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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Jul. 23, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-38373
Entity Registrant Name	Transocean Ltd
Entity Incorporation, State or Country Code	V8
Entity Tax Identification Number	98-0599916
Entity Address, Address Line One	Turmstrasse 30
Entity Address, City or Town	Steinhausen
Entity Address, Country	CH
Entity Address, Postal Zip Code	6312
City Area Code	+41 (41)
Local Phone Number	749-0500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		614,612,545
Entity Central Index Key	0001451505
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Shares
Document and Entity Information
Title of 12(b) Security	Shares
Trading Symbol	RIG
Security Exchange Name	NYSE
0.50% Exchangeable Bonds due January 2023
Document and Entity Information
Title of 12(b) Security	0.50% Exchangeable Senior Bonds due 2023
Trading Symbol	RIG/23
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating revenues
Revenues	$ 930	$ 758	$ 1,689	$ 1,512
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Costs and expenses
Operating and maintenance	$ 525	$ 510	$ 1,065	$ 1,018
Cost, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 196	$ 219	$ 402	$ 436
General and administrative	45	45	88	94
Total costs and expenses	766	774	1,555	1,548
Loss on impairment	429	1	597	1
Gain (loss) on disposal of assets, net	1	(10)		(3)
Operating loss	(264)	(27)	(463)	(40)
Other income (expense), net
Interest income	4	12	13	22
Interest expense, net of amounts capitalized	(153)	(168)	(313)	(334)
Gain (loss) on retirement of debt	4	(9)	(53)	(27)
Other, net	(56)	23	(44)	31
Total other income (expense), net	(201)	(142)	(397)	(308)
Loss before income tax expense	(465)	(169)	(860)	(348)
Income tax expense	32	37	28	29
Net loss	(497)	(206)	(888)	(377)
Net income attributable to noncontrolling interest		2	1	2
Net loss attributable to controlling interest	$ (497)	$ (208)	$ (889)	$ (379)
Loss per share
Basic (in dollars per share)	$ (0.81)	$ (0.34)	$ (1.45)	$ (0.62)
Diluted (in dollars per share)	$ (0.81)	$ (0.34)	$ (1.45)	$ (0.62)
Weighted-average shares outstanding
Basic (in shares)	615	612	615	612
Diluted (in shares)	615	612	615	612

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (497)	$ (206)	$ (888)	$ (377)
Net income attributable to noncontrolling interest		2	1	2
Net loss attributable to controlling interest	(497)	(208)	(889)	(379)
Components of net periodic benefit costs before reclassifications			(9)	7
Components of net periodic benefit costs reclassified to net loss	2	1	4	1
Other comprehensive income (loss) before income taxes	2	1	(5)	8
Other comprehensive income (loss)	2	1	(5)	8
Other comprehensive income (loss) attributable to controlling interest	2	1	(5)	8
Total comprehensive loss	(495)	(205)	(893)	(369)
Total comprehensive income attributable to noncontrolling interest		2	1	2
Total comprehensive loss attributable to controlling interest	$ (495)	$ (207)	$ (894)	$ (371)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,511	$ 1,790
Accounts receivable, net of allowance of $2 at June 30, 2020	703	654
Materials and supplies, net of allowance of $122 and $127 at June 30, 2020 and December 31, 2019, respectively	457	479
Restricted cash accounts and investments	437	558
Other current assets	176	159
Total current assets	3,284	3,640
Property and equipment	23,318	24,281
Less accumulated depreciation	(5,309)	(5,434)
Property and equipment, net	18,009	18,847
Contract intangible assets	507	608
Deferred income taxes, net	17	20
Other assets	1,008	990
Total assets	22,825	24,105
Liabilities and equity
Accounts payable	264	311
Accrued income taxes	42	64
Debt due within one year	578	568
Other current liabilities	704	781
Total current liabilities	1,588	1,724
Long-term debt	8,480	8,693
Deferred income taxes, net	294	266
Other long-term liabilities	1,476	1,555
Total long-term liabilities	10,250	10,514
Commitments and contingencies
Shares, CHF 0.10 par value, 824,648,925 authorized, 142,365,398 conditionally authorized, 639,674,414 issued and 614,612,545 outstanding at June 30, 2020, and 639,674,422 authorized, 142,365,398 conditionally authorized, 617,970,525 issued and 611,871,374 outstanding at December 31, 2019	60	59
Additional paid-in capital	13,438	13,424
Accumulated deficit	(2,188)	(1,297)
Accumulated other comprehensive loss	(329)	(324)
Total controlling interest shareholders' equity	10,981	11,862
Noncontrolling interest	6	5
Total equity	10,987	11,867
Total liabilities and equity	$ 22,825	$ 24,105

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Jun. 30, 2020 USD ($) shares	Jun. 30, 2020 SFr / shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2019 SFr / shares
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts \| $	$ 2
Materials and supplies, allowance for obsolescence \| $	$ 122		$ 127
Shares, CHF par value (in Swiss francs per share) \| SFr / shares		SFr 0.10		SFr 0.10
Shares, authorized	824,648,925		639,674,422
Shares, conditionally authorized	142,365,398		142,365,398
Shares, issued	639,674,414		617,970,525
Shares, outstanding	614,612,545		611,871,374

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total controlling interest shareholders' equity	Shares	Additional paid-in capital	Retained earnings (accumulated deficit)	Accumulated other comprehensive loss	Noncontrolling interest	Total
Balance at Dec. 31, 2018	$ 13,107	$ 59	$ 13,394	$ (67)	$ (279)	$ 7	$ 13,114
Increase (Decrease) in Shareholders' Equity
Share-based compensation	19		19				19
Net loss attributable to controlling interest				(379)			(379)
Other comprehensive income (loss) attributable to controlling interest					8		8
Total comprehensive loss attributable to controlling interest	(371)						(371)
Total comprehensive income (loss) attributable to noncontrolling interest						2
Total comprehensive loss							(369)
Other, net	(7)		(8)				(7)
Balance at Jun. 30, 2019	12,748	59	13,405	(421)	(295)	9	12,757
Balance at Mar. 31, 2019	12,946	59	13,396	(213)	(296)	7	12,953
Increase (Decrease) in Shareholders' Equity
Share-based compensation	10		10				10
Net loss attributable to controlling interest				(208)			(208)
Other comprehensive income (loss) attributable to controlling interest					1		1
Total comprehensive loss attributable to controlling interest	(207)						(207)
Total comprehensive income (loss) attributable to noncontrolling interest						2
Total comprehensive loss							(205)
Other, net	(1)		(1)				(1)
Balance at Jun. 30, 2019	12,748	59	13,405	(421)	(295)	9	12,757
Increase (Decrease) in Shareholders' Equity
Effect of adopting accounting standards update				25	(24)
Balance at Dec. 31, 2019	11,862	59	13,424	(1,297)	(324)	5	11,867
Increase (Decrease) in Shareholders' Equity
Issuance of shares under share-based compensation plans		1
Share-based compensation	15		15				15
Net loss attributable to controlling interest				(889)			(889)
Other comprehensive income (loss) attributable to controlling interest					(5)		(5)
Total comprehensive loss attributable to controlling interest	(894)						(894)
Total comprehensive income (loss) attributable to noncontrolling interest						1
Total comprehensive loss							(893)
Other, net	(2)		(1)				(2)
Balance at Jun. 30, 2020	10,981	60	13,438	(2,188)	(329)	6	10,987
Balance at Mar. 31, 2020	11,469	60	13,431	(1,691)	(331)	6	11,475
Increase (Decrease) in Shareholders' Equity
Share-based compensation	7		7				7
Net loss attributable to controlling interest				(497)			(497)
Other comprehensive income (loss) attributable to controlling interest					2		2
Total comprehensive loss attributable to controlling interest	(495)						(495)
Total comprehensive loss							(495)
Balance at Jun. 30, 2020	$ 10,981	$ 60	$ 13,438	(2,188)	$ (329)	$ 6	$ 10,987
Increase (Decrease) in Shareholders' Equity
Effect of adopting accounting standards update				$ (2)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net loss	$ (497)	$ (206)	$ (888)	$ (377)
Adjustments to reconcile to net cash provided by operating activities:
Contract intangible asset amortization			101	92
Depreciation and amortization	196	219	402	436
Share-based compensation expense			15	19
Loss on impairment	429	1	597	1
Loss on impairment of investment in unconsolidated affiliate			59
Loss on disposal of assets, net	(1)	10		3
Loss on retirement of debt	(4)	9	53	27
Deferred income tax expense			30	109
Other, net			32	11
Changes in deferred revenues, net			(10)	4
Changes in deferred costs, net			(4)	(6)
Changes in other operating assets and liabilities, net			(348)	(217)
Net cash provided by operating activities			39	102
Cash flows from investing activities
Capital expenditures			(153)	(138)
Proceeds from disposal of assets, net			3	40
Investments in unconsolidated affiliates			(6)	(62)
Proceeds from maturities of unrestricted and restricted investments				123
Other, net				3
Net cash used in investing activities			(156)	(34)
Cash flows from financing activities
Proceeds from issuance of debt, net of discounts and issue costs			743	1,056
Repayments of debt			(1,009)	(834)
Other, net			(18)	(26)
Net cash provided by (used in) financing activities			(284)	196
Net increase (decrease) in unrestricted and restricted cash and cash equivalents			(401)	264
Unrestricted and restricted cash and cash equivalents, beginning of period			2,349	2,589
Unrestricted and restricted cash and cash equivalents, end of period	$ 1,948	$ 2,853	$ 1,948	$ 2,853

Business

6 Months Ended

Jun. 30, 2020

Business

Business

Note 1—Business

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, 2020, we owned or had partial ownership interests in and operated a fleet of 39 mobile offshore drilling units, including 27 ultra-deepwater floaters and 12 harsh environment floaters. As of June 30, 2020, we were constructing two ultra-deepwater drillships.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Significant Accounting Policies

Significant Accounting Policies

Note 2—Significant Accounting Policies

Presentation—We 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. 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, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, 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, 2019 and 2018, and for each of the three years in the period ended December 31, 2019, included in our annual report on Form 10-K filed on February 18, 2020.

Accounting estimates—To prepare financial statements in accordance with accounting principles generally accepted in the U.S., we must 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 credit losses, allowance for excess and obsolete materials and supplies, assets held for sale, property and equipment, intangibles, leases, income taxes, contingencies, share-based compensation and postemployment benefit plans. We base our estimates and assumptions on historical experience and other factors that we believe are reasonable. 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 a valuation requires multiple input levels, 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.

Accounting Standards Updates

6 Months Ended

Jun. 30, 2020

Accounting Standards Updates

Accounting Standards Updates

Note 3—Accounting Standards Update

Recently adopted accounting standards

Financial instruments – credit losses—Effective January 1, 2020, we adopted the accounting standards update that requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. Our accounts receivable represent consideration earned for performing services in various countries for our customers, including integrated oil companies, government-owned or government-controlled oil companies and other independent oil companies, the majority of which currently have corporate family investment grade credit ratings. We established procedures to apply the requirements of the accounting standards update using the loss-rate method by reviewing our historical credit losses and evaluating future expectations, and we recorded the initial estimated allowance with a corresponding entry to accumulated deficit. 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.

Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2020

Unconsolidated Affiliates

Unconsolidated Affiliates

Note 4—Unconsolidated Affiliates

Investments—We hold investments in various partially owned, unconsolidated companies, the most significant of which is a 33.0 percent ownership interest in Orion Holdings (Cayman) Limited (together with its subsidiary, “Orion”), a Cayman Islands company that, through its wholly owned subsidiary, owns the harsh environment floater Transocean Norge. Additionally, we hold noncontrolling interests in certain companies that are involved in researching and developing technology to improve operational efficiency and reliability and to increase automation, sustainability and safety in drilling and other activities. In the six months ended June 30, 2020 and 2019, we made an

aggregate cash contribution of $6 million and $59 million, respectively, to Orion. In the three months ended June 30, 2020, we recognized a loss of $59 million, which had no tax effect, recorded in other, net, associated with the impairment of our investment in Orion upon determination that the carrying amount of our equity-method investment exceeded the estimated fair value and that the impairment was other than temporary. We estimated the fair value of our investment using the income method, which required us to use significant unobservable inputs, representative of a Level 3 fair value measurement, including applying an assumed discount rate of 12 percent and making assumptions about the future performance of the investment, including future demand and supply for harsh environment floaters, rig utilization, revenue efficiency and dayrates. At June 30, 2020 and December 31, 2019, the aggregate carrying amount of our investment in Orion was $106 million and $164 million, respectively, recorded in other assets.

Related party transactions—We engage in certain related party transactions with Orion under a management services agreement for the operation and maintenance of the harsh environment floater Transocean Norge and marketing services agreement for the marketing of the rig. Prior to the rig’s placement into service, we also engaged in certain related party transactions with Orion under a shipyard care agreement for the construction of the rig and other matters related to its completion and delivery. In the three and six months ended June 30, 2020, we received an aggregate cash payment of $26 million and $31 million, respectively, primarily related to the shipyard care agreement. In the three and six months ended June 30, 2019, we received an aggregate cash payment of $20 million and $33 million, respectively, primarily related to the commissioning, preparation and mobilization of Transocean Norge under the shipyard care agreement. We also lease the rig under a short-term bareboat charter agreement, which is currently expected to expire in March 2021.

Revenues

6 Months Ended

Jun. 30, 2020

Revenues

Revenues

Note 5—Revenues

Overview—The duration of our performance obligation varies by contract. As of June 30, 2020, the drilling contract with the longest expected remaining duration, excluding unexercised options, extends through February 2028. To obtain contracts with our customers, we incur pre-operating costs to prepare a rig for contract and deliver or mobilize the rig to the drilling location. We defer such pre-operating costs and recognize the costs on a straight-line basis, consistent with the general pace of activity, in operating and maintenance costs over the estimated contract period. In the three and six months ended June 30, 2020, we recognized pre-operating costs of $23 million and $32 million, respectively. In the three and six months ended June 30, 2019, we recognized pre-operating costs of $3 million and $6 million, respectively. At June 30, 2020 and December 31, 2019, the unrecognized pre-operating costs to obtain contracts was $38 million and $34 million, respectively, recorded in other assets.

In June 2020, we entered into a settlement and mutual release agreement with a customer, which provided for the final settlement of disputes related to performance obligations satisfied in prior periods. In connection with the settlement, among other things, our customer agreed to pay us $185 million in four equal installments through January 15, 2023. In the three and six months ended June 30, 2020, we recognized revenues of $177 million, representing the discounted value of the future payments, and recorded corresponding accounts receivable and other assets of $89 million and $88 million, respectively, net of imputed interest, which we will recognize in interest income over the scheduled payment period. In the six months ended June 30, 2019, we recognized revenues of $10 million, recognized on a cash basis, for performance obligations satisfied for another customer in prior periods.

Disaggregation—We recognized revenues as follows (in millions):


	Three months ended June 30, 2020										Three months ended June 30, 2019
	U.S.		Norway		Brazil		Other		Total		U.S.		Norway		Brazil		Other		Total

Ultra-deepwater floaters	$	440	$	—	$	57	$	139	$	636	$	309	$	—	$	28	$	149	$	486
Harsh environment floaters		—		207		—		86		293		—		173		—		78		251
Deepwater floaters		—		—		—		—		—		—		—		—		1		1
Midwater floaters		—		—		—		1		1		—		—		—		20		20
Total revenues	$	440	$	207	$	57	$	226	$	930	$	309	$	173	$	28	$	248	$	758


	Six months ended June 30, 2020										Six months ended June 30, 2019
	U.S.		Norway		Brazil		Other		Total		U.S.		Norway		Brazil		Other		Total

Ultra-deepwater floaters	$	727	$	—	$	116	$	321	$	1,164	$	623	$	—	$	54	$	285	$	962
Harsh environment floaters		—		414		—		99		513		—		354		—		155		509
Deepwater floaters		—		—		—		—		—		—		—		6		1		7
Midwater floaters		—		—		—		12		12		—		—		—		34		34
Total revenues	$	727	$	414	$	116	$	432	$	1,689	$	623	$	354	$	60	$	475	$	1,512

Contract liabilities—We recognize contract liabilities, recorded in other current liabilities and other long-term liabilities, for mobilization, contract preparation, paid pre-operating standby time, capital upgrades and deferred revenues for declining dayrate contracts using the straight-line method over the remaining contract term. Contract liabilities for our contracts with customers were as follows (in millions):


	June 30,		December 31,
	2020		2019
Deferred contract revenues, recorded in other current liabilities	$	149	$	100
Deferred contract revenues, recorded in other long-term liabilities		370		429
Total contract liabilities	$	519	$	529

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


	Six months ended
	June 30,
	2020		2019
Total contract liabilities, beginning of period	$	529	$	486
Decrease due to recognition of revenues for goods and services		(108)		(58)
Increase due to goods and services transferred over time		98		62
Total contract liabilities, end of period	$	519	$	490

Drilling Fleet

6 Months Ended

Jun. 30, 2020

Drilling Fleet

Drilling Fleet

Note 6—Drilling Fleet

Construction work in progress—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,
	2020		2019
Construction work in progress, beginning of period	$	753	$	632

Capital expenditures
Newbuild construction program		70		41
Other equipment and construction projects		83		97
Total capital expenditures		153		138
Changes in accrued capital additions		(31)		21
Property and equipment placed into service		(98)		(76)
Construction work in progress, end of period	$	777	$	715

Impairments of assets held and used—During the three months ended March 31, 2020, we identified indicators that the carrying amounts of our asset groups may not be recoverable. Such indicators included recent significant declines in commodity prices and the market value of our stock, a reduction of expected demand for our drilling services as our customers announced reductions of capital investments in response to commodity prices and a reduction of projected dayrates. As a result of our testing, we determined that the carrying amount of our midwater floater was impaired. In the six months ended June 30, 2020, we recognized a loss of $31 million ($0.05 per diluted share), which had no tax effect, associated with the impairment of our midwater floater. We measured the fair value of the drilling unit in this asset group by applying the market approach, using 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 other observable inputs, representative of Level 2 fair value measurements, including the marketability of the rig and prices of comparable rigs that may be sold for scrap value.

Impairments of assets held for sale—During the six months ended June 30, 2020, we announced our intent to sell or retire in an environmentally responsible way, the ultra-deepwater floater GSF Development Driller II, the harsh environment floaters Polar Pioneer and Songa Dee and the midwater floaters Sedco 711, Sedco 714 and Transocean 712, along with related assets. In the three and six months ended June 30, 2020, we recognized an aggregate loss of $419 million ($420 million, or $0.68 per diluted share, net of tax) and $556 million ($0.90 per diluted share), which had no tax effect, respectively, associated with the impairment of these 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 assets 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 Level 2 fair value measurements, including indicative market values for the drilling units and related assets to be sold for scrap value or other purposes.

Dispositions—During the six months ended June 30, 2020, in connection with our efforts to dispose of non-strategic assets, we completed the sale of the midwater floater Sedco 714 and related assets. In the six months ended June 30, 2020, we received aggregate

net cash proceeds of $2 million associated with the disposal of these assets, and we received aggregate net cash proceeds of $1 million associated with the disposal of assets unrelated to rig sales.

During the six months ended June 30, 2019, we completed the sale of the ultra-deepwater floaters Deepwater Frontier and Deepwater Millennium, the harsh environment floater Eirik Raude, the deepwater floaters Jack Bates and Transocean 706 and the midwater floaters Actinia and Songa Delta, along with related assets. In the six months ended June 30, 2019, we received aggregate net cash proceeds of $37 million associated with the disposal of these assets. In the six months ended June 30, 2019, we received aggregate net cash proceeds of $3 million and recognized an aggregate net loss of $3 million associated with the disposal of assets unrelated to rig sales.

Assets held for sale—At June 30, 2020, the aggregate carrying amount of our assets held for sale, including the ultra-deepwater floater GSF Development Driller II, the harsh environment floaters Polar Pioneer and Songa Dee and the midwater floaters Sedco 711 and Transocean 712, along with related assets, was $14 million, recorded in other current assets. At December 31, 2019, we had no assets classified as held for sale.

Debt

6 Months Ended

Jun. 30, 2020

Debt

Debt

Note 7—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,
	2020		2019		2020		2019
6.50% Senior Notes due November 2020	$	198	$	206	$	198	$	206
6.375% Senior Notes due December 2021		184		222		184		221
5.52% Senior Secured Notes due May 2022		156		200		155		198
3.80% Senior Notes due October 2022		182		190		181		189
0.50% Exchangeable Bonds due January 2023		863		863		862		862
5.375% Senior Secured Notes due May 2023		503		525		498		518
9.00% Senior Notes due July 2023		—		714		—		701
5.875% Senior Secured Notes due January 2024		626		667		616		656
7.75% Senior Secured Notes due October 2024		390		420		383		412
6.25% Senior Secured Notes due December 2024		406		437		399		430
6.125% Senior Secured Notes due August 2025		501		534		493		525
7.25% Senior Notes due November 2025		750		750		738		737
7.50% Senior Notes due January 2026		750		750		744		743
6.875% Senior Secured Notes due February 2027		550		550		542		541
8.00% Senior Notes due February 2027		750		—		743		—
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		305		306
7.50% Notes due April 2031		588		588		585		585
6.80% Senior Notes due March 2038		1,000		1,000		992		991
7.35% Senior Notes due December 2041		300		300		297		297
Total debt		9,142		9,361		9,058		9,261

Less debt due within one year
6.50% Senior Notes due November 2020		198		206		198		206
5.52% Senior Secured Notes due May 2022		90		88		90		87
5.375% Senior Secured Notes due May 2023		31		16		29		14
5.875% Senior Secured Notes due January 2024		83		83		79		79
7.75% Senior Secured Notes due October 2024		60		60		58		58
6.25% Senior Secured Notes due December 2024		62		62		60		60
6.125% Senior Secured Notes due August 2025		66		66		64		64
Total debt due within one year		590		581		578		568
Total long-term debt	$	8,552	$	8,780	$	8,480	$	8,693

Scheduled maturities—At June 30, 2020, the scheduled maturities of our debt were as follows (in millions):


	Total
Twelve months ending June 30,
2021	$	590
2022		618
2023		1,793
2024		643
2025		455
Thereafter		5,043
Total principal amount of debt		9,142
Total debt-related balances, net		(84)
Total carrying amount of debt	$	9,058

Secured Credit Facility—We have a $1.3 billion secured revolving credit facility, established under a bank credit agreement, as amended most recently in December 2019 (the “Secured Credit Facility”), which is scheduled to expire on June 22, 2023. The Secured Credit Facility is guaranteed by Transocean Ltd. and certain wholly owned subsidiaries. We may borrow under the Secured Credit Facility at either (1) the reserve adjusted London interbank offered rate plus a margin (the “Secured Credit Facility Margin”), which ranges from 2.625 percent to 3.375 percent based on the credit rating of the Secured Credit Facility, or (2) the base rate specified in the credit agreement plus the Secured Credit Facility Margin, minus one percent per annum. Throughout the term of the Secured Credit Facility, we pay a facility fee on the amount of the underlying commitment which ranges from 0.375 percent to 1.00 percent based on the credit rating of the Secured Credit Facility. At June 30, 2020, based on the credit rating of the Secured Credit Facility on that date, the Secured Credit Facility Margin was 3.25 percent and the facility fee was 0.75 percent. At June 30, 2020, we had no borrowings outstanding, $25 million of letters of credit issued, and we had $1.3 billion of available borrowing capacity under the Secured Credit Facility.

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. As of June 30, 2020, 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.

Exchangeable bonds—The 0.50% exchangeable senior bonds due January 30, 2023 (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.

Debt issuances

Priority guaranteed senior unsecured notes—On January 17, 2020, we issued $750 million aggregate principal amount of 8.00% senior unsecured notes due February 2027 (the “8.00% Senior Notes”), and we received aggregate cash proceeds of $743 million, net of issue costs. The 8.00% Senior Notes are fully and unconditionally guaranteed by Transocean Ltd. and certain wholly owned subsidiaries of Transocean Inc. Such notes rank equal in right of payment to all of our existing and future unsecured unsubordinated obligations and rank structurally senior to the extent of the value of the assets of the subsidiaries guaranteeing the notes. We may redeem all or a portion of the 8.00% Senior Notes on or prior to February 1, 2023 at a price equal to 100 percent of the aggregate principal amount plus a make-whole provision, and subsequently, at specified redemption prices. The indenture that governs the 8.00% Senior Notes contains covenants that, among other things, limit our ability to incur certain liens on our drilling units without equally and ratably securing the notes, engage in certain sale and lease back transactions covering any of our drilling units, allow our subsidiaries to incur certain additional debt, and consolidate, merge or enter into a scheme of arrangement qualifying as an amalgamation.

Senior secured notes—On February 1, 2019, we issued $550 million aggregate principal amount of 6.875% senior secured notes due February 2027 (the “6.875% Senior Secured Notes”), and we received aggregate cash proceeds of $539 million, net of discount and issue costs. The 6.875% Senior Secured Notes are secured by the assets and earnings associated with the ultra-deepwater floater Deepwater Poseidon and the equity of the wholly owned subsidiaries that own or operate the collateral rig. Additionally, we were required to deposit $19 million in restricted cash accounts to satisfy debt service requirements.

On May 24, 2019, we issued $525 million aggregate principal amount of 5.375% senior secured notes due May 2023 (the “5.375% Senior Secured Notes”), and we received aggregate cash proceeds of $517 million, net of discount and issue costs. The 5.375% Senior Secured Notes are secured by the assets and earnings associated with the ultra-deepwater floaters Transocean Endurance and Transocean Equinox and the equity of the wholly owned subsidiaries that own or operate the collateral rigs. Additionally, we were required to deposit $14 million in restricted cash accounts to satisfy debt service.

Debt retirements

During the six months ended June 30, 2020 and 2019, we retired certain notes as a result of redemptions, tender offers and open market repurchases. On February 18, 2020, we made a payment to redeem in full, together with a make-whole provision, our outstanding

9.00% senior notes due July 2023. On February 5, 2019, we completed cash tender offers to purchase certain notes validly tendered. Additionally, during the six months ended June 30, 2020 and 2019, we repurchased in the open market certain notes. The aggregate principal amounts, cash payments and recognized gain or loss for such transactions were as follows (in millions):


	Six months ended June 30,
	2020						2019
	Redeemed		Repurchased		Total		Tendered		Repurchased		Total
6.50% Senior Notes due November 2020	$	—	$	8	$	8	$	57	$	—	$	57
6.375% Senior Notes due December 2021		—		38		38		63		15		78
3.80% Senior Notes due October 2022		—		8		8		190		3		193
5.375% Senior Secured Notes due May 2023		—		22		22		—		—		—
9.00% Senior Notes due July 2023		714		—		714		200		112		312
Aggregate principal amount retired	$	714	$	76	$	790	$	510	$	130	$	640

Aggregate cash payment	$	767	$	63	$	830	$	522	$	136	$	658
Aggregate net gain (loss)	$	(65)	$	12	$	(53)	$	(18)	$	(9)	$	(27)

Income Taxes

6 Months Ended

Jun. 30, 2020

Income Taxes

Income Taxes

Note 8—Income Taxes

Tax provision and rate—In the six months ended June 30, 2020 and 2019, our effective tax rate was (3.2) percent and (8.3) percent, respectively, based on loss before income tax expense. In the six months ended June 30, 2020 and 2019, the effect of various discrete period tax items was a net tax benefit of $9 million and $30 million, respectively. In the six months ended June 30, 2020, such discrete items included the revenues recognized for the settlement of disputes, the loss on impairment of an investment in an unconsolidated affiliate, the carryback of net operating losses in the U.S. as a result of the Coronavirus Aid, Relief, and Economic Security Act, which included the release of valuation allowances previously recorded, as well as settlements and expirations of various uncertain tax positions, gains and losses on currency exchange rates and changes in valuation allowances. In the six months ended June 30, 2019, such discrete items included the settlement and reversal of various uncertain tax provisions and adjustments to our valuation allowance and adjustments to our deferred taxes for operating structural changes made in the U.S. In the six months ended June 30, 2020 and 2019, our effective tax rate, excluding discrete items, was (12.0) percent and (18.0) percent, respectively, based on loss before income tax expense.

Tax returns—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 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 these tax assessments, and we are currently engaged in the appeals process. In May 2014, the Brazilian tax authorities issued an additional tax assessment for the years 2009 and 2010, and in June 2014, we filed protests with the Brazilian tax authorities for these tax assessments. In the years ended December 31, 2018 and 2019, a portion of each of the two cases was favorably closed. As of June 30, 2020, the remaining aggregate tax assessment was for BRL 732 million, equivalent to approximately $134 million, including penalties and interest. 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 countries throughout the world. Each country has its own tax regimes with varying nominal rates, deductions 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, 2020

Loss Per Share

Loss Per Share

Note 9—Loss Per Share

The numerator and denominator used to compute loss per share were as follows (in millions, except per share data):


	Three months ended June 30,								Six months ended June 30,
	2020				2019				2020				2019
	Basic		Diluted		Basic		Diluted		Basic		Diluted		Basic		Diluted
Numerator for loss per share
Net loss attributable to controlling interest	$	(497)	$	(497)	$	(208)	$	(208)	$	(889)	$	(889)	$	(379)	$	(379)

Denominator for loss per share
Weighted-average shares outstanding		614		614		611		611		614		614		611		611
Effect of share-based awards and other equity instruments		1		1		1		1		1		1		1		1
Weighted-average shares for per share calculation		615		615		612		612		615		615		612		612

Loss per share	$	(0.81)	$	(0.81)	$	(0.34)	$	(0.34)	$	(1.45)	$	(1.45)	$	(0.62)	$	(0.62)

In the three and six months ended June 30, 2020, we excluded from the calculation 14.8 million and 13.0 million share-based awards, respectively, since the effect would have been anti-dilutive. In the three and six months ended June 30, 2019, we excluded from the calculation 12.6 million and 12.2 million share-based awards, respectively, since the effect would have been anti-dilutive. In the three and six months ended June 30, 2020, we excluded from the calculation 84.0 million shares issuable upon conversion of the Exchangeable Bonds since the effect would have been anti-dilutive. In the three and six months ended June 30, 2019, we excluded from the calculation 84.0 million shares issuable upon conversion of the Exchangeable Bonds since the effect would have been anti-dilutive.

Contingencies

6 Months Ended

Jun. 30, 2020

Contingencies

Commitments

Note 10—Contingencies

Legal proceedings

Macondo well incident—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. Most claims, both civil and criminal, brought 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”), all of which have now been resolved. We will vigorously defend against any future actions not resolved by our previous settlements and pursue all defenses available.

At December 31, 2019, the remaining liability for estimated loss contingencies that we believe were probable and for which a reasonable estimate could be made was $124 million, recorded in other current liabilities, the majority of which is related to the settlement agreement that we and the Plaintiff Steering Committee filed with the MDL Court in May 2015 (the “PSC Settlement Agreement”), which was approved by the MDL Court on February 15, 2017. Through the PSC Settlement Agreement, we agreed to pay a total of $212 million to be allocated between two classes of plaintiffs in exchange for a release of all respective claims each class has against us. As required under the PSC Settlement Agreement, we deposited the settlement amount into an escrow account established by the MDL Court. In June 2020, the MDL Court released the assets held in the escrow account to satisfy our remaining obligations under the PSC Settlement Agreement. At December 31, 2019, the balance held in the escrow account was $125 million, recorded in restricted cash accounts and investments.

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, 2020, eight 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, 2020, the subsidiary was a defendant in approximately 222 lawsuits with a corresponding number of plaintiffs. For many of these lawsuits, we have not been provided 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 in 1989. In September 2018, the subsidiary and certain insurers agreed to a settlement of outstanding disputes that leaves the subsidiary with funding, including cash, annuities and coverage in place settlement, that we believe will be sufficient to respond to both the current lawsuits as well as future lawsuits of a similar

nature. 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.

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.

Environmental matters

We have certain potential liabilities under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and similar state acts regulating cleanup of hazardous substances at various 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. It is difficult to quantify the potential cost of environmental matters and remediation obligations. Liability is strict and can be joint and several.

One of our subsidiaries was 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 agreed, under a participation agreement with the U.S. Environmental Protection Agency (the “EPA”) and the U.S. Department of Justice, to settle our potential liabilities by remediating the site. The remedial action for the site was completed in 2006. Our share of the ongoing operating and maintenance costs has been insignificant, and we do not expect any additional potential liabilities to be material. Resolutions of other claims by the EPA, the involved state agency or PRPs are at various stages of investigation. Nevertheless, based on available information, we do not expect the ultimate liability, if any, resulting from all environmental matters, and known potential legal claims that are likely to be asserted, to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows.

Financial Instruments

6 Months Ended

Jun. 30, 2020

Financial Instruments

Financial Instruments

Note 11—Financial Instruments

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


	June 30, 2020				December 31, 2019
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
Cash and cash equivalents	$	1,511	$	1,511	$	1,790	$	1,790
Restricted cash and cash equivalents		437		437		558		558
Long-term debt, including current maturities		9,058		5,553		9,261		8,976

We estimated the fair value of each class of financial instruments by applying the following methods and assumptions:

Cash and cash equivalents—Our cash and cash equivalents are primarily invested in demand deposits, short-term time deposits and money market funds. The carrying amount of our cash and cash equivalents represents the historical cost, plus accrued interest, which approximates fair value because of the short maturities of the instruments.

Restricted cash and cash equivalents—Our restricted cash and cash equivalents, which are subject to restrictions due to collateral requirements, legislation, regulation or court order, are primarily invested in demand deposits, short-term time deposits and money market funds. The carrying amount of our restricted cash and cash equivalents represents the historical cost, plus accrued interest, which approximates fair value because of the short maturities of the instruments.

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.

- 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

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2020
Significant Accounting Policies
Presentation	Presentation—We 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. 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, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, 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, 2019 and 2018, and for each of the three years in the period ended December 31, 2019, included in our annual report on Form 10-K filed on February 18, 2020.
Accounting estimates	Accounting estimates—To prepare financial statements in accordance with accounting principles generally accepted in the U.S., we must 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 credit losses, allowance for excess and obsolete materials and supplies, assets held for sale, property and equipment, intangibles, leases, income taxes, contingencies, share-based compensation and postemployment benefit plans. We base our estimates and assumptions on historical experience and other factors that we believe are reasonable. 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 a valuation requires multiple input levels, 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

Revenues (Tables)

6 Months Ended

Jun. 30, 2020

Revenues

Schedule of revenue disaggregation


	Three months ended June 30, 2020										Three months ended June 30, 2019
	U.S.		Norway		Brazil		Other		Total		U.S.		Norway		Brazil		Other		Total

Ultra-deepwater floaters	$	440	$	—	$	57	$	139	$	636	$	309	$	—	$	28	$	149	$	486
Harsh environment floaters		—		207		—		86		293		—		173		—		78		251
Deepwater floaters		—		—		—		—		—		—		—		—		1		1
Midwater floaters		—		—		—		1		1		—		—		—		20		20
Total revenues	$	440	$	207	$	57	$	226	$	930	$	309	$	173	$	28	$	248	$	758


	Six months ended June 30, 2020										Six months ended June 30, 2019
	U.S.		Norway		Brazil		Other		Total		U.S.		Norway		Brazil		Other		Total

Ultra-deepwater floaters	$	727	$	—	$	116	$	321	$	1,164	$	623	$	—	$	54	$	285	$	962
Harsh environment floaters		—		414		—		99		513		—		354		—		155		509
Deepwater floaters		—		—		—		—		—		—		—		6		1		7
Midwater floaters		—		—		—		12		12		—		—		—		34		34
Total revenues	$	727	$	414	$	116	$	432	$	1,689	$	623	$	354	$	60	$	475	$	1,512

Schedule of contract balances and changes


	June 30,		December 31,
	2020		2019
Deferred contract revenues, recorded in other current liabilities	$	149	$	100
Deferred contract revenues, recorded in other long-term liabilities		370		429
Total contract liabilities	$	519	$	529

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


	Six months ended
	June 30,
	2020		2019
Total contract liabilities, beginning of period	$	529	$	486
Decrease due to recognition of revenues for goods and services		(108)		(58)
Increase due to goods and services transferred over time		98		62
Total contract liabilities, end of period	$	519	$	490

Drilling Fleet (Tables)

6 Months Ended

Jun. 30, 2020

Drilling Fleet

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


	Six months ended
	June 30,
	2020		2019
Construction work in progress, beginning of period	$	753	$	632

Capital expenditures
Newbuild construction program		70		41
Other equipment and construction projects		83		97
Total capital expenditures		153		138
Changes in accrued capital additions		(31)		21
Property and equipment placed into service		(98)		(76)
Construction work in progress, end of period	$	777	$	715

Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt

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


	Principal amount				Carrying amount
	June 30,		December 31,		June 30,		December 31,
	2020		2019		2020		2019
6.50% Senior Notes due November 2020	$	198	$	206	$	198	$	206
6.375% Senior Notes due December 2021		184		222		184		221
5.52% Senior Secured Notes due May 2022		156		200		155		198
3.80% Senior Notes due October 2022		182		190		181		189
0.50% Exchangeable Bonds due January 2023		863		863		862		862
5.375% Senior Secured Notes due May 2023		503		525		498		518
9.00% Senior Notes due July 2023		—		714		—		701
5.875% Senior Secured Notes due January 2024		626		667		616		656
7.75% Senior Secured Notes due October 2024		390		420		383		412
6.25% Senior Secured Notes due December 2024		406		437		399		430
6.125% Senior Secured Notes due August 2025		501		534		493		525
7.25% Senior Notes due November 2025		750		750		738		737
7.50% Senior Notes due January 2026		750		750		744		743
6.875% Senior Secured Notes due February 2027		550		550		542		541
8.00% Senior Notes due February 2027		750		—		743		—
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		305		306
7.50% Notes due April 2031		588		588		585		585
6.80% Senior Notes due March 2038		1,000		1,000		992		991
7.35% Senior Notes due December 2041		300		300		297		297
Total debt		9,142		9,361		9,058		9,261

Less debt due within one year
6.50% Senior Notes due November 2020		198		206		198		206
5.52% Senior Secured Notes due May 2022		90		88		90		87
5.375% Senior Secured Notes due May 2023		31		16		29		14
5.875% Senior Secured Notes due January 2024		83		83		79		79
7.75% Senior Secured Notes due October 2024		60		60		58		58
6.25% Senior Secured Notes due December 2024		62		62		60		60
6.125% Senior Secured Notes due August 2025		66		66		64		64
Total debt due within one year		590		581		578		568
Total long-term debt	$	8,552	$	8,780	$	8,480	$	8,693

Scheduled maturities of debt


	Total
Twelve months ending June 30,
2021	$	590
2022		618
2023		1,793
2024		643
2025		455
Thereafter		5,043
Total principal amount of debt		9,142
Total debt-related balances, net		(84)
Total carrying amount of debt	$	9,058

Schedule of debt retirements


	Six months ended June 30,
	2020						2019
	Redeemed		Repurchased		Total		Tendered		Repurchased		Total
6.50% Senior Notes due November 2020	$	—	$	8	$	8	$	57	$	—	$	57
6.375% Senior Notes due December 2021		—		38		38		63		15		78
3.80% Senior Notes due October 2022		—		8		8		190		3		193
5.375% Senior Secured Notes due May 2023		—		22		22		—		—		—
9.00% Senior Notes due July 2023		714		—		714		200		112		312
Aggregate principal amount retired	$	714	$	76	$	790	$	510	$	130	$	640

Aggregate cash payment	$	767	$	63	$	830	$	522	$	136	$	658
Aggregate net gain (loss)	$	(65)	$	12	$	(53)	$	(18)	$	(9)	$	(27)

Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Loss Per Share

Loss Per Share

The numerator and denominator used to compute loss per share were as follows (in millions, except per share data):


	Three months ended June 30,								Six months ended June 30,
	2020				2019				2020				2019
	Basic		Diluted		Basic		Diluted		Basic		Diluted		Basic		Diluted
Numerator for loss per share
Net loss attributable to controlling interest	$	(497)	$	(497)	$	(208)	$	(208)	$	(889)	$	(889)	$	(379)	$	(379)

Denominator for loss per share
Weighted-average shares outstanding		614		614		611		611		614		614		611		611
Effect of share-based awards and other equity instruments		1		1		1		1		1		1		1		1
Weighted-average shares for per share calculation		615		615		612		612		615		615		612		612

Loss per share	$	(0.81)	$	(0.81)	$	(0.34)	$	(0.34)	$	(1.45)	$	(1.45)	$	(0.62)	$	(0.62)

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Financial Instruments

Carrying amounts and fair values of the financial instruments


	June 30, 2020				December 31, 2019
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
Cash and cash equivalents	$	1,511	$	1,511	$	1,790	$	1,790
Restricted cash and cash equivalents		437		437		558		558
Long-term debt, including current maturities		9,058		5,553		9,261		8,976

Business (Details)	Jun. 30, 2020 item
Number of mobile offshore drilling units	39
Ultra-deepwater floaters
Number of mobile offshore drilling units	27
Number of mobile offshore drilling units under construction	2
Harsh environment floaters
Number of mobile offshore drilling units	12

Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Unconsolidated Affiliates (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Investments
Loss on impairment of investment in unconsolidated affiliate			$ 59
Discount rate
Investments
Investment fair value measurement	12		12
Transocean Norge
Investments
Ownership percentage	33.00%		33.00%		33.00%
Equity method investment payment			$ 6	$ 59
Loss on impairment of investment in unconsolidated affiliate	$ 59
Aggregate carrying amount of equity investment	106		106		$ 164
Related party transaction	$ 26	$ 20	$ 31	$ 33

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenues (Disaggregation) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Revenue
Recognized pre-operating costs	$ 23	$ 3	$ 32	$ 6
Unrecognized pre-operating costs	38		38		$ 34
Face amount of receivable	185		185
Performance obligations satisfied in previous periods	177		177	10
Contract drilling revenues	930	758	1,689	1,512
Ultra-deepwater floaters
Revenue
Contract drilling revenues	636	486	1,164	962
Harsh environment floaters
Revenue
Contract drilling revenues	293	251	513	509
Deepwater floaters
Revenue
Contract drilling revenues		1		7
Midwater floaters
Revenue
Contract drilling revenues	1	20	12	34
U.S.
Revenue
Contract drilling revenues	440	309	727	623
U.S. \| Ultra-deepwater floaters
Revenue
Contract drilling revenues	440	309	727	623
Norway
Revenue
Contract drilling revenues	207	173	414	354
Norway \| Harsh environment floaters
Revenue
Contract drilling revenues	207	173	414	354
Brazil
Revenue
Contract drilling revenues	57	28	116	60
Brazil \| Ultra-deepwater floaters
Revenue
Contract drilling revenues	57	28	116	54
Brazil \| Deepwater floaters
Revenue
Contract drilling revenues				6
Other
Revenue
Contract drilling revenues	226	248	432	475
Other \| Ultra-deepwater floaters
Revenue
Contract drilling revenues	139	149	321	285
Other \| Harsh environment floaters
Revenue
Contract drilling revenues	86	78	99	155
Other \| Deepwater floaters
Revenue
Contract drilling revenues		1		1
Other \| Midwater floaters
Revenue
Contract drilling revenues	1	$ 20	12	$ 34
Accounts receivable
Revenue
Receivable net of discount	89		89
Other assets
Revenue
Receivable net of discount	$ 88		$ 88

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 149	$ 100
Deferred contract revenues, recorded in other long-term liabilities	370	429
Total contract liabilities	$ 519	$ 529	$ 490	$ 486

Revenues (Changes) (Details) - USD ($) $ in Millions	6 Months Ended
Revenues (Changes) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019
Significant changes to contract liabilities
Total contract liabilities, at beginning of period	$ 529	$ 486
Decrease due to recognition of revenues for goods and services	(108)	(58)
Increase due to goods and services transferred over time	98	62
Total contract liabilities, at end of period	$ 519	$ 490

Drilling Fleet (Details) - USD ($) $ in Millions	6 Months Ended
Drilling Fleet (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 153	$ 138
Construction in Progress
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	753	632
Total capital expenditures	153	138
Changes in accrued capital additions	(31)	21
Property and equipment placed into service	(98)	(76)
Construction work in progress, at end of period	777	715
New builds
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	70	41
Other property and equipment
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 83	$ 97

Drilling Fleet (Impairment held and used) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Impairment of assets held and used
Loss associated with impairment, net of tax (per share)	$ 0.68	$ 0.90
Midwater floaters
Impairment of assets held and used
Impairment of in use assets		$ 31
Loss associated with impairment, net of tax (per share)		$ 0.05
Loss associated with in use asset impairment, tax effect		$ 0

Drilling Fleet (Impairment held for sale) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Drilling Fleet
Aggregate loss on impairment of assets held for sale	$ 419	$ 556
Aggregate loss on impairment of assets held for sale, net of tax	$ 420
Loss associated with impairment, net of tax (per share)	$ 0.68	$ 0.90
Aggregate loss on impairment of assets held for sale, tax effect		$ 0

Drilling Fleet (Disposal) (Details) $ in Millions	3 Months Ended		6 Months Ended
Drilling Fleet (Disposal) (Details) $ in Millions	Jun. 30, 2020 USD ($) item	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) item	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Dispositions
Number of mobile offshore drilling units \| item	39		39
Net cash proceeds from sale of assets			$ 3	$ 40
Gain (loss) on the sale of assets	$ 1	$ (10)		(3)
Assets held for sale, included in other current assets	$ 14		14		$ 0
Assets sold, not discontinued operations \| Rig sales
Dispositions
Net cash proceeds from sale of assets			2	37
Assets sold, not discontinued operations \| Other property and equipment
Dispositions
Net cash proceeds from sale of assets			$ 1	3
Gain (loss) on the sale of assets				$ (3)

Debt (Details) - USD ($) $ in Millions	Jun. 30, 2020	Feb. 18, 2020	Jan. 17, 2020	Dec. 31, 2019	May 24, 2019	Feb. 01, 2019
Principal amount
Total principal amount of debt	$ 9,142			$ 9,361
Debt due within one year	590			581
Long-term debt	8,552			8,780
Carrying amount
Total debt	9,058			9,261
Debt due within one year	578			568
Long-term debt	8,480			8,693
6.50% Senior Notes due November 2020
Principal amount
Total principal amount of debt	198			206
Debt due within one year	198			206
Carrying amount
Total debt	198			206
Debt due within one year	$ 198			206
Debt instrument interest rate stated percentage	6.50%
6.375% Senior Notes due December 2021
Principal amount
Total principal amount of debt	$ 184			222
Carrying amount
Total debt	$ 184			221
Debt instrument interest rate stated percentage	6.375%
5.52% Senior Notes due May 2022
Principal amount
Total principal amount of debt	$ 156			200
Debt due within one year	90			88
Carrying amount
Total debt	155			198
Debt due within one year	$ 90			87
Debt instrument interest rate stated percentage	5.52%
3.80% Senior Notes due October 2022
Principal amount
Total principal amount of debt	$ 182			190
Carrying amount
Total debt	$ 181			189
Debt instrument interest rate stated percentage	3.80%
0.50% Exchangeable Bonds due January 2023
Principal amount
Total principal amount of debt	$ 863			863
Carrying amount
Total debt	$ 862			862
Debt instrument interest rate stated percentage	0.50%
5.375% Senior Secured Notes due May 2023
Principal amount
Total principal amount of debt	$ 503			525
Debt due within one year	31			16
Carrying amount
Total debt	498			518
Debt due within one year	$ 29			14
Debt instrument interest rate stated percentage	5.375%				5.375%
9.00% Senior Notes due July 2023
Principal amount
Total principal amount of debt				714
Carrying amount
Total debt				701
Debt instrument interest rate stated percentage	9.00%	9.00%
5.875% Senior Secured Notes due January 2024
Principal amount
Total principal amount of debt	$ 626			667
Debt due within one year	83			83
Carrying amount
Total debt	616			656
Debt due within one year	$ 79			79
Debt instrument interest rate stated percentage	5.875%
7.75% Senior Secured Notes due October 2024
Principal amount
Total principal amount of debt	$ 390			420
Debt due within one year	60			60
Carrying amount
Total debt	383			412
Debt due within one year	$ 58			58
Debt instrument interest rate stated percentage	7.75%
6.25% Senior Notes due December 2024
Principal amount
Total principal amount of debt	$ 406			437
Debt due within one year	62			62
Carrying amount
Total debt	399			430
Debt due within one year	$ 60			60
Debt instrument interest rate stated percentage	6.25%
6.125% Senior Secured Notes due August 2025
Principal amount
Total principal amount of debt	$ 501			534
Debt due within one year	66			66
Carrying amount
Total debt	493			525
Debt due within one year	$ 64			64
Debt instrument interest rate stated percentage	6.125%
7.25% Senior Notes due November 2025
Principal amount
Total principal amount of debt	$ 750			750
Carrying amount
Total debt	$ 738			737
Debt instrument interest rate stated percentage	7.25%
7.50% Senior Notes due January 2026
Principal amount
Total principal amount of debt	$ 750			750
Carrying amount
Total debt	$ 744			743
Debt instrument interest rate stated percentage	7.50%
6.875% Senior Secured Notes due February 2027
Principal amount
Total principal amount of debt	$ 550			550
Carrying amount
Total debt	$ 542			541
Debt instrument interest rate stated percentage	6.875%					6.875%
8.00% Senior Unsecured Notes due February 2027
Principal amount
Total principal amount of debt	$ 750
Carrying amount
Total debt	$ 743
Debt instrument interest rate stated percentage	8.00%		8.00%
7.45% Notes due April 2027
Principal amount
Total principal amount of debt	$ 88			88
Carrying amount
Total debt	$ 86			86
Debt instrument interest rate stated percentage	7.45%
8.00% Debentures due April 2027
Principal amount
Total principal amount of debt	$ 57			57
Carrying amount
Total debt	$ 57			57
Debt instrument interest rate stated percentage	8.00%
7.00% Notes due June 2028
Principal amount
Total principal amount of debt	$ 300			300
Carrying amount
Total debt	$ 305			306
Debt instrument interest rate stated percentage	7.00%
7.50% Notes due April 2031
Principal amount
Total principal amount of debt	$ 588			588
Carrying amount
Total debt	$ 585			585
Debt instrument interest rate stated percentage	7.50%
6.80% Senior Notes due March 2038
Principal amount
Total principal amount of debt	$ 1,000			1,000
Carrying amount
Total debt	$ 992			991
Debt instrument interest rate stated percentage	6.80%
7.35% Senior Notes due December 2041
Principal amount
Total principal amount of debt	$ 300			300
Carrying amount
Total debt	$ 297			$ 297
Debt instrument interest rate stated percentage	7.35%

Debt (Maturities) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Scheduled maturities of debt
2021	$ 590
2022	618
2023	1,793
2024	643
2025	455
Thereafter	5,043
Total principal amount of debt	9,142	$ 9,361
Total debt-related balances, net	(84)
Total carrying amount of debt	$ 9,058

Debt (Issued) (Details) $ / shares in Units, $ in Millions				1 Months Ended	6 Months Ended
Debt (Issued) (Details) $ / shares in Units, $ in Millions	Jan. 17, 2020 USD ($)	May 24, 2019 USD ($)	Feb. 01, 2019 USD ($)	Jun. 30, 2018	Jun. 30, 2020 USD ($) $ / shares	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Debt
Proceeds from issuance of debt					$ 743	$ 1,056
Aggregate principal amount outstanding					$ 9,142		$ 9,361
Five-Year Revolving Credit Facility
Debt
Borrowing capacity, maximum							1,300
Commitment fee percentage at period end					0.75%
Credit facility amount outstanding					$ 0
Letters of credit issued and outstanding					25
Credit facility available borrowing capacity					$ 1,300
Five-Year Revolving Credit Facility \| Minimum
Debt
Commitment fee percentage at period end				0.375%
Five-Year Revolving Credit Facility \| Maximum
Debt
Commitment fee percentage at period end				1.00%
Five-Year Revolving Credit Facility \| Adjusted LIBOR
Debt
Spread on variable rate basis (as a percent)					3.25%
Percentage reduction to the calculated variable rate				1.00%
Five-Year Revolving Credit Facility \| Adjusted LIBOR \| Minimum
Debt
Spread on variable rate basis (as a percent)				2.625%
Five-Year Revolving Credit Facility \| Adjusted LIBOR \| Maximum
Debt
Spread on variable rate basis (as a percent)				3.375%
6.375% Senior Notes due December 2021
Debt
Debt instrument interest rate stated percentage					6.375%
Interest rate, as adjusted (as a percent)					8.375%
Aggregate principal amount outstanding					$ 184		222
3.80% Senior Notes due October 2022
Debt
Debt instrument interest rate stated percentage					3.80%
Interest rate, as adjusted (as a percent)					5.80%
Aggregate principal amount outstanding					$ 182		190
7.35% Senior Notes due December 2041
Debt
Debt instrument interest rate stated percentage					7.35%
Interest rate, as adjusted (as a percent)					9.35%
Aggregate principal amount outstanding					$ 300		300
0.50% Exchangeable Bonds due January 2023
Debt
Debt instrument interest rate stated percentage					0.50%
Aggregate principal amount outstanding					$ 863		863
Debt conversion ratio					0.09729756
Debt conversion (in dollars per share) \| $ / shares					$ 10.28
8.00% Senior Unsecured Notes due February 2027
Debt
Debt instrument interest rate stated percentage	8.00%				8.00%
Debt instrument face value	$ 750
Proceeds from issuance of debt	$ 743
Redemption price of debt instrument (as a percent)	100.00%
Aggregate principal amount outstanding					$ 750
6.875% Senior Secured Notes due February 2027
Debt
Debt instrument interest rate stated percentage			6.875%		6.875%
Debt instrument face value			$ 550
Proceeds from issuance of debt			539
Aggregate principal amount outstanding					$ 550		550
Restricted cash and cash equivalents			$ 19
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage		5.375%			5.375%
Debt instrument face value		$ 525
Proceeds from issuance of debt		517
Aggregate principal amount outstanding					$ 503		$ 525
Restricted cash and cash equivalents		$ 14

Debt (Settled) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Debt (Settled) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Feb. 18, 2020	May 24, 2019
Debt
Debt retirement			$ 790	$ 640
Aggregate cash payment			830	658
Aggregate net gain (loss)	$ 4	$ (9)	$ (53)	(27)
6.50% Senior Notes due November 2020
Debt
Debt instrument interest rate stated percentage	6.50%		6.50%
Debt retirement			$ 8	57
6.375% Senior Notes due December 2021
Debt
Debt instrument interest rate stated percentage	6.375%		6.375%
Debt retirement			$ 38	78
3.80% Senior Notes due October 2022
Debt
Debt instrument interest rate stated percentage	3.80%		3.80%
Debt retirement			$ 8	193
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage	5.375%		5.375%			5.375%
Debt retirement			$ 22
9.00% Senior Notes due July 2023
Debt
Debt instrument interest rate stated percentage	9.00%		9.00%		9.00%
Debt retirement			$ 714	312
Tendered
Debt
Debt retirement			714	510
Aggregate cash payment			767	522
Aggregate net gain (loss)			(65)	(18)
Tendered \| 6.50% Senior Notes due November 2020
Debt
Debt retirement				57
Tendered \| 6.375% Senior Notes due December 2021
Debt
Debt retirement				63
Tendered \| 3.80% Senior Notes due October 2022
Debt
Debt retirement				190
Tendered \| 9.00% Senior Notes due July 2023
Debt
Debt retirement			714	200
Repurchased
Debt
Debt retirement			76	130
Aggregate cash payment			63	136
Aggregate net gain (loss)			12	(9)
Repurchased \| 6.50% Senior Notes due November 2020
Debt
Debt retirement			8
Repurchased \| 6.375% Senior Notes due December 2021
Debt
Debt retirement			38	15
Repurchased \| 3.80% Senior Notes due October 2022
Debt
Debt retirement			8	3
Repurchased \| 5.375% Senior Secured Notes due May 2023
Debt
Debt retirement			$ 22
Repurchased \| 9.00% Senior Notes due July 2023
Debt
Debt retirement				$ 112

Income Taxes (Provision) (Details) - USD ($) $ in Millions	6 Months Ended
Income Taxes (Provision) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019
Income Taxes
Effective tax rate	(3.20%)	(8.30%)
Various discrete tax items expense (benefit)	$ (9)	$ (30)
Annual effective tax rate excluding discrete items (as a percent)	(12.00%)	(18.00%)

Income Taxes (Tax Returns) (Details) - 6 months ended Jun. 30, 2020 R$ in Millions, $ in Millions	USD ($)	BRL (R$)
Brazil
Income Tax Examination
Net adjustments of additional taxes, including interest and penalties	$ 134	R$ 732

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator for loss per share, basic
Net loss attributable to controlling interest	$ (497)	$ (208)	$ (889)	$ (379)
Denominator for loss per share, basic
Weighted-average shares outstanding	614.0	611.0	614.0	611.0
Effect of share-based awards and other equity instruments	1.0	1.0	1.0	1.0
Weighted-average shares for per share calculation, basic	615.0	612.0	615.0	612.0
Loss per share, basic (in dollars per share)	$ (0.81)	$ (0.34)	$ (1.45)	$ (0.62)
Numerator for loss per share, diluted
Net loss attributable to controlling interest	$ (497)	$ (208)	$ (889)	$ (379)
Denominator for loss per share, diluted
Weighted-average shares outstanding	614.0	611.0	614.0	611.0
Effect of share-based awards and other equity instruments	1.0	1.0	1.0	1.0
Weighted-average shares for per share calculation, diluted	615.0	612.0	615.0	612.0
Loss per share, diluted (in dollars per share)	$ (0.81)	$ (0.34)	$ (1.45)	$ (0.62)
Share-based awards
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	14.8	12.6	13.0	12.2
0.50% Exchangeable Bonds due January 2023
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	84.0	84.0	84.0	84.0

Contingencies (Details) $ in Millions		6 Months Ended
Contingencies (Details) $ in Millions	Feb. 15, 2017 USD ($) item	Jun. 30, 2020 USD ($) plaintiff subsidiary lawsuit	Dec. 31, 2019 USD ($)
Contingencies
Restricted cash accounts and investments		$ 437	$ 558
Macondo well incident
Contingencies
Amount of fines, recoveries and civil penalties		124	124
PSC Settlement Agreement
Contingencies
Settlement Agreement	$ 212
Number of classes of plaintiffs \| item	2
Cash payment into an escrow account pending approval by MDL Court		$ 125	$ 125
Asbestos litigation
Contingencies
Number of subsidiaries \| subsidiary		1
Number of claims \| lawsuit		222
Asbestos litigation \| LA
Contingencies
Number of claims \| plaintiff		8

Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Financial instruments
Long-term debt, including current maturities	$ 9,058	$ 9,261
Carrying amount
Financial instruments
Cash and cash equivalents	1,511	1,790
Restricted cash and cash equivalents	437	558
Long-term debt, including current maturities	9,058	9,261
Fair value
Financial instruments
Cash and cash equivalents	1,511	1,790
Restricted cash and cash equivalents	437	558
Long-term debt, including current maturities	$ 5,553	$ 8,976