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Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments
The Company has the following delivery installment commitments:
June 30, 2023December 31, 2022
(in $ millions)
Delivery installments for jack-up drilling rigs294.8294.8
Total294.8294.8
Maturity of Commitments
The following table sets forth when our commitments fall due as of June 30, 2023:
(In $ millions)Less than 1 year1-2 years2-3 yearsThereafterTotal
Delivery installments for jack-up rigs— — 294.8 — 294.8 
Other Commercial Commitments
The Company has the following guarantee commitments:
June 30, 2023December 31, 2022
(in $ millions)
Bank guarantees and performance bonds(1)
21.6 9.7 
Total21.69.7
(1) In April 2023, the Company entered into a facility with DNB Bank ASA to provide guarantees and letters of credit of up to $25.0 million collateralized by the rigs that secure the $175.0 million facility, enabling the Company to free up the restricted cash used to be collateralized for guarantees and recognized in the Consolidated Balance Sheets as restricted cash. As a result, no restricted cash is supporting bank guarantee as at June 30, 2023 ($10.1 million as at December 31, 2022). See Note 10 - Restricted Cash).
As at June 30, 2023, the expected expiration dates of these obligations are as follows:
(In $ millions)Less than 1 year1–3 yearsTotal
Bank guarantees and performance bonds20.4 1.2 21.6 
Assets Pledged as Collateral
Assets pledged as collateral
June 30, 2023December 31, 2022
(in $ millions)
Book value of jack-up rigs pledged as collateral for debt facilities 2,598.9 2,396.2