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Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt and Balance Sheet Presentation
As at December 31, 2020 and 2019, we had the following liabilities for third party debt agreements:
(In $ millions)December 31, 2020December 31, 2019
Secured credit facilities (a)
5,662 5,662 
Senior Secured Notes (b)
515 476 
Credit facilities contained within variable interest entities— 621 
Total debt principal6,177 6,759 
Less: debt discount and fees— (136)
Carrying value6,177 6,623 
This was presented in our Consolidated Balance Sheets as follows.
(In $ millions)December 31, 2020December 31, 2019
Debt due within one year6,177 343 
Long-term debt— 6,280 
Total debt principal6,177 6,623 
Schedule of Debt Maturities
The outstanding debt as at December 31, 2020 is repayable as follows:
(In $ millions)December 31, 2020
20216,177 
2022 and thereafter— 
Total debt principal 6,177 
Schedule of Credit Facilities, and Related Covenants and Restrictions
We have summarized the key terms of our secured credit facilities as at December 31, 2020 in the table below:
  Facility name
Maturity (1)
Total ACE drawdowns ($m)Main facility
($m) 		Total ($m)
Margin on LIBOR floating interest (2)
Collateral vesselsBook value of collateral vessels ($m)Notes
$400 million facility
4Q 202217 121 138 3.50%West Cressida West Callisto West Leda142 
$2,000 million facility
1Q 202380 832 912 3.00%West Alpha West Venture West Phoenix West Navigator West Elara548 
$440 million facility
3Q 20236 60 66 4.25%West Telesto54 
$1,450 million facility
4Q 202313 316 329 
3.35-4.00%
West Tellus79 
(3)
$360 million facility
4Q 202318 99 117 3.75%AOD I AOD II AOD III183 
$300 million facility
1Q 20246 141 147 4.00%West Tucana West Castor97 
$1,750 million facility
1Q 202470 824 894 
3.50-3.90%
Sevan Driller Sevan Brasil Sevan Louisiana8 
(3)
$450 million facility
2Q 202224 246 270 3.50%West Eminence— 
$1,500 million facility
4Q 202440 1,106 1,146 
2.70-4.78%
West Saturn West Neptune West Jupiter206 
(3)
$1,350 million facility
4Q 202438 923 961 3.00%West Pegasus West Gemini West Orion55 
$950 million facility
4Q 202438 539 577 
3.00-4.42%
West Eclipse West Carina51 
(3)
$450 million facility (2015)
4Q 20249 96 105 3.85%West Freedom West Vigilant West Prospero West Ariel82 
Total secured credit facilities5,662 
(1)The maturities above are based on the contractual maturities, before taking into account the event of default.
(2)The margins above relate to the main facility contractual rates and do not account for the higher margins attributable to the ACE facility.
(3)Certain debt facilities are split into different tranches set at different margins.
Net leverage ratio: to maintain a ratio of net debt to EBITDA as set out below (which will be tested on each financial quarter commencing with the financial quarter ending on March 31, 2022 until the final maturity date of the credit facilities):
Twelve months endedNet leverage ratio
March 31, 2022
4.5x
June 30, 2022
4.2x
September 30, 2022
3.9x
December 31, 2022
3.7x
March 31, 2023
3.4x
June 30, 2023
3.3x
September 30, 2023
3.1x
December 31, 2023
3.0x
March 31, 2024
2.8x
June 30, 2024
2.7x
September 30, 2024
2.4x
December 31, 2024
2.2x
Twelve months endedNet leverage ratio
March 31, 2021
7.3x
June 30, 2021
6.6x
September 30, 2021
6.2x
December 31, 2021
5.8x