Transocean (RIG) 10-Q 30 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 23, 2019
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
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		611,803,445
Entity Central Index Key	0001451505
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating revenues
Revenues	$ 758	$ 790	$ 1,512	$ 1,454
Revenue from Contract with Customer, Product and Service [Extensible List]	Contract drilling revenues	Contract drilling revenues	Contract drilling revenues	Contract drilling revenues
Costs and expenses
Operating and maintenance	$ 510	$ 431	$ 1,018	$ 855
Cost, Product and Service [Extensible List]	Contract drilling revenues	Contract drilling revenues	Contract drilling revenues	Contract drilling revenues
Depreciation and amortization	$ 219	$ 211	$ 436	$ 413
General and administrative	45	52	94	99
Total costs and expenses	774	694	1,548	1,367
Loss on impairment	(1)	(1,014)	(1)	(1,014)
Gain (loss) on disposal of assets, net	(10)	1	(3)	6
Operating loss	(27)	(917)	(40)	(921)
Other income (expense), net
Interest income	12	13	22	25
Interest expense, net of amounts capitalized	(168)	(148)	(334)	(295)
Loss on retirement of debt	(9)	(2)	(27)	(2)
Other, net	23		31	(10)
Total other income (expense), net	(142)	(137)	(308)	(282)
Loss before income tax expense	(169)	(1,054)	(348)	(1,203)
Income tax expense	37	85	29	148
Net loss	(206)	(1,139)	(377)	(1,351)
Net income (loss) attributable to noncontrolling interest	2	(4)	2	(6)
Net loss attributable to controlling interest	$ (208)	$ (1,135)	$ (379)	$ (1,345)
Loss per share
Basic (in dollars per share)	$ (0.34)	$ (2.46)	$ (0.62)	$ (2.99)
Diluted (in dollars per share)	$ (0.34)	$ (2.46)	$ (0.62)	$ (2.99)
Weighted-average shares outstanding
Basic (in shares)	612	462	612	450
Diluted (in shares)	612	462	612	450

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net loss	$ (206)	$ (1,139)	$ (377)	$ (1,351)
Net income (loss) attributable to noncontrolling interest	2	(4)	2	(6)
Net loss attributable to controlling interest	(208)	(1,135)	(379)	(1,345)
Components of net periodic benefit costs before reclassifications		1	7	(3)
Components of net periodic benefit costs reclassified to net loss	1		1	2
Other comprehensive income (loss) before income taxes	1	1	8	(1)
Other comprehensive income (loss)	1	1	8	(1)
Other comprehensive income (loss) attributable to controlling interest	1	1	8	(1)
Total comprehensive loss	(205)	(1,138)	(369)	(1,352)
Total comprehensive income (loss) attributable to noncontrolling interest	2	(4)	2	(6)
Total comprehensive loss attributable to controlling interest	$ (207)	$ (1,134)	$ (371)	$ (1,346)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 2,243	$ 2,160
Accounts receivable, net of allowance for doubtful accounts of less than $1 at December 31, 2018	645	604
Materials and supplies, net of allowance for obsolescence of $133 and $134 at June 30, 2019 and December 31, 2018, respectively	488	474
Restricted cash accounts and investments	610	551
Other current assets	222	159
Total current assets	4,208	3,948
Property and equipment	25,220	25,811
Less accumulated depreciation	(5,626)	(5,403)
Property and equipment, net	19,594	20,408
Contract intangible assets	703	795
Deferred income taxes, net	71	66
Other assets	1,048	448
Total assets	25,624	25,665
Liabilities and equity
Accounts payable	276	269
Accrued income taxes	29	70
Debt due within one year	349	373
Other current liabilities	807	746
Total current liabilities	1,461	1,458
Long-term debt	9,378	9,605
Deferred income taxes, net	208	64
Other long-term liabilities	1,820	1,424
Total long-term liabilities	11,406	11,093
Commitments and contingencies
Shares, CHF 0.10 par value, 639,674,422 authorized, 142,365,398 conditionally authorized, 617,970,525 issued and 611,741,184 outstanding at June 30, 2019, and 638,285,574 authorized, 143,754,246 conditionally authorized, 610,581,677 issued and 609,649,291 outstanding at December 31, 2018	59	59
Additional paid-in capital	13,405	13,394
Accumulated deficit	(421)	(67)
Accumulated other comprehensive loss	(295)	(279)
Total controlling interest shareholders' equity	12,748	13,107
Noncontrolling interest	9	7
Total equity	12,757	13,114
Total liabilities and equity	$ 25,624	$ 25,665

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Jun. 30, 2019USD ($)shares	Jun. 30, 2019SFr / shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2018SFr / shares
Materials and supplies, allowance for obsolescence (in dollars) | $	$ 133		$ 134
Shares, CHF par value (in Swiss francs per share) | SFr / shares		SFr 0.10		SFr 0.10
Shares, authorized	639,674,422		638,285,574
Shares, conditionally authorized	142,365,398		143,754,246
Shares, issued	617,970,525		610,581,677
Shares, outstanding	611,741,184		609,649,291
Maximum
Allowance for doubtful accounts | $			$ 1

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total controlling interest shareholders' equity	Shares	Additional paid-in capital	Retained earnings (accumulated deficit)	Accumulated other comprehensive loss	Noncontrolling interest	Total
Balance at Dec. 31, 2017	$ 12,707	$ 37	$ 11,031	$ 1,929	$ (290)	$ 4	$ 12,711
Increase (Decrease) in Shareholders' Equity
Share-based compensation	28		28				28
Issuance of shares in acquisition transactions	746	7	739				746
Equity component of convertible debt instruments	172		172				172
Acquisition of redeemable noncontrolling interest	53		53				53
Allocated capital for transactions with holders of noncontrolling interest	3		3			(3)
Net loss attributable to controlling interest				(1,345)			(1,345)
Other comprehensive income (loss) attributable to controlling interest					(1)		(1)
Total comprehensive loss attributable to controlling interest	(1,346)						(1,346)
Total comprehensive income (loss) attributable to noncontrolling interest						(1)
Total comprehensive loss							(1,347)
Recognition of noncontrolling interest in business combination						33	33
Acquisition of noncontrolling interest						(30)	(30)
Other, net	(4)		(4)				(4)
Balance at Jun. 30, 2018	12,359	44	12,022	584	(291)	3	12,362
Balance at Mar. 31, 2018	13,424	44	11,953	1,719	(292)	3	13,427
Increase (Decrease) in Shareholders' Equity
Share-based compensation	18		18				18
Acquisition of redeemable noncontrolling interest	53		53				53
Net loss attributable to controlling interest				(1,135)			(1,135)
Other comprehensive income (loss) attributable to controlling interest					1		1
Total comprehensive loss attributable to controlling interest	(1,134)						(1,134)
Total comprehensive loss							(1,134)
Other, net	(2)		(2)				(2)
Balance at Jun. 30, 2018	12,359	44	12,022	584	(291)	3	12,362
Balance at Dec. 31, 2018	13,107	59	13,394	(67)	(279)	7	13,114
Increase (Decrease) in Shareholders' Equity
Share-based compensation	19		19				19
Net loss attributable to controlling interest				(379)			(379)
Other comprehensive income (loss) attributable to controlling interest					8		8
Total comprehensive loss attributable to controlling interest	(371)						(371)
Total comprehensive income (loss) attributable to noncontrolling interest						2
Total comprehensive loss							(369)
Other, net	(7)		(8)				(7)
Balance at Jun. 30, 2019	12,748	59	13,405	(421)	(295)	9	12,757
Balance at Mar. 31, 2019	12,946	59	13,396	(213)	(296)	7	12,953
Increase (Decrease) in Shareholders' Equity
Share-based compensation	10		10				10
Net loss attributable to controlling interest				(208)			(208)
Other comprehensive income (loss) attributable to controlling interest					1		1
Total comprehensive loss attributable to controlling interest	(207)						(207)
Total comprehensive income (loss) attributable to noncontrolling interest						2
Total comprehensive loss							(205)
Other, net	(1)		(1)				(1)
Balance at Jun. 30, 2019	$ 12,748	$ 59	$ 13,405	(421)	(295)	$ 9	$ 12,757
Increase (Decrease) in Shareholders' Equity
Effect of adopting accounting standards update				$ 25	$ (24)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net loss	$ (377)	$ (1,351)
Adjustments to reconcile to net cash provided by operating activities:
Contract intangible asset amortization	92	49
Depreciation and amortization	436	413
Share-based compensation expense	19	28
Loss on impairment	1	1,014
(Gain) loss on disposal of assets, net	3	(6)
Loss on retirement of debt	27	2
Deferred income tax expense	109	46
Other, net	11	5
Changes in deferred revenues, net	4	(72)
Changes in deferred costs, net	(6)	7
Changes in other operating assets and liabilities, net	(217)	(29)
Net cash provided by operating activities	102	106
Cash flows from investing activities
Capital expenditures	(138)	(92)
Proceeds from disposal of assets, net	40	23
Investments in unconsolidated affiliates	(62)	(106)
Unrestricted and restricted cash acquired in business combination		131
Proceeds from maturities of unrestricted and restricted investments	123	500
Deposits to unrestricted investments		(50)
Other, net	3
Net cash provided by (used in) investing activities	(34)	406
Cash flows from financing activities
Proceeds from issuance of debt, net of discount and issue costs	1,056
Repayments of debt	(834)	(388)
Proceeds from investments restricted for financing activities		26
Payments to terminate derivative instruments		(92)
Other, net	(26)	(26)
Net cash provided by (used in) financing activities	196	(480)
Net increase in unrestricted and restricted cash and cash equivalents	264	32
Unrestricted and restricted cash and cash equivalents, beginning of period	2,589	2,975
Unrestricted and restricted cash and cash equivalents, end of period	$ 2,853	$ 3,007

Business

Business	6 Months Ended
	Jun. 30, 2019
Business	Note 1—Business Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells. We specialize in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Our mobile offshore drilling fleet is considered one of the most versatile fleets in the world. We contract our drilling rigs, related equipment and work crews predominantly on a dayrate basis to drill oil and gas wells. As of June 30, 2019, we owned or had partial ownership interests in and operated 47 mobile offshore drilling units, including 31 ultra-deepwater floaters, 13 harsh environment floaters and three midwater floaters. As of June 30, 2019, we were constructing (i) four additional ultra-deepwater drillships and (ii) one harsh environment semisubmersible, in which we hold a partial ownership interest.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Significant Accounting Policies	Note 2—Significant Accounting Policies Presentation Accounting estimates Fair value measurements

Accounting Standards Updates

Accounting Standards Updates	6 Months Ended
	Jun. 30, 2019
Accounting Standards Updates	Note 3—Accounting Standards Updates Recently adopted accounting standards Leases Other comprehensive income Statements of equity Recently issued accounting standards Financial instruments – credit losses

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2019
Business Combinations
Business Combinations	Note 4—Business Combinations Overview In the year ended December 31, 2018, we completed the acquisitions of Songa Offshore SE, a European public company limited by shares, or societas Europaea, existing under the laws of Cyprus (“Songa”) and Ocean Rig UDW Inc., a Cayman Islands exempted company with limited liability (“Ocean Rig”). In the six months ended June 30, 2018, in connection with the Songa acquisition, we incurred acquisition costs of $7 million, recorded in general and administrative costs and expenses. Ocean Rig UDW Inc. Consideration ​ ​ ​ ​ ​ ​ ​ Total ​ Consideration transferred ​ ​ ​ ​ Aggregate fair value of shares issued as partial consideration for Ocean Rig shares ​ $ 1,377 ​ Aggregate cash paid as partial consideration for Ocean Rig shares ​ 1,168 ​ Total consideration transferred in business combination ​ $ 2,545 ​ ​ Assets and liabilities ​ ​ ​ ​ ​ ​ ​ Total ​ Assets acquired ​ ​ ​ ​ Cash and cash equivalents $ 152 ​ Accounts receivable ​ ​ 76 ​ Property and equipment ​ ​ 2,205 ​ Drilling contract intangible assets ​ ​ 275 ​ Other assets ​ ​ 115 ​ ​ ​ ​ ​ ​ Liabilities assumed ​ ​ ​ ​ Accounts payable and other current liabilities ​ ​ 71 ​ Construction contract intangible liabilities ​ ​ 132 ​ Other long-term liabilities ​ ​ 54 ​ Net assets acquired ​ $ 2,566 ​ ​ In the three and six months ended June 30, 2019, as a result of adjustments to assets acquired and liabilities assumed in the Ocean Rig acquisition, we recognized a gain of $9 million and $11 million, respectively, recorded in other, net, as an adjustment to the previously recognized gain on bargain purchase. Including this adjustment, we have recognized a cumulative net gain of $21 million associated with the bargain purchase, primarily due to the decline in the market value of our shares between the announcement date and the closing date. We estimated the fair value of the rigs and related equipment by applying a combination of income and market approaches, using projected discounted cash flows and estimates of the exchange price that would be received for the assets in the principal or most advantageous markets for the assets in an orderly transaction between participants as of the acquisition date. We estimated the fair value of the drilling contracts by comparing the contractual dayrates over the remaining firm contract term and option periods relative to the projected market dayrates as of the acquisition date. We estimated the fair value of the construction contracts by comparing the contractual future payments and terms relative to the market payments and terms as of the acquisition date. Our estimates of fair value for the drilling units and contract intangibles required us to use significant unobservable inputs, representative of a Level 3 fair value measurement, including assumptions related to the future performance of the assets, such as future commodity prices, projected demand for our services, rig availability, rig utilization, dayrates, remaining useful lives of the rigs and discount rates. We have not completed our estimates of the fair values of assets acquired and liabilities assumed. We continue to review the estimated fair values of property and equipment, intangible assets, and other assets and liabilities, and to evaluate the assumed tax positions and contingencies. Our estimates of the fair value for such assets and liabilities require significant assumptions and judgment. Until we complete our evaluation, we may be required to adjust our original estimates, and such adjustments could be material.

Unconsolidated Affiliates

Unconsolidated Affiliates	6 Months Ended
	Jun. 30, 2019
Unconsolidated Affiliates
Unconsolidated Affiliates	Note 5—Unconsolidated Affiliates We hold investments in various partially owned, unconsolidated companies, including a 33.0 percent ownership interest in Orion Holdings (Cayman) Limited (“Orion”), a Cayman Islands company formed to construct and own the newbuild harsh environment floater Transocean Norge

Revenues

Revenues	6 Months Ended
	Jun. 30, 2019
Revenues
Revenues	Note 6—Revenues Overview To obtain contracts with our customers, we incur pre-operating costs to prepare a rig for contract and deliver or mobilize a rig to the drilling location. We defer such pre-operating costs and recognize the costs on a straight-line basis, consistent with the general pace of activity, in operating and maintenance costs over the estimated firm period of drilling. In the three and six months ended June 30, 2019, we recognized pre-operating costs of $3 million and $6 million, respectively. In the three and six months ended June 30, 2018, we recognized pre-operating costs of $10 million and $22 million, respectively. At June 30, 2019 and December 31, 2018, the unrecognized pre-operating costs to obtain contracts was $7 million and $2 million, respectively, recorded in other assets. Disaggregation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2019 ​ ​ Three months ended June 30, 2018 ​ ​ ​ U.S. ​ Norway ​ Brazil ​ Other ​ Total ​ ​ U.S. ​ Norway ​ Brazil ​ Other ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ultra-deepwater floaters ​ $ 309 ​ $ — ​ $ 28 ​ $ 149 ​ $ 486 ​ $ 417 ​ $ — ​ $ — ​ $ 53 ​ $ 470 ​ Harsh environment floaters ​ ​ — ​ ​ 173 ​ ​ — ​ ​ 78 ​ ​ 251 ​ ​ ​ — ​ ​ 171 ​ ​ — ​ ​ 81 ​ ​ 252 ​ Deepwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ ​ ​ — ​ ​ — ​ ​ 25 ​ ​ 10 ​ ​ 35 ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ 20 ​ ​ 20 ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 18 ​ ​ 18 ​ High-specification jackups ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 15 ​ ​ 15 ​ Total revenues $ 309 ​ $ 173 ​ $ 28 ​ $ 248 ​ $ 758 ​ $ 417 ​ $ 171 ​ $ 25 ​ $ 177 ​ $ 790 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2019 ​ ​ Six months ended June 30, 2018 ​ ​ ​ U.S. ​ Norway ​ Brazil ​ Other ​ Total ​ ​ U.S. ​ Norway ​ Brazil ​ Other ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ultra-deepwater floaters $ 623 ​ $ — ​ $ 54 ​ $ 285 ​ $ 962 ​ $ 766 ​ $ — ​ $ — ​ $ 82 ​ $ 848 ​ Harsh environment floaters ​ ​ — ​ ​ 354 ​ ​ — ​ ​ 155 ​ ​ 509 ​ ​ ​ — ​ ​ 293 ​ ​ — ​ ​ 163 ​ ​ 456 ​ Deepwater floaters ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 1 ​ ​ 7 ​ ​ ​ — ​ ​ — ​ ​ 49 ​ ​ 21 ​ ​ 70 ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ 34 ​ ​ 34 ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 38 ​ ​ 38 ​ High-specification jackups ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 42 ​ ​ 42 ​ Total revenues $ 623 ​ $ 354 ​ $ 60 ​ $ 475 ​ $ 1,512 ​ $ 766 ​ $ 293 ​ $ 49 ​ $ 346 ​ $ 1,454 ​ ​ Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2019 ​ 2018 ​ Deferred contract revenues, recorded in other current liabilities ​ $ 91 ​ $ 87 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 399 ​ ​ 399 ​ Total contract liabilities $ 490 ​ $ 486 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ ​ 2019 ​ 2018 ​ Total contract liabilities, beginning of period ​ $ 486 ​ $ 625 ​ Decrease due to recognition of revenues for goods and services ​ ​ (58) ​ ​ (129) ​ Increase due to goods and services transferred over time ​ ​ 62 ​ ​ 57 ​ Total contract liabilities, end of period ​ $ 490 ​ $ 553 ​ ​

Drilling Fleet

Drilling Fleet	6 Months Ended
	Jun. 30, 2019
Drilling Fleet	Note 7—Drilling Fleet Construction work in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ ​ 2019 ​ 2018 ​ Construction work in progress, beginning of period ​ $ 632 ​ $ 1,392 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 41 ​ ​ 44 ​ Other equipment and construction projects ​ ​ 97 ​ ​ 48 ​ Total capital expenditures ​ ​ 138 ​ ​ 92 ​ Changes in accrued capital additions ​ ​ 21 ​ ​ 2 ​ Construction work in progress acquired in business combination ​ ​ — ​ ​ 26 ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ — ​ ​ (903) ​ Other property and equipment ​ ​ (76) ​ ​ (48) ​ Construction work in progress, end of period $ 715 ​ $ 561 ​ ​ Impairments of assets held for sale Deepwater Discovery, Deepwater Frontier Deepwater Millennium Songa Trym Dispositions Deepwater Frontier Deepwater Millennium Eirik Raude Jack Bates Transocean 706 Actinia Songa Delta During the six months ended June 30, 2018, we completed the sale of the ultra-deepwater floaters Cajun Express Deepwater Pathfinder Sedco Energy Sedco Express Assets held for sale Ocean Rig Paros Deepwater Frontier Deepwater Millennium, Jack Bates Transocean 706 Songa Delta

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases
Leases	Note 8—Leases Our operating leases are principally for real estate, office space, storage facilities and operating equipment. At June 30, 2019, weighted-average information associated with our remaining operating lease obligations was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ ​ 2019 ​ Weighted-average remaining lease term, operating leases (years) ​ ​ ​ ​ ​ 13.4 ​ Weighted average discount rate, operating leases ​ ​ ​ ​ ​ 6.3 % ​ Our finance lease of the ultra-deepwater drillship Petrobras 10000 At June 30, 2019, the aggregate future minimum rental payments for our leases were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ ​ leases lease ​ For the twelve months ending June 30, ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 21 ​ $ 72 ​ 2021 ​ ​ 11 ​ ​ 72 ​ 2022 ​ ​ 13 ​ ​ 71 ​ 2023 ​ ​ 12 ​ ​ 71 ​ 2024 ​ ​ 11 ​ ​ 72 ​ Thereafter ​ ​ 137 ​ ​ 371 ​ Total future minimum rental payment ​ ​ 205 ​ ​ 729 ​ Less amount representing imputed interest ​ ​ (76) ​ ​ (234) ​ Present value of future minimum rental payments ​ ​ 129 ​ ​ 495 ​ Less current portion, recorded in other current liabilities ​ ​ (17) ​ ​ (33) ​ Long-term lease liabilities, recorded in other long-term liabilities ​ $ 112 ​ $ 462 ​ ​ In the three and six months ended June 30, 2019, the components of lease costs were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ​ Six months ​ ​ ​ ended ​ ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 ​ 2019 ​ Lease costs ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 7 ​ $ 13 ​ Short-term lease costs ​ ​ — ​ ​ 1 ​ Finance lease costs, amortization of right-of-use assets ​ ​ 5 ​ ​ 10 ​ Finance lease costs, interest on lease liabilities ​ ​ 10 ​ ​ 20 ​ Total lease costs ​ $ 22 ​ $ 44 ​ ​ In the six months ended June 30, 2019, the supplemental cash flow information for our leases were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ​ ​ ​ ​ ​ ended ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ 2019 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ ​ ​ $ 13 ​ Operating cash flows from finance lease ​ ​ ​ ​ ​ 20 ​ Financing cash flows from finance lease ​ ​ ​ ​ ​ 16 ​ ​

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt	Note 9—Debt Overview Outstanding debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 6.50% Senior Notes due November 2020 ​ $ 229 ​ $ 286 ​ ​ $ 230 ​ $ 288 ​ 6.375% Senior Notes due December 2021 ​ ​ 250 ​ ​ 328 ​ ​ ​ 250 ​ ​ 327 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 243 ​ ​ 282 ​ ​ ​ 240 ​ ​ 280 ​ 3.80% Senior Notes due October 2022 ​ ​ 218 ​ ​ 411 ​ ​ ​ 217 ​ ​ 408 ​ 0.50% Exchangeable Bonds due January 2023 ​ ​ 863 ​ ​ 863 ​ ​ ​ 862 ​ ​ 862 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 525 ​ ​ — ​ ​ ​ 517 ​ ​ — ​ 9.00% Senior Notes due July 2023 ​ ​ 938 ​ ​ 1,250 ​ ​ ​ 918 ​ ​ 1,221 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 708 ​ ​ 750 ​ ​ ​ 695 ​ ​ 735 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 450 ​ ​ 480 ​ ​ ​ 440 ​ ​ 469 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 469 ​ ​ 500 ​ ​ ​ 460 ​ ​ 489 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 567 ​ ​ 600 ​ ​ ​ 556 ​ ​ 588 ​ 7.25% Senior Notes due November 2025 ​ ​ 750 ​ ​ 750 ​ ​ ​ 737 ​ ​ 736 ​ 7.50% Senior Notes due January 2026 ​ ​ 750 ​ ​ 750 ​ ​ ​ 743 ​ ​ 742 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 550 ​ ​ — ​ ​ ​ 540 ​ ​ — ​ 7.45% Notes due April 2027 ​ ​ 88 ​ ​ 88 ​ ​ ​ 86 ​ ​ 86 ​ 8.00% Debentures due April 2027 ​ ​ 57 ​ ​ 57 ​ ​ ​ 57 ​ ​ 57 ​ 7.00% Notes due June 2028 ​ ​ 300 ​ ​ 300 ​ ​ ​ 306 ​ ​ 306 ​ Finance lease contract due August 2029 ​ ​ — ​ ​ 511 ​ ​ ​ — ​ ​ 511 ​ 7.50% Notes due April 2031 ​ ​ 588 ​ ​ 588 ​ ​ ​ 585 ​ ​ 585 ​ 6.80% Senior Notes due March 2038 ​ ​ 1,000 ​ ​ 1,000 ​ ​ ​ 991 ​ ​ 991 ​ 7.35% Senior Notes due December 2041 ​ ​ 300 ​ ​ 300 ​ ​ ​ 297 ​ ​ 297 ​ Total debt ​ ​ 9,843 ​ ​ 10,094 ​ ​ ​ 9,727 ​ ​ 9,978 ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 86 ​ ​ 83 ​ ​ ​ 85 ​ ​ 81 ​ 9.00% Senior Notes due July 2023 ​ ​ 4 ​ ​ — ​ ​ ​ 4 ​ ​ — ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 79 ​ ​ 79 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 58 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 62 ​ ​ 62 ​ ​ ​ 60 ​ ​ 60 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 66 ​ ​ 66 ​ ​ ​ 63 ​ ​ 63 ​ Finance lease contract due August 2029 ​ ​ — ​ ​ 32 ​ ​ ​ — ​ ​ 32 ​ Total debt due within one year ​ ​ 361 ​ ​ 386 ​ ​ ​ 349 ​ ​ 373 ​ Total long-term debt $ 9,482 ​ $ 9,708 ​ $ 9,378 ​ $ 9,605 ​ ​ Scheduled maturities ​ ​ ​ ​ ​ ​ ​ Total Twelve months ending June 30, ​ ​ ​ ​ 2020 ​ $ 361 ​ 2021 ​ ​ 621 ​ 2022 ​ ​ 685 ​ 2023 ​ ​ 1,851 ​ 2024 ​ ​ 1,577 ​ Thereafter ​ ​ 4,748 ​ Total principal amount of debt ​ ​ 9,843 ​ Total debt-related balances, net ​ ​ (116) ​ Total carrying amount of debt ​ $ 9,727 ​ ​ Interest rate adjustments Secured Credit Facility Deepwater Asgard, Deepwater Invictus Deepwater Skyros Dhirubhai Deepwater KG2 Discoverer Inspiration Transocean Barents Transocean Spitsbergen Debt issuances Senior secured notes Deepwater Poseidon On May 24, 2019, we issued $525 million aggregate principal amount of 5.375% senior secured notes due May 2023 (the “5.375% Senior Secured Notes”), and we received approximately $517 million aggregate cash proceeds, net of discount and issue costs. The 5.375% Senior Secured Notes are secured by the assets and earnings associated with the ultra-deepwater floaters Transocean Endurance Transocean Equinox Exchangeable bonds Debt retirements Tender offers ​ ​ ​ ​ ​ ​ ​ ​ Six months ​ ​ ​ ended ​ ​ ​ June 30, ​ ​ ​ 2019 ​ 6.50% Senior Notes due November 2020 ​ $ 57 ​ 6.375% Senior Notes due December 2021 ​ ​ 63 ​ 3.80% Senior Notes due October 2022 ​ ​ 190 ​ 9.00% Senior Notes due July 2023 ​ ​ 200 ​ Aggregate principal amount retired ​ $ 510 ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 522 ​ Aggregate net loss ​ $ (18) ​ ​ Repurchases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ ​ ​ ​ 2019 ​ ​ 2018 ​ 6.375% Senior Notes due December 2021 ​ $ 15 ​ $ — ​ 3.80% Senior Notes due October 2022 ​ ​ 3 ​ ​ 84 ​ 9.00% Senior Notes due July 2023 ​ ​ 112 ​ ​ — ​ Aggregate principal amount retired ​ $ 130 ​ $ 84 ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 136 ​ $ 84 ​ Aggregate net loss, three and six months ended June 30 ​ $ (9) ​ $ — ​ ​ Other repayments

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2019
Derivatives instruments	Note 10—Derivative Instruments Forward exchange contracts Currency swaps

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Taxes	Note 11—Income Taxes Tax provision and rate We consider the tax effect, if any, of the excluded items noted below, as well as settlements of prior year tax estimates, to be discrete period tax expenses or benefits. In the six months ended June 30, 2019 and 2018, the effect of the various discrete period tax items was a net benefit of $30 million and a net expense of $90 million, respectively. In the six months ended June 30, 2019, such discrete items were primarily related to the settlement and reversal of various uncertain tax provisions and adjustments to our deferred taxes for operating structural changes made in the U.S. In the six months ended June 30, 2018, such discrete items were primarily related to the U. S. transition tax on non-U.S. earnings. For the six months ended June 30, 2019 and 2018, our effective tax rate, including these discrete tax items, and the excluded income and expense items noted above, was (8.3) p In the three and six months ended June 30, 2019, we recognized a tax benefit of $112 million, including interest and penalties, as a result of changes to our unrecognized tax benefits related to settlements that were closed in our favor, which was partially offset by tax expense of $64 million for unrecognized tax benefits related to new positions. Tax returns Brazil tax investigations Other tax matters

Loss Per Share

Loss Per Share	6 Months Ended
	Jun. 30, 2019
Loss Per Share	Note 12—Loss Per Share The numerator and denominator used to compute per share loss were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ ​ ​ Basic ​ Diluted ​ Basic ​ Diluted ​ Basic ​ Diluted ​ Basic ​ Diluted ​ Numerator for loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss available to shareholders ​ $ (208) ​ $ (208) ​ $ (1,135) ​ $ (1,135) ​ $ (379) ​ $ (379) ​ $ (1,345) ​ $ (1,345) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 611 ​ ​ 611 ​ ​ 462 ​ ​ 462 ​ ​ 611 ​ ​ 611 ​ ​ 450 ​ ​ 450 ​ Effect of share-based awards and other equity instruments ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ — ​ Weighted-average shares for per share calculation ​ ​ 612 ​ ​ 612 ​ ​ 462 ​ ​ 462 ​ ​ 612 ​ ​ 612 ​ ​ 450 ​ ​ 450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share ​ $ (0.34) ​ $ (0.34) ​ $ (2.46) ​ $ (2.46) ​ $ (0.62) ​ $ (0.62) ​ $ (2.99) ​ $ (2.99) ​ ​ In the three and six months ended June 30, 2019, we excluded from the calculation 12.6 million and 12.2 million share-based awards, respectively, since the effect would have been anti-dilutive. In the three and six months ended June 30, 2018, we excluded from the calculation 11.4 million and 11.2 million share based awards, respectively, since the effect would have been anti-dilutive. In the three and six months ended June 30, 2019, we excluded from the calculation 84.0 million shares issuable upon conversion of the Exchangeable Bonds, since the effect would have been anti-dilutive. In the three and six months ended June 30, 2018, we excluded from the calculation 84.0 million and 70.2 million shares issuable upon conversion of the Exchangeable Bonds, respectively, since the effect would have been anti-dilutive.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2019
Contingencies	Note 13—Contingencies Legal proceedings Macondo well incident Deepwater Horizon Deepwater Horizon escrow. As for any actions not resolved by our previous settlements, we will vigorously defend those claims and pursue any and all defenses available. On February 15, 2017, the MDL Court entered a final order and judgment approving the PSC Settlement Agreement. Through the PSC Settlement Agreement, we agreed to pay a total of $212 million to be allocated between two classes of plaintiffs in exchange for a release of all respective claims each class has against us. As required under the PSC Settlement Agreement, we deposited the settlement amount into an escrow account established by the MDL Court. In November 2018, the MDL Court released $58 million from the escrow account as the first installment to the plaintiffs. At June 30, 2019 and December 31, 2018, the remaining cash balance in the escrow account was $157 million and $156 million, respectively, recorded in restricted cash accounts and investments. Asbestos litigation One of our subsidiaries has been named as a defendant, along with numerous other companies, in lawsuits arising out of the subsidiary’s manufacture and sale of heat exchangers, and involvement in the construction and refurbishment of major industrial complexes alleging bodily injury or personal injury as a result of exposure to asbestos. As of June 30, 2019, the subsidiary was a defendant in approximately 179 lawsuits with a corresponding number of plaintiffs. For many of these lawsuits, we have not been provided sufficient information from the plaintiffs to determine whether all or some of the plaintiffs have claims against the subsidiary, the basis of any such claims, or the nature of their alleged injuries. The operating assets of the subsidiary were sold in 1989. In September 2018, the subsidiary and certain insurers agreed to a settlement of outstanding disputes that leaves the subsidiary with funding, including cash, annuities and coverage in place settlement, that we believe will be sufficient to respond to both the current lawsuits as well as future lawsuits of a similar nature. While we cannot predict or provide assurance as to the outcome of these matters, we do not expect the ultimate liability, if any, resulting from these claims to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Nigerian Cabotage Act litigation Global Marine litigation Nigerian customer arbitration Other matters 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 various hazardous waste disposal sites, including those described below. CERCLA is intended to expedite the remediation of hazardous substances without regard to fault. Potentially responsible parties (“PRPs”) for each site include present and former owners and operators of, transporters to and generators of the substances at the site. Liability is strict and can be joint and several. One of our subsidiaries has been named as a PRP in connection with a site located in Santa Fe Springs, California, known as the Waste Disposal, Inc. site. We and other PRPs agreed with the Environmental Protection Agency (the “EPA”) and the Department of Justice to settle our potential liabilities by remediating the site. Under a participation agreement, the parties to the settlement completed the required remediation, and we believe our share, approximately eight percent, of the ongoing future operation and maintenance costs is not material. We have no reason to believe that any additional potential liabilities for the site will be material. One of our subsidiaries has been ordered by the California Regional Water Quality Control Board (“CRWQCB”) to develop a testing plan for a site known as Campus 1000 Fremont in Alhambra, California, which is now a part of the San Gabriel Valley, Area 3, Superfund site. We were also advised that one or more of our subsidiaries that formerly owned and operated the site would likely be named as a PRP. The current property owner, an unrelated party, performed the required testing and detected no contaminants, and based on such results, we would contest any potential liability. In discussions with CRWQCB staff, we were advised of their intent to issue us a “no further action” letter, but it has not yet been received. We have no knowledge of the potential cost of any remediation, who else will be named as PRPs, and whether in fact any of our subsidiaries is a responsible party. The subsidiaries in question do not own any operating assets and have limited ability to respond to any liabilities. Resolutions of other claims by the EPA, the involved state agency or PRPs are at various stages of investigation. It is difficult to quantify the potential cost of environmental matters and remediation obligations. Nevertheless, based on the available information, we do not expect the ultimate liability, if any, resulting from all environmental matters, including the liability for all related pending legal proceedings, asserted legal claims and known potential legal claims that are likely to be asserted, to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows.

Equity

Equity	6 Months Ended
	Jun. 30, 2019
Equity	Note 14—Equity On January 30, 2018, we acquired an approximate 97.7 percent ownership interest in Songa. To complete the acquisition, we issued 66.9 million shares with a weighted average per share market value of $10.99 and $854 million aggregate principal amount of the Exchangeable Bonds. On the date of the Songa acquisition, we recognized noncontrolling interest of $33 million, representing the estimated fair value of the 2.3 percent ownership interest not owned by us. On March 28, 2018, we acquired the remaining Songa shares through a compulsory acquisition under Cyprus law, and as a result, Songa became our wholly owned subsidiary. As consideration, we issued 1.1 million shares with a weighted average per share market value of $9.76 and $9 million aggregate principal amount of Exchangeable Bonds and we made an aggregate cash payment of $8 million to the Songa shareholders who elected to receive a cash payment or failed to make an election, for an aggregate fair value of $30 million.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2019
Financial Instruments	Note 15—Financial Instruments Overview ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2019 ​ December 31, 2018 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ amount ​ value ​ amount ​ value Cash and cash equivalents ​ $ 2,243 ​ $ 2,243 ​ $ 2,160 ​ $ 2,160 ​ Restricted cash and cash equivalents ​ ​ 610 ​ ​ 610 ​ ​ 429 ​ ​ 429 ​ Restricted investments ​ ​ — ​ ​ — ​ ​ 123 ​ ​ 123 ​ Long-term debt, including current maturities ​ ​ 9,727 ​ ​ 9,523 ​ ​ 9,978 ​ ​ 9,212 ​ Derivative instruments, assets ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ — ​ Derivative instruments, liabilities ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 6 ​ ​ We estimated the fair value of each class of financial instruments, for which estimating fair value is practicable, by applying the following methods and assumptions: Cash and cash equivalents Restricted cash and cash equivalents Restricted investments Debt Derivative instruments

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events	Note 16—Subsequent Events Secured Credit Facility Global Marine litigation ​

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Presentation	Presentation
Accounting estimates	Accounting estimates
Fair value measurements	Fair value measurements

Business Combinations (Tables)

Business Combinations (Tables) - Ocean Rig	6 Months Ended
	Jun. 30, 2019
Business Combination
Schedule of consideration transferred	​ ​ ​ ​ ​ ​ ​ Total ​ Consideration transferred ​ ​ ​ ​ Aggregate fair value of shares issued as partial consideration for Ocean Rig shares ​ $ 1,377 ​ Aggregate cash paid as partial consideration for Ocean Rig shares ​ 1,168 ​ Total consideration transferred in business combination ​ $ 2,545 ​
Schedule of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ ​ Total ​ Assets acquired ​ ​ ​ ​ Cash and cash equivalents $ 152 ​ Accounts receivable ​ ​ 76 ​ Property and equipment ​ ​ 2,205 ​ Drilling contract intangible assets ​ ​ 275 ​ Other assets ​ ​ 115 ​ ​ ​ ​ ​ ​ Liabilities assumed ​ ​ ​ ​ Accounts payable and other current liabilities ​ ​ 71 ​ Construction contract intangible liabilities ​ ​ 132 ​ Other long-term liabilities ​ ​ 54 ​ Net assets acquired ​ $ 2,566 ​

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2019
Revenues
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2019 ​ ​ Three months ended June 30, 2018 ​ ​ ​ U.S. ​ Norway ​ Brazil ​ Other ​ Total ​ ​ U.S. ​ Norway ​ Brazil ​ Other ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ultra-deepwater floaters ​ $ 309 ​ $ — ​ $ 28 ​ $ 149 ​ $ 486 ​ $ 417 ​ $ — ​ $ — ​ $ 53 ​ $ 470 ​ Harsh environment floaters ​ ​ — ​ ​ 173 ​ ​ — ​ ​ 78 ​ ​ 251 ​ ​ ​ — ​ ​ 171 ​ ​ — ​ ​ 81 ​ ​ 252 ​ Deepwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ ​ ​ — ​ ​ — ​ ​ 25 ​ ​ 10 ​ ​ 35 ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ 20 ​ ​ 20 ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 18 ​ ​ 18 ​ High-specification jackups ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 15 ​ ​ 15 ​ Total revenues $ 309 ​ $ 173 ​ $ 28 ​ $ 248 ​ $ 758 ​ $ 417 ​ $ 171 ​ $ 25 ​ $ 177 ​ $ 790 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2019 ​ ​ Six months ended June 30, 2018 ​ ​ ​ U.S. ​ Norway ​ Brazil ​ Other ​ Total ​ ​ U.S. ​ Norway ​ Brazil ​ Other ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ultra-deepwater floaters $ 623 ​ $ — ​ $ 54 ​ $ 285 ​ $ 962 ​ $ 766 ​ $ — ​ $ — ​ $ 82 ​ $ 848 ​ Harsh environment floaters ​ ​ — ​ ​ 354 ​ ​ — ​ ​ 155 ​ ​ 509 ​ ​ ​ — ​ ​ 293 ​ ​ — ​ ​ 163 ​ ​ 456 ​ Deepwater floaters ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 1 ​ ​ 7 ​ ​ ​ — ​ ​ — ​ ​ 49 ​ ​ 21 ​ ​ 70 ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ 34 ​ ​ 34 ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 38 ​ ​ 38 ​ High-specification jackups ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 42 ​ ​ 42 ​ Total revenues $ 623 ​ $ 354 ​ $ 60 ​ $ 475 ​ $ 1,512 ​ $ 766 ​ $ 293 ​ $ 49 ​ $ 346 ​ $ 1,454 ​ ​
Schedule of contract balances and changes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2019 ​ 2018 ​ Deferred contract revenues, recorded in other current liabilities ​ $ 91 ​ $ 87 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 399 ​ ​ 399 ​ Total contract liabilities $ 490 ​ $ 486 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ ​ 2019 ​ 2018 ​ Total contract liabilities, beginning of period ​ $ 486 ​ $ 625 ​ Decrease due to recognition of revenues for goods and services ​ ​ (58) ​ ​ (129) ​ Increase due to goods and services transferred over time ​ ​ 62 ​ ​ 57 ​ Total contract liabilities, end of period ​ $ 490 ​ $ 553 ​ ​

Drilling Fleet (Tables)

Drilling Fleet (Tables)	6 Months Ended
	Jun. 30, 2019
Changes in our construction work in progress, including capital expenditures and capitalized interest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ ​ 2019 ​ 2018 ​ Construction work in progress, beginning of period ​ $ 632 ​ $ 1,392 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 41 ​ ​ 44 ​ Other equipment and construction projects ​ ​ 97 ​ ​ 48 ​ Total capital expenditures ​ ​ 138 ​ ​ 92 ​ Changes in accrued capital additions ​ ​ 21 ​ ​ 2 ​ Construction work in progress acquired in business combination ​ ​ — ​ ​ 26 ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ — ​ ​ (903) ​ Other property and equipment ​ ​ (76) ​ ​ (48) ​ Construction work in progress, end of period $ 715 ​ $ 561 ​

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases
Schedule of supplemental information for our operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ ​ 2019 ​ Weighted-average remaining lease term, operating leases (years) ​ ​ ​ ​ ​ 13.4 ​ Weighted average discount rate, operating leases ​ ​ ​ ​ ​ 6.3 %
Schedule of future minimum payments on operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ ​ leases lease ​ For the twelve months ending June 30, ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 21 ​ $ 72 ​ 2021 ​ ​ 11 ​ ​ 72 ​ 2022 ​ ​ 13 ​ ​ 71 ​ 2023 ​ ​ 12 ​ ​ 71 ​ 2024 ​ ​ 11 ​ ​ 72 ​ Thereafter ​ ​ 137 ​ ​ 371 ​ Total future minimum rental payment ​ ​ 205 ​ ​ 729 ​ Less amount representing imputed interest ​ ​ (76) ​ ​ (234) ​ Present value of future minimum rental payments ​ ​ 129 ​ ​ 495 ​ Less current portion, recorded in other current liabilities ​ ​ (17) ​ ​ (33) ​ Long-term lease liabilities, recorded in other long-term liabilities ​ $ 112 ​ $ 462 ​ ​
Schedule of future minimum payments on finance leases	At June 30, 2019, the aggregate future minimum rental payments for our leases were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ ​ leases lease ​ For the twelve months ending June 30, ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 21 ​ $ 72 ​ 2021 ​ ​ 11 ​ ​ 72 ​ 2022 ​ ​ 13 ​ ​ 71 ​ 2023 ​ ​ 12 ​ ​ 71 ​ 2024 ​ ​ 11 ​ ​ 72 ​ Thereafter ​ ​ 137 ​ ​ 371 ​ Total future minimum rental payment ​ ​ 205 ​ ​ 729 ​ Less amount representing imputed interest ​ ​ (76) ​ ​ (234) ​ Present value of future minimum rental payments ​ ​ 129 ​ ​ 495 ​ Less current portion, recorded in other current liabilities ​ ​ (17) ​ ​ (33) ​ Long-term lease liabilities, recorded in other long-term liabilities ​ $ 112 ​ $ 462 ​ ​ In the three and six months ended June 30, 2019, the components of lease costs were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ​ Six months ​ ​ ​ ended ​ ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 ​ 2019 ​ Lease costs ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 7 ​ $ 13 ​ Short-term lease costs ​ ​ — ​ ​ 1 ​ Finance lease costs, amortization of right-of-use assets ​ ​ 5 ​ ​ 10 ​ Finance lease costs, interest on lease liabilities ​ ​ 10 ​ ​ 20 ​ Total lease costs ​ $ 22 ​ $ 44 ​ ​ In the six months ended June 30, 2019, the supplemental cash flow information for our leases were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ​ ​ ​ ​ ​ ended ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ 2019 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ ​ ​ $ 13 ​ Operating cash flows from finance lease ​ ​ ​ ​ ​ 20 ​ Financing cash flows from finance lease ​ ​ ​ ​ ​ 16 ​ ​
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ ​ leases lease ​ For the twelve months ending June 30, ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 21 ​ $ 72 ​ 2021 ​ ​ 11 ​ ​ 72 ​ 2022 ​ ​ 13 ​ ​ 71 ​ 2023 ​ ​ 12 ​ ​ 71 ​ 2024 ​ ​ 11 ​ ​ 72 ​ Thereafter ​ ​ 137 ​ ​ 371 ​ Total future minimum rental payment ​ ​ 205 ​ ​ 729 ​ Less amount representing imputed interest ​ ​ (76) ​ ​ (234) ​ Present value of future minimum rental payments ​ ​ 129 ​ ​ 495 ​ Less current portion, recorded in other current liabilities ​ ​ (17) ​ ​ (33) ​ Long-term lease liabilities, recorded in other long-term liabilities ​ $ 112 ​ $ 462 ​
Schedule of lease cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ​ Six months ​ ​ ​ ended ​ ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 ​ 2019 ​ Lease costs ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 7 ​ $ 13 ​ Short-term lease costs ​ ​ — ​ ​ 1 ​ Finance lease costs, amortization of right-of-use assets ​ ​ 5 ​ ​ 10 ​ Finance lease costs, interest on lease liabilities ​ ​ 10 ​ ​ 20 ​ Total lease costs ​ $ 22 ​ $ 44 ​

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt, net of unamortized discounts, premiums and fair value adjustments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 6.50% Senior Notes due November 2020 ​ $ 229 ​ $ 286 ​ ​ $ 230 ​ $ 288 ​ 6.375% Senior Notes due December 2021 ​ ​ 250 ​ ​ 328 ​ ​ ​ 250 ​ ​ 327 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 243 ​ ​ 282 ​ ​ ​ 240 ​ ​ 280 ​ 3.80% Senior Notes due October 2022 ​ ​ 218 ​ ​ 411 ​ ​ ​ 217 ​ ​ 408 ​ 0.50% Exchangeable Bonds due January 2023 ​ ​ 863 ​ ​ 863 ​ ​ ​ 862 ​ ​ 862 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 525 ​ ​ — ​ ​ ​ 517 ​ ​ — ​ 9.00% Senior Notes due July 2023 ​ ​ 938 ​ ​ 1,250 ​ ​ ​ 918 ​ ​ 1,221 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 708 ​ ​ 750 ​ ​ ​ 695 ​ ​ 735 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 450 ​ ​ 480 ​ ​ ​ 440 ​ ​ 469 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 469 ​ ​ 500 ​ ​ ​ 460 ​ ​ 489 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 567 ​ ​ 600 ​ ​ ​ 556 ​ ​ 588 ​ 7.25% Senior Notes due November 2025 ​ ​ 750 ​ ​ 750 ​ ​ ​ 737 ​ ​ 736 ​ 7.50% Senior Notes due January 2026 ​ ​ 750 ​ ​ 750 ​ ​ ​ 743 ​ ​ 742 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 550 ​ ​ — ​ ​ ​ 540 ​ ​ — ​ 7.45% Notes due April 2027 ​ ​ 88 ​ ​ 88 ​ ​ ​ 86 ​ ​ 86 ​ 8.00% Debentures due April 2027 ​ ​ 57 ​ ​ 57 ​ ​ ​ 57 ​ ​ 57 ​ 7.00% Notes due June 2028 ​ ​ 300 ​ ​ 300 ​ ​ ​ 306 ​ ​ 306 ​ Finance lease contract due August 2029 ​ ​ — ​ ​ 511 ​ ​ ​ — ​ ​ 511 ​ 7.50% Notes due April 2031 ​ ​ 588 ​ ​ 588 ​ ​ ​ 585 ​ ​ 585 ​ 6.80% Senior Notes due March 2038 ​ ​ 1,000 ​ ​ 1,000 ​ ​ ​ 991 ​ ​ 991 ​ 7.35% Senior Notes due December 2041 ​ ​ 300 ​ ​ 300 ​ ​ ​ 297 ​ ​ 297 ​ Total debt ​ ​ 9,843 ​ ​ 10,094 ​ ​ ​ 9,727 ​ ​ 9,978 ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 86 ​ ​ 83 ​ ​ ​ 85 ​ ​ 81 ​ 9.00% Senior Notes due July 2023 ​ ​ 4 ​ ​ — ​ ​ ​ 4 ​ ​ — ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 79 ​ ​ 79 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 58 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 62 ​ ​ 62 ​ ​ ​ 60 ​ ​ 60 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 66 ​ ​ 66 ​ ​ ​ 63 ​ ​ 63 ​ Finance lease contract due August 2029 ​ ​ — ​ ​ 32 ​ ​ ​ — ​ ​ 32 ​ Total debt due within one year ​ ​ 361 ​ ​ 386 ​ ​ ​ 349 ​ ​ 373 ​ Total long-term debt $ 9,482 ​ $ 9,708 ​ $ 9,378 ​ $ 9,605 ​
Scheduled maturities of debt	​ ​ ​ ​ ​ ​ ​ Total Twelve months ending June 30, ​ ​ ​ ​ 2020 ​ $ 361 ​ 2021 ​ ​ 621 ​ 2022 ​ ​ 685 ​ 2023 ​ ​ 1,851 ​ 2024 ​ ​ 1,577 ​ Thereafter ​ ​ 4,748 ​ Total principal amount of debt ​ ​ 9,843 ​ Total debt-related balances, net ​ ​ (116) ​ Total carrying amount of debt ​ $ 9,727 ​
Schedule of tender offers	​ ​ ​ ​ ​ ​ ​ ​ Six months ​ ​ ​ ended ​ ​ ​ June 30, ​ ​ ​ 2019 ​ 6.50% Senior Notes due November 2020 ​ $ 57 ​ 6.375% Senior Notes due December 2021 ​ ​ 63 ​ 3.80% Senior Notes due October 2022 ​ ​ 190 ​ 9.00% Senior Notes due July 2023 ​ ​ 200 ​ Aggregate principal amount retired ​ $ 510 ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 522 ​ Aggregate net loss ​ $ (18) ​
Schedule of debt repurchases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ ​ ​ ​ 2019 ​ ​ 2018 ​ 6.375% Senior Notes due December 2021 ​ $ 15 ​ $ — ​ 3.80% Senior Notes due October 2022 ​ ​ 3 ​ ​ 84 ​ 9.00% Senior Notes due July 2023 ​ ​ 112 ​ ​ — ​ Aggregate principal amount retired ​ $ 130 ​ $ 84 ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 136 ​ $ 84 ​ Aggregate net loss, three and six months ended June 30 ​ $ (9) ​ $ — ​

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Loss Per Share	The numerator and denominator used to compute per share loss were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ ​ ​ Basic ​ Diluted ​ Basic ​ Diluted ​ Basic ​ Diluted ​ Basic ​ Diluted ​ Numerator for loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss available to shareholders ​ $ (208) ​ $ (208) ​ $ (1,135) ​ $ (1,135) ​ $ (379) ​ $ (379) ​ $ (1,345) ​ $ (1,345) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 611 ​ ​ 611 ​ ​ 462 ​ ​ 462 ​ ​ 611 ​ ​ 611 ​ ​ 450 ​ ​ 450 ​ Effect of share-based awards and other equity instruments ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ — ​ Weighted-average shares for per share calculation ​ ​ 612 ​ ​ 612 ​ ​ 462 ​ ​ 462 ​ ​ 612 ​ ​ 612 ​ ​ 450 ​ ​ 450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share ​ $ (0.34) ​ $ (0.34) ​ $ (2.46) ​ $ (2.46) ​ $ (0.62) ​ $ (0.62) ​ $ (2.99) ​ $ (2.99) ​

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Carrying amounts and fair values of the financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2019 ​ December 31, 2018 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ amount ​ value ​ amount ​ value Cash and cash equivalents ​ $ 2,243 ​ $ 2,243 ​ $ 2,160 ​ $ 2,160 ​ Restricted cash and cash equivalents ​ ​ 610 ​ ​ 610 ​ ​ 429 ​ ​ 429 ​ Restricted investments ​ ​ — ​ ​ — ​ ​ 123 ​ ​ 123 ​ Long-term debt, including current maturities ​ ​ 9,727 ​ ​ 9,523 ​ ​ 9,978 ​ ​ 9,212 ​ Derivative instruments, assets ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ — ​ Derivative instruments, liabilities ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 6 ​

Business (Details)

Business (Details)	Jun. 30, 2019item
Number of mobile offshore drilling units	47
Ultra-deepwater floaters
Number of mobile offshore drilling units	31
Number of mobile offshore drilling units under construction	4
Harsh environment floaters
Number of mobile offshore drilling units	13
Number of mobile offshore drilling units under construction	1
Midwater floaters
Number of mobile offshore drilling units	3

Accounting Standards Updates (D

Accounting Standards Updates (Details) - USD ($) $ in Millions	Jan. 01, 2019	Jun. 30, 2019
Recently issued accounting standards
Lease, Practical Expedients, Package [true false]	true
Finance Lease, Liability		$ 495
Finance lease current		33
Finance lease noncurrent		462
Operating lease liability		129
Operating leases current		17
Operating leases noncurrent		$ 112
ASU-Leases | Reclassifications
Recently issued accounting standards
Right-to-use asset, Finance lease	$ 528
Finance Lease, Liability	511
Finance lease current	32
Finance lease noncurrent	479
Right-to-use asset, Operating lease	95
Operating lease liability	133
Operating leases current	15
Operating leases noncurrent	118
ASU-Reclassification of certain tax effects | Reclassifications
Recently issued accounting standards
Effect of adopting accounting standards update	$ 24

Business Combinations (Consider

Business Combinations (Consideration and Allocation) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Dec. 05, 2018	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Mar. 28, 2018
Songa
Aggregate consideration
Acquisition costs				$ 7
Business combination consideration (per share)					$ 10.99
Ocean Rig
Aggregate consideration
Newly issued shares (in shares)	147.7
Business combination consideration (per share)	$ 9.32
Aggregate fair value of shares issued as partial consideration	$ 1,377
Aggregate cash paid as partial consideration	1,168
Total consideration transferred in business combination	2,545
Acquisition price allocation
Cash and cash equivalents	152
Accounts receivable	76
Property and equipment	2,205
Drilling contract intangible assets	275
Other current assets	115
Accounts payable and other current liabilities	71
Construction contract intangible liabilities	132
Other long-term liabilities	54
Net assets acquired	$ 2,566
Bargain purchase gain		$ 9	$ 11
Cumulative gain on bargain purchase		$ 21	$ 21

Unconsolidated Affiliates (Deta

Unconsolidated Affiliates (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Investments
Investment in unconsolidated affiliate	$ 62	$ 106
Transocean Norge
Investments
Ownership percentage	33.00%
Equity method investment	$ 59	$ 91
Aggregate carrying amount of investment	150		$ 91
January 2020 payment | Transocean Norge
Investments
Investment in unconsolidated affiliate	$ 33

Revenues (Disaggregation) (Deta

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Revenue
Performance obligations satisfied in previous periods		$ 55	$ 10	$ 103
Recognized pre-operating costs	$ 3	10	6	22
Unrecognized pre-operating costs	7		7		$ 2
Contract drilling revenues	758	790	1,512	1,454
Ultra-deepwater floaters
Revenue
Contract drilling revenues	486	470	962	848
Harsh environment floaters
Revenue
Contract drilling revenues	251	252	509	456
Deepwater floaters
Revenue
Contract drilling revenues	1	35	7	70
Midwater floaters
Revenue
Contract drilling revenues	20	18	34	38
High specification jackups
Revenue
Contract drilling revenues		15		42
U.S.
Revenue
Contract drilling revenues	309	417	623	766
U.S. | Ultra-deepwater floaters
Revenue
Contract drilling revenues	309	417	623	766
Norway
Revenue
Contract drilling revenues	173	171	354	293
Norway | Harsh environment floaters
Revenue
Contract drilling revenues	173	171	354	293
Brazil
Revenue
Contract drilling revenues	28	25	60	49
Brazil | Ultra-deepwater floaters
Revenue
Contract drilling revenues	28		54
Brazil | Deepwater floaters
Revenue
Contract drilling revenues		25	6	49
Other
Revenue
Contract drilling revenues	248	177	475	346
Other | Ultra-deepwater floaters
Revenue
Contract drilling revenues	149	53	285	82
Other | Harsh environment floaters
Revenue
Contract drilling revenues	78	81	155	163
Other | Deepwater floaters
Revenue
Contract drilling revenues	1	10	1	21
Other | Midwater floaters
Revenue
Contract drilling revenues	$ 20	18	$ 34	38
Other | High specification jackups
Revenue
Contract drilling revenues		$ 15		$ 42

Revenues (Contract liabilities)

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 91	$ 87
Deferred contract revenues, recorded in other long-term liabilities	399	399
Total contract liabilities	$ 490	$ 486	$ 553	$ 625

Revenues (Changes) (Details)

Revenues (Changes) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Significant changes to contract liabilities
Total contract liabilities, at beginning of period	$ 486	$ 625
Decrease due to recognition of revenues for goods and services	(58)	(129)
Increase due to goods and services transferred over time	62	57
Total contract liabilities, at end of period	$ 490	$ 553

Drilling Fleet (Details)

Drilling Fleet (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 138	$ 92
Construction in Progress
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Construction work in progress, at beginning of period	632	1,392
Total capital expenditures	138	92
Changes in accrued capital additions	21	2
Construction work in progress acquired in business combination		26
Construction work in progress, at end of period	715	561
New builds
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	41	44
Property and equipment placed into service		(903)
Other property and equipment
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	97	48
Property and equipment placed into service	$ (76)	$ (48)

Drilling Fleet (Impairment held

Drilling Fleet (Impairment held for sale) (Details) - Rig sales - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Assets held for sale
Aggregate loss on impairment of assets held for sale	$ 548	$ 548
Loss associated with impairment, net of tax (per share)	$ 1.18	$ 1.22
Aggregate loss on impairment of assets held for sale, tax effect	$ 0	$ 0

Drilling Fleet (Disposal) (Deta

Drilling Fleet (Disposal) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Dispositions
Net cash proceeds from sale of assets			$ 40	$ 23
Gain (loss) on the sale of assets	$ (10)	$ 1	(3)	6
Assets held for sale, included in other current assets	$ 6		6		$ 25
Assets sold, not discontinued operations | Rig sales
Dispositions
Net cash proceeds from sale of assets			37	19
Gain (loss) on the sale of assets				$ 7
Gain (loss) on the sale of assets per diluted share				$ 0.02
Gain (loss) on disposal of assets, tax effect			0	$ 0
Assets sold, not discontinued operations | Rig sales | Maximum
Dispositions
Gain (loss) on the sale of assets			(1)
Assets sold, not discontinued operations | Other property and equipment
Dispositions
Net cash proceeds from sale of assets			3	4
Gain (loss) on the sale of assets			$ (3)	$ (1)

Leases (Operating leases) (Deta

Leases (Operating leases) (Details)	Jun. 30, 2019
Leases
Weighted-average remaining lease term, operating leases	13 years 4 months 24 days
Weighted average discount rate, operating leases (as a percent)	6.30%

Leases (Finance lease) (Details

Leases (Finance lease) (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Lease
Implicit interest rate (as a percent)		7.80%
Scheduled monthly payments under finance lease obligation	$ 6,000,000	$ 6,000,000
End of lease obligation	1	1
Recognized expense associated with amortization of right-of-use asset from finance lease	$ 5,000,000	$ 10,000,000

Leases (Maturity) (Details)

Leases (Maturity) (Details) $ in Millions	Jun. 30, 2019USD ($)
Operating lease maturity
2020	$ 21
2021	11
2022	13
2023	12
2024	11
Thereafter	137
Total future minimum rental payment	205
Operating leases amount representing imputed interest	(76)
Present value of future minimum rental payments under operating leases	129
Operating leases current portion, recorded in other current liabilities	(17)
Operating leases long-term lease liabilities, recorded in other long-term liabilities	112
Finance lease maturity
2020	72
2021	72
2022	71
2023	71
2024	72
Thereafter	371
Total future minimum rental payment	729
Less amount representing imputed interest	(234)
Present value of future minimum rental payments under finance leases	495
Finance lease current portion, recorded in other current liabilities	(33)
Finance lease long-term lease liabilities, recorded in other long-term liabilities	$ 462

Leases (Lease costs) (Details)

Leases (Lease costs) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases
Operating lease costs	$ 7	$ 13
Short-term lease costs		1
Finance lease costs, amortization of right-of-use assets	5	10
Finance lease costs, interest on lease liabilities	10	20
Total lease costs	$ 22	$ 44

Leases - (Cash flow) (Details)

Leases - (Cash flow) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Leases
Operating cash flows from operating leases	$ 13
Operating cash flows from finance lease	20
Financing cash flows from finance lease	$ 16

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Jun. 30, 2019	May 24, 2019	Feb. 01, 2019	Dec. 31, 2018	Jun. 30, 2018
Principal amount
Total principal amount of debt	$ 9,843			$ 10,094
Debt due within one year	361			386
Long-term debt	9,482			9,708
Carrying amount
Total debt	9,727			9,978
Debt due within one year	349			373
Long-term debt	9,378			9,605
6.50% Senior Notes due November 2020
Principal amount
Total principal amount of debt	229			286
Carrying amount
Total debt	$ 230			288
Debt instrument interest rate stated percentage	6.50%
6.375% Senior Notes due December 2021
Principal amount
Total principal amount of debt	$ 250			328
Carrying amount
Total debt	$ 250			327
Debt instrument interest rate stated percentage	6.375%
5.52% Senior Notes due May 2022
Principal amount
Total principal amount of debt	$ 243			282
Debt due within one year	86			83
Carrying amount
Total debt	240			280
Debt due within one year	$ 85			81
Debt instrument interest rate stated percentage	5.52%
3.80% Senior Notes due October 2022
Principal amount
Total principal amount of debt	$ 218			411
Carrying amount
Total debt	$ 217			408
Debt instrument interest rate stated percentage	3.80%
0.50% Exchangeable Bonds due January 2023
Principal amount
Total principal amount of debt	$ 863			863	$ 863
Carrying amount
Total debt	$ 862			862
Debt instrument interest rate stated percentage	0.50%				0.50%
5.375% Senior Secured Notes due May 2023
Principal amount
Total principal amount of debt	$ 525
Carrying amount
Total debt	$ 517
Debt instrument interest rate stated percentage	5.375%	5.375%
9.00% Senior Notes due July 2023
Principal amount
Total principal amount of debt	$ 938			1,250
Debt due within one year	4
Carrying amount
Total debt	918			1,221
Debt due within one year	$ 4
Debt instrument interest rate stated percentage	9.00%				9.00%
5.875% Senior Secured Notes due January 2024
Principal amount
Total principal amount of debt	$ 708			750
Debt due within one year	83			83
Carrying amount
Total debt	695			735
Debt due within one year	$ 79			79
Debt instrument interest rate stated percentage	5.875%
7.75% Senior Secured Notes due October 2024
Principal amount
Total principal amount of debt	$ 450			480
Debt due within one year	60			60
Carrying amount
Total debt	440			469
Debt due within one year	$ 58			58
Debt instrument interest rate stated percentage	7.75%
6.25% Senior Notes due December 2024
Principal amount
Total principal amount of debt	$ 469			500
Debt due within one year	62			62
Carrying amount
Total debt	460			489
Debt due within one year	$ 60			60
Debt instrument interest rate stated percentage	6.25%
6.125% Senior Secured Notes due August 2025
Principal amount
Total principal amount of debt	$ 567			600
Debt due within one year	66			66
Carrying amount
Total debt	556			588
Debt due within one year	$ 63			63
Debt instrument interest rate stated percentage	6.125%
7.25% Senior Notes due November 2025
Principal amount
Total principal amount of debt	$ 750			750
Carrying amount
Total debt	$ 737			736
Debt instrument interest rate stated percentage	7.25%
7.50% Senior Notes due January 2026
Principal amount
Total principal amount of debt	$ 750			750
Carrying amount
Total debt	$ 743			742
Debt instrument interest rate stated percentage	7.50%
6.875% Senior Secured Notes due February 2027
Principal amount
Total principal amount of debt	$ 550
Carrying amount
Total debt	$ 540
Debt instrument interest rate stated percentage	6.875%		6.875%
7.45% Notes due April 2027
Principal amount
Total principal amount of debt	$ 88			88
Carrying amount
Total debt	$ 86			86
Debt instrument interest rate stated percentage	7.45%
8.00% Debentures due April 2027
Principal amount
Total principal amount of debt	$ 57			57
Carrying amount
Total debt	$ 57			57
Debt instrument interest rate stated percentage	8.00%
7.00% Notes due June 2028
Principal amount
Total principal amount of debt	$ 300			300
Carrying amount
Total debt	$ 306			306
Debt instrument interest rate stated percentage	7.00%
Finance lease contract due August 2029
Principal amount
Total principal amount of debt				511
Debt due within one year				32
Carrying amount
Total debt				511
Debt due within one year				32
7.50% Notes due April 2031
Principal amount
Total principal amount of debt	$ 588			588
Carrying amount
Total debt	$ 585			585
Debt instrument interest rate stated percentage	7.50%
6.80% Senior Notes due March 2038
Principal amount
Total principal amount of debt	$ 1,000			1,000
Carrying amount
Total debt	$ 991			991
Debt instrument interest rate stated percentage	6.80%
7.35% Senior Notes due December 2041
Principal amount
Total principal amount of debt	$ 300			300
Carrying amount
Total debt	$ 297			$ 297
Debt instrument interest rate stated percentage	7.35%

Debt (Maturities) (Details)

Debt (Maturities) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Scheduled maturities of debt
2020	$ 361
2021	621
2022	685
2023	1,851
2024	1,577
Thereafter	4,748
Total principal amount of debt	9,843	$ 10,094
Total debt-related balances, net	(116)
Total carrying amount of debt	$ 9,727

Debt (Issued) (Details)

Debt (Issued) (Details) $ / shares in Units, $ in Millions	May 24, 2019USD ($)	Feb. 01, 2019USD ($)	Jun. 30, 2018USD ($)$ / shares	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)$ / shares	May 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt
Proceeds from issuance of debt				$ 1,056
Aggregate principal amount outstanding				9,843			$ 10,094
Restricted cash and cash equivalents				$ 610			429
Equity component of convertible debt instruments					$ 172
6.375% Senior Notes due December 2021
Debt
Debt instrument interest rate stated percentage				6.375%
Interest rate, as adjusted (as a percent)				8.375%
Aggregate principal amount outstanding				$ 250			328
3.80% Senior Notes due October 2022
Debt
Debt instrument interest rate stated percentage				3.80%
Interest rate, as adjusted (as a percent)				5.80%
Aggregate principal amount outstanding				$ 218			411
7.35% Senior Notes due December 2041
Debt
Debt instrument interest rate stated percentage				7.35%
Interest rate, as adjusted (as a percent)				9.35%
Aggregate principal amount outstanding				$ 300			300
Five-Year Revolving Credit Facility
Debt
Borrowing capacity, maximum			$ 1,000		1,000	$ 1,360
Aggregate minimum principal amount impacting maturity			$ 300		$ 300
Aggregate carrying amount assets pledged				$ 4,200
Commitment fee percentage at period end				0.50%
Credit facility amount outstanding				$ 0
Letters of credit issued and outstanding				22
Credit facility available borrowing capacity				$ 1,340
Five-Year Revolving Credit Facility | Minimum
Debt
Commitment fee percentage at period end			0.375%
Five-Year Revolving Credit Facility | Maximum
Debt
Commitment fee percentage at period end			1.00%
Five-Year Revolving Credit Facility | Adjusted LIBOR
Debt
Spread on variable rate basis (as a percent)				2.75%
Percentage reduction to the calculated variable rate			1.00%		1.00%
Five-Year Revolving Credit Facility | Adjusted LIBOR | Minimum
Debt
Spread on variable rate basis (as a percent)			2.625%
Five-Year Revolving Credit Facility | Adjusted LIBOR | Maximum
Debt
Spread on variable rate basis (as a percent)			3.375%
9.00% Senior Notes due July 2023
Debt
Debt instrument interest rate stated percentage			9.00%	9.00%	9.00%
Aggregate principal amount outstanding				$ 938			1,250
6.875% Senior Secured Notes due February 2027
Debt
Debt instrument interest rate stated percentage		6.875%		6.875%
Debt instrument face value		$ 550
Proceeds from issuance of debt		$ 539
Redemption price of debt instrument (as a percent)		100.00%
Percentage of principal amount that the holder of the note may require the entity to repurchase upon the occurrence of certain events		100
Maximum Collateral Ratio		5.75
Aggregate principal amount outstanding				$ 550
Restricted cash and cash equivalents		$ 19
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage	5.375%			5.375%
Debt instrument face value	$ 525
Proceeds from issuance of debt	$ 517
Redemption price of debt instrument (as a percent)	100.00%
Percentage of principal amount that the holder of the note may require the entity to repurchase upon the occurrence of certain events	100
Maximum Collateral Ratio	4.50
Aggregate principal amount outstanding				$ 525
Restricted cash and cash equivalents	$ 14
0.50% Exchangeable Bonds due January 2023
Debt
Debt instrument interest rate stated percentage			0.50%	0.50%	0.50%
Aggregate principal amount outstanding			$ 863	$ 863	$ 863		$ 863
Debt conversion ratio					0.09729756
Debt conversion (in dollars per share) | $ / shares			$ 10.28		$ 10.28
Fair value of debt			$ 1,000		$ 1,000
Equity component of convertible debt instruments					$ 172

Debt (Settled) (Details)

Debt (Settled) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Debt
Aggregate cash payment			$ 522
Aggregate net loss	$ (9)	$ (2)	(27)	$ (2)
6.50% Senior Notes due November 2020
Debt
Aggregate debt repurchase	57		57
6.375% Senior Notes due December 2021
Debt
Aggregate debt repurchase	63		63
Aggregate principal amount repaid			15
3.80% Senior Notes due October 2022
Debt
Aggregate debt repurchase	190		190
Aggregate principal amount repaid			3	84
9.00% Senior Notes due July 2023
Debt
Aggregate debt repurchase	200		200
Aggregate principal amount repaid			112
Tendered Notes
Debt
Aggregate debt repurchase	510		510
Aggregate net loss			(18)
Debt Repurchases
Debt
Aggregate principal amount repaid			130	84
Aggregate cash payment			136	84
Aggregate net loss	$ (9)		$ (9)
Secured Borrowing Facility
Debt
Aggregate cash payment				$ 67

Derivative Instruments (Details

Derivative Instruments (Details) - Undesignated derivative instruments kr in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2019NOK (kr)	Dec. 31, 2018USD ($)
Forward exchange contracts
Derivatives
Exchange rate (as a percent)		8.61	8.61
Derivative instruments, liabilities				$ 6
Derivative instruments, assets		$ 1
Forward exchange contracts | Pay
Derivatives
Aggregate notional amount		$ 94
Forward exchange contracts | Receive
Derivatives
Aggregate notional amount | kr			kr 810
Currency swaps
Derivatives
Cash payment for termination of derivatives	$ 92
Loss associated with derivative sale	$ (11)

Income Taxes (Provision) (Detai

Income Taxes (Provision) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Annual effective tax rate excluding discrete items (as a percent)		(18.00%)	(32.50%)
Various discrete tax items		$ (30)	$ 90
Effective tax rate		(8.30%)	(12.30%)
Reductions due to settlements	$ 112	$ 112
Additions for current year tax positions	$ 64	$ 64

Income Taxes (Tax Returns) (Det

Income Taxes (Tax Returns) (Details) - 6 months ended Jun. 30, 2019 R$ in Millions, $ in Millions	USD ($)	BRL (R$)
Brazil
Income Tax Examination
Net adjustments of additional taxes, including interest and penalties	$ 172	R$ 662

Loss Per Share (Details)

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator for loss per share, basic
Net loss available to shareholders	$ (208)	$ (1,135)	$ (379)	$ (1,345)
Denominator for loss per share, basic
Weighted-average shares outstanding	611	462	611	450
Effect of share-based awards and other equity instruments	1		1
Weighted-average shares for per share calculation, basic	612	462	612	450
Loss per share, basic (in dollars per share)	$ (0.34)	$ (2.46)	$ (0.62)	$ (2.99)
Numerator for loss per share, diluted
Net loss available to shareholders	$ (208)	$ (1,135)	$ (379)	$ (1,345)
Denominator for loss per share, diluted
Weighted-average shares outstanding	611	462	611	450
Effect of share-based awards and other equity instruments	1		1
Weighted-average shares for per share calculation, diluted	612	462	612	450
Loss per share, diluted (in dollars per share)	$ (0.34)	$ (2.46)	$ (0.62)	$ (2.99)
Share-based awards
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	12.6	11.4	12.2	11.2
0.50% Exchangeable Bonds due January 2023
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	84	84	84	70.2

Contingencies (Details)

Contingencies (Details) $ in Millions	Feb. 15, 2017USD ($)item	Jun. 30, 2019USD ($)lawsuitplaintiff	Nov. 30, 2018USD ($)	Oct. 31, 2007subsidiary	Jun. 30, 2019USD ($)lawsuitsubsidiaryplaintiff	Dec. 31, 2018USD ($)	Nov. 28, 2017USD ($)
7.00% Notes due June 2028
Contingencies
Debt instrument interest rate stated percentage		7.00%			7.00%
Macondo well incident
Contingencies
Amount of fines, recoveries and civil penalties		$ 157			$ 157	$ 158
PSC Settlement Agreement
Contingencies
Settlement Agreement	$ 212
Number of classes of plaintiffs | item	2
Payment of contingency accrual			$ 58
Cash payment into an escrow account pending approval by MDL Court		$ 157			$ 157	$ 156
Asbestos litigation
Contingencies
Number of subsidiaries | subsidiary					1
Number of claims | lawsuit		179			179
Asbestos litigation | LA
Contingencies
Number of claims | plaintiff		9			9
Nigerian Cabotage Act litigation
Contingencies
Number of subsidiaries | subsidiary				3
Percentage of surcharge on the value of contracts performed in Nigeria pursuant to the Coastal and Inland Shipping (Cabotage) Act 2003 (the Cabotage Act)				2.00%
Global Marine Litigation | 7.00% Notes due June 2028
Contingencies
Debt instrument face value							$ 300
Debt instrument interest rate stated percentage							7.00%
Nigerian customer arbitration
Contingencies
Collection of accounts receivable		$ 80
Hazardous waste disposal sites
Contingencies
Percentage of liability for remediation and related costs		8.00%			8.00%

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Mar. 28, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 30, 2018
Variable Interest Entity
Recognition of noncontrolling interest in business combination			$ 33
Payment to acquire interest		$ 62	106
Acquisition of noncontrolling interest in compulsory acquisition			30
Songa
Variable Interest Entity
Ownership interest (as a percent)				97.70%
Issuance of shares in acquisition transactions (in shares)	66.9
Business combination consideration (per share)	$ 10.99
Recognition of noncontrolling interest in business combination	$ 33
Cash payment to acquire noncontrolling interest	8
Acquisition of noncontrolling interest in compulsory acquisition	30
Songa | 0.50% Exchangeable Bonds due January 2023
Variable Interest Entity
Convertible debt	$ 854
Noncontrolling interest
Variable Interest Entity
Recognition of noncontrolling interest in business combination			33
Acquisition of noncontrolling interest in compulsory acquisition			$ 30
Noncontrolling interest | Songa
Variable Interest Entity
Issuance of shares in acquisition transactions (in shares)	1.1
Business combination consideration (per share)	$ 9.76
Noncontrolling interest | Songa | 0.50% Exchangeable Bonds due January 2023
Variable Interest Entity
Convertible debt	$ 9
Noncontrolling interest | Songa | Songa
Variable Interest Entity
Ownership interest held by minority interest (as a percent)	2.30%

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Financial instruments
Restricted cash and cash equivalents	$ 610	$ 429
Long-term debt, including current maturities	9,727	9,978
Carrying amount
Financial instruments
Cash and cash equivalents	2,243	2,160
Restricted cash and cash equivalents	610	429
Restricted investments		123
Long-term debt, including current maturities	9,727	9,978
Derivative instruments, assets	1
Derivative instruments, liabilities		6
Fair value
Financial instruments
Cash and cash equivalents	2,243	2,160
Restricted cash and cash equivalents	610	429
Restricted investments		123
Long-term debt, including current maturities	9,523	9,212
Derivative instruments, assets	$ 1
Derivative instruments, liabilities		6
Other current assets
Financial instruments
Restricted cash and cash equivalents		428
Other assets
Financial instruments
Restricted cash and cash equivalents		$ 1

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Jun. 30, 2018	Nov. 28, 2017
Five-Year Revolving Credit Facility
Subsequent events
Borrowing capacity, maximum			$ 1,360	$ 1,000
7.00% Notes due June 2028
Subsequent events
Debt instrument interest rate stated percentage		7.00%
Global Marine Litigation | 7.00% Notes due June 2028
Subsequent events
Debt instrument face value					$ 300
Debt instrument interest rate stated percentage					7.00%
Subsequent Event | Five-Year Revolving Credit Facility
Subsequent events
Borrowing capacity, maximum	$ 1,370
Subsequent Event | Global Marine Litigation | 7.00% Notes due June 2028
Subsequent events
Debt instrument face value	$ 300
Debt instrument interest rate stated percentage	7.00%