Overview Financials News + Filings Key Docs Ownership
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| In millions, except per share items | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-17 | Dec-31-16 |
| | 20-F | 20-F | 20-F | 20-F | 20-F |
| Revenues: |
| Harsh environment | 495 | 526 | 510 | | |
| Floaters | 363 | 358 | 625 | 1,387 | 2,212 |
| Jack-up rigs | 139 | 157 | 229 | 617 | 865 |
| Other | 11 | 18 | 24 | 84 | 92 |
| Total revenues | 1,008 | 1,059 | 1,388 | 2,088 | 3,169 |
| Revenue growth [+] | -4.8% | -23.7% | | -34.1% | |
| Harsh environment | -5.9% | 3.1% | | | |
| Floaters | 1.4% | -42.7% | | -37.3% | |
| Jack-up rigs | -11.5% | -31.4% | | -28.7% | |
| Other | -38.9% | -25.0% | | -8.7% | |
| Cost of goods sold | 1,337 | 7,301 | 1,880 | 798 | 810 |
| Gross profit | -329 | -6,242 | -492 | 1,290 | 2,359 |
| Gross margin | -32.6% | -589.4% | -35.4% | 61.8% | 74.4% |
| Selling, general and administrative [+] | 77 | 80 | 95 | 277 | 234 |
| General and administrative | | | | 277 | 234 |
| Equity in earnings | 3 | | -22 | 174 | 283 |
| Other operating expenses | 105 | 2,119 | | 800 | 1,055 |
| EBITDA [+] | -198 | -7,750 | 109 | 1,185 | 2,163 |
| EBITDA growth | -97.4% | -7210.1% | | -45.2% | |
| EBITDA margin | -19.6% | -731.8% | 7.9% | 56.8% | 68.3% |
| Depreciation | 155 | 345 | 292 | 798 | 810 |
| EBITA | -353 | -8,095 | -183 | 387 | 1,353 |
| EBITA margin | -35.0% | -764.4% | -13.2% | 18.5% | 42.7% |
| Amortization of intangibles | | 1 | 134 | | |
| EBIT [+] | -353 | -8,096 | -317 | 387 | 1,353 |
| EBIT growth | -95.6% | 2453.9% | | -71.4% | |
| EBIT margin | -35.0% | -764.5% | -22.8% | 18.5% | 42.7% |
| Non-recurring items [+] | -199 | -3,614 | | 941 | 44 |
| Asset impairment | -152 | -4,108 | | 696 | 44 |
| Loss (gain) on sale of assets | -47 | -15 | | 245 | |
| Unusual expense | | 509 | | | |
| Interest expense, net [+] | 108 | 400 | 386 | -60 | -66 |
| Interest expense | 109 | 409 | 421 | 286 | 408 |
| Interest income | 1 | 9 | 35 | 60 | 66 |
| Other income (expense), net [+] | -325 | 438 | -57 | -2,256 | -923 |
| Impairment of equity method investments | | | -6 | | |
| Reorganization items | -310 | | | -1,337 | |
| Gain (loss) on debt retirement | | | | 19 | 47 |
| Unrealized gain/loss on derivatives | | -3 | -37 | 11 | -74 |
| Gain (loss) on foreign currency transactions | -4 | -23 | -11 | -65 | 18 |
| Other | -11 | -45 | -3 | -44 | -15 |
| Pre-tax income | -587 | -4,444 | -760 | -3,036 | 44 |
| Income taxes | 5 | 4 | -40 | 66 | 199 |
| Tax rate | | | 5.3% | | 452.3% |
| Minority interest | | | | -129 | 26 |
| Earnings from continuing ops | -1,184 | -4,448 | -720 | -2,973 | -181 |
| Earnings from discontinued ops | 5 | -215 | -502 | | |
| Net income | -1,179 | -4,663 | -1,222 | -2,973 | -181 |
| Net margin | -117.0% | -440.3% | -88.0% | -142.4% | -5.7% |
| |
| Basic EPS [+] | ($11.84) | ($44.48) | ($7.20) | ($5.89) | ($0.36) |
| Growth | -73.4% | 517.8% | | 1529.5% | |
| Diluted EPS [+] | ($11.84) | ($44.48) | ($7.20) | ($5.89) | ($0.36) |
| Growth | -73.4% | 517.8% | | 1529.5% | |
| |
| Shares outstanding (basic) [+] | 100 | 100 | 100 | 505 | 501 |
| Growth | 0.0% | 0.0% | | 0.8% | |
| Shares outstanding (diluted) [+] | 100 | 100 | 100 | 505 | 501 |
| Growth | 0.0% | 0.0% | | 0.8% | |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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