0001451505-24-000114 | 10-Q | XBRL Viewer

Significant Accounting Policies	6 Months Ended
Jun. 30, 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 and six months ended June 30, 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.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

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 and six months ended June 30, 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.

Equity	6 Months Ended
Jun. 30, 2024
Equity
Equity	Note 11—Equity Share capital currency change—In May 2024, at our annual general meeting, shareholders approved (a) redenominating the currency of our share capital from Swiss francs to U.S. dollars and (b) reducing the par value of our shares for purposes of such redenomination. As a result of the redenomination and reduction, made effective as of January 1, 2024, the par value of each of our shares was changed to $0.10 from CHF 0.10. Share issuance—In June 2024, as partial consideration to acquire the outstanding 67.0 percent ownership interest in Orion, we issued 55.5 million shares with an aggregate fair value of $297 million. See Note 4—Unconsolidated Affiliates, Note 6—Long-Lived Assets and Note 7—Debt.

Equity

6 Months Ended

Jun. 30, 2024

Equity

Equity

Note 11—Equity

Share capital currency change—In May 2024, at our annual general meeting, shareholders approved (a) redenominating the currency of our share capital from Swiss francs to U.S. dollars and (b) reducing the par value of our shares for purposes of such redenomination. As a result of the redenomination and reduction, made effective as of January 1, 2024, the par value of each of our shares was changed to $0.10 from CHF 0.10.

Share issuance—In June 2024, as partial consideration to acquire the outstanding 67.0 percent ownership interest in Orion, we issued 55.5 million shares with an aggregate fair value of $297 million. See Note 4—Unconsolidated Affiliates, Note 6—Long-Lived Assets and Note 7—Debt.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Debt (Exchangeable) (Details) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Perestroika AS \| Transocean Inc
Debt
Ownership interest (as a percent)	11.00%	10.00%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Debt
Debt conversion ratio	0.1621626
Shares issued upon conversion (in shares) \| shares	34.6
Cash consideration to exchanging holder	$ 3.0
2.50% Senior Guaranteed Exchangeable Bonds due January 2027 \| Perestroika AS
Debt
Aggregate principal amount of debt issued in exchanges	$ 213.0
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		$ 299.0
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		$ 493.0
Bifurcated compound exchange feature, at estimated fair value		$ 271.0	$ 350.0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating revenues
Contract drilling revenues	$ 861	$ 729	$ 1,624	$ 1,378
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	$ 534	$ 484	$ 1,057	$ 893
Cost, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 184	$ 186	$ 369	$ 368
General and administrative	59	48	111	93
Total costs and expenses	777	718	1,537	1,354
Loss on impairment of assets	(143)	(53)	(143)	(53)
Loss on disposal of assets, net			(6)	(170)
Operating loss	(59)	(42)	(62)	(199)
Other income (expense), net
Interest income	14	11	29	30
Interest expense, net of amounts capitalized	(74)	(168)	(191)	(417)
Gain (loss) on retirement of debt	140		140	(32)
Other, net	12	18	24	23
Total other income (expense), net	92	(139)	2	(396)
Income (loss) before income tax expense (benefit)	33	(181)	(60)	(595)
Income tax expense (benefit)	156	(16)	(35)	35
Net loss	(123)	(165)	(25)	(630)
Net loss attributable to controlling interest	$ (123)	$ (165)	$ (25)	$ (630)
Loss per share, basic (in dollars per share)	$ (0.15)	$ (0.22)	$ (0.03)	$ (0.85)
Loss per share, diluted (in dollars per share)	$ (0.15)	$ (0.22)	$ (0.03)	$ (0.85)
Weighted-average shares, basic (in shares)	824,000	761,000	821,000	745,000
Weighted-average shares, diluted (in shares)	824	761	821	745

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (123)	$ (165)	$ (25)	$ (630)

- Definition

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

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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Accounting Standards Updates

6 Months Ended

Jun. 30, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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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-Topic 848
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 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 and six months ended June 30, 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.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (25)	$ (630)
Adjustments to reconcile to net cash provided by operating activities:
Amortization of contract intangible asset	4	37
Depreciation and amortization	369	368
Share-based compensation expense	26	20
Loss on impairment of assets	143	53
Loss on impairment of investment in unconsolidated affiliate	5
Loss on disposal of assets, net	6	170
Fair value adjustment to bifurcated compound exchange feature	(79)	179
Amortization of debt-related balances, net	26	25
(Gain) loss on retirement of debt	(140)	32
Deferred income tax expense (benefit)	(56)	27
Other, net	(3)	21
Changes in deferred revenues, net	97	27
Changes in deferred costs, net	(49)	(37)
Changes in other operating assets and liabilities, net	(277)	(182)
Net cash provided by operating activities	47	110
Cash flows from investing activities
Capital expenditures	(167)	(157)
Investment in loan to unconsolidated affiliate	(3)
Investment in equity of unconsolidated affiliate		(10)
Proceeds from disposal of assets, net	51	4
Cash acquired in acquisition of unconsolidated affiliate	5
Net cash used in investing activities	(114)	(163)
Cash flows from financing activities
Repayments of debt	(1,815)	(1,568)
Proceeds from issuance of debt, net of issue costs	1,767	1,665
Other, net	(5)	(1)
Net cash provided by (used in) financing activities	(53)	96
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	(120)	43
Unrestricted and restricted cash and cash equivalents, beginning of period	995	991
Unrestricted and restricted cash and cash equivalents, end of period	$ 875	$ 1,034

Revenues

6 Months Ended

Jun. 30, 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 June 30, 2024, the drilling contract with the longest expected remaining duration, excluding unexercised options, extends through August 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 June 30,												Six months ended June 30,
	2024						2023						2024						2023
	Ultra-		Harsh				Ultra-		Harsh				Ultra-		Harsh				Ultra-		Harsh
	deepwater		environment				deepwater		environment				deepwater		environment				deepwater		environment
	floaters		floaters		Total		floaters		floaters		Total		floaters		floaters		Total		floaters		floaters		Total
U.S.	$	406	$	—	$	406	$	365	$	—	$	365	$	776	$	—	$	776	$	717	$	—	$	717
Brazil		150		—		150		65		—		65		305		—		305		128		—		128
Norway		—		163		163		—		142		142		—		314		314		—		290		290
Other countries (a)		50		92		142		106		51		157		94		135		229		175		68		243
Total contract drilling revenues	$	606	$	255	$	861	$	536	$	193	$	729	$	1,175	$	449	$	1,624	$	1,020	$	358	$	1,378

(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):


	June 30,		December 31
	2024		2023
Deferred contract revenues, recorded in other current liabilities	$	264	$	165
Deferred contract revenues, recorded in other long-term liabilities		231		233
Total contract liabilities	$	495	$	398

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


	Six months ended June 30,
	2024		2023
Total contract liabilities, beginning of period	$	398	$	328
Decrease due to recognition of revenues for goods and services		(104)		(104)
Increase due to goods and services transferred over time		201		131
Total contract liabilities, end of period	$	495	$	355

Pre-operating costs—In the three and six months ended June 30, 2024, we recognized pre-operating costs of $28 million and $48 million, respectively, recorded in operating and maintenance costs. In the three and six months ended June 30, 2023, we recognized pre-operating costs of $25 million and $35 million, respectively, recorded in operating and maintenance costs. At June 30, 2024 and December 31, 2023, the carrying amount of our unrecognized pre-operating costs to obtain contracts was $270 million and $221 million, respectively, recorded in other assets, significantly increased as a result of seven rigs mobilizing or preparing for contracts that commenced in the six months ended June 30, 2024 or are expected to commence through the three months ending March 31, 2025.

- 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
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-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
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 13
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-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

Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financial instruments
Total debt	$ 7,301	$ 7,413
Carrying amount
Financial instruments
Cash and cash equivalents	475	762
Restricted cash and cash equivalents	400	233
Long-term loans receivable from unconsolidated affiliates	10	6
Total debt	7,301	7,413
Fair value
Financial instruments
Cash and cash equivalents	475	762
Restricted cash and cash equivalents	400	233
Long-term loans receivable from unconsolidated affiliates	9	6
Total debt	$ 7,435	$ 7,308

Debt

6 Months Ended

Jun. 30, 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
	June 30,		December 31		June 30,		December 31
	2024		2023		2024		2023
7.25% Senior Notes due November 2025	$	—	$	354	$	—	$	352
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		234		234		224		221
7.50% Senior Notes due January 2026		—		569		—		567
11.50% Senior Guaranteed Notes due January 2027		91		687		120		938
6.875% Senior Secured Notes due February 2027		371		413		369		409
8.00% Senior Notes due February 2027		655		612		653		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		389		420		362		384
8.375% Senior Secured Notes due February 2028		525		525		516		518
7.00% Notes due June 2028		261		261		264		264
8.00% Senior Secured Notes due September 2028		325		325		321		321
8.25% Senior Notes due May 2029		900		—		886		—
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		259		259		413		486
8.75% Senior Secured Notes due February 2030		1,058		1,116		1,037		1,094
7.50% Notes due April 2031		396		396		395		395
8.50% Senior Notes due May 2031		900		—		886		—
6.80% Senior Notes due March 2038		610		610		605		605
7.35% Senior Notes due December 2041		177		177		176		176
Total debt		7,225		7,032		7,301		7,413

Less debt due within one year
11.50% Senior Guaranteed Notes due January 2027		91		—		120		71
6.875% Senior Secured Notes due February 2027		83		83		81		81
4.50% Shipyard Loans due September 2027		120		90		107		75
8.375% Senior Secured Notes due February 2028		50		—		46		—
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		521		320		526		370
Total long-term debt	$	6,704	$	6,712	$	6,775	$	7,043

Scheduled maturities—At June 30, 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 June 30,
2025	$	521	$	29	$	550
2026		736		—		736
2027		1,402		—		1,402
2028		607		—		607
2029		1,147		—		1,147
Thereafter		2,812		—		2,812
Total installments	$	7,225	$	29		7,254
Total unamortized debt-related balances, net						(224)
Bifurcated compound exchange feature, at estimated fair value						271
Total carrying amount of debt					$	7,301

Credit agreement

Secured Credit Facility—We have a secured revolving credit facility established under a bank credit agreement (as amended from time to time, the “Secured Credit Facility”), which is scheduled to mature on June 22, 2028. In April 2024, we 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. 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. We may borrow under the 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 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 Secured Credit Facility permits us to increase the aggregate amount of commitments by up to $250 million. The Secured Credit Facility is guaranteed by Transocean Ltd. and certain wholly owned subsidiaries.

The 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 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 Secured Credit Facility, we must, at the time of the borrowing request, be in full compliance with the terms and conditions of the 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 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 Secured Credit Facility. At June 30, 2024, based on the credit rating of the Secured Credit Facility as of that date, the facility fee was 0.625 percent. At June 30, 2024, we had no borrowings outstanding, $12 million of letters of credit issued, and we had $564 million of available borrowing capacity under the Secured Credit Facility.

Exchangeable bonds

Exchange terms—At June 30, 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 June 30, 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%	$	299
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		18.3%	$	493

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			Six months ended
		June 30,			June 30,
	2024		2023		2024		2023
Contractual interest	$	5		6	$	10	$	13
Amortization		5		5		10		10
Bifurcated compound exchange feature		(69)		46		(79)		179
Total	$	(59)		57	$	(59)	$	202

The indenture governing the 4.625% Senior Guaranteed Exchangeable Bonds contains a compound exchange feature that, in addition to the exchange terms presented above, 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 June 30, 2024 and December 31, 2023, the carrying amount of the bifurcated compound exchange feature was $271 million and $350 million, respectively.

Exchanges—In April 2023, Perestroika (Cyprus) Ltd., an entity affiliated with one of our directors who, at the time, beneficially owned approximately 11 percent of our shares and currently owns approximately 10 percent of our shares, exchanged $213 million aggregate principal amount of 2.50% senior guaranteed exchangeable bonds due January 2027 under the terms of the indenture governing such bonds at the applicable exchange rate of 162.1626 Transocean Ltd. Shares per $1,000 note. As part of the transaction governing the exchange, we delivered 34.6 million Transocean Ltd. shares and $3 million cash consideration to such exchanging holder. The director’s beneficial ownership of our shares resulting from these transactions did not change.

Debt issuance

Senior notes—In June 2024, as partial consideration to acquire the outstanding 67.0 percent ownership interest in Orion, we issued $130 million aggregate principal amount of 8.00% Senior Notes with an equivalent aggregate fair value as additional debt securities under the indenture governing such notes. See Note 4—Unconsolidated Affiliates, Note 6—Long-Lived Assets and Note 11—Equity.

In April 2024, we issued $900 million aggregate principal amount of 8.25% senior notes due May 2029 (the “8.25% Senior Notes”) and $900 million aggregate principal amount of 8.50% senior 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.

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.

Early debt retirement

Tendered and redeemed notes—During the six months ended June 30, 2024 and 2023, we retired certain notes, for which the aggregate principal amounts, cash payments and recognized gain or loss were as follows (in millions):


	Six months ended June 30,
	2024						2023
	Tendered		Redeemed		Total		Redeemed
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		249		105		354		—
7.50% Senior Notes due January 2026		—		569		569		—
11.50% Senior Guaranteed Notes due January 2027		596		—		596		—
8.00% Senior Notes due February 2027		—		87		87		—
Aggregate principal amount of debt retired	$	845	$	761	$	1,606	$	1,380

Aggregate cash payment	$	886	$	763	$	1,649	$	1,402
Aggregate net gain (loss)	$	144	$	(4)	$	140	$	(32)

Subsequent event—In July 2024, we made a cash payment of $99 million to complete the redemption of $91 million aggregate remaining principal amount of the 11.50% senior guaranteed notes due January 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 24, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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, 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
Title of 12(b) Security	Shares
Trading Symbol	RIG
Security Exchange Name	NYSE
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		875,470,199
Entity Central Index Key	0001451505
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic
Net Income (Loss)	$ (123)	$ (165)	$ (25)	$ (630)
Weighted-average shares for per share calculation, basic (in shares)	824,000	761,000	821,000	745,000
Loss per share, basic (in dollars per share)	$ (0.15)	$ (0.22)	$ (0.03)	$ (0.85)
Diluted
Net Income (Loss)	$ (123)	$ (165)	$ (25)	$ (630)
Weighted-average shares for per share calculation, diluted (in shares)	824	761	821	745
Loss per share, diluted (in dollars per share)	$ (0.15)	$ (0.22)	$ (0.03)	$ (0.85)
Exchangeable bonds
Diluted
Securities excluded from earnings per share calculation (in shares)	120,000	155,000	120,000	169,000
Share-based awards
Diluted
Securities excluded from earnings per share calculation (in shares)	11,000	22,000	12,000	20,000
Warrants
Diluted
Securities excluded from earnings per share calculation (in shares)	8,000	9,000	8,000	9,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts \| $	$ 2	$ 2
Materials and supplies, allowance for obsolescence \| $	$ 197	$ 198
Shares, Par value \| (per share)	$ 0.10
Shares, authorized	1,057,879,029	1,021,294,549
Shares, conditionally authorized	141,262,093	142,362,093
Shares, issued	940,828,901	843,715,858
Shares, outstanding	875,456,314	809,030,846

Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Loss Per Share

Schedule of earnings (loss) per share

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


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator for loss per share, basic and diluted
Net loss attributable to controlling interest	$	(123)	$	(165)	$	(25)	$	(630)

Denominator for loss per share, basic and diluted
Weighted-average shares for per share calculation		824		761		821		745

Loss per share, basic and diluted	$	(0.15)	$	(0.22)	$	(0.03)	$	(0.85)

Schedule of antidilutive securities


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Exchangeable bonds		120		155		120		169
Share-based awards		11		22		12		20
Warrants		8		9		8		9

Financial Instruments

6 Months Ended

Jun. 30, 2024

Financial Instruments

Financial Instruments

Note 12—Financial Instruments

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


	June 30, 2024				December 31, 2023
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
Cash and cash equivalents	$	475	$	475	$	762	$	762
Restricted cash and cash equivalents		400		400		233		233
Long-term loans receivable from unconsolidated affiliates		10		9		6		6
Total debt		7,301		7,435		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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Unconsolidated Affiliates (Related Parties) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related party
Related party accounts payable	$ 296		$ 323
Equity Method Investee
Related party
Related party accounts payable			4
Related party receivable	2		$ 14
Services and Equipment \| Orion/Transocean Norge
Related party
Related party transaction	11	$ 5
Charter rig and other equipment \| Orion/Transocean Norge
Related party
Related party transaction	$ 25	$ 1

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Financial Instruments

Carrying amounts and fair values of the financial instruments


	June 30, 2024				December 31, 2023
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
Cash and cash equivalents	$	475	$	475	$	762	$	762
Restricted cash and cash equivalents		400		400		233		233
Long-term loans receivable from unconsolidated affiliates		10		9		6		6
Total debt		7,301		7,435		7,413		7,308

Long-Lived Assets (Impairment held for sale) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Assets held for sale
Proceeds from disposal of assets, net	$ 53			$ 51	$ 4
Aggregate loss on impairment of assets held for sale		$ 143	$ 53	143	$ 53
Aggregate loss on impairment of assets held for sale, net of tax		138		$ 138
Loss associated with impairment, net of tax (per share)			$ 0.07	$ 0.17	$ 0.07
Aggregate loss on impairment of assets held for sale, tax effect			$ 0		$ 0
Assets held for sale
Assets held for sale
Assets held for sale		$ 53	$ 49	$ 53	$ 49	$ 49

Debt (Maturities) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Total Installments
Scheduled maturities of debt
2025	$ 550
2026	736
2027	1,402
2028	607
2029	1,147
Thereafter	2,812
Total installments	7,254
Total unamortized debt-related balances, net	(224)
Bifurcated compound exchange feature, at estimated fair value	271
Total carrying amount of debt	7,301
Principal installments
Scheduled maturities of debt
2025	521
2026	736
2027	1,402
2028	607
2029	1,147
Thereafter	2,812
Total installments	7,225	$ 7,032
Other installments
Scheduled maturities of debt
2025	29
Total installments	$ 29

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 264	$ 165
Deferred contract revenues, recorded in other long-term liabilities	231	233
Total contract liabilities	$ 495	$ 398	$ 355	$ 328

Loss Per Share

6 Months Ended

Jun. 30, 2024

Loss Per Share

Loss Per Share

Note 9—Loss Per Share

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


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator for loss per share, basic and diluted
Net loss attributable to controlling interest	$	(123)	$	(165)	$	(25)	$	(630)

Denominator for loss per share, basic and diluted
Weighted-average shares for per share calculation		824		761		821		745

Loss per share, basic and diluted	$	(0.15)	$	(0.22)	$	(0.03)	$	(0.85)

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


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Exchangeable bonds		120		155		120		169
Share-based awards		11		22		12		20
Warrants		8		9		8		9

Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Revenues

Schedule of revenue disaggregation


	Three months ended June 30,												Six months ended June 30,
	2024						2023						2024						2023
	Ultra-		Harsh				Ultra-		Harsh				Ultra-		Harsh				Ultra-		Harsh
	deepwater		environment				deepwater		environment				deepwater		environment				deepwater		environment
	floaters		floaters		Total		floaters		floaters		Total		floaters		floaters		Total		floaters		floaters		Total
U.S.	$	406	$	—	$	406	$	365	$	—	$	365	$	776	$	—	$	776	$	717	$	—	$	717
Brazil		150		—		150		65		—		65		305		—		305		128		—		128
Norway		—		163		163		—		142		142		—		314		314		—		290		290
Other countries (a)		50		92		142		106		51		157		94		135		229		175		68		243
Total contract drilling revenues	$	606	$	255	$	861	$	536	$	193	$	729	$	1,175	$	449	$	1,624	$	1,020	$	358	$	1,378

(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


	June 30,		December 31
	2024		2023
Deferred contract revenues, recorded in other current liabilities	$	264	$	165
Deferred contract revenues, recorded in other long-term liabilities		231		233
Total contract liabilities	$	495	$	398

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


	Six months ended June 30,
	2024		2023
Total contract liabilities, beginning of period	$	398	$	328
Decrease due to recognition of revenues for goods and services		(104)		(104)
Increase due to goods and services transferred over time		201		131
Total contract liabilities, end of period	$	495	$	355

Debt (Settled) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
Debt (Settled) (Details) - USD ($) $ in Millions	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Debt
Aggregate principal amount of debt retired			$ 1,606
Aggregate cash payment			1,649
Aggregate net loss		$ 140	140	$ (32)
Repayments of debt			$ 1,815	1,568
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage		5.375%	5.375%
5.875% Senior Secured Notes due January 2024
Debt
Debt instrument interest rate stated percentage		5.875%	5.875%
7.75% Senior Secured Notes due October 2024
Debt
Debt instrument interest rate stated percentage		7.75%	7.75%
6.25% Senior Secured Notes due December 2024
Debt
Debt instrument interest rate stated percentage		6.25%	6.25%
6.125% Senior Secured Notes due August 2025
Debt
Debt instrument interest rate stated percentage		6.125%	6.125%
7.25% Senior Notes due November 2025
Debt
Debt instrument interest rate stated percentage		7.25%	7.25%
Aggregate principal amount of debt retired			$ 354
11.50% Senior Guaranteed Notes due January 2027
Debt
Debt instrument interest rate stated percentage		11.50%	11.50%
Aggregate principal amount of debt retired	$ 91		$ 596
Aggregate cash payment	$ 99
7.50% Senior Notes due January 2026
Debt
Debt instrument interest rate stated percentage		7.50%	7.50%
Aggregate principal amount of debt retired			$ 569
8.00% Senior Notes due February 2027
Debt
Debt instrument interest rate stated percentage		8.00%	8.00%
Aggregate principal amount of debt retired			$ 87
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Debt
Debt instrument interest rate stated percentage		4.625%	4.625%
Redeemed
Debt
Aggregate principal amount of debt retired			$ 761	1,380
Aggregate cash payment			763	1,402
Aggregate net loss			(4)	(32)
Redeemed \| 5.375% Senior Secured Notes due May 2023
Debt
Aggregate principal amount of debt retired				243
Redeemed \| 5.875% Senior Secured Notes due January 2024
Debt
Aggregate principal amount of debt retired				311
Redeemed \| 7.75% Senior Secured Notes due October 2024
Debt
Aggregate principal amount of debt retired				240
Redeemed \| 6.25% Senior Secured Notes due December 2024
Debt
Aggregate principal amount of debt retired				250
Redeemed \| 6.125% Senior Secured Notes due August 2025
Debt
Aggregate principal amount of debt retired				$ 336
Redeemed \| 7.25% Senior Notes due November 2025
Debt
Aggregate principal amount of debt retired			105
Redeemed \| 7.50% Senior Notes due January 2026
Debt
Aggregate principal amount of debt retired			569
Redeemed \| 8.00% Senior Notes due February 2027
Debt
Aggregate principal amount of debt retired			87
Tendered
Debt
Aggregate principal amount of debt retired			845
Aggregate cash payment			886
Aggregate net loss			144
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

Long-Lived Assets (Tables)

6 Months Ended

Jun. 30, 2024

Long-Lived Assets

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


	Six months ended
	June 30,
	2024		2023
Construction work in progress, beginning of period	$	522	$	1,195

Capital expenditures
Newbuild construction program		103		114
Other equipment and construction projects		64		43
Total capital expenditures		167		157
Changes in accrued capital additions		10		(6)

Property and equipment placed into service
Newbuild construction program		(421)		(1,157)
Other equipment and construction projects		(90)		(20)
Construction work in progress, end of period	$	188	$	169

Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Principal amount
Debt due within one year	$ 521	$ 320
Long-term debt	6,704	6,712
Carrying amount
Total debt	7,301	7,413
Debt due within one year	526	370
Long-term debt	$ 6,775	7,043
7.25% Senior Notes due November 2025
Principal amount
Total installments		354
Carrying amount
Total debt		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	$ 224	221
Debt instrument interest rate stated percentage	4.00%
7.50% Senior Notes due January 2026
Principal amount
Total installments		569
Carrying amount
Total debt		567
Debt instrument interest rate stated percentage	7.50%
11.50% Senior Guaranteed Notes due January 2027
Principal amount
Total installments	$ 91	687
Debt due within one year	91
Carrying amount
Total debt	120	938
Debt due within one year	$ 120	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	$ 655	612
Carrying amount
Total debt	$ 653	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	$ 389	420
Debt due within one year	120	90
Carrying amount
Total debt	362	384
Debt due within one year	$ 107	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	516	518
Debt due within one year	$ 46
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%
8.25% Senior Notes due May 2029
Principal amount
Total installments	$ 900
Carrying amount
Total debt	$ 886
Debt instrument interest rate stated percentage	8.25%
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Principal amount
Total installments	$ 259	259
Carrying amount
Total debt	$ 413	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	1,037	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%
8.50% Senior Notes due May 2031
Principal amount
Total installments	$ 900
Carrying amount
Total debt	$ 886
Debt instrument interest rate stated percentage	8.50%
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	$ 7,225	$ 7,032

Long- Lived Assets

6 Months Ended

Jun. 30, 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):


	Six months ended
	June 30,
	2024		2023
Construction work in progress, beginning of period	$	522	$	1,195

Capital expenditures
Newbuild construction program		103		114
Other equipment and construction projects		64		43
Total capital expenditures		167		157
Changes in accrued capital additions		10		(6)

Property and equipment placed into service
Newbuild construction program		(421)		(1,157)
Other equipment and construction projects		(90)		(20)
Construction work in progress, end of period	$	188	$	169

Acquisition—In June 2024, we acquired $517 million of property and equipment associated with Transocean Norge, together with $5 million of cash and cash equivalents and $4 million of accounts receivable from us. See Note 4—Unconsolidated Affiliates, Note 7—Debt and Note 11—Equity.

Impairments—In June 2024, we committed to the sale of the ultra-deepwater floater Deepwater Nautilus and related assets for expected aggregate net cash proceeds of $53 million. In the three and six months ended June 30, 2024, we recognized a loss of $143 million ($138 million or $0.17 per diluted share, net of tax) associated with the impairment of the rig and related assets, which we determined were impaired at the time that we classified the assets as held for sale.

In June 2023, we committed to the sale of the harsh environment floaters Paul B. Loyd, Jr. and Transocean Leader and related assets for aggregate net cash proceeds of $49 million. In the three and six months ended June 30, 2023, we recognized a loss of $53 million ($0.07 per diluted share), which had no tax effect, associated with the impairment of the rigs and related assets, which we determined were impaired at the time that we classified the assets as held for sale.

We measured the impairment of the rigs 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 binding contracts for the sale of the rigs and related assets.

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 for aggregate net cash proceeds of $49 million, including $6 million received as a deposit in the year ended December 31, 2023. In the six months ended June 30, 2024, we received aggregate net cash proceeds of $3 million and recognized a 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 six months ended June 30, 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.

Assets held for sale—At June 30, 2024, the aggregate carrying amount of our assets held for sale, including the ultra-deepwater floater Deepwater Nautilus and related assets, was $53 million, recorded in other current assets. At December 31, 2023, the aggregate

carrying amount of our assets held for sale, including Paul B. Loyd, Jr. and Transocean Leader and related assets, was $49 million, recorded in other current assets.

Subsequent event—In July 2024, we completed the sale of Deepwater Nautilus for aggregate net cash proceeds of $53 million, including $5 million received as a deposit in June 2024.

Long-Lived Assets (Acquisition/Disposal) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			6 Months Ended		12 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Acquisition and Disposals
Property and equipment, net		$ 17,083		$ 17,083		$ 16,941
Cash and cash equivalents		475		475		762
Accounts receivable		607		607		512
Proceeds from disposal of assets, net	$ 53			51	$ 4
Deposit received		5
Gain (loss) on the sale of assets				(6)	(170)
Assets sold, not discontinued operations \| Rig sales
Acquisition and Disposals
Gain (loss) on the sale of assets					$ (169)
Gain (loss) on the sale of assets per diluted share					$ (0.23)
Gain (loss) on disposal of assets, tax effect					$ 0
Assets sold, not discontinued operations \| Other property and equipment
Acquisition and Disposals
Proceeds from disposal of assets, net				3
Gain (loss) on the sale of assets				(6)
Assets held for sale
Acquisition and Disposals
Assets held for sale		53		53	$ 49	49
Assets held for sale \| Rig sales
Acquisition and Disposals
Proceeds from disposal of assets, net			$ 49
Deposit received						$ 6
Orion/Transocean Norge
Acquisition and Disposals
Property and equipment, net		517		517
Cash and cash equivalents		5		5
Accounts receivable		$ 4		$ 4

Long-Lived Assets (Construction WIP) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Changes in construction work in progress
Total capital expenditures	$ 167	$ 157
Changes in accrued capital additions	10	(6)
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	188	169
New builds
Changes in construction work in progress
Total capital expenditures	103	114
Property and equipment placed into service	(421)	(1,157)
Other property and equipment
Changes in construction work in progress
Total capital expenditures	64	43
Property and equipment placed into service	$ (90)	$ (20)

Contingencies (Legal proceedings) (Details) - Asbestos litigation	Jun. 30, 2024 lawsuit plaintiff
Contingencies
Number of claims \| lawsuit	337
Louisiana
Contingencies
Number of claims	7
Illinois, Missouri or California
Contingencies
Number of claims	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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (123)	$ (165)	$ (25)	$ (630)
Net loss attributable to controlling interest	(123)	(165)	(25)	(630)
Components of net periodic benefit costs before reclassifications	(2)		(4)	(11)
Components of net periodic benefit costs reclassified to net loss	1		1
Other comprehensive loss before income taxes	(1)		(3)	(11)
Other comprehensive loss	(1)		(3)	(11)
Other comprehensive loss attributable to controlling interest	(1)		(3)	(11)
Total comprehensive loss	(124)	(165)	(28)	(641)
Total comprehensive loss attributable to controlling interest	$ (124)	$ (165)	$ (28)	$ (641)

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 loss attributable to controlling interest	(641)						(641)
Total comprehensive loss							(641)
Share-based compensation	20		20				20
Issuance of shares	234	5	229				234
Net Income (Loss)				(630)			(630)
Other comprehensive loss attributable to controlling interest					(11)		(11)
Balance at Jun. 30, 2023	10,404	76	14,233	(3,709)	(196)	1	10,405
Balance at Mar. 31, 2023	10,324	72	13,992	(3,544)	(196)	1	10,325
Increase (Decrease) in Shareholders' Equity
Total comprehensive loss attributable to controlling interest	(165)						(165)
Total comprehensive loss							(165)
Share-based compensation	11		11				11
Issuance of shares	234	4	230				234
Net Income (Loss)				(165)			(165)
Balance at Jun. 30, 2023	10,404	76	14,233	(3,709)	(196)	1	10,405
Balance at Dec. 31, 2023	10,415	81	14,544	(4,033)	(177)	1	10,416
Increase (Decrease) in Shareholders' Equity
Total comprehensive loss attributable to controlling interest	(28)						(28)
Total comprehensive loss							(28)
Share-based compensation	26		26				26
Issuance of shares	295	6	289				295
Net Income (Loss)				(25)			(25)
Other comprehensive loss attributable to controlling interest					(3)		(3)
Balance at Jun. 30, 2024	10,708	87	14,859	(4,058)	(180)	1	10,709
Balance at Mar. 31, 2024	10,521	82	14,553	(3,935)	(179)	1	10,522
Increase (Decrease) in Shareholders' Equity
Total comprehensive loss attributable to controlling interest	(124)						(124)
Total comprehensive loss							(124)
Share-based compensation	15		15				15
Issuance of shares	296	5	291				296
Net Income (Loss)				(123)			(123)
Other comprehensive loss attributable to controlling interest					(1)		(1)
Balance at Jun. 30, 2024	$ 10,708	$ 87	$ 14,859	$ (4,058)	$ (180)	$ 1	$ 10,709

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. 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

+ 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
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+ Details

Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2024

Unconsolidated Affiliates

Unconsolidated Affiliates

Note 4—Unconsolidated Affiliates

Overview—In the six months ended June 30, 2024 and 2023, we recognized a gain of $5 million and a loss of $18 million, respectively, recorded in other, net, associated with equity in earnings or losses of our equity investments. In the six months ended June 30, 2024, we recognized a loss of $5 million, which had no tax effect, recorded in other, net, associated with the impairment of certain equity investments upon determination that the carrying amount exceeded the estimated fair value and that the impairment was other than temporary. At June 30, 2024 and December 31, 2023, the aggregate carrying amount of our equity investments in unconsolidated affiliates was $123 million and $216 million, respectively, recorded in other assets.

Acquisition—At December 31, 2023, we held a 33.0 percent noncontrolling interest in Orion Holdings (Cayman) Limited (together with its subsidiary, “Orion”), the Cayman Islands company that owns the harsh environment floater Transocean Norge, and the aggregate carrying amount of our investment in Orion was $86 million, recorded in other assets. In June 2024, we transferred noncash consideration with an aggregate fair value of $431 million, including $130 million aggregate principal amount of 8.00% senior notes due February 2027 (the “8.00% Senior Notes”) and 55.5 million Transocean Ltd. shares, to acquire the outstanding 67.0 percent ownership interest in Orion. As a result, Orion became our wholly owned subsidiary. We recorded the transaction using the asset acquisition method of accounting. See Note 6—Long-Lived Assets, Note 7—Debt and Note 11—Equity.

Contribution—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.

Related party transactions—In the six months ended June 30, 2024 and 2023, we received an aggregate cash payment of $11 million and $5 million, respectively, for services and equipment provided to, and prior to our acquisition of, Orion. In the six months ended June 30, 2024 and 2023, we made an aggregate cash payment of $25 million and $1 million, respectively, to charter Transocean Norge and rent other equipment from, and prior to our acquisition of, Orion. At June 30, 2024 and December 31, 2023, our accounts receivable from affiliates was $2 million and $14 million, respectively, recorded in other current assets. At December 31, 2023, our accounts payable to affiliates was $4 million, recorded in accounts payable.

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt

Schedule of debt


	Principal amount				Carrying amount
	June 30,		December 31		June 30,		December 31
	2024		2023		2024		2023
7.25% Senior Notes due November 2025	$	—	$	354	$	—	$	352
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		234		234		224		221
7.50% Senior Notes due January 2026		—		569		—		567
11.50% Senior Guaranteed Notes due January 2027		91		687		120		938
6.875% Senior Secured Notes due February 2027		371		413		369		409
8.00% Senior Notes due February 2027		655		612		653		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		389		420		362		384
8.375% Senior Secured Notes due February 2028		525		525		516		518
7.00% Notes due June 2028		261		261		264		264
8.00% Senior Secured Notes due September 2028		325		325		321		321
8.25% Senior Notes due May 2029		900		—		886		—
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		259		259		413		486
8.75% Senior Secured Notes due February 2030		1,058		1,116		1,037		1,094
7.50% Notes due April 2031		396		396		395		395
8.50% Senior Notes due May 2031		900		—		886		—
6.80% Senior Notes due March 2038		610		610		605		605
7.35% Senior Notes due December 2041		177		177		176		176
Total debt		7,225		7,032		7,301		7,413

Less debt due within one year
11.50% Senior Guaranteed Notes due January 2027		91		—		120		71
6.875% Senior Secured Notes due February 2027		83		83		81		81
4.50% Shipyard Loans due September 2027		120		90		107		75
8.375% Senior Secured Notes due February 2028		50		—		46		—
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		521		320		526		370
Total long-term debt	$	6,704	$	6,712	$	6,775	$	7,043

Scheduled maturities of debt


	Principal		Other		Total
	installments		installments		installments
Twelve months ending June 30,
2025	$	521	$	29	$	550
2026		736		—		736
2027		1,402		—		1,402
2028		607		—		607
2029		1,147		—		1,147
Thereafter		2,812		—		2,812
Total installments	$	7,225	$	29		7,254
Total unamortized debt-related balances, net						(224)
Bifurcated compound exchange feature, at estimated fair value						271
Total carrying amount of debt					$	7,301

Schedule of debt retirements


	Six months ended June 30,
	2024						2023
	Tendered		Redeemed		Total		Redeemed
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		249		105		354		—
7.50% Senior Notes due January 2026		—		569		569		—
11.50% Senior Guaranteed Notes due January 2027		596		—		596		—
8.00% Senior Notes due February 2027		—		87		87		—
Aggregate principal amount of debt retired	$	845	$	761	$	1,606	$	1,380

Aggregate cash payment	$	886	$	763	$	1,649	$	1,402
Aggregate net gain (loss)	$	144	$	(4)	$	140	$	(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%	$	299
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		18.3%	$	493

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


		Three months ended			Six months ended
		June 30,			June 30,
	2024		2023		2024		2023
Contractual interest	$	5		6	$	10	$	13
Amortization		5		5		10		10
Bifurcated compound exchange feature		(69)		46		(79)		179
Total	$	(59)		57	$	(59)	$	202

- 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.

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+ Details

Revenues (Changes) (Details) - USD ($) $ in Millions	6 Months Ended
Revenues (Changes) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Changes to contract liabilities
Total contract liabilities, beginning of period	$ 398	$ 328
Decrease due to recognition of revenues for goods and services	(104)	(104)
Increase due to goods and services transferred over time	201	131
Total contract liabilities, end of period	$ 495	$ 355

Debt (Interest Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Debt (Interest Expense) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest Expense
Amortization			$ 26	$ 25
Bifurcated compound exchange feature			(79)	179
Total	$ 74	$ 168	191	417
Exchangeable bonds
Interest Expense
Contractual interest	5	6	10	13
Amortization	5	5	10	10
Bifurcated compound exchange feature	(69)	46	(79)	179
Total	$ (59)	$ 57	$ (59)	$ 202

- 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

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Taxes

Income Taxes

Note 8—Income Taxes

Tax provision and rate—In the six months ended June 30, 2024 and 2023, our effective tax rate was 57.8 percent and (5.9) percent, respectively, based on income or loss before income tax expense or benefit. In the six months ended June 30, 2024 and 2023, the effect of various discrete period tax items was a net tax benefit of $128 million and $12 million, respectively. In the six months ended June 30, 2024, such discrete items included changes to deferred taxes due to rig ownership changes, rig movement and contract expirations across multiple jurisdictions. In the six months ended June 30, 2023, such discrete items included expiration of various uncertain tax positions, changes to deferred taxes due to new rig operations and changes to valuation allowances. In the six months ended June 30, 2024 and 2023, our effective tax rate, excluding discrete items, was (179.3) percent and (14.0) 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. In the three months ended June 30, 2024, our remaining exposure decreased by BRL 219 million, equivalent to $39 million, following our confirmation of the applicability of a law that allows taxpayers to reduce exposure associated with applicable penalties, interest and legal fees following the receipt and confirmation of a specific type of administrative determination, such as we received. As of June 30, 2024, the remaining aggregate tax assessment, including interest and penalties, was for corporate income tax of BRL 493 million, equivalent to $88 million, and indirect tax of BRL 88 million, equivalent to $16 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 tax.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenues (Disaggregation) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Contract drilling revenues	$ 861	$ 729	$ 1,624	$ 1,378
U.S.
Revenue
Contract drilling revenues	406	365	776	717
Brazil
Revenue
Contract drilling revenues	150	65	305	128
Norway
Revenue
Contract drilling revenues	163	142	314	290
Other Countries
Revenue
Contract drilling revenues	142	157	229	243
Ultra-deepwater floaters
Revenue
Contract drilling revenues	606	536	1,175	1,020
Ultra-deepwater floaters \| U.S.
Revenue
Contract drilling revenues	406	365	776	717
Ultra-deepwater floaters \| Brazil
Revenue
Contract drilling revenues	150	65	305	128
Ultra-deepwater floaters \| Other Countries
Revenue
Contract drilling revenues	50	106	94	175
Harsh environment floaters
Revenue
Contract drilling revenues	255	193	449	358
Harsh environment floaters \| Norway
Revenue
Contract drilling revenues	163	142	314	290
Harsh environment floaters \| Other Countries
Revenue
Contract drilling revenues	$ 92	$ 51	$ 135	$ 68

- 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.

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+ Details

Debt (Issuance) (Details) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
Debt (Issuance) (Details) - USD ($) $ in Millions	Apr. 30, 2024	Jan. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt
Proceeds from issuance of debt	$ 1,770		$ 1,767	$ 1,665
Orion/Transocean Norge
Debt
Equity ownership (as a percent)					33.00%
Orion/Transocean Norge \| Orion/Transocean Norge
Debt
Equity ownership (as a percent)			67.00%
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%
8.00% Senior Notes due February 2027
Debt
Debt instrument interest rate stated percentage			8.00%
8.00% Senior Notes due February 2027 \| Orion/Transocean Norge
Debt
Debt instrument face value			$ 130
Debt instrument interest rate stated percentage			8.00%
8.25% Senior Notes due May 2029
Debt
Debt instrument face value	$ 900
Debt instrument interest rate stated percentage			8.25%
Redemption price of debt instrument (as a percent)	100.00%
8.50% Senior Notes due May 2031
Debt
Debt instrument face value	$ 900
Debt instrument interest rate stated percentage			8.50%
Redemption price of debt instrument (as a percent)	100.00%

Unconsolidated Affiliates (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended		6 Months Ended
	Jun. 30, 2024	Feb. 28, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Investments
Equity in losses			$ (5)	$ (18)
Loss on impairment of investment in unconsolidated affiliate			5
Equity method investments	$ 123		$ 123		$ 216
8.00% Senior Notes due February 2027
Investments
Debt instrument interest rate stated percentage	8.00%		8.00%
Global Sea Mineral Resources
Investments
Equity method investment payment		$ 10
Equity investment non-cash contribution		$ 85
Orion/Transocean Norge
Investments
Equity ownership (as a percent)					33.00%
Equity method investments					$ 86
Orion/Transocean Norge
Investments
Asset acquisition, consideration transferred	$ 431
Value shares issued in asset acquisition	$ 297
Newly issued shares in asset acquisition (in shares)	55.5
Orion/Transocean Norge \| 8.00% Senior Notes due February 2027
Investments
Debt instrument interest rate stated percentage	8.00%		8.00%
Debt instrument face value	$ 130		$ 130
Orion/Transocean Norge \| Orion/Transocean Norge
Investments
Equity ownership (as a percent)	67.00%		67.00%

Business

6 Months Ended

Jun. 30, 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 June 30, 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.

Revenues (Pre-operating) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenues (Pre-operating) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenues
Recognized pre-operating costs	$ 28	$ 25	$ 48	$ 35
Unrecognized pre-operating costs	$ 270		$ 270		$ 221

Contingencies

6 Months Ended

Jun. 30, 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 June 30, 2024, seven 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 June 30, 2024, the subsidiary was a defendant in approximately 337 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 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 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.

Equity (Share Issuance) (Details) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Jan. 01, 2024 $ / shares	Dec. 31, 2023 SFr / shares
Equity
Par value of common stock \| (per share)	$ 0.10	$ 0.10	SFr 0.10
Orion/Transocean Norge
Equity
Equity ownership (as a percent)			33.00%
Orion/Transocean Norge
Equity
Newly issued shares in asset acquisition (in shares) \| shares	55.5
Value shares issued in asset acquisition \| $	$ 297
Orion/Transocean Norge \| Orion/Transocean Norge
Equity
Equity ownership (as a percent)	67.00%

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 3
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Debt (Credit Agreements) (Details) - Five-Year Revolving Credit Facility $ in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	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		$ 564
Spread on variable rate basis (as a percent)	0.10%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
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

Business (Details)	Jun. 30, 2024 USD ($)
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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 475	$ 762
Accounts receivable, net of allowance of $2 at June 30, 2024 and December 31, 2023	607	512
Materials and supplies, net of allowance of $197 and $198 at June 30, 2024 and December 31, 2023, respectively	440	426
Restricted cash and cash equivalents	400	233
Other current assets	213	193
Total current assets	2,135	2,126
Property and equipment	24,066	23,875
Less accumulated depreciation	(6,983)	(6,934)
Property and equipment, net	17,083	16,941
Contract intangible assets		4
Deferred tax assets, net	30	44
Other assets	1,077	1,139
Total assets	20,325	20,254
Liabilities and equity
Accounts payable	296	323
Accrued income taxes	22	23
Debt due within one year	526	370
Other current liabilities	729	681
Total current liabilities	1,573	1,397
Long-term debt	6,775	7,043
Deferred tax liabilities, net	470	540
Other long-term liabilities	798	858
Total long-term liabilities	8,043	8,441
Commitments and contingencies
Shares, $0.10 par value, 1,057,879,029 authorized, 141,262,093 conditionally authorized, 940,828,901 issued and 875,456,314 outstanding at June 30, 2024, and CHF 0.10 par value, 1,021,294,549 authorized, 142,362,093 conditionally authorized, 843,715,858 issued and 809,030,846 outstanding at December 31, 2023	87	81
Additional paid-in capital	14,859	14,544
Accumulated deficit	(4,058)	(4,033)
Accumulated other comprehensive loss	(180)	(177)
Total controlling interest shareholders' equity	10,708	10,415
Noncontrolling interest	1	1
Total equity	10,709	10,416
Total liabilities and equity	$ 20,325	$ 20,254

Income Taxes (Provision) (Details) R$ in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 BRL (R$)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 BRL (R$)	Jun. 30, 2023 USD ($)
Effective tax rate			57.80%	57.80%	(5.90%)
Various discrete tax items expense (benefit)			$ (128)		$ (12)
Annual effective tax rate excluding discrete items (as a percent)			(179.30%)	(179.30%)	(14.00%)
Brazil
Income tax examination, exposure decrease	$ (39)	R$ (219)
Brazil \| Corporate income tax
Net adjustments of additional taxes, including interest and penalties			$ 88	R$ 493
Brazil \| Indirect tax
Net adjustments of additional taxes, including interest and penalties			$ 16	R$ 88