Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table summarizes revenues from our contracts disaggregated by revenue generating activity contained therein for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Dayrate drilling	$	46,395	$	38,457	$	106,637	$	70,512
Mobilization		2,565		1,603		3,936		2,873
Reimbursables		2,224		2,091		4,126		3,757
Early termination		5,131		—		5,131		—
Capital modification		11		162		229		162
Other		30		—		53		—
Total revenue	$	56,356	$	42,313	$	120,112	$	77,304

Summary of Contract with Customer, Asset and Liability

Accounts receivable is our right to consideration once it becomes unconditional. Payment terms typically range from 30 to 60 days. The following table provides information about receivables and contract liabilities related to contracts with customers. There were no contract assets recorded as of June 30, 2023 or December 31, 2022.

	June 30,		December 31,
(in thousands)	2023		2022
Receivables, which are included in “Accounts receivable”	$	34,292	$	39,732
Contract liabilities, which are included in “Accrued liabilities”	$	(1,089)	$	(1,158)

The primary changes in contract liabilities balances during the period are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Revenue recognized that was included in contract liabilities at beginning of period	$	374	$	1,544	$	915	$	540
Increase in contract liabilities due to cash received, excluding amounts recognized as revenue	$	(95)	$	(93)	$	(846)	$	(248)

Estimated Revenue Expected to be Recognized in the Future

The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2023. The estimated revenue does not include amounts of variable consideration that are constrained.

	Year Ending December 31,
(in thousands)	2023		2024		2025		2026
Revenue	$	1,089	$	—	$	—	$	—