v3.23.1
Related Party Transactions (Tables)
12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Management services revenue and bareboat revenues from our related parties for the years ended December 31, 2022, 2021 and 2020 consisted of the following:

For the Years Ended December 31,
(In $ millions)202220212020
Management Services Revenue - Perfomex— 5.0 10.9 
Management Services Revenue - Perfomex II— 3.0 7.5 
Management Services Revenue - Opex— — 1.1 
Bareboat Revenue - Perfomex60.2 22.2 17.5 
Bareboat Revenue - Perfomex II24.9 9.3 5.3 
Total85.1 39.5 42.3 

Funding (received from)/provided to our joint ventures for the years ended December 31, 2022, 2021 and 2020 consisted of the following(1):

As of December 31,
(In $ millions)202220212020
Perfomex— (31.6)10.8 
Perfomex II— (9.5)9.4 
Opex— (3.7)3.6 
Akal— (1.7)1.7 
Total (46.5)25.5 

(1) Funding provided to our joint ventures is included in "Equity method investments" in the Consolidated Balance Sheets (see Note 7 - Equity Method Investments).
Receivables: The balances with the joint ventures as of December 31, 2022 and 2021 consisted of the following:

As of December 31,
(In $ millions)20222021
Perfomex62.9 40.8 
Perfomex II2.7 7.8 
Total65.6 48.6 
Expenses: The transactions with other related parties for the years ended December 31, 2022, 2021 and 2020 consisted of the following:

For the Years Ended December 31,
(In $ millions)202220212020
Magni Partners Limited (1)
0.5 0.9 1.0 
Schlumberger Limited (2)
— — 6.9 
Total0.5 0.9 7.9 

(1) Magni Partners Limited ("Magni") is a party to a Corporate Services Agreement with the Company, pursuant to which it provides strategic advice and assists in sourcing investment opportunities, financing and other such services as the Company wishes to engage, at the Company's option. There is both a fixed and variable element of the agreement, with the fixed cost element representing Magni's fixed costs and any variable element being at the Company's discretion. Mr. Tor Olav Trøim, the Chairman of our Board, is the sole owner of Magni.

(2) Schlumberger Limited ("Schlumberger") is one of our larger shareholders, holding 3.3% as at December 31, 2022. Until his appointment as our Chief Executive Officer, Patrick Schorn, formerly Executive Vice President ("EVP") of Wells at Schlumberger Limited, was a Director on our Board. Following Mr Schorn's departure as EVP of Wells from Schlumberger on August 31, 2020, Schlumberger ceased to be a related party. The table above includes the expenses incurred for the year ended December 31, 2020, as during this period Schlumberger was considered a related party.

Additional paid in capital: The transactions with other related parties for years ended December 31, 2022, 2021 and 2020 consisted of the following:

For the Years Ended December 31,
(In $ millions)202220212020
Magni Partners Limited (1)
1.6 — — 
Total1.6   

(1) The above relates to fees directly attributable to the Company's Equity Offering and therefore have been recognized in "Additional paid in capital" in our Consolidated Balance Sheets.