.S. federal statutory rate of 21.0% primarily from a worthless stock deduction. Other impacts to the rate included non-deductible items, foreign tax rates that differ from the U.S. federal statutory rate, valuation allowance adjustments based on current period income in certain jurisdictions and foreign losses for which no tax benefit was being recorded.

For the year ended December 31, 2021, we evaluated the tax impact resulting from our emergence from Chapter 11 Bankruptcy on February 2, 2021 and the Plan. As part of the debt restructuring, a substantial portion of our pre-petition debt was extinguished. We recognized cancellation of indebtedness income (“CODI”) upon discharge of our outstanding indebtedness. Due to bankruptcy, CODI was excluded from taxable income provided tax attributes were reduced by the amount of CODI realized. We realized CODI for U.S. federal income tax purposes of approximately $433.0 million resulting in a partial elimination of our federal net operating loss carryforwards, as well as a partial reduction in tax basis in assets. The CODI also eliminated $19.2 million of state NOL deferred tax asset which resulted in a corresponding reduction in the state valuation allowance.

Section 382 of the Internal Revenue Code of 1986 provides an annual limitation with respect to the ability of a corporation to utilize its tax attributes, as well as certain built-in-losses, against future U.S. taxable income in the event of a change in ownership. We experienced an ownership change on February 2, 2021, as defined in Section 382, due to the Plan. The limitation under Section 382 is based on the value of the corporation as of the Emergence Date. Currently, we do not expect the Section 382 limitation to impact our ability to use U.S. NOLs and FTC carryover tax attributes under Section 382 relief provisions.

Significant components of our deferred tax assets and liabilities are as follows:


In thousands:	December 31, 2023			December 31, 2022
Deferred tax assets:
Allowance for doubtful accounts	$	1,159		$	1,374
U.S. operating loss and tax credit carryforwards		163,823			157,395
Compensation and employee benefits		6,843			7,376
Decommissioning liabilities		38,989			39,328
Goodwill and other intangible assets		63			369
Operating leases		147			126
Foreign deferred tax assets		45,003			38,780
Other assets		9,779			13,565
Total gross deferred tax assets		265,806			258,313
Less: Valuation allowance		(132,031	)		(80,280	)
Total deferred tax assets	$	133,775		$	178,033

Deferred tax liabilities:
Property, plant and equipment	$	53,613		$	64,571
Notes receivable		17,659			17,812
Other Liability		1,399			1,546
Total deferred tax liabilities	$	72,671		$	83,929

Net deferred tax assets (liabilities)	$	61,104		$	94,104

The Balance Sheet classification is based on a jurisdictional grouping:
Deferred tax assets		67,241			97,492
Less: Deferred tax liabilities (included in Other liabilities)		(6,137	)		(3,388	)
Total deferred tax assets and liabilities	$	61,104		$	94,104

Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements. The measurement of deferred tax assets and liabilities is based on enacted tax laws and rates currently in effect in each of the jurisdictions in which we have operations. In recording deferred income tax assets, we consider whether it is more likely than not that some portion or all of the deferred income tax assets will be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income of the appropriate character during the periods in which those deferred income tax assets would be deductible. We consider all available positive and negative evidence, including scheduled reversal of deferred income tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations for this determination.

The ultimate realization of deferred tax assets for the U.S. FTC carryovers is dependent on the generation of future taxable income of the appropriate character during the FTC carryforward period. During 2022, we determined there was enough positive evidence to realize a portion of the tax benefit related to FTC carryforwards. This is due to a pattern of sustained profitability in the U.S. since we emerged from bankruptcy and capacity of relief under Section 382. At December 31, 2023, we had a FTC carryforward of $77.6 million with expiration dates from 2024 to 2033. There is a partial valuation allowance of $50 million against the FTC carryforward at year end 2023 which will more-likely-than-not expire before being utilized. We will continue to evaluate the realizability of FTCs in future years.

The amount of our net deferred tax assets considered realizable could be adjusted if projections of future taxable income are reduced or objective negative evidence in the form of a three-year cumulative loss is present or both. Should we no longer have a level of sustained profitability, excluding non-recurring charges, we will have to rely more on our future projections of taxable income to determine if we have an adequate source of taxable income for the realization of our deferred tax assets, namely NOL, interest limitation, and tax credit carryforwards. This may result in the need to record a valuation allowance against all or a portion of our deferred tax assets.

The amount of U.S. consolidated net operating losses available as of December 31, 2023 is $90.0 million, which have an indefinite carryforward but are limited to offsetting 80% of taxable income each year. At December 31, 2023, we also had state net operating losses net deferred tax asset of $16.9 million offset by a full valuation allowance.

We have not provided additional US income tax expense on foreign earnings of foreign affiliates. We are repatriating from foreign subsidiaries and the distributions are not subject to incremental US taxation because they represent either 1) return of basis where there

is not current or accumulated earnings and profits, 2) previously taxed earnings and profits or 3) foreign earnings exempt from incremental US tax.

We file income tax returns in the U.S., including federal and various state filings, and certain foreign jurisdictions. The number of years that are open under the statute of limitations and subject to audit varies depending on the tax jurisdiction. We remain subject to U.S. federal tax examinations for years after 2019.

The activity in unrecognized tax benefits is as follows:


	Successor									Predecessor
In thousands:	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021
Unrecognized tax benefits at beginning of period	$	14,009		$	14,973		$	14,706		$	13,206
Additions based on tax positions related to prior years		55			569			2,848			1,500
Reductions based on tax positions related to prior years		(75	)		(334	)		(552	)		-
Additions based on tax positions related to current year		-			78			-			-
Reductions as a result of a lapse of the applicable statute of limitations		(9,765	)		-			-			-
Reductions relating to settlements with taxing authorities		(112	)		(1,277	)		(2,029	)		-
Unrecognized tax benefits at end of period	$	4,112		$	14,009		$	14,973		$	14,706

We had unrecognized tax benefits of $4.1 million as of December 31, 2023, $14.0 million as of December 31, 2022, and $15.0 million as of December 31, 2021, all of which would impact our effective tax rate if recognized. It is reasonably possible that $0.9 million of unrecognized tax benefits could be settled in the next twelve-month period due to the conclusion of tax audits or due to the expiration of statute of limitations. It is our policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense. The amounts in the tabular reconciliation above include accrued interest and penalties of $1.9 million, $7.2 million and $6.9 million for periods ended December 31, 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary Of Significant Accounting Policies (Summary of Bad Debt Expenses or Recoveries) (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Bad debt expense (recoveries)	$ (0.2)	$ (4.9)	$ 0.9	$ 2.2

Summary Of Significant Accounting Policies (Summary of Foreign Currency Losses) (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Loss on foreign currency	$ 2.1	$ 8.8	$ 12.8	$ 12.6

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

As used herein, the following terms refer to our operations:


“Predecessor Period”	January 1, 2021 through February 2, 2021
“Successor Period”	February 3, 2021 through December 31, 2021
“Prior Year”	January 1, 2022 through December 31, 2022
“Current Year”	January 1, 2023 through December 31, 2023

Business

Historically, we provided a wide variety of services and products to many markets within the energy industry. Our core businesses focus on products and services that we believe meet the criteria of:

•

being critical to our customers’ oil and gas operations;

•

limiting competition from the three largest global oilfield service companies;

•

requiring deep technical expertise through the design or use of our products or services, such as premium drill pipe and drilling bottom hole assembly accessory rentals;

•

unlikely to become a commoditized product or service to our customers; and

•

providing strong cash flow generation capacity and opportunities.

Emergence from Voluntary Reorganization under Chapter 11

Use of Estimates

Major Customers and Concentration of Credit Risk

We derive a large amount of revenue from a small number of major and independent oil and gas companies. There were no customers that exceeded 10% of our total revenues in any of the last three years.

Cash Equivalents

We consider all short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.

Restricted Cash

Accounts Receivable and Allowance for Credit Losses

Bad debt expenses or recoveries are recognized within cost of revenues. The following table presents bad debt expense or recoveries for the periods shown (in millions):


	Successor							Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021			For the Period January 1, 2021 through February 2, 2021
Bad debt expense (recoveries)	$	0.9	$	2.2	$	(4.9	)	$	(0.2	)

Revenue Recognition

We expense sales commissions when incurred as the amortization period would typically be one year or less.

Inventory

Decommissioning Liabilities

Property, Plant and Equipment


Machinery and equipment		3-12 years
Buildings, improvements and leasehold improvements		10-30 years
Automobiles, trucks, tractors and trailers		4-7 years
Furniture and fixtures		3-10 years

Impairment of long-lived assets

Other (Gains) and Losses, Net

Other (gains) and losses, net

Other (gains) and losses, net includes gains and losses on the disposal of assets, as well as impairments related to long-lived assets.

Other gains, net for the Current Year were $6.5 million, and are primarily comprised of net gains of $5.0 million related to our Well Services segment from the sale of non-core assets.

Income Taxes

Foreign Currency

Foreign currency losses are as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Loss on foreign currency	$	12.8	$	12.6	$	8.8	$	2.1

Stock-Based Compensation

Self-Insurance Reserves

Restructuring and Transaction Expenses

Restructuring and transaction expenses in our consolidated statement of operations are as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Restructuring and transaction expenses	$	3.3	$	6.4	$	23.0	$	1.3

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule Of Income Tax Provision

The income tax provision is as follows:


	Successor									Predecessor
In thousands:	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021
Current income tax expense/(benefit)
Federal	$	205		$	(50	)	$	(1,106	)	$	-
State		576			945			(307	)		-
Foreign		36,111			23,738			6,220			3,314
Total current income tax expense/(benefit)		36,892			24,633			4,807			3,314

Deferred income tax expense/(benefit)
Federal		44,712			(83,420	)		(42,904	)		55,015
State		(886	)		165			2,633			(182	)
Foreign		(20,977	)		(19,097	)		2,166			1,856
Total deferred income tax expense/(benefit)		22,849			(102,352	)		(38,105	)		56,689
Total income tax expense/(benefit)	$	59,741		$	(77,719	)	$	(33,298	)	$	60,003

Schedule Of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. statutory federal tax rate to the consolidated effective tax rate is as follows:


	Successor									Predecessor
Continuing Operations (in thousands):	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021
Computed expected tax expense/(benefit)	$	49,211		$	44,798		$	(32,635	)	$	69,125
State and foreign income taxes		17,249			(350	)		(17,893	)		6,217
Foreign Tax Credit		(15,022	)		(5,161	)		-			-
Valuation allowance		(4,580	)		(13,140	)		-			(46,208	)
Release of unrecognized tax benefits		(9,897	)		-			-			-
Non-recurring non-deductible		3,498			-			-			-
Foreign income inclusion in US		10,270			-			-			-
Gain on Settlement of Liabilities Subject to Compromise		-			-			-			(89,905	)
Reduction in Deferred Tax Assets		-			-			19,154			87,316
Fresh Start Adjustments		-			-			-			29,099
Worthless stock deduction		6,781			(103,992	)		-			-
Other		2,231			126			(1,924	)		4,359
Total income tax expense/(benefit)	$	59,741		$	(77,719	)	$	(33,298	)	$	60,003

Schedule Of Deferred Tax Assets and Liabilities


In thousands:	December 31, 2023			December 31, 2022
Deferred tax assets:
Allowance for doubtful accounts	$	1,159		$	1,374
U.S. operating loss and tax credit carryforwards		163,823			157,395
Compensation and employee benefits		6,843			7,376
Decommissioning liabilities		38,989			39,328
Goodwill and other intangible assets		63			369
Operating leases		147			126
Foreign deferred tax assets		45,003			38,780
Other assets		9,779			13,565
Total gross deferred tax assets		265,806			258,313
Less: Valuation allowance		(132,031	)		(80,280	)
Total deferred tax assets	$	133,775		$	178,033

Deferred tax liabilities:
Property, plant and equipment	$	53,613		$	64,571
Notes receivable		17,659			17,812
Other Liability		1,399			1,546
Total deferred tax liabilities	$	72,671		$	83,929

Net deferred tax assets (liabilities)	$	61,104		$	94,104

The Balance Sheet classification is based on a jurisdictional grouping:
Deferred tax assets		67,241			97,492
Less: Deferred tax liabilities (included in Other liabilities)		(6,137	)		(3,388	)
Total deferred tax assets and liabilities	$	61,104		$	94,104

Summary Of Activity In Unrecognized Tax Benefits

The activity in unrecognized tax benefits is as follows:


	Successor									Predecessor
In thousands:	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021
Unrecognized tax benefits at beginning of period	$	14,009		$	14,973		$	14,706		$	13,206
Additions based on tax positions related to prior years		55			569			2,848			1,500
Reductions based on tax positions related to prior years		(75	)		(334	)		(552	)		-
Additions based on tax positions related to current year		-			78			-			-
Reductions as a result of a lapse of the applicable statute of limitations		(9,765	)		-			-			-
Reductions relating to settlements with taxing authorities		(112	)		(1,277	)		(2,029	)		-
Unrecognized tax benefits at end of period	$	4,112		$	14,009		$	14,973		$	14,706

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Bad Debt Expenses or Recoveries

Bad debt expenses or recoveries are recognized within cost of revenues. The following table presents bad debt expense or recoveries for the periods shown (in millions):


	Successor							Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021			For the Period January 1, 2021 through February 2, 2021
Bad debt expense (recoveries)	$	0.9	$	2.2	$	(4.9	)	$	(0.2	)

Estimated Useful Lives Of The Related Assets

Depreciation is computed using the straight-line method over the estimated useful lives of the related assets as follows:


Machinery and equipment		3-12 years
Buildings, improvements and leasehold improvements		10-30 years
Automobiles, trucks, tractors and trailers		4-7 years
Furniture and fixtures		3-10 years

Summary of Foreign Currency Losses

Foreign currency losses are as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Loss on foreign currency	$	12.8	$	12.6	$	8.8	$	2.1

Summary of Restructuring and Transaction Expenses

Restructuring and transaction expenses in our consolidated statement of operations are as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Restructuring and transaction expenses	$	3.3	$	6.4	$	23.0	$	1.3

Summary Of Significant Accounting Policies (Estimated Useful Lives Of The Related Assets) (Details)	Dec. 31, 2023
Machinery And Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life	3 years
Machinery And Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life	12 years
Buildings, Improvements and Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life	10 years
Buildings, Improvements and Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life	30 years
Automobiles, Trucks, Tractors And Trailers [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life	4 years
Automobiles, Trucks, Tractors And Trailers [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life	7 years
Furniture And Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life	3 years
Furniture And Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life	10 years

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issuances Under Management Incentive Plan

The following sets forth activity related to issuances under the MIP for the year ended December 31, 2023 and 2022:


	Grants of Share-Based Awards
				July/
	June			August			March			July
	2021			2021			2022			2022			Total
Unvested awards outstanding, December 31, 2022		29,976			37,947			72,050			88,215			228,188
Vested		(14,988	)		(37,947	)		(24,017	)		(29,405	)		(106,357	)
Unvested awards outstanding, December 31, 2023		14,988			-			48,033			58,810			121,831

Estimated grant date fair value	$	39.53		$	39.53		$	58.80		$	58.80

Unamortized grant date fair value, December 31, 2022 (in millions)	$	0.8		$	-		$	3.1		$	4.2		$	8.1
Unamortized grant date fair value, December 31, 2023 (in millions)	$	0.2		$	-		$	1.6		$	2.2		$	4.0


	Grants of Share-Based Awards
				July/
	June			August			March		July
	2021			2021			2022		2022		Total
Unvested awards outstanding, December 31, 2021		76,269			50,596			-		-		126,865
Granted					-			72,050		88,215		160,265
Vested		(46,293	)		(12,649	)		-		-		(58,942	)
Unvested awards outstanding, December 31, 2022		29,976			37,947			72,050		88,215		228,188

Estimated grant date fair value	$	39.53		$	39.53		$	58.80	$	58.80

Unamortized grant date fair value, December 31, 2021 (in millions)	$	2.4		$	1.4		$	-	$	-	$	3.8
Unamortized grant date fair value, December 31, 2022 (in millions)	$	0.8		$	-		$	3.1	$	4.2	$	8.1

Compensation expense associated with RSA and RSU grants

Compensation expense associated with RSA and RSU grants are as follows:


	For the Year Ended
	December 31,
	2023		2022
Compensation Expense	$	4,123	$	4,807

Summary of Contribution Plan

We made contributions to the plan as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
401K	$	3.2	$	3.1	$	2.6	$	0.4

Schedule of Payments to Eligible Participants in the SERP

We made payments to eligible participants in the SERP as follows (in millions):


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
SERP	$	0.2	$	1.7	$	3.4	$	-

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Contingencies (Narrative) (Details) $ in Millions	May 31, 2023 USD ($)
Whatcom County Superi or Court [Member]
Loss Contingencies [Line Items]
Income Tax Examination, Estimate of Possible Loss	$ 27.1

Decommissioning Liability - Schedule of Accretion Expense (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Accretion expense	$ 0.5	$ 9.3	$ 9.7	$ 9.5

Equity and Earnings per Share (Additional Information) (Details) - $ / shares	Dec. 31, 2023	Dec. 18, 2023	Dec. 31, 2022	Feb. 02, 2021
Common stock, par value				$ 0.001
Common Class A [Member]
Common stock, par value	$ 0.01		$ 0.01	$ 0.001
Common Class B [Member]
Common stock, par value		$ 0.01	$ 0.01