0001451505-24-000056 | 10-Q | XBRL Viewer

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 98	$ (465)
Net Income (loss) attributable to controlling interest	98	(465)
Components of net periodic benefit costs before reclassifications	(2)	(11)
Other comprehensive loss before income taxes	(2)	(11)
Other comprehensive loss	(2)	(11)
Other comprehensive loss attributable to controlling interest	(2)	(11)
Total comprehensive income (loss)	96	(476)
Total comprehensive income (loss) attributable to controlling interest	$ 96	$ (476)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Debt

3 Months Ended

Mar. 31, 2024

Debt

Debt

Note 7—Debt

Overview

Outstanding debt—The aggregate principal amounts and aggregate carrying amounts, including the contractual interest payments of previously restructured debt, a bifurcated compound exchange feature, and unamortized debt-related balances, such as discounts, premiums and issue costs, were as follows (in millions):


	Principal amount				Carrying amount
	March 31,		December 31		March 31,		December 31
	2024		2023		2024		2023
7.25% Senior Notes due November 2025	$	354	$	354	$	352	$	352
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		234		234		223		221
7.50% Senior Notes due January 2026		569		569		567		567
11.50% Senior Guaranteed Notes due January 2027		687		687		903		938
6.875% Senior Secured Notes due February 2027		371		413		369		409
8.00% Senior Notes due February 2027		612		612		609		609
7.45% Notes due April 2027		52		52		52		52
8.00% Debentures due April 2027		22		22		22		22
4.50% Shipyard Loans due September 2027		405		420		374		384
8.375% Senior Secured Notes due February 2028		525		525		518		518
7.00% Notes due June 2028		261		261		264		264
8.00% Senior Secured Notes due September 2028		325		325		321		321
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		259		259		479		486
8.75% Senior Secured Notes due February 2030		1,058		1,116		1,036		1,094
7.50% Notes due April 2031		396		396		395		395
6.80% Senior Notes due March 2038		610		610		605		605
7.35% Senior Notes due December 2041		177		177		176		176
Total debt		6,917		7,032		7,265		7,413

Less debt due within one year
11.50% Senior Guaranteed Notes due January 2027		—		—		71		71
6.875% Senior Secured Notes due February 2027		83		83		81		81
4.50% Shipyard Loans due September 2027		105		90		91		75
8.375% Senior Secured Notes due February 2028		50		—		48		—
8.00% Senior Secured Notes due September 2028		60		30		59		30
8.75% Senior Secured Notes due February 2030		117		117		113		113
Total debt due within one year		415		320		463		370
Total long-term debt	$	6,502	$	6,712	$	6,802	$	7,043

Scheduled maturities—At March 31, 2024, scheduled maturities of our debt, including the principal installments and other installments, representing the contractual interest payments of previously restructured debt, were as follows (in millions):


	Principal		Other		Total
	installments		installments		installments
Twelve months ending March 31,
2025	$	415	$	71	$	486
2026		1,660		72		1,732
2027		1,979		72		2,051
2028		442		—		442
2029		509		—		509
Thereafter		1,912		—		1,912
Total installments	$	6,917	$	215		7,132
Total unamortized debt-related balances, net						(207)
Bifurcated compound exchange feature, at estimated fair value						340
Total carrying amount of debt					$	7,265

Credit agreement

Secured Credit Facility—As of March 31, 2024, we had a secured revolving credit facility established under a bank credit agreement (as amended from time to time, the “Secured Credit Facility”), which provided us with borrowing capacity of $600 million through its scheduled maturity on June 22, 2025. At March 31, 2024, based on the credit rating of the Secured Credit Facility as of that date, the facility fee was 0.625 percent. At March 31, 2024, we had no borrowings outstanding, $12 million of letters of credit issued, and we had $588 million of available borrowing capacity under the Secured Credit Facility.

Subsequent event—In April 2024, we further amended the Secured Credit Facility to, among other things, (a) extend the maturity date from June 22, 2025 to June 22, 2028 and (b) reduce the borrowing capacity from $600 million to $576 million through June 22, 2025,

and thereafter reduce the borrowing capacity to $510 million through June 22, 2028 (the “Amended Secured Credit Facility”). Throughout the term of the Amended 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 Amended Secured Credit Facility. We may borrow under the Amended Secured Credit Facility at a forward-looking term rate based on the secured overnight financing rate (“Term SOFR”) plus a margin and a Term SOFR spread adjustment of 0.10 percent. The Amended Secured Credit Facility is subject to permitted extensions and certain early maturity triggers, including if on any date the aggregate amount of scheduled principal repayments of indebtedness, with certain exceptions, due within 91 days thereof is equal to or in excess of $325 million and available cash is less than $250 million. The Amended Secured Credit Facility permits us to increase the aggregate amount of commitments by up to $250 million. The Amended Secured Credit Facility is guaranteed by Transocean Ltd. and certain wholly owned subsidiaries.

The Amended Secured Credit Facility contains covenants that, among other things, include maintenance of a minimum guarantee coverage ratio of 3.0 to 1.0, a minimum collateral coverage ratio of 2.1 to 1.0, a maximum debt to capitalization ratio of 0.60 to 1.00 and minimum liquidity of $200 million. The Amended Secured Credit Facility also restricts the ability of Transocean Ltd. and certain of our subsidiaries to, among other things, merge, consolidate or otherwise make changes to the corporate structure, incur liens, incur additional indebtedness, enter into transactions with affiliates and permits, subject to certain conditions, the ability to pay dividends and repurchase our shares. In order to utilize the Amended Secured Credit Facility, we must, at the time of the borrowing request, be in full compliance with the terms and conditions of the Amended Secured Credit Facility and make certain representations and warranties, including with respect to compliance with laws and solvency, to the lenders. Repayment of borrowings under the Amended Secured Credit Facility are subject to acceleration upon the occurrence of an event of default. Under the agreements governing certain of our debt and finance lease, we are also subject to various covenants, including restrictions on creating liens, engaging in sale/leaseback transactions and engaging in certain merger, consolidation or reorganization transactions. A default under our public debt indentures, the agreements governing our senior secured notes, our finance lease contract or any other debt owed to unaffiliated entities that exceeds $125 million could trigger a default under the Secured Credit Facility and, if not waived by the lenders or otherwise cured, could cause us to lose access to the Amended Secured Credit Facility.

Exchangeable bonds

Exchange terms—At March 31, 2024, the (a) current exchange rates, expressed as the number of Transocean Ltd. shares per $1,000 note, (b) implied exchange prices per Transocean Ltd. share and (c) aggregate shares, expressed in millions, issuable upon exchange of our exchangeable bonds were as follows:


			Implied
	Exchange		exchange		Shares
	rate		price		issuable
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		190.4762	$	5.25		44.5
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		290.6618	$	3.44		75.3

The exchange rates, presented above, are subject to adjustment upon the occurrence of certain events. The 4.00% senior guaranteed exchangeable bonds due December 2025 may be exchanged by holders at any time prior to the close of business on the second business day immediately preceding the maturity date and, at our election, such exchange may be settled by delivering cash, Transocean Ltd. shares or a combination of cash and shares. The 4.625% senior guaranteed exchangeable bonds due September 2029 (the “4.625% Senior Guaranteed Exchangeable Bonds”) may be exchanged by holders at any time prior to the close of business on the second business day immediately preceding the maturity date or redemption date and, at our election, such exchange may be settled by delivering cash, Transocean Ltd. shares or a combination of cash and shares.

Effective interest rates and fair values—At March 31, 2024, the effective interest rates and estimated fair values of our exchangeable bonds were as follows (in millions, except effective interest rates):


	Effective		Fair
	interest rate		value
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		6.9%	$	335
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		18.3%	$	562

We estimated the fair values of the exchangeable debt instruments, including the exchange features, by employing a binomial lattice model using significant other observable inputs, representative of Level 2 fair value measurements, including the terms and credit spreads of our debt and the expected volatility of the market price for our shares.

Interest expense—We recognized interest expense for our exchangeable bonds as follows (in millions):


	Three months ended
	March 31,
	2024		2023
Contractual interest	$	5	$	7
Amortization		5		5
Bifurcated compound exchange feature		(10)		133
Total	$	—	$	145

The 4.625% Senior Guaranteed Exchangeable Bonds contain a compound exchange feature that, in addition to the exchange terms presented below, requires us to pay holders a make-whole premium of future interest through March 30, 2028, for exchanges exercised during a redemption notice period. Such compound exchange feature must be bifurcated from the host debt instrument since it is not considered indexed to our stock. Accordingly, we recognize changes to the estimated fair value of the bifurcated compound exchange feature, recorded as a component of the carrying amount of debt, with a corresponding adjustment to interest expense. At March 31, 2024 and December 31, 2023, the carrying amount of the bifurcated compound exchange feature was $340 million and $350 million, respectively.

Debt issuance

Senior secured notes—In January 2023, we issued $525 million aggregate principal amount of 8.375% senior secured notes due February 2028 (the “8.375% Senior Secured Notes”), and we received $516 million aggregate cash proceeds, net of issue costs. The 8.375% Senior Secured Notes are secured by the assets and earnings associated with the ultra-deepwater floater Deepwater Titan and the equity of the wholly owned subsidiary that owns or operates the collateral rig. Additionally, we are required to comply with certain covenants, including related to the debt and earnings attributable to the collateral rig, and maintain certain balances in a restricted cash account to satisfy debt service requirements. We may redeem all or a portion of the 8.375% Senior Secured Notes on or prior to February 1, 2025 at a price equal to 100 percent of the aggregate principal amount plus a make whole premium, and subsequently, at specified redemption prices.

In January 2023, we issued $1.175 billion aggregate principal amount of 8.75% senior secured notes due February 2030 (the “8.75% Senior Secured Notes”), and we received $1.148 billion aggregate cash proceeds, net of issue costs. The 8.75% Senior Secured Notes are secured by a lien on the ultra-deepwater floaters Deepwater Pontus, Deepwater Proteus and Deepwater Thalassa and the harsh environment floaters Transocean Enabler and Transocean Encourage, together with certain related assets. Additionally, we are required to comply with certain covenants, including related to the debt and earnings attributable to the collateral rigs, and maintain certain balances in a restricted cash account to satisfy debt service requirements. We may redeem all or a portion of the 8.75% Senior Secured Notes on or prior to February 15, 2026 at a price equal to 100 percent of the aggregate principal amount plus a make whole premium, and subsequently, at specified redemption prices.

Subsequent events—In April 2024, we issued $900 million aggregate principal amount of 8.25% senior guaranteed notes due May 2029 (the “8.25% Senior Notes”) and $900 million aggregate principal amount of 8.50% senior guaranteed notes due May 2031 (the “8.50% Senior Notes”), and we received $1.77 billion aggregate cash proceeds, net of issue costs. The 8.25% Senior Notes and the 8.50% Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by Transocean Ltd. and certain of our wholly owned subsidiaries. On or prior to May 15, 2026 and 2027, respectively, we may redeem all or a portion of the 8.25% Senior Notes and the 8.50% Senior Notes, respectively, at a price equal to 100 percent of the aggregate principal amount plus a make whole premium, and subsequently, at specified redemption prices.

Early debt retirement

During the three months ended March 31, 2023, we redeemed and retired certain notes, for which the aggregate principal amounts, cash payments and recognized loss were as follows (in millions):


	Three months
	ended
	March 31, 2023
5.375% Senior Secured Notes due May 2023	$	243
5.875% Senior Secured Notes due January 2024		311
7.75% Senior Secured Notes due October 2024		240
6.25% Senior Secured Notes due December 2024		250
6.125% Senior Secured Notes due August 2025		336
7.25% Senior Notes due November 2025		—
Aggregate principal amount of debt retired	$	1,380

Aggregate cash payment	$	1,402
Aggregate net loss	$	(32)

Subsequent events—In April 2024, we made an aggregate cash payment of $873 million, including related costs, to complete a tender offer (the “Tender Offers”) for $596 million and $249 million aggregate principal amount of the 11.50% senior guaranteed notes due January 2027 and the 7.25% senior notes due November 2025 (the “7.25% Senior Notes”), respectively. We also made an aggregate cash payment of $105 million to redeem the remaining $105 million aggregate principal amount of the 7.25% Senior Notes outstanding following the completion of the Tender Offers. Additionally, we made an aggregate cash payment of $658 million, including related costs, to fully redeem $569 million aggregate principal amount of the 7.50% senior notes due January 2026 and partially redeem $87 million aggregate principal amount of the 8.00% senior notes due February 2027.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

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-Section 50
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+ Details

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
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 promulgated by 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 the 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 months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, 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, 2023 and 2022, and for each of the three years in the period ended December 31, 2023, included in our annual report on Form 10K filed on February 21, 2024.
Accounting estimates	Accounting estimates—To prepare financial statements in accordance with accounting principles generally accepted in the U.S., we must make judgments by applying 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 income taxes, property and equipment, equity investments, contingencies, allowance for excess materials and supplies, postemployment benefit plans and share-based compensation. 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 an exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. 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	Recently issued accounting standards updates not yet adopted Segment reporting—Effective for the year ending December 31, 2024, we will adopt the accounting standards update that requires incremental disclosures about a public entity’s reportable segments but does not change the definition or guidance for determining reportable segments. The update, which explicitly applies to entities such as us with a single reportable segment, requires disclosure of the significant expense categories and amounts that are regularly provided to the chief operating decision-maker and included in the reported measure of segment profit or loss. Additionally, the update requires disclosures about the individual or the group or committee identified as the chief operating decision-maker. We will provide the new disclosures, as required, in our annual report for the year ending December 31, 2024 and interim periods thereafter with retrospective application to all periods presented, unless impracticable. Although our adoption of the update will require us to augment certain disclosures in the notes to consolidated financial statements, we do not expect such adoption to have a material effect on our consolidated statements of financial position, operations or cash flows. Income taxes—Effective no later than January 1, 2025, we will adopt the accounting standards update that requires significant additional disclosures intended to enhance the transparency and decision usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The new guidance will be applied prospectively and permits, but does not require, retrospective application. The update, which permits early adoption, is effective for annual periods beginning after December 15, 2024. We continue to evaluate the requirements. Although we expect our adoption will require us to augment certain disclosures in our notes to consolidated financial statements, we do not expect our adoption to have a material effect on our consolidated statements of financial position, operations or cash flows.

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 223	$ 165
Deferred contract revenues, recorded in other long-term liabilities	252	233
Total contract liabilities	$ 475	$ 398	$ 334	$ 328

Debt (Maturities) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Total Installments
Scheduled maturities of debt
2025	$ 486
2026	1,732
2027	2,051
2028	442
2029	509
Thereafter	1,912
Total installments	7,132
Total unamortized debt-related balances, net	(207)
Bifurcated compound exchange feature, at estimated fair value	340
Total carrying amount of debt	7,265
Principal installments
Scheduled maturities of debt
2025	415
2026	1,660
2027	1,979
2028	442
2029	509
Thereafter	1,912
Total installments	6,917	$ 7,032
Other installments
Scheduled maturities of debt
2025	71
2026	72
2027	72
Total installments	$ 215

Long-Lived Assets - Disposal (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Acquisition and Disposals
Proceeds from disposal of assets, net	$ 44	$ 1
Gain (loss) on the sale of assets	(6)	(170)
Assets sold, not discontinued operations \| Rig sales
Acquisition and Disposals
Proceeds from disposal of assets, net	43
Gain (loss) on the sale of assets	(1)	$ (169)
Gain (loss) on the sale of assets per diluted share		$ (0.23)
Gain (loss) on disposal of assets, tax effect	0	$ 0
Assets sold, not discontinued operations \| Other property and equipment
Acquisition and Disposals
Proceeds from disposal of assets, net	1
Gain (loss) on the sale of assets	$ (6)
Assets held for sale \| Rig sales
Acquisition and Disposals
Assets held for sale			$ 49

Income Taxes (Provision) (Details) R$ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 BRL (R$)	Mar. 31, 2023 USD ($)
Effective tax rate	206.00%	206.00%	(12.30%)
Various discrete tax items expense (benefit)	$ (121)		$ (11)
Annual effective tax rate excluding discrete items (as a percent)	76.90%	76.90%	(29.00%)
Brazil \| Corporate income tax
Net adjustments of additional taxes, including interest and penalties	$ 140	R$ 704
Brazil \| Indirect tax
Net adjustments of additional taxes, including interest and penalties	$ 18	R$ 91

Financial Instruments

3 Months Ended

Mar. 31, 2024

Financial Instruments

Financial Instruments

Note 11—Financial Instruments

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


	March 31, 2024				December 31, 2023
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
Cash and cash equivalents	$	446	$	446	$	762	$	762
Restricted cash and cash equivalents		270		270		233		233
Long-term loans receivable from unconsolidated affiliates		9		8		6		6
Total debt		7,265		7,246		7,413		7,308

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 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.

Long-term loans receivable from unconsolidated affiliates—The carrying amount of our long-term loans receivable from unconsolidated affiliates, recorded in other assets, represents the principal amount of the cash investment. We estimated the fair value of our long-term loans receivable from unconsolidated affiliates using significant unobservable inputs, representative of Level 3 fair value measurements, including the terms and credit spreads for the instruments.

Total debt—The carrying amount of our total debt represents the principal amount, contractual interest payments of previously restructured debt and unamortized discounts, premiums and issue costs. The carrying amount and fair value of our total debt includes amounts related to certain exchangeable debt instruments (see Note 7—Debt). We estimated the fair value of our total debt using significant other observable inputs, representative of Level 2 fair value measurements, including the terms and credit spreads for the instruments and, with respect to the exchangeable debt instruments, the expected volatility of the market price for our shares.

- 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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 446	$ 762
Accounts receivable, net of allowance of $2 at March 31, 2024 and December 31, 2023	585	512
Materials and supplies, net of allowance of $202 and $198 at March 31, 2024 and December 31, 2023, respectively	437	426
Restricted cash and cash equivalents	270	233
Other current assets	133	193
Total current assets	1,871	2,126
Property and equipment	23,948	23,875
Less accumulated depreciation	(7,093)	(6,934)
Property and equipment, net	16,855	16,941
Contract intangible assets		4
Deferred tax assets, net	45	44
Other assets	1,166	1,139
Total assets	19,937	20,254
Liabilities and equity
Accounts payable	301	323
Accrued income taxes	2	23
Debt due within one year	463	370
Other current liabilities	619	681
Total current liabilities	1,385	1,397
Long-term debt	6,802	7,043
Deferred tax liabilities, net	377	540
Other long-term liabilities	851	858
Total long-term liabilities	8,030	8,441
Commitments and contingencies
Shares, CHF 0.10 par value, 1,022,394,549 authorized, 141,262,093 conditionally authorized, 862,815,858 issued and 819,579,665 outstanding at March 31, 2024, and 1,021,294,549 authorized, 142,362,093 conditionally authorized, 843,715,858 issued and 809,030,846 outstanding at December 31, 2023	82	81
Additional paid-in capital	14,553	14,544
Accumulated deficit	(3,935)	(4,033)
Accumulated other comprehensive loss	(179)	(177)
Total controlling interest shareholders' equity	10,521	10,415
Noncontrolling interest	1	1
Total equity	10,522	10,416
Total liabilities and equity	$ 19,937	$ 20,254

Earnings (Loss) Per Share (Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator for loss per share, basic
Net Income (Loss)	$ 98	$ (465)
Earnings (loss) for per share calculation, basic	$ 98	$ (465)
Denominator for loss per share, basic
Weighted-average shares outstanding (in shares)	819.0	728.0
Earnings (loss) per share, basic (in dollars per share)	$ 0.12	$ (0.64)
Numerator for loss per share, diluted
Net Income (Loss)	$ 98	$ (465)
Effect of interest expense on convertible debt instruments	10
Earnings (loss) for per share calculation, diluted	$ 108	$ (465)
Denominator for loss per share, diluted
Weighted-average shares outstanding (in shares)	819.0	728.0
Effect of convertible debt instruments (in shares)	120.0
Effect of share-based awards (in shares)	9.0
Effect of warrants (in shares)	7.0
Weighted-average shares for per share calculation, diluted (in shares)	955.0	728.0
Earnings (loss) per share, diluted (in dollars per share)	$ 0.11	$ (0.64)
Exchangeable bonds
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)		183.0
Share-based awards
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	4.0	24.0
Warrant
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)		9.0

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Taxes

Income Taxes

Note 8—Income Taxes

Tax provision and rate—In the three months ended March 31, 2024 and 2023, our effective tax rate was 206.0 percent and (12.3) percent, respectively, based on loss before income tax expense or benefit. In the three months ended March 31, 2024 and 2023, the effect of various discrete period tax items was a net tax benefit of $121 million and $11 million, respectively. In the three months ended March 31, 2024, such discrete items included changes to deferred taxes due to rig ownership changes, rig movement and contract expirations across multiple jurisdictions. In the three months ended March 31, 2023, such discrete items included expiration of various uncertain tax positions and changes to valuation allowances. In the three months ended March 31, 2024 and 2023, our effective tax rate, excluding discrete items, was 76.9 percent and (29.0) percent, respectively, based on loss before income tax expense or benefit.

Tax positions and returns—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 that are subject to changes resulting from new legislation, interpretation or guidance. From time to time, as a result of these changes, we may revise previously evaluated tax positions, which could cause us to adjust our recorded tax assets and liabilities. Tax authorities in certain jurisdictions are examining our tax returns and, in some cases, have issued assessments. We intend to defend our tax positions vigorously. Although we can provide no assurance as to the outcome of the aforementioned changes, examinations or assessments, 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; however, it could 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 May 2014, the Brazilian tax authorities issued an additional tax assessment for the years 2009 and 2010. We filed protests with the Brazilian tax authorities for the assessments and are engaged in the appeals process, and a portion of two cases were favorably closed. As of March 31, 2024, the remaining aggregate tax assessment, including interest and penalties, was for corporate income tax of BRL 704 million, equivalent to $140 million, and indirect tax of BRL 91 million, equivalent to $18 million. We believe our returns are materially correct as filed, and we are vigorously contesting these assessments. An unfavorable outcome on these proposed assessments could have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Debt (Interest Expense) (Details) - USD ($) $ in Millions	3 Months Ended
Debt (Interest Expense) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Interest Expense
Amortization	$ 13	$ 13
Bifurcated compound exchange feature	(10)	133
Total interest expense	117	249
Exchangeable bonds
Interest Expense
Contractual interest	5	7
Amortization	5	5
Bifurcated compound exchange feature	$ (10)	133
Total interest expense		$ 145

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 98	$ (465)
Adjustments to reconcile to net cash used in operating activities:
Amortization of contract intangible asset	4	18
Depreciation and amortization	185	182
Share-based compensation expense	11	9
Loss on impairment of investment in unconsolidated affiliate	1
Loss on disposal of assets, net	6	170
Fair value adjustment to bifurcated compound exchange feature	(10)	133
Amortization of debt-related balances, net	13	13
Loss on retirement of debt		(32)
Deferred income tax expense (benefit)	(164)	36
Other, net	4	14
Changes in deferred revenues, net	77	6
Changes in deferred costs, net	(38)	(24)
Changes in other operating assets and liabilities, net	(273)	(171)
Net cash used in operating activities	(86)	(47)
Cash flows from investing activities
Capital expenditures	(83)	(81)
Investment in loans to unconsolidated affiliates	(2)
Investment in equity of unconsolidated affiliate		(10)
Proceeds from disposal of assets, net	44	1
Net cash used in investing activities	(41)	(90)
Cash flows from financing activities
Repayments of debt	(151)	(1,564)
Proceeds from issuance of debt, net of issue costs		1,665
Other, net	(1)
Net cash provided by (used in) financing activities	(152)	101
Net decrease in unrestricted and restricted cash and cash equivalents	(279)	(36)
Unrestricted and restricted cash and cash equivalents, beginning of period	995	991
Unrestricted and restricted cash and cash equivalents, end of period	$ 716	$ 955

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt

Schedule of debt


	Principal amount				Carrying amount
	March 31,		December 31		March 31,		December 31
	2024		2023		2024		2023
7.25% Senior Notes due November 2025	$	354	$	354	$	352	$	352
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		234		234		223		221
7.50% Senior Notes due January 2026		569		569		567		567
11.50% Senior Guaranteed Notes due January 2027		687		687		903		938
6.875% Senior Secured Notes due February 2027		371		413		369		409
8.00% Senior Notes due February 2027		612		612		609		609
7.45% Notes due April 2027		52		52		52		52
8.00% Debentures due April 2027		22		22		22		22
4.50% Shipyard Loans due September 2027		405		420		374		384
8.375% Senior Secured Notes due February 2028		525		525		518		518
7.00% Notes due June 2028		261		261		264		264
8.00% Senior Secured Notes due September 2028		325		325		321		321
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		259		259		479		486
8.75% Senior Secured Notes due February 2030		1,058		1,116		1,036		1,094
7.50% Notes due April 2031		396		396		395		395
6.80% Senior Notes due March 2038		610		610		605		605
7.35% Senior Notes due December 2041		177		177		176		176
Total debt		6,917		7,032		7,265		7,413

Less debt due within one year
11.50% Senior Guaranteed Notes due January 2027		—		—		71		71
6.875% Senior Secured Notes due February 2027		83		83		81		81
4.50% Shipyard Loans due September 2027		105		90		91		75
8.375% Senior Secured Notes due February 2028		50		—		48		—
8.00% Senior Secured Notes due September 2028		60		30		59		30
8.75% Senior Secured Notes due February 2030		117		117		113		113
Total debt due within one year		415		320		463		370
Total long-term debt	$	6,502	$	6,712	$	6,802	$	7,043

Scheduled maturities of debt


	Principal		Other		Total
	installments		installments		installments
Twelve months ending March 31,
2025	$	415	$	71	$	486
2026		1,660		72		1,732
2027		1,979		72		2,051
2028		442		—		442
2029		509		—		509
Thereafter		1,912		—		1,912
Total installments	$	6,917	$	215		7,132
Total unamortized debt-related balances, net						(207)
Bifurcated compound exchange feature, at estimated fair value						340
Total carrying amount of debt					$	7,265

Schedule of debt retirements


	Three months
	ended
	March 31, 2023
5.375% Senior Secured Notes due May 2023	$	243
5.875% Senior Secured Notes due January 2024		311
7.75% Senior Secured Notes due October 2024		240
6.25% Senior Secured Notes due December 2024		250
6.125% Senior Secured Notes due August 2025		336
7.25% Senior Notes due November 2025		—
Aggregate principal amount of debt retired	$	1,380

Aggregate cash payment	$	1,402
Aggregate net loss	$	(32)

Exchanged

Debt

Schedule of debt


			Implied
	Exchange		exchange		Shares
	rate		price		issuable
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		190.4762	$	5.25		44.5
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		290.6618	$	3.44		75.3

Schedule of interest expense


	Effective		Fair
	interest rate		value
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		6.9%	$	335
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		18.3%	$	562

Interest expense—We recognized interest expense for our exchangeable bonds as follows (in millions):


	Three months ended
	March 31,
	2024		2023
Contractual interest	$	5	$	7
Amortization		5		5
Bifurcated compound exchange feature		(10)		133
Total	$	—	$	145

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 835
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Revenues (Pre-operating) (Details) - USD ($) $ in Millions	3 Months Ended
Revenues (Pre-operating) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenues
Recognized pre-operating costs	$ 20	$ 10
Unrecognized pre-operating costs	$ 258		$ 221

Revenues (Tables)

3 Months Ended

Mar. 31, 2024

Revenues

Schedule of revenue disaggregation


	Three months ended March 31,
	2024						2023
	Ultra-		Harsh				Ultra-		Harsh
	deepwater		environment				deepwater		environment
	floaters		floaters		Total		floaters		floaters		Total
U.S.	$	370	$	—	$	370	$	352	$	—	$	352
Brazil		155		—		155		63		—		63
Norway		—		151		151		—		148		148
Other countries (a)		44		43		87		69		17		86
Total contract drilling revenues	$	569	$	194	$	763	$	484	$	165	$	649

(a)

The aggregate contract drilling revenues earned in other countries that individually represented less than 10 percent of total contract drilling revenues.

Schedule of contract balances and changes

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


	March 31,		December 31
	2024		2023
Deferred contract revenues, recorded in other current liabilities	$	223	$	165
Deferred contract revenues, recorded in other long-term liabilities		252		233
Total contract liabilities	$	475	$	398

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


	Three months ended March 31,
	2024		2023
Total contract liabilities, beginning of period	$	398	$	328
Decrease due to recognition of revenues for goods and services		(46)		(34)
Increase due to goods and services transferred over time		123		40
Total contract liabilities, end of period	$	475	$	334

Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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 promulgated by 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 the 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 months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, 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, 2023 and 2022, and for each of the three years in the period ended December 31, 2023, included in our annual report on Form 10K filed on February 21, 2024.

Accounting estimates—To prepare financial statements in accordance with accounting principles generally accepted in the U.S., we must make judgments by applying 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 income taxes, property and equipment, equity investments, contingencies, allowance for excess materials and supplies, postemployment benefit plans and share-based compensation. 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 an exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. 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.

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2024

Earnings (Loss) Per Share

Earnings (Loss) Per Share

Note 9—Earnings (Loss) Per Share

The computation of basic and diluted earnings (loss) per share was as follows (in millions, except per share data):


	Three months ended March 31,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator for earnings (loss) per share
Net income (loss) attributable to controlling interest	$	98	$	98	$	(465)	$	(465)
Effect of interest expense on convertible debt instruments		—		10		—		—
Earnings (loss) for per share calculation	$	98		108	$	(465)		(465)

Denominator for earnings (loss) per share
Weighted-average shares outstanding		819		819		728		728
Effect of convertible debt instruments		—		120		—		—
Effect of share-based awards		—		9		—		—
Effect of warrants		—		7		—		—
Weighted-average shares for per share calculation		819		955		728		728


Earnings (loss) per share	$	0.12	$	0.11	$	(0.64)	$	(0.64)

We excluded from the computation certain shares issuable as follows because the effect would have been antidilutive (in millions):


	Three months ended
	March 31,
	2024		2023
Exchangeable bonds		—		183
Share-based awards		4		24
Warrants		—		9

Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings (Loss) Per Share

Schedule of earnings (loss) per share

The computation of basic and diluted earnings (loss) per share was as follows (in millions, except per share data):


	Three months ended March 31,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator for earnings (loss) per share
Net income (loss) attributable to controlling interest	$	98	$	98	$	(465)	$	(465)
Effect of interest expense on convertible debt instruments		—		10		—		—
Earnings (loss) for per share calculation	$	98		108	$	(465)		(465)

Denominator for earnings (loss) per share
Weighted-average shares outstanding		819		819		728		728
Effect of convertible debt instruments		—		120		—		—
Effect of share-based awards		—		9		—		—
Effect of warrants		—		7		—		—
Weighted-average shares for per share calculation		819		955		728		728


Earnings (loss) per share	$	0.12	$	0.11	$	(0.64)	$	(0.64)

Schedule of antidilutive securities


	Three months ended
	March 31,
	2024		2023
Exchangeable bonds		—		183
Share-based awards		4		24
Warrants		—		9

Revenues

3 Months Ended

Mar. 31, 2024

Revenues

Revenues

Note 5—Revenues

Overview—Under most of our drilling contracts with customers, our drilling services represent a single performance obligation that is satisfied over time, the duration of which varies by contract. As of March 31, 2024, the drilling contract with the longest expected remaining duration, excluding unexercised options, extends through July 2029.

Disaggregation—Our contract drilling revenues, disaggregated by asset group and by country in which they were earned, were as follows (in millions):


	Three months ended March 31,
	2024						2023
	Ultra-		Harsh				Ultra-		Harsh
	deepwater		environment				deepwater		environment
	floaters		floaters		Total		floaters		floaters		Total
U.S.	$	370	$	—	$	370	$	352	$	—	$	352
Brazil		155		—		155		63		—		63
Norway		—		151		151		—		148		148
Other countries (a)		44		43		87		69		17		86
Total contract drilling revenues	$	569	$	194	$	763	$	484	$	165	$	649

(a)

The aggregate contract drilling revenues earned in other countries that individually represented less than 10 percent of total contract drilling revenues.

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


	March 31,		December 31
	2024		2023
Deferred contract revenues, recorded in other current liabilities	$	223	$	165
Deferred contract revenues, recorded in other long-term liabilities		252		233
Total contract liabilities	$	475	$	398

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


	Three months ended March 31,
	2024		2023
Total contract liabilities, beginning of period	$	398	$	328
Decrease due to recognition of revenues for goods and services		(46)		(34)
Increase due to goods and services transferred over time		123		40
Total contract liabilities, end of period	$	475	$	334

Pre-operating costs—In the three months ended March 31, 2024 and 2023, we recognized pre-operating costs of $20 million and $10 million, respectively, recorded in operating and maintenance costs. At March 31, 2024 and December 31, 2023, the carrying amount of our unrecognized pre-operating costs to obtain contracts was $258 million and $221 million, respectively, recorded in other assets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 98	$ (465)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Debt (Issuance) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
Debt (Issuance) (Details) - USD ($) $ in Millions	Apr. 30, 2024	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2024
Debt
Proceeds from issuance of debt			$ 1,665
8.375% Senior Secured Notes due February 2028
Debt
Debt instrument face value		$ 525
Debt instrument interest rate stated percentage				8.375%
Proceeds from issuance of debt		$ 516
Redemption price of debt instrument (as a percent)		100.00%
8.75% Senior Secured Notes Due February 2030
Debt
Debt instrument face value		$ 1,175
Debt instrument interest rate stated percentage				8.75%
Proceeds from issuance of debt		$ 1,148
Redemption price of debt instrument (as a percent)		100.00%
8.25% Senior Guaranteed Notes Due May 2029 and 8.50% Senior Guaranteed Notes Due May 2031
Debt
Proceeds from issuance of debt	$ 1,770
Redemption price of debt instrument (as a percent)	100.00%
8.25% Senior Guaranteed Notes Due May 2029
Debt
Debt instrument face value	$ 900
8.50% Senior Guaranteed Notes Due May 2031
Debt
Debt instrument face value	$ 900

Revenues (Changes) (Details) - USD ($) $ in Millions	3 Months Ended
Revenues (Changes) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Changes to contract liabilities
Total contract liabilities, at beginning of period	$ 398	$ 328
Decrease due to recognition of revenues for goods and services	(46)	(34)
Increase due to goods and services transferred over time	123	40
Total contract liabilities, at end of period	$ 475	$ 334

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Financial Instruments

Carrying amounts and fair values of the financial instruments


	March 31, 2024				December 31, 2023
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
Cash and cash equivalents	$	446	$	446	$	762	$	762
Restricted cash and cash equivalents		270		270		233		233
Long-term loans receivable from unconsolidated affiliates		9		8		6		6
Total debt		7,265		7,246		7,413		7,308

Long-Lived Assets (Tables)

3 Months Ended

Mar. 31, 2024

Long-Lived Assets

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


	Three months ended
	March 31,
	2024		2023
Construction work in progress, beginning of period	$	522	$	1,195

Capital expenditures
Newbuild construction program		49		65
Other equipment and construction projects		34		16
Total capital expenditures		83		81
Changes in accrued capital additions		16		(4)

Property and equipment placed into service		(27)		(12)
Construction work in progress, end of period	$	594	$	1,260

Long- Lived Assets

3 Months Ended

Mar. 31, 2024

Long-Lived Assets

Long -Lived Assets

Note 6—Long-Lived Assets

Construction work in progress—The changes in our construction work in progress were as follows (in millions):


	Three months ended
	March 31,
	2024		2023
Construction work in progress, beginning of period	$	522	$	1,195

Capital expenditures
Newbuild construction program		49		65
Other equipment and construction projects		34		16
Total capital expenditures		83		81
Changes in accrued capital additions		16		(4)

Property and equipment placed into service		(27)		(12)
Construction work in progress, end of period	$	594	$	1,260

Disposals—In February 2024, in connection with our efforts to dispose of non-strategic assets, we completed the sale of the harsh environment floaters Paul B. Loyd, Jr. and Transocean Leader, together with related assets. At December 31, 2023, the aggregate carrying amount of the rigs and related assets, classified as assets held for sale and recorded in other current assets, was $49 million. In the three months ended March 31, 2024, we received aggregate net cash proceeds of $43 million and recognized an aggregate net loss of less than $1 million, which had no tax effect, associated with the disposal of these assets. In the three months ended March 31, 2024, we received aggregate net cash proceeds of $1 million and recognized an aggregate net loss of $6 million associated with the disposal of assets unrelated to rig sales.

In February 2023, in connection with our investment in a noncontrolling ownership interest in GSR, we made a non-cash contribution of the cold stacked ultra-deepwater floater Ocean Rig Olympia and related assets. In the three months ended March 31, 2023, we recognized a loss of $169 million ($0.23 per diluted share), which had no tax effect, associated with the disposal of the rig and related assets. See Note 4—Unconsolidated Affiliates.

Contingencies (Legal proceedings) (Details) - Asbestos litigation	Mar. 31, 2024 lawsuit plaintiff
Contingencies
Number of claims \| lawsuit	269
Louisiana
Contingencies
Number of claims	6
Illinois, Missouri or California
Contingencies
Number of claims	17

Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Principal amount
Debt due within one year	$ 415	$ 320
Long-term debt	6,502	6,712
Carrying amount
Total debt	7,265	7,413
Debt due within one year	463	370
Long-term debt	6,802	7,043
7.25% Senior Notes due November 2025
Principal amount
Total installments	354	354
Carrying amount
Total debt	$ 352	352
Debt instrument interest rate stated percentage	7.25%
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Principal amount
Total installments	$ 234	234
Carrying amount
Total debt	$ 223	221
Debt instrument interest rate stated percentage	4.00%
7.50% Senior Notes due January 2026
Principal amount
Total installments	$ 569	569
Carrying amount
Total debt	$ 567	567
Debt instrument interest rate stated percentage	7.50%
11.50% Senior Guaranteed Notes due January 2027
Principal amount
Total installments	$ 687	687
Carrying amount
Total debt	903	938
Debt due within one year	$ 71	71
Debt instrument interest rate stated percentage	11.50%
6.875% Senior Secured Notes due February 2027
Principal amount
Total installments	$ 371	413
Debt due within one year	83	83
Carrying amount
Total debt	369	409
Debt due within one year	$ 81	81
Debt instrument interest rate stated percentage	6.875%
8.00% Senior Notes due February 2027
Principal amount
Total installments	$ 612	612
Carrying amount
Total debt	$ 609	609
Debt instrument interest rate stated percentage	8.00%
7.45% Notes due April 2027
Principal amount
Total installments	$ 52	52
Carrying amount
Total debt	$ 52	52
Debt instrument interest rate stated percentage	7.45%
8.00% Debentures due April 2027
Principal amount
Total installments	$ 22	22
Carrying amount
Total debt	$ 22	22
Debt instrument interest rate stated percentage	8.00%
4.50% Shipyard Loans due September 2027
Principal amount
Total installments	$ 405	420
Debt due within one year	105	90
Carrying amount
Total debt	374	384
Debt due within one year	$ 91	75
Debt instrument interest rate stated percentage	4.50%
8.375% Senior Secured Notes due February 2028
Principal amount
Total installments	$ 525	525
Debt due within one year	50
Carrying amount
Total debt	518	518
Debt due within one year	$ 48
Debt instrument interest rate stated percentage	8.375%
7.00% Notes due June 2028
Principal amount
Total installments	$ 261	261
Carrying amount
Total debt	$ 264	264
Debt instrument interest rate stated percentage	7.00%
8.00% Senior Secured Notes due September 2028
Principal amount
Total installments	$ 325	325
Debt due within one year	60	30
Carrying amount
Total debt	321	321
Debt due within one year	$ 59	30
Debt instrument interest rate stated percentage	8.00%
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Principal amount
Total installments	$ 259	259
Carrying amount
Total debt	$ 479	486
Debt instrument interest rate stated percentage	4.625%
8.75% Senior Secured Notes Due February 2030
Principal amount
Total installments	$ 1,058	1,116
Debt due within one year	117	117
Carrying amount
Total debt	1,036	1,094
Debt due within one year	$ 113	113
Debt instrument interest rate stated percentage	8.75%
7.50% Notes due April 2031
Principal amount
Total installments	$ 396	396
Carrying amount
Total debt	$ 395	395
Debt instrument interest rate stated percentage	7.50%
6.80% Senior Notes due March 2038
Principal amount
Total installments	$ 610	610
Carrying amount
Total debt	$ 605	605
Debt instrument interest rate stated percentage	6.80%
7.35% Senior Notes due December 2041
Principal amount
Total installments	$ 177	177
Carrying amount
Total debt	$ 176	176
Debt instrument interest rate stated percentage	7.35%
Principal installments
Principal amount
Total installments	$ 6,917	$ 7,032

Business

3 Months Ended

Mar. 31, 2024

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. As of March 31, 2024, we owned or had partial ownership interests in and operated a fleet of 36 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and eight harsh environment floaters. As of March 31, 2024, we were constructing one ultra-deepwater drillship.

Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2024

Unconsolidated Affiliates

Unconsolidated Affiliates

Note 4—Unconsolidated Affiliates

We hold noncontrolling equity investments in various unconsolidated companies. In February 2023, we made a cash contribution of $10 million and a non-cash contribution of the ultra-deepwater floater Ocean Rig Olympia, which had been cold stacked, and related assets, with an estimated fair value of $85 million (see Note 6—Long-Lived Assets), in exchange for a noncontrolling ownership interest in Global Sea Mineral Resources NV (together with its subsidiaries, “GSR”), a Belgian company and leading developer of nodule collection technology engaged in the development and exploration of deep-sea polymetallic nodules that contain metals critical to the growing renewable energy market. We estimated the fair value of the rig using projected discounted cash flows, and our estimate required us to use significant unobservable inputs, representative of Level 3 fair value measurements, including assumptions related to the future performance of the rig, projected demand for its services, rig availability and dayrates.

In the three months ended March 31, 2024 and 2023, we recognized a loss of $2 million and $13 million, respectively, recorded in other, net, associated with equity in losses of our equity investments. At March 31, 2024 and December 31, 2023, the aggregate carrying amount of our equity investments in unconsolidated affiliates was $213 million and $216 million, respectively, recorded in other assets.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total controlling interest shareholders' equity	Shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Noncontrolling interest	Total
Balance at Dec. 31, 2022	$ 10,791	$ 71	$ 13,984	$ (3,079)	$ (185)	$ 1	$ 10,792
Increase (Decrease) in Shareholders' Equity
Total comprehensive income (loss) attributable to controlling interest	(476)						(476)
Total comprehensive income (loss)							(476)
Share-based compensation	9		9				9
Issuance of shares		1	(1)
Net Income (Loss)				(465)			(465)
Other comprehensive loss attributable to controlling interest					(11)		(11)
Balance at Mar. 31, 2023	10,324	72	13,992	(3,544)	(196)	1	10,325
Balance at Dec. 31, 2023	10,415	81	14,544	(4,033)	(177)	1	10,416
Increase (Decrease) in Shareholders' Equity
Total comprehensive income (loss) attributable to controlling interest	96						96
Total comprehensive income (loss)							96
Share-based compensation	11		11				11
Issuance of shares	(1)	1	(2)				(1)
Net Income (Loss)				98			98
Other comprehensive loss attributable to controlling interest					(2)		(2)
Balance at Mar. 31, 2024	$ 10,521	$ 82	$ 14,553	$ (3,935)	$ (179)	$ 1	$ 10,522

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
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+ Details

Unconsolidated Affiliates (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Unconsolidated Affiliates (Details) - USD ($) $ in Millions	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments
Equity in losses		$ (2)	$ (13)
Aggregate carrying amount of equity investment		$ 213		$ 216
Global Sea Mineral Resources
Investments
Equity method investment payment	$ 10
Equity investment non-cash contribution	$ 85

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended
Revenues (Disaggregation) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Revenue
Contract drilling revenues	$ 763	$ 649
U.S.
Revenue
Contract drilling revenues	370	352
Brazil
Revenue
Contract drilling revenues	155	63
Norway
Revenue
Contract drilling revenues	151	148
Other Countries
Revenue
Contract drilling revenues	87	86
Ultra-deepwater floaters
Revenue
Contract drilling revenues	569	484
Ultra-deepwater floaters \| U.S.
Revenue
Contract drilling revenues	370	352
Ultra-deepwater floaters \| Brazil
Revenue
Contract drilling revenues	155	63
Ultra-deepwater floaters \| Other Countries
Revenue
Contract drilling revenues	44	69
Harsh environment floaters
Revenue
Contract drilling revenues	194	165
Harsh environment floaters \| Norway
Revenue
Contract drilling revenues	151	148
Harsh environment floaters \| Other Countries
Revenue
Contract drilling revenues	$ 43	$ 17

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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+ Details

Debt (Exchangeable) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Debt
Debt instrument interest rate stated percentage	4.00%
Debt conversion ratio	0.1904762
Debt conversion (in dollars per share) \| $ / shares	$ 5.25
Shares issuable (in shares)	44.5
Effective interest rate (as a percent)	6.90%
Fair value of debt	$ 335.0
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Debt
Debt instrument interest rate stated percentage	4.625%
Debt conversion ratio	0.2906618
Debt conversion (in dollars per share) \| $ / shares	$ 3.44
Shares issuable (in shares)	75.3
Effective interest rate (as a percent)	18.30%
Fair value of debt	$ 562.0
Bifurcated compound exchange feature, at estimated fair value	$ 340.0	$ 350.0

Debt (Settled) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Debt (Settled) (Details) - USD ($) $ in Millions	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Debt
Aggregate principal amount of debt retired			$ 1,380
Aggregate cash payment			1,402
Aggregate net loss			(32)
Repayments of debt		$ 151	1,564
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage		5.375%
Aggregate principal amount of debt retired			243
5.875% Senior Secured Notes due January 2024
Debt
Debt instrument interest rate stated percentage		5.875%
Aggregate principal amount of debt retired			311
7.75% Senior Secured Notes due October 2024
Debt
Debt instrument interest rate stated percentage		7.75%
Aggregate principal amount of debt retired			240
6.25% Senior Secured Notes due December 2024
Debt
Debt instrument interest rate stated percentage		6.25%
Aggregate principal amount of debt retired			250
6.125% Senior Secured Notes due August 2025
Debt
Debt instrument interest rate stated percentage		6.125%
Aggregate principal amount of debt retired			$ 336
7.25% Senior Notes due November 2025
Debt
Debt instrument interest rate stated percentage		7.25%
11.50% Senior Guaranteed Notes due January 2027
Debt
Debt instrument interest rate stated percentage		11.50%
7.50% Senior Notes due January 2026
Debt
Debt instrument interest rate stated percentage		7.50%
8.00% Senior Notes due February 2027
Debt
Debt instrument interest rate stated percentage		8.00%
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Debt
Debt instrument interest rate stated percentage		4.625%
Tendered
Debt
Aggregate cash payment	$ 873
Tendered \| 7.25% Senior Notes due November 2025
Debt
Aggregate principal amount of debt retired	249
Tendered \| 11.50% Senior Guaranteed Notes due January 2027
Debt
Aggregate principal amount of debt retired	596
Repurchased
Debt
Aggregate cash payment	658
Repurchased \| 7.25% Senior Notes due November 2025
Debt
Aggregate principal amount of debt retired	105
Aggregate cash payment	105
Repurchased \| 7.50% Senior Notes due January 2026
Debt
Aggregate principal amount of debt retired	569
Repurchased \| 8.00% Senior Notes due February 2027
Debt
Aggregate principal amount of debt retired	$ 87

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Mar. 31, 2024 USD ($) shares	Mar. 31, 2024 SFr / shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 SFr / shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts \| $	$ 2		$ 2
Materials and supplies, allowance for obsolescence \| $	$ 202		$ 198
Shares, CHF par value (in Swiss francs per share) \| SFr / shares		SFr 0.10		SFr 0.10
Shares, authorized	1,022,394,549		1,021,294,549
Shares, conditionally authorized	141,262,093		142,362,093
Shares, issued	862,815,858		843,715,858
Shares, outstanding	819,579,665		809,030,846

Long-Lived Assets - Construction work in progress (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes in construction work in progress
Total capital expenditures	$ 83	$ 81
Changes in accrued capital additions	16	(4)
Construction in Progress
Changes in construction work in progress
Construction work in progress, at beginning of period	522	1,195
Construction work in progress, at end of period	594	1,260
New builds
Changes in construction work in progress
Total capital expenditures	49	65
Other property and equipment
Changes in construction work in progress
Total capital expenditures	34	16
Property and equipment placed into service	$ (27)	$ (12)

Contingencies

3 Months Ended

Mar. 31, 2024

Contingencies

Contingencies

Note 10—Contingencies

Legal proceedings

Asbestos litigation—In 2014, several of our subsidiaries were named, along with numerous other unaffiliated defendants, in complaints 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. One of our subsidiaries has been named in similar complaints filed in Illinois, Missouri and California. As of March 31, 2024, six plaintiffs have claims pending in Louisiana and 17 plaintiffs in the aggregate have claims pending in either Illinois, Missouri, or California, 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 can provide no assurance as to 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 was 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 March 31, 2024, the subsidiary was a defendant in approximately 269 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 December 2021, the subsidiary and certain insurers agreed to a settlement of outstanding disputes that provide the subsidiary with cash. An earlier settlement, achieved in September 2018, provided the subsidiary with cash and an annuity that begins making payments in 2024. Together with a coverage-in-place agreement with certain insurers and additional coverage issued by other insurers, we believe the subsidiary has sufficient resources 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 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 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 with respect to all environmental matters, including all related pending legal proceedings, asserted legal claims and known potential legal claims that are likely to be asserted, we do not expect the ultimate liability, if any, resulting from such matters, to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows.

Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financial instruments
Total debt	$ 7,265	$ 7,413
Carrying amount
Financial instruments
Cash and cash equivalents	446	762
Restricted cash and cash equivalents	270	233
Long-term loans receivable from unconsolidated affiliates	9	6
Total debt	7,265	7,413
Fair value
Financial instruments
Cash and cash equivalents	446	762
Restricted cash and cash equivalents	270	233
Long-term loans receivable from unconsolidated affiliates	8	6
Total debt	$ 7,246	$ 7,308

Accounting Standards Updates

3 Months Ended

Mar. 31, 2024

Accounting Standards Updates

Accounting Standards Update

Note 3—Accounting Standards Updates

Recently issued accounting standards updates not yet adopted

Segment reporting—Effective for the year ending December 31, 2024, we will adopt the accounting standards update that requires incremental disclosures about a public entity’s reportable segments but does not change the definition or guidance for determining reportable segments. The update, which explicitly applies to entities such as us with a single reportable segment, requires disclosure of the significant expense categories and amounts that are regularly provided to the chief operating decision-maker and included in the reported measure of segment profit or loss. Additionally, the update requires disclosures about the individual or the group or committee identified as the chief operating decision-maker. We will provide the new disclosures, as required, in our annual report for the year ending December 31, 2024 and interim periods thereafter with retrospective application to all periods presented, unless impracticable. Although our adoption of the update will require us to augment certain disclosures in the notes to consolidated financial statements, we do not expect such adoption to have a material effect on our consolidated statements of financial position, operations or cash flows.

Income taxes—Effective no later than January 1, 2025, we will adopt the accounting standards update that requires significant additional disclosures intended to enhance the transparency and decision usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The new guidance will be applied prospectively and permits, but does not require, retrospective application. The update, which permits early adoption, is effective for annual periods beginning after December 15, 2024. We continue to evaluate the requirements. Although we expect our adoption will require us to augment certain disclosures in our notes to consolidated financial statements, we do not expect our adoption to have a material effect on our consolidated statements of financial position, operations or cash flows.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Business (Details)	Mar. 31, 2024 item
Number of mobile offshore drilling units	36
Ultra-deepwater floaters
Number of mobile offshore drilling units	28
Harsh environment floaters
Number of mobile offshore drilling units	8
Ultra Deepwater drillships
Number of mobile offshore drilling units under construction	1

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 23, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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, Postal Zip Code	6312
Entity Address, Address Line One	Turmstrasse 30
Entity Address, City or Town	Steinhausen
Entity Address, Country	CH
City Area Code	+41 (41)
Local Phone Number	749-0500
Trading Symbol	RIG
Security Exchange Name	NYSE
Title of 12(b) Security	Shares
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		819,579,665
Entity Central Index Key	0001451505
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt (Credit Agreements) (Details) - Five-Year Revolving Credit Facility $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)
Debt
Borrowing capacity, maximum		$ 600
Commitment fee percentage at period end		0.625%
Credit facility amount outstanding		$ 0
Letters of credit issued and outstanding		12
Credit facility available borrowing capacity		$ 588
Early maturity trigger, principal due within 91 days	$ 325
Early maturity trigger available cash	250
Permitted commitment increase	$ 250
Minimum guarantee coverage ratio	3.0
Minimum collateral coverage ratio.	2.1
Debt to capitalization ratio	0.60
Minimum liquidity	$ 200
Cross default trigger under credit facility	$ 125
Minimum
Debt
Commitment fee percentage at period end	0.375%
Maximum
Debt
Commitment fee percentage at period end	1.00%
June 2025
Debt
Borrowing capacity, maximum	$ 576
June 2028
Debt
Borrowing capacity, maximum	$ 510
Term SOFR
Debt
Spread on variable rate basis (as a percent)	0.10%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenues
Contract drilling revenues	$ 763	$ 649
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Costs and expenses
Operating and maintenance	$ 523	$ 409
Cost, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 185	$ 182
General and administrative	52	45
Total costs and expenses	760	636
Loss on disposal of assets, net	(6)	(170)
Operating loss	(3)	(157)
Other income (expense), net
Interest income	15	19
Interest expense, net of amounts capitalized	(117)	(249)
Loss on retirement of debt		(32)
Other, net	12	5
Total other income (expense), net	(90)	(257)
Loss before income tax expense (benefit)	(93)	(414)
Income tax expense (benefit)	(191)	51
Net income (loss)	98	(465)
Net Income (loss) attributable to controlling interest	$ 98	$ (465)
Earnings (loss) per share, basic (in dollars per share)	$ 0.12	$ (0.64)
Earnings (loss) per share, diluted (in dollars per share)	$ 0.11	$ (0.64)
Weighted-average shares, basic (in shares)	819	728
Weighted-average shares, diluted (in shares)	955	728