Transocean (RIG) 10-Q 4 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 27, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-38373
Entity Registrant Name	Transocean Ltd
Entity Incorporation, State or Country Code	V8
Entity Tax Identification Number	98-0599916
Entity Address, Address Line One	Turmstrasse 30
Entity Address, City or Town	Steinhausen
Entity Address, Country	CH
Entity Address, Postal Zip Code	6312
City Area Code	+41 (41)
Local Phone Number	749-0500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		615,110,302
Entity Central Index Key	0001451505
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Shares
Document and Entity Information
Title of 12(b) Security	Shares
Trading Symbol	RIG
Security Exchange Name	NYSE
0.50% Exchangeable Senior 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating revenues
Revenues	$ 773	$ 784	$ 2,462	$ 2,296
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Costs and expenses
Operating and maintenance	$ 470	$ 547	$ 1,535	$ 1,565
Cost, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 190	$ 212	$ 592	$ 648
General and administrative	45	45	133	139
Total costs and expenses	705	804	2,260	2,352
Loss on impairment		583	597	584
Loss on disposal of assets, net	(64)	(4)	(64)	(7)
Operating income (loss)	4	(607)	(459)	(647)
Other income (expense), net
Interest income	6	11	19	33
Interest expense, net of amounts capitalized	(145)	(166)	(458)	(500)
Gain (loss) on restructuring and retirement of debt	449	(12)	396	(39)
Other, net	21	3	(23)	34
Total other income (expense), net	331	(164)	(66)	(472)
Income (loss) before income tax expense	335	(771)	(525)	(1,119)
Income tax expense (benefit)	(24)	54	4	83
Net income (loss)	359	(825)	(529)	(1,202)
Net income attributable to noncontrolling interest			1	2
Net income (loss) attributable to controlling interest	$ 359	$ (825)	$ (530)	$ (1,204)
Earnings (loss) per share
Basic (in dollars per share)	$ 0.58	$ (1.35)	$ (0.86)	$ (1.97)
Diluted (in dollars per share)	$ 0.51	$ (1.35)	$ (0.86)	$ (1.97)
Weighted-average shares outstanding
Basic (in shares)	616	613	615	612
Diluted (in shares)	702	613	615	612

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ 359	$ (825)	$ (529)	$ (1,202)
Net income attributable to noncontrolling interest			1	2
Net income (loss) attributable to controlling interest	359	(825)	(530)	(1,204)
Components of net periodic benefit income (costs) before reclassifications			(9)	7
Components of net periodic benefit costs reclassified to net income (loss)	2		6	1
Other comprehensive income (loss) before income taxes	2		(3)	8
Other comprehensive income (loss)	2		(3)	8
Other comprehensive income (loss) attributable to controlling interest	2		(3)	8
Total comprehensive income (loss)	361	(825)	(532)	(1,194)
Total comprehensive income attributable to noncontrolling interest			1	2
Total comprehensive income (loss) attributable to controlling interest	$ 361	$ (825)	$ (533)	$ (1,196)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,382	$ 1,790
Accounts receivable, net of allowance of $2 at September 30, 2020	699	654
Materials and supplies, net of allowance of $118 and $127 at September 30, 2020 and December 31, 2019, respectively	459	479
Restricted cash accounts and investments	448	558
Other current assets	187	159
Total current assets	3,175	3,640
Property and equipment	23,038	24,281
Less accumulated depreciation	(5,207)	(5,434)
Property and equipment, net	17,831	18,847
Contract intangible assets	450	608
Deferred income taxes, net	19	20
Other assets	997	990
Total assets	22,472	24,105
Liabilities and equity
Accounts payable	214	311
Accrued income taxes	42	64
Debt due within one year	640	568
Other current liabilities	655	781
Total current liabilities	1,551	1,724
Long-term debt	7,794	8,693
Deferred income taxes, net	294	266
Other long-term liabilities	1,430	1,555
Total long-term liabilities	9,518	10,514
Commitments and contingencies
Shares, CHF 0.10 par value, 824,648,925 authorized, 142,365,398 conditionally authorized, 639,674,414 issued and 614,861,972 outstanding at September 30, 2020, and 639,674,422 authorized, 142,365,398 conditionally authorized, 617,970,525 issued and 611,871,374 outstanding at December 31, 2019	60	59
Additional paid-in capital	13,493	13,424
Accumulated deficit	(1,829)	(1,297)
Accumulated other comprehensive loss	(327)	(324)
Total controlling interest shareholders' equity	11,397	11,862
Noncontrolling interest	6	5
Total equity	11,403	11,867
Total liabilities and equity	$ 22,472	$ 24,105

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Sep. 30, 2020USD ($)shares	Sep. 30, 2020SFr / shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2019SFr / shares
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts | $	$ 2
Materials and supplies, allowance for obsolescence | $	$ 118		$ 127
Shares, CHF par value (in Swiss francs per share) | SFr / shares		SFr 0.10		SFr 0.10
Shares, authorized	824,648,925		639,674,422
Shares, conditionally authorized	142,365,398		142,365,398
Shares, issued	639,674,414		617,970,525
Shares, outstanding	614,861,972		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)Period of Adoption, Adjustment	Retained earnings (accumulated deficit)	Accumulated other comprehensive lossPeriod of Adoption, Adjustment	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	28		28						28
Net income (loss) attributable to controlling interest					(1,204)				(1,204)
Other comprehensive income (loss) attributable to controlling interest							8		8
Total comprehensive income (loss) attributable to controlling interest	(1,196)								(1,196)
Total comprehensive income attributable to noncontrolling interest								2
Total comprehensive income (loss)									(1,194)
Other, net	(6)		(7)						(6)
Balance at Sep. 30, 2019	11,933	59	13,415	$ 25	(1,246)	$ (24)	(295)	9	11,942
Balance at Jun. 30, 2019	12,748	59	13,405		(421)		(295)	9	12,757
Increase (Decrease) in Shareholders' Equity
Share-based compensation	9		9						9
Net income (loss) attributable to controlling interest					(825)				(825)
Total comprehensive income (loss) attributable to controlling interest	(825)								(825)
Total comprehensive income (loss)									(825)
Other, net	1		1						1
Balance at Sep. 30, 2019	11,933	59	13,415	25	(1,246)	$ (24)	(295)	9	11,942
Balance at Dec. 31, 2019	11,862	59	13,424		(1,297)		(324)	5	11,867
Increase (Decrease) in Shareholders' Equity
Issuance of shares under share-based compensation plans		1
Share-based compensation	24		24						24
Equity component of convertible debt instruments	46		46						46
Net income (loss) attributable to controlling interest					(530)				(530)
Other comprehensive income (loss) attributable to controlling interest							(3)		(3)
Total comprehensive income (loss) attributable to controlling interest	(533)								(533)
Total comprehensive income attributable to noncontrolling interest								1
Total comprehensive income (loss)									(532)
Other, net	(2)		(1)						(2)
Balance at Sep. 30, 2020	11,397	60	13,493	(2)	(1,829)		(327)	6	11,403
Balance at Jun. 30, 2020	10,981	60	13,438		(2,188)		(329)	6	10,987
Increase (Decrease) in Shareholders' Equity
Share-based compensation	9		9						9
Equity component of convertible debt instruments	46		46						46
Net income (loss) attributable to controlling interest					359				359
Other comprehensive income (loss) attributable to controlling interest							2		2
Total comprehensive income (loss) attributable to controlling interest	361								361
Total comprehensive income (loss)									361
Balance at Sep. 30, 2020	$ 11,397	$ 60	$ 13,493	$ (2)	$ (1,829)		$ (327)	$ 6	$ 11,403

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net loss	$ (825)	$ (529)	$ (1,202)
Adjustments to reconcile to net cash provided by operating activities:
Contract intangible asset amortization		158	140
Depreciation and amortization	212	592	648
Share-based compensation expense		24	28
Loss on impairment	583	597	584
Loss on impairment of investment in unconsolidated affiliate		59
Loss on disposal of assets, net	4	64	7
Gain (loss) on restructuring and retirement of debt	12	(396)	39
Deferred income tax expense		28	139
Other, net		42	28
Changes in deferred revenues, net		(45)	19
Changes in deferred costs, net		10	(21)
Changes in other operating assets and liabilities, net		(484)	(216)
Net cash provided by operating activities		120	193
Cash flows from investing activities
Capital expenditures		(218)	(259)
Proceeds from disposal of assets, net		15	52
Investments in unconsolidated affiliates		(17)	(77)
Proceeds from maturities of unrestricted and restricted investments			123
Other, net			3
Net cash used in investing activities		(220)	(158)
Cash flows from financing activities
Proceeds from issuance of debt, net of discounts and issue costs		743	1,056
Repayments of debt		(1,135)	(1,189)
Other, net		(27)	(34)
Net cash used in financing activities		(419)	(167)
Net decrease in unrestricted and restricted cash and cash equivalents		(519)	(132)
Unrestricted and restricted cash and cash equivalents, beginning of period		2,349	2,589
Unrestricted and restricted cash and cash equivalents, end of period	$ 2,457	$ 1,830	$ 2,457

Business

Business	9 Months Ended
	Sep. 30, 2020
Business
Business	Note 1—Business Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells. We specialize in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Our mobile offshore drilling fleet is considered one of the most versatile fleets in the world. We contract our drilling rigs, related equipment and work crews predominantly on a dayrate basis to drill oil and gas wells. As of September 30, 2020, we owned or had partial ownership interests in and operated a fleet of 38 mobile offshore drilling units, including 27 ultra-deepwater floaters and 11 harsh environment floaters. As of September 30, 2020, we were constructing two ultra-deepwater drillships.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Significant Accounting Policies
Significant Accounting Policies	Note 2—Significant Accounting Policies Presentation Form 10-K filed on February 18, 2020 Accounting estimates Fair value measurements

Accounting Standards Update

Accounting Standards Update	9 Months Ended
	Sep. 30, 2020
Accounting Standards Update
Accounting Standards Update	Note 3—Accounting Standards Update Recently adopted accounting standards Financial instruments – credit losses

Unconsolidated Affiliates

Unconsolidated Affiliates	9 Months Ended
	Sep. 30, 2020
Unconsolidated Affiliates
Unconsolidated Affiliates	Note 4—Unconsolidated Affiliates Investments Transocean Norge . made an aggregate cash contribution of $6 million and $74 million, respectively, to Orion. We expect to make an additional $33 million cash contribution to Orion in the six months ending June 30, 2021. In the nine months ended September 30, 2020, we recognized a loss of $59 million, which had no tax effect, recorded in other, net, associated with the impairment of our investment in Orion upon determination that the carrying amount of our equity-method investment exceeded the estimated fair value and that the impairment was other than temporary. We estimated the fair value of our investment using the income method, which required us to use significant unobservable inputs, representative of a Level 3 fair value measurement, including applying an assumed discount rate of 12 percent and making assumptions about the future performance of the investment, including future demand and supply for harsh environment floaters, rig utilization, revenue efficiency and dayrates. At September 30, 2020 and December 31, 2019, the aggregate carrying amount of our investment in Orion was $103 million and $164 million, respectively, recorded in other assets. Related party transactions Transocean Norge Transocean Norge

Revenues

Revenues	9 Months Ended
	Sep. 30, 2020
Revenues
Revenues	Note 5—Revenues Overview In June 2020, we entered into a settlement and mutual release agreement with a customer, which provided for the final settlement of disputes related to performance obligations satisfied in prior periods. In connection with the settlement, among other things, our customer agreed to pay us $185 million in four equal installments through January 15, 2023. In the nine months ended September 30, 2020, we recognized revenues of $177 million, representing the discounted value of the future payments, and recorded corresponding accounts receivable and other assets of $89 million and $88 million, respectively, net of imputed interest, which we will recognize in interest income over the scheduled payment period. In the nine months ended September 30, 2019, we recognized revenues of $10 million, recognized on a cash basis, for performance obligations satisfied for another customer in prior periods. Disaggregation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2020 ​ ​ Three months ended September 30, 2019 ​ ​ U.S. Norway Brazil Other Total U.S. Norway Brazil Other Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ultra-deepwater floaters $ 295 ​ $ — ​ $ 60 ​ $ 135 ​ $ 490 ​ $ 317 ​ $ — ​ $ 27 ​ $ 149 ​ $ 493 ​ Harsh environment floaters ​ ​ — ​ ​ 233 ​ ​ — ​ ​ 50 ​ ​ 283 ​ ​ ​ 4 ​ ​ 200 ​ ​ — ​ ​ 77 ​ ​ 281 ​ Deepwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 10 ​ ​ 10 ​ Total revenues $ 295 ​ $ 233 ​ $ 60 ​ $ 185 ​ $ 773 ​ $ 321 ​ $ 200 ​ $ 27 ​ $ 236 ​ $ 784 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2020 ​ ​ Nine months ended September 30, 2019 ​ ​ U.S. Norway Brazil Other Total U.S. Norway Brazil Other Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ultra-deepwater floaters $ 1,022 ​ $ — ​ $ 176 ​ $ 456 ​ $ 1,654 ​ $ 940 ​ $ — ​ $ 81 ​ $ 434 ​ $ 1,455 ​ Harsh environment floaters ​ ​ — ​ ​ 647 ​ ​ — ​ ​ 149 ​ ​ 796 ​ ​ ​ 4 ​ ​ 554 ​ ​ — ​ ​ 232 ​ ​ 790 ​ Deepwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 1 ​ ​ 7 ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ 12 ​ ​ 12 ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 44 ​ ​ 44 ​ Total revenues $ 1,022 ​ $ 647 ​ $ 176 ​ $ 617 ​ $ 2,462 ​ $ 944 ​ $ 554 ​ $ 87 ​ $ 711 ​ $ 2,296 ​ ​ Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 Deferred contract revenues, recorded in other current liabilities $ 138 ​ $ 100 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 346 ​ ​ 429 ​ Total contract liabilities $ 484 ​ $ 529 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2020 2019 Total contract liabilities, beginning of period ​ $ 529 ​ $ 486 ​ Decrease due to recognition of revenues for goods and services ​ ​ (153) ​ ​ (83) ​ Increase due to goods and services transferred over time ​ ​ 108 ​ ​ 102 ​ Total contract liabilities, end of period ​ $ 484 ​ $ 505 ​ ​

Drilling Fleet

Drilling Fleet	9 Months Ended
	Sep. 30, 2020
Drilling Fleet
Drilling Fleet	Note 6—Drilling Fleet Construction work in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2020 2019 Construction work in progress, beginning of period $ 753 ​ $ 632 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 114 ​ ​ 90 ​ Other equipment and construction projects ​ ​ 104 ​ ​ 169 ​ Total capital expenditures ​ ​ 218 ​ ​ 259 ​ Changes in accrued capital additions ​ ​ (27) ​ ​ 32 ​ Construction work in progress impaired ​ ​ — ​ ​ (5) ​ Property and equipment placed into service ​ ​ (130) ​ ​ (151) ​ Construction work in progress, end of period $ 814 ​ $ 767 ​ ​ Impairments of assets held and used Impairments of assets held for sale GSF Development Driller II, Polar Pioneer Songa Dee Sedco 711, Sedco 714 Transocean 712, During the nine months ended September 30, 2019, we announced our intent to retire in an environmentally responsible way the ultra-deepwater floaters Discoverer Deep Seas, Discoverer Enterprise Discoverer Spirit We measured the impairment of the drilling units and related assets as the amount by which the carrying amount exceeded the estimated fair value less costs to sell. We estimated the fair value of the assets using significant other observable inputs, representative of Level 2 fair value measurements, including indicative market values for the drilling units and related assets to be sold for scrap value or other purposes. Dispositions Polar Pioneer Songa Dee Transocean Arctic Sedco 711 Sedco 714 Transocean 712 During the nine months ended September 30, 2019, we completed the sale of the ultra-deepwater floaters Deepwater Frontier, Deepwater Millennium Ocean Rig Paros Eirik Raude Jack Bates Transocean 706 Actinia Songa Delta Assets held for sale GSF Development Driller II,

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt
Debt	Note 7—Debt Overview Outstanding debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ 2020 2019 2020 2019 6.50% Senior Notes due November 2020 ​ $ 191 ​ $ 206 ​ ​ $ 191 ​ $ 206 ​ 6.375% Senior Notes due December 2021 ​ ​ 116 ​ ​ 222 ​ ​ ​ 116 ​ ​ 221 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 134 ​ ​ 200 ​ ​ ​ 133 ​ ​ 198 ​ 3.80% Senior Notes due October 2022 ​ ​ 37 ​ ​ 190 ​ ​ ​ 37 ​ ​ 189 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 463 ​ ​ 863 ​ ​ ​ 462 ​ ​ 862 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 504 ​ ​ 525 ​ ​ ​ 498 ​ ​ 518 ​ 9.00% Senior Notes due July 2023 ​ ​ — ​ ​ 714 ​ ​ ​ — ​ ​ 701 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 585 ​ ​ 667 ​ ​ ​ 576 ​ ​ 656 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 390 ​ ​ 420 ​ ​ ​ 383 ​ ​ 412 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 406 ​ ​ 437 ​ ​ ​ 400 ​ ​ 430 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 468 ​ ​ 534 ​ ​ ​ 460 ​ ​ 525 ​ 7.25% Senior Notes due November 2025 ​ ​ 543 ​ ​ 750 ​ ​ ​ 535 ​ ​ 737 ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 750 ​ ​ ​ 565 ​ ​ 743 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 238 ​ ​ — ​ ​ ​ 277 ​ ​ — ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ — ​ ​ ​ 1,139 ​ ​ — ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 550 ​ ​ 550 ​ ​ ​ 542 ​ ​ 541 ​ 8.00% Senior Notes due February 2027 ​ ​ 612 ​ ​ — ​ ​ ​ 606 ​ ​ — ​ 7.45% Notes due April 2027 ​ ​ 52 ​ ​ 88 ​ ​ ​ 51 ​ ​ 86 ​ 8.00% Debentures due April 2027 ​ ​ 22 ​ ​ 57 ​ ​ ​ 22 ​ ​ 57 ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 300 ​ ​ ​ 266 ​ ​ 306 ​ 7.50% Notes due April 2031 ​ ​ 396 ​ ​ 588 ​ ​ ​ 394 ​ ​ 585 ​ 6.80% Senior Notes due March 2038 ​ ​ 610 ​ ​ 1,000 ​ ​ ​ 605 ​ ​ 991 ​ 7.35% Senior Notes due December 2041 ​ ​ 177 ​ ​ 300 ​ ​ ​ 176 ​ ​ 297 ​ Total debt ​ ​ 8,011 ​ ​ 9,361 ​ ​ ​ 8,434 ​ ​ 9,261 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6.50% Senior Notes due November 2020 ​ ​ 191 ​ ​ 206 ​ ​ ​ 191 ​ ​ 206 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 92 ​ ​ 88 ​ ​ ​ 91 ​ ​ 87 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 31 ​ ​ 16 ​ ​ ​ 29 ​ ​ 14 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 80 ​ ​ 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 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 6 ​ ​ — ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 61 ​ ​ — ​ Total debt due within one year ​ ​ 585 ​ ​ 581 ​ ​ ​ 640 ​ ​ 568 ​ Total long-term debt $ 7,426 ​ $ 8,780 ​ $ 7,794 ​ $ 8,693 ​ ​ Scheduled maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Twelve months ending September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ $ 585 ​ $ 67 ​ $ 652 ​ 2022 ​ ​ 561 ​ ​ 76 ​ ​ 637 ​ 2023 ​ ​ 1,249 ​ ​ 76 ​ ​ 1,325 ​ 2024 ​ ​ 608 ​ ​ 77 ​ ​ 685 ​ 2025 ​ ​ 593 ​ ​ 77 ​ ​ 670 ​ Thereafter ​ ​ 4,415 ​ ​ 117 ​ ​ 4,532 ​ Total installments of debt ​ $ 8,011 ​ $ 490 ​ ​ 8,501 ​ Total debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (67) ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 8,434 ​ ​ Secured Credit Facility Interest rate adjustments Exchangeable bonds 97.29756 Debt issuances Guaranteed senior unsecured notes Senior guaranteed exchangeable bonds The Senior Guaranteed Exchangeable Bonds may be converted at any time prior to the close of business on the second business day immediately preceding the maturity date or redemption date at an initial exchange rate of 162.1626 $1,000 note, which implies an initial conversion price of $6.17 per share, subject to adjustment upon the occurrence of certain events. We recorded the conversion feature of the Senior Guaranteed Exchangeable Bonds, measured at its estimated fair value of $46 million, to additional paid-in capital. We estimated the fair value by employing a binomial lattice model and by using significant other observable inputs, representative of a Level 2 fair value measurement, including the expected volatility of the market price for our shares. Perestroika AS, an entity affiliated with one of our directors that beneficially owns approximately 10 percent of our shares, exchanged $356 million aggregate principal amount of the 0.50% Exchangeable Bonds for $213 million aggregate principal amount of Senior Guaranteed Exchangeable Bonds. Perestroika AS has certain registration rights related to its shares and shares that may be issued in connection with any exchange of its Senior Guaranteed Exchangeable Bonds. Priority guaranteed senior unsecured notes 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 aggregate cash proceeds of $517 million, net of discount and issue costs. The 5.375% Senior Secured Notes are secured by the assets and earnings associated with the ultra-deepwater floaters Transocean Endurance Transocean Equinox Debt restructuring and retirement During the nine months ended September 30, 2020 and 2019, we restructured or retired certain notes as a result of redemptions, exchange offers, private exchanges, tender offers and open market repurchases. We recorded the Exchange Transactions completed in August 2020 and September 2020 under ASC 470-60, Troubled Debt Restructuring by Debtors. The aggregate principal amounts, cash payments and recognized gain or loss for such transactions were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ ​ 2020 ​ 2019 ​ ​ Exchanged Redeemed Repurchased Total Tendered Repurchased Total 6.50% Senior Notes due November 2020 ​ $ — ​ $ — ​ $ 15 ​ $ 15 ​ $ 57 ​ $ 21 ​ $ 78 ​ 6.375% Senior Notes due December 2021 ​ ​ 37 ​ ​ — ​ ​ 68 ​ ​ 105 ​ ​ 63 ​ ​ 41 ​ ​ 104 ​ 3.80% Senior Notes due October 2022 ​ ​ 136 ​ ​ — ​ ​ 16 ​ ​ 152 ​ ​ 190 ​ ​ 22 ​ ​ 212 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 397 ​ ​ — ​ ​ 4 ​ ​ 401 ​ ​ — ​ ​ — ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ — ​ ​ 21 ​ ​ 21 ​ ​ — ​ ​ — ​ ​ — ​ 9.00% Senior Notes due July 2023 ​ ​ — ​ ​ 714 ​ ​ — ​ ​ 714 ​ ​ 200 ​ ​ 297 ​ ​ 497 ​ 7.25% Senior Notes due November 2025 ​ ​ 207 ​ ​ — ​ ​ — ​ ​ 207 ​ ​ — ​ ​ — ​ ​ — ​ 7.50% Senior Notes due January 2026 ​ ​ 181 ​ ​ — ​ ​ — ​ ​ 181 ​ ​ — ​ ​ — ​ ​ — ​ 8.00% Senior Notes due February 2027 ​ ​ 138 ​ ​ — ​ ​ — ​ ​ 138 ​ ​ — ​ ​ — ​ ​ — ​ 7.45% Notes due April 2027 ​ ​ 35 ​ ​ — ​ ​ — ​ ​ 35 ​ ​ — ​ ​ — ​ ​ — ​ 8.00% Debentures due April 2027 ​ ​ 35 ​ ​ — ​ ​ — ​ ​ 35 ​ ​ — ​ ​ — ​ ​ — ​ 7.00% Notes due June 2028 ​ ​ 39 ​ ​ — ​ ​ — ​ ​ 39 ​ ​ — ​ ​ — ​ ​ — ​ 7.50% Notes due April 2031 ​ ​ 192 ​ ​ — ​ ​ — ​ ​ 192 ​ ​ — ​ ​ — ​ ​ — ​ 6.80% Senior Notes due March 2038 ​ ​ 390 ​ ​ — ​ ​ — ​ ​ 390 ​ ​ — ​ ​ — ​ ​ — ​ 7.35% Senior Notes due December 2041 ​ ​ 123 ​ ​ — ​ ​ — ​ ​ 123 ​ ​ — ​ ​ — ​ ​ — ​ Aggregate principal amount restructured or retired ​ $ 1,910 ​ $ 714 ​ $ 124 ​ $ 2,748 ​ $ 510 ​ $ 381 ​ $ 891 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 9 ​ $ 767 ​ $ 91 ​ $ 867 ​ $ 522 ​ $ 395 ​ $ 917 ​ Aggregate principal amount of debt issued in exchanges ​ $ 925 ​ $ — ​ $ — ​ $ 925 ​ $ — ​ $ — ​ $ — ​ Aggregate net gain (loss), three months ended September 30, ​ $ 428 ​ $ — ​ $ 21 ​ $ 449 ​ $ — ​ $ (12) ​ $ (12) ​ Aggregate net gain (loss), nine months ended September 30, ​ $ 428 ​ $ (65) ​ $ 33 ​ $ 396 ​ $ (18) ​ $ (21) ​ $ (39) ​ ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Taxes
Income Taxes	Note 8—Income Taxes Tax provision and rate Tax returns Brazil tax investigations Other tax matters

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2020
Earnings (Loss) Per Share
Earnings (Loss) Per Share	Note 9—Earnings (Loss) Per Share The numerator and denominator used to compute earnings (loss) per share were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ ​ Basic Diluted Basic Diluted Basic Diluted Basic Diluted Numerator for earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to controlling interest ​ $ 359 ​ $ 359 ​ $ (825) ​ $ (825) ​ $ (530) ​ $ (530) ​ $ (1,204) ​ $ (1,204) ​ Effect of interest expense on convertible debt instruments ​ ​ — ​ ​ 1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Earnings (loss) for per share calculation ​ $ 359 ​ $ 360 ​ $ (825) ​ $ (825) ​ $ (530) ​ $ (530) ​ $ (1,204) ​ $ (1,204) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 615 ​ ​ 615 ​ ​ 612 ​ ​ 612 ​ ​ 614 ​ ​ 614 ​ ​ 611 ​ ​ 611 ​ Effect of share-based awards ​ ​ 1 ​ ​ 3 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ Effect of convertible debt instruments ​ ​ — ​ ​ 84 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Weighted-average shares for per share calculation ​ ​ 616 ​ ​ 702 ​ ​ 613 ​ ​ 613 ​ ​ 615 ​ ​ 615 ​ ​ 612 ​ ​ 612 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share ​ $ 0.58 ​ $ 0.51 ​ $ (1.35) ​ $ (1.35) ​ $ (0.86) ​ $ (0.86) ​ $ (1.97) ​ $ (1.97) ​ ​ In the three and nine months ended September 30, 2020, we excluded from the calculation 7.9 million and 10.8 million share-based awards, respectively, since the effect would have been antidilutive. In the three and nine months ended September 30, 2019, we excluded from the calculation 12.2 million share-based awards since the effect would have been antidilutive. In the nine months ended September 30, 2020, we excluded from the calculation 84.0 million shares issuable upon conversion of the 0.50% Exchangeable Bonds and the Senior Guaranteed Exchangeable Bonds since the effect would have been antidilutive. In the three and nine months ended September 30, 2019, we excluded from the calculation 84.0 million shares issuable upon conversion of the 0.50% Exchangeable Bonds since the effect would have been antidilutive.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2020
Contingencies
Commitments	Note 10—Contingencies Legal proceedings Litigation and purported notice of default— On September 2, 2020, funds managed by, or affiliated with, Whitebox Advisors LLC (“Whitebox”), as a holder of the Existing Guaranteed Notes, filed a complaint (the “Complaint”) in the U.S. District Court for the Southern District of New York (the “Court”) related to the Internal Reorganization and the September 2020 Exchange Offers. The Complaint is based on allegations that (i) the subsidiary guarantors of the Senior Guaranteed Exchangeable Bonds and the 11.50% Senior Guaranteed Notes should have, but did not, guarantee the Existing 2025 Guaranteed Notes and the Existing 2027 Guaranteed Notes, thus violating the terms of the indentures governing such notes, and (ii) that the purported obligation to provide such guarantees should have been disclosed in the associated exchange offer memorandum. The Complaint requested a temporary restraining order and preliminary injunction (the “TRO and Injunction”) with respect to the September 2020 Exchange Offers. The lawsuit also requested that either (i) certain changes be made to the terms of the September 2020 Exchange Offers, including, among others, that corrective disclosure be made with respect to the alleged misstatements and omissions in the exchange offer memorandum, that participants be allowed to withdraw any previous tenders and that the expiration date of the September 2020 Exchange Offers be extended or (ii) in the alternative, that Whitebox be awarded its actual damages suffered as a result of such alleged improper conduct. At a hearing on September 3, 2020, the Court promptly denied the plaintiff’s TRO and Injunction request. Also on September 2, 2020, Whitebox and funds managed by, or affiliated with, Pacific Investment Management Company LLC (“PIMCO”), as holders, together, of 25.1 percent in aggregate principal amount of the Existing 2027 Guaranteed Notes, provided a purported notice of default (the “2027 Notes Notice”) to Transocean Inc. under the indenture governing the Existing 2027 Guaranteed Notes based on an allegation similar to the one underlying the claim and request for the TRO and Injunction. On September 23, 2020, we filed an answer to the Complaint with the Court and asserted counterclaims seeking a declaratory judgment that among other matters, the Internal Reorganization did not cause a default under the indenture governing the Existing 2027 Guaranteed Notes. Concurrently with our answer and counterclaims, we also submitted a motion for summary judgment seeking an expedited judgment on our request for a declaratory judgment. As of September 30, 2020, $612 million aggregate principal amount of Existing 2027 Guaranteed Notes were outstanding. If a court of competent jurisdiction were to ultimately determine that a default or event of default exists under either the indenture governing the Existing 2027 Guaranteed Notes, and that the 2027 Notes Notice was properly provided by such holders, following a 90-day grace period, upon a valid declaration of acceleration by at least 25 percent of the then outstanding aggregate principal amount of the Existing 2027 Guaranteed Notes, all unpaid principal, interest and other obligations under the indenture governing such series of notes would be due and payable, unless holders waived such acceleration or the underlying default had been cured. The resulting need to satisfy such obligation would likely place a significant adverse strain on our liquidity and our ability to obtain financing therefor. An acceleration of our obligations under the indenture governing the Existing 2027 Guaranteed Notes would result in an event of default under the Secured Credit Facility, which, upon the direction of, and if not waived by, the lenders holding at least 50 percent of the total commitments under the Secured Credit Facility could result in a termination of the commitments and acceleration of all outstanding borrowings thereunder. To the extent (i) we are required to pay Whitebox any damages, or (ii) any of our indebtedness is accelerated or is otherwise required to repaid prior to its maturity, our existing liquidity and access to future sources of liquidity may be strained, and we may not have the financial resources or access to capital to pay such award, or to repurchase or repay such indebtedness. We believe the allegations in both the Complaint and the 2027 Notes Notice are meritless, and we will continue to defend ourselves vigorously against such allegations, including any related future claims or allegations, to ensure that any such wrongful allegations, claims and notices do not result in an improper judgment, event of default or acceleration, including but not limited to, under our Secured Credit Facility. While we cannot predict or provide assurance as to the outcome of these allegations, we do not expect them to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. See Note 12—Subsequent Events. Macondo well incident Deepwater Horizon 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 September 30, 2020, the subsidiary was a defendant in approximately 211 lawsuits with a corresponding number of plaintiffs. For many of these lawsuits, we have not been provided sufficient information from the plaintiffs to determine whether all or some of the plaintiffs have claims against the subsidiary, the basis of any such claims, or the nature of their alleged injuries. The operating assets of the subsidiary were sold in 1989. In September 2018, the subsidiary and certain insurers agreed to a settlement of outstanding disputes that leaves the subsidiary with funding, including cash, annuities and coverage in place settlement, that we believe will be sufficient to respond to both the current lawsuits as well as future lawsuits of a similar nature. While we cannot predict or provide assurance as to the outcome of these matters, we do not expect the ultimate liability, if any, resulting from these claims to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Other matters We can provide no assurance that our beliefs or expectations as to the outcome or effect of any tax, regulatory, lawsuit or other litigation matter will prove correct and the eventual outcome of these matters could materially differ from management’s current estimates. Environmental matters We have certain potential liabilities under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and similar state acts regulating cleanup of hazardous substances at various waste disposal sites, including those described below. CERCLA is intended to expedite the remediation of hazardous substances without regard to fault. Potentially responsible parties (“PRPs”) for each site include present and former owners and operators of, transporters to and generators of the substances at the site. It is difficult to quantify the potential cost of environmental matters and remediation obligations. Liability is strict and can be joint and several. One of our subsidiaries was named as a PRP in connection with a site located in Santa Fe Springs, California, known as the Waste Disposal, Inc. site. We and other PRPs agreed, under a participation agreement with the U.S. Environmental Protection Agency (the “EPA”) and the U.S. Department of Justice, to settle our potential liabilities by remediating the site. The remedial action for the site was completed in 2006. Our share of the ongoing operating and maintenance costs has been insignificant, and we do not expect any additional potential liabilities to be material. Resolutions of other claims by the EPA, the involved state agency or PRPs are at various stages of investigation. Nevertheless, based on available information, we do not expect the ultimate liability, if any, resulting from all environmental matters, and known potential legal claims associated therewith 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	9 Months Ended
	Sep. 30, 2020
Financial Instruments
Financial Instruments	Note 11—Financial Instruments Overview ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 1,382 ​ $ 1,382 ​ $ 1,790 ​ $ 1,790 ​ Restricted cash and cash equivalents ​ ​ 448 ​ ​ 448 ​ ​ 558 ​ ​ 558 ​ Long-term debt, including current maturities ​ ​ 8,434 ​ ​ 3,814 ​ ​ 9,261 ​ ​ 8,976 ​ ​ We estimated the fair value of each class of financial instruments by applying the following methods and assumptions: Cash and cash equivalents Restricted cash and cash equivalents Debt

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events
Subsequent Events	Note 12—Subsequent Events Litigation and purported notice of default On October 8, 2020, the Court issued an order scheduling oral argument on our motion for summary judgment on October 28, 2020. Subsequently, on October 8, 2020, Whitebox filed a cross-motion for summary judgment asking the Court to deny our motion for summary judgment and dismiss our counterclaims. As of September 30, 2020, $543 million aggregate principal amount of Existing 2025 Guaranteed Notes were outstanding. If a court of competent jurisdiction were to ultimately determine that a default or event of default exists under either the indenture governing the Existing 2025 Guaranteed Notes, and that the 2025 Notes Notice was properly provided by such holders, following a 90-day grace period, upon a valid declaration of acceleration by at least 25 percent of the then outstanding aggregate principal amount of the Existing 2025 Guaranteed Notes, all unpaid principal, interest and other obligations under the indenture governing such series of notes would be due and payable, unless holders waived such acceleration or the underlying default had been cured. While we cannot predict or provide assurance as to the outcome of these allegations, we do not expect them to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Tender offers

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Significant Accounting Policies
Presentation	Presentation Form 10-K filed on February 18, 2020
Accounting estimates	Accounting estimates
Fair value measurements	Fair value measurements

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2020
Revenues
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2020 ​ ​ Three months ended September 30, 2019 ​ ​ U.S. Norway Brazil Other Total U.S. Norway Brazil Other Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ultra-deepwater floaters $ 295 ​ $ — ​ $ 60 ​ $ 135 ​ $ 490 ​ $ 317 ​ $ — ​ $ 27 ​ $ 149 ​ $ 493 ​ Harsh environment floaters ​ ​ — ​ ​ 233 ​ ​ — ​ ​ 50 ​ ​ 283 ​ ​ ​ 4 ​ ​ 200 ​ ​ — ​ ​ 77 ​ ​ 281 ​ Deepwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 10 ​ ​ 10 ​ Total revenues $ 295 ​ $ 233 ​ $ 60 ​ $ 185 ​ $ 773 ​ $ 321 ​ $ 200 ​ $ 27 ​ $ 236 ​ $ 784 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2020 ​ ​ Nine months ended September 30, 2019 ​ ​ U.S. Norway Brazil Other Total U.S. Norway Brazil Other Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ultra-deepwater floaters $ 1,022 ​ $ — ​ $ 176 ​ $ 456 ​ $ 1,654 ​ $ 940 ​ $ — ​ $ 81 ​ $ 434 ​ $ 1,455 ​ Harsh environment floaters ​ ​ — ​ ​ 647 ​ ​ — ​ ​ 149 ​ ​ 796 ​ ​ ​ 4 ​ ​ 554 ​ ​ — ​ ​ 232 ​ ​ 790 ​ Deepwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 1 ​ ​ 7 ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ 12 ​ ​ 12 ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 44 ​ ​ 44 ​ Total revenues $ 1,022 ​ $ 647 ​ $ 176 ​ $ 617 ​ $ 2,462 ​ $ 944 ​ $ 554 ​ $ 87 ​ $ 711 ​ $ 2,296 ​
Schedule of contract balances and changes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 Deferred contract revenues, recorded in other current liabilities $ 138 ​ $ 100 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 346 ​ ​ 429 ​ Total contract liabilities $ 484 ​ $ 529 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2020 2019 Total contract liabilities, beginning of period ​ $ 529 ​ $ 486 ​ Decrease due to recognition of revenues for goods and services ​ ​ (153) ​ ​ (83) ​ Increase due to goods and services transferred over time ​ ​ 108 ​ ​ 102 ​ Total contract liabilities, end of period ​ $ 484 ​ $ 505 ​

Drilling Fleet (Tables)

Drilling Fleet (Tables)	9 Months Ended
	Sep. 30, 2020
Drilling Fleet
Changes in our construction work in progress, including capital expenditures and capitalized interest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2020 2019 Construction work in progress, beginning of period $ 753 ​ $ 632 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 114 ​ ​ 90 ​ Other equipment and construction projects ​ ​ 104 ​ ​ 169 ​ Total capital expenditures ​ ​ 218 ​ ​ 259 ​ Changes in accrued capital additions ​ ​ (27) ​ ​ 32 ​ Construction work in progress impaired ​ ​ — ​ ​ (5) ​ Property and equipment placed into service ​ ​ (130) ​ ​ (151) ​ Construction work in progress, end of period $ 814 ​ $ 767 ​

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt
Debt, net of unamortized discounts, premiums and fair value adjustments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ 2020 2019 2020 2019 6.50% Senior Notes due November 2020 ​ $ 191 ​ $ 206 ​ ​ $ 191 ​ $ 206 ​ 6.375% Senior Notes due December 2021 ​ ​ 116 ​ ​ 222 ​ ​ ​ 116 ​ ​ 221 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 134 ​ ​ 200 ​ ​ ​ 133 ​ ​ 198 ​ 3.80% Senior Notes due October 2022 ​ ​ 37 ​ ​ 190 ​ ​ ​ 37 ​ ​ 189 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 463 ​ ​ 863 ​ ​ ​ 462 ​ ​ 862 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 504 ​ ​ 525 ​ ​ ​ 498 ​ ​ 518 ​ 9.00% Senior Notes due July 2023 ​ ​ — ​ ​ 714 ​ ​ ​ — ​ ​ 701 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 585 ​ ​ 667 ​ ​ ​ 576 ​ ​ 656 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 390 ​ ​ 420 ​ ​ ​ 383 ​ ​ 412 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 406 ​ ​ 437 ​ ​ ​ 400 ​ ​ 430 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 468 ​ ​ 534 ​ ​ ​ 460 ​ ​ 525 ​ 7.25% Senior Notes due November 2025 ​ ​ 543 ​ ​ 750 ​ ​ ​ 535 ​ ​ 737 ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 750 ​ ​ ​ 565 ​ ​ 743 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 238 ​ ​ — ​ ​ ​ 277 ​ ​ — ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ — ​ ​ ​ 1,139 ​ ​ — ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 550 ​ ​ 550 ​ ​ ​ 542 ​ ​ 541 ​ 8.00% Senior Notes due February 2027 ​ ​ 612 ​ ​ — ​ ​ ​ 606 ​ ​ — ​ 7.45% Notes due April 2027 ​ ​ 52 ​ ​ 88 ​ ​ ​ 51 ​ ​ 86 ​ 8.00% Debentures due April 2027 ​ ​ 22 ​ ​ 57 ​ ​ ​ 22 ​ ​ 57 ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 300 ​ ​ ​ 266 ​ ​ 306 ​ 7.50% Notes due April 2031 ​ ​ 396 ​ ​ 588 ​ ​ ​ 394 ​ ​ 585 ​ 6.80% Senior Notes due March 2038 ​ ​ 610 ​ ​ 1,000 ​ ​ ​ 605 ​ ​ 991 ​ 7.35% Senior Notes due December 2041 ​ ​ 177 ​ ​ 300 ​ ​ ​ 176 ​ ​ 297 ​ Total debt ​ ​ 8,011 ​ ​ 9,361 ​ ​ ​ 8,434 ​ ​ 9,261 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6.50% Senior Notes due November 2020 ​ ​ 191 ​ ​ 206 ​ ​ ​ 191 ​ ​ 206 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 92 ​ ​ 88 ​ ​ ​ 91 ​ ​ 87 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 31 ​ ​ 16 ​ ​ ​ 29 ​ ​ 14 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 80 ​ ​ 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 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 6 ​ ​ — ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 61 ​ ​ — ​ Total debt due within one year ​ ​ 585 ​ ​ 581 ​ ​ ​ 640 ​ ​ 568 ​ Total long-term debt $ 7,426 ​ $ 8,780 ​ $ 7,794 ​ $ 8,693 ​
Scheduled maturities of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Twelve months ending September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ $ 585 ​ $ 67 ​ $ 652 ​ 2022 ​ ​ 561 ​ ​ 76 ​ ​ 637 ​ 2023 ​ ​ 1,249 ​ ​ 76 ​ ​ 1,325 ​ 2024 ​ ​ 608 ​ ​ 77 ​ ​ 685 ​ 2025 ​ ​ 593 ​ ​ 77 ​ ​ 670 ​ Thereafter ​ ​ 4,415 ​ ​ 117 ​ ​ 4,532 ​ Total installments of debt ​ $ 8,011 ​ $ 490 ​ ​ 8,501 ​ Total debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (67) ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 8,434 ​
Schedule of debt retirements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ ​ 2020 ​ 2019 ​ ​ Exchanged Redeemed Repurchased Total Tendered Repurchased Total 6.50% Senior Notes due November 2020 ​ $ — ​ $ — ​ $ 15 ​ $ 15 ​ $ 57 ​ $ 21 ​ $ 78 ​ 6.375% Senior Notes due December 2021 ​ ​ 37 ​ ​ — ​ ​ 68 ​ ​ 105 ​ ​ 63 ​ ​ 41 ​ ​ 104 ​ 3.80% Senior Notes due October 2022 ​ ​ 136 ​ ​ — ​ ​ 16 ​ ​ 152 ​ ​ 190 ​ ​ 22 ​ ​ 212 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 397 ​ ​ — ​ ​ 4 ​ ​ 401 ​ ​ — ​ ​ — ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ — ​ ​ 21 ​ ​ 21 ​ ​ — ​ ​ — ​ ​ — ​ 9.00% Senior Notes due July 2023 ​ ​ — ​ ​ 714 ​ ​ — ​ ​ 714 ​ ​ 200 ​ ​ 297 ​ ​ 497 ​ 7.25% Senior Notes due November 2025 ​ ​ 207 ​ ​ — ​ ​ — ​ ​ 207 ​ ​ — ​ ​ — ​ ​ — ​ 7.50% Senior Notes due January 2026 ​ ​ 181 ​ ​ — ​ ​ — ​ ​ 181 ​ ​ — ​ ​ — ​ ​ — ​ 8.00% Senior Notes due February 2027 ​ ​ 138 ​ ​ — ​ ​ — ​ ​ 138 ​ ​ — ​ ​ — ​ ​ — ​ 7.45% Notes due April 2027 ​ ​ 35 ​ ​ — ​ ​ — ​ ​ 35 ​ ​ — ​ ​ — ​ ​ — ​ 8.00% Debentures due April 2027 ​ ​ 35 ​ ​ — ​ ​ — ​ ​ 35 ​ ​ — ​ ​ — ​ ​ — ​ 7.00% Notes due June 2028 ​ ​ 39 ​ ​ — ​ ​ — ​ ​ 39 ​ ​ — ​ ​ — ​ ​ — ​ 7.50% Notes due April 2031 ​ ​ 192 ​ ​ — ​ ​ — ​ ​ 192 ​ ​ — ​ ​ — ​ ​ — ​ 6.80% Senior Notes due March 2038 ​ ​ 390 ​ ​ — ​ ​ — ​ ​ 390 ​ ​ — ​ ​ — ​ ​ — ​ 7.35% Senior Notes due December 2041 ​ ​ 123 ​ ​ — ​ ​ — ​ ​ 123 ​ ​ — ​ ​ — ​ ​ — ​ Aggregate principal amount restructured or retired ​ $ 1,910 ​ $ 714 ​ $ 124 ​ $ 2,748 ​ $ 510 ​ $ 381 ​ $ 891 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 9 ​ $ 767 ​ $ 91 ​ $ 867 ​ $ 522 ​ $ 395 ​ $ 917 ​ Aggregate principal amount of debt issued in exchanges ​ $ 925 ​ $ — ​ $ — ​ $ 925 ​ $ — ​ $ — ​ $ — ​ Aggregate net gain (loss), three months ended September 30, ​ $ 428 ​ $ — ​ $ 21 ​ $ 449 ​ $ — ​ $ (12) ​ $ (12) ​ Aggregate net gain (loss), nine months ended September 30, ​ $ 428 ​ $ (65) ​ $ 33 ​ $ 396 ​ $ (18) ​ $ (21) ​ $ (39) ​

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings (Loss) Per Share
Earnings (Loss) Per Share	The numerator and denominator used to compute earnings (loss) per share were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ ​ Basic Diluted Basic Diluted Basic Diluted Basic Diluted Numerator for earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to controlling interest ​ $ 359 ​ $ 359 ​ $ (825) ​ $ (825) ​ $ (530) ​ $ (530) ​ $ (1,204) ​ $ (1,204) ​ Effect of interest expense on convertible debt instruments ​ ​ — ​ ​ 1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Earnings (loss) for per share calculation ​ $ 359 ​ $ 360 ​ $ (825) ​ $ (825) ​ $ (530) ​ $ (530) ​ $ (1,204) ​ $ (1,204) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 615 ​ ​ 615 ​ ​ 612 ​ ​ 612 ​ ​ 614 ​ ​ 614 ​ ​ 611 ​ ​ 611 ​ Effect of share-based awards ​ ​ 1 ​ ​ 3 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ Effect of convertible debt instruments ​ ​ — ​ ​ 84 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Weighted-average shares for per share calculation ​ ​ 616 ​ ​ 702 ​ ​ 613 ​ ​ 613 ​ ​ 615 ​ ​ 615 ​ ​ 612 ​ ​ 612 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share ​ $ 0.58 ​ $ 0.51 ​ $ (1.35) ​ $ (1.35) ​ $ (0.86) ​ $ (0.86) ​ $ (1.97) ​ $ (1.97) ​

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Financial Instruments
Carrying amounts and fair values of the financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 1,382 ​ $ 1,382 ​ $ 1,790 ​ $ 1,790 ​ Restricted cash and cash equivalents ​ ​ 448 ​ ​ 448 ​ ​ 558 ​ ​ 558 ​ Long-term debt, including current maturities ​ ​ 8,434 ​ ​ 3,814 ​ ​ 9,261 ​ ​ 8,976 ​

Business (Details)

Business (Details)	Sep. 30, 2020item
Number of mobile offshore drilling units	38
Ultra-deepwater floaters
Number of mobile offshore drilling units	27
Number of mobile offshore drilling units under construction	2
Harsh environment floaters
Number of mobile offshore drilling units	11

Unconsolidated Affiliates (Deta

Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Investments
Loss on impairment of investment in unconsolidated affiliate			$ 59
Investment in unconsolidated affiliate			$ 17	$ 77
Discount rate
Investments
Investment fair value measurement	12		12
Transocean Norge
Investments
Ownership percentage	33.00%		33.00%		33.00%
Equity method investment payment			$ 6	74
Loss on impairment of investment in unconsolidated affiliate			59
Aggregate carrying amount of equity investment	$ 103		103		$ 164
Related party transaction	$ 3	$ 41	35	$ 74
Payment Three | Transocean Norge
Investments
Investment in unconsolidated affiliate			$ 33

Revenues (Disaggregation) (Deta

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Revenue
Recognized pre-operating costs	$ 16	$ 4	$ 48	$ 10
Unrecognized pre-operating costs	23		23			$ 34
Face amount of receivable					$ 185
Performance obligations satisfied in previous periods			177	10
Contract drilling revenues	773	784	2,462	2,296
Ultra-deepwater floaters
Revenue
Contract drilling revenues	490	493	1,654	1,455
Harsh environment floaters
Revenue
Contract drilling revenues	283	281	796	790
Deepwater floaters
Revenue
Contract drilling revenues				7
Midwater floaters
Revenue
Contract drilling revenues		10	12	44
U.S.
Revenue
Contract drilling revenues	295	321	1,022	944
U.S. | Ultra-deepwater floaters
Revenue
Contract drilling revenues	295	317	1,022	940
U.S. | Harsh environment floaters
Revenue
Contract drilling revenues		4		4
Norway
Revenue
Contract drilling revenues	233	200	647	554
Norway | Harsh environment floaters
Revenue
Contract drilling revenues	233	200	647	554
Brazil
Revenue
Contract drilling revenues	60	27	176	87
Brazil | Ultra-deepwater floaters
Revenue
Contract drilling revenues	60	27	176	81
Brazil | Deepwater floaters
Revenue
Contract drilling revenues				6
Other
Revenue
Contract drilling revenues	185	236	617	711
Other | Ultra-deepwater floaters
Revenue
Contract drilling revenues	135	149	456	434
Other | Harsh environment floaters
Revenue
Contract drilling revenues	50	77	149	232
Other | Deepwater floaters
Revenue
Contract drilling revenues				1
Other | Midwater floaters
Revenue
Contract drilling revenues		$ 10	12	$ 44
Accounts receivable
Revenue
Receivable net of discount	89		89
Other assets
Revenue
Receivable net of discount	$ 88		$ 88

Revenues (Contract liabilities)

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 138	$ 100
Deferred contract revenues, recorded in other long-term liabilities	346	429
Total contract liabilities	$ 484	$ 529	$ 505	$ 486

Revenues (Changes) (Details)

Revenues (Changes) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Significant changes to contract liabilities
Total contract liabilities, at beginning of period	$ 529	$ 486
Decrease due to recognition of revenues for goods and services	(153)	(83)
Increase due to goods and services transferred over time	108	102
Total contract liabilities, at end of period	$ 484	$ 505

Drilling Fleet (Details)

Drilling Fleet (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 218	$ 259
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	218	259
Changes in accrued capital additions	(27)	32
Construction work in progress impaired		(5)
Property and equipment placed into service	(130)	(151)
Construction work in progress, at end of period	814	767
New builds
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	114	90
Other property and equipment
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 104	$ 169

Drilling Fleet (Impairment held

Drilling Fleet (Impairment held and used) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Impairment of assets held and used
Loss associated with impairment, net of tax (per share)	$ 0.90		$ 0.96
Midwater floaters
Impairment of assets held and used
Impairment of in use assets		$ 31
Loss associated with impairment, net of tax (per share)		$ 0.05
Loss associated with in use asset impairment, tax effect		$ 0

Drilling Fleet (Impairment he_2

Drilling Fleet (Impairment held for sale) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020
Drilling Fleet
Aggregate loss on impairment of assets held for sale	$ 556	$ 578
Loss associated with impairment, net of tax (per share)	$ 0.90	$ 0.96
Aggregate loss on impairment of assets held for sale, tax effect		$ 0	$ 0

Drilling Fleet (Disposal) (Deta

Drilling Fleet (Disposal) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)item	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)item	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Dispositions
Number of mobile offshore drilling units | item	38		38
Net cash proceeds from sale of assets			$ 15	$ 52
Gain (loss) on the sale of assets	$ (64)	$ (4)	(64)	(7)
Assets held for sale, included in other current assets	$ 9		9		$ 0
Assets sold, not discontinued operations | Rig sales
Dispositions
Net cash proceeds from sale of assets			11	47
Gain (loss) on the sale of assets			(61)	2
Gain (loss) on disposal of assets, tax effect			$ 0	0
Assets sold, not discontinued operations | Other property and equipment
Dispositions
Net cash proceeds from sale of assets				5
Gain (loss) on the sale of assets				$ (9)

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 11, 2020	Jan. 17, 2020	Dec. 31, 2019	May 24, 2019	Feb. 01, 2019
Principal amount
Total installments of debt	$ 8,011			$ 9,361
Debt due within one year	585			581
Long-term debt	7,426			8,780
Carrying amount
Total debt	8,434			9,261
Debt due within one year	640			568
Long-term debt	7,794			8,693
6.50% Senior Notes due November 2020
Principal amount
Total installments of debt	191			206
Debt due within one year	191			206
Carrying amount
Total debt	191			206
Debt due within one year	$ 191			206
Debt instrument interest rate stated percentage	6.50%
6.375% Senior Notes due December 2021
Principal amount
Total installments of debt	$ 116			222
Carrying amount
Total debt	$ 116			221
Debt instrument interest rate stated percentage	6.375%
5.52% Senior Notes due May 2022
Principal amount
Total installments of debt	$ 134			200
Debt due within one year	92			88
Carrying amount
Total debt	133			198
Debt due within one year	$ 91			87
Debt instrument interest rate stated percentage	5.52%
3.80% Senior Notes due October 2022
Principal amount
Total installments of debt	$ 37			190
Carrying amount
Total debt	$ 37			189
Debt instrument interest rate stated percentage	3.80%
0.50% Exchangeable Senior Bonds due January 2023
Principal amount
Total installments of debt	$ 463			863
Carrying amount
Total debt	$ 462			862
Debt instrument interest rate stated percentage	0.50%
5.375% Senior Secured Notes due May 2023
Principal amount
Total installments of debt	$ 504			525
Debt due within one year	31			16
Carrying amount
Total debt	498			518
Debt due within one year	$ 29			14
Debt instrument interest rate stated percentage	5.375%				5.375%
9.00% Senior Notes due July 2023
Principal amount
Total installments 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 installments of debt	$ 585			667
Debt due within one year	83			83
Carrying amount
Total debt	576			656
Debt due within one year	$ 80			79
Debt instrument interest rate stated percentage	5.875%
7.75% Senior Secured Notes due October 2024
Principal amount
Total installments of debt	$ 390			420
Debt due within one year	60			60
Carrying amount
Total debt	383			412
Debt due within one year	$ 58			58
Debt instrument interest rate stated percentage	7.75%
6.25% Senior Notes due December 2024
Principal amount
Total installments of debt	$ 406			437
Debt due within one year	62			62
Carrying amount
Total debt	400			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 installments of debt	$ 468			534
Debt due within one year	66			66
Carrying amount
Total debt	460			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 installments of debt	$ 543			750
Carrying amount
Total debt	$ 535			737
Debt instrument interest rate stated percentage	7.25%
7.50% Senior Notes due January 2026
Principal amount
Total installments of debt	$ 569			750
Carrying amount
Total debt	$ 565			743
Debt instrument interest rate stated percentage	7.50%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Principal amount
Total installments of debt	$ 238
Carrying amount
Total debt	277
Debt due within one year	$ 6
Debt instrument interest rate stated percentage	2.50%
11.50% Senior Guaranteed Notes due January 2027
Principal amount
Total installments of debt	$ 687
Carrying amount
Total debt	1,139
Debt due within one year	$ 61
Debt instrument interest rate stated percentage	11.50%	11.50%
6.875% Senior Secured Notes due February 2027
Principal amount
Total installments of debt	$ 550			550
Carrying amount
Total debt	$ 542			541
Debt instrument interest rate stated percentage	6.875%					6.875%
8.00% Senior Notes due February 2027
Principal amount
Total installments of debt	$ 612
Carrying amount
Total debt	$ 606
Debt instrument interest rate stated percentage	8.00%		8.00%
7.45% Notes due April 2027
Principal amount
Total installments of debt	$ 52			88
Carrying amount
Total debt	$ 51			86
Debt instrument interest rate stated percentage	7.45%
8.00% Debentures due April 2027
Principal amount
Total installments of debt	$ 22			57
Carrying amount
Total debt	$ 22			57
Debt instrument interest rate stated percentage	8.00%
7.00% Notes due June 2028
Principal amount
Total installments of debt	$ 261			300
Carrying amount
Total debt	$ 266			306
Debt instrument interest rate stated percentage	7.00%
7.50% Notes due April 2031
Principal amount
Total installments of debt	$ 396			588
Carrying amount
Total debt	$ 394			585
Debt instrument interest rate stated percentage	7.50%
6.80% Senior Notes due March 2038
Principal amount
Total installments of debt	$ 610			1,000
Carrying amount
Total debt	$ 605			991
Debt instrument interest rate stated percentage	6.80%
7.35% Senior Notes due December 2041
Principal amount
Total installments of debt	$ 177			300
Carrying amount
Total debt	$ 176			$ 297
Debt instrument interest rate stated percentage	7.35%

Debt (Maturities) (Details)

Debt (Maturities) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Scheduled maturities of debt
Total installments of debt	$ 8,011	$ 9,361
Total Installments
Scheduled maturities of debt
2021	652
2022	637
2023	1,325
2024	685
2025	670
Thereafter	4,532
Total installments of debt	8,501
Total debt-related balances, net	(67)
Total carrying amount of debt	8,434
Principal installments
Scheduled maturities of debt
2021	585
2022	561
2023	1,249
2024	608
2025	593
Thereafter	4,415
Total installments of debt	8,011
Other installments
Scheduled maturities of debt
2021	67
2022	76
2023	76
2024	77
2025	77
Thereafter	117
Total installments of debt	$ 490

Debt (Issued) (Details)

Debt (Issued) (Details) $ / shares in Units, $ in Millions	Sep. 11, 2020USD ($)	Aug. 14, 2020USD ($)$ / shares	Jan. 17, 2020USD ($)	May 24, 2019USD ($)	Feb. 01, 2019USD ($)	Jun. 30, 2018	Sep. 30, 2020USD ($)$ / shares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)$ / shares	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Debt
Proceeds from issuance of debt									$ 743	$ 1,056
New debt issued in exchange									925
Aggregate net gain (loss)							$ 449	$ (12)	396	$ (39)
Equity component of convertible debt instruments							46		46
Aggregate principal amount outstanding							8,011		8,011		$ 9,361
Exchanged
Debt
New debt issued in exchange									925
Original debt in exchange	$ 1,510
Gains (losses) on restructuring							428		$ 428
Five-Year Revolving Credit Facility
Debt
Borrowing capacity, maximum											1,300
Commitment fee percentage at period end									0.875%
Credit facility amount outstanding							0		$ 0
Letters of credit issued and outstanding							30		30
Credit facility available borrowing capacity							$ 1,300		$ 1,300
Five-Year Revolving Credit Facility | Minimum
Debt
Commitment fee percentage at period end						0.375%
Five-Year Revolving Credit Facility | Maximum
Debt
Commitment fee percentage at period end						1.00%
Five-Year Revolving Credit Facility | Adjusted LIBOR
Debt
Spread on variable rate basis (as a percent)									3.375%
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%		6.375%
Interest rate, as adjusted (as a percent)									8.375%
Aggregate principal amount outstanding							$ 116		$ 116		222
3.80% Senior Notes due October 2022
Debt
Debt instrument interest rate stated percentage							3.80%		3.80%
Interest rate, as adjusted (as a percent)									5.80%
Aggregate principal amount outstanding							$ 37		$ 37		190
7.35% Senior Notes due December 2041
Debt
Debt instrument interest rate stated percentage							7.35%		7.35%
Interest rate, as adjusted (as a percent)									9.35%
Aggregate principal amount outstanding							$ 177		$ 177		300
0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt instrument interest rate stated percentage							0.50%		0.50%
Original debt in exchange		$ 397
Debt conversion ratio									0.09729756
Debt conversion (in dollars per share) | $ / shares							$ 10.28		$ 10.28
Aggregate principal amount outstanding							$ 463		$ 463		863
8.00% Senior Notes due February 2027
Debt
Debt instrument interest rate stated percentage			8.00%				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							$ 612		$ 612
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Debt
Debt instrument interest rate stated percentage							2.50%		2.50%
Redemption price of debt instrument (as a percent)		100.00%
New debt issued in exchange		$ 238
Gains (losses) on restructuring									$ 72
Gains (losses) on restructuring (in dollars per share) | $ / shares							$ 0.12		$ 0.12
Debt conversion ratio		0.162163
Debt conversion (in dollars per share) | $ / shares		$ 6.17
Equity component of convertible debt instruments									$ 46
Aggregate principal amount outstanding							$ 238		238
2.50% Senior Guaranteed Exchangeable Bonds due January 2027 | Perestroika AS
Debt
New debt issued in exchange									213
Original debt in exchange									$ 356
Securities held (as a percent)							10.00%		10.00%
11.50% Senior Guaranteed Notes due January 2027
Debt
Debt instrument interest rate stated percentage	11.50%						11.50%		11.50%
New debt issued in exchange	$ 687
Gains (losses) on restructuring							$ 356		$ 356
Gains (losses) on restructuring (in dollars per share) | $ / shares							$ 0.58		$ 0.58
Maximum percent of original aggregate principal	40.00%
Aggregate principal amount outstanding							$ 687		$ 687
11.50% Senior Guaranteed Notes due January 2027 | Use of cash
Debt
Redemption price of debt instrument (as a percent)	100.00%
11.50% Senior Guaranteed Notes due January 2027 | Use of cash from equity offering
Debt
Redemption price of debt instrument (as a percent)	111.50%
6.875% Senior Secured Notes due February 2027
Debt
Debt instrument interest rate stated percentage					6.875%		6.875%		6.875%
Debt instrument face value					$ 550
Proceeds from issuance of debt					539
Aggregate principal amount outstanding							$ 550		$ 550		550
Restricted cash and cash equivalents					$ 19
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage				5.375%			5.375%		5.375%
Debt instrument face value				$ 525
Proceeds from issuance of debt				517
Aggregate principal amount outstanding							$ 504		$ 504		$ 525
Restricted cash and cash equivalents				$ 14

Debt (Settled) (Details)

Debt (Settled) (Details) - USD ($) $ in Millions	Oct. 26, 2020	Jan. 17, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	May 24, 2019
Debt
Debt retirement					$ 2,748	$ 891
Aggregate cash payment					867	917
Aggregate principal amount of debt issued in exchanges					925
Aggregate net gain (loss)			$ 449	$ (12)	$ 396	(39)
6.50% Senior Notes due November 2020
Debt
Debt instrument interest rate stated percentage			6.50%		6.50%
Debt retirement					$ 15	78
6.375% Senior Notes due December 2021
Debt
Debt instrument interest rate stated percentage			6.375%		6.375%
Debt retirement					$ 105	104
3.80% Senior Notes due October 2022
Debt
Debt instrument interest rate stated percentage			3.80%		3.80%
Debt retirement					$ 152	212
0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt instrument interest rate stated percentage			0.50%		0.50%
Debt retirement					$ 401
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage			5.375%		5.375%		5.375%
Debt retirement					$ 21
9.00% Senior Notes due July 2023
Debt
Debt instrument interest rate stated percentage			9.00%		9.00%
Debt retirement					$ 714	497
7.25% Senior Notes due November 2025
Debt
Debt instrument interest rate stated percentage			7.25%		7.25%
Debt retirement	$ 124				$ 207
7.50% Senior Notes due January 2026
Debt
Debt instrument interest rate stated percentage			7.50%		7.50%
Debt retirement					$ 181
8.00% Senior Notes due February 2027
Debt
Debt instrument interest rate stated percentage		8.00%	8.00%		8.00%
Debt retirement					$ 138
Redemption price of debt instrument (as a percent)		100.00%
7.45% Notes due April 2027
Debt
Debt instrument interest rate stated percentage			7.45%		7.45%
Debt retirement					$ 35
8.00% Debentures due April 2027
Debt
Debt instrument interest rate stated percentage			8.00%		8.00%
Debt retirement					$ 35
7.00% Notes due June 2028
Debt
Debt instrument interest rate stated percentage			7.00%		7.00%
Debt retirement					$ 39
7.50% Notes due April 2031
Debt
Debt instrument interest rate stated percentage			7.50%		7.50%
Debt retirement					$ 192
6.80% Senior Notes due March 2038
Debt
Debt instrument interest rate stated percentage			6.80%		6.80%
Debt retirement					$ 390
7.35% Senior Notes due December 2041
Debt
Debt instrument interest rate stated percentage			7.35%		7.35%
Debt retirement					$ 123
Tendered
Debt
Debt retirement					714	510
Aggregate cash payment					767	522
Aggregate net gain (loss)					(65)	(18)
Tendered | 6.50% Senior Notes due November 2020
Debt
Debt retirement						57
Tendered | 6.375% Senior Notes due December 2021
Debt
Debt retirement						63
Tendered | 3.80% Senior Notes due October 2022
Debt
Debt retirement						190
Tendered | 9.00% Senior Notes due July 2023
Debt
Debt retirement					714	200
Repurchased
Debt
Debt retirement					124	381
Aggregate cash payment					91	395
Aggregate net gain (loss)			$ 21	$ (12)	33	(21)
Repurchased | 6.50% Senior Notes due November 2020
Debt
Debt retirement					15	21
Repurchased | 6.375% Senior Notes due December 2021
Debt
Debt retirement					68	41
Repurchased | 3.80% Senior Notes due October 2022
Debt
Debt retirement					16	22
Repurchased | 0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt retirement					4
Repurchased | 5.375% Senior Secured Notes due May 2023
Debt
Debt retirement					21
Repurchased | 9.00% Senior Notes due July 2023
Debt
Debt retirement						$ 297
Exchanged
Debt
Debt retirement					1,910
Aggregate cash payment					9
Aggregate principal amount of debt issued in exchanges					925
Gains (losses) on restructuring			$ 428		428
Exchanged | 6.375% Senior Notes due December 2021
Debt
Debt retirement					37
Exchanged | 3.80% Senior Notes due October 2022
Debt
Debt retirement					136
Exchanged | 0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt retirement					397
Exchanged | 7.25% Senior Notes due November 2025
Debt
Debt retirement					207
Exchanged | 7.50% Senior Notes due January 2026
Debt
Debt retirement					181
Exchanged | 8.00% Senior Notes due February 2027
Debt
Debt retirement					138
Exchanged | 7.45% Notes due April 2027
Debt
Debt retirement					35
Exchanged | 8.00% Debentures due April 2027
Debt
Debt retirement					35
Exchanged | 7.00% Notes due June 2028
Debt
Debt retirement					39
Exchanged | 7.50% Notes due April 2031
Debt
Debt retirement					192
Exchanged | 6.80% Senior Notes due March 2038
Debt
Debt retirement					390
Exchanged | 7.35% Senior Notes due December 2041
Debt
Debt retirement					$ 123

Income Taxes (Provision) (Detai

Income Taxes (Provision) (Details)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Taxes
Effective tax rate	(0.80%)	(7.40%)
Annual effective tax rate excluding discrete items (as a percent)	(16.40%)	(24.70%)

Income Taxes (Tax Returns) (Det

Income Taxes (Tax Returns) (Details) - 9 months ended Sep. 30, 2020 R$ in Millions, $ in Millions	BRL (R$)	USD ($)
Brazil
Income Tax Examination
Net adjustments of additional taxes, including interest and penalties	R$ 734	$ 131

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator for loss per share, basic
Net income (loss) attributable to controlling interest	$ 359	$ (825)	$ (530)	$ (1,204)
Net loss attributable to controlling interest	$ 359	$ (825)	$ (530)	$ (1,204)
Denominator for loss per share, basic
Weighted-average shares outstanding	615	612	614	611
Effect of share-based awards, basic	1	1	1	1
Weighted-average shares for per share calculation, basic	616	613	615	612
Loss per share, basic (in dollars per share)	$ 0.58	$ (1.35)	$ (0.86)	$ (1.97)
Numerator for loss per share, diluted
Net income (loss) attributable to controlling interest	$ 359	$ (825)	$ (530)	$ (1,204)
Effect of interest expense on convertible debt instruments	1
Net loss attributable to controlling interest	$ 360	$ (825)	$ (530)	$ (1,204)
Denominator for loss per share, diluted
Weighted-average shares outstanding	615	612	614	611
Effect of share-based awards, diluted	3	1	1	1
Effect of convertible debt instruments, diluted	84
Weighted-average shares for per share calculation, diluted	702	613	615	612
Loss per share, diluted (in dollars per share)	$ 0.51	$ (1.35)	$ (0.86)	$ (1.97)
Share-based awards
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	7.9	12.2	10.8	12.2

Contingencies (Details)

Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)lawsuitplaintiffsubsidiary	Sep. 11, 2020	Sep. 02, 2020	Dec. 31, 2019USD ($)
Contingencies
Total debt	$ 8,434			$ 9,261
Restricted cash accounts and investments	$ 448			558
11.50% Senior Guaranteed Notes due January 2027
Contingencies
Debt instrument interest rate stated percentage	11.50%	11.50%
Total debt	$ 1,139
6.80% Senior Notes due March 2038
Contingencies
Debt instrument interest rate stated percentage	6.80%
Total debt	$ 605			991
Whitebox | 11.50% Senior Guaranteed Notes due January 2027
Contingencies
Debt instrument interest rate stated percentage			11.50%
Total debt	$ 612
Macondo well incident
Contingencies
Amount of fines, recoveries and civil penalties				124
PSC Settlement Agreement
Contingencies
Cash payment into an escrow account pending approval by MDL Court				$ 125
Asbestos litigation
Contingencies
Number of subsidiaries | subsidiary	1
Number of claims | lawsuit	211
Asbestos litigation | LA
Contingencies
Number of claims | plaintiff	8
PIMCO | Whitebox | 11.50% Senior Guaranteed Notes due January 2027
Contingencies
Securities held (as a percent)			25.10%

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Financial instruments
Long-term debt, including current maturities	$ 8,434	$ 9,261
Carrying amount
Financial instruments
Cash and cash equivalents	1,382	1,790
Restricted cash and cash equivalents	448	558
Long-term debt, including current maturities	8,434	9,261
Fair value
Financial instruments
Cash and cash equivalents	1,382	1,790
Restricted cash and cash equivalents	448	558
Long-term debt, including current maturities	$ 3,814	$ 8,976

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Oct. 26, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Oct. 13, 2020	Dec. 31, 2019	May 24, 2019
Subsequent events
Total debt		$ 8,434		$ 8,434			$ 9,261
Debt retirement				2,748	$ 891
Aggregate cash payment				867	917
Aggregate net gain (loss)		449	$ (12)	396	(39)
6.50% Senior Notes due November 2020
Subsequent events
Total debt		$ 191		191			206
Debt retirement				$ 15	78
Debt instrument interest rate stated percentage		6.50%		6.50%
6.375% Senior Notes due December 2021
Subsequent events
Total debt		$ 116		$ 116			221
Debt retirement				$ 105	104
Debt instrument interest rate stated percentage		6.375%		6.375%
3.80% Senior Notes due October 2022
Subsequent events
Total debt		$ 37		$ 37			189
Debt retirement				$ 152	$ 212
Debt instrument interest rate stated percentage		3.80%		3.80%
5.375% Senior Secured Notes due May 2023
Subsequent events
Total debt		$ 498		$ 498			518
Debt retirement				$ 21
Debt instrument interest rate stated percentage		5.375%		5.375%				5.375%
7.25% Senior Notes due November 2025
Subsequent events
Total debt		$ 535		$ 535			$ 737
Debt retirement	$ 124			$ 207
Debt instrument interest rate stated percentage		7.25%		7.25%
7.25% Senior Notes due November 2025 | Whitebox
Subsequent events
Total debt		$ 543		$ 543
Subsequent Event | Early Tendered Notes [Member]
Subsequent events
Tender Offer Principal Amount						$ 200
Aggregate cash payment	213
Aggregate net gain (loss)	130
Subsequent Event | 6.50% Senior Notes due November 2020
Subsequent events
Debt retirement	$ 36
Debt instrument interest rate stated percentage	6.50%
Subsequent Event | 6.375% Senior Notes due December 2021
Subsequent events
Debt retirement	$ 76
Debt instrument interest rate stated percentage	6.375%
Subsequent Event | 3.80% Senior Notes due October 2022
Subsequent events
Debt retirement	$ 9
Debt instrument interest rate stated percentage	3.80%
Subsequent Event | 5.375% Senior Secured Notes due May 2023
Subsequent events
Debt retirement	$ 103
Debt instrument interest rate stated percentage	5.375%