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Chapter 11 Proceedings (Tables) | 6 Months Ended
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Jun. 30, 2021
Reorganizations [Abstract] |
Schedule of liabilities subject to compromise | Liabilities subject to compromise, as presented on the Consolidated Balance Sheet as at June 30, 2021, include the following:
(In $ millions) | As at June 30, 2021
Senior under-secured external debt | 5,662 |
Accounts payable and other liabilities | 75 |
Accrued interest on external debt | 34 |
Amount due to related party | 645 |
Liabilities subject to compromise in combined filers | 6,416 |
Less: Elimination of positions held with non-filers within the Seadrill Consolidated Group | (10) |
Liabilities subject to compromise in consolidated group | 6,406 |
Schedule of reorganization items | The following table summarizes the reorganization items recognized in the six months ended June 30, 2021:
(In $ millions) | Six months ended June 30, 2021
Advisory and professional fees after filing | (52) |
Remeasurement of terminated lease to allowable claim | (186) |
Gain on write-off of related party balances | 8 |
Total reorganization items | (230) |
Schedule of Debtor-In Possession Financial Statements | Debtors' unaudited combined Statement of Operations for the six months ended June 30, 2021
(In $ millions) |  |  |  |  | Six months ended June 30, 2021
Operating revenues |  |  |  |  |
Contract revenues |  |  |  |  | 335 |
Reimbursable revenues |  |  |  |  | 17 |
Management contract revenues |  |  |  |  | 88 |
Other revenues |  |  |  |  | 12 |
Total operating revenues |  |  |  |  | 452 |
Operating expenses |  |  |  |  |
Vessel and rig operating expenses |  |  |  |  | (316)
Reimbursable expenses |  |  |  |  | (16)
Management contract expense |  |  |  |  | (118)
Depreciation |  |  |  |  | (83)
General and administrative expenses |  |  |  |  | (36)
Total operating expenses |  |  |  |  | (569) |
Other operating items |  |  |  |  |
Loss on impairment of long-lived assets |  |  |  |  | (152) |
Gain on sale of assets |  |  |  |  | 11 |
Other operating income |  |  |  |  | 3 |
Total other operating items |  |  |  |  | (138) |
Operating loss |  |  |  |  | (255) |
Financial and other non-operating items |  |  |  |  |
Interest income |  |  |  |  | 1 |
Total Interest expenses |  |  |  |  | (79) |
Share in results of joint ventures |  |  |  |  | 1 |
Foreign currency exchange gain |  |  |  |  | 9 |
Other financial items |  |  |  |  | (13) |
Reorganization items |  |  |  |  | (230) |
Total financial and other non-operating items, net |  |  |  |  | (311) |
Loss before income taxes |  |  |  |  | (566) |
Income tax expense |  |  |  |  | (9) |
Net loss |  |  |  |  | (575) |
Debtors' unaudited combined Balance Sheet as at June 30, 2021
(In $ millions) | As at June 30, 2021
ASSETS |
Current assets |
Cash and cash equivalents | 414 |
Restricted cash | 78 |
Accounts receivable, net | 122 |
Amounts due from related parties, net | 81 |
Other current assets | 185 |
Total current assets | 880 |
Non-current assets |
Investment in associated companies and joint ventures | 25 |
Drilling units | 1,927 |
Shares in subsidiaries | 409 |
Restricted cash | 69 |
Deferred tax assets | 8 |
Equipment | 16 |
Amount due from related party, net | 3 |
Other non-current assets | 32 |
Total non-current assets | 2,489 |
Total assets | 3,369 |
LIABILITIES AND EQUITY |
Current liabilities |
Trade accounts payable | (56) |
Short-term debt due to related party | (1) |
Other current liabilities | (239) |
Total current liabilities | (296) |
Liabilities subject to compromise | (6,416) |
Non-current liabilities |
Deferred tax liability | (8) |
Other non-current liabilities | (105) |
Total non-current liabilities | (113) |
Equity |
Total equity | 3,456 |
Total liabilities and equity | (3,369) |
Debtors' unaudited Statement of Cash Flows for the six months ended June 30, 2021
(In $ millions) | Six months ended June 30, 2021
Cash Flows from Operating Activities |
Net loss | (575) |
Adjustments to reconcile net income to net cash provided by operating activities: |
Depreciation | 83 |
Gain on sale of assets | (11) |
Share in results from joint ventures (net of tax) | (1) |
Loss on impairment of long-lived assets | 152 |
Deferred tax benefit | (1) |
Non-cash reorganization items | 178 |
Unrealized foreign exchange gain | (4) |
Change in allowance for credit losses | 54 |
Other cash movements in operating activities |
Payments for long-term maintenance | (26) |
Repayments made under lease arrangements | (12) |
Changes in operating assets and liabilities, net of effect of acquisitions and disposals |
Trade accounts receivable | 3 |
Trade accounts payable | 14 |
Related party receivables | — |
Related party payables | 28 |
Other assets | 11 |
Other liabilities | 45 |
Net cash flows used in operating activities | (62) |
Cash Flows from Investing Activities |
Additions to drilling units and equipment | (13) |
Proceeds from disposal of drilling unit | 7 |
Net cash flows used in investing activities | (6) |
Cash Flows from Financing Activities |
Net cash used in financing activities | — |
Effect of exchange rate changes on cash | 4 |
Net decrease in cash and cash equivalents, including restricted cash | (64) |
Cash and cash equivalents, including restricted cash, at beginning of the period | 625 |
Cash and cash equivalents, including restricted cash, at the end of period | 561 |

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