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Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following presents financial information by segment for the three months ended June 30, 2023:

(In $ millions)			Dayrate			Reconciling Items (2)			Consolidated total
Dayrate revenue			236.9			(81.8)			155.1
Related party revenue			—			32.4			32.4
Gain on disposal			—			0.2			0.2
Rig operating and maintenance expenses			(169.7)			80.2			(89.5)
Depreciation of non-current assets (1)			(27.6)			(0.4)			(28.0)
General and administrative expenses (1)			—			(10.3)			(10.3)
Income from equity method investments			—			3.9			3.9
Operating income including equity method investments			39.6			24.2			63.8
Total assets			3,276.9			(280.8)			2,996.1

The following presents financial information by segment for the three months ended June 30, 2022:

(in $ millions)			Dayrate						Reconciling Items (2)			Consolidated total
Dayrate revenue			139.3						(51.6)			87.7
Related party revenue			—						17.6			17.6
Gain on disposal			—						0.7			0.7
Rig operating and maintenance expenses			(115.9)						50.4			(65.5)
Depreciation of non-current assets (1)			(29.1)						(0.4)			(29.5)
Impairment of non-current assets			(124.4)						—			(124.4)
General and administrative expenses (1)			—						(9.6)			(9.6)
Loss from equity method investments			—						(1.1)			(1.1)
Operating (loss) / income including equity method investments			(130.1)						6.0			(124.1)
Total assets			3,226.5						(236.0)			2,990.5

The following presents financial information by segment for the six months ended June 30, 2023:

(In $ millions)			Dayrate			Reconciling Items (2)			Consolidated total
Dayrate revenue			454.7			(157.9)			296.8
Related party revenue			—			62.7			62.7
Gain on disposal			—			0.3			0.3
Rig operating and maintenance expenses			(329.7)			154.7			(175.0)
Depreciation of non-current assets (1)			(55.4)			(0.8)			(56.2)
General and administrative expenses (1)			—			(22.7)			(22.7)
Income from equity method investments			—			6.3			6.3
Operating income including equity method investments			69.6			42.6			112.2

The following presents financial information by segment for the six months ended June 30, 2022:

(in $ millions)			Dayrate						Reconciling Items (2)			Consolidated total
Dayrate revenue			254.8						(103.8)			151.0
Related party revenue			—						36.3			36.3
Gain on disposal			—						0.7			0.7
Rig operating and maintenance expenses			(222.2)						101.1			(121.1)
Depreciation of non-current assets (1)			(58.2)						(0.8)			(59.0)
Impairment of non-current assets			(124.4)						—			(124.4)
General and administrative expenses (1)			—						(18.8)			(18.8)
Income from equity method investments			—						—			—
Operating (loss) / income including equity method investments			(150.0)						14.7			(135.3)

(1) General and administrative expenses and depreciation expense incurred by our corporate office are not allocated to our operating segment for purposes of measuring segment operating income / (loss) and are included in "Reconciling items." (2) 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 6 - Equity Method Investments).

Revenues by Geographic Area

The following presents our revenues by geographic area:

			Three months ended June 30, 2023			Three months ended June 30, 2022			Six months ended June 30, 2023			Six months ended June 30, 2022
South East Asia			58.5			39.1			110.4			69.9
West Africa			45.9			24.6			89.3			46.9
Mexico			43.0			17.5			82.5			36.4
Middle East			31.6			5.1			62.2			5.1
Europe			8.5			19.0			15.1			29.0
Total			187.5			105.3			359.5			187.3

Major Customers by Reporting Segments

The following customers accounted for more than 10% of our dayrate and related party revenues:

			Three months ended June 30, 2023			Three months ended June 30, 2022			Six months ended June 30, 2023			Six months ended June 30, 2022
(In % of operating revenues)
Perfomex			17		%	9		%	18		%	11		%
ENI Congo S.A.			14		%	—		%	14		%	—		%
Saudi Arabian Oil Company			13		%	—		%	13		%	—		%
PTT Exploration and Production Public Company Limited			9		%	14		%	9		%	16		%
Total			53		%	23		%	36		%	16		%

Fixed Assets — Jack-up rigs (1)

Long-lived Assets by Geographic Areas

The following presents the net book value of our jack-up rigs by geographic area:

			June 30, 2023			December 31, 2022
(In $ millions)
South East Asia			842.5			832.5
Mexico			661.3			675.5
Middle East			553.0			481.2
West Africa			448.8			507.0
Europe			93.3			92.9
Total			2,598.9			2,589.1

(1) The fixed assets referred to in the table above excludes assets under construction. Asset locations at the end of a period are not necessarily indicative of the geographical distribution of the revenues or operating profits generated by such assets during the associated periods.

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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