XML 107 R7.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net loss $ (193.0) $ (317.6) $ (299.1)
Adjustments to reconcile net loss to net cash used in operating activities:      
Non-cash compensation expense related to stock based and directors' compensation 0.9 0.7 3.9
Depreciation of non-current assets 119.6 117.9 101.4
Impairment of non-current assets 0.0 77.1 11.4
Amortization of acquired contract backlog 0.0 0.0 20.2
Gain on disposal of assets (4.8) (19.0) (6.4)
Amortization of deferred finance charges 6.5 5.6 3.6
Effective interest rate adjustments 3.7 5.0 4.7
Unrealized loss on financial instruments 0.0 27.4 45.1
(Income)/loss from equity method investments (16.1) (9.5) 9.0
Non-cash loan fees related to settled debt 0.0 0.0 5.6
Deferred income tax (0.5) 1.1 1.4
Change in assets and liabilities      
Amounts due to/from related parties (13.7) 26.7 (8.6)
Accrued expenses 10.3 (10.4) (1.6)
Long term accrued interest 29.0 41.1 0.0
Other current and non-current assets, net (11.5) 9.0 (20.8)
Other current and non-current liabilities, net 10.7 (9.9) 41.2
Net cash used in operating activities (58.9) (54.8) (89.0)
Cash flows from investing activities      
Purchase of plant and equipment (0.1) 0.0 (1.9)
Proceeds from sale of fixed assets 2.7 37.7 7.1
Purchase of financial instruments and marketable debt securities 0.0 (92.5) (6.9)
Repayment of/(funding provided by) shareholder loan 46.5 (25.5) (30.8)
Proceeds from disposal of equity method investments 10.6 0.0 0.0
Proceeds from sale of financial instruments and marketable debt securities 0.0 3.0 31.3
Additions to newbuildings 0.0 (5.0) (142.6)
Additions to jack-up drilling rigs (18.8) (37.4) (127.3)
Net cash provided by/(used in) investing activities 40.9 (119.7) (271.1)
Cash flows from financing activities      
Proceeds from share issuance, net of issuance costs and conversion of shareholders' loans 44.8 60.2 49.2
Repayment of long-term debt 0.0 0.0 (390.0)
Proceeds, net of deferred loan costs, from issuance of long-term debt 0.0 5.0 679.6
Proceeds, net of deferred loan costs, from issuance of short-term debt 0.0 0.0 58.5
Net cash provided by financing activities 44.8 65.2 397.3
Net increase (decrease) in cash and cash equivalents and restricted cash 26.8 (109.3) 37.2
Cash and cash equivalents and restricted cash at beginning of the period 19.2 128.5 91.3
Cash and cash equivalents and restricted cash at end of the period 46.0 19.2 128.5
Supplemental Disclosure of Cash Flow Information      
Interest paid, net of capitalized interest (57.2) (40.1) (69.0)
Income taxes refunded (paid), net 0.8 (8.6) (1.3)
Issuance of long-term debt as non-cash settlement for deferred amendments 5.0 0.0 0.0
Issuance of long-term debt as non-cash settlement for newbuild delivery installment 0.0 181.8 177.9
Non-cash offset in respect of jack-up drilling rigs 0.0 0.0 26.8
Cash and cash equivalents 34.9 19.2 59.1
Restricted cash 3.3 0.0 69.4
Non-current restricted cash 7.8 0.0 0.0
Total cash and cash equivalents and restricted cash $ 46.0 $ 19.2 $ 128.5