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Segments | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segments | Note 4 - Segments During the year ended December 31, 2021 we had two operating segments: operations performed under our dayrate model (which includes rig charters and ancillary services) and operations performed under the Integrated Well Services ("IWS") model. IWS operations were performed by our joint venture entities Opex and Akal. Our CODM reviews financial information provided as an aggregate sum of assets, liabilities and activities that exist to generate cash flows, by our two operating segments. On August 4, 2021, the Company executed a Stock Purchase Agreement for the sale of the Company's 49% interest in each of Opex and Akal (see Note 7 - Equity Method Investments), representing the Company's disposal of the IWS operating 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). Geographic data Revenues are attributed to geographical location based on the country of operations for drilling activities, and thus the country where the revenues are generated. 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 |
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 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -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 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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