4.3.17Deferred Tax Assets and Liabilities

The deferred tax assets and liabilities and associated net positions are summarized as follows:

Deferred tax positions (summary)

Movements in net deferred tax positions

Expected realization and settlement of deferred tax positions is within 8 years. The current portion of the net deferred tax position as of December 31, 2021 amounts to US$3 million. The deferred tax losses are expected to be recovered based on the anticipated profit in the applicable jurisdiction. The Company has US$18 million (2020: US$39 million) of deferred tax assets unrecognized in 2021 due to current tax losses not valued. The term in which these unrecognized deferred tax assets could be settled depends on the respective tax jurisdiction and ranges from five years to an unlimited period of time.

The non-current portion of deferred tax assets amounts to US$10 million (2020: US$14 million). On a cumulative basis a total amount of US$257 million at the end of 2021 (2020: US$216 million) corresponds to deferred tax assets basis unrecognized on temporary differences, unused tax losses and tax credits.

In 2021, the Company fully released deferred tax positions related to the Deep Panuke MOPU which was located in Canada (deferred tax asset of US$28 million, deferred tax liability of US$24 million) due to the final cash settlement of lease agreement by the client (see below the table 'Deferred tax positions per location', specifically Canada).

Deferred tax in connection with unused tax losses carried forward, temporary differences and tax credits:

Expiry date on deferred tax assets unrecognized on temporary differences, unused tax losses and tax credits:

Deferred tax assets per location are as follows:

Deferred tax positions per location