Transocean (RIG) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 25, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--12-31
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		681,055,951
Entity Central Index Key	0001451505
Document Fiscal Year Focus	2022
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 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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating revenues
Contract drilling revenues	$ 586	$ 653
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Costs and expenses
Operating and maintenance	$ 412	$ 435
Cost, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 183	$ 187
General and administrative	42	39
Total costs and expenses	637	661
Gain (loss) on disposal of assets, net	1	(59)
Operating loss	(50)	(67)
Other income (expense), net
Interest income	2	3
Interest expense, net of amounts capitalized	(102)	(115)
Gain on retirement of debt		51
Other, net	1	9
Total other income (expense), net	(99)	(52)
Loss before income tax expense (benefit)	(149)	(119)
Income tax expense (benefit)	26	(21)
Net loss	(175)	(98)
Net income attributable to noncontrolling interest		1
Net loss attributable to controlling interest	$ (175)	$ (99)
Loss per share, basic and diluted (in dollars per share)	$ (0.26)	$ (0.16)
Weighted-average shares, basic and diluted (in shares)	664	617

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (175)	$ (98)
Net income attributable to noncontrolling interest		1
Net loss attributable to controlling interest	(175)	(99)
Components of net periodic benefit costs before reclassifications	(11)	(5)
Components of net periodic benefit costs reclassified to net loss	1	1
Other comprehensive loss before income taxes	(10)	(4)
Other comprehensive loss	(10)	(4)
Other comprehensive loss attributable to controlling interest	(10)	(4)
Total comprehensive loss	(185)	(102)
Total comprehensive income attributable to noncontrolling interest		1
Total comprehensive loss attributable to controlling interest	$ (185)	$ (103)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 911	$ 976
Accounts receivable, net of allowance of $2 at March 31, 2022 and December 31, 2021	525	492
Materials and supplies, net of allowance of $188 and $183 at March 31, 2022 and December 31, 2021, respectively	386	392
Restricted cash and cash equivalents	315	436
Other current assets	142	148
Total current assets	2,279	2,444
Property and equipment	23,245	23,152
Less accumulated depreciation	(6,232)	(6,054)
Property and equipment, net	17,013	17,098
Contract intangible assets	144	173
Deferred tax assets, net	7	7
Other assets	920	959
Total assets	20,363	20,681
Liabilities and equity
Accounts payable	206	228
Accrued income taxes	19	17
Debt due within one year	636	513
Other current liabilities	491	545
Total current liabilities	1,352	1,303
Long-term debt	6,375	6,657
Deferred tax liabilities, net	470	447
Other long-term liabilities	1,035	1,068
Total long-term liabilities	7,880	8,172
Commitments and contingencies
Shares, CHF 0.10 par value, 891,379,306 authorized, 142,363,356 conditionally authorized, 754,244,072 issued and 681,055,270 outstanding at March 31, 2022, and 891,379,306 authorized,142,363,356 conditionally authorized, 728,176,456 issued and 655,505,335 outstanding at December 31, 2021	67	64
Additional paid-in capital	13,790	13,683
Accumulated deficit	(2,633)	(2,458)
Accumulated other comprehensive loss	(94)	(84)
Total controlling interest shareholders' equity	11,130	11,205
Noncontrolling interest	1	1
Total equity	11,131	11,206
Total liabilities and equity	$ 20,363	$ 20,681

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Mar. 31, 2022USD ($)shares	Mar. 31, 2022SFr / shares	Dec. 31, 2021USD ($)shares	Dec. 31, 2021SFr / shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts | $	$ 2		$ 2
Materials and supplies, net of allowance | $	$ 188		$ 183
Shares, CHF par value (in Swiss francs per share) | SFr / shares		SFr 0.10		SFr 0.10
Shares, authorized	891,379,306		891,379,306
Shares, conditionally authorized	142,363,356		142,363,356
Shares, issued	754,244,072		728,176,456
Shares, outstanding	681,055,270		655,505,335

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total controlling interest shareholders' equity	Shares	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Noncontrolling interest	Total
Balance at Dec. 31, 2020	$ 11,432	$ 60	$ 13,501	$ (1,866)	$ (263)	$ 3	$ 11,435
Increase (Decrease) in Shareholders' Equity
Share-based compensation	7		7				7
Net loss attributable to controlling interest				(99)			(99)
Other comprehensive income (loss) attributable to controlling interest					(4)		(4)
Total comprehensive loss attributable to controlling interest	(103)						(103)
Total comprehensive income (loss) attributable to noncontrolling interest						1
Total comprehensive loss							(102)
Balance at Mar. 31, 2021	11,336	60	13,508	(1,965)	(267)	4	11,340
Balance at Dec. 31, 2021	11,205	64	13,683	(2,458)	(84)	1	11,206
Increase (Decrease) in Shareholders' Equity
Share-based compensation	7		7				7
Issuance of shares	103	3	100				103
Net loss attributable to controlling interest				(175)			(175)
Other comprehensive income (loss) attributable to controlling interest					(10)		(10)
Total comprehensive loss attributable to controlling interest	(185)						(185)
Total comprehensive loss							(185)
Balance at Mar. 31, 2022	$ 11,130	$ 67	$ 13,790	$ (2,633)	$ (94)	$ 1	$ 11,131

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (175)	$ (98)
Adjustments to reconcile to net cash provided by (used in) operating activities:
Contract intangible asset amortization	29	56
Depreciation and amortization	183	187
Share-based compensation expense	7	7
(Gain) loss on disposal of assets, net	(1)	59
Gain on retirement of debt		(51)
Deferred income tax expense	23	2
Other, net	21	7
Changes in deferred revenues, net	(11)	(37)
Changes in deferred costs, net	(4)	3
Changes in other operating assets and liabilities, net	(73)	(39)
Net cash provided by (used in) operating activities	(1)	96
Cash flows from investing activities
Capital expenditures	(106)	(59)
Investments in unconsolidated affiliates	(15)
Proceeds from disposal of assets, net	1	6
Net cash used in investing activities	(120)	(53)
Cash flows from financing activities
Repayments of debt	(165)	(139)
Proceeds from issuance of shares, net of issue costs	103
Other, net	(3)	(10)
Net cash used in financing activities	(65)	(149)
Net decrease in unrestricted and restricted cash and cash equivalents	(186)	(106)
Unrestricted and restricted cash and cash equivalents, beginning of period	1,412	1,560
Unrestricted and restricted cash and cash equivalents, end of period	$ 1,226	$ 1,454

Business

Business	3 Months Ended
	Mar. 31, 2022
Business
Business	Note 1—Business Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells. As of March 31, 2022, we owned or had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, consisting of 27 ultra-deepwater floaters and 10 harsh environment floaters. As of March 31, 2022, we were constructing two ultra-deepwater drillships.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Significant Accounting Policies
Significant Accounting Policies	Note 2—Significant Accounting Policies Presentation Form 10-K filed on February 23, 2022 Accounting estimates Fair value measurements

Unconsolidated Affiliates

Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2022
Unconsolidated Affiliates
Unconsolidated Affiliates	Note 3—Unconsolidated Affiliates Equity investments Transocean Norge . Related party transactions Transocean Norge Transocean Norge Transocean Norge In June 2021, Orion refinanced its shipyard loans under a financing arrangement for $100 million, in which we participated at a rate equivalent to our ownership interest in Orion. At March 31, 2022 and December 31, 2021, the principal amount of outstanding borrowings due to us under the financing arrangement was $34 million, recorded in other assets.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2022
Revenues
Revenues	Note 4—Revenues Overview Disaggregation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ ​ Three months ended March 31, 2021 ​ ​ U.S. Norway Other (a) Total U.S. Norway Other (a) Total Ultra-deepwater floaters $ 268 ​ $ — ​ $ 122 ​ $ 390 $ 266 ​ $ — ​ $ 170 ​ $ 436 Harsh environment floaters ​ ​ — ​ ​ 193 ​ ​ 3 ​ ​ 196 ​ ​ ​ 4 ​ ​ 202 ​ ​ 11 ​ ​ 217 ​ Total contract drilling revenues $ 268 ​ $ 193 ​ $ 125 ​ $ 586 $ 270 ​ $ 202 ​ $ 181 ​ $ 653 (a) Other represents the aggregate value for countries in which we operate that individually had attributable operating revenues representing less than 10 percent of consolidated operating revenues earned. Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 Deferred contract revenues, recorded in other current liabilities $ 86 ​ $ 83 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 251 ​ ​ 265 ​ Total contract liabilities $ 337 ​ $ 348 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2022 2021 Total contract liabilities, beginning of period ​ $ 348 ​ $ 456 ​ Decrease due to recognition of revenues for goods and services ​ ​ (26) ​ ​ (44) ​ Increase due to goods and services transferred over time ​ ​ 15 ​ ​ 7 ​ Total contract liabilities, end of period ​ $ 337 ​ $ 419 ​ ​ Pre-operating costs

Long-Lived Assets

Long-Lived Assets	3 Months Ended
	Mar. 31, 2022
Long-Lived Assets
Long-Lived Assets	Note 5—Long-Lived Assets Construction work in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2022 2021 Construction work in progress, beginning of period $ 1,017 ​ $ 828 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 92 ​ ​ 45 ​ Other equipment and construction projects ​ ​ 14 ​ ​ 14 ​ Total capital expenditures ​ ​ 106 ​ ​ 59 ​ Changes in accrued capital additions ​ ​ (12) ​ ​ (7) ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ (12) ​ ​ (14) ​ Construction work in progress, end of period $ 1,099 ​ $ 866 ​ ​ Dispositions Leiv Eiriksson

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt
Debt	Note 6—Debt Overview Outstanding debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ March 31, ​ December 31, ​ March 31, ​ December 31, ​ ​ 2022 2021 2022 2021 5.52% Senior Secured Notes due May 2022 ​ $ — ​ $ 18 ​ ​ $ — ​ $ 18 ​ 3.80% Senior Notes due October 2022 ​ ​ 27 ​ ​ 27 ​ ​ ​ 27 ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 140 ​ ​ 140 ​ ​ ​ 140 ​ ​ 140 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 306 ​ ​ 306 ​ ​ ​ 304 ​ ​ 304 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 393 ​ ​ 435 ​ ​ ​ 389 ​ ​ 430 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 300 ​ ​ 300 ​ ​ ​ 296 ​ ​ 296 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 313 ​ ​ 313 ​ ​ ​ 309 ​ ​ 309 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 369 ​ ​ 402 ​ ​ ​ 364 ​ ​ 397 ​ 7.25% Senior Notes due November 2025 ​ ​ 411 ​ ​ 411 ​ ​ ​ 407 ​ ​ 406 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 294 ​ ​ 294 ​ ​ ​ 266 ​ ​ 264 ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 569 ​ ​ ​ 566 ​ ​ 565 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 238 ​ ​ 238 ​ ​ ​ 268 ​ ​ 271 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ 687 ​ ​ ​ 1,043 ​ ​ 1,078 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 516 ​ ​ 550 ​ ​ ​ 510 ​ ​ 544 ​ 8.00% Senior Notes due February 2027 ​ ​ 612 ​ ​ 612 ​ ​ ​ 608 ​ ​ 607 ​ 7.45% Notes due April 2027 ​ ​ 52 ​ ​ 52 ​ ​ ​ 52 ​ ​ 52 ​ 8.00% Debentures due April 2027 ​ ​ 22 ​ ​ 22 ​ ​ ​ 22 ​ ​ 22 ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 265 ​ ​ 265 ​ 7.50% Notes due April 2031 ​ ​ 396 ​ ​ 396 ​ ​ ​ 394 ​ ​ 394 ​ 6.80% Senior Notes due March 2038 ​ ​ 610 ​ ​ 610 ​ ​ ​ 605 ​ ​ 605 ​ 7.35% Senior Notes due December 2041 ​ ​ 177 ​ ​ 177 ​ ​ ​ 176 ​ ​ 176 ​ Total debt ​ ​ 6,693 ​ ​ 6,820 ​ ​ ​ 7,011 ​ ​ 7,170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.52% Senior Secured Notes due May 2022 ​ ​ — ​ ​ 18 ​ ​ ​ — ​ ​ 18 ​ 3.80% Senior Notes due October 2022 ​ ​ 27 ​ ​ 27 ​ ​ ​ 27 ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 140 ​ ​ — ​ ​ ​ 140 ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 63 ​ ​ 63 ​ ​ ​ 62 ​ ​ 62 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 81 ​ ​ 80 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 58 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 62 ​ ​ 62 ​ ​ ​ 61 ​ ​ 61 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 66 ​ ​ 66 ​ ​ ​ 64 ​ ​ 64 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 6 ​ ​ 6 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 70 ​ ​ 70 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 69 ​ ​ 69 ​ ​ ​ 67 ​ ​ 67 ​ Total debt due within one year ​ ​ 570 ​ ​ 448 ​ ​ ​ 636 ​ ​ 513 ​ Total long-term debt ​ $ 6,123 ​ $ 6,372 ​ $ 6,375 ​ $ 6,657 ​ ​ Scheduled maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Twelve months ending March 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 570 ​ $ 76 ​ $ 646 ​ 2024 ​ ​ 818 ​ ​ 77 ​ ​ 895 ​ 2025 ​ ​ 516 ​ ​ 77 ​ ​ 593 ​ 2026 ​ ​ 1,528 ​ ​ 78 ​ ​ 1,606 ​ 2027 ​ ​ 1,743 ​ ​ 78 ​ ​ 1,821 ​ Thereafter ​ ​ 1,518 ​ ​ — ​ ​ 1,518 ​ Total installments of debt ​ $ 6,693 ​ $ 386 ​ ​ 7,079 ​ Total unamortized debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (68) ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,011 ​ ​ Credit agreements Secured Credit Facility Shipyard financing arrangement Deepwater Atlas Deepwater Titan. Deepwater Atlas Deepwater Titan six-year Exchangeable bonds Exchange terms ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Implied ​ ​ ​ ​ Exchange exchange Shares ​ rate price issuable 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 97.29756 ​ $ 10.28 ​ ​ 13.6 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 190.47620 ​ ​ 5.25 ​ ​ 56.0 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 162.16260 ​ ​ 6.17 ​ ​ 38.6 ​ ​ The exchange rates of our exchangeable bonds, identified above, are subject to adjustment upon the occurrence of certain events. The 0.50% exchangeable senior bonds due January 2023 (the “0.50% Exchangeable Senior Bonds”) may be exchanged by holders into Transocean Ltd. shares at any time prior to the close of business on the business day immediately preceding the maturity date. The 2.50% senior guaranteed exchangeable bonds due January 2027 (the “2.50% Senior Guaranteed Exchangeable Bonds”) may be exchanged by holders into Transocean Ltd. shares at any time prior to the close of business on the second business day immediately preceding the maturity date or redemption date. The 4.00% senior guaranteed exchangeable bonds due December 2025 (the “4.00% Senior Guaranteed Exchangeable Bonds”) may be exchanged by holders at any time prior to the close of business on the second business day immediately preceding the maturity date and, at our election, such exchange may be settled by delivering cash, Transocean Ltd. shares or a combination of cash and shares. Effective interest rates and fair values ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Fair ​ interest rate value 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ ​ ​ ​ 0.5% ​ $ 133 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ ​ ​ ​ 6.9% ​ ​ 355 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ ​ ​ ​ 0.0% ​ ​ 259 ​ ​ We estimated the fair values of the exchangeable debt instruments, including the exchange features, by employing a binomial lattice model using significant other observable inputs, representative of Level 2 fair value measurements, including the terms and credit spreads of our debt and the expected volatility of the market price for our shares. Related balances Debt issuance Senior guaranteed exchangeable bonds Early debt retirement During the three months ended March 31, 2022 and 2021, we retired certain notes as a result of repayment, private exchanges and open market repurchases. The aggregate principal amounts, cash payments and recognized gain or loss for such transactions were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2022 ​ 2021 ​ ​ Repay Exchange Repurchase Total ​ 5.52% Senior Secured Notes due May 2022 ​ $ 18 ​ $ — ​ $ — ​ $ — ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ — ​ ​ 323 ​ ​ — ​ ​ 323 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ Aggregate principal amount of debt retired ​ $ 18 ​ $ 323 ​ $ 1 ​ $ 324 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 18 ​ $ 11 ​ $ 1 ​ $ 12 ​ Aggregate principal amount of debt issued in exchanges ​ $ — ​ $ 294 ​ $ — ​ $ 294 ​ Aggregate net gain ​ $ — ​ $ 51 ​ $ — ​ $ 51 ​ ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes
Income Taxes	Note 7—Income Taxes Tax provision and rate Tax positions and returns Brazil tax investigations

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2022
Loss per share
Loss per share	Note 8—Loss Per Share The computation of basic and diluted loss per share was as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2022 ​ 2021 ​ Numerator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (175) ​ $ (99) ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 662 ​ ​ 616 ​ Effect of share-based awards ​ ​ 2 ​ ​ 1 ​ Weighted-average shares for per share calculation ​ ​ 664 ​ ​ 617 ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share, basic and diluted ​ $ (0.26) ​ $ (0.16) ​ ​ In the three months ended March 31, 2022 and 2021, we excluded from the calculation 17.6 million and 13.8 million shares, respectively, issuable pursuant to share-based awards since the effect would have been antidilutive. In the three months ended March 31, 2022 and 2021, we excluded from the calculation 108.1 million and 92.9 million shares, respectively, issuable upon exchange of the 0.50% Exchangeable Senior Bonds, the 2.50% Senior Guaranteed Exchangeable Bonds and the 4.00% Senior Guaranteed Exchangeable Bonds since the effect would have been antidilutive.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
Contingencies
Contingencies	Note 9—Contingencies Legal proceedings Debt exchange litigation and purported notice of default— On September 23, 2020, we filed an answer to the Claim with the Trial 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 8.00% Senior Notes. Concurrently, with our answer and counterclaims, we also submitted a motion for summary judgment seeking an expedited judgment on our request for declaratory judgment. Whitebox subsequently submitted a cross-motion for summary judgment seeking dismissal of our counterclaims. On November 30, 2020, while awaiting the Trial Court’s ruling on our motion for summary judgment, we amended certain of our financing documents and implemented certain internal reorganization transactions, which resolved the allegations contained in the purported notices of default. On December 17, 2020, the Trial Court issued its ruling granting our motion for summary judgment and denying the plaintiff’s cross-motion for summary judgment, holding, among other matters, that the allegations contained in the purported notice of default did not constitute a default under the indenture governing the 8.00% Senior Notes. Whitebox subsequently appealed the Trial Court’s ruling, and on February 1, 2022, the U.S. Court of Appeals for the Second Circuit dismissed the appeal filed by Whitebox as moot and remanded to the Trial Court, which then dismissed the claims as moot pursuant to the ruling by the Second Circuit. The facts alleged in the purported notice of default under the 8.00% Senior Notes were the same as the facts underlying the Claim and the purported notice of default under the 7.25% Senior Notes. Accordingly, following the amendment and internal reorganization transactions on November 30, 2020, and the subsequent ruling from the Trial Court granting our motion for summary judgment, we do not expect the liability, if any, resulting from these matters to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Asbestos litigation drilling operations. As of March 31, 2022, 11 plaintiffs have claims pending in Louisiana and 11 plaintiffs in the aggregate have claims pending in either Illinois or Missouri, in which we have or may have an interest. We intend to defend these lawsuits vigorously, although we can provide no assurance as to the outcome. We historically have maintained broad liability insurance, although we can provide no assurance as to whether insurance will cover the liabilities, if any, arising out of these claims. Based on our evaluation of the exposure to date, we do not expect the liability, if any, resulting from these claims to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. One of our subsidiaries was named as a defendant, along with numerous other companies, in lawsuits arising out of the subsidiary’s manufacture and sale of heat exchangers, and involvement in the construction and refurbishment of major industrial complexes alleging bodily injury or personal injury as a result of exposure to asbestos. As of March 31, 2022, the subsidiary was a defendant in approximately 256 lawsuits with a corresponding number of plaintiffs. For many of these lawsuits, we have not been provided sufficient information from the plaintiffs to determine whether all or some of the plaintiffs have claims against the subsidiary, the basis of any such claims, or the nature of their alleged injuries. The operating assets of the subsidiary were sold in 1989. In December 2021, the subsidiary and certain insurers agreed to a settlement of outstanding disputes that provide the subsidiary with cash. An earlier settlement in September 2018 provided the subsidiary with cash and an annuity that begins making payments in 2024. Together with a coverage in place agreement with certain insurers and additional coverage issued by other insurers, we believe the subsidiary has sufficient resources to respond to both the current lawsuits as well as future lawsuits of a similar nature. While we cannot predict or provide assurance as to the outcome of these matters, we do not expect the ultimate liability, if any, resulting from these claims to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Other matters Environmental matters We have certain potential liabilities under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and similar state acts regulating cleanup of hazardous substances at various waste disposal sites, including those described below. CERCLA is intended to expedite the remediation of hazardous substances without regard to fault. Potentially responsible parties (“PRPs”) for each site include present and former owners and operators of, transporters to and generators of the substances at the site. It is difficult to quantify the potential cost of environmental matters and remediation obligations. Liability is strict and can be joint and several. One of our subsidiaries was named as a PRP in connection with a site located in Santa Fe Springs, California, known as the Waste Disposal, Inc. site. We and other PRPs agreed, under a participation agreement with the U.S. Environmental Protection Agency (the “EPA”) and the U.S. Department of Justice, to settle our potential liabilities by remediating the site. The remedial action for the site was completed in 2006. Our share of the ongoing operating and maintenance costs has been insignificant, and we do not expect any additional potential liabilities to be material. Resolutions of other claims by the EPA, the involved state agency or PRPs are at various stages of investigation. Nevertheless, based on available information with respect to all environmental matters, including all related pending legal proceedings, asserted legal claims and known potential legal claims that are likely to be asserted, we do not expect the ultimate liability, if any, resulting from such matters to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows.

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity
Equity	Note 10—Equity Share issuance

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2022
Financial Instruments
Financial Instruments	Note 11—Financial Instruments Overview ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 911 ​ $ 911 ​ $ 976 ​ $ 976 ​ Restricted cash and cash equivalents ​ ​ 315 ​ ​ 315 ​ ​ 436 ​ ​ 436 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 36 ​ ​ 33 ​ ​ 36 ​ ​ 33 ​ Total debt ​ ​ 7,011 ​ ​ 6,098 ​ ​ 7,170 ​ ​ 5,661 ​ ​ Cash and cash equivalents Restricted cash and cash equivalents Long-term loans receivable from unconsolidated affiliates Total debt Note 6—Debt

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Significant Accounting Policies
Presentation	Presentation Form 10-K filed on February 23, 2022
Accounting estimates	Accounting estimates
Fair value measurements	Fair value measurements

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2022
Revenues
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ ​ Three months ended March 31, 2021 ​ ​ U.S. Norway Other (a) Total U.S. Norway Other (a) Total Ultra-deepwater floaters $ 268 ​ $ — ​ $ 122 ​ $ 390 $ 266 ​ $ — ​ $ 170 ​ $ 436 Harsh environment floaters ​ ​ — ​ ​ 193 ​ ​ 3 ​ ​ 196 ​ ​ ​ 4 ​ ​ 202 ​ ​ 11 ​ ​ 217 ​ Total contract drilling revenues $ 268 ​ $ 193 ​ $ 125 ​ $ 586 $ 270 ​ $ 202 ​ $ 181 ​ $ 653 (a) Other represents the aggregate value for countries in which we operate that individually had attributable operating revenues representing less than 10 percent of consolidated operating revenues earned.
Schedule of contract balances and changes	Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 Deferred contract revenues, recorded in other current liabilities $ 86 ​ $ 83 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 251 ​ ​ 265 ​ Total contract liabilities $ 337 ​ $ 348 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2022 2021 Total contract liabilities, beginning of period ​ $ 348 ​ $ 456 ​ Decrease due to recognition of revenues for goods and services ​ ​ (26) ​ ​ (44) ​ Increase due to goods and services transferred over time ​ ​ 15 ​ ​ 7 ​ Total contract liabilities, end of period ​ $ 337 ​ $ 419 ​

Long-Lived Assets (Tables)

Long-Lived Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Long-Lived Assets
Changes in our construction work in progress, including capital expenditures and capitalized interest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2022 2021 Construction work in progress, beginning of period $ 1,017 ​ $ 828 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 92 ​ ​ 45 ​ Other equipment and construction projects ​ ​ 14 ​ ​ 14 ​ Total capital expenditures ​ ​ 106 ​ ​ 59 ​ Changes in accrued capital additions ​ ​ (12) ​ ​ (7) ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ (12) ​ ​ (14) ​ Construction work in progress, end of period $ 1,099 ​ $ 866 ​

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ March 31, ​ December 31, ​ March 31, ​ December 31, ​ ​ 2022 2021 2022 2021 5.52% Senior Secured Notes due May 2022 ​ $ — ​ $ 18 ​ ​ $ — ​ $ 18 ​ 3.80% Senior Notes due October 2022 ​ ​ 27 ​ ​ 27 ​ ​ ​ 27 ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 140 ​ ​ 140 ​ ​ ​ 140 ​ ​ 140 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 306 ​ ​ 306 ​ ​ ​ 304 ​ ​ 304 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 393 ​ ​ 435 ​ ​ ​ 389 ​ ​ 430 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 300 ​ ​ 300 ​ ​ ​ 296 ​ ​ 296 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 313 ​ ​ 313 ​ ​ ​ 309 ​ ​ 309 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 369 ​ ​ 402 ​ ​ ​ 364 ​ ​ 397 ​ 7.25% Senior Notes due November 2025 ​ ​ 411 ​ ​ 411 ​ ​ ​ 407 ​ ​ 406 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 294 ​ ​ 294 ​ ​ ​ 266 ​ ​ 264 ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 569 ​ ​ ​ 566 ​ ​ 565 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 238 ​ ​ 238 ​ ​ ​ 268 ​ ​ 271 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ 687 ​ ​ ​ 1,043 ​ ​ 1,078 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 516 ​ ​ 550 ​ ​ ​ 510 ​ ​ 544 ​ 8.00% Senior Notes due February 2027 ​ ​ 612 ​ ​ 612 ​ ​ ​ 608 ​ ​ 607 ​ 7.45% Notes due April 2027 ​ ​ 52 ​ ​ 52 ​ ​ ​ 52 ​ ​ 52 ​ 8.00% Debentures due April 2027 ​ ​ 22 ​ ​ 22 ​ ​ ​ 22 ​ ​ 22 ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 265 ​ ​ 265 ​ 7.50% Notes due April 2031 ​ ​ 396 ​ ​ 396 ​ ​ ​ 394 ​ ​ 394 ​ 6.80% Senior Notes due March 2038 ​ ​ 610 ​ ​ 610 ​ ​ ​ 605 ​ ​ 605 ​ 7.35% Senior Notes due December 2041 ​ ​ 177 ​ ​ 177 ​ ​ ​ 176 ​ ​ 176 ​ Total debt ​ ​ 6,693 ​ ​ 6,820 ​ ​ ​ 7,011 ​ ​ 7,170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.52% Senior Secured Notes due May 2022 ​ ​ — ​ ​ 18 ​ ​ ​ — ​ ​ 18 ​ 3.80% Senior Notes due October 2022 ​ ​ 27 ​ ​ 27 ​ ​ ​ 27 ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 140 ​ ​ — ​ ​ ​ 140 ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 63 ​ ​ 63 ​ ​ ​ 62 ​ ​ 62 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 81 ​ ​ 80 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 58 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 62 ​ ​ 62 ​ ​ ​ 61 ​ ​ 61 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 66 ​ ​ 66 ​ ​ ​ 64 ​ ​ 64 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 6 ​ ​ 6 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 70 ​ ​ 70 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 69 ​ ​ 69 ​ ​ ​ 67 ​ ​ 67 ​ Total debt due within one year ​ ​ 570 ​ ​ 448 ​ ​ ​ 636 ​ ​ 513 ​ Total long-term debt ​ $ 6,123 ​ $ 6,372 ​ $ 6,375 ​ $ 6,657 ​
Scheduled maturities of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Twelve months ending March 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 570 ​ $ 76 ​ $ 646 ​ 2024 ​ ​ 818 ​ ​ 77 ​ ​ 895 ​ 2025 ​ ​ 516 ​ ​ 77 ​ ​ 593 ​ 2026 ​ ​ 1,528 ​ ​ 78 ​ ​ 1,606 ​ 2027 ​ ​ 1,743 ​ ​ 78 ​ ​ 1,821 ​ Thereafter ​ ​ 1,518 ​ ​ — ​ ​ 1,518 ​ Total installments of debt ​ $ 6,693 ​ $ 386 ​ ​ 7,079 ​ Total unamortized debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (68) ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,011 ​
Schedule of debt retirements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2022 ​ 2021 ​ ​ Repay Exchange Repurchase Total ​ 5.52% Senior Secured Notes due May 2022 ​ $ 18 ​ $ — ​ $ — ​ $ — ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ — ​ ​ 323 ​ ​ — ​ ​ 323 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ Aggregate principal amount of debt retired ​ $ 18 ​ $ 323 ​ $ 1 ​ $ 324 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 18 ​ $ 11 ​ $ 1 ​ $ 12 ​ Aggregate principal amount of debt issued in exchanges ​ $ — ​ $ 294 ​ $ — ​ $ 294 ​ Aggregate net gain ​ $ — ​ $ 51 ​ $ — ​ $ 51 ​
Exchanged
Schedule of debt	Exchange terms ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Implied ​ ​ ​ ​ Exchange exchange Shares ​ rate price issuable 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 97.29756 ​ $ 10.28 ​ ​ 13.6 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 190.47620 ​ ​ 5.25 ​ ​ 56.0 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 162.16260 ​ ​ 6.17 ​ ​ 38.6 ​ Effective interest rates and fair values ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Fair ​ interest rate value 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ ​ ​ ​ 0.5% ​ $ 133 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ ​ ​ ​ 6.9% ​ ​ 355 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ ​ ​ ​ 0.0% ​ ​ 259 ​

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Loss per share
Schedule of loss per share	The computation of basic and diluted loss per share was as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2022 ​ 2021 ​ Numerator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (175) ​ $ (99) ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 662 ​ ​ 616 ​ Effect of share-based awards ​ ​ 2 ​ ​ 1 ​ Weighted-average shares for per share calculation ​ ​ 664 ​ ​ 617 ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share, basic and diluted ​ $ (0.26) ​ $ (0.16) ​

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Financial Instruments
Carrying amounts and fair values of the financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 911 ​ $ 911 ​ $ 976 ​ $ 976 ​ Restricted cash and cash equivalents ​ ​ 315 ​ ​ 315 ​ ​ 436 ​ ​ 436 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 36 ​ ​ 33 ​ ​ 36 ​ ​ 33 ​ Total debt ​ ​ 7,011 ​ ​ 6,098 ​ ​ 7,170 ​ ​ 5,661 ​

Business (Details)

Business (Details)	Mar. 31, 2022item
Number of mobile offshore drilling units	37
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	10

Unconsolidated Affiliates (Deta

Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Investments
Aggregate carrying amount of equity investment	$ 98	$ 91
Orion/Transocean Norge
Investments
Ownership percentage	33.00%
Equity method investment payment	$ 15
Aggregate carrying amount of equity investment	54	57
Affiliate loan receivable	$ 34	$ 34
Orion/Transocean Norge | Orion/Transocean Norge
Investments
Loan payable			$ 100

Revenues (Disaggregation) (Deta

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Contract drilling revenues	$ 586	$ 653
U.S.
Revenue
Contract drilling revenues	268	270
Norway
Revenue
Contract drilling revenues	193	202
Other
Revenue
Contract drilling revenues	125	181
Ultra-deepwater floaters
Revenue
Contract drilling revenues	390	436
Ultra-deepwater floaters | U.S.
Revenue
Contract drilling revenues	268	266
Ultra-deepwater floaters | Other
Revenue
Contract drilling revenues	122	170
Harsh environment floaters
Revenue
Contract drilling revenues	196	217
Harsh environment floaters | U.S.
Revenue
Contract drilling revenues		4
Harsh environment floaters | Norway
Revenue
Contract drilling revenues	193	202
Harsh environment floaters | Other
Revenue
Contract drilling revenues	$ 3	$ 11

Revenues (Contract liabilities)

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 86	$ 83
Deferred contract revenues, recorded in other long-term liabilities	251	265
Total contract liabilities	$ 337	$ 348	$ 419	$ 456

Revenues (Changes) (Details)

Revenues (Changes) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes to contract liabilities
Total contract liabilities, at beginning of period	$ 348	$ 456
Decrease due to recognition of revenues for goods and services	(26)	(44)
Increase due to goods and services transferred over time	15	7
Total contract liabilities, at end of period	$ 337	$ 419

Revenues (Performance) (Details

Revenues (Performance) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenues
Recognized pre-operating costs	$ 12	$ 14
Unrecognized pre-operating costs	$ 27		$ 21

Long-Lived Assets (Details)

Long-Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 106	$ 59
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	1,017	828
Total capital expenditures	106	59
Changes in accrued capital additions	(12)	(7)
Property and equipment placed into service	(12)	(14)
Construction work in progress, at end of period	1,099	866
New builds
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	92	45
Other property and equipment
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 14	$ 14

Long-Lived Assets (Disposal) (D

Long-Lived Assets (Disposal) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Dispositions
Net cash proceeds from sale of assets	$ 1	$ 6
Gain (loss) on the sale of assets	$ 1	(59)
Assets sold, not discontinued operations | Rig sales
Dispositions
Net cash proceeds from sale of assets		4
Gain (loss) on the sale of assets		$ (60)
Gain (loss) on the sale of assets per diluted share		$ (0.10)
Gain (loss) on disposal of assets, tax effect		$ 0

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Principal amount
Debt due within one year	$ 570	$ 448
Long-term debt	6,123	6,372
Carrying amount
Total debt	7,011	7,170
Debt due within one year	636	513
Long-term debt	$ 6,375	6,657
5.52% Senior Secured Notes due May 2022
Principal amount
Total installments of debt		18
Debt due within one year		18
Carrying amount
Total debt		18
Debt due within one year		18
Debt instrument interest rate stated percentage	5.52%
3.80% Senior Notes due October 2022
Principal amount
Total installments of debt	$ 27	27
Debt due within one year	27	27
Carrying amount
Total debt	27	27
Debt due within one year	$ 27	27
Debt instrument interest rate stated percentage	3.80%
0.50% Exchangeable Senior Bonds due January 2023
Principal amount
Total installments of debt	$ 140	140
Debt due within one year	140
Carrying amount
Total debt	140	140
Debt due within one year	$ 140
Debt instrument interest rate stated percentage	0.50%
5.375% Senior Secured Notes due May 2023
Principal amount
Total installments of debt	$ 306	306
Debt due within one year	63	63
Carrying amount
Total debt	304	304
Debt due within one year	$ 62	62
Debt instrument interest rate stated percentage	5.375%
5.875% Senior Secured Notes due January 2024
Principal amount
Total installments of debt	$ 393	435
Debt due within one year	83	83
Carrying amount
Total debt	389	430
Debt due within one year	$ 81	80
Debt instrument interest rate stated percentage	5.875%
7.75% Senior Secured Notes due October 2024
Principal amount
Total installments of debt	$ 300	300
Debt due within one year	60	60
Carrying amount
Total debt	296	296
Debt due within one year	$ 58	58
Debt instrument interest rate stated percentage	7.75%
6.25% Senior Secured Notes due December 2024
Principal amount
Total installments of debt	$ 313	313
Debt due within one year	62	62
Carrying amount
Total debt	309	309
Debt due within one year	$ 61	61
Debt instrument interest rate stated percentage	6.25%
6.125% Senior Secured Notes due August 2025
Principal amount
Total installments of debt	$ 369	402
Debt due within one year	66	66
Carrying amount
Total debt	364	397
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	$ 411	411
Carrying amount
Total debt	$ 407	406
Debt instrument interest rate stated percentage	7.25%
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Principal amount
Total installments of debt	$ 294	294
Carrying amount
Total debt	$ 266	264
Debt instrument interest rate stated percentage	4.00%
7.50% Senior Notes due January 2026
Principal amount
Total installments of debt	$ 569	569
Carrying amount
Total debt	$ 566	565
Debt instrument interest rate stated percentage	7.50%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Principal amount
Total installments of debt	$ 238	238
Carrying amount
Total debt	268	271
Debt due within one year	$ 6	6
Debt instrument interest rate stated percentage	2.50%
11.50% Senior Guaranteed Notes due January 2027
Principal amount
Total installments of debt	$ 687	687
Carrying amount
Total debt	1,043	1,078
Debt due within one year	$ 70	70
Debt instrument interest rate stated percentage	11.50%
6.875% Senior Secured Notes due February 2027
Principal amount
Total installments of debt	$ 516	550
Debt due within one year	69	69
Carrying amount
Total debt	510	544
Debt due within one year	$ 67	67
Debt instrument interest rate stated percentage	6.875%
8.00% Senior Notes due February 2027
Principal amount
Total installments of debt	$ 612	612
Carrying amount
Total debt	$ 608	607
Debt instrument interest rate stated percentage	8.00%
7.45% Notes due April 2027
Principal amount
Total installments of debt	$ 52	52
Carrying amount
Total debt	$ 52	52
Debt instrument interest rate stated percentage	7.45%
8.00% Debentures due April 2027
Principal amount
Total installments of debt	$ 22	22
Carrying amount
Total debt	$ 22	22
Debt instrument interest rate stated percentage	8.00%
7.00% Notes due June 2028
Principal amount
Total installments of debt	$ 261	261
Carrying amount
Total debt	$ 265	265
Debt instrument interest rate stated percentage	7.00%
7.50% Notes due April 2031
Principal amount
Total installments of debt	$ 396	396
Carrying amount
Total debt	$ 394	394
Debt instrument interest rate stated percentage	7.50%
6.80% Senior Notes due March 2038
Principal amount
Total installments of debt	$ 610	610
Carrying amount
Total debt	$ 605	605
Debt instrument interest rate stated percentage	6.80%
7.35% Senior Notes due December 2041
Principal amount
Total installments of debt	$ 177	177
Carrying amount
Total debt	$ 176	176
Debt instrument interest rate stated percentage	7.35%
Principal installments
Principal amount
Total installments of debt	$ 6,693	$ 6,820

Debt (Maturities) (Details)

Debt (Maturities) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Total Installments
Scheduled maturities of debt
2023	$ 646
2024	895
2025	593
2026	1,606
2027	1,821
Thereafter	1,518
Total installments of debt	7,079
Total unamortized debt-related balances, net	(68)
Total carrying amount of debt	7,011
Principal installments
Scheduled maturities of debt
2023	570
2024	818
2025	516
2026	1,528
2027	1,743
Thereafter	1,518
Total installments of debt	6,693	$ 6,820
Other installments
Scheduled maturities of debt
2023	76
2024	77
2025	77
2026	78
2027	78
Total installments of debt	$ 386

Debt (Interest and Credit Agree

Debt (Interest and Credit Agreements) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2022
3.80% Senior Notes due October 2022
Debt
Debt instrument interest rate stated percentage		3.80%
7.35% Senior Notes due December 2041
Debt
Debt instrument interest rate stated percentage		7.35%
Five-Year Revolving Credit Facility
Debt
Borrowing capacity, maximum		$ 1,330
Commitment fee percentage at period end		0.875%
Credit facility amount outstanding		$ 0
Letters of credit issued and outstanding		14
Credit facility available borrowing capacity		$ 1,320
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%
Shipyard Loans
Debt
Debt instrument interest rate stated percentage	4.50%
Credit facility amount outstanding		$ 0
Debt term	6 years

Debt (Exchange and Issue) (Deta

Debt (Exchange and Issue) (Details) $ / shares in Units, $ in Millions	Feb. 26, 2021USD ($)	Mar. 31, 2022USD ($)$ / shares	Mar. 31, 2021USD ($)$ / shares	Dec. 31, 2021USD ($)
Debt
Issuance of debt in exchange transactions			$ 294
Aggregate cash payment		$ 18	12
Repurchased
Debt
Aggregate cash payment			1
Exchanged
Debt
Issuance of debt in exchange transactions			294
Aggregate cash payment			11
0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt conversion ratio		0.09729756
Debt conversion (in dollars per share) | $ / shares		$ 10.28
Shares issuable (in shares)		13.6
Effective interest rate (as a percent)		0.50%
Fair value of debt		$ 133
Equity component of convertible debt instrument		$ 172		$ 172
Aggregate cash payment	$ 11
Original debt in exchange	323
Gains (losses) on restructuring			$ 51
Gains (losses) on restructuring (in dollars per share) | $ / shares			$ 0.08
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Debt
Debt conversion ratio		0.19047620
Debt conversion (in dollars per share) | $ / shares		$ 5.25
Shares issuable (in shares)		56
Effective interest rate (as a percent)		6.90%
Fair value of debt		$ 355
Equity component of convertible debt instrument	260
Issuance of debt in exchange transactions	$ 294
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Debt
Debt conversion ratio		0.16216260
Debt conversion (in dollars per share) | $ / shares		$ 6.17
Shares issuable (in shares)		38.6
Effective interest rate (as a percent)		0.00%
Fair value of debt		$ 259

Debt (Settled) (Details)

Debt (Settled) (Details) - USD ($) $ in Millions	Feb. 26, 2021	Mar. 31, 2022	Mar. 31, 2021
Debt
Aggregate principal amount of debt retired		$ 18	$ 324
Aggregate cash payment		18	12
Aggregate principal amount of debt issued in exchanges			294
Aggregate net gain			51
Repayments of debt		$ 165	139
5.52% Senior Secured Notes due May 2022
Debt
Debt instrument interest rate stated percentage		5.52%
Aggregate principal amount of debt retired		$ 18
0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt instrument interest rate stated percentage		0.50%
Aggregate principal amount of debt retired			323
Aggregate cash payment	$ 11
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage		5.375%
Aggregate principal amount of debt retired			1
Repurchased
Debt
Aggregate principal amount of debt retired			1
Aggregate cash payment			1
Repurchased | 5.375% Senior Secured Notes due May 2023
Debt
Aggregate principal amount of debt retired			1
Exchanged
Debt
Aggregate principal amount of debt retired			323
Aggregate cash payment			11
Aggregate principal amount of debt issued in exchanges			294
Aggregate net gain			51
Exchanged | 0.50% Exchangeable Senior Bonds due January 2023
Debt
Aggregate principal amount of debt retired			$ 323

Income Taxes (Provision) (Detai

Income Taxes (Provision) (Details) R$ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2022BRL (R$)	Mar. 31, 2021USD ($)
Effective tax rate	(17.60%)	(17.60%)	17.80%
Income tax expense (benefit)	$ 26		$ (21)
Various discrete tax items expense (benefit)	$ (8)		$ (27)
Annual effective tax rate excluding discrete items (as a percent)	(22.80%)	(22.80%)	(5.70%)
Brazil | Corporate income tax
Net adjustments of additional taxes, including interest and penalties	$ 136	R$ 644
Brazil | Indirect tax
Net adjustments of additional taxes, including interest and penalties	$ 24	R$ 112

Loss Per Share (Details)

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator for loss per share, basic and diluted
Net loss attributable to controlling interest	$ (175)	$ (99)
Denominator for loss per share, basic and diluted
Weighted-average shares outstanding (in shares)	662	616
Effect of share-based awards (in shares)	2	1
Weighted-average shares, basic and diluted (in shares)	664	617
Loss per share, basic and diluted (in dollars per share)	$ (0.26)	$ (0.16)
Share-based awards
Denominator for loss per share, basic and diluted
Securities excluded from earnings per share calculation (in shares)	17.6	13.8
Convertible debt
Denominator for loss per share, basic and diluted
Securities excluded from earnings per share calculation (in shares)	108.1	92.9
0.50% Exchangeable Senior Bonds due January 2023
Denominator for loss per share, basic and diluted
Debt instrument interest rate stated percentage	0.50%	0.50%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Denominator for loss per share, basic and diluted
Debt instrument interest rate stated percentage	2.50%	2.50%
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Denominator for loss per share, basic and diluted
Debt instrument interest rate stated percentage	4.00%	4.00%

Contingencies (Legal proceeding

Contingencies (Legal proceedings) (Details) - Asbestos litigation	Mar. 31, 2022plaintifflawsuit
Contingencies
Number of claims | lawsuit	256
Louisiana
Contingencies
Number of claims	11
Illinois and Missouri
Contingencies
Number of claims	11

Equity (Share Issuance) (Detail

Equity (Share Issuance) (Details) - USD ($) shares in Millions, $ in Millions	Jun. 14, 2021	Mar. 31, 2022
Equity
Proceeds from issuance of shares, net of issue costs		$ 103
2021 ATM Program
Equity
Maximum value shares to be issued	$ 400
Proceeds from issuance of shares, net of issue costs		$ 103
Issuance of shares (in shares)		20.2

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Financial instruments
Long-term debt, including current maturities	$ 7,011	$ 7,170
Carrying amount
Financial instruments
Cash and cash equivalents	911	976
Restricted cash and cash equivalents	315	436
Long-term loans receivable from unconsolidated affiliates	36	36
Long-term debt, including current maturities	7,011	7,170
Fair value
Financial instruments
Cash and cash equivalents	911	976
Restricted cash and cash equivalents	315	436
Long-term loans receivable from unconsolidated affiliates	33	33
Long-term debt, including current maturities	$ 6,098	$ 5,661