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CONSOLIDATED BALANCE SHEET - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 34.9 $ 19.2
Restricted cash 3.3 0.0
Trade receivables, net 28.5 22.9
Jack-up drilling rigs held for sale 0.0 4.5
Prepaid expenses 6.6 6.4
Deferred mobilization and contract preparation cost 17.2 5.7
Accrued revenue 20.2 20.3
Tax retentions receivable 1.9 10.5
Due from related parties 48.6 34.9
Other current assets 15.0 16.4
Total current assets 176.2 140.8
Non-current assets    
Non-current restricted cash 7.8 0.0
Property, plant and equipment 3.7 5.6
Newbuildings 135.5 135.5
Jack-up drilling rigs 2,730.8 2,824.6
Equity method investments 19.4 62.7
Other non-current assets 6.9 1.9
Total non-current assets 2,904.1 3,030.3
Total assets 3,080.3 3,171.1
Current liabilities    
Trade payables 34.7 20.4
Accrued expenses 60.9 51.7
Other current liabilities 22.3 23.9
Total current liabilities 117.9 96.0
Non-current liabilities    
Long-term accrued interest and other items 70.1 41.1
Long-term debt 1,915.9 1,906.2
Other non-current liabilities 15.2 19.7
Onerous contracts 71.3 71.3
Total non-current liabilities 2,072.5 2,038.3
Total liabilities 2,190.4 2,134.3
Commitments and contingencies
Stockholders’ equity    
Common shares of par value $0.10 per share: authorized 180,000,000 (2020: 119,326,923) shares, issued 137,218,175 (2020: 110,159,352) shares and outstanding 136,811,842 (2020: 109,429,494) shares 13.8 11.0
Treasury shares (13.7) (26.2)
Additional paid in capital 1,978.0 1,947.2
Accumulated deficit (1,088.2) (895.2)
Total equity 889.9 1,036.8
Total liabilities and equity $ 3,080.3 $ 3,171.1