v3.23.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net loss $ (292.8) $ (193.0) $ (317.6)
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:      
Non-cash compensation expense related to stock based and directors' compensation 2.6 0.9 0.7
Depreciation of non-current assets 116.5 119.6 117.9
Impairment of non-current assets 131.7 0.0 77.1
Amortization of deferred mobilization and contract preparation costs 36.7 12.6 28.9
Amortization of deferred mobilization, demobilization and other revenue (22.1) (5.9) (15.9)
Gain on disposal of assets and other non-operating income (4.2) (4.8) (19.0)
Amortization of deferred finance charges 7.9 6.5 5.6
Bank commitment, guarantee and other fees 15.7 0.0 0.0
Effective Interest rate adjustments 2.8 3.7 5.0
Unrealized loss on financial instruments 0.0 0.0 27.4
Income from equity method investments (1.2) (16.1) (9.5)
Deferred income tax (2.1) (0.5) 1.1
Change in assets and liabilities      
Amounts due to/from related parties (17.0) (13.7) 26.7
Accrued expenses 89.8 10.3 (10.4)
Accrued interest (35.8) 29.0 41.1
Other current and non-current assets (139.2) (24.1) (19.9)
Other current and non-current liabilities 173.2 16.6 6.0
Net cash provided by/(used in) operating activities 62.5 (58.9) (54.8)
Cash flows from investing activities      
Purchase of plant and equipment (1.8) (0.1) 0.0
Proceeds from sale of fixed assets 0.7 2.7 37.7
Purchase of financial instruments and marketable debt securities 0.0 0.0 (92.5)
Distribution from/(funding provided to) equity method investments 0.0 46.5 (25.5)
Proceeds from disposal of equity method investments 0.0 10.6 0.0
Proceeds from sale of financial instruments and marketable debt securities 0.0 0.0 3.0
Additions to newbuildings 0.0 0.0 (5.0)
Additions to jack-up drilling rigs (81.5) (18.8) (37.4)
Net cash (used in)/provided by investing activities (82.6) 40.9 (119.7)
Cash flows from financing activities      
Proceeds from share issuance, net of issuance costs 298.1 44.8 60.2
Repayment of debt (355.5) 0.0 0.0
Proceeds from Issuance of Debt 150.0 0.0 5.0
Net cash provided by financing activities 92.6 44.8 65.2
Net increase (decrease) in cash and cash equivalents and restricted cash 72.5 26.8 (109.3)
Cash and cash equivalents and restricted cash at beginning of the year 46.0 19.2 128.5
Cash and cash equivalents and restricted cash at end of the year 118.5 46.0 19.2
Supplemental Disclosure of Cash Flow Information      
Interest paid, net of capitalized interest (83.9) (57.2) (40.1)
Income taxes (paid) refunded, net (16.2) 0.8 (8.6)
Issuance of long-term debt as non-cash settlement for newbuild delivery installment 0.0 0.0 181.8
Non-cash offset in respect of jack-up drilling rigs (87.0) 0.0 0.0
Non-cash offset of accrued interest and jack-up rigs (33.0) 0.0 0.0
Issuance of debt as non-cash settlement of financing fee 8.2 5.0 0.0
Cash and cash equivalents 108.0 34.9 19.2
Restricted cash 2.5 3.3 0.0
Non-current restricted cash 8.0 7.8 0.0
Total cash and cash equivalents and restricted cash $ 118.5 $ 46.0 $ 19.2