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Non-controlling interest

6 Months Ended

Jun. 30, 2021

Noncontrolling Interest [Abstract]

Non-controlling interest

Non-controlling interest

Changes in redeemable non-controlling interest for the periods presented in this report were as follows:

(In $ millions)																								SFL VIEs						Seadrill Nigeria Operations Limited						Total
As at January 1, 2020																								140						11						151
Net loss attributable to non-controlling interest																								(2)						—						(2)
Share buyback of Heirs Holding shares in Seadrill Nigeria Operations																								—						(11)						(11)
As at June 30, 2020																								138						—						138

(In $ millions)

SFL VIEs

Seadrill Nigeria Operations Limited

Total

As at January 1, 2021

—

—

—

As at June 30, 2021

—

—

—

SFL VIEs

In September 2020, we triggered an event of default that meant we were no longer the primary beneficiary of the SFL VIEs, resulting in their deconsolidation on December 15, 2020. This reduced the non-controlling interest balance for SFL to nil as at December 31, 2020.

Seadrill Nigeria Operations Limited

In February 2020, we paid $11 million to HH Global Alliance Investments Limited ("Heirs Holding") for an option to buy the non-controlling interest in one of our subsidiaries, Seadrill Nigeria Operations Limited, at any point in the future for a $1 purchase price. Seadrill Nigeria Operations Limited holds a 10% interest in our drillship West Jupiter. This reduced the non-controlling interest balance to nil as at June 30, 2020.

Redeemable non-controlling interest

Changes in redeemable non-controlling interest for the periods presented in this report were as follows:

(In $ millions)						Asia Offshore Drilling Ltd
As at January 1, 2020						57
Fair value adjustment						(30)
Net loss attributable to redeemable non-controlling interest in the period						(1)
As at June 30, 2020						26

(In $ millions)						Asia Offshore Drilling Ltd
As at January 1, 2021						—
As at June 30, 2021						—

On September 11, 2020, Mermaid, a 33.76% investor in AOD, which owns the benign environment jack-up rigs AOD 1, AOD 2 and AOD 3, served notice on Seadrill that it was exercising the put option that gave them the right to sell their non-controlling interest shares to Seadrill.

The exercise of the put option resulted in the increase of the ownership interest in AOD to 100% and de-recognition of the redeemable non-controlling interest from the Consolidated Balance Sheet. The fair value of the non-controlling interest of AOD was agreed at $31 million which was settled in cash by Seadrill.

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- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI http://asc.fasb.org/topic&trid=2197479

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- References

No definition available.

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