XML 48 R41.htm IDEA: XBRL DOCUMENT
v3.21.2

Segment information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
Segment Reporting [Abstract] |
Schedule of segment results | The below section splits out total operating revenue, depreciation, amortization of intangibles, operating net loss, drilling units and capital expenditures by segment: Total operating revenue
(In $ millions) |  |  |  |  |  | Six months ended June 30, 2021 |  | Six months ended June 30, 2020
Harsh environment |  |  |  |  |  | 232 |  |  | 276 |
Floaters |  |  |  |  |  | 154 |  |  | 216 |
Jack-up rigs |  |  |  |  |  | 60 |  |  | 98 |
Other |  |  |  |  |  | 6 |  |  | 8 |
Total |  |  |  |  |  | 452 |  |  | 598 |
Depreciation
(In $ millions) |  |  |  |  |  | Six months ended June 30, 2021 |  | Six months ended June 30, 2020
Harsh environment |  |  |  |  |  | 43 |  |  | 52 |
Floaters |  |  |  |  |  | 19 |  |  | 105 |
Jack-up rigs |  |  |  |  |  | 21 |  |  | 25 |
Total |  |  |  |  |  | 83 |  |  | 182 |
Loss on impairment of long-lived assets
(In $ millions) |  |  |  |  | Six months ended June 30, 2021 |  | Six months ended June 30, 2020
Harsh environment |  |  |  |  | 152 |  |  | 160 |
Floaters |  |  |  |  | — |  |  | 1,070 |
Jack-ups |  |  |  |  | — |  |  | — |
Total |  |  |  |  | 152 |  |  | 1,230 |
Operating loss - Net loss
(In $ millions) |  |  |  |  |  | Six months ended June 30, 2021 |  | Six months ended June 30, 2020
Harsh environment |  |  |  |  |  | (177) |  |  | (147) |
Floaters |  |  |  |  |  | (27) |  |  | (1,184) |
Jack-ups |  |  |  |  |  | (1) |  |  | 10 |
Other |  |  |  |  |  | (47) |  |  | (51) |
Operating loss |  |  |  |  |  | (252) |  |  | (1,372) |
Unallocated items: |  |  |  |  |  |  |  |
Total financial items and other |  |  |  |  |  | (342) |  |  | (374) |
Income taxes |  |  |  |  |  | (11) |  |  | (2) |
Net loss |  |  |  |  |  | (605) |  |  | (1,748) |
Drilling units - Total assets
(In $ millions) |  | As at June 30, 2021 |  | As at December 31, 2020
Harsh environment |  | 858 |  |  | 1,032 |
Floaters |  | 507 |  |  | 528 |
Jack-ups |  | 562 |  |  | 560 |
Total drilling units |  | 1,927 |  |  | 2,120 |
Unallocated items: |  |  |  |
Investments in associated companies |  | 248 |  | 248
Cash and restricted cash |  | 644 |  |  | 723 |
Other assets |  | 838 |  |  | 870 |
Total assets |  | 3,657 |  |  | 3,961 |
Drilling units - Capital expenditures
(In $ millions) |  |  |  |  |  | Six months ended June 30, 2021 |  | Six months ended June 30, 2020
Harsh environment |  |  |  |  |  | 17 |  |  | 11 |
Floaters |  |  |  |  |  | 12 |  |  | 58 |
Jack-ups |  |  |  |  |  | 10 |  |  | 7 |
Other |  |  |  |  |  | 1 |  |  | 9 |
Total |  |  |  |  |  | 40 |  |  | 85 |
Schedule of revenues and fixed assets by geographic area | Revenues are attributed to geographical segments based on the country of operations for drilling activities, i.e. the country where the revenues are generated. The following information presents our revenues and fixed assets by geographic area: Revenues
(In $ millions) |  |  |  |  |  | Six months ended June 30, 2021 |  | Six months ended June 30, 2020
Norway |  |  |  |  |  | 234 |  |  | 291 |
Brazil |  |  |  |  | 54 |  |  | 19 |
Angola |  |  |  |  |  | 53 |  |  | 98 |
United States |  |  |  |  | 46 |  |  | 59 |
Saudi Arabia |  |  |  |  | 42 |  |  | 62 |
Nigeria |  |  |  |  |  | — |  |  | 5 |
Others (1) |  |  |  |  |  | 23 |  |  | 64 |
Total |  |  |  |  |  | 452 |  |  | 598 |
(1) Other countries represent countries in which we operate that individually had revenues representing less than 10% of total revenues earned for any of the periods presented. Fixed assets – drilling units (1)
(In $ millions) |  | As at June 30, 2021 |  | As at December 31, 2020
Norway |  | 858 |  |  | 1,044 |
Saudi Arabia |  | 230 |  |  | 234 |
Brazil |  | 161 |  |  | 79 |
Qatar |  | 150 |  |  | 151 |
Malaysia |  | 130 |  |  | 185 |
United States |  | 87 |  |  | 87 |
Other (2) |  | 311 |  |  | 340 |
Total |  | 1,927 |  |  | 2,120 |
(1) The countries in this table represent the location of the drilling unit at the end of the reporting period and are not necessarily indicative of the geographic distribution of the revenues or operating profits generated by the assets during the period. In most cases these locations are different to the country in which the Company that owns the drilling unit is registered. (2) "Other" represents countries in which we operate that individually had fixed assets representing less than 5% of total fixed assets for any of the periods presented.
Schedule of customer with contract revenues by major customers | We had the following customers with total revenues greater than 10% in any of the periods presented:
(In $ millions) |  |  |  |  |  | Six months ended June 30, 2021 |  | Six months ended June 30, 2020
ConocoPhillips |  |  |  |  |  | 19 | % |  | 13 | %
Lundin |  |  |  |  |  | 12 | % |  | — | %
Equinor |  |  |  |  |  | 13 | % |  | 19 | %
Sonagol |  |  |  |  |  | 10 | % |  | 9 | %
Saudi Aramco |  |  |  |  |  | 9 | % |  | 10 | %
Northern Ocean |  |  |  |  |  | 5 | % |  | 14 | %

X
- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227 + Details
Name: | us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13537-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13531-108611 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=99393423&loc=d3e6404-108592 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=99393423&loc=d3e6327-108592 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 18 -URI http://asc.fasb.org/extlink&oid=99393423&loc=d3e6351-108592 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=99393423&loc=d3e6442-108592 + Details
Name: | us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration