Transocean (RIG) 10-Q 30 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 23, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-38373
Entity Registrant Name	Transocean Ltd
Entity Incorporation, State or Country Code	V8
Entity Tax Identification Number	98-0599916
Entity Address, Address Line One	Turmstrasse 30
Entity Address, City or Town	Steinhausen
Entity Address, Country	CH
Entity Address, Postal Zip Code	6312
City Area Code	+41 (41)
Local Phone Number	749-0500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		614,577,294
Entity Central Index Key	0001451505
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Shares
Document and Entity Information
Title of 12(b) Security	Shares
Trading Symbol	RIG
Security Exchange Name	NYSE
0.50% Exchangeable Bonds due January 2023
Document and Entity Information
Title of 12(b) Security	0.50% Exchangeable Senior Bonds due 2023
Trading Symbol	RIG/23
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating revenues
Revenues	$ 759	$ 754
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Costs and expenses
Operating and maintenance	$ 540	$ 508
Cost, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 206	$ 217
General and administrative	43	49
Total costs and expenses	789	774
Loss on impairment	(168)
Gain (loss) on disposal of assets, net	(1)	7
Operating loss	(199)	(13)
Other income (expense), net
Interest income	9	10
Interest expense, net of amounts capitalized	(160)	(166)
Loss on retirement of debt	(57)	(18)
Other, net	12	8
Total other income (expense), net	(196)	(166)
Loss before income tax benefit	(395)	(179)
Income tax benefit	(4)	(8)
Net loss	(391)	(171)
Net income attributable to noncontrolling interest	1
Net loss attributable to controlling interest	$ (392)	$ (171)
Loss per share
Basic (in dollars per share)	$ (0.64)	$ (0.28)
Diluted (in dollars per share)	$ (0.64)	$ (0.28)
Weighted-average shares outstanding
Basic (in shares)	614	611
Diluted (in shares)	614	611

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (391)	$ (171)
Net income attributable to noncontrolling interest	1
Net loss attributable to controlling interest	(392)	(171)
Components of net periodic benefit costs before reclassifications	(9)	7
Components of net periodic benefit costs reclassified to net loss	2
Other comprehensive income (loss) before income taxes	(7)	7
Other comprehensive income (loss)	(7)	7
Other comprehensive income (loss) attributable to controlling interest	(7)	7
Total comprehensive loss	(398)	(164)
Total comprehensive income attributable to noncontrolling interest	1
Total comprehensive loss attributable to controlling interest	$ (399)	$ (164)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,483	$ 1,790
Accounts receivable, net of allowance of $2 at March 31, 2020	654	654
Materials and supplies, net of allowance of $127 at March 31, 2020 and December 31, 2019	459	479
Restricted cash accounts and investments	531	558
Other current assets	164	159
Total current assets	3,291	3,640
Property and equipment	23,935	24,281
Less accumulated depreciation	(5,355)	(5,434)
Property and equipment, net	18,580	18,847
Contract intangible assets	560	608
Deferred income taxes, net	20	20
Other assets	1,000	990
Total assets	23,451	24,105
Liabilities and equity
Accounts payable	244	311
Accrued income taxes	41	64
Debt due within one year	581	568
Other current liabilities	728	781
Total current liabilities	1,594	1,724
Long-term debt	8,576	8,693
Deferred income taxes, net	277	266
Other long-term liabilities	1,529	1,555
Total long-term liabilities	10,382	10,514
Commitments and contingencies
Shares, CHF 0.10 par value, 641,063,270 authorized, 140,976,550 conditionally authorized, 617,970,525 issued and 614,545,303 outstanding at March 31, 2020, and 639,674,422 authorized, 142,365,398 conditionally authorized, 617,970,525 issued and 611,871,374 outstanding at December 31, 2019	60	59
Additional paid-in capital	13,431	13,424
Accumulated deficit	(1,691)	(1,297)
Accumulated other comprehensive loss	(331)	(324)
Total controlling interest shareholders' equity	11,469	11,862
Noncontrolling interest	6	5
Total equity	11,475	11,867
Total liabilities and equity	$ 23,451	$ 24,105

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Mar. 31, 2020USD ($)shares	Mar. 31, 2020SFr / shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2019SFr / shares
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts | $	$ 2
Materials and supplies, allowance for obsolescence | $	$ 127		$ 127
Shares, CHF par value (in Swiss francs per share) | SFr / shares		SFr 0.10		SFr 0.10
Shares, authorized	639,674,422		639,674,422
Shares, conditionally authorized	142,365,398		142,365,398
Shares, issued	617,970,525		617,970,525
Shares, outstanding	614,545,303		611,871,374

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, 2018	$ 13,107	$ 59	$ 13,394	$ (67)	$ (279)	$ 7	$ 13,114
Increase (Decrease) in Shareholders' Equity
Share-based compensation	9		9				9
Net loss attributable to controlling interest				(171)			(171)
Other comprehensive income (loss) attributable to controlling interest					7		7
Total comprehensive loss attributable to controlling interest	(164)						(164)
Total comprehensive loss							(164)
Other, net	(6)		(7)				(6)
Balance at Mar. 31, 2019	12,946	59	13,396	(213)	(296)	7	12,953
Increase (Decrease) in Shareholders' Equity
Effect of adopting accounting standards update				25	(24)
Balance at Dec. 31, 2019	11,862	59	13,424	(1,297)	(324)	5	11,867
Increase (Decrease) in Shareholders' Equity
Issuance of shares under share-based compensation plans		1	(1)
Share-based compensation	8		8				8
Net loss attributable to controlling interest				(392)			(392)
Other comprehensive income (loss) attributable to controlling interest					(7)		(7)
Total comprehensive loss attributable to controlling interest	(399)						(399)
Total comprehensive income (loss) attributable to noncontrolling interest						1
Total comprehensive loss							(398)
Other, net	(2)						(2)
Balance at Mar. 31, 2020	$ 11,469	$ 60	$ 13,431	(1,691)	$ (331)	$ 6	$ 11,475
Increase (Decrease) in Shareholders' Equity
Effect of adopting accounting standards update				$ (2)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net loss	$ (391)	$ (171)
Adjustments to reconcile to net cash provided by operating activities:
Contract intangible asset amortization	48	45
Depreciation and amortization	206	217
Share-based compensation expense	8	9
Loss on impairment	168
(Gain) loss on disposal of assets, net	1	(7)
Loss on retirement of debt	57	18
Deferred income tax expense (benefit)	10	(19)
Other, net	18	11
Changes in deferred revenues, net	5	1
Changes in deferred costs, net	(11)	(1)
Changes in other operating assets and liabilities, net	(167)	(154)
Net cash used in operating activities	(48)	(51)
Cash flows from investing activities
Capital expenditures	(107)	(52)
Proceeds from disposal of assets, net	1	12
Investments in unconsolidated affiliates	(6)	(60)
Proceeds from maturities of unrestricted and restricted investments		123
Net cash provided by (used in) investing activities	(112)	23
Cash flows from financing activities
Proceeds from issuance of debt, net of discounts and issue costs	743	540
Repayments of debt	(909)	(616)
Other, net	(9)	(15)
Net cash used in financing activities	(175)	(91)
Net decrease in unrestricted and restricted cash and cash equivalents	(335)	(119)
Unrestricted and restricted cash and cash equivalents, beginning of period	2,349	2,589
Unrestricted and restricted cash and cash equivalents, end of period	$ 2,014	$ 2,470

Business

Business	3 Months Ended
	Mar. 31, 2020
Business
Business	Note 1—Business Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells. We specialize in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Our mobile offshore drilling fleet is considered one of the most versatile fleets in the world. We contract our drilling rigs, related equipment and work crews predominantly on a dayrate basis to drill oil and gas wells. As of March 31, 2020, we owned or had partial ownership interests in and operated a fleet of 41 mobile offshore drilling units, including 28 ultra-deepwater floaters, 12 harsh environment floaters and one midwater floater. As of March 31, 2020, we were constructing two ultra-deepwater drillships.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Significant Accounting Policies
Significant Accounting Policies	Note 2—Significant Accounting Policies Presentation Accounting estimates Fair value measurements

Accounting Standards Updates

Accounting Standards Updates	3 Months Ended
	Mar. 31, 2020
Accounting Standards Updates
Accounting Standards Updates	Note 3—Accounting Standards Update Recently adopted accounting standards Financial instruments – credit losses

Unconsolidated Affiliates

Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2020
Unconsolidated Affiliates
Unconsolidated Affiliates	Note 4—Unconsolidated Affiliates Investments Transocean Norge. method of accounting. We also invest in certain companies that are involved in researching and developing technology to improve operational efficiency and reliability and to increase automation, sustainability and safety in drilling and other activities. Related party transactions Transocean Norge Transocean Norge

Revenues

Revenues	3 Months Ended
	Mar. 31, 2020
Revenues
Revenues	Note 5—Revenues Overview Disaggregation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2020 ​ ​ Three months ended March 31, 2019 ​ ​ U.S. Norway Brazil Other Total U.S. Norway Brazil Other Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ultra-deepwater floaters $ 287 ​ $ — ​ $ 59 ​ $ 182 ​ $ 528 ​ $ 314 ​ $ — ​ $ 26 ​ $ 136 ​ $ 476 ​ Harsh environment floaters ​ ​ — ​ ​ 207 ​ ​ — ​ ​ 13 ​ ​ 220 ​ ​ ​ — ​ ​ 181 ​ ​ — ​ ​ 77 ​ ​ 258 ​ Deepwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ 6 ​ ​ — ​ ​ 6 ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ 11 ​ ​ 11 ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 14 ​ ​ 14 ​ Total revenues $ 287 ​ $ 207 ​ $ 59 ​ $ 206 ​ $ 759 ​ $ 314 ​ $ 181 ​ $ 32 ​ $ 227 ​ $ 754 ​ ​ Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2020 2019 Deferred contract revenues, recorded in other current liabilities $ 113 ​ $ 100 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 421 ​ ​ 429 ​ Total contract liabilities $ 534 ​ $ 529 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2020 2019 Total contract liabilities, beginning of period ​ $ 529 ​ $ 486 ​ Decrease due to recognition of revenues for goods and services ​ ​ (41) ​ ​ (37) ​ Increase due to goods and services transferred over time ​ ​ 46 ​ ​ 38 ​ Total contract liabilities, end of period ​ $ 534 ​ $ 487 ​ ​

Drilling Fleet

Drilling Fleet	3 Months Ended
	Mar. 31, 2020
Drilling Fleet
Drilling Fleet	Note 6—Drilling Fleet Construction work in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2020 2019 Construction work in progress, beginning of period $ 753 ​ $ 632 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 50 ​ ​ 14 ​ Other equipment and construction projects ​ ​ 57 ​ ​ 38 ​ Total capital expenditures ​ ​ 107 ​ ​ 52 ​ Changes in accrued capital additions ​ ​ (24) ​ ​ (17) ​ Property and equipment placed into service ​ ​ (62) ​ ​ (20) ​ Construction work in progress, end of period $ 774 ​ $ 647 ​ ​ Impairments of assets held and used Impairments of assets held for sale Polar Pioneer Songa Dee Sedco 711 Sedco 714 Dispositions Jack Bates Transocean 706 Songa Delta Assets held for sale Polar Pioneer Songa Dee Sedco 711 Sedco 714

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt
Debt	Note 7—Debt Overview Outstanding debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ March 31, ​ December 31, ​ March 31, ​ December 31, ​ 2020 2019 2020 2019 6.50% Senior Notes due November 2020 ​ $ 198 ​ $ 206 ​ ​ $ 198 ​ $ 206 ​ 6.375% Senior Notes due December 2021 ​ ​ 184 ​ ​ 222 ​ ​ ​ 184 ​ ​ 221 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 178 ​ ​ 200 ​ ​ ​ 176 ​ ​ 198 ​ 3.80% Senior Notes due October 2022 ​ ​ 187 ​ ​ 190 ​ ​ ​ 186 ​ ​ 189 ​ 0.50% Exchangeable Bonds due January 2023 ​ ​ 863 ​ ​ 863 ​ ​ ​ 862 ​ ​ 862 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 519 ​ ​ 525 ​ ​ ​ 513 ​ ​ 518 ​ 9.00% Senior Notes due July 2023 ​ ​ — ​ ​ 714 ​ ​ ​ — ​ ​ 701 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 626 ​ ​ 667 ​ ​ ​ 616 ​ ​ 656 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 420 ​ ​ 420 ​ ​ ​ 412 ​ ​ 412 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 437 ​ ​ 437 ​ ​ ​ 430 ​ ​ 430 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 501 ​ ​ 534 ​ ​ ​ 492 ​ ​ 525 ​ 7.25% Senior Notes due November 2025 ​ ​ 750 ​ ​ 750 ​ ​ ​ 738 ​ ​ 737 ​ 7.50% Senior Notes due January 2026 ​ ​ 750 ​ ​ 750 ​ ​ ​ 743 ​ ​ 743 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 550 ​ ​ 550 ​ ​ ​ 541 ​ ​ 541 ​ 8.00% Senior Notes due February 2027 ​ ​ 750 ​ ​ — ​ ​ ​ 743 ​ ​ — ​ 7.45% Notes due April 2027 ​ ​ 88 ​ ​ 88 ​ ​ ​ 86 ​ ​ 86 ​ 8.00% Debentures due April 2027 ​ ​ 57 ​ ​ 57 ​ ​ ​ 57 ​ ​ 57 ​ 7.00% Notes due June 2028 ​ ​ 300 ​ ​ 300 ​ ​ ​ 306 ​ ​ 306 ​ 7.50% Notes due April 2031 ​ ​ 588 ​ ​ 588 ​ ​ ​ 585 ​ ​ 585 ​ 6.80% Senior Notes due March 2038 ​ ​ 1,000 ​ ​ 1,000 ​ ​ ​ 992 ​ ​ 991 ​ 7.35% Senior Notes due December 2041 ​ ​ 300 ​ ​ 300 ​ ​ ​ 297 ​ ​ 297 ​ Total debt ​ ​ 9,246 ​ ​ 9,361 ​ ​ ​ 9,157 ​ ​ 9,261 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6.50% Senior Notes due November 2020 ​ ​ 198 ​ ​ 206 ​ ​ ​ 198 ​ ​ 206 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 89 ​ ​ 88 ​ ​ ​ 88 ​ ​ 87 ​ 3.80% Senior Notes due October 2022 ​ ​ 5 ​ ​ — ​ ​ ​ 5 ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 32 ​ ​ 16 ​ ​ ​ 29 ​ ​ 14 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 79 ​ ​ 79 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 58 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 62 ​ ​ 62 ​ ​ ​ 60 ​ ​ 60 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 66 ​ ​ 66 ​ ​ ​ 64 ​ ​ 64 ​ Total debt due within one year ​ ​ 595 ​ ​ 581 ​ ​ ​ 581 ​ ​ 568 ​ Total long-term debt $ 8,651 ​ $ 8,780 ​ $ 8,576 ​ $ 8,693 ​ ​ Scheduled maturities ​ ​ ​ ​ ​ ​ ​ Total Years ending March 31, ​ ​ ​ ​ 2021 ​ $ 595 ​ 2022 ​ ​ 606 ​ 2023 ​ ​ 1,466 ​ 2024 ​ ​ 1,020 ​ 2025 ​ ​ 516 ​ Thereafter ​ ​ 5,043 ​ Total principal amount of debt ​ ​ 9,246 ​ Total debt-related balances, net ​ ​ (89) ​ Total carrying amount of debt ​ $ 9,157 ​ ​ Secured Credit Facility Secured Credit Facility Margin, minus one percent per annum. Throughout the term of the Secured Credit Facility, we pay a facility fee on the amount of the underlying commitment which ranges from 0.375 percent to 1.00 percent based on the credit rating of the Secured Credit Facility. At March 31, 2020, based on the credit rating of the Secured Credit Facility on that date, the Secured Credit Facility Margin was 2.875 percent and the facility fee was 0.625 percent. At March 31, 2020, we had no borrowings outstanding, $7 million of letters of credit issued, and we had $1.3 billion of available borrowing capacity under the Secured Credit Facility. Interest rate adjustments Exchangeable bonds 97.29756 Debt issuances Priority guaranteed senior unsecured notes Senior secured notes Deepwater Poseidon Debt retirements Redemption Repurchases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ​ ​ ​ ​ ​ ​ ended ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ ​ 2020 6.50% Senior Notes due November 2020 ​ ​ ​ ​ $ 8 ​ 6.375% Senior Notes due December 2021 ​ ​ ​ ​ ​ 38 ​ 3.80% Senior Notes due October 2022 ​ ​ ​ ​ ​ 3 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ ​ ​ ​ 6 ​ Aggregate principal amount retired ​ ​ ​ ​ $ 55 ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ ​ ​ ​ $ 46 ​ Aggregate net gain ​ ​ ​ ​ $ 8 ​ ​ Tender offers ​ ​ ​ ​ ​ ​ ​ ​ Three months ​ ​ ​ ended ​ ​ ​ March 31, ​ ​ 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) ​ ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Taxes
Income Taxes	Note 8—Income Taxes Tax provision and rate Tax returns Brazil tax investigations Other tax matters

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2020
Loss Per Share
Loss Per Share	Note 9—Loss Per Share The numerator and denominator used to compute loss per share were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2020 ​ 2019 ​ ​ Basic Diluted Basic Diluted Numerator for loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (392) ​ $ (392) ​ $ (171) ​ $ (171) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 613 ​ ​ 613 ​ ​ 610 ​ ​ 610 ​ Effect of share-based awards and other equity instruments ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ Weighted-average shares for per share calculation ​ ​ 614 ​ ​ 614 ​ ​ 611 ​ ​ 611 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share ​ $ (0.64) ​ $ (0.64) ​ $ (0.28) ​ $ (0.28) ​ ​ In the three months ended March 31, 2020 and 2019, we excluded from the calculation 11.1 million and 12.1 million share-based awards, respectively, since the effect would have been anti-dilutive. In the three months ended March 31, 2020 and 2019, we excluded from the calculation 84.0 million shares issuable upon conversion of the Exchangeable Bonds since the effect would have been anti-dilutive.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2020
Contingencies
Commitments	Note 10—Contingencies Legal proceedings Macondo well incident Deepwater Horizon Deepwater Horizon At March 31, 2020 and December 31, 2019, the remaining liability for estimated loss contingencies that we believe are probable and for which a reasonable estimate can be made was $124 million, recorded in other current liabilities, the majority of which is related to the settlement agreement that we and the Plaintiff Steering Committee filed with the MDL Court in May 2015 (the “PSC Settlement Agreement”), which was approved by the MDL Court on February 15, 2017. Through the PSC Settlement Agreement, we agreed to pay a total of $212 million to be allocated between two classes of plaintiffs in exchange for a release of all respective claims each class has against us. As required under the PSC Settlement Agreement, we deposited the settlement amount into an escrow account established by the MDL Court. At March 31, 2020 and December 31, 2019, the remaining cash balance in the escrow account was $125 million, 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 March 31, 2020, the subsidiary was a defendant in approximately 201 lawsuits with a corresponding number of plaintiffs. For many of these lawsuits, we have not been provided sufficient information from the plaintiffs to determine whether all or some of the plaintiffs have claims against the subsidiary, the basis of any such claims, or the nature of their alleged injuries. The operating assets of the subsidiary were sold in 1989. In September 2018, the subsidiary and certain insurers agreed to a settlement of outstanding disputes that leaves the subsidiary with funding, including cash, annuities and coverage in place settlement, that we believe will be sufficient to respond to both the current lawsuits as well as future lawsuits of a similar nature. While we cannot predict or provide assurance as to the outcome of these matters, we do not expect the ultimate liability, if any, resulting from these claims to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Other matters Environmental matters We have certain potential liabilities under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and similar state acts regulating cleanup of hazardous substances at various waste disposal sites, including those described below. CERCLA is intended to expedite the remediation of hazardous substances without regard to fault. Potentially responsible parties (“PRPs”) for each site include present and former owners and operators of, transporters to and generators of the substances at the site. It is difficult to quantify the potential cost of environmental matters and remediation obligations. Liability is strict and can be joint and several. One of our subsidiaries was named as a PRP in connection with a site located in Santa Fe Springs, California, known as the Waste Disposal, Inc. site. We and other PRPs agreed, under a participation agreement with the U.S. Environmental Protection Agency (the “EPA”) and the U.S. Department of Justice, to settle our potential liabilities by remediating the site. The remedial action for the site was completed in 2006. Our share of the ongoing operating and maintenance costs has been insignificant, and we do not expect any additional potential liabilities to be material. Resolutions of other claims by the EPA, the involved state agency or PRPs are at various stages of investigation. Nevertheless, based on available information, we do not expect the ultimate liability, if any, resulting from all environmental matters, and known potential legal claims that are likely to be asserted, to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2020
Financial Instruments
Financial Instruments	Note 11—Financial Instruments Overview ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 1,483 ​ $ 1,483 ​ $ 1,790 ​ $ 1,790 ​ Restricted cash and cash equivalents ​ ​ 531 ​ ​ 531 ​ ​ 558 ​ ​ 558 ​ Long-term debt, including current maturities ​ ​ 9,157 ​ ​ 5,001 ​ ​ 9,261 ​ ​ 8,976 ​ Derivative instruments, assets ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ Derivative instruments, liabilities ​ ​ 5 ​ ​ 5 ​ ​ — ​ ​ — ​ ​ We estimated the fair value of each class of financial instruments by applying the following methods and assumptions: Cash and cash equivalents Restricted cash and cash equivalents Debt Derivative instruments

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Significant Accounting Policies
Presentation	Presentation
Accounting estimates	Accounting estimates
Fair value measurements	Fair value measurements

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2020
Revenues
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2020 ​ ​ Three months ended March 31, 2019 ​ ​ U.S. Norway Brazil Other Total U.S. Norway Brazil Other Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ultra-deepwater floaters $ 287 ​ $ — ​ $ 59 ​ $ 182 ​ $ 528 ​ $ 314 ​ $ — ​ $ 26 ​ $ 136 ​ $ 476 ​ Harsh environment floaters ​ ​ — ​ ​ 207 ​ ​ — ​ ​ 13 ​ ​ 220 ​ ​ ​ — ​ ​ 181 ​ ​ — ​ ​ 77 ​ ​ 258 ​ Deepwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ 6 ​ ​ — ​ ​ 6 ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ 11 ​ ​ 11 ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 14 ​ ​ 14 ​ Total revenues $ 287 ​ $ 207 ​ $ 59 ​ $ 206 ​ $ 759 ​ $ 314 ​ $ 181 ​ $ 32 ​ $ 227 ​ $ 754 ​ ​
Schedule of contract balances and changes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2020 2019 Deferred contract revenues, recorded in other current liabilities $ 113 ​ $ 100 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 421 ​ ​ 429 ​ Total contract liabilities $ 534 ​ $ 529 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2020 2019 Total contract liabilities, beginning of period ​ $ 529 ​ $ 486 ​ Decrease due to recognition of revenues for goods and services ​ ​ (41) ​ ​ (37) ​ Increase due to goods and services transferred over time ​ ​ 46 ​ ​ 38 ​ Total contract liabilities, end of period ​ $ 534 ​ $ 487 ​

Drilling Fleet (Tables)

Drilling Fleet (Tables)	3 Months Ended
	Mar. 31, 2020
Drilling Fleet
Changes in our construction work in progress, including capital expenditures and capitalized interest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2020 2019 Construction work in progress, beginning of period $ 753 ​ $ 632 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 50 ​ ​ 14 ​ Other equipment and construction projects ​ ​ 57 ​ ​ 38 ​ Total capital expenditures ​ ​ 107 ​ ​ 52 ​ Changes in accrued capital additions ​ ​ (24) ​ ​ (17) ​ Property and equipment placed into service ​ ​ (62) ​ ​ (20) ​ Construction work in progress, end of period $ 774 ​ $ 647 ​

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt
Debt, net of unamortized discounts, premiums and fair value adjustments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ March 31, ​ December 31, ​ March 31, ​ December 31, ​ 2020 2019 2020 2019 6.50% Senior Notes due November 2020 ​ $ 198 ​ $ 206 ​ ​ $ 198 ​ $ 206 ​ 6.375% Senior Notes due December 2021 ​ ​ 184 ​ ​ 222 ​ ​ ​ 184 ​ ​ 221 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 178 ​ ​ 200 ​ ​ ​ 176 ​ ​ 198 ​ 3.80% Senior Notes due October 2022 ​ ​ 187 ​ ​ 190 ​ ​ ​ 186 ​ ​ 189 ​ 0.50% Exchangeable Bonds due January 2023 ​ ​ 863 ​ ​ 863 ​ ​ ​ 862 ​ ​ 862 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 519 ​ ​ 525 ​ ​ ​ 513 ​ ​ 518 ​ 9.00% Senior Notes due July 2023 ​ ​ — ​ ​ 714 ​ ​ ​ — ​ ​ 701 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 626 ​ ​ 667 ​ ​ ​ 616 ​ ​ 656 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 420 ​ ​ 420 ​ ​ ​ 412 ​ ​ 412 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 437 ​ ​ 437 ​ ​ ​ 430 ​ ​ 430 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 501 ​ ​ 534 ​ ​ ​ 492 ​ ​ 525 ​ 7.25% Senior Notes due November 2025 ​ ​ 750 ​ ​ 750 ​ ​ ​ 738 ​ ​ 737 ​ 7.50% Senior Notes due January 2026 ​ ​ 750 ​ ​ 750 ​ ​ ​ 743 ​ ​ 743 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 550 ​ ​ 550 ​ ​ ​ 541 ​ ​ 541 ​ 8.00% Senior Notes due February 2027 ​ ​ 750 ​ ​ — ​ ​ ​ 743 ​ ​ — ​ 7.45% Notes due April 2027 ​ ​ 88 ​ ​ 88 ​ ​ ​ 86 ​ ​ 86 ​ 8.00% Debentures due April 2027 ​ ​ 57 ​ ​ 57 ​ ​ ​ 57 ​ ​ 57 ​ 7.00% Notes due June 2028 ​ ​ 300 ​ ​ 300 ​ ​ ​ 306 ​ ​ 306 ​ 7.50% Notes due April 2031 ​ ​ 588 ​ ​ 588 ​ ​ ​ 585 ​ ​ 585 ​ 6.80% Senior Notes due March 2038 ​ ​ 1,000 ​ ​ 1,000 ​ ​ ​ 992 ​ ​ 991 ​ 7.35% Senior Notes due December 2041 ​ ​ 300 ​ ​ 300 ​ ​ ​ 297 ​ ​ 297 ​ Total debt ​ ​ 9,246 ​ ​ 9,361 ​ ​ ​ 9,157 ​ ​ 9,261 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6.50% Senior Notes due November 2020 ​ ​ 198 ​ ​ 206 ​ ​ ​ 198 ​ ​ 206 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 89 ​ ​ 88 ​ ​ ​ 88 ​ ​ 87 ​ 3.80% Senior Notes due October 2022 ​ ​ 5 ​ ​ — ​ ​ ​ 5 ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 32 ​ ​ 16 ​ ​ ​ 29 ​ ​ 14 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 79 ​ ​ 79 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 58 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 62 ​ ​ 62 ​ ​ ​ 60 ​ ​ 60 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 66 ​ ​ 66 ​ ​ ​ 64 ​ ​ 64 ​ Total debt due within one year ​ ​ 595 ​ ​ 581 ​ ​ ​ 581 ​ ​ 568 ​ Total long-term debt $ 8,651 ​ $ 8,780 ​ $ 8,576 ​ $ 8,693 ​
Scheduled maturities of debt	​ ​ ​ ​ ​ ​ ​ Total Years ending March 31, ​ ​ ​ ​ 2021 ​ $ 595 ​ 2022 ​ ​ 606 ​ 2023 ​ ​ 1,466 ​ 2024 ​ ​ 1,020 ​ 2025 ​ ​ 516 ​ Thereafter ​ ​ 5,043 ​ Total principal amount of debt ​ ​ 9,246 ​ Total debt-related balances, net ​ ​ (89) ​ Total carrying amount of debt ​ $ 9,157 ​
Schedule of debt repurchases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ​ ​ ​ ​ ​ ​ ended ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ ​ 2020 6.50% Senior Notes due November 2020 ​ ​ ​ ​ $ 8 ​ 6.375% Senior Notes due December 2021 ​ ​ ​ ​ ​ 38 ​ 3.80% Senior Notes due October 2022 ​ ​ ​ ​ ​ 3 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ ​ ​ ​ 6 ​ Aggregate principal amount retired ​ ​ ​ ​ $ 55 ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ ​ ​ ​ $ 46 ​ Aggregate net gain ​ ​ ​ ​ $ 8 ​
Schedule of tender offers	​ ​ ​ ​ ​ ​ ​ ​ Three months ​ ​ ​ ended ​ ​ ​ March 31, ​ ​ 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) ​

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Loss Per Share
Loss Per Share	The numerator and denominator used to compute loss per share were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2020 ​ 2019 ​ ​ Basic Diluted Basic Diluted Numerator for loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (392) ​ $ (392) ​ $ (171) ​ $ (171) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 613 ​ ​ 613 ​ ​ 610 ​ ​ 610 ​ Effect of share-based awards and other equity instruments ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ Weighted-average shares for per share calculation ​ ​ 614 ​ ​ 614 ​ ​ 611 ​ ​ 611 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share ​ $ (0.64) ​ $ (0.64) ​ $ (0.28) ​ $ (0.28) ​

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Financial Instruments
Carrying amounts and fair values of the financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 1,483 ​ $ 1,483 ​ $ 1,790 ​ $ 1,790 ​ Restricted cash and cash equivalents ​ ​ 531 ​ ​ 531 ​ ​ 558 ​ ​ 558 ​ Long-term debt, including current maturities ​ ​ 9,157 ​ ​ 5,001 ​ ​ 9,261 ​ ​ 8,976 ​ Derivative instruments, assets ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ Derivative instruments, liabilities ​ ​ 5 ​ ​ 5 ​ ​ — ​ ​ — ​

Business (Details)

Business (Details)	Mar. 31, 2020item
Number of mobile offshore drilling units	41
Ultra-deepwater floaters
Number of mobile offshore drilling units	28
Number of mobile offshore drilling units under construction	2
Harsh environment floaters
Number of mobile offshore drilling units	12
Midwater floaters
Number of mobile offshore drilling units	1

Unconsolidated Affiliates (Deta

Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Investments
Related party receivable	$ 35		$ 26
Related party payable	7		9
Transocean Norge
Investments
Equity method investment payment	$ 6	$ 59
Ownership percentage	33.00%
Aggregate carrying amount of equity investment	$ 166		$ 164
Affiliate costs	5
Transocean Norge | Reimbursements, Agent Fees and Other Receipts
Investments
Related party transaction	$ (5)	$ (13)

Revenues (Disaggregation) (Deta

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenue
Performance obligations satisfied in previous periods		$ 10
Recognized pre-operating costs	$ 9	2
Unrecognized pre-operating costs	44		$ 34
Contract drilling revenues	759	754
Ultra-deepwater floaters
Revenue
Contract drilling revenues	528	476
Harsh environment floaters
Revenue
Contract drilling revenues	220	258
Deepwater floaters
Revenue
Contract drilling revenues		6
Midwater floaters
Revenue
Contract drilling revenues	11	14
U.S.
Revenue
Contract drilling revenues	287	314
U.S. | Ultra-deepwater floaters
Revenue
Contract drilling revenues	287	314
Norway
Revenue
Contract drilling revenues	207	181
Norway | Harsh environment floaters
Revenue
Contract drilling revenues	207	181
Brazil
Revenue
Contract drilling revenues	59	32
Brazil | Ultra-deepwater floaters
Revenue
Contract drilling revenues	59	26
Brazil | Deepwater floaters
Revenue
Contract drilling revenues		6
Other
Revenue
Contract drilling revenues	206	227
Other | Ultra-deepwater floaters
Revenue
Contract drilling revenues	182	136
Other | Harsh environment floaters
Revenue
Contract drilling revenues	13	77
Other | Midwater floaters
Revenue
Contract drilling revenues	$ 11	$ 14

Revenues (Contract liabilities)

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 113	$ 100
Deferred contract revenues, recorded in other long-term liabilities	421	429
Total contract liabilities	$ 534	$ 529	$ 487	$ 486

Revenues (Changes) (Details)

Revenues (Changes) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Significant changes to contract liabilities
Total contract liabilities, at beginning of period	$ 529	$ 486
Decrease due to recognition of revenues for goods and services	(41)	(37)
Increase due to goods and services transferred over time	46	38
Total contract liabilities, at end of period	$ 534	$ 487

Drilling Fleet (Details)

Drilling Fleet (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 107	$ 52
Construction in Progress
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Construction work in progress, at beginning of period	753	632
Total capital expenditures	107	52
Changes in accrued capital additions	(24)	(17)
Property and equipment placed into service	(62)	(20)
Construction work in progress, at end of period	774	647
New builds
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	50	14
Other property and equipment
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 57	$ 38

Drilling Fleet (Impairment held

Drilling Fleet (Impairment held and used) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)$ / shares
Impairment of assets held and used
Loss associated with impairment, net of tax (per share) | $ / shares	$ 0.23
Midwater floaters
Impairment of assets held and used
Impairment of in use assets | $	$ 31
Loss associated with impairment, net of tax (per share) | $ / shares	$ 0.05
Loss associated with in use asset impairment, tax effect | $	$ 0

Drilling Fleet (Impairment he_2

Drilling Fleet (Impairment held for sale) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)$ / shares
Drilling Fleet
Aggregate loss on impairment of assets held for sale	$ 137
Loss associated with impairment, net of tax (per share) | $ / shares	$ 0.23
Aggregate loss on impairment of assets held for sale, net of tax	$ 136

Drilling Fleet (Disposal) (Deta

Drilling Fleet (Disposal) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)item	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Dispositions
Number of mobile offshore drilling units | item	41
Net cash proceeds from sale of assets	$ 1	$ 12
Gain (loss) on the sale of assets	(1)	$ 7
Assets held for sale, included in other current assets	5		$ 0
Assets sold, not discontinued operations | Rig sales
Dispositions
Net cash proceeds from sale of assets	11
Gain (loss) on the sale of assets	1
Gain (loss) on disposal of assets, tax effect	0
Assets sold, not discontinued operations | Other property and equipment
Dispositions
Net cash proceeds from sale of assets	1
Gain (loss) on the sale of assets	$ (6)

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jan. 17, 2020	Dec. 31, 2019	Feb. 01, 2019
Principal amount
Total principal amount of debt	$ 9,246		$ 9,361
Debt due within one year	595		581
Long-term debt	8,651		8,780
Carrying amount
Total debt	9,157		9,261
Debt due within one year	581		568
Long-term debt	8,576		8,693
6.50% Senior Notes due November 2020
Principal amount
Total principal amount of debt	198		206
Debt due within one year	198		206
Carrying amount
Total debt	198		206
Debt due within one year	$ 198		206
Debt instrument interest rate stated percentage	6.50%
6.375% Senior Notes due December 2021
Principal amount
Total principal amount of debt	$ 184		222
Carrying amount
Total debt	$ 184		221
Debt instrument interest rate stated percentage	6.375%
5.52% Senior Notes due May 2022
Principal amount
Total principal amount of debt	$ 178		200
Debt due within one year	89		88
Carrying amount
Total debt	176		198
Debt due within one year	$ 88		87
Debt instrument interest rate stated percentage	5.52%
3.80% Senior Notes due October 2022
Principal amount
Total principal amount of debt	$ 187		190
Debt due within one year	5
Carrying amount
Total debt	186		189
Debt due within one year	$ 5
Debt instrument interest rate stated percentage	3.80%
0.50% Exchangeable Bonds due January 2023
Principal amount
Total principal amount of debt	$ 863		863
Carrying amount
Total debt	$ 862		862
Debt instrument interest rate stated percentage	0.50%
5.375% Senior Secured Notes due May 2023
Principal amount
Total principal amount of debt	$ 519		525
Debt due within one year	32		16
Carrying amount
Total debt	513		518
Debt due within one year	$ 29		14
Debt instrument interest rate stated percentage	5.375%
9.00% Senior Notes due July 2023
Principal amount
Total principal amount of debt			714
Carrying amount
Total debt			701
Debt instrument interest rate stated percentage	9.00%
5.875% Senior Secured Notes due January 2024
Principal amount
Total principal amount of debt	$ 626		667
Debt due within one year	83		83
Carrying amount
Total debt	616		656
Debt due within one year	$ 79		79
Debt instrument interest rate stated percentage	5.875%
7.75% Senior Secured Notes due October 2024
Principal amount
Total principal amount of debt	$ 420		420
Debt due within one year	60		60
Carrying amount
Total debt	412		412
Debt due within one year	$ 58		58
Debt instrument interest rate stated percentage	7.75%
6.25% Senior Notes due December 2024
Principal amount
Total principal amount of debt	$ 437		437
Debt due within one year	62		62
Carrying amount
Total debt	430		430
Debt due within one year	$ 60		60
Debt instrument interest rate stated percentage	6.25%
6.125% Senior Secured Notes due August 2025
Principal amount
Total principal amount of debt	$ 501		534
Debt due within one year	66		66
Carrying amount
Total debt	492		525
Debt due within one year	$ 64		64
Debt instrument interest rate stated percentage	6.125%
7.25% Senior Notes due November 2025
Principal amount
Total principal amount of debt	$ 750		750
Carrying amount
Total debt	$ 738		737
Debt instrument interest rate stated percentage	7.25%
7.50% Senior Notes due January 2026
Principal amount
Total principal amount of debt	$ 750		750
Carrying amount
Total debt	$ 743		743
Debt instrument interest rate stated percentage	7.50%
6.875% Senior Secured Notes due February 2027
Principal amount
Total principal amount of debt	$ 550		550
Carrying amount
Total debt	$ 541		541
Debt instrument interest rate stated percentage	6.875%			6.875%
8.00% Senior Unsecured Notes due February 2027
Principal amount
Total principal amount of debt	$ 750
Carrying amount
Total debt	$ 743
Debt instrument interest rate stated percentage	8.00%	8.00%
7.45% Notes due April 2027
Principal amount
Total principal amount of debt	$ 88		88
Carrying amount
Total debt	$ 86		86
Debt instrument interest rate stated percentage	7.45%
8.00% Debentures due April 2027
Principal amount
Total principal amount of debt	$ 57		57
Carrying amount
Total debt	$ 57		57
Debt instrument interest rate stated percentage	8.00%
7.00% Notes due June 2028
Principal amount
Total principal amount of debt	$ 300		300
Carrying amount
Total debt	$ 306		306
Debt instrument interest rate stated percentage	7.00%
7.50% Notes due April 2031
Principal amount
Total principal amount of debt	$ 588		588
Carrying amount
Total debt	$ 585		585
Debt instrument interest rate stated percentage	7.50%
6.80% Senior Notes due March 2038
Principal amount
Total principal amount of debt	$ 1,000		1,000
Carrying amount
Total debt	$ 992		991
Debt instrument interest rate stated percentage	6.80%
7.35% Senior Notes due December 2041
Principal amount
Total principal amount of debt	$ 300		300
Carrying amount
Total debt	$ 297		$ 297
Debt instrument interest rate stated percentage	7.35%

Debt (Maturities) (Details)

Debt (Maturities) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Scheduled maturities of debt
2021	$ 595
2022	606
2023	1,466
2024	1,020
2025	516
Thereafter	5,043
Total principal amount of debt	9,246	$ 9,361
Total debt-related balances, net	(89)
Total carrying amount of debt	$ 9,157

Debt (Issued) (Details)

Debt (Issued) (Details) $ / shares in Units, $ in Millions	Jan. 17, 2020USD ($)	Feb. 01, 2019USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2020USD ($)$ / shares	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Debt
Proceeds from issuance of debt				$ 743	$ 540
Aggregate principal amount outstanding				$ 9,246		$ 9,361
Five-Year Revolving Credit Facility
Debt
Borrowing capacity, maximum			$ 1,000			1,300
Commitment fee percentage at period end				0.625%
Credit facility amount outstanding				$ 0
Letters of credit issued and outstanding				7
Credit facility available borrowing capacity				$ 1,300
Five-Year Revolving Credit Facility | Minimum
Debt
Commitment fee percentage at period end			0.375%
Five-Year Revolving Credit Facility | Maximum
Debt
Commitment fee percentage at period end			1.00%
Five-Year Revolving Credit Facility | Adjusted LIBOR
Debt
Spread on variable rate basis (as a percent)				2.875%
Percentage reduction to the calculated variable rate			1.00%
Five-Year Revolving Credit Facility | Adjusted LIBOR | Minimum
Debt
Spread on variable rate basis (as a percent)			2.625%
Five-Year Revolving Credit Facility | Adjusted LIBOR | Maximum
Debt
Spread on variable rate basis (as a percent)			3.375%
6.375% Senior Notes due December 2021
Debt
Debt instrument interest rate stated percentage				6.375%
Interest rate, as adjusted (as a percent)				8.375%
Aggregate principal amount outstanding				$ 184		222
3.80% Senior Notes due October 2022
Debt
Debt instrument interest rate stated percentage				3.80%
Interest rate, as adjusted (as a percent)				5.80%
Aggregate principal amount outstanding				$ 187		190
7.35% Senior Notes due December 2041
Debt
Debt instrument interest rate stated percentage				7.35%
Interest rate, as adjusted (as a percent)				9.35%
Aggregate principal amount outstanding				$ 300		300
0.50% Exchangeable Bonds due January 2023
Debt
Debt instrument interest rate stated percentage				0.50%
Aggregate principal amount outstanding				$ 863		863
Debt conversion ratio				0.09729756
Debt conversion (in dollars per share) | $ / shares				$ 10.28
8.00% Senior Unsecured Notes due February 2027
Debt
Debt instrument interest rate stated percentage	8.00%			8.00%
Debt instrument face value	$ 750
Proceeds from issuance of debt	$ 743
Redemption price of debt instrument (as a percent)	100.00%
Aggregate principal amount outstanding				$ 750
6.875% Senior Secured Notes due February 2027
Debt
Debt instrument interest rate stated percentage		6.875%		6.875%
Debt instrument face value		$ 550
Proceeds from issuance of debt		$ 539
Redemption price of debt instrument (as a percent)		100.00%
Aggregate principal amount outstanding				$ 550		$ 550
Restricted cash and cash equivalents		$ 19

Debt (Settled) (Details)

Debt (Settled) (Details) - USD ($) $ in Millions	Feb. 18, 2020	Mar. 31, 2020	Mar. 31, 2019
Debt
Aggregate net gain (loss)		$ (57)	$ (18)
9.00% Senior Notes due July 2023
Debt
Aggregate debt repurchase		200
Aggregate cash payment	$ 767
Aggregate net gain (loss)		(65)
6.50% Senior Notes due November 2020
Debt
Aggregate principal amount repaid		8
Aggregate debt repurchase		57
6.375% Senior Notes due December 2021
Debt
Aggregate principal amount repaid		38
Aggregate debt repurchase		63
3.80% Senior Notes due October 2022
Debt
Aggregate principal amount repaid		3
Aggregate debt repurchase		190
5.375% Senior Secured Notes due May 2023
Debt
Aggregate principal amount repaid		6
Debt Repurchases
Debt
Aggregate principal amount repaid		55
Aggregate cash payment		46
Aggregate net gain (loss)		8
Tendered Notes
Debt
Aggregate debt repurchase		510
Aggregate cash payment		522
Aggregate net gain (loss)		$ (18)

Income Taxes (Provision) (Detai

Income Taxes (Provision) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Taxes
Effective tax rate	1.10%	4.50%
Various discrete tax items expense (benefit)	$ (20)	$ (25)
Annual effective tax rate excluding discrete items (as a percent)	(9.50%)	(10.60%)

Income Taxes (Tax Returns) (Det

Income Taxes (Tax Returns) (Details) - 3 months ended Mar. 31, 2020 R$ in Millions, $ in Millions	BRL (R$)	USD ($)
Brazil
Income Tax Examination
Net adjustments of additional taxes, including interest and penalties	R$ 730	$ 140

Loss Per Share (Details)

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator for loss per share, basic
Net loss attributable to controlling interest	$ (392)	$ (171)
Denominator for loss per share, basic
Weighted-average shares outstanding	613	610
Effect of share-based awards and other equity instruments	1	1
Weighted-average shares for per share calculation, basic	614	611
Loss per share, basic (in dollars per share)	$ (0.64)	$ (0.28)
Numerator for loss per share, diluted
Net loss attributable to controlling interest	$ (392)	$ (171)
Denominator for loss per share, diluted
Weighted-average shares outstanding	613	610
Effect of share-based awards and other equity instruments	1	1
Weighted-average shares for per share calculation, diluted	614	611
Loss per share, diluted (in dollars per share)	$ (0.64)	$ (0.28)
Share-based awards
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	11.1	12.1
0.50% Exchangeable Bonds due January 2023
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	84	84

Contingencies (Details)

Contingencies (Details) $ in Millions	Feb. 15, 2017USD ($)item	Mar. 31, 2020USD ($)lawsuitsubsidiaryplaintiff	Dec. 31, 2019USD ($)
Contingencies
Restricted cash accounts and investments		$ 531	$ 558
Macondo well incident
Contingencies
Amount of fines, recoveries and civil penalties		124	124
PSC Settlement Agreement
Contingencies
Settlement Agreement	$ 212
Number of classes of plaintiffs | item	2
Cash payment into an escrow account pending approval by MDL Court		$ 125	$ 125
Asbestos litigation
Contingencies
Number of subsidiaries | subsidiary		1
Number of claims | lawsuit		201
Asbestos litigation | LA
Contingencies
Number of claims | plaintiff		9

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Financial instruments
Long-term debt, including current maturities	$ 9,157	$ 9,261
Carrying amount
Financial instruments
Cash and cash equivalents	1,483	1,790
Restricted cash and cash equivalents	531	558
Long-term debt, including current maturities	9,157	9,261
Derivative instruments, assets		1
Derivative instruments, liabilities	5
Fair value
Financial instruments
Cash and cash equivalents	1,483	1,790
Restricted cash and cash equivalents	531	558
Long-term debt, including current maturities	5,001	8,976
Derivative instruments, assets		$ 1
Derivative instruments, liabilities	$ 5