Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2021-12-31	3782000000	u-1
ifrs-full:Assets	2020-12-31	3719000000	u-1

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2021-01-01	2021-12-31	1267000000	u-1
ifrs-full:Revenue	2020-01-01	2020-12-31	1096000000	u-1

XML

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   <mrv:StatementOfPolicyForDataEthics contextRef="c-1" id="fact-4" xml:lang="en">Statutory report on  data ethicsPursuant to section 99d of the Danish Financial Statements Act, listed companies must account for their data ethics policy and work related thereto. Maersk Drilling has, during 2021, developed a policy for data ethics encompassing seven fundamental principles around data ethics which Maersk Drilling will further strengthen and cascade throughout the organisation. These principles are summarised as follows: When working with data, Maersk Drilling strives for appropriate use through data ownership with support, control and governance mechanisms. This includes GDPR, IT security and architecture assessments and assigned data owners. Maersk Drilling evaluates accessible, externally obtained data to ensure that processing of such data complies with the Data Ethics Policy. Maersk Drilling strives to use its own data. All digital financial solutions in the IT landscape are subject to annual external IT audits to ensure compliance</mrv:StatementOfPolicyForDataEthics>
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   <arr:OpinionOnAuditedFinancialStatements contextRef="c-1" id="fact-239" xml:lang="en">Our opinion In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial position at 31 December 2021 and of the results of the Group’s operations and cash flows for the financial year 1 January to 31 December 2021 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Company’s financial position at 31 December 2021 and of the results of the Parent Company’s operations for the financial year 1 January to 31 December 2021 in accordance with the Danish Financial Statements Act.Our opinion is consistent with our Auditor’s Long-form Report to the Audit &amp; Risk Committee and the Board of Directors.What we have auditedThe Consolidated Financial Statements of The Drilling Company of 1972 A/S for the financial year  1 January to 31 December 2021 (pages 55-88 and pages 99-105), comprise the consolidated income statement and consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement and the notes, including summary of significant accounting policies.The Parent Company Financial Statements of The Drilling Company of 1972 A/S for the financial year 1 January to 31 December 2021 (pages 89-98 and pages 99-105), comprise the income statement, the balance sheet, the statement of changes in equity and the notes, including summary of significant accounting policies.Collectively referred to as the “Financial Statements”</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="c-1" id="fact-240" xml:lang="en">Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s responsibilities for the audit of the Financial Statements section of our report.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.  To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.  AppointmentFollowing the admission of shares of The Drilling Company of 1972 A/S for the listing on Nasdaq Copenhagen, we were first appointed auditors of The Drilling Company of 1972 A/S on 2 April 2020.We have been reappointed annually by shareholder resolution for a total uninterrupted period of engagement of 2 years, including the financial year 2021.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="c-1" id="fact-241" xml:lang="en">To the shareholders of The Drilling Company of 1972 A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="c-1" id="fact-242" xml:lang="en">Key audit matter How our audit addressed the key audit matterValuation of non-current assetsThe carrying amount of the drilling rigs is significant to the Consolidated Financial Statements.Management monitors the carrying value of the above-mentioned assets based on defined CGU’s and performs an impairment test, if any indication of impairment or reversal of previous impairments exists. The indications assessed by Management comprise amongst others development in day rates, margins, utilization, market capitalisation, etc.Management’s assessment of the recoverability of the carrying amount of drilling rigs is based on the value-in-use calculations, including determination of  the key assumptions and data applied.Bearing in mind the generally long-lived nature of the assets, the significant assumptions in estimating the future cash flows in the value-in-use calculations are Management’s long-term outlook for day-rates, margins and utilization as well as determining the discount rates and growth rates.We focused on this area as the amounts involved are significant and because Management is required to exercise considerable estimates and judgement and because of the inherent complexity in estimating the values-in-use. Reference is made to note 2.4 in the Consolidated Financial Statements. We discussed with Management and evaluated the methodology by which Management monitors indicators of impairment of drilling rigs.Further, in addressing the risk, we considered the appropriateness of Management defined CGUs. We examined the methodology used by Management to assess the carrying amount of drilling rigs assigned to CGUs, and the process for identifying CGUs that required impairment testing to determine compliance with IFRS as adopted by the EU. We performed detailed testing for the drilling rigs where a need for an impairment test was identified. We assessed the reasonableness of key assumptions in relation to the ongoing operation of the assets. We corroborated Management’s estimate of future cash flows and challenged whether these were appropriate in light of the significant assumptions being day-rates, margins, utilization, the discount rates and growth rates. We used our internal valuation experts to independently calculate the discount rate. In calculating the discount rate, the key inputs used were independently sourced from market data, and we assessed the methodology applied. We compared the discount rate used by Management to our calculated rate. We tested the mathematical accuracy of the relevant value-in-use models prepared by Management.  Finally, we assessed Management’s disclosure of these matters in the Consolidated Financial StatementsKey audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2021. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="c-1" id="fact-243" xml:lang="en">Statement on Management’s Review Management is responsible for Management’s Review (pages 3-54 and pages 106-110).Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Moreover, we considered whether Management’s Review includes the disclosures required by the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="c-1" id="fact-244" xml:lang="en">Management’s responsibilities for the Financial StatementsManagement is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for the preparation of parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or errorIn preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. </arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="c-1" id="fact-245" xml:lang="en">Auditor’s responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit.  We also: •   Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.•   Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.•   Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.•   Conclude on the appropriateness of Management’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.•   Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.•   Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="c-1" id="fact-246" xml:lang="en">Report on compliance with the ESEF RegulationAs part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of The Drilling Company of 1972 A/S for the financial year 1 January to 31 December 2021 with the filename DRLCO-2021-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:•   The preparing of the annual report in XHTML format;•   The selection and application of appropriate iXBRL-tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary;•   Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human-readable format; and•   For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:•  Testing whether the annual report is prepared in XHTML format;•   Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process;•   Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements;•   Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified;•   Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and•   Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.In our opinion, the annual report of The Drilling Company of 1972 A/S for the financial year 1 January to 31 December 2021 with the file name DRLCO-2021-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="c-1" id="fact-247" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="c-1" id="fact-248" xml:lang="en">2022-02-11</arr:SignatureOfAuditorsDate>
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   <cmn:NameAndSurnameOfAuditor contextRef="c-1" id="fact-251" xml:lang="en">Rasmus Friis Jørgensen</cmn:NameAndSurnameOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="c-1" id="fact-252" xml:lang="en">Thomas Wraae Holm</cmn:NameAndSurnameOfAuditor>
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