Consolidated Joint Ventures

6 Months Ended

Jun. 30, 2017

Noncontrolling Interest [Abstract]

Consolidated Joint Ventures

Note 3— Consolidated Joint Ventures

We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”), that own and operate the twoBully-class drillships. We have determined that we are the primary beneficiary of the joint ventures. Accordingly, we consolidate the entities in our condensed consolidated financial statements after eliminating intercompany transactions. Shell’s equity interests are presented as noncontrolling interests on our Condensed Consolidated Balance Sheets.

During the six months ended June 30, 2017, the Bully joint ventures approved dividends totaling $52.6 million and paid dividends totaling $10.8 million. During the six months ended June 30, 2016, the Bully joint ventures approved and paid dividends totaling $82.2 million. Of these amounts, 50 percent was paid to our joint venture partner.

The combined carrying amount of the Bully-class drillships at both June 30, 2017 and December 31, 2016 totaled $1.4 billion. These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $83.3 million at June 30, 2017 as compared to approximately $34.7 million at December 31, 2016.