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Segments (Tables)

12 Months Ended

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		%

X

- 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.

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