| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|
Cash Flows from Operating Activities | ||||||||
Net loss | ||||||||
-3,102 | -155 | -635 | 4,087 | 2,786 | 1,205 | 1,482 | 1,172 | 1,353 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
798 | 810 | 779 | 693 | 711 | 615 | 563 | 480 | 396 |
Amortization of deferred loan charges | ||||||||
27 | 45 | 39 | 54 | 43 | 30 | 31 | 43 | 23 |
Amortization of unfavorable and favorable contracts | ||||||||
-43 | -65 | -116 | -131 | -65 | 12 | -1 | - | - |
Amortization of unfavorable contracts | ||||||||
- | - | - | - | - | - | - | -39 | -43 |
Amortization of favorable contracts | ||||||||
- | - | - | - | - | - | - | 13 | 0 |
Amortization of mobilization revenue | ||||||||
- | - | - | - | - | -162 | -96 | -86 | -50 |
Impairment loss on marketable securities | ||||||||
- | - | - | - | - | - | 10 | 15 | 0 |
Share of results from associated companies | ||||||||
174 | 283 | 192 | 121 | -223 | -220 | -420 | 48 | 92 |
Loss on disposal of drilling units | ||||||||
-245 | 0 | 0 | - | - | - | - | - | - |
Loss on sale of investments in associated companies | ||||||||
- | - | - | -89 | 0 | 0 | - | - | - |
Share-based compensation expense | ||||||||
7 | 8 | 7 | 10 | 7 | 8 | 10 | 11 | 16 |
Loss on disposals and deconsolidations | ||||||||
0 | 0 | -63 | 2,971 | 1,367 | 169 | - | - | - |
Contingent consideration realized | ||||||||
27 | 21 | 47 | 0 | 0 | - | - | - | - |
Gain on disposal of fixed assets | ||||||||
- | - | - | - | - | - | 22 | 26 | 71 |
Gain on decline in ownership interest | ||||||||
- | - | - | - | - | - | 0 | 0 | - |
Unrealized gain related to derivative financial instruments | ||||||||
76 | 67 | 82 | -197 | 249 | -6 | -261 | -97 | 153 |
Loss on impairment of long lived assets | ||||||||
696 | 44 | 563 | 232 | - | - | - | - | - |
Loss on Goodwill impairment | ||||||||
- | - | - | - | 0 | 0 | - | - | - |
Loss on impairment of investments | ||||||||
-841 | -895 | -1,285 | 0 | 0 | - | - | - | - |
Gain on realization of marketable securities | ||||||||
- | - | - | 138 | 0 | 86 | 416 | 43 | 16 |
Gain on derecognition of investment in associated company | ||||||||
10 | 0 | 0 | - | - | - | 540 | 0 | 0 |
Dividends received from associated companies | ||||||||
39 | 55 | 253 | 526 | 15 | 18 | 57 | 61 | 41 |
Deferred income tax | ||||||||
7 | 73 | 29 | -6 | -47 | 25 | -9 | 110 | 2 |
Unrealized foreign exchange gain on long-term debt | ||||||||
-59 | 5 | 95 | 165 | 47 | -6 | 5 | 4 | -28 |
Gain recognized related to bargain purchase | ||||||||
- | - | - | - | - | - | 0 | - | - |
Gain on sale of tender rig business | ||||||||
0 | 0 | 22 | 0 | - | - | 0 | - | - |
Non-cash loss recognized on extinguishment of convertible debt | ||||||||
- | - | - | - | - | - | - | -48 | 0 |
Non-cash gains recognized on acquisition of subsidiaries | ||||||||
- | - | - | - | - | - | - | 167 | 0 |
Payments for long-term maintenance | ||||||||
58 | 95 | 106 | 295 | 190 | 133 | 147 | -90 | - |
Net gain on debt extinguishment | ||||||||
19 | 47 | 8 | 12 | 0 | 0 | - | - | - |
Non-cash reorganization items, net of financing activities | ||||||||
1,274 | 0 | 0 | - | - | - | - | - | - |
Other | ||||||||
2 | 2 | 9 | 17 | 0 | - | - | - | - |
Changes in operating assets and liabilities, net of effect of acquisitions and disposals | ||||||||
Unrecognized mobilization fees received from customers | ||||||||
- | - | - | - | - | -238 | -58 | -109 | -166 |
Trade accounts receivable | ||||||||
-167 | -256 | -267 | 295 | 206 | 198 | 52 | 163 | 111 |
Trade accounts payable | ||||||||
-9 | -55 | 58 | 21 | -29 | 34 | -35 | -15 | -35 |
Related party receivables | ||||||||
42 | -2 | -65 | -213 | - | - | - | - | - |
Related party payables | ||||||||
-44 | -35 | -64 | -460 | -114 | 60 | - | - | - |
Prepaid expenses/accrued revenue | ||||||||
66 | -15 | 12 | -13 | 45 | 64 | -79 | 107 | 71 |
Deferred revenue | ||||||||
-107 | -168 | -95 | 171 | 90 | - | - | - | - |
Other assets | ||||||||
-93 | -55 | 22 | -32 | - | - | - | - | - |
Other liabilities | ||||||||
-75 | -76 | -115 | -153 | - | - | - | - | - |
Other assets and liabilities, net | ||||||||
- | - | - | - | -179 | - | - | - | - |
Interest bearing note receivable with customers | ||||||||
- | - | - | - | - | 76 | 0 | 0 | - |
Other, net | ||||||||
- | - | - | - | - | 1 | 21 | -161 | 69 |
Net cash provided by operating activities | ||||||||
399 | 1,184 | 1,788 | 1,574 | 1,695 | 1,590 | 1,669 | 1,210 | 1,452 |
Cash Flows from Investing Activities | ||||||||
Additions to newbuildings | ||||||||
33 | 52 | 613 | 2,508 | 3,884 | 1,343 | 2,381 | 2,006 | 1,153 |
Additions to drilling units and equipment | ||||||||
59 | 84 | 322 | 365 | 389 | 214 | 15 | 272 | 216 |
Refund of yard installments | ||||||||
25 | 53 | 29 | 0 | 0 | - | - | - | - |
Contingent consideration received | ||||||||
95 | 95 | 27 | 0 | 0 | - | - | - | - |
Settlement of West Mira | ||||||||
-170 | 0 | 0 | - | - | - | - | - | - |
Sale of rigs and equipment | ||||||||
122 | 0 | 0 | - | 48 | 0 | 245 | 55 | 393 |
Buy out of guarantee | ||||||||
28 | 0 | 0 | - | - | - | - | - | - |
Settlement of disputes with ship yard | ||||||||
- | - | - | - | - | 38 | 0 | 0 | - |
Business combinations and step acquisitions, net of cash acquired | ||||||||
- | - | - | - | 554 | 0 | 0 | - | - |
Sale of business, net of cash disposed | ||||||||
0 | 0 | 1,214 | 1,138 | 1,958 | 0 | 0 | - | - |
Investment in subsidiaries, net of cash acquired | ||||||||
- | - | - | - | - | - | 26 | 152 | 0 |
Cash in deconsolidated subsidiary | ||||||||
- | - | - | 90 | 0 | 0 | 127 | 0 | 0 |
Change in restricted cash | ||||||||
29 | 26 | 25 | 131 | -123 | -102 | 43 | -51 | -344 |
Investment in associated companies | ||||||||
0 | 16 | 210 | 586 | 151 | 153 | 287 | 13 | 33 |
Proceed from repayment of short term loan to related parties | ||||||||
- | - | - | - | - | - | - | -90 | -115 |
Proceeds from disposal of investments in associated companies | ||||||||
- | - | - | 373 | 0 | 65 | 0 | 0 | - |
Short-term loan granted to related parties | ||||||||
- | - | - | - | - | 55 | 0 | 160 | 170 |
Purchase of marketable securities | ||||||||
- | - | - | 150 | 0 | 19 | 13 | 15 | 263 |
Loans granted to related parties | ||||||||
0 | 120 | 523 | 18 | 125 | 20 | 0 | 0 | - |
Payments received from loans granted to related parties | ||||||||
66 | 283 | 233 | 2,096 | 10 | 20 | 0 | 0 | - |
Proceeds from disposal of marketable securities | ||||||||
0 | 195 | 0 | 307 | 0 | 219 | 161 | 215 | 59 |
Net cash provided by/ (used in) investing activities | ||||||||
329 | 328 | -190 | 66 | -2,964 | -1,360 | -2,486 | -2,207 | -924 |
Cash Flows from Financing Activities | ||||||||
Proceeds from debt | ||||||||
0 | 0 | 1,516 | 5,072 | 7,703 | 3,477 | 5,929 | 3,902 | 2,407 |
Repayments of debt | ||||||||
754 | 1,054 | 2,999 | 4,344 | 4,919 | 2,752 | 4,116 | 1,870 | 2,491 |
Debt fees paid | ||||||||
53 | 31 | 16 | 65 | 93 | 37 | 49 | 33 | 43 |
Proceeds from debt to related party | ||||||||
0 | 0 | 143 | 90 | 756 | 1,013 | 0 | 0 | - |
Repayments of debt to related party | ||||||||
39 | 103 | 0 | 910 | 1,181 | 487 | 0 | 0 | - |
Dividends paid to non-controlling interests | ||||||||
0 | 7 | 14 | 51 | 69 | 50 | - | - | - |
Change in current liability related to share forward contracts | ||||||||
- | - | - | - | - | - | - | 12 | 68 |
Amounts paid to non-controlling interests | ||||||||
- | - | - | - | - | - | 95 | 292 | 68 |
Contribution from non-controlling interests, net of issuance cost | ||||||||
- | - | - | 115 | 365 | 350 | 418 | 289 | 0 |
Proceeds relating to share forward contracts and other derivatives | ||||||||
- | - | - | - | 453 | 0 | 0 | - | - |
Purchase of treasury shares | ||||||||
0 | 10 | 0 | 18 | 39 | 0 | 130 | 42 | 0 |
Proceeds from sale of treasury shares | ||||||||
- | - | - | - | 6 | 16 | 21 | 23 | 9 |
Dividends paid | ||||||||
- | - | - | 1,415 | 1,287 | 1,925 | 1,440 | 990 | 199 |
Settlement of employee restricted stock units | ||||||||
- | - | - | 5 | 0 | 0 | - | - | - |
Cash settlement of restricted stock units | ||||||||
0 | 1 | 0 | 0 | - | - | - | - | - |
Proceeds from issuance of equity | ||||||||
- | - | - | - | - | - | - | 318 | 0 |
Net cash used in financing activities | ||||||||
-846 | -1,206 | -1,370 | -1,521 | 1,695 | -395 | 538 | 1,293 | -453 |
Cash reclassified as held for sale | ||||||||
0 | 0 | 0 | -26 | 0 | 0 | - | - | - |
Effect of exchange rate changes on cash and cash equivalents | ||||||||
5 | 18 | -15 | -6 | 0 | 0 | 7 | -1 | 9 |
Net (decrease)/increase in cash and cash equivalents | ||||||||
-113 | 324 | 213 | 87 | 426 | -165 | -272 | 295 | 84 |
Supplementary disclosure of cash flow information | ||||||||
Interest paid, net of capitalized interest | ||||||||
264 | 400 | 458 | 493 | 336 | 260 | 208 | 226 | 231 |
Taxes paid | ||||||||
119 | 123 | 136 | 227 | 109 | 179 | 188 | 134 | 138 |