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Segments (Tables) | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following presents information by segment for the year ended December 31, 2021:
(In $ millions) | Dayrate | IWS(1) | Reconciling items(2) | Consolidated total
Dayrate revenue | 205.8 | 301.6 | (301.6) | 205.8
Related party revenue | 39.5 | — | — | 39.5
Intersegment revenue | 88.5 | — | (88.5) | —
Gain on disposals | — | — | 1.2 | 1.2
Rig operating and maintenance expenses | (339.7) | (186.3) | 345.5 | (180.5)
Intersegment expenses | — | (88.5) | 88.5 | —
Depreciation of non-current assets | (117.6) | — | (2.0) | (119.6)
General and administrative expenses | — | — | (34.7) | (34.7)
Income from equity method investments | — | — | 16.1 | 16.1
Operating (loss)/income including equity method investment | (123.5) | 26.8 | 24.5 | (72.2)
Total assets | 2,883.0 | — | 197.3 | 3,080.3
The following presents information by segment for the year ended December 31, 2020:
(In $ millions) | Dayrate | IWS | Reconciling items(2) | Consolidated total
Dayrate revenue | 265.2 | 386.2 | (386.2) | 265.2
Related party revenue | 42.3 | — | — | 42.3
Intersegment revenue | 179.6 | — | (179.6) | —
Gain on disposals | — | — | 19.0 | 19.0
Rig operating and maintenance expenses | (437.4) | (167.9) | 334.9 | (270.4)
Intersegment expenses | — | (179.6) | 179.6 | —
Depreciation of non-current assets | (116.0) | — | (1.9) | (117.9)
Impairment of non-current assets | (77.1) | — | — | (77.1)
General and administrative expenses | — | — | (49.1) | (49.1)
Income from equity method investments | — | — | 9.5 | 9.5
Operating (loss)/income including equity method investment | (143.4) | 38.7 | (73.8) | (178.5)
Total assets | 3,368.3 | 336.5 | (533.7) | 3,171.1
The following presents information by segment for the year ended December 31, 2019:
(In $ millions) | Dayrate | IWS | Reconciling items(2) | Consolidated total
Dayrate revenue | 327.6 | 68.1 | (68.1) | 327.6
Related party Revenue | 6.5 | — | — | 6.5
Intersegment revenue | 49.8 | — | (49.8) | —
Gain on disposals | — | — | 6.4 | 6.4
Rig operating and maintenance expenses | (355.3) | (35.9) | 83.3 | (307.9)
Intersegment expenses | — | (49.8) | 49.8 | —
Depreciation of non-current assets | (100.1) | — | (1.3) | (101.4)
Impairment of non-current assets | (11.4) | — | — | (11.4)
Amortization of acquired contract backlog | (20.2) | — | — | (20.2)
General and administrative expenses | — | — | (50.4) | (50.4)
Loss from equity method investments | — | — | (9.0) | (9.0)
Operating (loss)/income including equity method investment | (103.1) | (17.6) | (39.1) | (159.8)
Total assets | 3,358.0 | 81.3 | (159.3) | 3,280.0
(1) Financial information presented for the IWS operating segment covers the period up to disposal, on August 4, 2021. (2) General and administrative expenses and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income / (loss) and are included in "Reconciling items". The full operating results included above for our equity method investments are not included within our consolidated results and thus are deducted under "Reconciling items" and replaced with our Income / (loss) from equity method investments (see Note 7 - Equity Method Investments).
Revenues by Geographic Area | The following presents our revenues by geographic area:
| For the Years Ended December 31,
(In $ millions) | 2021 | 2020 | 2019
South East Asia | 99.5 |  | 70.6 |  | 23.8 |
Europe | 75.6 |  | 52.6 |  | 114.7 |
Mexico | 39.5 |  | 43.2 |  | 50.0 |
West Africa | 30.7 |  | 108.1 |  | 102.4 |
Middle East | — |  | 33.0 |  | 43.2 |
Total | 245.3 |  | 307.5 |  | 334.1 |
Long-lived Assets by Geographic Areas | The following presents the net book value of our jack-up rigs by geographic area(1):
| As of December 31,
(In $ millions) | 2021 | 2020
South East Asia | 1,266.7 |  | 1,277.4 |
Mexico | 645.7 |  | 693.5 |
West Africa | 568.1 |  | 587.3 |
Europe | 250.3 |  | 266.4 |
Total | 2,730.8 |  | 2,824.6 |
(1) The fixed assets referred to in the table above exclude assets under construction. Asset locations at the end of a period are not necessarily indicative of the geographical distribution of the revenue or operating profits generated by such assets during the associated periods.
Major Customers by Reporting Segments | The following customers accounted for more than 10% of our dayrate revenues:
| For the Years Ended December 31,
(In % of operating revenues) | 2021 | 2020 | 2019
PTT Exploration and Production Public Company Limited | 24 | % | 3 | % | — | %
CNOOC Petroleum Europe Limited | 16 | % | 1 | % | — | %
Perfomex | 11 | % | 9 | % | 1 | %
ExxonMobil | 1 | % | 18 | % | 15 | %
National Drilling Company (ADOC) | — | % | 11 | % | 13 | %
Centrica North Sea Limited (Spirit Energy) | — | % | 10 | % | 10 | %
TAQA Bratani Limited | — | % | 1 | % | 11 | %
Pan American Energy | — | % | — | % | 13 | %
Total | 52 | % | 53 | % | 63 | %

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- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + 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 -Subparagraph b -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 + Details
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- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + 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 -Subparagraph a -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 + Details
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- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
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- 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
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