Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Jul. 23, 2018
Document and Entity Information
Entity Registrant Name	Transocean Ltd.
Entity Central Index Key	0001451505
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		461,868,183
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating revenues
Revenues	$ 790	$ 751	$ 1,454	$ 1,536
Costs and expenses
Operating and maintenance	431	331	855	678
Depreciation	211	219	413	451
General and administrative	52	35	99	74
Total costs and expenses	694	585	1,367	1,203
Loss on impairment	(1,014)	(113)	(1,014)	(113)
Gain (loss) on disposal of assets, net	1	(1,595)	6	(1,593)
Operating loss	(917)	(1,542)	(921)	(1,373)
Other income (expense), net
Interest income	13	7	25	13
Interest expense, net of amounts capitalized	(148)	(129)	(295)	(256)
Loss on retirement of debt	(2)	(48)	(2)	(48)
Other, net		(4)	(10)	3
Total other income (expense), net	(137)	(174)	(282)	(288)
Loss before income tax expense (benefit)	(1,054)	(1,716)	(1,203)	(1,661)
Income tax expense (benefit)	85	(37)	148	(77)
Net loss	(1,139)	(1,679)	(1,351)	(1,584)
Net income (loss) attributable to noncontrolling interest	(4)	11	(6)	15
Net loss attributable to controlling interest	$ (1,135)	$ (1,690)	$ (1,345)	$ (1,599)
Loss per share
Basic (in dollars per share)	$ (2.46)	$ (4.32)	$ (2.99)	$ (4.09)
Diluted (in dollars per share)	$ (2.46)	$ (4.32)	$ (2.99)	$ (4.09)
Weighted-average shares outstanding
Basic (in shares)	462	391	450	391
Diluted (in shares)	462	391	450	391
Contract drilling revenues
Operating revenues
Revenues	$ 790	$ 705	$ 1,454	$ 1,443
Other revenues
Operating revenues
Revenues		$ 46		$ 93

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (1,139)	$ (1,679)	$ (1,351)	$ (1,584)
Net income (loss) attributable to noncontrolling interest	(4)	11	(6)	15
Net loss attributable to controlling interest	(1,135)	(1,690)	(1,345)	(1,599)
Components of net periodic benefit costs before reclassifications	1		(3)	(2)
Components of net periodic benefit costs reclassified to net income		7	2	8
Other comprehensive income (loss) before income taxes	1	7	(1)	6
Income taxes related to other comprehensive income (loss)		(23)		(23)
Other comprehensive income (loss)	1	(16)	(1)	(17)
Other comprehensive income (loss) attributable to controlling interest	1	(16)	(1)	(17)
Total comprehensive loss	(1,138)	(1,695)	(1,352)	(1,601)
Total comprehensive income (loss) attributable to noncontrolling interest	(4)	11	(6)	15
Total comprehensive loss attributable to controlling interest	$ (1,134)	$ (1,706)	$ (1,346)	$ (1,616)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 2,506	$ 2,519
Short-term investments		450
Accounts receivable, net of allowance for doubtful accounts of less than $1 at June 30, 2018 and December 31, 2017	619	596
Materials and supplies, net of allowance for obsolescence of $145 and $141 at June 30, 2018 and December 31, 2017, respectively	414	418
Restricted cash accounts and investments	490	466
Other current assets	188	157
Total current assets	4,217	4,606
Property and equipment	24,236	22,693
Less accumulated depreciation	(5,278)	(5,291)
Property and equipment, net	18,958	17,402
Contract intangible assets	583
Deferred income taxes, net	44	47
Other assets	444	355
Total assets	24,246	22,410
Liabilities and equity
Accounts payable	163	201
Accrued income taxes	76	79
Debt due within one year	1,816	250
Other current liabilities	771	839
Total current liabilities	2,826	1,369
Long-term debt	7,814	7,146
Deferred income taxes, net	72	44
Other long-term liabilities	1,172	1,082
Total long-term liabilities	9,058	8,272
Commitments and contingencies
Redeemable noncontrolling interest		58
Shares, CHF 0.10 par value, 490,568,452 authorized, 143,771,173 conditionally authorized, 462,864,563 issued and 461,862,248 outstanding at June 30, 2018, and 417,060,033 authorized, 143,783,041 conditionally authorized, 394,801,990 issued and 391,237,308 outstanding at December 31, 2017	44	37
Additional paid-in capital	12,022	11,031
Retained earnings	584	1,929
Accumulated other comprehensive loss	(291)	(290)
Total controlling interest shareholders' equity	12,359	12,707
Noncontrolling interest	3	4
Total equity	12,362	12,711
Total liabilities and equity	$ 24,246	$ 22,410

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Jun. 30, 2018 SFr / shares	Jun. 30, 2018 USD ($) shares	Dec. 31, 2017 SFr / shares	Dec. 31, 2017 USD ($) shares
Materials and supplies, allowance for obsolescence \| $		$ 145		$ 141
Shares, CHF par value (in Swiss francs per share) \| SFr / shares	SFr 0.10		SFr 0.10
Shares, authorized		490,568,452		417,060,033
Shares, conditionally authorized		143,771,173		143,783,041
Shares, issued		462,864,563		394,801,990
Shares, outstanding		461,862,248		391,237,308
Maximum
Allowance for doubtful accounts \| $		$ 1		$ 1

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions	Total controlling interest shareholders' equity	Shares	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Noncontrolling interest	Total
Balance at Dec. 31, 2016	$ 15,802	$ 36	$ 10,993	$ 5,056	$ (283)	$ 3	$ 15,805
Balance (in shares) at Dec. 31, 2016		389
Increase (Decrease) in Shareholders' Equity
Issuance of shares under share-based compensation plans		$ 1	(1)
Issuance of shares under share-based compensation plans (in shares)		2
Share-based compensation	21		21				21
Net loss attributable to controlling interest				(1,599)			(1,599)
Other comprehensive loss attributable to controlling interest					(17)		(17)
Total comprehensive income (loss) attributable to noncontrolling interest						1
Total comprehensive loss attributable to controlling interest	(1,616)						(1,616)
Total comprehensive loss							(1,615)
Other, net	(2)		(2)				(2)
Balance at Jun. 30, 2017	14,205	$ 37	11,011	3,457	(300)	4	14,209
Balance (in shares) at Jun. 30, 2017		391
Balance at Dec. 31, 2017	12,707	$ 37	11,031	1,929	(290)	4	12,711
Balance (in shares) at Dec. 31, 2017		391
Increase (Decrease) in Shareholders' Equity
Issuance of shares under share-based compensation plans (in shares)		3
Issuance of shares in acquisition transactions	746	$ 7	739				746
Issuance of shares in acquisition transactions (in shares)		68
Share-based compensation	28		28				28
Equity component of convertible debt instruments	172		172				172
Acquisition of redeemable noncontrolling interest	53		53				53
Net loss attributable to controlling interest				(1,345)			(1,345)
Other comprehensive loss attributable to controlling interest					(1)		(1)
Total comprehensive income (loss) attributable to noncontrolling interest						(1)
Total comprehensive loss attributable to controlling interest	(1,346)						(1,346)
Total comprehensive loss							(1,347)
Recognition of noncontrolling interest in business combination						33	33
Acquisition of noncontrolling interest in compulsory acquisition						(30)	(30)
Allocated capital for transactions with holders of noncontrolling interest	3		3			(3)
Other, net	(4)		(4)				(4)
Balance at Jun. 30, 2018	$ 12,359	$ 44	$ 12,022	$ 584	$ (291)	$ 3	$ 12,362
Balance (in shares) at Jun. 30, 2018		462

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net loss	$ (1,139)	$ (1,351)	$ (1,584)
Adjustments to reconcile to net cash provided by operating activities:
Contract intangible asset amortization	30	49
Depreciation	211	413	451
Share-based compensation expense		28	21
Loss on impairment	1,014	1,014	113
(Gain) loss on disposal of assets, net		(6)	1,593
Loss on retirement of debt	2	2	48
Deferred income tax expense (benefit)		46	(39)
Other, net		5	18
Changes in deferred revenues, net		(72)	(104)
Changes in deferred costs, net		7	28
Changes in other operating assets and liabilities, net		(29)	(1)
Net cash provided by operating activities		106	544
Cash flows from investing activities
Capital expenditures		(92)	(258)
Proceeds from disposal of assets, net		23	329
Unrestricted and restricted cash acquired in business combination		131
Investment in unconsolidated affiliates		(106)
Deposits into short-term investments		(50)
Proceeds from maturities of short-term investments		500
Other, net			(15)
Net cash provided by investing activities		406	56
Cash flows from financing activities
Proceeds from issuance of debt, net of issue costs			403
Repayments of debt		(388)	(1,533)
Proceeds from investments restricted for financing activities		26	50
Payments to terminate derivative instruments		(92)
Other, net		(26)	(3)
Net cash used in financing activities		(480)	(1,083)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents		32	(483)
Unrestricted and restricted cash and cash equivalents at beginning of period		2,975	3,433
Unrestricted and restricted cash and cash equivalents at end of period	$ 3,007	$ 3,007	$ 2,950

Business	6 Months Ended
Business	Jun. 30, 2018
Business
Business	Note 1—Business Overview—Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells. We specialize in technically demanding sectors of the offshore drilling business with a particular focus on ultra‑deepwater and harsh environment drilling services. Our mobile offshore drilling fleet is considered one of the most versatile fleets in the world. We contract our drilling rigs, related equipment and work crews predominantly on a dayrate basis to drill oil and gas wells. As of June 30, 2018, we owned or had partial ownership interests in and operated 43 mobile offshore drilling units, including 24 ultra‑deepwater floaters, 12 harsh environment floaters, two deepwater floaters and five midwater floaters. As of June 30, 2018, we were constructing (i) two additional ultra‑deepwater drillships and (ii) one harsh environment semisubmersible, in which we hold a partial ownership interest. We also operate one high‑specification jackup that was under a drilling contract when the rig was sold, and we continue to operate the rig until completion or novation of the drilling contract. See Note 6—Drilling Fleet. Business combination—On January 30, 2018, we acquired an approximate 97.7 percent ownership interest in Songa Offshore SE, a European public company limited by shares, or societas Europaea, existing under the laws of Cyprus (“Songa”). On March 28, 2018, we acquired the remaining shares not owned by us through a compulsory acquisition under Cyprus law, and as a result, Songa became our wholly owned subsidiary. In connection with these transactions, we issued an aggregate of 68.0 million shares and $863 million aggregate principal amount of 0.50% exchangeable senior bonds due January 30, 2023 (the “Exchangeable Bonds”). As a result of the acquisition, we acquired seven mobile offshore drilling units, including five harsh environment floaters and two midwater floaters. See Note 4—Business Combination. Investment in unconsolidated affiliates—In the six months ended June 30, 2018, we made an aggregate cash investment of $106 million in unconsolidated affiliates. This included an initial investment of $91 million, representing a 33.0 percent interest, in Orion Holdings (Cayman) Limited, a Cayman Islands company formed to construct and own a newbuild harsh environment semisubmersible, recently renamed Transocean Norge. The total purchase price for the rig, under construction at the Jurong Shipyard Pte Ltd. in Singapore, is $500 million. We expect to make additional investments of $50 million and $33 million in January 2019 and January 2020, respectively. The rig is expected to be delivered in the first quarter of 2019. We account for this investment, recorded in other assets, using the equity method of accounting. Additionally, we invested $15 million in a company involved in researching and developing technology to improve automation in drilling and other activities. We account for this investment, recorded in other assets, using the cost method of accounting.

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2018
Significant Accounting Policies
Significant Accounting Policies	Note 2—Significant Accounting Policies Presentation—We have prepared our accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S.”) for interim financial information and with the instructions to Form 10‑Q and Article 10 of Regulation S‑X of the U.S. Securities and Exchange Commission (“SEC”). Pursuant to such rules and regulations, these financial statements do not include all disclosures required by accounting principles generally accepted in the U.S. for complete financial statements. The condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary for a fair presentation of financial position, results of operations and cash flows for the interim periods. Such adjustments are considered to be of a normal recurring nature unless otherwise noted. Operating results for the three and six months ended June 30, 2018, are not necessarily indicative of the results that may be expected for the year ending December 31, 2018, or for any future period. The accompanying condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto as of December 31, 2017 and 2016, and for each of the three years in the period ended December 31, 2017, included in our annual report on Form 10‑K filed on February 21, 2018. Accounting estimates—To prepare financial statements in accordance with accounting principles generally accepted in the U.S., we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and assumptions, including those related to our allowance for doubtful accounts, materials and supplies obsolescence, property and equipment, assets held for sale, goodwill, income taxes, contingencies, share‑based compensation and postemployment benefit plans. We base our estimates and assumptions on historical experience and on various other factors we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from such estimates. Fair value measurements—We estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. Our valuation techniques require inputs that we categorize using a three‑level hierarchy, from highest to lowest level of observable inputs, as follows: (1) significant observable inputs, including unadjusted quoted prices for identical assets or liabilities in active markets (“Level 1”), (2) significant other observable inputs, including direct or indirect market data for similar assets or liabilities in active markets or identical assets or liabilities in less active markets (“Level 2”) and (3) significant unobservable inputs, including those that require considerable judgment for which there is little or no market data (“Level 3”). When multiple input levels are required for a valuation, we categorize the entire fair value measurement according to the lowest level of input that is significant to the measurement even though we may have also utilized significant inputs that are more readily observable. Business combination—In connection with the Songa acquisition, we applied the acquisition method of accounting. Accordingly, we recorded the acquired assets and assumed liabilities at fair value and recognized goodwill to the extent the consideration transferred exceeded the fair value of the net assets acquired. We estimated the fair values of the acquired assets and assumed liabilities as of the date of the acquisition, and our estimates are subject to adjustment based on our final assessments of the fair values of property and equipment, intangible assets, other assets and liabilities and our evaluation of tax positions and contingencies, which are ongoing. We will complete our final assessments of the fair values of the acquired assets and assumed liabilities and our final evaluations of uncertain tax positions and contingencies within one year of the acquisition date. See Note 4—Business Combination. Goodwill—We conduct impairment testing for our goodwill annually as of October 1 and more frequently, on an interim basis, when an event occurs or circumstances change that indicate that the fair value of a reporting unit may have declined below its carrying value. We test goodwill at the reporting unit level, which is defined as an operating segment or one level below an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. We determined that we have a single reporting unit for this purpose. Before testing goodwill, we consider whether or not to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, as the result of our qualitative assessment, we determine that an impairment test is required, or, alternatively, if we elect to forgo the qualitative assessment, we record an impairment to goodwill to the extent the carrying amount of the reporting unit, including goodwill, exceeds the fair value of the reporting unit. In the three and six months ended June 30, 2018, as a result of an interim goodwill test, we recognized an aggregate loss of $463 million, which had no tax effect, associated with the impairment of our goodwill. See Note 3—Accounting Standards Updates, Note 4—Business Combination and Note 7—Goodwill. Contract intangible assets—In connection with the Songa acquisition, we recognized drilling contract intangible assets related to the acquired drilling contracts for future contract drilling services. The drilling contract intangible assets represent the amount by which the fixed dayrates of the acquired contracts were above the market dayrates that were available or expected to be available during the term of the contract for similar contracts, measured as of the acquisition date. We recognize the amortization on a straight‑line basis over the firm contract period as a component of contract drilling revenues. At June 30, 2018, the carrying amount of our drilling contract intangible assets was $583 million. See Note 4—Business Combination. Derivative instruments—We record derivatives on our consolidated balance sheet, measured at fair value. We recognize the gains and losses associated with changes in the fair value of undesignated derivatives in current period earnings. See Note 9—Derivative Instruments. Capitalized interest—We capitalize interest costs for qualifying construction and upgrade projects and only capitalize interest costs during periods in which progress for the construction projects continues to be underway. In the three and six months ended June 30, 2018, we capitalized interest costs of $7 million and $20 million, respectively, for our construction work in progress. In the three and six months ended June 30, 2017, we capitalized interest costs of $30 million and $60 million, respectively, for our construction work in progress. Reclassifications—We have made certain reclassifications to prior period amounts to conform with the current period’s presentation. In our condensed consolidated balance sheet as of December 31, 2017, we reclassified certain balances receivable from non‑customers, totaling $45 million, from accounts receivable, net, to other current assets. Such reclassifications did not have a material effect on our condensed consolidated statement of financial position, results of operations or cash flows.

Accounting Standards Updates	6 Months Ended
Accounting Standards Updates	Jun. 30, 2018
Accounting Standards Updates
Accounting Standards Updates	Note 3—Accounting Standards Updates Recently adopted accounting standards Revenue from contracts with customers—Effective January 1, 2018, we adopted the accounting standards update that requires an entity to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In our evaluation of the requirements, we determined that reimbursement revenues and contract early cancellation and termination fees were part of our single performance obligation, and we determined that reimbursement revenues should be recorded on a gross basis as the service is performed. Our adoption, using the modified retrospective approach, for which we were not required to make any changes to the prior year presentation, did not have a material effect on our condensed consolidated statements of financial position, operations and cash flows. See Note 5—Revenues. Income taxes—Effective January 1, 2018, we adopted the accounting standards update that requires an entity to recognize the income tax consequences of an intra entity transfer of an asset other than inventory when the transaction occurs as opposed to deferring such recognition into future periods. Our adoption did not have a material effect on our condensed consolidated statements of financial position, operations or cash flows or on the disclosures contained in our notes to condensed consolidated financial statements. Statement of cash flows—Effective January 1, 2018, we adopted the accounting standards update that requires amounts generally described as restricted cash or restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning and end of period total amounts presented on the statement of cash flows. Aside from presenting the restricted cash and restricted cash equivalents as a component of the beginning and ending cash balances on our condensed consolidated statements of cash flows, we removed the effect of proceeds from and deposits to restricted accounts from our cash flows provided by or used in operating and financing activities, as applicable. For the six months ended June 30, 2018 and 2017, such changes did not have a material effect on our condensed consolidated statements of financial position, operations or cash flows or on the disclosures contained in our notes to condensed consolidated financial statements. Retirement benefits—Effective January 1, 2018, we adopted the accounting standards update that requires an employer to disaggregate the service cost component from the other components of net benefit cost related to defined benefit retirement plans and other postemployment benefit plans. The update requires that the service cost component be presented in the same line item as other compensation costs for employees and the other components of net benefit cost in other income and expense on our condensed consolidated statements of operations. The update also allows only the service cost component of net benefit cost to be eligible for capitalization. Our adoption did not have a material effect on our condensed consolidated statements of financial position, operations or cash flows or on the disclosures contained in our notes to condensed consolidated financial statements. Goodwill—Effective January 1, 2018, we early adopted the accounting standards update that simplifies the method for measuring the implied value of goodwill when performing a goodwill impairment test by performing a one‑step test, comparing the fair value of the reporting unit with its carrying amount. The update eliminates the two‑step requirement to perform procedures to determine the fair value of assets and liabilities on the same basis as required in a business combination. The update, which permits early adoption, is effective for interim and annual periods beginning after December 15, 2019, including interim periods within those annual periods. Our adoption did not have an effect on our condensed consolidated statements of financial position, operations and cash flows and on the disclosures contained in our notes to condensed consolidated financial statements. Recently issued accounting standards Leases—Effective no later than January 1, 2019, we will adopt the accounting standards update that (a) requires lessees to recognize a right to use asset and a lease liability for virtually all leases, and (b) updates previous accounting standards for lessors to align certain requirements with the updates to lessee accounting standards and the revenue recognition accounting standards. The update, which permits early adoption, is effective for interim and annual periods beginning after December 15, 2018, including interim periods within those annual periods. Under the updated definition of a lease, we have determined that our drilling contracts could contain a lease component. In a recent update, targeted improvements were proposed to the accounting standards, which are subject to change in the final accounting standards, that provide for (a) an optional new transition method for adoption that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption and (b) a practical expedient for lessors, under certain circumstances, to combine the lease and non‑lease components of revenues for presentation purposes. Our adoption, and the ultimate effect on our consolidated financial statements, will be based on an evaluation of the contract‑specific facts and circumstances. Additionally, based on the lease arrangements under which we are the lessee as of June 30, 2018, we expect to recognize an aggregate lease liability and a corresponding right‑to‑use asset of between $70 million and $80 million. We do not expect our adoption to have a material effect on our condensed consolidated statements of financial position, operations and cash flows. We continue to evaluate the requirements with regard to arrangements under which we are the lessor, the proposed targeted updates and the effects such requirements may have on the disclosures contained in our notes to condensed consolidated financial statements. Other comprehensive income—Effective no later than January 1, 2019, we will adopt the accounting standards update that allows for reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”). The update, which permits early adoption, is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those annual periods. We continue to evaluate the requirements and do not expect our adoption to have a material effect on our condensed consolidated statements of financial position, operations and cash flows and on the disclosures contained in our notes to condensed consolidated financial statements.

Business Combination

6 Months Ended

Jun. 30, 2018

Business Combination

Business Combination

Note 4—Business Combination

Overview—On January 30, 2018, we acquired an approximate 97.7 percent ownership interest in Songa. We believe the Songa acquisition strengthens our position as a leader in harsh environment and ultra‑deepwater drilling services by adding high value assets, including four high‑specification harsh environment floaters, supported by significant contract backlog. Additionally, the acquisition strengthens our footprint in harsh environment operating areas. The goodwill resulting from the business combination was attributed to synergies and intangible assets that did not qualify for separate recognition. In the six months ended June 30, 2018, we incurred acquisition costs of $7 million, recorded in general and administrative costs and expenses.

Consideration—In connection with the acquisition, we issued 66.9 million shares with a market value of $10.99 per share, based on the market value of our shares on the acquisition date. We also issued $854 million aggregate principal amount of Exchangeable Bonds, including $562 million aggregate principal amount as partial consideration to Songa shareholders and $292 million aggregate principal amount as settlement for certain Songa indebtedness. The aggregate fair value of the consideration transferred in the business combination was as follows (in millions):


	Total
Consideration transferred
Aggregate fair value of shares issued as partial consideration for Songa shares	$	735
Aggregate fair value of Exchangeable Bonds issued as partial consideration for Songa shares		675
Consideration transferred to Songa shareholders		1,410

Aggregate fair value of Exchangeable Bonds issued for settlement of certain Songa indebtedness		351
Total consideration transferred in business combination	$	1,761

Assets and liabilities—We estimated the fair value of assets acquired, liabilities assumed and noncontrolling interest, measured as of January 30, 2018, as follows (in millions):


	Total
Assets acquired
Cash and cash equivalents	$	113
Accounts receivable		115
Other current assets		80
Property and equipment		2,414
Goodwill		463
Contract intangible assets		632

Liabilities assumed
Accounts payable and other current liabilities		168
Debt		1,768
Other long-term liabilities		87
Net assets acquired		1,794

Noncontrolling interest in business combination		33
Controlling interest acquired in business combination	$	1,761

We estimated the fair value of the rigs and related equipment by applying a combination of income and market approaches, using projected discounted cash flows and estimates of the exchange price that would be received for the assets in the principal or most advantageous markets for the assets in an orderly transaction between participants as of the acquisition date. Additionally, we estimated the fair value of the drilling contracts by comparing the contractual dayrates over the remaining firm contract term and option periods relative to the projected market dayrates as of the acquisition date. Our estimates of fair value for these assets required us to use significant unobservable inputs, representative of a Level 3 fair value measurement, including assumptions related to the future performance of our contract drilling services reporting unit, such as future commodity prices, projected demand for our services, rig availability and dayrates. We estimated the fair value of the debt using significant other observable inputs, representative of a Level 2 fair value measurement, including the terms and credit spreads for the instruments.

In the three months ended June 30, 2018, we adjusted our initial estimates of the fair values of certain assets and liabilities and recorded a corresponding net increase of $3 million to goodwill (see Note 7—Goodwill). We have not completed our estimates of the fair values of assets acquired and liabilities assumed. We continue to review the estimated fair values of property and equipment, intangible assets, and other assets and liabilities, and to evaluate the assumed tax positions and contingencies. Estimating fair value for such assets and liabilities requires significant assumptions and judgment, which increases the likelihood that the estimates may require adjustment, and such adjustments could be material.

Noncontrolling interest—On March 28, 2018, we acquired the remaining Songa shares not owned by us through a compulsory acquisition under Cyprus law, and as a result, Songa became our wholly owned subsidiary. As consideration for the remaining Songa shares, we issued 1.1 million shares and $9 million aggregate principal amount of Exchangeable Bonds and we made an aggregate cash payment of $8 million to Songa shareholders who elected to receive a cash payment or failed to make an election, for an aggregate fair value of $30 million.

Contract intangible assets—In the three and six months ended June 30, 2018, we recognized contract intangible amortization of $30 million and $49 million, respectively, recorded as a reduction of contract drilling revenues. At June 30, 2018, the aggregate carrying amount of contract intangible assets was $583 million, which we expect to amortize over the remaining contract periods, through March 2024. As of June 30, 2018, the estimated future amortization of contract intangible assets was as follows (in millions):


	Total
Twelve months ending June 30,
2019	$	117
2020		117
2021		117
2022		117
2023		95
Thereafter		20
Total carrying amount of contract intangible assets	$	583

Pro forma combined operating results—We have included the operating results of Songa in our condensed consolidated results of operations, commencing on the acquisition date, January 30, 2018. In the three and six months ended June 30, 2018, our condensed consolidated statement of operations includes revenues of $135 million and $219 million, respectively, and net income of $23 million and $20 million, respectively, associated with the operations of Songa. Pro forma combined operating results, assuming the acquisition was completed as of January 1, 2017, were as follows (in millions, except per share data):


	Three months ended				Six months ended
	June 30,				June 30,
	2018		2017		2018		2017
Contract drilling revenues	$	790	$	891	$	1,503	$	1,795
Net loss		(1,139)		(1,660)		(1,344)		(1,560)
Per share loss - basic and diluted		(2.46)		(3.65)		(2.91)		(3.44)

The pro forma financial information includes various adjustments, primarily related to additional depreciation resulting from the fair value adjustments to the acquired property and equipment and amortization resulting from the contract intangible assets. The pro forma information is not necessarily indicative of the results of operations had the Songa acquisition been completed on the assumed dates or the results of operations for any future periods.

Revenues

6 Months Ended

Jun. 30, 2018

Revenues

Revenues

Note 5—Revenues

Overview—The services we perform represent a single performance obligation under our drilling contracts with customers that is satisfied over time. We earn revenues primarily by performing the following activities: (i) providing our drilling rig, work crews, related equipment and services necessary to operate the rig (ii) delivering the drilling rig by mobilizing to and demobilizing from the drill location, and (iii) performing certain pre‑operating activities, including rig preparation activities or equipment modifications required for the contract.

We recognize revenues earned under our drilling contracts based on variable dayrates, which range from a full operating dayrate to lower rates or zero rates for periods when drilling operations are interrupted or restricted, based on the specific activities we perform during the contract on an hourly, or more frequent, basis. Such dayrate consideration is attributed to the distinct time period to which it relates within the contract term, and therefore, recognized as we perform the services. We recognize reimbursement revenues and the corresponding costs as we provide the customer‑requested goods and services, when such reimbursable costs are incurred while performing drilling operations. Prior to performing drilling operations, we may receive pre‑operating revenues, on either a fixed lump‑sum or variable dayrate basis, for mobilization, contract preparation, customer‑requested goods and services or capital upgrades, which we recognize on a straight‑line basis over the estimated firm contract period. We recognize losses for loss contracts as such losses are incurred. We recognize revenues for demobilization or from contract terminations as we fulfill our obligations and all contingencies have been resolved.

The duration of our performance obligation varies by contract. At June 30, 2018, the expected remaining duration of our drilling contracts extends through February 2028, excluding unexercised options. In the three and six months ended June 30, 2018, we recognized revenues of $55 million and $103 million, respectively, for performance obligations satisfied in previous periods, primarily related to our customer’s termination of the contract for Discoverer Clear Leader, effective November 2017, and certain revenues recognized on a cash basis.

We have taken the optional exemption that permits us to exclude disclosure of the estimated transaction price related to the variable portion of unsatisfied performance obligations at the end of the reporting period, as our transaction price is based on a single performance obligation consisting of a series of distinct hourly, or more frequent, periods, the variability of which will be resolved at the time of the future services.

To obtain contracts with our customers, we incur costs to prepare a rig for contract and deliver, or mobilize a rig to the drilling location. We defer pre‑operating costs, such as contract preparation and mobilization costs, and recognize such costs on a straight‑line basis, consistent with the general pace of activity, in operating and maintenance costs over the estimated firm period of drilling. In the three and six months ended June 30, 2018, we recognized costs of $10 million and $22 million, respectively, associated with pre‑operating costs for contracts with customers. In the three and six months ended June 30, 2017, we recognized costs of $11 million and $24 million, respectively, associated with pre‑operating costs for contracts with customers. At June 30, 2018 and December 31, 2017, the unrecognized pre‑operating costs to obtain contracts was $21 million and $18 million, respectively, recorded in other assets.

Disaggregation—In the three and six months ended June 30, 2018 and 2017, we recognized revenues as follows (in millions):


	Three months ended June 30, 2018												Three months ended June 30, 2017
	U.S.		U.K.		Norway		Brazil		Other		Total		U.S.		U.K.		Norway		Brazil		Other		Total

Ultra-deepwater floaters	$	417	$	—	$	—	$	—	$	53	$	470	$	395	$	—	$	—	$	76	$	70	$	541
Harsh environment floaters		—		29		171		—		52		252		—		55		23		—		28		106
Deepwater floaters		—		—		—		25		10		35		—		—		—		25		11		36
Midwater floaters		—		9		—		—		9		18		—		9		—		—		9		18
High-specification jackups		—		—		—		—		15		15		—		12		—		—		38		50
Total revenues	$	417	$	38	$	171	$	25	$	139	$	790	$	395	$	76	$	23	$	101	$	156	$	751


	Six months ended June 30, 2018												Six months ended June 30, 2017
	U.S.		U.K.		Norway		Brazil		Other		Total		U.S.		U.K.		Norway		Brazil		Other		Total

Ultra-deepwater floaters	$	766	$	—	$	—	$	—	$	82	$	848	$	799	$	—	$	—	$	159	$	128	$	1,086
Harsh environment floaters		—		51		293		—		112		456		—		135		39		—		56		230
Deepwater floaters		—		—		—		49		21		70		—		—		—		49		22		71
Midwater floaters		—		20		—		—		18		38		—		14		—		—		18		32
High-specification jackups		—		—		—		—		42		42		—		33		—		—		84		117
Total revenues	$	766	$	71	$	293	$	49	$	275	$	1,454	$	799	$	182	$	39	$	208	$	308	$	1,536

Contract liabilities—We recognize contract liabilities, recorded in other current liabilities and other long-term liabilities, for mobilization, contract preparation and capital upgrades using the straight‑line method over the remaining contract term. Contract liabilities for our contracts with customers were as follows (in millions):


	June 30,		January 1,
	2018		2018
Deferred contract revenues, recorded in other current liabilities	$	135	$	203
Deferred contract revenues, recorded in other long-term liabilities		418		422
Total contract liabilities	$	553	$	625

Significant changes in contract liabilities were as follows (in millions):


	Six months
	ended
	June 30, 2018
Total contract liabilities, at beginning of period		625
Decrease due to recognition of revenues for goods and services		(129)
Increase due to goods and services transferred over time		57
Total contract liabilities, at end of period	$	553

Drilling Fleet

6 Months Ended

Jun. 30, 2018

Drilling Fleet

Drilling Fleet

Note 6—Drilling Fleet

Construction work in progress—For the six months ended June 30, 2018 and 2017, the changes in our construction work in progress, including capital expenditures and other capital additions, were as follows (in millions):


	Six months ended
	June 30,
	2018		2017
Construction work in progress, at beginning of period	$	1,392	$	2,171

Capital expenditures
Newbuild construction program		44		200
Other equipment and construction projects		48		58
Total capital expenditures		92		258
Changes in accrued capital additions		2		(23)
Construction work in progress acquired in business combination		26		—
Construction work in progress sold		—		(289)

Property and equipment placed into service
Newbuild construction program		(903)		—
Other property and equipment		(48)		(47)
Construction work in progress, at end of period	$	561	$	2,070

Impairments of assets held and used—During the three months ended June 30, 2017, we identified indicators that the asset groups in our contract drilling services reporting unit may not be recoverable. Such indicators included recent significant declines in commodity prices and the market value of our stock, a reduction of projected dayrates and a further extension of currently low utilization rates. As a result of our testing, we determined that the carrying amount of the midwater floater asset group was impaired. In the three and six months ended June 30, 2017, we recognized a loss of $96 million ($0.25 per diluted share), which had no tax effect, associated with the impairment of the midwater floater asset group. We measured the fair value of this asset group by applying a combination of income and market approaches, using projected discounted cash flows and estimates of the exchange price that would be received for the assets in the principal or most advantageous markets for the assets in an orderly transaction between participants as of the measurement date. Our estimate of fair value required us to use significant unobservable inputs, representative of a Level 3 fair value measurement, including assumptions related to the future performance of our contract drilling services reporting unit, such as future commodity prices, projected demand for our services, rig availability and dayrates.

Impairments of assets held for sale—In June 2018, we announced our intent to retire in an environmentally responsible way, the ultra‑deepwater floaters Deepwater Discovery, Deepwater Frontier and Deepwater Millennium and the midwater floater Songa Trym, along with related assets. In the three and six months ended June 30, 2018, we recognized an aggregate loss of $548 million ($1.18 and $1.22 per diluted share, respectively), which had no tax effect, associated with the impairment of these assets, which we determined were impaired at the time we classified the assets as held for sale. In the three and six months ended June 30, 2017, we recognized an aggregate loss of $17 million ($0.04 per diluted share), which had no tax effect, associated with the impairment of the midwater floaters Transocean Prospect and Transocean Searcher, along with related assets, which we determined were impaired at the time we classified the assets as held for sale. We measured the impairment of the drilling units and related equipment as the amount by which the carrying amount exceeded the estimated fair value less costs to sell. We estimated the fair value of the assets using significant other observable inputs, representative of a Level 2 fair value measurement, including indicative market values for the drilling units and related assets to be sold for scrap value.

Dispositions—During the six months ended June 30, 2018, in connection with our efforts to dispose of non‑strategic assets, we completed the sale of the ultra‑deepwater floaters Cajun Express, Deepwater Pathfinder, Sedco Energy and Sedco Express, along with related assets. In the six months ended June 30, 2018, we received aggregate net cash proceeds of $19 million and recognized an aggregate net gain of $7 million ($0.02 per diluted share), which had no tax effect, associated with the disposal of these assets. In the six months ended June 30, 2018, we received aggregate net cash proceeds of $4 million and recognized an aggregate net loss of $1 million associated with the disposal of assets unrelated to rig sales.

On May 31, 2017, we completed the sale of 10 high‑specification jackups, including GSF Constellation I, GSF Constellation II, GSF Galaxy I, GSF Galaxy II, GSF Galaxy III, GSF Monarch, Transocean Andaman, Transocean Ao Thai, Transocean Honor and Transocean Siam Driller, along with related assets, and novated the contracts relating to the construction of five high‑specification jackups, together with related assets. In the three and six months ended June 30, 2017, we received aggregate net cash proceeds of $319 million and recognized an aggregate net loss of $1.6 billion ($4.08 per diluted share), which had no tax effect, associated with the disposal of these assets. Following the completion of the sale, we agreed to continue to operate three of these high‑specification jackups through completion or novation of the drilling contracts, one of which we continue to operate as of June 30, 2018. In the three and six months ended June 30, 2018, our operating results included income of $11 million and $31 million, respectively, before taxes, associated with the high specification jackups that we continue to operate. In the three and six months ended June 30, 2017, excluding our loss on the disposal of these assets, our operating results included income of $9 million and $27 million, respectively, before taxes, associated with the high‑specification jackup asset group.

During the six months ended June 30, 2017, we also completed the sale of the midwater floater GSF Rig 140, along with related assets. In the six months ended June 30, 2017, we received aggregate net cash proceeds of $3 million and recognized an aggregate net gain of $2 million associated with the disposal of this asset. In the three and six months ended June 30, 2017, we received aggregate net cash proceeds of $6 million and $7 million, respectively, and recognized an aggregate net gain of $1 million associated with the disposal of assets unrelated to rig sales.

Assets held for sale—At June 30, 2018, the aggregate carrying amount of our assets held for sale, including the ultra‑deepwater floaters Deepwater Discovery, Deepwater Frontier and Deepwater Millennium, the deepwater floater Transocean Marianas and the midwater floater Songa Trym, along with related assets, was $32 million, recorded in other current assets. At December 31, 2017, the aggregate carrying amount of our assets held for sale, including the ultra‑deepwater floaters Cajun Express, Deepwater Pathfinder, Sedco Energy and Sedco Express and the deepwater floater Transocean Marianas, along with related assets, was $22 million, recorded in other current assets.

Goodwill	6 Months Ended
Goodwill	Jun. 30, 2018
Goodwill
Goodwill	Note 7—Goodwill Impairment—We conduct impairment testing of goodwill annually and when events occur or circumstances change that would more likely than not reduce the fair value of our reporting unit below its carrying amount. During the three months ended June 30, 2018, we classified as held for sale and impaired three ultra‑deepwater floaters (see Note 6—Drilling Fleet). We identified the impairment of these assets included in our single contract drilling services reporting unit as a trigger to test the recoverability of goodwill. As a result, we performed an interim goodwill impairment test as of June 30, 2018, and we determined that the goodwill associated with our contract drilling services reporting unit was fully impaired. In the three and six months ended June 30, 2018, we recognized a loss of $463 million ($1.00 and $1.03 per diluted share, respectively), which had no tax effect, associated with the impairment of our goodwill. We estimated the fair value of the contract drilling services reporting unit using the income approach. Our estimate of fair value required us to use significant unobservable inputs, representative of a Level 3 fair value measurement, including assumptions related to the future performance of the reporting unit, such as future commodity prices, projected demand for our services, rig availability and dayrates.

Debt

6 Months Ended

Jun. 30, 2018

Debt

Debt

Note 8—Debt

Overview

Outstanding debt—The aggregate principal amounts and aggregate carrying amounts, net of debt‑related balances, including unamortized discounts, premiums, issue costs and fair value adjustments of our debt, were as follows (in millions):


	Principal amount				Carrying amount
	June 30,		December 31,		June 30,		December 31,
	2018		2017		2018		2017
Eksportfinans Loan due January 2018	$	—	$	26	$	—	$	26
6.50% Senior Notes due November 2020		286		286		288		288
6.375% Senior Notes due December 2021		328		328		327		327
5.52% Senior Secured Notes due May 2022		323		362		319		356
3.80% Senior Notes due October 2022		422		506		419		502
0.50% Exchangeable Bonds due January 2023		863		—		862		—
9.00% Senior Notes due July 2023		1,250		1,250		1,218		1,216
7.75% Senior Secured Notes due October 2024		510		540		498		526
6.25% Senior Secured Notes due December 2024		531		562		519		549
Senior Secured Term Loans due August 2025		560		—		561		—
7.50% Junior Secured Bonds due August 2025		171		—		171		—
7.50% Senior Notes due January 2026		750		750		742		742
Senior Secured Term Loans due March 2026		855		—		857		—
7.45% Notes due April 2027		88		88		86		86
8.00% Debentures due April 2027		57		57		57		57
7.00% Notes due June 2028		300		300		307		307
Capital lease contract due August 2029		526		541		526		541
7.50% Notes due April 2031		588		588		585		585
6.80% Senior Notes due March 2038		1,000		1,000		991		991
7.35% Senior Notes due December 2041		300		300		297		297
Total debt		9,708		7,484		9,630		7,396
Less debt due within one year
Eksportfinans Loan due January 2018		—		26		—		26
5.52% Senior Secured Notes due May 2022		81		79		79		77
7.75% Senior Secured Notes due October 2024		60		60		57		57
6.25% Senior Secured Notes due December 2024		62		62		60		60
Senior Secured Term Loans due August 2025		560		—		561		—
7.50% Junior Secured Bonds due August 2025		171		—		171		—
Senior Secured Term Loans due March 2026		855		—		857		—
Capital lease contract due August 2029		31		30		31		30
Total debt due within one year		1,820		257		1,816		250
Total long-term debt	$	7,888	$	7,227	$	7,814	$	7,146

Scheduled maturities—At June 30, 2018, the scheduled maturities of our debt were as follows (in millions):


	Total
Twelve months ending June 30,
2019	$	1,820
2020		242
2021		534
2022		556
2023		1,449
Thereafter		5,107
Total principal amount of debt		9,708
Total debt-related balances, net		(78)
Total carrying amount of debt	$	9,630

Interest rate adjustments—The interest rates for certain of our notes are subject to adjustment from time to time upon a change to the credit rating of our non‑credit enhanced senior unsecured long‑term debt (“Debt Rating”). As of June 30, 2018, the interest rate in effect for the 6.375% senior notes due December 2021, 3.80% senior notes due October 2022 and the 7.35% senior notes due December 2041 was 8.375 percent, 5.80 percent and 9.35 percent, respectively.

New Credit Facility—In June 2018, we entered into a bank credit agreement, which established a $1.0 billion secured revolving credit facility (the “New Credit Facility”), which is scheduled to expire on the earlier of (i) June 22, 2023 and (ii) if the 9.00% Senior Notes due July 2023, or any refinancing or replacement thereof with a stated maturity that is earlier than 91 days after the five‑year anniversary of the closing of the New Credit Facility, remain outstanding in an aggregate principal amount in excess of $300 million, the earliest stated maturity of such senior notes, or such refinancing or replacement. The New Credit Facility is guaranteed by Transocean Ltd. and certain subsidiaries. The New Credit Facility is initially secured by, among other things, a lien on the ultra‑deepwater floaters Deepwater Asgard, Deepwater Invictus, Discoverer Inspiration, Transocean Barents and Transocean Spitsbergen. The New Credit Facility contains covenants that, among other things, include maintenance of certain guarantee and collateral coverage ratios, a maximum debt to capitalization ratio of 0.60 to 1.00 and minimum liquidity of $500 million. The New Credit Facility also restricts the ability of Transocean Ltd. and certain of our subsidiaries to merge, consolidate or otherwise make changes to the corporate structure, incur liens, incur additional indebtedness, enter into transactions with affiliates, pay dividends and other distributions.

We may borrow under the New Credit Facility at either (1) the adjusted London Interbank Offered Rate (“LIBOR”) plus a margin (the “New Credit Facility Margin”), which ranges from 2.625 percent to 3.25 percent based on the Debt Rating, or (2) the base rate specified in the credit agreement plus the New Credit Facility Margin, plus one percent per annum. Throughout the term of the New Credit Facility, we pay a facility fee on the daily unused amount of the underlying commitment which ranges from 0.375 percent to 1.00 percent based on our Debt Rating. At June 30, 2018, based on our Debt Rating on that date, the New Credit Facility Margin was 3.25 percent and the facility fee was 0.75 percent. At June 30, 2018, we had no borrowings outstanding, $12 million of letters of credit issued, and we had $1.0 billion of available borrowing capacity under the New Credit Facility. See Note 13—Commitments and Contingencies—Global Marine litigation.

Former Credit Facility—In June 2014, we entered into an amended and restated bank credit agreement, which established a $3.0 billion unsecured five‑year revolving credit facility, which was scheduled to expire on June 28, 2019 (the “Former Credit Facility”). In June 2018, we terminated the Former Credit Facility and recognized a loss of $1 million associated with the termination.

Debt issuances

Senior secured notes—On June 27, 2018, we entered into an agreement to issue $750 million aggregate principal amount of 5.875% senior secured notes due January 2024 (the “5.875% Senior Secured Notes”). See Note 16—Subsequent Events.

Exchangeable bonds—In connection with the Songa acquisition transactions, we issued $863 million aggregate principal amount of Exchangeable Bonds, as partial consideration for the Songa shares and as consideration for refinancing certain Songa indebtedness. Transocean Inc., our wholly owned direct subsidiary, is the issuer of the Exchangeable Bonds, for which Transocean Ltd. has provided a full and unconditional guarantee. We are required to pay interest on the Exchangeable Bonds semiannually, beginning on July 30, 2018. The Exchangeable Bonds may be converted at any time prior to the maturity date at an exchange rate of 97.29756 shares per $1,000 note, equivalent to a conversion price of $10.28 per share, subject to adjustment upon the occurrence of certain events. Holders of Exchangeable Bonds may require us to repurchase all or a portion of such holder’s Exchangeable Bonds upon the occurrence of certain events. The Exchangeable Bonds had an aggregate fair value of $1.04 billion, measured as of the issuance date, and we recorded the value above par, representing a substantial premium of $172 million, to additional paid‑in capital. We estimated the fair value using significant other observable inputs, representative of a Level 2 fair value measurement, including the terms and credit spreads for the instruments.

5.52% Senior Secured Notes—On May 5, 2017, we issued $410 million aggregate principal amount of 5.52% senior secured notes due May 2022 (the “5.52% Senior Secured Notes”), and in the six months ended June 30, 2017, we received $403 million aggregate cash proceeds, net of issue costs.

Debt assumption

Senior Secured Term Loans—In connection with the Songa acquisition, we assumed rights and obligations under credit agreements establishing the senior secured term loan facility due August 2025 (the “Senior Secured Term Loans due August 2025”) and the senior secured term loan facility due March 2026 (the “Senior Secured Term Loans due March 2026” and, together with the Senior Secured Term Loans due August 2025, the “Senior Secured Term Loans”). Borrowings under the Senior Secured Term Loans due August 2025 and the Senior Secured Term Loans due March 2026 bear interest at LIBOR plus 3.00 percent and LIBOR plus 2.50 percent, respectively. The Senior Secured Term Loans require scheduled quarterly installments of interest and principal. The credit agreements for the Senior Secured Term Loans limit the ability of our subsidiaries that own or operate the collateral rigs to declare or pay dividends to their affiliates, limit our ability to incur certain liens on our drilling units without equally and ratably securing the notes, to engage in certain sale and lease back transactions covering any of our drilling units, to allow our subsidiaries to incur certain additional debt, or to engage in certain merger, consolidation or reorganization transactions or to enter into a scheme of arrangement qualifying as an amalgamation. Additionally, the credit agreements contain covenants that require us to maintain the following: (a) minimum amounts of liquidity, working capital and equity, (b) a maximum leverage ratio and (c) minimum ratios of equity, interest coverage and asset value-to-loan coverage. The borrowings under the Senior Secured Term Loans are secured by the assets and earnings associated with the harsh environment floaters Songa Equinox, Songa Endurance, Songa Encourage and Songa Enabler. At June 30, 2018, the weighted average interest rate for borrowings under the Senior Secured Term Loans due August 2025 and the Senior Secured Term Loans due March 2026 was 5.33 percent and 4.08 percent, respectively.

The credit agreements also contain change of control clauses, for which we received waivers from the lenders, which expire on August 31, 2018. Accordingly, we have classified the borrowings under the Senior Secured Term Loans as debt due within one year. We are evaluating alternatives for refinancing, restructuring or retiring the Senior Secured Term Loans. See Note 16—Subsequent Events.

Junior Secured Bonds—In connection with the Songa acquisition, we assumed the rights and obligations under a subscription agreement establishing a junior secured bond facility, which is scheduled to expire in August 2025 (the “Junior Secured Bonds”). Borrowings under the Junior Secured Bonds bear interest at 7.50 percent. The Junior Secured Bonds require scheduled quarterly installments of interest and principal. The subscription agreement for the Junior Secured Bonds contains covenants consistent with those under the credit agreements for the Senior Secured Term Loans. The borrowings under the Junior Secured Bonds are secured by the assets and earnings associated with the harsh environment floaters Songa Endurance and Songa Equinox and such borrowings are subordinate to the borrowings under the Senior Secured Term Loans.

The subscription agreement also contains change of control clauses, for which we received waivers from the lenders, which expire on August 31, 2018. On February 12, 2018, we served notice of our intent to call the Junior Secured Bonds, effective August 12, 2018. Accordingly, we have classified the borrowings under the Junior Secured Bonds as debt due within one year.

Other debt—In connection with the Songa acquisition, we assumed the indebtedness related to two bond loans (together, the “Bond Loans”), previously publicly traded on the Oslo stock exchange. On the acquisition date, the Bond Loans had an aggregate principal amount of NOK 337 million, equivalent to $44 million. On March 14, 2018, we made a cash payment of NOK 345 million, equivalent to $44 million, to repay the Bond Loans.

We also assumed the rights and obligations under a credit agreement, which was due to expire March 31, 2018, for a secured borrowing facility. On February 2, 2018, we made a cash payment of $23 million to repay the borrowings outstanding under the secured borrowing facility.

Debt retirements

Repurchases and repayments—During the six months ended June 30, 2018 and 2017, we repurchased in the open market debt securities with aggregate principal amounts as follows (in millions):


	Six months ended June 30,
		2018		2017
2.50% Senior Notes due October 2017	$	—	$	62
6.00% Senior Notes due March 2018		—		35
7.375% Senior Notes due April 2018		—		1
6.50% Senior Notes due November 2020		—		9
6.375% Senior Notes due December 2021		—		7
3.80%Senior Notes due October 2022		84		33
Aggregate principal amount retired	$	84	$	147

Aggregate cash payment	$	84	$	147

In the three and six months ended June 30, 2018, we recognized an aggregate net loss of less than $1 million associated with the retirement of repurchased or repaid debt. In the three and six months ended June 30, 2017, we recognized an aggregate net loss of $1 million associated with the retirement of such repurchased debt. See Note 16—Subsequent Events.

Tender offers—In June 2017, we announced cash tender offers (the “2017 Tender Offers”) to purchase up to $1.5 billion aggregate principal amount of certain notes (the “2017 Tendered Notes”). As of June 26, 2017, the early tender date, we received valid tenders from holders of aggregate principal amounts of the 2017 Tendered Notes as follows (in million):


	Six months
	ended
	June 30,
	2017
2.50% Senior Notes due October 2017	$	271
6.00% Senior Notes due March 2018		400
7.375% Senior Notes due April 2018		127
6.50% Senior Notes due November 2020		203
6.375% Senior Notes due December 2021		211
Aggregate principal amount retired	$	1,212

Aggregate cash payment	$	1,261

In the three and six months ended June 30, 2017, we recognized an aggregate net loss of $47 million associated with the retirement of such debt, validly tendered on or before the early tender date, June 26, 2017.

Derivative Instruments

6 Months Ended

Jun. 30, 2018

Derivative Instruments

Derivatives instruments

Note 9—Derivative Instruments

Interest rate swaps—In connection with the Songa acquisition, we acquired interest rate swaps, which were previously designated but no longer qualify as a cash flow hedge, to reduce the variability of cash interest payments associated with the variable rate borrowings under the Senior Secured Term Loans, which are expected to be refinanced, restructured or retired by August 31, 2018. On the acquisition date, the aggregate fair value of the undesignated interest rate swaps represented an asset of $14 million. At June 30, 2018, the aggregate fair value of the undesignated interest rate swaps was $19 million, recorded in other current assets. In the three and six months ended June 30, 2018, we recognized a gain of $2 million and $5 million, respectively, recorded in other, net, associated with fair value adjustments to the undesignated interest rate swaps. At June 30, 2018, the aggregate notional amounts and weighted average interest rates for our undesignated interest rate swaps were as follows (in millions, except weighted average interest rates):

Pay

Receive

Aggregate

Fixed or

Weighted

Aggregate

Fixed or

Weighted

notional

variable

average

notional

variable

average

amount

rate

amount

rate

Undesignated interest rate swaps

743

fixed

1.65

743

variable

2.33

Forward exchange contracts—In connection with the Songa acquisition, we acquired certain undesignated forward exchange contracts, extending through May 2018, which represent an economic hedge to reduce the variability of cash payments of expenditures denominated in Norwegian krone. On the acquisition date, the aggregate fair value of the forward exchange contracts represented an asset of $4 million. During the three months ended June 30, 2018, we settled the remaining forward exchange contracts upon expiration. In the six months ended June 30, 2018, we recognized a loss of $1 million, recorded in other, net, associated with the fair value adjustments resulting from currency exchange rates.

Currency swaps—In connection with the Songa acquisition, we acquired currency swaps, which were previously designated as a cash flow hedge, to reduce the variability of cash interest payments and the final cash principal payment associated with the Bond Loans resulting from the changes in the U.S. dollar to Norwegian krone exchange rate. On the acquisition date, the aggregate fair value of the currency swaps represented a liability of $81 million. In the six months ended June 30, 2018, we settled and terminated the currency swaps for an aggregate cash payment of $92 million, and we recognized a loss of $11 million, recorded in other, net.

Postemployment Benefit Plans

6 Months Ended

Jun. 30, 2018

Postemployment Benefit Plans

Postemployment Benefit Plans

Note 10—Postemployment Benefit Plans

The components of net periodic benefit costs, before tax, and funding contributions for our postemployment benefit plans were as follows (in millions):


	Three months ended June 30, 2018								Three months ended June 30, 2017
	U.S.		Non-U.S.		OPEB				U.S.		Non-U.S.		OPEB
	Plans		Plans		Plans		Total		Plans		Plans		Plans		Total
Net periodic benefit costs
Service cost	$	—	$	1	$	—	$	1	$	1	$	—	$	—	$	1
Interest cost		15		3		—		18		17		2		—		19
Expected return on plan assets		(18)		(4)		—		(22)		(19)		(5)		—		(24)
Special termination benefits		—		—		2		2		—		—		—		—
Settlements and curtailments		—		—		(4)		(4)		—		5		—		5
Actuarial loss, net		2		—		—		2		2		—		—		2
Prior service cost, net		—		—		—		—		—		—		—		—
Net periodic benefit costs	$	(1)	$	—	$	(2)	$	(3)	$	1	$	2	$	—	$	3

Funding contributions	$	—	$	2	$	—	$	2	$	—	$	1	$	—	$	1


	Six months ended June 30, 2018								Six months ended June 30, 2017
	U.S.		Non-U.S.		OPEB				U.S.		Non-U.S.		OPEB
	Plans		Plans		Plans		Total		Plans		Plans		Plans		Total
Net periodic benefit costs
Service cost	$	—	$	3	$	—	$	3	$	2	$	1	$	—	$	3
Interest cost		30		6		—		36		33		5		—		38
Expected return on plan assets		(36)		(10)		—		(46)		(37)		(10)		—		(47)
Special termination benefits		—		—		2		2		—		—		—		—
Settlements and curtailments		—		—		(4)		(4)		—		5		—		5
Actuarial loss, net		4		1		—		5		3		—		—		3
Prior service cost, net		—		—		(1)		(1)		—		—		(1)		(1)
Net periodic benefit costs	$	(2)	$	—	$	(3)	$	(5)	$	1	$	1	$	(1)	$	1

Funding contributions	$	—	$	11	$	1	$	12	$	1	$	7	$	1	$	9

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2018
Income Taxes
Income Taxes	Note 11—Income Taxes Tax provision and rate—Transocean Ltd., a holding company and Swiss resident, is exempt from cantonal and communal income tax in Switzerland, but is subject to Swiss federal income tax. Our provision for income taxes is based on the tax laws and rates applicable in the jurisdictions in which we operate and earn income. In the six months ended June 30, 2018 and 2017, our estimated effective tax rate, excluding discrete items, was (32.5) percent and 78.0 percent, respectively, based on estimated annual income or loss before income taxes. In the six months ended June 30, 2018, compared to the six months ended June 30, 2017, our effective tax rate decreased primarily due to changes in the relative blend of income from operations in certain jurisdictions partially offset by the U.S. base erosion and anti‑abuse tax. We consider the tax effect, if any, of the excluded items, as well as settlements of prior year tax estimates to be discrete period tax expenses or benefits. In the six months ended June 30, 2018 and 2017, the effect of the various discrete period tax items was a net tax expense of $90 million and a net tax benefit of $147 million, respectively. In the six months ended June 30, 2018, such discrete items were primarily related to the U. S. transition tax on non‑U.S. earnings. In the six months ended June 30, 2017, such discrete items were primarily related to the tax benefit of changes in unrecognized tax benefits associated with tax positions taken in prior years, valuation allowances on deferred tax assets for foreign tax credits not expected to be realized, release of a valuation allowance on deferred tax assets for foreign tax credits expected to be realized and deductions related to resolution of certain litigation matters related to the Macondo well incident. For the six months ended June 30, 2018 and 2017, these discrete tax items, coupled with the excluded income and expense items noted above, resulted in an effective tax rate of (12.3) percent and 4.7 percent, respectively, based on income or loss before income tax expense. U.S. tax reform—In December 2017, the U.S. enacted the 2017 Tax Act, which included prospective changes beginning in 2018, including a base erosion and anti‑abuse tax (“BEAT”), a global intangible low‑taxed income (“GILTI”) tax, additional limitations on the deductibility of executive compensation, limitations on the deductibility of interest and repeal of the domestic manufacturing deduction. Effective January 1, 2018, we elected to treat any potential GILTI inclusions as a period cost. We have evaluated our bareboat charter structure and have concluded that the current structure of our U.S. operations is subject to BEAT. We have reflected the estimated impact of this tax in our provision for the six months ended June 30, 2018. A significant portion of our BEAT liability is contractually protected due to a change in law provision in certain drilling contracts. Transition tax on non‑U.S. earnings—The 2017 Tax Act imposes a one‑time transition tax on certain unremitted earnings and profits of our non‑U.S. subsidiaries. At December 31, 2017, we did not have the necessary information available, prepared and analyzed to develop a reasonable estimate of the transition tax. In the three months ended June 30, 2018, we recorded a liability of $108 million, recorded in other long‑term liabilities, for estimated transition taxes and a tax benefit of $17 million, recorded in other assets, for the estimated effect on the utilization of foreign tax credits. Due to the number of years and complexity of determining amounts and composition of earnings and profits held in cash and other assets by the non‑U.S. subsidiaries of our U.S. subsidiaries, the determination of the transition tax requires further analysis. The ultimate effect of our analysis may result in changes to our current estimate. We have not yet made any changes to our assertion that the unremitted earnings of our non‑U.S. subsidiaries will be indefinitely reinvested. We will complete our evaluation within the measurement period provided by Staff Accounting Bulletin No. 118. Tax returns—We file federal and local tax returns in several jurisdictions throughout the world. With few exceptions, we are no longer subject to examinations of our U.S. and non‑U.S. tax matters for years prior to 2010. Our tax returns in the major jurisdictions in which we operate, other than Brazil, as mentioned below, are generally subject to examination for periods ranging from three to six years. We have agreed to extensions beyond the statute of limitations in two major jurisdictions for up to 20 years. Tax authorities in certain jurisdictions are examining our tax returns and in some cases have issued assessments. We are defending our tax positions in those jurisdictions. While we cannot predict or provide assurance as to the timing or the outcome of these proceedings, we do not expect the ultimate liability to have a material adverse effect on our condensed consolidated statement of financial position or results of operations, although it may have a material adverse effect on our condensed consolidated statement of cash flows. Brazil tax investigations—In December 2005, the Brazilian tax authorities began issuing tax assessments for an aggregate amount of BRL 862 million, equivalent to $222 million, including penalties and interest, with respect to our tax returns for the years 2000 through 2004. In January 2008, we filed a protest letter with the Brazilian tax authorities for this tax assessment, and we are currently engaged in the appeals process. In May 2014, the Brazilian tax authorities issued an additional tax assessment for an aggregate amount of BRL 146 million, equivalent to approximately $38 million, including penalties and interest, with respect to our Brazilian income tax returns for the years 2009 and 2010. In June 2014, we filed protests with the Brazilian tax authorities for these tax assessments. We believe our returns are materially correct as filed, and we are vigorously contesting these assessments. An unfavorable outcome on these proposed assessments could result in a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Other tax matters—We conduct operations through our various subsidiaries in a number of countries throughout the world. Each country has its own tax regimes with varying nominal rates, deductions, employee contribution requirements and tax attributes. From time to time, we may identify changes to previously evaluated tax positions that could result in adjustments to our recorded assets and liabilities. Although we are unable to predict the outcome of these changes, we do not expect the effect, if any, resulting from these adjustments to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows.

Loss Per Share

6 Months Ended

Jun. 30, 2018

Loss Per Share

Loss Per Share

Note 12—Loss Per Share

The numerator and denominator used for the computation of basic and diluted per share loss were as follows (in millions, except per share data):


	Three months ended June 30,								Six months ended June 30,
	2018				2017				2018				2017
	Basic		Diluted		Basic		Diluted		Basic		Diluted		Basic		Diluted
Numerator for loss per share
Net loss attributable to controlling interest	$	(1,135)	$	(1,135)	$	(1,690)	$	(1,690)	$	(1,345)	$	(1,345)	$	(1,599)	$	(1,599)
Undistributed earnings allocable to participating securities		—		—		—		—		—		—		—		—
Net loss available to shareholders	$	(1,135)	$	(1,135)	$	(1,690)	$	(1,690)	$	(1,345)	$	(1,345)	$	(1,599)	$	(1,599)

Denominator for loss per share
Weighted-average shares outstanding		462		462		391		391		450		450		391		391
Effect of stock options and other share-based awards		—		—		—		—		—		—		—		—
Weighted-average shares for per share calculation		462		462		391		391		450		450		391		391

Per share loss	$	(2.46)	$	(2.46)	$	(4.32)	$	(4.32)	$	(2.99)	$	(2.99)	$	(4.09)	$	(4.09)

In the three and six months ended June 30, 2018, we excluded from the calculation 11.4 million and 11.2 million share‑based awards, respectively, since the effect would have been anti‑dilutive. In the three and six months ended June 30, 2017, we excluded from the calculation 5.7 million and 3.7 million share‑based awards, respectively, since the effect would have been anti‑dilutive. In the three and six months ended June 30, 2018, we excluded from the calculation 84.0 million and 70.2 million shares issuable upon conversion of the Exchangeable Bonds, respectively, since the effect would have been anti‑dilutive.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2018
Commitments and Contingencies
Commitments and Contingencies	Note 13—Commitments and Contingencies Macondo well incident commitments and contingencies Overview—On April 22, 2010, the ultra‑deepwater floater Deepwater Horizon sank after a blowout of the Macondo well caused a fire and explosion on the rig off the coast of Louisiana. At the time of the explosion, Deepwater Horizon was contracted to an affiliate of BP plc (together with its affiliates, “BP”). Following the incident, we have been subject to civil and criminal claims, as well as causes of action, fines and penalties by local, state and federal governments. Litigation commenced shortly after the incident, and most claims against us were consolidated by the U.S. Judicial Panel on Multidistrict Litigation and transferred to the U.S. District Court for the Eastern District of Louisiana (the “MDL Court”). A significant portion of the contingencies arising from the Macondo well incident has now been resolved or is pending release of funds from escrow (see “—PSC Settlement Agreement”). As for any actions not resolved by our previous settlements, including any claims by individuals who opted out of the settlement agreement that we and the Plaintiff Steering Committee (the “PSC”) filed with the MDL Court in May 2015 (the “PSC Settlement Agreement”), we will vigorously defend those claims and pursue any and all defenses available. We have recognized a liability for the remaining estimated loss contingencies associated with litigation resulting from the Macondo well incident that we believe are probable and for which a reasonable estimate can be made. At June 30, 2018 and December 31, 2017, the liability for estimated loss contingencies that we believe are probable and for which a reasonable estimate can be made was $217 million and $219 million, respectively, recorded in other current liabilities, the majority of which is related to our settlement with the PSC. Plea Agreement—Pursuant to the plea agreement (the “Plea Agreement”), one of our subsidiaries pled guilty to one misdemeanor count of negligently discharging oil into the U.S. Gulf of Mexico, in violation of the Clean Water Act, for which our subsidiary is no longer subject to probation. We also agreed to make an aggregate cash payment of $400 million, including a criminal fine and certain cash contributions payable in scheduled installments. In the six months ended June 30, 2017, we made a cash payment of $60 million, representing the final installment for our obligations under the Plea Agreement. PSC Settlement Agreement—On May 29, 2015, together with the PSC, we filed the PSC Settlement Agreement with the MDL Court for approval. Through the PSC Settlement Agreement, we agreed to pay a total of $212 million, plus up to $25 million for partial reimbursement of attorneys’ fees, to be allocated between two classes of plaintiffs as follows: (1) 72.8 percent to private plaintiffs, businesses, and local governments who could have asserted punitive damages claims against us under general maritime law ; and (2) 27.2 percent to private plaintiffs who previously settled economic damages claims against BP and were assigned certain claims BP had made against us. In exchange for these payments, each of the classes agreed to release all respective claims it has against us. Thirty claimants elected to opt out of the PSC Settlement Agreement. In June 2016 and August 2015, we made a cash deposit of $25 million and $212 million, respectively, into escrow accounts established by the MDL Court for the settlement. On February 15, 2017, the MDL Court entered a final order and judgement approving the PSC Settlement Agreement, which is no longer subject to appeal. In November 2017, the MDL Court released $25 million from the escrow accounts for payment of attorneys’ fees. At June 30, 2018 and December 31, 2017, the aggregate cash balance in escrow accounts was $213 million and $212 million, respectively, recorded in restricted cash accounts and investments. Other legal proceedings Asbestos litigation—In 2004, several of our subsidiaries were named, along with numerous other unaffiliated defendants in complaints filed in the Circuit Courts of the State of Mississippi, and in 2014, a group of similar complaints were filed in Louisiana. The plaintiffs, former employees of some of the defendants, generally allege that the defendants used or manufactured asbestos containing drilling mud additives for use in connection with drilling operations, claiming negligence, products liability, strict liability and claims allowed under the Jones Act and general maritime law. The plaintiffs generally seek awards of unspecified compensatory and punitive damages, but the court‑appointed special master has ruled that a Jones Act employer defendant, such as us, cannot be sued for punitive damages. At June 30, 2018, nine plaintiffs have claims pending in Louisiana, in which we have or may have an interest. We intend to defend these lawsuits vigorously, although we can provide no assurance as to the outcome. We historically have maintained broad liability insurance, although we are not certain whether insurance will cover the liabilities, if any, arising out of these claims. Based on our evaluation of the exposure to date, we do not expect the liability, if any, resulting from these claims to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. One of our subsidiaries has been named as a defendant, along with numerous other companies, in lawsuits arising out of the subsidiary’s manufacture and sale of heat exchangers, and involvement in the construction and refurbishment of major industrial complexes alleging bodily injury or personal injury as a result of exposure to asbestos. As of June 30, 2018, the subsidiary was a defendant in approximately 125 lawsuits with a corresponding number of plaintiffs. For many of these lawsuits, we have not been provided with sufficient information from the plaintiffs to determine whether all or some of the plaintiffs have claims against the subsidiary, the basis of any such claims, or the nature of their alleged injuries. The operating assets of the subsidiary were sold and its operations were discontinued in 1989, and the subsidiary has no remaining assets other than insurance policies, rights and proceeds, including (i) certain policies subject to litigation and (ii) certain rights and proceeds held directly or indirectly through a qualified settlement fund. The subsidiary has in excess of $1.0 billion in insurance limits potentially available to the subsidiary. Although not all of the policies may be fully available due to the insolvency of certain insurers, we believe that the subsidiary will have sufficient funding directly or indirectly, including from settlements and payments from insurers, assigned rights from insurers and coverage‑in‑place settlement agreements with insurers to respond to these claims. While we cannot predict or provide assurance as to the outcome of these matters, we do not expect the ultimate liability, if any, resulting from these claims to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Rio de Janeiro tax assessment—In the year ended December 31, 2006, the state tax authorities of Rio de Janeiro in Brazil issued to one of our subsidiaries tax assessments on equipment imported into the state in connection with our operations, resulting from a preliminary finding by these authorities that our record keeping practices were deficient. In September 2006, we filed an initial response refuting these tax assessments, and, in September 2007, the state tax authorities confirmed that they believed the tax assessments were valid. On September 27, 2007, we filed an appeal with the state Taxpayer’s Council contesting the assessments. In November 2017, the Third Chamber of the Taxpayer’s Council for administrative proceedings ruled in our favor with regard to one of the tax assessments. In June 2018, the state tax authorities appealed against only a portion of this case, thus rendering greater than BRL 500 million, equivalent to approximately $130 million, of the tax assessments closed in our favor. At June 30, 2018, the Taxpayer’s Council has yet to rule on the aggregate remaining tax assessment of BRL 41 million, equivalent to approximately $11 million. While we cannot predict or provide assurance as to the final outcome of these proceedings, we do not expect it to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Nigerian Cabotage Act litigation—In October 2007, three of our subsidiaries were each served a Notice and Demand from the Nigeria Maritime Administration and Safety Agency, imposing a two percent surcharge on the value of all contracts performed by us in Nigeria pursuant to the Coastal and Inland Shipping (Cabotage) Act 2003 (the “Cabotage Act”). Our subsidiaries each filed an originating summons in the Federal High Court in Lagos challenging the imposition of this surcharge on the basis that the Cabotage Act and associated levy is not applicable to drilling rigs. The respondents challenged the competence of the suits on several procedural grounds. The court upheld the objections and dismissed the suits. In December 2010, our subsidiaries filed a new joint Cabotage Act suit. While we cannot predict or provide assurance as to the outcome of these proceedings, we do not expect the proceedings to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Global Marine litigation—On November 28, 2017, Wilmington Trust Company, in its capacity as trustee, filed a lawsuit in the Supreme Court of the State of New York, County of New York, against Global Marine Inc. (“Global Marine”), one of our wholly owned, indirect subsidiaries, seeking a declaratory judgment that Global Marine is in default under the indenture governing its $300 million of outstanding 7.00% Notes due June 2028. We disagree with the assertions in the lawsuit and believe that Global Marine is in compliance with the indenture and has meritorious defenses against these allegations, although it can make no assurance regarding the outcome of the lawsuit, including the actual amount that would be due in the event that the lawsuit is successful. The notes are neither guaranteed by, nor recourse to, Transocean Ltd. or our other subsidiaries. The claimants seek payment prior to the scheduled maturity of the principal amount of notes outstanding and accrued but unpaid interest as well as make‑whole amounts under the indenture. In addition, the acceleration of the amounts due under the indenture could, absent a waiver from the requisite lenders, result in an event of default under our currently undrawn New Credit Facility. We intend to vigorously defend the lawsuit. While we cannot predict or provide assurance as to the outcome of these proceedings, we do not expect the proceedings to have a material adverse effect on our consolidated statement of financial position, results of operations or cash flows. Other matters—We are involved in various tax matters, various regulatory matters, and a number of claims and lawsuits, asserted and unasserted, all of which have arisen in the ordinary course of our business. We do not expect the liability, if any, resulting from these other matters to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. We cannot predict with certainty the outcome or effect of any of the litigation matters specifically described above or of any such other pending, threatened, or possible litigation or liability. We can provide no assurance that our beliefs or expectations as to the outcome or effect of any tax, regulatory, lawsuit or other litigation matter will prove correct and the eventual outcome of these matters could materially differ from management’s current estimates. Other environmental matters Hazardous waste disposal sites—We have certain potential liabilities under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and similar state acts regulating cleanup of various hazardous waste disposal sites, including those described below. CERCLA is intended to expedite the remediation of hazardous substances without regard to fault. Potentially responsible parties (“PRPs”) for each site include present and former owners and operators of, transporters to and generators of the substances at the site. Liability is strict and can be joint and several. We have been named as a PRP in connection with a site located in Santa Fe Springs, California, known as the Waste Disposal, Inc. site. We and other PRPs have agreed with the Environmental Protection Agency (the “EPA”) and the Department of Justice to settle our potential liabilities for this site by agreeing to perform the remaining remediation required by the EPA. The parties to the settlement have entered into a participation agreement, which makes us liable for approximately eight percent of the remediation and related costs. The remediation is complete, and we believe our share of the future operation and maintenance costs of the site is not material. There are additional potential liabilities related to the site, but these cannot be quantified, and we have no reason at this time to believe that they will be material. One of our subsidiaries has been ordered by the California Regional Water Quality Control Board (“CRWQCB”) to develop a testing plan for a site known as Campus 1000 Fremont in Alhambra, California, which is now a part of the San Gabriel Valley, Area 3, Superfund site. We were also advised that one or more of our subsidiaries that formerly owned and operated the site would likely be named by the EPA as PRPs. The current property owner, an unrelated party, performed the required testing and detected no contaminants. In discussions with CRWQCB staff, we were advised of their intent to issue us a “no further action” letter, but it has not yet been received. Based on the test results, we would contest any potential liability. We have no knowledge at this time of the potential cost of any remediation, who else will be named as PRPs, and whether in fact any of our subsidiaries is a responsible party. The subsidiaries in question do not own any operating assets and have limited ability to respond to any liabilities. Resolutions of other claims by the EPA, the involved state agency or PRPs are at various stages of investigation. These investigations involve determinations of (a) the actual responsibility attributed to us and the other PRPs at the site, (b) appropriate investigatory or remedial actions and (c) allocation of the costs of such activities among the PRPs and other site users. Our ultimate financial responsibility in connection with those sites may depend on many factors, including (i) the volume and nature of material, if any, contributed to the site for which we are responsible, (ii) the number of other PRPs and their financial viability and (iii) the remediation methods and technology to be used. It is difficult to quantify with certainty the potential cost of these environmental matters, particularly in respect of remediation obligations. Nevertheless, based upon the information currently available, we believe that our ultimate liability arising from all environmental matters, including the liability for all other related pending legal proceedings, asserted legal claims and known potential legal claims that are likely to be asserted, is adequately accrued and should not have a material effect on our condensed consolidated statement of financial position, results of operations or cash flows.

Equity	6 Months Ended
Equity	Jun. 30, 2018
Equity
Equity	Note 14—Equity Redeemable noncontrolling interest—Until June 11, 2018, we owned a 65 percent interest in Angola Deepwater Drilling Company Ltd. (“ADDCL”), a Cayman Islands company and variable interest entity for which we concluded that we were the primary beneficiary. Angco Cayman Limited (“Angco Cayman”) owned the remaining a 35 percent interest in ADDCL. Under the terms of ADDCL’s governing documents, Angco Cayman had the right to require us to purchase its interest in ADDCL for cash, and accordingly, we presented the carrying amount of Angco Cayman’s ownership interest as redeemable noncontrolling interest on our consolidated balance sheets. We also had the right under ADDCL’s governing documents to require Angco Cayman to sell us its interest, and we exercised that right. On June 11, 2018, with no cash payment, we acquired the interests in ADDCL not previously owned by us, and ADDCL became our wholly owned subsidiary. In connection with the acquisition, we reclassified the $53 million aggregate carrying amount of the redeemable noncontrolling interest to additional paid‑in capital. At December 31, 2017, the carrying amount of the assets and liabilities of ADDCL, after eliminating the effect of intercompany transactions, was $716 million and $7 million, respectively. Extraordinary general meeting—On January 16, 2018, in connection with the Songa acquisition, shareholders at our extraordinary general meeting approved: (1) the issuance of up to 68.6 million Transocean Ltd. shares, (2) an amendment of our articles of association to create additional authorized share capital, (3) the election of a new director to our board of directors and (4) the issuance of consideration shares from our authorized share capital and shares issuable upon exchange of the Exchangeable Bonds.

Financial Instruments

6 Months Ended

Jun. 30, 2018

Financial Instruments

Financial Instruments

Note 15—Financial Instruments

Overview—The carrying amounts and fair values of our financial instruments were as follows (in millions):


	June 30, 2018				December 31, 2017
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
Cash and cash equivalents	$	2,506	$	2,506	$	2,519	$	2,519
Short-term investments		—		—		450		450
Restricted cash and cash equivalents		501		501		456		456
Restricted investments		7		7		33		33
Long-term debt, including current maturities		9,630		10,087		7,396		7,538
Derivative instruments, assets		19		19		—		—

We estimated the fair value of each class of financial instruments, for which estimating fair value is practicable, by applying the following methods and assumptions:

Cash and cash equivalents—The carrying amount of our cash and cash equivalents represents the historical cost, plus accrued interest. Our cash equivalents are primarily invested in short‑term time deposits and money market funds. The carrying amount of our cash and cash equivalents approximates fair value because of the short maturities of the instruments. At June 30, 2018 and December 31, 2017, the aggregate carrying amount of our cash equivalents was $1.9 billion and $2.1 billion, respectively.

Short‑term investments—The carrying amount of our unrestricted short‑term investments represents the historical cost of the time deposits in which they are invested. The carrying amount of such short‑term investments approximates fair value because of the near‑term maturities of the instruments.

Restricted cash and cash equivalents—The carrying amount of our restricted cash and cash equivalents, which are subject to restrictions due to collateral requirements, legislation, regulation or court order, approximates fair value due to the near‑term maturities of the instruments in which the restricted balances are held. At June 30, 2018, the aggregate carrying amount of such restricted cash and cash equivalents was $501 million, including $490 million and $11 million recorded in current assets and other assets, respectively. At December 31, 2017, the aggregate carrying amount of such restricted cash and cash equivalents was $456 million, including $440 million and $16 million recorded in current assets and other assets, respectively.

Restricted investments—The carrying amount of our restricted investments, which are pledged for security of certain other credit arrangements, represents the amortized historical cost of the investment. The carrying amount of such restricted investments approximates fair value because of the near‑term maturities of the instruments. At June 30, 2018, the aggregate carrying amount of the restricted cash investments was $7 million, recorded in other assets. At December 31, 2017, the aggregate carrying amount of the restricted cash investments was $33 million, including $26 million and $7 million, recorded in current assets and other assets, respectively.

Debt—The carrying amount of our debt represents the principal amount, net of unamortized discounts, premiums, debt issue costs and fair value adjustments. We measured the estimated fair value of our debt using significant other observable inputs, representative of a Level 2 fair value measurement, including the terms and credit spreads for the instruments.

Derivative instruments—The carrying amount of our derivative instruments represents the estimated fair value of such instruments. We measured the estimated fair value of our derivative instruments using significant other observable inputs, representative of a Level 2 fair value measurement, including the terms and credit spreads for the instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2018
Subsequent Events
Subsequent Events	Note 16—Subsequent Events Senior secured notes issuances—On July 13, 2018, we issued $750 million aggregate principal amount of the 5.875% Senior Secured Notes due January 2024 and received approximately $733 million aggregate cash proceeds, net of discount and issue costs. In connection with the issuance of such notes, we were required to deposit $63 million in restricted cash accounts to satisfy debt service and working capital requirements. We are required to pay semiannual installments of principal and interest on the 5.875% Senior Secured Notes, beginning January 15, 2019. We may redeem all or a portion of the 5.875% Senior Secured Notes at a price equal to 100 percent of the aggregate principal amount plus a make‑whole provision. We will be required to redeem the notes at a price equal to 100 percent of the aggregate principal amount without a make‑whole provision, upon the occurrence of certain events related to the collateral rigs and the related drilling contracts. The indenture that governs the 5.875% Senior Secured Notes contains covenants that limit the ability of our subsidiaries that own or operate the collateral rigs to declare or pay dividends to their affiliates. The indenture also imposes a maximum collateral rig leverage ratio (“Maximum Collateral Ratio”), represented by the combined net earnings of the rigs relative to the debt balance, that changes over the term of the notes. Through March 31, 2019, the Maximum Collateral Ratio under the indenture is 6.00 to 1.00. The 5.875% Senior Secured Notes are secured by the assets and earnings associated with the harsh environment floaters Songa Enabler and Songa Encourage and the equity of the wholly owned subsidiaries that own or operate the collateral rigs. On July 20, 2018, we issued $600 million aggregate principal amount of 6.125% senior secured notes due August 2025 (the “6.125% Senior Secured Notes”), and we received approximately $586 million aggregate cash proceeds, net of discount and issue costs. In connection with the issuance of such notes, we were required to deposit $51 million in restricted cash accounts to satisfy debt service and working capital requirements. We are required to pay semiannual installments of principal and interest on the 6.125% Senior Secured Notes, beginning February 1, 2019. We may redeem all or a portion of the 6.125% Senior Secured Notes at a price equal to 100 percent of the aggregate principal amount plus a make‑whole provision. We will be required to redeem the notes at a price equal to 100 percent of the aggregate principal amount, without a make‑whole provision, upon the occurrence of certain events related to the collateral rig and the related drilling contract. The indenture that governs the 6.125% Senior Secured Notes contains covenants that limit the ability of our subsidiaries that own or operate the collateral rig to declare or pay dividends to their affiliates. The indenture also imposes a Maximum Collateral Ratio, represented by the net earnings of the rig relative to the debt balance, that changes over the term of the notes. Through March 31, 2020, the Maximum Collateral Ratio under the indenture is 5.75 to 1.00. The 6.125% Senior Secured Notes are secured by the assets and earnings associated with the ultra‑deepwater floater Deepwater Pontus and the equity of the wholly owned subsidiaries that own or operate the collateral rig. Senior secured term loan retirement—Subsequent to June 30, 2018, using proceeds from the 5.875% Senior Secured Notes, we made an aggregate cash payment of $855 million to repay the borrowings under the Senior Secured Term Loans due March 2026.

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2018
Significant Accounting Policies
Presentation	Presentation—We have prepared our accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S.”) for interim financial information and with the instructions to Form 10‑Q and Article 10 of Regulation S‑X of the U.S. Securities and Exchange Commission (“SEC”). Pursuant to such rules and regulations, these financial statements do not include all disclosures required by accounting principles generally accepted in the U.S. for complete financial statements. The condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary for a fair presentation of financial position, results of operations and cash flows for the interim periods. Such adjustments are considered to be of a normal recurring nature unless otherwise noted. Operating results for the three and six months ended June 30, 2018, are not necessarily indicative of the results that may be expected for the year ending December 31, 2018, or for any future period. The accompanying condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto as of December 31, 2017 and 2016, and for each of the three years in the period ended December 31, 2017, included in our annual report on Form 10‑K filed on February 21, 2018.
Accounting estimates	Accounting estimates—To prepare financial statements in accordance with accounting principles generally accepted in the U.S., we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and assumptions, including those related to our allowance for doubtful accounts, materials and supplies obsolescence, property and equipment, assets held for sale, goodwill, income taxes, contingencies, share‑based compensation and postemployment benefit plans. We base our estimates and assumptions on historical experience and on various other factors we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from such estimates.
Fair value measurements	Fair value measurements—We estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. Our valuation techniques require inputs that we categorize using a three‑level hierarchy, from highest to lowest level of observable inputs, as follows: (1) significant observable inputs, including unadjusted quoted prices for identical assets or liabilities in active markets (“Level 1”), (2) significant other observable inputs, including direct or indirect market data for similar assets or liabilities in active markets or identical assets or liabilities in less active markets (“Level 2”) and (3) significant unobservable inputs, including those that require considerable judgment for which there is little or no market data (“Level 3”). When multiple input levels are required for a valuation, we categorize the entire fair value measurement according to the lowest level of input that is significant to the measurement even though we may have also utilized significant inputs that are more readily observable.
Business combination	Business combination—In connection with the Songa acquisition, we applied the acquisition method of accounting. Accordingly, we recorded the acquired assets and assumed liabilities at fair value and recognized goodwill to the extent the consideration transferred exceeded the fair value of the net assets acquired. We estimated the fair values of the acquired assets and assumed liabilities as of the date of the acquisition, and our estimates are subject to adjustment based on our final assessments of the fair values of property and equipment, intangible assets, other assets and liabilities and our evaluation of tax positions and contingencies, which are ongoing. We will complete our final assessments of the fair values of the acquired assets and assumed liabilities and our final evaluations of uncertain tax positions and contingencies within one year of the acquisition date. See Note 4—Business Combination.
Goodwill	Goodwill—We conduct impairment testing for our goodwill annually as of October 1 and more frequently, on an interim basis, when an event occurs or circumstances change that indicate that the fair value of a reporting unit may have declined below its carrying value. We test goodwill at the reporting unit level, which is defined as an operating segment or one level below an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. We determined that we have a single reporting unit for this purpose. Before testing goodwill, we consider whether or not to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, as the result of our qualitative assessment, we determine that an impairment test is required, or, alternatively, if we elect to forgo the qualitative assessment, we record an impairment to goodwill to the extent the carrying amount of the reporting unit, including goodwill, exceeds the fair value of the reporting unit. In the three and six months ended June 30, 2018, as a result of an interim goodwill test, we recognized an aggregate loss of $463 million, which had no tax effect, associated with the impairment of our goodwill. See Note 3—Accounting Standards Updates, Note 4—Business Combination and Note 7—Goodwill.
Contract intangible assets	Contract intangible assets—In connection with the Songa acquisition, we recognized drilling contract intangible assets related to the acquired drilling contracts for future contract drilling services. The drilling contract intangible assets represent the amount by which the fixed dayrates of the acquired contracts were above the market dayrates that were available or expected to be available during the term of the contract for similar contracts, measured as of the acquisition date. We recognize the amortization on a straight‑line basis over the firm contract period as a component of contract drilling revenues. At June 30, 2018, the carrying amount of our drilling contract intangible assets was $583 million. See Note 4—Business Combination.
Derivative instruments	Derivative instruments—We record derivatives on our consolidated balance sheet, measured at fair value. We recognize the gains and losses associated with changes in the fair value of undesignated derivatives in current period earnings. See Note 9—Derivative Instruments.
Capitalized interest	Capitalized interest—We capitalize interest costs for qualifying construction and upgrade projects and only capitalize interest costs during periods in which progress for the construction projects continues to be underway. In the three and six months ended June 30, 2018, we capitalized interest costs of $7 million and $20 million, respectively, for our construction work in progress. In the three and six months ended June 30, 2017, we capitalized interest costs of $30 million and $60 million, respectively, for our construction work in progress.
Reclassifications	Reclassifications—We have made certain reclassifications to prior period amounts to conform with the current period’s presentation. In our condensed consolidated balance sheet as of December 31, 2017, we reclassified certain balances receivable from non‑customers, totaling $45 million, from accounts receivable, net, to other current assets. Such reclassifications did not have a material effect on our condensed consolidated statement of financial position, results of operations or cash flows.

Business Combination (Tables)

6 Months Ended

Jun. 30, 2018

Business Combination

Schedule of consideration transferred


	Total
Consideration transferred
Aggregate fair value of shares issued as partial consideration for Songa shares	$	735
Aggregate fair value of Exchangeable Bonds issued as partial consideration for Songa shares		675
Consideration transferred to Songa shareholders		1,410

Aggregate fair value of Exchangeable Bonds issued for settlement of certain Songa indebtedness		351
Total consideration transferred in business combination	$	1,761

Schedule of assets acquired and liabilities assumed

We estimated the fair value of assets acquired, liabilities assumed and noncontrolling interest, measured as of January 30, 2018, as follows (in millions):


	Total
Assets acquired
Cash and cash equivalents	$	113
Accounts receivable		115
Other current assets		80
Property and equipment		2,414
Goodwill		463
Contract intangible assets		632

Liabilities assumed
Accounts payable and other current liabilities		168
Debt		1,768
Other long-term liabilities		87
Net assets acquired		1,794

Noncontrolling interest in business combination		33
Controlling interest acquired in business combination	$	1,761

Schedule of estimated future recognition of contract intangible revenues

As of June 30, 2018, the estimated future amortization of contract intangible assets was as follows (in millions):


	Total
Twelve months ending June 30,
2019	$	117
2020		117
2021		117
2022		117
2023		95
Thereafter		20
Total carrying amount of contract intangible assets	$	583

Schedule of unaudited pro forma combined operating results

Pro forma combined operating results, assuming the acquisition was completed as of January 1, 2017, were as follows (in millions, except per share data):


	Three months ended				Six months ended
	June 30,				June 30,
	2018		2017		2018		2017
Contract drilling revenues	$	790	$	891	$	1,503	$	1,795
Net loss		(1,139)		(1,660)		(1,344)		(1,560)
Per share loss - basic and diluted		(2.46)		(3.65)		(2.91)		(3.44)

Revenues (Tables)

6 Months Ended

Jun. 30, 2018

Revenues

Schedule of revenue disaggregation

In the three and six months ended June 30, 2018 and 2017, we recognized revenues as follows (in millions):


	Three months ended June 30, 2018												Three months ended June 30, 2017
	U.S.		U.K.		Norway		Brazil		Other		Total		U.S.		U.K.		Norway		Brazil		Other		Total

Ultra-deepwater floaters	$	417	$	—	$	—	$	—	$	53	$	470	$	395	$	—	$	—	$	76	$	70	$	541
Harsh environment floaters		—		29		171		—		52		252		—		55		23		—		28		106
Deepwater floaters		—		—		—		25		10		35		—		—		—		25		11		36
Midwater floaters		—		9		—		—		9		18		—		9		—		—		9		18
High-specification jackups		—		—		—		—		15		15		—		12		—		—		38		50
Total revenues	$	417	$	38	$	171	$	25	$	139	$	790	$	395	$	76	$	23	$	101	$	156	$	751


	Six months ended June 30, 2018												Six months ended June 30, 2017
	U.S.		U.K.		Norway		Brazil		Other		Total		U.S.		U.K.		Norway		Brazil		Other		Total

Ultra-deepwater floaters	$	766	$	—	$	—	$	—	$	82	$	848	$	799	$	—	$	—	$	159	$	128	$	1,086
Harsh environment floaters		—		51		293		—		112		456		—		135		39		—		56		230
Deepwater floaters		—		—		—		49		21		70		—		—		—		49		22		71
Midwater floaters		—		20		—		—		18		38		—		14		—		—		18		32
High-specification jackups		—		—		—		—		42		42		—		33		—		—		84		117
Total revenues	$	766	$	71	$	293	$	49	$	275	$	1,454	$	799	$	182	$	39	$	208	$	308	$	1,536

Schedule of contract balances and changes

Contract liabilities for our contracts with customers were as follows (in millions):


	June 30,		January 1,
	2018		2018
Deferred contract revenues, recorded in other current liabilities	$	135	$	203
Deferred contract revenues, recorded in other long-term liabilities		418		422
Total contract liabilities	$	553	$	625

Significant changes in contract liabilities were as follows (in millions):


	Six months
	ended
	June 30, 2018
Total contract liabilities, at beginning of period		625
Decrease due to recognition of revenues for goods and services		(129)
Increase due to goods and services transferred over time		57
Total contract liabilities, at end of period	$	553

Drilling Fleet (Tables)

6 Months Ended

Jun. 30, 2018

Drilling Fleet

Changes in our construction work in progress, including capital expenditures and capitalized interest

For the six months ended June 30, 2018 and 2017, the changes in our construction work in progress, including capital expenditures and other capital additions, were as follows (in millions):


	Six months ended
	June 30,
	2018		2017
Construction work in progress, at beginning of period	$	1,392	$	2,171

Capital expenditures
Newbuild construction program		44		200
Other equipment and construction projects		48		58
Total capital expenditures		92		258
Changes in accrued capital additions		2		(23)
Construction work in progress acquired in business combination		26		—
Construction work in progress sold		—		(289)

Property and equipment placed into service
Newbuild construction program		(903)		—
Other property and equipment		(48)		(47)
Construction work in progress, at end of period	$	561	$	2,070

Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt

Debt, net of unamortized discounts, premiums and fair value adjustments

he aggregate principal amounts and aggregate carrying amounts, net of debt‑related balances, including unamortized discounts, premiums, issue costs and fair value adjustments of our debt, were as follows (in millions):


	Principal amount				Carrying amount
	June 30,		December 31,		June 30,		December 31,
	2018		2017		2018		2017
Eksportfinans Loan due January 2018	$	—	$	26	$	—	$	26
6.50% Senior Notes due November 2020		286		286		288		288
6.375% Senior Notes due December 2021		328		328		327		327
5.52% Senior Secured Notes due May 2022		323		362		319		356
3.80% Senior Notes due October 2022		422		506		419		502
0.50% Exchangeable Bonds due January 2023		863		—		862		—
9.00% Senior Notes due July 2023		1,250		1,250		1,218		1,216
7.75% Senior Secured Notes due October 2024		510		540		498		526
6.25% Senior Secured Notes due December 2024		531		562		519		549
Senior Secured Term Loans due August 2025		560		—		561		—
7.50% Junior Secured Bonds due August 2025		171		—		171		—
7.50% Senior Notes due January 2026		750		750		742		742
Senior Secured Term Loans due March 2026		855		—		857		—
7.45% Notes due April 2027		88		88		86		86
8.00% Debentures due April 2027		57		57		57		57
7.00% Notes due June 2028		300		300		307		307
Capital lease contract due August 2029		526		541		526		541
7.50% Notes due April 2031		588		588		585		585
6.80% Senior Notes due March 2038		1,000		1,000		991		991
7.35% Senior Notes due December 2041		300		300		297		297
Total debt		9,708		7,484		9,630		7,396
Less debt due within one year
Eksportfinans Loan due January 2018		—		26		—		26
5.52% Senior Secured Notes due May 2022		81		79		79		77
7.75% Senior Secured Notes due October 2024		60		60		57		57
6.25% Senior Secured Notes due December 2024		62		62		60		60
Senior Secured Term Loans due August 2025		560		—		561		—
7.50% Junior Secured Bonds due August 2025		171		—		171		—
Senior Secured Term Loans due March 2026		855		—		857		—
Capital lease contract due August 2029		31		30		31		30
Total debt due within one year		1,820		257		1,816		250
Total long-term debt	$	7,888	$	7,227	$	7,814	$	7,146

Scheduled maturities of debt

Scheduled maturities—At June 30, 2018, the scheduled maturities of our debt were as follows (in millions):


	Total
Twelve months ending June 30,
2019	$	1,820
2020		242
2021		534
2022		556
2023		1,449
Thereafter		5,107
Total principal amount of debt		9,708
Total debt-related balances, net		(78)
Total carrying amount of debt	$	9,630

Schedule of debt repurchases and redemptions

During the six months ended June 30, 2018 and 2017, we repurchased in the open market debt securities with aggregate principal amounts as follows (in millions):


	Six months ended June 30,
		2018		2017
2.50% Senior Notes due October 2017	$	—	$	62
6.00% Senior Notes due March 2018		—		35
7.375% Senior Notes due April 2018		—		1
6.50% Senior Notes due November 2020		—		9
6.375% Senior Notes due December 2021		—		7
3.80%Senior Notes due October 2022		84		33
Aggregate principal amount retired	$	84	$	147

Aggregate cash payment	$	84	$	147

Schedule of tender offers

As of June 26, 2017, the early tender date, we received valid tenders from holders of aggregate principal amounts of the 2017 Tendered Notes as follows (in million):


	Six months
	ended
	June 30,
	2017
2.50% Senior Notes due October 2017	$	271
6.00% Senior Notes due March 2018		400
7.375% Senior Notes due April 2018		127
6.50% Senior Notes due November 2020		203
6.375% Senior Notes due December 2021		211
Aggregate principal amount retired	$	1,212

Aggregate cash payment	$	1,261

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Interest rate swaps

Schedule of aggregate notional amounts

At June 30, 2018, the aggregate notional amounts and weighted average interest rates for our undesignated interest rate swaps were as follows (in millions, except weighted average interest rates):

Pay

Receive

Aggregate

Fixed or

Weighted

Aggregate

Fixed or

Weighted

notional

variable

average

notional

variable

average

amount

rate

amount

rate

Undesignated interest rate swaps

743

fixed

1.65

743

variable

2.33

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 8
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579240-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41620-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Postemployment Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2018

Postemployment Benefit Plans

Schedule of Net Periodic Benefit Costs Before Tax

The components of net periodic benefit costs, before tax, and funding contributions for our postemployment benefit plans were as follows (in millions):


	Three months ended June 30, 2018								Three months ended June 30, 2017
	U.S.		Non-U.S.		OPEB				U.S.		Non-U.S.		OPEB
	Plans		Plans		Plans		Total		Plans		Plans		Plans		Total
Net periodic benefit costs
Service cost	$	—	$	1	$	—	$	1	$	1	$	—	$	—	$	1
Interest cost		15		3		—		18		17		2		—		19
Expected return on plan assets		(18)		(4)		—		(22)		(19)		(5)		—		(24)
Special termination benefits		—		—		2		2		—		—		—		—
Settlements and curtailments		—		—		(4)		(4)		—		5		—		5
Actuarial loss, net		2		—		—		2		2		—		—		2
Prior service cost, net		—		—		—		—		—		—		—		—
Net periodic benefit costs	$	(1)	$	—	$	(2)	$	(3)	$	1	$	2	$	—	$	3

Funding contributions	$	—	$	2	$	—	$	2	$	—	$	1	$	—	$	1


	Six months ended June 30, 2018								Six months ended June 30, 2017
	U.S.		Non-U.S.		OPEB				U.S.		Non-U.S.		OPEB
	Plans		Plans		Plans		Total		Plans		Plans		Plans		Total
Net periodic benefit costs
Service cost	$	—	$	3	$	—	$	3	$	2	$	1	$	—	$	3
Interest cost		30		6		—		36		33		5		—		38
Expected return on plan assets		(36)		(10)		—		(46)		(37)		(10)		—		(47)
Special termination benefits		—		—		2		2		—		—		—		—
Settlements and curtailments		—		—		(4)		(4)		—		5		—		5
Actuarial loss, net		4		1		—		5		3		—		—		3
Prior service cost, net		—		—		(1)		(1)		—		—		(1)		(1)
Net periodic benefit costs	$	(2)	$	—	$	(3)	$	(5)	$	1	$	1	$	(1)	$	1

Funding contributions	$	—	$	11	$	1	$	12	$	1	$	7	$	1	$	9

Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Loss Per Share

Loss Per Share

The numerator and denominator used for the computation of basic and diluted per share loss were as follows (in millions, except per share data):


	Three months ended June 30,								Six months ended June 30,
	2018				2017				2018				2017
	Basic		Diluted		Basic		Diluted		Basic		Diluted		Basic		Diluted
Numerator for loss per share
Net loss attributable to controlling interest	$	(1,135)	$	(1,135)	$	(1,690)	$	(1,690)	$	(1,345)	$	(1,345)	$	(1,599)	$	(1,599)
Undistributed earnings allocable to participating securities		—		—		—		—		—		—		—		—
Net loss available to shareholders	$	(1,135)	$	(1,135)	$	(1,690)	$	(1,690)	$	(1,345)	$	(1,345)	$	(1,599)	$	(1,599)

Denominator for loss per share
Weighted-average shares outstanding		462		462		391		391		450		450		391		391
Effect of stock options and other share-based awards		—		—		—		—		—		—		—		—
Weighted-average shares for per share calculation		462		462		391		391		450		450		391		391

Per share loss	$	(2.46)	$	(2.46)	$	(4.32)	$	(4.32)	$	(2.99)	$	(2.99)	$	(4.09)	$	(4.09)

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Financial Instruments

Carrying amounts and fair values of the financial instruments


	June 30, 2018				December 31, 2017
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
Cash and cash equivalents	$	2,506	$	2,506	$	2,519	$	2,519
Short-term investments		—		—		450		450
Restricted cash and cash equivalents		501		501		456		456
Restricted investments		7		7		33		33
Long-term debt, including current maturities		9,630		10,087		7,396		7,538
Derivative instruments, assets		19		19		—		—

Business (Details) - item		6 Months Ended
Business (Details) - item	May 31, 2017	Jun. 30, 2018
Continuing operations
Number of mobile offshore drilling units		43
Number of Ultra-Deepwater Floaters		24
Number of Harsh Environment Floaters		12
Number of Deepwater Floaters		2
Number of Midwater Floaters (in drilling units)		5
Number of Harsh Environment Floaters under construction		1
Number of Ultra-Deepwater drillships under construction (in drilling units)		2
Sale of high specification jackups \| Assets sold, not discontinued operations
Number of high specification jackups operated through contract completion or novation	3	1
Number of High-Specification Jackups (in drilling units)	10
Number of High-Specification Jackup under construction (in drilling units)	5

Business (Business combination) (Details) shares in Millions, $ in Millions	Mar. 28, 2018 USD ($) shares	Jan. 30, 2018 item shares	Jun. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)
Business Combination
Aggregate principal amount outstanding \| $			$ 9,708	$ 7,484
Songa
Business Combination
Ownership interest (as a percent)		97.70%
Newly issued shares (in shares) \| shares	68.0	66.9
Number of mobile offshore drilling units \| item		7
Number of Harsh Environment Floaters \| item		5
Number of Midwater Floaters (in drilling units) \| item		2
0.50% Exchangeable Bonds due January 2023
Business Combination
Aggregate principal amount outstanding \| $	$ 863		$ 863
Debt instrument interest rate stated percentage			0.50%
0.50% Exchangeable Bonds due January 2023 \| Songa
Business Combination
Aggregate principal amount outstanding \| $	$ 863
Debt instrument interest rate stated percentage	0.50%

Business (Investment in unconsolidated affiliates) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018 USD ($)
Investments
Investment in unconsolidated affiliate	$ 106
Cost method investment	15
Transocean Norge
Investments
Equity method investment	$ 91
Ownership percentage	33.00%
Total purchase price for investment	$500 million
Transocean Norge \| January 2019 payment
Investments
Equity method investment	$ 50
Transocean Norge \| January 2020 payment
Investments
Equity method investment	$ 33

Significant Accounting Policies (Condensed) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Loss on impairment of goodwill	$ 463		$ 463
Loss on impairment of goodwill, tax effect	0		0
Contract intangible assets	583		583
Capitalized interest costs on construction work in progress	7	$ 30	20	$ 60
Accounts receivable, net	619		619		$ 596
Other current assets	$ 188		$ 188		157
Reclassifications
Accounts receivable, net					(45)
Other current assets					$ 45

Accounting Standards Updates (Details) - Forecast Adjustment - ASU-Leases $ in Millions	Jun. 30, 2018 USD ($)
Minimum
Recently issued accounting standards
Aggregate lease liability	$ 70
Right-to-use asset	70
Maximum
Recently issued accounting standards
Aggregate lease liability	80
Right-to-use asset	$ 80

Business Combination (Details) $ / shares in Units, shares in Millions, $ in Millions			6 Months Ended
	Mar. 28, 2018 USD ($) shares	Jan. 30, 2018 USD ($) item $ / shares shares	Jun. 30, 2018 USD ($)
Aggregate consideration
Acquisition of noncontrolling interest in compulsory acquisition			$ 30
Songa
Business Combination
Ownership interest (as a percent)		97.70%
Number of high-specification harsh environment floaters \| item		4
Acquisition costs			$ 7
Newly issued shares (in shares) \| shares	68.0	66.9
Business combination consideration (per share) \| $ / shares		$ 10.99
Aggregate consideration
Aggregate fair value of shares issued as partial consideration for Songa shares		$ 735
Consideration transferred to Songa shareholders		1,410
Total consideration		1,761
Issuance of shares in acquisition transactions (in shares) \| shares	1.1
Cash payment to acquire noncontrolling interest	$ 8
0.50% Exchangeable Bonds due January 2023 \| Songa
Business Combination
Convertible debt	9	854
Aggregate consideration
Acquisition of noncontrolling interest in compulsory acquisition	$ 30
0.50% Exchangeable Bonds, acquire Songa shares \| Songa
Business Combination
Convertible debt		562
Aggregate consideration
Aggregate fair value of Exchangeable Bonds issued		675
0.50% Exchangeable Bonds, settle Songa debt \| Songa
Business Combination
Convertible debt		292
Aggregate consideration
Aggregate fair value of Exchangeable Bonds issued		$ 351

Business Combination (Allocation) (Details) - Songa - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jan. 30, 2018
Acquisition price allocation
Cash and cash equivalents		$ 113
Accounts receivable		115
Other current assets		80
Property and equipment		2,414
Goodwill		463
Contract intangible assets		632
Accounts payable and other current liabilities		168
Debt		1,768
Other long-term liabilities		87
Net assets acquired		1,794
Noncontrolling interest in business combination		33
Controlling interest acquired in business combination		$ 1,761
Initial purchase allocation adjustment	$ 3

Business Combination (Intangibles) (Details) $ in Millions	3 Months Ended	6 Months Ended
Business Combination (Intangibles) (Details) $ in Millions	Jun. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)
Intangibles
Recognition of contract intangible revenues	$ 30	$ 49
Total carrying amount of contract intangible assets	583	583
Contract intangible revenues
Intangibles
2019	117	117
2020	117	117
2021	117	117
2022	117	117
2023	95	95
Thereafter	20	20
Total carrying amount of contract intangible assets	583	583
Songa
Intangibles
Total carrying amount of contract intangible assets	$ 583	$ 583

Business Combination (Proforma) (Details) - Songa - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Pro forma information
Revenue since acquisition	$ 135		$ 219
Net loss since acquisition	23		20
Contract drilling revenues	790	$ 891	1,503	$ 1,795
Net loss	$ (1,139)	$ (1,660)	$ (1,344)	$ (1,560)
Per share loss - basic and diluted (in dollars per share)	$ (2.46)	$ (3.65)	$ (2.91)	$ (3.44)

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenues (Disaggregation) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Revenue
Performance obligations satisfied in previous periods	$ 55		$ 103
Recognized pre-operating costs	10	$ 11	22	$ 24
Unrecognized pre-operating costs	21		21		$ 18
Contract drilling revenues	790	751	1,454	1,536
Before adoption of Topic 606
Revenue
Contract drilling revenues		751		1,536
Ultra-deepwater floaters
Revenue
Contract drilling revenues	470		848
Ultra-deepwater floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		541		1,086
Harsh environment floaters
Revenue
Contract drilling revenues	252		456
Harsh environment floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		106		230
Deepwater floaters
Revenue
Contract drilling revenues	35		70
Deepwater floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		36		71
Midwater floaters
Revenue
Contract drilling revenues	18		38
Midwater floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		18		32
High specification jackups
Revenue
Contract drilling revenues	15		42
High specification jackups \| Before adoption of Topic 606
Revenue
Contract drilling revenues		50		117
U.S.
Revenue
Contract drilling revenues	417		766
U.S. \| Before adoption of Topic 606
Revenue
Contract drilling revenues		395		799
U.S. \| Ultra-deepwater floaters
Revenue
Contract drilling revenues	417		766
U.S. \| Ultra-deepwater floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		395		799
U.K.
Revenue
Contract drilling revenues	38		71
U.K. \| Before adoption of Topic 606
Revenue
Contract drilling revenues		76		182
U.K. \| Harsh environment floaters
Revenue
Contract drilling revenues	29		51
U.K. \| Harsh environment floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		55		135
U.K. \| Midwater floaters
Revenue
Contract drilling revenues	9		20
U.K. \| Midwater floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		9		14
U.K. \| High specification jackups \| Before adoption of Topic 606
Revenue
Contract drilling revenues		12		33
Norway
Revenue
Contract drilling revenues	171		293
Norway \| Before adoption of Topic 606
Revenue
Contract drilling revenues		23		39
Norway \| Harsh environment floaters
Revenue
Contract drilling revenues	171		293
Norway \| Harsh environment floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		23		39
Brazil
Revenue
Contract drilling revenues	25		49
Brazil \| Before adoption of Topic 606
Revenue
Contract drilling revenues		101		208
Brazil \| Ultra-deepwater floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		76		159
Brazil \| Deepwater floaters
Revenue
Contract drilling revenues	25		49
Brazil \| Deepwater floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		25		49
Other
Revenue
Contract drilling revenues	139		275
Other \| Before adoption of Topic 606
Revenue
Contract drilling revenues		156		308
Other \| Ultra-deepwater floaters
Revenue
Contract drilling revenues	53		82
Other \| Ultra-deepwater floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		70		128
Other \| Harsh environment floaters
Revenue
Contract drilling revenues	52		112
Other \| Harsh environment floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		28		56
Other \| Deepwater floaters
Revenue
Contract drilling revenues	10		21
Other \| Deepwater floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		11		22
Other \| Midwater floaters
Revenue
Contract drilling revenues	9		18
Other \| Midwater floaters \| Before adoption of Topic 606
Revenue
Contract drilling revenues		9		18
Other \| High specification jackups
Revenue
Contract drilling revenues	$ 15		$ 42
Other \| High specification jackups \| Before adoption of Topic 606
Revenue
Contract drilling revenues		$ 38		$ 84

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 135	$ 203
Deferred contract revenues, recorded in other long-term liabilities	418	422
Total contract liabilities	$ 553	$ 625	$ 625

Revenues (Changes) (Details) $ in Millions	6 Months Ended
Revenues (Changes) (Details) $ in Millions	Jun. 30, 2018 USD ($)
Significant changes to contract liabilities
Total contract liabilities, at beginning of period	$ 625
Decrease due to recognition of revenues for goods and services	(129)
Increase due to goods and services transferred over time	57
Total contract liabilities, at end of period	$ 553

Drilling Fleet (Details) - USD ($) $ in Millions	6 Months Ended
Drilling Fleet (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Construction work in progress, at beginning of period	$ 1,392	$ 2,171
Total capital expenditures	92	258
Changes in accrued capital additions	2	(23)
Construction work in progress acquired in business combination	26
Construction work in progress sold		(289)
Construction work in progress, at end of period	561	2,070
New builds
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	44	200
Property and equipment placed into service	(903)
Other construction projects and capital additions
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	48	58
Other property and equipment
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Property and equipment placed into service	$ (48)	$ (47)

Drilling Fleet (Disposal) (Details) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	May 31, 2017 item	Jun. 30, 2018 USD ($) $ / shares	Jun. 30, 2017 USD ($) $ / shares	Jun. 30, 2018 USD ($) item $ / shares	Jun. 30, 2017 USD ($) $ / shares	Dec. 31, 2017 USD ($)
Dispositions
Aggregate loss on impairment of assets held for sale		$ 548	$ 17	$ 548	$ 17
Aggregate loss on impairment of assets per diluted share \| $ / shares		$ 1.18	$ 0.04	$ 1.22	$ 0.04
Aggregate loss on impairment of assets held for sale, tax effect		$ 0	$ 0	$ 0	$ 0
Net cash proceeds from sale of assets				23	329
Gain (loss) on the sale of assets		1	(1,595)	6	(1,593)
Midwater floaters
Assets held and used
Loss associated with impairment			$ 96		$ 96
Loss associated with impairment per diluted share \| $ / shares			$ 0.25		$ 0.25
Loss associated with impairment, tax effect			$ 0		$ 0
Assets held for sale
Dispositions
Assets held for sale, included in other current assets		32		32		$ 22
Assets sold, not discontinued operations \| Rig sales
Dispositions
Net cash proceeds from sale of assets				19	3
Gain (loss) on the sale of assets				$ 7	2
Gain (loss) on the sale of assets per diluted share \| $ / shares				$ 0.02
Gain (loss) on disposal of assets, tax effect				$ 0
Assets sold, not discontinued operations \| Sale of high specification jackups
Dispositions
Number of High-Specification Jackups (in drilling units) \| item	10
Number of High-Specification Jackup under construction (in drilling units) \| item	5
Net cash proceeds from sale of assets			319		319
Gain (loss) on the sale of assets			$ (1,600)		$ (1,600)
Gain (loss) on the sale of assets per diluted share \| $ / shares			$ (4.08)		$ (4.08)
Gain (loss) on disposal of assets, tax effect			$ 0		$ 0
Number of high specification jackups operated through contract completion or novation \| item	3			1
Disposal group operating income		$ 11	9	$ 31	27
Assets sold, not discontinued operations \| Sale of other assets
Dispositions
Net cash proceeds from sale of assets			6	4	7
Gain (loss) on the sale of assets			$ 1	$ (1)	$ 1

Goodwill (Details) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
Goodwill (Details) $ / shares in Units, $ in Millions	Jun. 30, 2018 USD ($) item $ / shares	Jun. 30, 2018 USD ($) item $ / shares
Goodwill
Number of impaired ultra-deepwater floaters \| item	3	3
Loss on impairment of goodwill	$ 463	$ 463
Loss on impairment of goodwill per diluted share from continuing operations \| $ / shares	$ 1.00	$ 1.03
Loss on impairment of goodwill, tax effect	$ 0	$ 0

Debt (Details) $ / shares in Units, kr in Millions, $ in Millions						1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 14, 2018 NOK (kr)	Mar. 14, 2018 USD ($)	Feb. 02, 2018 USD ($)	Jan. 30, 2018 NOK (kr)	May 05, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Mar. 28, 2018 USD ($)	Jan. 30, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($)
Principal amount
Total principal amount of debt						$ 9,708		$ 9,708		$ 9,708				$ 7,484
Debt due within one year						1,820		1,820		1,820				257
Long-term debt						7,888		7,888		7,888				7,227
Carrying amount
Total debt						9,630		9,630		9,630				7,396
Debt due within one year						1,816		1,816		1,816				250
Long-term debt						7,814		7,814		7,814				7,146
Loss on retirement of debt								(2)	$ (48)	(2)	$ (48)
Equity component of convertible debt instruments										172
Proceeds from issuance of debt											403
Eksportfinans Loans due January 2018
Principal amount
Total principal amount of debt														26
Debt due within one year														26
Carrying amount
Total debt														26
Debt due within one year														26
6.50% Senior Notes due November 2020
Principal amount
Total principal amount of debt						286		286		286				286
Carrying amount
Total debt						$ 288		$ 288		$ 288				288
Debt instrument interest rate stated percentage						6.50%		6.50%		6.50%
Aggregate debt repurchase									203		203
Aggregate principal amount repaid											9
6.375% Senior Notes due December 2021
Principal amount
Total principal amount of debt						$ 328		$ 328		$ 328				328
Carrying amount
Total debt						$ 327		$ 327		$ 327				327
Debt instrument interest rate stated percentage						6.375%		6.375%		6.375%
Interest rate, as adjusted (as a percent)										8.375%
Aggregate debt repurchase									211		211
Aggregate principal amount repaid											7
5.52% Senior Notes due May 2022
Principal amount
Total principal amount of debt						$ 323		$ 323		$ 323				362
Debt due within one year						81		81		81				79
Carrying amount
Total debt						319		319		319				356
Debt due within one year						$ 79		$ 79		$ 79				77
Debt instrument interest rate stated percentage					5.52%	5.52%		5.52%		5.52%
Debt instrument face value					$ 410
Proceeds from issuance of debt					$ 403
3.80% Senior Notes due October 2022
Principal amount
Total principal amount of debt						$ 422		$ 422		$ 422				506
Carrying amount
Total debt						$ 419		$ 419		$ 419				502
Debt instrument interest rate stated percentage						3.80%		3.80%		3.80%
Interest rate, as adjusted (as a percent)										5.80%
Aggregate principal amount repaid										$ 84	33
0.50% Exchangeable Bonds due January 2023
Principal amount
Total principal amount of debt						$ 863		$ 863		863		$ 863
Carrying amount
Total debt						$ 862		$ 862		$ 862
Debt instrument interest rate stated percentage						0.50%		0.50%		0.50%
Debt conversion ratio				0.09729756
Debt conversion (in dollars per share) \| $ / shares													$ 10.28
Fair value of debt													$ 1,040
Equity component of convertible debt instruments										$ 172
9.00% Senior Notes due July 2023
Principal amount
Total principal amount of debt						$ 1,250		$ 1,250		1,250				1,250
Carrying amount
Total debt						$ 1,218		$ 1,218		$ 1,218				1,216
Debt instrument interest rate stated percentage						9.00%		9.00%		9.00%
7.75% Senior Secured Notes due October 2024
Principal amount
Total principal amount of debt						$ 510		$ 510		$ 510				540
Debt due within one year						60		60		60				60
Carrying amount
Total debt						498		498		498				526
Debt due within one year						$ 57		$ 57		$ 57				57
Debt instrument interest rate stated percentage						7.75%		7.75%		7.75%
6.25% Senior Notes due December 2024
Principal amount
Total principal amount of debt						$ 531		$ 531		$ 531				562
Debt due within one year						62		62		62				62
Carrying amount
Total debt						519		519		519				549
Debt due within one year						$ 60		$ 60		$ 60				60
Debt instrument interest rate stated percentage						6.25%		6.25%		6.25%
Senior Secured Term Loans due August 2025
Principal amount
Total principal amount of debt						$ 560		$ 560		$ 560
Debt due within one year						560		560		560
Carrying amount
Total debt						561		561		561
Debt due within one year						$ 561		$ 561		$ 561
Weighted average interest rate at end of period (as a percent)						5.33%		5.33%		5.33%
Senior Secured Term Loans due August 2025 \| LIBOR
Carrying amount
Spread on variable rate basis (as a percent)										3.00%
7.50% Junior Secured Bonds due August 2025
Principal amount
Total principal amount of debt						$ 171		$ 171		$ 171
Debt due within one year						171		171		171
Carrying amount
Total debt						171		171		171
Debt due within one year						$ 171		$ 171		$ 171
Debt instrument interest rate stated percentage						7.50%		7.50%		7.50%
7.50% Senior Notes due January 2026
Principal amount
Total principal amount of debt						$ 750		$ 750		$ 750				750
Carrying amount
Total debt						$ 742		$ 742		$ 742				742
Debt instrument interest rate stated percentage						7.50%		7.50%		7.50%
Senior Secured Term Loans due March 2026
Principal amount
Total principal amount of debt						$ 855		$ 855		$ 855
Debt due within one year						855		855		855
Carrying amount
Total debt						857		857		857
Debt due within one year						$ 857		$ 857		$ 857
Weighted average interest rate at end of period (as a percent)						4.08%		4.08%		4.08%
Senior Secured Term Loans due March 2026 \| LIBOR
Carrying amount
Spread on variable rate basis (as a percent)										2.50%
7.45% Notes due April 2027
Principal amount
Total principal amount of debt						$ 88		$ 88		$ 88				88
Carrying amount
Total debt						$ 86		$ 86		$ 86				86
Debt instrument interest rate stated percentage						7.45%		7.45%		7.45%
8.00% Debentures due April 2027
Principal amount
Total principal amount of debt						$ 57		$ 57		$ 57				57
Carrying amount
Total debt						$ 57		$ 57		$ 57				57
Debt instrument interest rate stated percentage						8.00%		8.00%		8.00%
7.00% Notes due June 2028
Principal amount
Total principal amount of debt						$ 300		$ 300		$ 300				300
Carrying amount
Total debt						$ 307		$ 307		$ 307				307
Debt instrument interest rate stated percentage						7.00%		7.00%		7.00%
Capital lease contract due August 2029
Principal amount
Total principal amount of debt						$ 526		$ 526		$ 526				541
Debt due within one year						31		31		31				30
Carrying amount
Total debt						526		526		526				541
Debt due within one year						31		31		31				30
7.50% Notes due April 2031
Principal amount
Total principal amount of debt						588		588		588				588
Carrying amount
Total debt						$ 585		$ 585		$ 585				585
Debt instrument interest rate stated percentage						7.50%		7.50%		7.50%
6.80% Senior Notes due March 2038
Principal amount
Total principal amount of debt						$ 1,000		$ 1,000		$ 1,000				1,000
Carrying amount
Total debt						$ 991		$ 991		$ 991				991
Debt instrument interest rate stated percentage						6.80%		6.80%		6.80%
7.35% Senior Notes due December 2041
Principal amount
Total principal amount of debt						$ 300		$ 300		$ 300				300
Carrying amount
Total debt						$ 297		$ 297		$ 297				$ 297
Debt instrument interest rate stated percentage						7.35%		7.35%		7.35%
Interest rate, as adjusted (as a percent)										9.35%
Five-Year Revolving Credit Facility
Carrying amount
Borrowing capacity, maximum						$ 1,000		$ 1,000		$ 1,000
Aggregate minimum principal amount impacting maturity						300		300		300
Minimun liquidity						$ 500		$ 500		$ 500
Consolidated indebtedness to total tangible capitalization ratio						0.60		0.60		0.60
Commitment fee percentage at period end										0.75%
Credit facility amount outstanding						$ 0		$ 0		$ 0
Letters of credit issued and outstanding						12		12		12
Credit facility available borrowing capacity						$ 1,000		$ 1,000		$ 1,000
Five-Year Revolving Credit Facility \| Adjusted LIBOR
Carrying amount
Spread on variable rate basis (as a percent)										3.25%
Percentage reduction to the calculated variable rate						1.00%		1.00%		1.00%
Five-Year Revolving Credit Facility \| Minimum
Carrying amount
Commitment fee percentage at period end						0.375%
Five-Year Revolving Credit Facility \| Minimum \| Adjusted LIBOR
Carrying amount
Spread on variable rate basis (as a percent)						2.625%
Five-Year Revolving Credit Facility \| Maximum
Carrying amount
Commitment fee percentage at period end						1.00%
Five-Year Revolving Credit Facility \| Maximum \| Adjusted LIBOR
Carrying amount
Spread on variable rate basis (as a percent)						3.25%
Former Credit Facility
Carrying amount
Borrowing capacity, maximum							$ 3,000
Credit facility term							5 years
Loss on retirement of debt						$ (1)
5.875% Senior Secured Notes due January 2024
Carrying amount
Debt instrument interest rate stated percentage						5.875%		5.875%		5.875%
Debt instrument face value						$ 750		$ 750		$ 750
Bond Loans
Carrying amount
Total debt				kr 337									$ 44
Aggregate cash payment made for debt redemption	kr 345	$ 44
Secured Borrowing Facility
Carrying amount
Aggregate cash payment made for debt redemption			$ 23
2.5% Senior Notes due October 2017
Carrying amount
Aggregate debt repurchase									271		271
Aggregate principal amount repaid											62
6.00% Senior Notes due March 2018
Carrying amount
Aggregate debt repurchase									400		400
Aggregate principal amount repaid											35
7.375% Senior Notes due April 2018
Carrying amount
Aggregate debt repurchase									127		127
Aggregate principal amount repaid											1
Debt Redeemed
Carrying amount
Loss on retirement of debt									(1)		(1)
Aggregate cash payment made for debt redemption										84	147
Aggregate principal amount repaid										84	147
Debt Redeemed \| Maximum
Carrying amount
Loss on retirement of debt								$ (1)		$ (1)
Tendered Notes
Carrying amount
Loss on retirement of debt									(47)		(47)
Aggregate cash payment made for debt redemption											1,261
Aggregate debt repurchase									1,212		1,212
Tender Offer Principal Amount									$ 1,500		$ 1,500

Debt (Maturities) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Scheduled maturities of debt
2019	$ 1,820
2020	242
2021	534
2022	556
2023	1,449
Thereafter	5,107
Total principal amount of debt	9,708	$ 7,484
Total debt-related balances, net	(78)
Total carrying amount of debt	$ 9,630

Derivative Instruments (Details) - Undesignated derivative instruments - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jan. 30, 2018
Interest rate swaps
Derivatives
Derivative instruments, assets	$ 19	$ 19	$ 14
Fair value adjustments to derivatives	2	5
Interest rate swaps \| Pay
Derivatives
Aggregate notional amount	$ 743	$ 743
Weighted average fixed rate (as a percent)	1.65%	1.65%
Interest rate swaps \| Receive
Derivatives
Aggregate notional amount	$ 743	$ 743
Weighted average variable rate (as a percent)	2.33%	2.33%
Forward exchange contracts
Derivatives
Derivative instruments, assets			4
Fair value adjustments to derivatives	$ (1)
Currency swaps
Derivatives
Derivative instruments, liabilities			$ 81
Cash payment for termination of derivatives		$ 92
Loss associated with termination		$ (11)

Postemployment Benefit Plans (Costs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net periodic benefit costs, before tax
Service cost	$ 1	$ 1	$ 3	$ 3
Interest cost	18	19	36	38
Expected return on plan assets	(22)	(24)	(46)	(47)
Special termination benefits	2		2
Settlements and curtailments	(4)	5	(4)	5
Actuarial loss, net	2	2	5	3
Prior service cost, net			(1)	(1)
Net periodic benefit costs	(3)	3	(5)	1
Funding contributions	2	1	12	9
OPEB Plans
Net periodic benefit costs, before tax
Special termination benefits	2		2
Settlements and curtailments	(4)		(4)
Prior service cost, net			(1)	(1)
Net periodic benefit costs	(2)		(3)	(1)
Funding contributions			1	1
U.S. \| Transocean Plans
Net periodic benefit costs, before tax
Service cost		1		2
Interest cost	15	17	30	33
Expected return on plan assets	(18)	(19)	(36)	(37)
Actuarial loss, net	2	2	4	3
Net periodic benefit costs	(1)	1	(2)	1
Funding contributions				1
Non-U.S. Plans \| Transocean Plans
Net periodic benefit costs, before tax
Service cost	1		3	1
Interest cost	3	2	6	5
Expected return on plan assets	(4)	(5)	(10)	(10)
Settlements and curtailments		5		5
Actuarial loss, net			1
Net periodic benefit costs		2		1
Funding contributions	$ 2	$ 1	$ 11	$ 7

Income Taxes (Provision and Reform) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Annual effective tax rate excluding discrete items (as a percent)		(32.50%)	78.00%
Various discrete tax items		$ (90)	$ 147
Annual effective tax rate (as a percent)		(12.30%)	4.70%
Other long-term liabilities
Estimated transition taxes	$ 108
Other assets
Estimated transition taxes	$ 17

Income Taxes (TaxReturns) (Details) - 6 months ended Jun. 30, 2018 R$ in Millions, $ in Millions	BRL (R$) jurisdiction	USD ($)
Income Tax Examination
Number of jurisdictions with extensions beyond statute of limitations	2
Maximum number of years agreed to extensions beyond the statute of limitations	20 years
Brazil tax assessment for income tax returns	R$ 862	$ 222
Minimum
Income Tax Examination
Range of tax returns are subject to examination	3 years
Maximum
Income Tax Examination
Range of tax returns are subject to examination	6 years
Brazil Tax Assessments 2009 And 2010
Income Tax Examination
Brazil tax assessment for income tax returns	R$ 146	$ 38

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator for loss per share, basic
Net loss attributable to controlling interest	$ (1,135)	$ (1,690)	$ (1,345)	$ (1,599)
Net loss available to shareholders	$ (1,135)	$ (1,690)	$ (1,345)	$ (1,599)
Denominator for loss per share, basic
Weighted-average shares outstanding	462.0	391.0	450.0	391.0
Weighted-average shares for per share calculation, basic	462.0	391.0	450.0	391.0
Per share loss, basic (in dollars per share)	$ (2.46)	$ (4.32)	$ (2.99)	$ (4.09)
Numerator for loss per share, diluted
Net loss attributable to controlling interest	$ (1,135)	$ (1,690)	$ (1,345)	$ (1,599)
Net loss available to shareholders	$ (1,135)	$ (1,690)	$ (1,345)	$ (1,599)
Denominator for loss per share, diluted
Weighted-average shares outstanding	462.0	391.0	450.0	391.0
Weighted-average shares for per share calculation, diluted	462.0	391.0	450.0	391.0
Per share loss, diluted (in dollars per share)	$ (2.46)	$ (4.32)	$ (2.99)	$ (4.09)
Share-based awards
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	11.4	5.7	11.2	3.7
0.50% Exchangeable Bonds due January 2023
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	84.0		70.2

Commitments and Contingencies (Cont) (Details) R$ in Millions, $ in Millions			1 Months Ended				6 Months Ended
	May 29, 2015 USD ($) item	Jan. 03, 2013 USD ($) item	Nov. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Aug. 31, 2015 USD ($)	Oct. 31, 2007 subsidiary	Jun. 30, 2017 USD ($)	Jun. 30, 2018 BRL (R$) plaintiff lawsuit subsidiary	Jun. 30, 2018 USD ($) plaintiff lawsuit subsidiary	Dec. 31, 2017 USD ($)	Nov. 28, 2017 USD ($)	Dec. 31, 2006 subsidiary
7.00% Notes due June 2028
Other legal proceedings
Debt instrument interest rate stated percentage								7.00%	7.00%
Macondo well incident
Contingencies
Amount of fines, recoveries and civil penalties									$ 217	$ 219
Macondo well incident \| Plea Agreement
Contingencies
Number of subsidiaries that pled guilty to charges \| item		1
Number of misdemeanor count of negligently discharging oil \| item		1
Amount paid for obligations under the Plea Agreement and Consent Decree including interest		$ 400					$ 60
PSC Settlement Agreement
Contingencies
Settlement agreement subject to court approval	$ 212
Settlement, legal fees	$ 25
Number of classes of plaintiffs \| item	2
Settlement allocated to Punitive Damage Class (as a percent)	72.80%
Settlement allocated to Assigned Claims Class (as a percent)	27.20%
Number of claimants opted out of settlement agreement \| item	30
Cash payment into an escrow account pending approval by MDL Court				$ 25	$ 212
Cash released from escrow account by MDL Court			$ 25
Escrow Deposit									$ 213	$ 212
Asbestos litigation \| LA
Other legal proceedings
Number of pending separate lawsuits remained, each with a single plaintiff \| plaintiff								9	9
Asbestos litigation \| Wrongful death and personal injury
Other legal proceedings
Number of subsidiaries involved in lawsuits arising from design, construction and refurbishment of major industrial complexes \| subsidiary								1	1
Number of lawsuits alleging personal injury from asbestos exposure for subsidiary involved in design, construction and refurbishment of major industrial complexes \| lawsuit								125	125
Insurance limits potentially available for damages in lawsuits regarding personal injury from asbestos exposure for subsidiary involved in design, construction and refurbishment of major industrial									$ 1,000
Rio de Janeiro tax assessment
Other legal proceedings
Number of subsidiaries involved in tax assessment relating to import license \| subsidiary												1
Tax case settled								R$ 500	130
Tax assessment from state tax authorities								R$ 41	$ 11
Nigerian Cabotage Act litigation
Other legal proceedings
Number of subsidiaries that were served a Notice and Demand from the Nigeria Maritime Administration and Safety Agency (NIMASA) \| subsidiary						3
Percentage of surcharge on the value of contracts performed in Nigeria pursuant to the Coastal and Inland Shipping (Cabotage) Act 2003 (the Cabotage Act)						2.00%
Global Marine Litigation \| 7.00% Notes due June 2028
Other legal proceedings
Debt instrument face value											$ 300
Debt instrument interest rate stated percentage											7.00%
Hazardous waste disposal sites
Other legal proceedings
Percentage of liability for remediation and related costs								8.00%	8.00%
Number of subsidiaries ordered by California Regional Water Quality Control Board to develop testing plan for Alhambra, California site \| subsidiary								1	1
Hazardous waste disposal sites \| Minimum
Other legal proceedings
Minimum number of subsidiaries likely to be named potentially responsible party by US Environmental Protection Agency for superfund site (in counts) \| subsidiary								1	1

Equity (Details) - USD ($) shares in Millions, $ in Millions				6 Months Ended
	Mar. 28, 2018	Jan. 30, 2018	Jan. 16, 2018	Jun. 30, 2018	Jun. 11, 2018	Dec. 31, 2017
Carrying amounts associated with consolidated variable interest entities
Acquisition of redeemable noncontrolling interest				$ 53
Songa
Carrying amounts associated with consolidated variable interest entities
Newly issued shares (in shares)	68.0	66.9
Songa \| Maximum
Carrying amounts associated with consolidated variable interest entities
Newly issued shares (in shares)			68.6
ADDCL
Variable Interest Entity
Ownership interest in affiliate (as a percent)					65.00%
Carrying amounts associated with consolidated variable interest entities
Assets						$ 716
Liabilities						$ 7
Acquisition of redeemable noncontrolling interest				$ 53
ADDCL \| Angco Cayman Limited
Variable Interest Entity
Ownership interest held by minority interest (as a percent)					35.00%

Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Financial instruments
Restricted cash and cash equivalents	$ 501	$ 456
Long-term debt, including current maturities	9,630	7,396
Carrying amount of cash equivalents	1,900	2,100
Carrying amount
Financial instruments
Cash and cash equivalents	2,506	2,519
Short-term investments		450
Restricted cash and cash equivalents	501	456
Restricted investments	7	33
Long-term debt, including current maturities	9,630	7,396
Derivative instruments, assets	19
Fair value
Financial instruments
Cash and cash equivalents	2,506	2,519
Short-term investments		450
Restricted cash and cash equivalents	501	456
Restricted investments	7	33
Long-term debt, including current maturities	10,087	7,538
Derivative instruments, assets	19
Other current assets
Financial instruments
Restricted cash and cash equivalents	490	440
Other assets
Financial instruments
Restricted cash and cash equivalents	11	16
Eksportfinans Loans due January 2018
Financial instruments
Long-term debt, including current maturities		26
Significant other observable inputs \| Eksportfinans Loans due January 2018
Financial instruments
Restricted investments, noncurrent	$ 7
Significant other observable inputs \| Eksportfinans Loans due January 2018 \| Fair value
Financial instruments
Restricted investments		33
Significant other observable inputs \| Eksportfinans Loans due January 2018 \| Other current assets \| Fair value
Financial instruments
Restricted investments		26
Significant other observable inputs \| Eksportfinans Loans due January 2018 \| Other assets \| Fair value
Financial instruments
Restricted investments		$ 7

Subsequent Events (Details) $ in Millions			1 Months Ended	6 Months Ended
Subsequent Events (Details) $ in Millions	Jul. 20, 2018 USD ($)	Jul. 13, 2018 USD ($)	Jul. 31, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)
Subsequent events
Proceeds from issuance of debt				$ 403
Restricted cash and cash equivalents					$ 501	$ 456
5.875% Senior Secured Notes due January 2024
Subsequent events
Debt instrument face value					$ 750
Debt instrument interest rate stated percentage					5.875%
5.875% Senior Secured Notes due January 2024 \| Subsequent Event
Subsequent events
Debt instrument face value		$ 750
Debt instrument interest rate stated percentage		5.875%
Proceeds from issuance of debt		$ 733
Restricted cash and cash equivalents		$ 63
Redemption price of debt instrument (as a percent)		100.00%
Percentage of principal amount that the holder of the note may require the entity to repurchase upon the occurrence of certain events		100
Maximum Collateral Ratio		6.00
6.125% Senior Secured Notes due August 2025 \| Subsequent Event
Subsequent events
Debt instrument face value	$ 600
Debt instrument interest rate stated percentage	6.125%
Proceeds from issuance of debt	$ 586
Restricted cash and cash equivalents	$ 51
Redemption price of debt instrument (as a percent)	100.00%
Percentage of principal amount that the holder of the note may require the entity to repurchase upon the occurrence of certain events	100
Maximum Collateral Ratio	5.75
Senior Secured Term Loans due March 2026 \| Subsequent Event
Subsequent events
Aggregate cash payment made for debt redemption			$ 855