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Equity (Tables) | 12 Months Ended
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Dec. 31, 2021
Equity [Abstract] |
Share Capital |
(number of shares of $0.10 each) | 2021 | 2020
Authorized shares: Balance at the start of the year | 119,326,923 |  | 68,750,000 |
Increases: |  |
June 4, 2020 | — |  | 23,076,923 |
August 10, 2020 | — |  | 20,000,000 |
November 11, 2020 | — |  | 7,500,000 |
January 11, 2021 | 25,673,077 |  | — |
June 4, 2021 | 35,000,000 |  | — |
Authorized shares: Balance at the end of the year | 180,000,000 |  | 119,326,923 |
Issued and Outstanding Share Capital
(number of shares of $0.10 each) | 2021 | 2020
Issued : Balance at the start of the year | 110,159,352 |  | 56,139,033 |
Shares issued (1): |  |
June 5, 2020 | — |  | 23,076,923 |
October 5, 2020 | — |  | 25,943,396 |
November 30, 2020 | — |  | 5,000,000 |
January 22, 2021 | 27,058,823 |  | — |
Issued shares: Balance at the end of the year | 137,218,175 |  | 110,159,352 |
Treasury Shares (2) | 406,333 |  | 729,858 |
Outstanding shares: Balance at the end of the year | 136,811,842 |  | 109,429,494 |
(1) As of December 31, 2021, our shares were listed on the Oslo Stock Exchange and the New York Stock Exchange. Details of shares issued for the years ended December 31, 2021 and December 31, 2020 are as follows:
Date of Issue | Type of Listing | Exchange | Shares Issued | Price per Share | Gross Proceeds ($ millions)
June 5, 2020 | Private placement | Oslo | 23,076,923 |  | $ | 1.30 |  | 30.0
October 5, 2020 | Private placement | Oslo | 25,943,396 |  | $ | 1.06 |  | 27.5
November 30, 2020 | Private placement | Oslo | 5,000,000 |  | $ | 1.06 |  | 5.3
Total |  |  | 54,020,319 |  |  | 62.8 |
January 22, 2021 | Private placement | Oslo | 27,058,823 |  | $ | 1.70 |  | 46.0
(2) During the year ended December 31, 2021, the Company issued 323,525 common shares using treasury shares, to directors as compensation. The value on the date of issuance of $0.8 million has been recognized in "General and Administrative expenses" in the Consolidated Statements of Operations. The loss on issuance of treasury shares has been recognized as a reduction in "Additional Paid in Capital" in the Consolidated Balance Sheets. No treasury shares were issued in the year ended December 31, 2020.
Date of Treasury Share Issuance | Number of Shares Issued | Share Price on Issuance Date | Value on Issuance Date ($ million) | Book Value ($ million) | Loss on Issuance ($ million)
March 18, 2021 | 275,132 |  | $ | 2.4 |  | 0.7 |  | 10.4 |  | 9.7 |
July 14, 2021 | 48,393 |  | $ | 1.7 |  | 0.1 |  | 2.1 |  | 2.0 |
| 323,525 |  |  | 0.8 |  | 12.5 | 11.7

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- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644 + Details
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