PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Sep. 30, 2016

Property, Plant and Equipment [Abstract]

Summary of property and equipment by classification

Our estimated useful lives of our various classifications of assets are as follows:

	Years
Drilling vessels and related equipment	5-35
Drill pipe	3
Furniture and other	3-10

A summary of property and equipment by classification is as follows:

	September 30,
(In thousands)	2016			2015
Drilling vessels and equipment	$	3,898,686		$	4,003,483
Construction work in progress	857,572			720,852
Drill pipe	52,543			55,248
Office equipment and other	39,213			36,379
Total cost	4,848,014			4,815,962
Less: Accumulated depreciation	(720,318		)	(643,830		)
Property and equipment, net	$	4,127,696		$	4,172,132