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Equity Method Investments (Tables) | 12 Months Ended
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Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments | The below tables set forth the results from these entities on a 100% basis for the years ended December 31, 2021, 2020 and 2019:
| Year ended December 31, 2021 | Period from January 1, 2021 to August 4, 2021
In $ millions | Perfomex | Perfomex II | Opex | Akal
Revenue | 110.1 | 61.9 | 199.4 | 102.2
Operating expenses | (105.0) | (54.2) | (167.7) | (107.1)
Net income (loss) | 1.0 | 5.1 | 30.9 | (1.7)
| Year ended December 31, 2020
In $ millions | Perfomex | Perfomex II | Opex | Akal
Revenue | 134.4 | 45.2 | 263.8 | 122.4
Operating expenses | (121.4) | (45.6) | (223.9) | (123.6)
Net income (loss) | 11.8 | 0.2 | 10.7 | (3.4)
| 5 month period ended December 31, 2019
In $ millions | Perfomex | Perfomex II | Opex | Akal
Revenue | 49.8 | — | 68.1 | —
Operating expenses | 47.4 | — | 85.7 | —
Net income (loss) | 1.5 | — | (19.8) | —
Summarized balance sheets, on a 100% basis of the Company's equity method investees are as follows:
| As at December 31, 2021
In $ millions | Perfomex | Perfomex II
Cash | 9.0 | 7.2
Total current assets | 142.2 | 48.7
Total non-current assets | 4.2 | 2.1
Total assets | 146.4 | 50.8
Total current liabilities | 132.1 | 45.8
Total non-current liabilities | — | —
Equity | 14.3 | 5.0
Total liabilities and equity | 146.4 | 50.8
| As at December 31, 2020
In $ millions | Perfomex | Perfomex II | Opex | Akal
Cash | 0.8 | 0.4 | 0.2 | 3.7
Total current assets | 152.6 | 41.1 | 220.0 | 116.5
Total non-current assets | 1.8 | 1.7 | — | —
Total assets | 154.4 | 42.8 | 220.0 | 116.5
Total current liabilities | 140.4 | 42.8 | 207.8 | 117.6
Total non-current liabilities | 0.7 | — | 21.3 | 2.3
Equity | 13.3 | — | (9.1) | (3.4)
Total liabilities and equity | 154.4 | 42.8 | 220.0 | 116.5
The following presents our investments in equity method investments as at December 31, 2021 and December 31, 2020:
In $ millions | Perfomex | Perfomex II | Opex | Akal | Total
Balance as of January 1, 2020 | 31.4 | — | (3.7) | — | 27.7
Funding provided by shareholder loan (1) | 10.8 | 9.4 | 3.6 | 1.7 | 25.5
Income / (loss) on a percentage basis | 5.8 | 0.1 | 5.3 | (1.7) | 9.5
Balance as of 31 December 2020 | 48.0 | 9.5 | 5.2 | — | 62.7
Funding received from shareholder loan (1) | (31.6) | (9.5) | (3.7) | (1.7) | (46.5)
Income / (loss) on a percentage basis | 0.5 | 2.5 | 14.1 | (1.0) | 16.1
Cancellation of Opex performance guarantee (2) | — | — | (5.9) | — | (5.9)
Disposal of investment | — | — | (9.7) | 2.7 | (7.0)
Balance as of 31 December, 2021 (2) | 16.9 | 2.5 | — | — | 19.4
(1) As at December 31, 2021, the "Equity metho d investments" balance in the Consolidated Balance Sheets includes $9.8 million in funding provided by shareholder loans to Perfomex. (2) We previously issued a performance guarantee to Opex for the duration of its contract with Pemex. Management performed a valuation exercise to fair value the guarantee given, utilizing the inferred debt market method and subsequently mapping to a credit score, adjusting for country risk and default probability. A liability of $5.9 million was recognized in "Other liabilities" and added to the "Equity method investments" balance in the Consolidated Balance Sheets. Effective August 4, 2021, upon sale of the Company's 49% interest in Opex, the guarantee was terminated, and the associated liability was derecognized.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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