Transocean (RIG) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 27, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		721,888,427
Entity Central Index Key	0001451505
Document Fiscal Year Focus	2022
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating revenues
Contract drilling revenues	$ 691	$ 626	$ 1,969	$ 1,935
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	$ 411	$ 398	$ 1,256	$ 1,267
Cost, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 182	$ 185	$ 549	$ 558
General and administrative	42	40	127	118
Total costs and expenses	635	623	1,932	1,943
Loss on disposal of assets, net	(3)	(3)	(6)	(61)
Operating income (loss)	53		31	(69)
Other income (expense), net
Interest income	9	4	15	11
Interest expense, net of amounts capitalized	(96)	(110)	(298)	(340)
Gain on retirement of debt	7		7	51
Other, net	(6)	3	(2)	26
Total other income (expense), net	(86)	(103)	(278)	(252)
Loss before income tax expense (benefit)	(33)	(103)	(247)	(321)
Income tax expense (benefit)	(5)	27	24	10
Net loss	(28)	(130)	(271)	(331)
Net income attributable to noncontrolling interest				1
Net loss attributable to controlling interest	$ (28)	$ (130)	$ (271)	$ (332)
Loss per share, basic (in dollars per share)	$ (0.04)	$ (0.20)	$ (0.39)	$ (0.53)
Loss per share, diluted (in dollars per share)	$ (0.04)	$ (0.20)	$ (0.39)	$ (0.53)
Weighted-average shares, basic (in shares)	714	653	690	630
Weighted-average shares, diluted (in shares)	714	653	690	630

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (28)	$ (130)	$ (271)	$ (331)
Net income attributable to noncontrolling interest				1
Net loss attributable to controlling interest	(28)	(130)	(271)	(332)
Components of net periodic benefit costs before reclassifications			(11)	(5)
Components of net periodic benefit costs reclassified to net loss	2	3	4	7
Other comprehensive income (loss) before income taxes	2	3	(7)	2
Other comprehensive income (loss)	2	3	(7)	2
Other comprehensive income (loss) attributable to controlling interest	2	3	(7)	2
Total comprehensive loss	(26)	(127)	(278)	(329)
Total comprehensive income attributable to noncontrolling interest				1
Total comprehensive loss attributable to controlling interest	$ (26)	$ (127)	$ (278)	$ (330)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 954	$ 976
Accounts receivable, net of allowance of $2 at September 30, 2022 and December 31, 2021	599	492
Materials and supplies, net of allowance of $194 and $183 at September 30, 2022 and December 31, 2021, respectively	398	392
Restricted cash and cash equivalents	387	436
Other current assets	131	148
Total current assets	2,469	2,444
Property and equipment	23,728	23,152
Less accumulated depreciation	(6,570)	(6,054)
Property and equipment, net	17,158	17,098
Contract intangible assets	75	173
Deferred tax assets, net	11	7
Other assets	908	959
Total assets	20,621	20,681
Liabilities and equity
Accounts payable	275	228
Accrued income taxes	4	17
Debt due within one year	750	513
Other current liabilities	476	545
Total current liabilities	1,505	1,303
Long-term debt	6,451	6,657
Deferred tax liabilities, net	471	447
Other long-term liabilities	963	1,068
Total long-term liabilities	7,885	8,172
Commitments and contingencies
Shares, CHF 0.10 par value, 905,093,509 authorized, 142,362,675 conditionally authorized, 797,244,753 issued and 721,888,427 outstanding at September 30, 2022, and 891,379,306 authorized, 142,363,356 conditionally authorized, 728,176,456 issued and 655,505,335 outstanding at December 31, 2021	71	64
Additional paid-in capital	13,979	13,683
Accumulated deficit	(2,729)	(2,458)
Accumulated other comprehensive loss	(91)	(84)
Total controlling interest shareholders' equity	11,230	11,205
Noncontrolling interest	1	1
Total equity	11,231	11,206
Total liabilities and equity	$ 20,621	$ 20,681

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Sep. 30, 2022 USD ($) shares	Sep. 30, 2022 SFr / shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2021 SFr / shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts | $	$ 2		$ 2
Materials and supplies, net of allowance | $	$ 194		$ 183
Shares, CHF par value (in Swiss francs per share) | SFr / shares		SFr 0.10		SFr 0.10
Shares, authorized	905,093,509		891,379,306
Shares, conditionally authorized	142,362,675		142,363,356
Shares, issued	797,244,753		728,176,456
Shares, outstanding	721,888,427		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	21		21				21
Issuance of shares	141	3	138				141
Net loss attributable to controlling interest				(332)			(332)
Other comprehensive income (loss) attributable to controlling interest					2		2
Total comprehensive loss attributable to controlling interest	(330)						(330)
Total comprehensive income attributable to noncontrolling interest						1
Total comprehensive loss							(329)
Other, net	(1)		(1)				(1)
Balance at Sep. 30, 2021	11,263	63	13,659	(2,198)	(261)	4	11,267
Balance at Jun. 30, 2021	11,308	62	13,578	(2,068)	(264)	4	11,312
Increase (Decrease) in Shareholders' Equity
Share-based compensation	7		7				7
Issuance of shares	75	1	74				75
Net loss attributable to controlling interest				(130)			(130)
Other comprehensive income (loss) attributable to controlling interest					3		3
Total comprehensive loss attributable to controlling interest	(127)						(127)
Total comprehensive loss							(127)
Balance at Sep. 30, 2021	11,263	63	13,659	(2,198)	(261)	4	11,267
Balance at Dec. 31, 2021	11,205	64	13,683	(2,458)	(84)	1	11,206
Increase (Decrease) in Shareholders' Equity
Share-based compensation	22		22				22
Issuance of shares	264	7	257				264
Issuance of warrants	17		17				17
Net loss attributable to controlling interest				(271)			(271)
Other comprehensive income (loss) attributable to controlling interest					(7)		(7)
Total comprehensive loss attributable to controlling interest	(278)						(278)
Total comprehensive loss							(278)
Balance at Sep. 30, 2022	11,230	71	13,979	(2,729)	(91)	1	11,231
Balance at Jun. 30, 2022	11,174	69	13,899	(2,701)	(93)	1	11,175
Increase (Decrease) in Shareholders' Equity
Share-based compensation	7		7				7
Issuance of shares	58	2	56				58
Issuance of warrants	17		17				17
Net loss attributable to controlling interest				(28)			(28)
Other comprehensive income (loss) attributable to controlling interest					2		2
Total comprehensive loss attributable to controlling interest	(26)						(26)
Total comprehensive loss							(26)
Balance at Sep. 30, 2022	$ 11,230	$ 71	$ 13,979	$ (2,729)	$ (91)	$ 1	$ 11,231

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net loss	$ (28)	$ (271)	$ (331)
Adjustments to reconcile to net cash provided by operating activities:
Contract intangible asset amortization		98	170
Depreciation and amortization	182	549	558
Share-based compensation expense		22	21
Loss on disposal of assets, net	3	6	61
Gain on retirement of debt	(7)	(7)	(51)
Deferred income tax expense		20	43
Other, net		56	29
Changes in deferred revenues, net		(49)	(87)
Changes in deferred costs, net		23	8
Changes in other operating assets and liabilities, net		(177)	(31)
Net cash provided by operating activities		270	390
Cash flows from investing activities
Capital expenditures		(308)	(137)
Investments in equity of unconsolidated affiliates		(27)
Investment in loans to unconsolidated affiliates		(2)	(33)
Proceeds from disposal of assets, net		4	8
Net cash used in investing activities		(333)	(162)
Cash flows from financing activities
Repayments of debt		(453)	(423)
Proceeds from issuance of shares, net of issue costs		264	141
Proceeds from issuance of debt, net of issue costs		176
Proceeds from issuance of warrants, net of issue costs		12
Other, net		(7)	(30)
Net cash used in financing activities		(8)	(312)
Net decrease in unrestricted and restricted cash and cash equivalents		(71)	(84)
Unrestricted and restricted cash and cash equivalents, beginning of period		1,412	1,560
Unrestricted and restricted cash and cash equivalents, end of period	$ 1,341	$ 1,341	$ 1,476

Business

Business	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2022, we were constructing two ultra-deepwater drillships.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2022
Unconsolidated Affiliates
Unconsolidated Affiliates	Note 3—Unconsolidated Affiliates Equity investments Transocean Norge . Related party transactions Transocean Norge Transocean Norge Transocean Norge We also periodically provide financing to certain of our unconsolidated affiliates. In the nine months ended September 30, 2022 and 2021, we made an aggregate cash investment in loans of $2 million and $33 million, respectively. At September 30, 2022 and December 31, 2021, the aggregate principal amount due to us under the various financing arrangements with our unconsolidated affiliates was $38 million and $36 million, respectively, recorded in other assets.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2022
Revenues
Revenues	Note 4—Revenues Overview Disaggregation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ ​ Nine months ended September 30, ​ ​ 2022 2021 2022 2021 ​ Ultra- Harsh ​ Ultra- Harsh ​ Ultra- Harsh ​ Ultra- Harsh ​ ​ deepwater environment ​ deepwater environment ​ deepwater environment ​ deepwater environment ​ ​ floaters floaters Total floaters floaters Total floaters floaters Total floaters floaters Total U.S. $ 288 ​ $ — ​ $ 288 ​ $ 280 ​ $ — ​ $ 280 $ 809 ​ $ — ​ $ 809 ​ $ 819 ​ $ 4 ​ $ 823 Norway ​ ​ — ​ ​ 244 ​ ​ 244 ​ ​ — ​ ​ 185 ​ ​ 185 ​ ​ ​ — ​ ​ 678 ​ ​ 678 ​ ​ — ​ ​ 609 ​ ​ 609 ​ Other countries (a) ​ ​ 145 ​ ​ 14 ​ ​ 159 ​ ​ 148 ​ ​ 13 ​ ​ 161 ​ ​ ​ 465 ​ ​ 17 ​ ​ 482 ​ ​ 469 ​ ​ 34 ​ ​ 503 ​ Total contract drilling revenues $ 433 ​ $ 258 ​ $ 691 ​ $ 428 ​ $ 198 ​ $ 626 $ 1,274 ​ $ 695 ​ $ 1,969 ​ $ 1,288 ​ $ 647 ​ $ 1,935 (a) The aggregate contract drilling revenues earned in other countries that individually represented less than 10 percent of total contract drilling revenues. Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 2021 Deferred contract revenues, recorded in other current liabilities $ 84 ​ $ 83 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 215 ​ ​ 265 ​ Total contract liabilities $ 299 ​ $ 348 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2022 2021 Total contract liabilities, beginning of period ​ $ 348 ​ $ 456 ​ Decrease due to recognition of revenues for goods and services ​ ​ (90) ​ ​ (117) ​ Increase due to goods and services transferred over time ​ ​ 41 ​ ​ 30 ​ Total contract liabilities, end of period ​ $ 299 ​ $ 369 ​ ​ Pre-operating costs

Long-Lived Assets

Long-Lived Assets	9 Months Ended
	Sep. 30, 2022
Long-Lived Assets
Long-Lived Assets	Note 5—Long-Lived Assets Construction work in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2022 2021 Construction work in progress, beginning of period $ 1,017 ​ $ 828 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 269 ​ ​ 106 ​ Other equipment and construction projects ​ ​ 39 ​ ​ 31 ​ Total capital expenditures ​ ​ 308 ​ ​ 137 ​ Non-cash capital additions financed under Shipyard Loan ​ ​ 300 ​ ​ — ​ Changes in accrued capital additions ​ ​ (4) ​ ​ 19 ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ (35) ​ ​ (28) ​ Construction work in progress, end of period $ 1,586 ​ $ 956 ​ ​ Dispositions Leiv Eiriksson

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt
Debt	Note 6—Debt Overview Outstanding debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ September 30, ​ December 31, ​ September 30, ​ 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 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 49 ​ ​ 140 ​ ​ ​ 49 ​ ​ 140 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 274 ​ ​ 306 ​ ​ ​ 274 ​ ​ 304 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 352 ​ ​ 435 ​ ​ ​ 349 ​ ​ 430 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 270 ​ ​ 300 ​ ​ ​ 267 ​ ​ 296 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 281 ​ ​ 313 ​ ​ ​ 278 ​ ​ 309 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 336 ​ ​ 402 ​ ​ ​ 332 ​ ​ 397 ​ 7.25% Senior Notes due November 2025 ​ ​ 364 ​ ​ 411 ​ ​ ​ 360 ​ ​ 406 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 294 ​ ​ 294 ​ ​ ​ 269 ​ ​ 264 ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 569 ​ ​ ​ 566 ​ ​ 565 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 238 ​ ​ 238 ​ ​ ​ 265 ​ ​ 271 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ 687 ​ ​ ​ 1,009 ​ ​ 1,078 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 482 ​ ​ 550 ​ ​ ​ 477 ​ ​ 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 ​ 4.50% Shipyard Loan due June 2027 ​ ​ 349 ​ ​ — ​ ​ ​ 303 ​ ​ — ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 265 ​ ​ 265 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ 300 ​ ​ — ​ ​ ​ 281 ​ ​ — ​ 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 ​ ​ 6,975 ​ ​ 6,820 ​ ​ ​ 7,201 ​ ​ 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 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 49 ​ ​ — ​ ​ ​ 49 ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 274 ​ ​ 63 ​ ​ ​ 274 ​ ​ 62 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 81 ​ ​ 80 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 59 ​ ​ 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 ​ 7.25% Senior Notes due November 2025 ​ ​ 9 ​ ​ — ​ ​ ​ 9 ​ ​ — ​ 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 ​ 4.50% Shipyard Loan due June 2027 ​ ​ 10 ​ ​ — ​ ​ ​ 10 ​ ​ — ​ Total debt due within one year ​ ​ 682 ​ ​ 448 ​ ​ ​ 750 ​ ​ 513 ​ Total long-term debt ​ $ 6,293 ​ $ 6,372 ​ $ 6,451 ​ $ 6,657 ​ Scheduled maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Twelve months ending September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 682 ​ $ 76 ​ $ 758 ​ 2024 ​ ​ 595 ​ ​ 77 ​ ​ 672 ​ 2025 ​ ​ 693 ​ ​ 77 ​ ​ 770 ​ 2026 ​ ​ 1,408 ​ ​ 78 ​ ​ 1,486 ​ 2027 ​ ​ 1,853 ​ ​ 40 ​ ​ 1,893 ​ Thereafter ​ ​ 1,744 ​ ​ — ​ ​ 1,744 ​ Total installments of debt ​ $ 6,975 ​ $ 348 ​ ​ 7,323 ​ Total unamortized debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (261) ​ Bifurcated compound exchange feature, at estimated fair value ​ ​ ​ ​ ​ ​ ​ ​ 139 ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,201 ​ Credit agreements Secured Credit Facility In order to utilize the Secured Credit Facility, we must, at the time of the borrowing request, be in full compliance with the terms and conditions of the Secured Credit Facility and make certain representations and warranties, including with respect to compliance with laws and solvency, to the lenders. Repayment of borrowings under the Secured Credit Facility are subject to acceleration upon the occurrence of an event of default. To remain in compliance with the minimum liquidity requirement and to avoid a default, we must obtain additional liquidity of at least $200 million within the 12-month period following the issuance of the financial statements included in this report, which we plan to obtain through a secured financing for Deepwater Titan Deepwater Titan Shipyard financing arrangement Deepwater Atlas Deepwater Titan Deepwater Atlas credit spreads of our debt, by applying an estimated discount rate of 9.4 percent. At September 30, 2022, we had no borrowings outstanding under the Shipyard Loan for Deepwater Titan The Shipyard Loans are guaranteed by Transocean Inc. Borrowings under the Shipyard Loan for Deepwater Atlas Deepwater Titan Deepwater Atlas Exchangeable bonds Exchange terms ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Implied ​ ​ ​ ​ Exchange exchange Shares ​ rate price issuable 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 97.29756 ​ $ 10.28 ​ ​ 4.7 ​ 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 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ 290.66180 ​ ​ 3.44 ​ ​ 87.2 ​ 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 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. The 2.50% senior guaranteed exchangeable bonds due January 2027 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 4.625% senior guaranteed exchangeable bonds due September 2029 (the “4.625% Senior Guaranteed Exchangeable Bonds”) may be exchanged by holders at any time prior to the close of business on the second business day immediately preceding the maturity date or redemption date and, at our election, such exchange may be settled by delivering cash, Transocean Ltd. shares or a combination of cash and shares. The 4.625% Senior Guaranteed Exchangeable Bonds contain a compound exchange feature that, in addition to the exchange terms outlined above, requires us to pay holders a make-whole premium of future interest through March 30, 2028, for exchanges exercised during a redemption notice period. Such compound exchange feature must be bifurcated from the host debt instrument since it is not considered indexed to our stock. Accordingly, we will recognize changes to the estimated fair value of the bifurcated compound exchange feature with a corresponding adjustment to interest expense. Effective interest rates and fair values ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Fair ​ interest rate value 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ ​ ​ ​ 0.5% ​ $ 48 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ ​ ​ ​ 6.9% ​ ​ 265 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ ​ ​ ​ 0.0% ​ ​ 181 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ ​ ​ ​ 18.1% ​ ​ 281 ​ 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 $39 million aggregate principal amount of the 4.625% Senior Guaranteed Exchangeable Bonds. Additionally, we sold $188 million aggregate principal amount of the 4.625% Senior Guaranteed Exchangeable Bonds and issued 15.5 million warrants to purchase Transocean Ltd. shares for aggregate net cash proceeds of $188 million. The initial carrying amount of the 4.625% Senior Guaranteed Exchangeable Bonds, measured at the estimated fair value on the date of issuance, was $281 million. We estimated the fair value of the exchangeable debt instrument, including the exchange feature, by employing a binomial lattice model and by using significant other observable inputs, representative of Level 2 fair value measurements, including the terms and credit spreads of our debt and expected volatility of the market price for our shares. In the three and nine months ended September 30, 2022, as a result of the 2022 Private Exchange, we recognized a gain of $6 million ($0.01 per diluted share), with no tax effect, associated with the retirement of debt. See Note 10—Equity On February 26, 2021, we issued $294 million aggregate principal amount of the 4.00% Senior Guaranteed Exchangeable Bonds and made an aggregate cash payment of $11 million in private exchanges (collectively, the “2021 Private Exchange”) for $323 million aggregate principal amount of the 0.50% Exchangeable Senior Bonds. The initial carrying amount of the 4.00% Senior Guaranteed Exchangeable Bonds, measured at the estimated fair value on the date of issuance, was $260 million. We estimated the fair value of the exchangeable debt instrument, including the exchange feature, by employing a binomial lattice model and by using significant other observable inputs, representative of Level 2 fair value measurements, including the terms and credit spreads of our debt and expected volatility of the market price for our shares. In the nine months ended September 30, 2021, as a result of the 2021 Private Exchange, we recognized a gain of $51 million ($0.08 per diluted share), with no tax effect, associated with the retirement of debt. Early debt retirement During the nine months ended September 30, 2022 and 2021, we retired certain notes as a result of repayment, redemption, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ ​ 2022 ​ 2021 ​ ​ Repaid Exchanged Redeemed Total Exchanged Repurchased Total ​ 5.52% Senior Secured Notes due May 2022 ​ $ 18 ​ $ — ​ $ — ​ $ 18 ​ $ — ​ $ — ​ $ — ​ 3.80% Senior Notes due October 2022 ​ ​ — ​ ​ — ​ ​ 27 ​ ​ 27 ​ ​ — ​ ​ — ​ ​ — ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ — ​ ​ 73 ​ ​ 18 ​ ​ 91 ​ ​ 323 ​ ​ — ​ ​ 323 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 10 ​ ​ 10 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 41 ​ ​ 41 ​ 7.25% Senior Notes due November 2025 ​ ​ — ​ ​ 43 ​ ​ 5 ​ ​ 48 ​ ​ — ​ ​ — ​ ​ — ​ Aggregate principal amount of debt retired ​ $ 18 ​ $ 116 ​ $ 50 ​ $ 184 ​ $ 323 ​ $ 51 ​ $ 374 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 18 ​ $ — ​ $ 49 ​ $ 67 ​ $ 11 ​ $ 51 ​ $ 62 ​ Aggregate principal amount of debt issued in exchanges ​ $ — ​ $ 112 ​ $ — ​ $ 112 ​ $ 294 ​ $ — ​ $ 294 ​ Aggregate fair value of warrants issued in exchanges ​ $ — ​ $ 5 ​ $ — ​ $ 5 ​ $ — ​ $ — ​ $ — ​ Aggregate net gain, nine-month period ​ $ — ​ $ 6 ​ $ 1 ​ $ 7 ​ $ 51 ​ $ — ​ $ 51 ​ Aggregate net gain, three-month period ​ $ — ​ $ 6 ​ $ 1 ​ $ 7 ​ $ — ​ $ — ​ $ — ​ In October 2022, the harsh environment floater Transocean Equinox

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Taxes
Income Taxes	Note 7—Income Taxes Tax provision and rate Tax positions and returns legislation, interpretation or guidance. From time to time, as a result of these changes, we may revise previously evaluated tax positions, which could cause us to adjust our recorded tax assets and liabilities. Tax authorities in certain jurisdictions are examining our tax returns and, in some cases, have issued assessments. We intend to defend our tax positions vigorously. Although we can provide no assurance as to the outcome of the aforementioned changes, examinations or assessments, we do not expect the ultimate liability to have a material adverse effect on our condensed consolidated statement of financial position or results of operations; however, it could have a material adverse effect on our condensed consolidated statement of cash flows. Brazil tax investigations

Loss Per Share

Loss Per Share	9 Months Ended
	Sep. 30, 2022
Loss per share
Loss per share	Note 8—Loss Per Share The computations of basic and diluted loss per share were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Numerator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (28) ​ $ (130) ​ $ (271) ​ $ (332) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares for per share calculation ​ ​ 714 ​ ​ 653 ​ ​ 690 ​ ​ 630 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share, basic and diluted ​ $ (0.04) ​ $ (0.20) ​ $ (0.39) ​ $ (0.53) ​ ​ We excluded from the computations certain shares issuable as follows because the effect would have been antidilutive (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Exchangeable bonds ​ ​ 109.0 ​ ​ 108.1 ​ ​ 108.4 ​ ​ 103.1 ​ Share-based awards ​ ​ 15.8 ​ ​ 13.0 ​ ​ 14.7 ​ ​ 12.3 ​ Warrants ​ ​ 0.2 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2022
Contingencies
Contingencies	Note 9—Contingencies Legal proceedings Asbestos litigation 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 September 30, 2022, the subsidiary was a defendant in approximately 231 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	9 Months Ended
	Sep. 30, 2022
Equity
Equity	Note 10—Equity Share issuance Warrants

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2022
Financial Instruments
Financial Instruments	Note 11—Financial Instruments Overview ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 954 ​ $ 954 ​ $ 976 ​ $ 976 ​ Restricted cash and cash equivalents ​ ​ 387 ​ ​ 387 ​ ​ 436 ​ ​ 436 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 38 ​ ​ 37 ​ ​ 36 ​ ​ 33 ​ Total debt ​ ​ 7,201 ​ ​ 5,515 ​ ​ 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)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2022
Revenues
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ ​ Nine months ended September 30, ​ ​ 2022 2021 2022 2021 ​ Ultra- Harsh ​ Ultra- Harsh ​ Ultra- Harsh ​ Ultra- Harsh ​ ​ deepwater environment ​ deepwater environment ​ deepwater environment ​ deepwater environment ​ ​ floaters floaters Total floaters floaters Total floaters floaters Total floaters floaters Total U.S. $ 288 ​ $ — ​ $ 288 ​ $ 280 ​ $ — ​ $ 280 $ 809 ​ $ — ​ $ 809 ​ $ 819 ​ $ 4 ​ $ 823 Norway ​ ​ — ​ ​ 244 ​ ​ 244 ​ ​ — ​ ​ 185 ​ ​ 185 ​ ​ ​ — ​ ​ 678 ​ ​ 678 ​ ​ — ​ ​ 609 ​ ​ 609 ​ Other countries (a) ​ ​ 145 ​ ​ 14 ​ ​ 159 ​ ​ 148 ​ ​ 13 ​ ​ 161 ​ ​ ​ 465 ​ ​ 17 ​ ​ 482 ​ ​ 469 ​ ​ 34 ​ ​ 503 ​ Total contract drilling revenues $ 433 ​ $ 258 ​ $ 691 ​ $ 428 ​ $ 198 ​ $ 626 $ 1,274 ​ $ 695 ​ $ 1,969 ​ $ 1,288 ​ $ 647 ​ $ 1,935 (a) The aggregate contract drilling revenues earned in other countries that individually represented less than 10 percent of total contract drilling revenues.
Schedule of contract balances and changes	Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 2021 Deferred contract revenues, recorded in other current liabilities $ 84 ​ $ 83 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 215 ​ ​ 265 ​ Total contract liabilities $ 299 ​ $ 348 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2022 2021 Total contract liabilities, beginning of period ​ $ 348 ​ $ 456 ​ Decrease due to recognition of revenues for goods and services ​ ​ (90) ​ ​ (117) ​ Increase due to goods and services transferred over time ​ ​ 41 ​ ​ 30 ​ Total contract liabilities, end of period ​ $ 299 ​ $ 369 ​

Long-Lived Assets (Tables)

Long-Lived Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Long-Lived Assets
Changes in our construction work in progress, including capital expenditures and capitalized interest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2022 2021 Construction work in progress, beginning of period $ 1,017 ​ $ 828 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 269 ​ ​ 106 ​ Other equipment and construction projects ​ ​ 39 ​ ​ 31 ​ Total capital expenditures ​ ​ 308 ​ ​ 137 ​ Non-cash capital additions financed under Shipyard Loan ​ ​ 300 ​ ​ — ​ Changes in accrued capital additions ​ ​ (4) ​ ​ 19 ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ (35) ​ ​ (28) ​ Construction work in progress, end of period $ 1,586 ​ $ 956 ​

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ September 30, ​ December 31, ​ September 30, ​ 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 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 49 ​ ​ 140 ​ ​ ​ 49 ​ ​ 140 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 274 ​ ​ 306 ​ ​ ​ 274 ​ ​ 304 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 352 ​ ​ 435 ​ ​ ​ 349 ​ ​ 430 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 270 ​ ​ 300 ​ ​ ​ 267 ​ ​ 296 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 281 ​ ​ 313 ​ ​ ​ 278 ​ ​ 309 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 336 ​ ​ 402 ​ ​ ​ 332 ​ ​ 397 ​ 7.25% Senior Notes due November 2025 ​ ​ 364 ​ ​ 411 ​ ​ ​ 360 ​ ​ 406 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 294 ​ ​ 294 ​ ​ ​ 269 ​ ​ 264 ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 569 ​ ​ ​ 566 ​ ​ 565 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 238 ​ ​ 238 ​ ​ ​ 265 ​ ​ 271 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ 687 ​ ​ ​ 1,009 ​ ​ 1,078 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 482 ​ ​ 550 ​ ​ ​ 477 ​ ​ 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 ​ 4.50% Shipyard Loan due June 2027 ​ ​ 349 ​ ​ — ​ ​ ​ 303 ​ ​ — ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 265 ​ ​ 265 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ 300 ​ ​ — ​ ​ ​ 281 ​ ​ — ​ 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 ​ ​ 6,975 ​ ​ 6,820 ​ ​ ​ 7,201 ​ ​ 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 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 49 ​ ​ — ​ ​ ​ 49 ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 274 ​ ​ 63 ​ ​ ​ 274 ​ ​ 62 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 81 ​ ​ 80 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 59 ​ ​ 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 ​ 7.25% Senior Notes due November 2025 ​ ​ 9 ​ ​ — ​ ​ ​ 9 ​ ​ — ​ 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 ​ 4.50% Shipyard Loan due June 2027 ​ ​ 10 ​ ​ — ​ ​ ​ 10 ​ ​ — ​ Total debt due within one year ​ ​ 682 ​ ​ 448 ​ ​ ​ 750 ​ ​ 513 ​ Total long-term debt ​ $ 6,293 ​ $ 6,372 ​ $ 6,451 ​ $ 6,657 ​
Scheduled maturities of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Twelve months ending September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 682 ​ $ 76 ​ $ 758 ​ 2024 ​ ​ 595 ​ ​ 77 ​ ​ 672 ​ 2025 ​ ​ 693 ​ ​ 77 ​ ​ 770 ​ 2026 ​ ​ 1,408 ​ ​ 78 ​ ​ 1,486 ​ 2027 ​ ​ 1,853 ​ ​ 40 ​ ​ 1,893 ​ Thereafter ​ ​ 1,744 ​ ​ — ​ ​ 1,744 ​ Total installments of debt ​ $ 6,975 ​ $ 348 ​ ​ 7,323 ​ Total unamortized debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (261) ​ Bifurcated compound exchange feature, at estimated fair value ​ ​ ​ ​ ​ ​ ​ ​ 139 ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,201 ​
Schedule of debt retirements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ ​ 2022 ​ 2021 ​ ​ Repaid Exchanged Redeemed Total Exchanged Repurchased Total ​ 5.52% Senior Secured Notes due May 2022 ​ $ 18 ​ $ — ​ $ — ​ $ 18 ​ $ — ​ $ — ​ $ — ​ 3.80% Senior Notes due October 2022 ​ ​ — ​ ​ — ​ ​ 27 ​ ​ 27 ​ ​ — ​ ​ — ​ ​ — ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ — ​ ​ 73 ​ ​ 18 ​ ​ 91 ​ ​ 323 ​ ​ — ​ ​ 323 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 10 ​ ​ 10 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 41 ​ ​ 41 ​ 7.25% Senior Notes due November 2025 ​ ​ — ​ ​ 43 ​ ​ 5 ​ ​ 48 ​ ​ — ​ ​ — ​ ​ — ​ Aggregate principal amount of debt retired ​ $ 18 ​ $ 116 ​ $ 50 ​ $ 184 ​ $ 323 ​ $ 51 ​ $ 374 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 18 ​ $ — ​ $ 49 ​ $ 67 ​ $ 11 ​ $ 51 ​ $ 62 ​ Aggregate principal amount of debt issued in exchanges ​ $ — ​ $ 112 ​ $ — ​ $ 112 ​ $ 294 ​ $ — ​ $ 294 ​ Aggregate fair value of warrants issued in exchanges ​ $ — ​ $ 5 ​ $ — ​ $ 5 ​ $ — ​ $ — ​ $ — ​ Aggregate net gain, nine-month period ​ $ — ​ $ 6 ​ $ 1 ​ $ 7 ​ $ 51 ​ $ — ​ $ 51 ​ Aggregate net gain, three-month period ​ $ — ​ $ 6 ​ $ 1 ​ $ 7 ​ $ — ​ $ — ​ $ — ​
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 ​ ​ 4.7 ​ 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 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ 290.66180 ​ ​ 3.44 ​ ​ 87.2 ​ The 4.625% Senior Guaranteed Exchangeable Bonds contain a compound exchange feature that, in addition to the exchange terms outlined above, requires us to pay holders a make-whole premium of future interest through March 30, 2028, for exchanges exercised during a redemption notice period. Such compound exchange feature must be bifurcated from the host debt instrument since it is not considered indexed to our stock. Accordingly, we will recognize changes to the estimated fair value of the bifurcated compound exchange feature with a corresponding adjustment to interest expense. Effective interest rates and fair values ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Fair ​ interest rate value 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ ​ ​ ​ 0.5% ​ $ 48 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ ​ ​ ​ 6.9% ​ ​ 265 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ ​ ​ ​ 0.0% ​ ​ 181 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ ​ ​ ​ 18.1% ​ ​ 281 ​

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Loss per share
Schedule of loss per share	The computations of basic and diluted loss per share were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Numerator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (28) ​ $ (130) ​ $ (271) ​ $ (332) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares for per share calculation ​ ​ 714 ​ ​ 653 ​ ​ 690 ​ ​ 630 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share, basic and diluted ​ $ (0.04) ​ $ (0.20) ​ $ (0.39) ​ $ (0.53) ​
Schedule of antidilutive securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Exchangeable bonds ​ ​ 109.0 ​ ​ 108.1 ​ ​ 108.4 ​ ​ 103.1 ​ Share-based awards ​ ​ 15.8 ​ ​ 13.0 ​ ​ 14.7 ​ ​ 12.3 ​ Warrants ​ ​ 0.2 ​ ​ — ​ ​ 0.1 ​ ​ — ​

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Financial Instruments
Carrying amounts and fair values of the financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 954 ​ $ 954 ​ $ 976 ​ $ 976 ​ Restricted cash and cash equivalents ​ ​ 387 ​ ​ 387 ​ ​ 436 ​ ​ 436 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 38 ​ ​ 37 ​ ​ 36 ​ ​ 33 ​ Total debt ​ ​ 7,201 ​ ​ 5,515 ​ ​ 7,170 ​ ​ 5,661 ​

Business (Details)

Business (Details)	Sep. 30, 2022 item
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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Investments
Aggregate carrying amount of equity investment	$ 103		$ 91
Investments in loans to unconsolidated affiliates	2	$ 33
Affiliate loan receivable	$ 38		36
Orion/Transocean Norge
Investments
Ownership percentage	33%
Equity method investment payment	$ 27
Aggregate carrying amount of equity investment	59		$ 57
Related party transaction	$ 29	$ 6

Revenues (Disaggregation) (Deta

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue
Contract drilling revenues	$ 691	$ 626	$ 1,969	$ 1,935
U.S.
Revenue
Contract drilling revenues	288	280	809	823
Norway
Revenue
Contract drilling revenues	244	185	678	609
Other Countries
Revenue
Contract drilling revenues	159	161	482	503
Ultra-deepwater floaters
Revenue
Contract drilling revenues	433	428	1,274	1,288
Ultra-deepwater floaters | U.S.
Revenue
Contract drilling revenues	288	280	809	819
Ultra-deepwater floaters | Other Countries
Revenue
Contract drilling revenues	145	148	465	469
Harsh environment floaters
Revenue
Contract drilling revenues	258	198	695	647
Harsh environment floaters | U.S.
Revenue
Contract drilling revenues				4
Harsh environment floaters | Norway
Revenue
Contract drilling revenues	244	185	678	609
Harsh environment floaters | Other Countries
Revenue
Contract drilling revenues	$ 14	$ 13	$ 17	$ 34

Revenues (Contract liabilities)

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 84	$ 83
Deferred contract revenues, recorded in other long-term liabilities	215	265
Total contract liabilities	$ 299	$ 348	$ 369	$ 456

Revenues (Changes) (Details)

Revenues (Changes) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Changes to contract liabilities
Total contract liabilities, at beginning of period	$ 348	$ 456
Decrease due to recognition of revenues for goods and services	(90)	(117)
Increase due to goods and services transferred over time	41	30
Total contract liabilities, at end of period	$ 299	$ 369

Revenues (Pre-operating) (Detai

Revenues (Pre-operating) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenues
Recognized pre-operating costs	$ 10	$ 13	$ 46	$ 43
Unrecognized pre-operating costs	$ 3		$ 3		$ 21

Long-Lived Assets (Details)

Long-Lived Assets (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 308	$ 137
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	308	137
Non-cash capital additions financed under Shipyard Loan	300
Changes in accrued capital additions	(4)	19
Property and equipment placed into service	(35)	(28)
Construction work in progress, at end of period	1,586	956
New builds
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	269	106
Other property and equipment
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 39	$ 31

Long-Lived Assets (Disposal) (D

Long-Lived Assets (Disposal) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Dispositions
Net cash proceeds from sale of assets			$ 4	$ 8
Gain (loss) on the sale of assets	$ (3)	$ (3)	$ (6)	(61)
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	Sep. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Principal amount
Debt due within one year	$ 682	$ 448
Long-term debt	6,293	6,372
Carrying amount
Total debt	7,201	7,170
Debt due within one year	750	513
Long-term debt	$ 6,451	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
Debt due within one year		27
Carrying amount
Total debt		27
Debt due within one year		27
Debt instrument interest rate stated percentage	3.80%
0.50% Exchangeable Senior Bonds due January 2023
Principal amount
Total installments of debt	$ 49	140
Debt due within one year	49
Carrying amount
Total debt	49	140
Debt due within one year	$ 49
Debt instrument interest rate stated percentage	0.50%
5.375% Senior Secured Notes due May 2023
Principal amount
Total installments of debt	$ 274	306
Debt due within one year	274	63
Carrying amount
Total debt	274	304
Debt due within one year	$ 274	62
Debt instrument interest rate stated percentage	5.375%
5.875% Senior Secured Notes due January 2024
Principal amount
Total installments of debt	$ 352	435
Debt due within one year	83	83
Carrying amount
Total debt	349	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	$ 270	300
Debt due within one year	60	60
Carrying amount
Total debt	267	296
Debt due within one year	$ 59	58
Debt instrument interest rate stated percentage	7.75%
6.25% Senior Secured Notes due December 2024
Principal amount
Total installments of debt	$ 281	313
Debt due within one year	62	62
Carrying amount
Total debt	278	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	$ 336	402
Debt due within one year	66	66
Carrying amount
Total debt	332	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	$ 364	411
Debt due within one year	9
Carrying amount
Total debt	360	406
Debt due within one year	$ 9
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	$ 269	264
Debt instrument interest rate stated percentage	4%
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	265	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	1,009	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	$ 482	550
Debt due within one year	69	69
Carrying amount
Total debt	477	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%
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%
4.50% Shipyard Loan due June 2027
Principal amount
Total installments of debt	$ 349
Debt due within one year	10
Carrying amount
Total debt	303
Debt due within one year	$ 10
Debt instrument interest rate stated percentage	4.50%		4.50%
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%
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Principal amount
Total installments of debt	$ 300
Carrying amount
Total debt	$ 281
Debt instrument interest rate stated percentage	4.625%
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	$ 6,975	$ 6,820

Debt (Maturities) (Details)

Debt (Maturities) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Total Installments
Scheduled maturities of debt
2023	$ 758
2024	672
2025	770
2026	1,486
2027	1,893
Thereafter	1,744
Total installments of debt	7,323
Total unamortized debt-related balances, net	(261)
Bifurcated compound exchange feature, at estimated fair value	139
Total carrying amount of debt	7,201
Principal installments
Scheduled maturities of debt
2023	682
2024	595
2025	693
2026	1,408
2027	1,853
Thereafter	1,744
Total installments of debt	6,975	$ 6,820
Other installments
Scheduled maturities of debt
2023	76
2024	77
2025	77
2026	78
2027	40
Total installments of debt	$ 348

Debt (Credit Agreements) (Detai

Debt (Credit Agreements) (Details) $ in Millions	1 Months Ended		9 Months Ended
	Jul. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021
Debt
Aggregate cash payment to acquire property			$ 308	$ 137
Five-Year Revolving Credit Facility
Debt
Borrowing capacity, maximum		$ 1,330
Early maturity trigger, principal due within 91 days	$ 200
Early maturity trigger available cash	250
Permitted commitment increase	$ 250
Minimum guarantee coverage ratio	3
Minimum collateral coverage ratio.	2.1
Debt to capitalization ratio	0.60
Minimum liquidity	$ 500
Additional liquidity required	200
Cross default trigger under credit facility	125
Commitment fee percentage at period end			0.875%
Credit facility amount outstanding			$ 0
Letters of credit issued and outstanding			7
Credit facility available borrowing capacity			$ 767,000
Five-Year Revolving Credit Facility | June 2022
Debt
Borrowing capacity, maximum	774
Five-Year Revolving Credit Facility | June 2023
Debt
Borrowing capacity, maximum	$ 600
Five-Year Revolving Credit Facility | Term SOFR
Debt
Spread on variable rate basis (as a percent)	0.10%		3.375%
4.50% Shipyard Loan due June 2027
Debt
Aggregate principal amount outstanding			$ 349
Credit facility amount outstanding			$ 0
Debt instrument face value		349
Aggregate cash payment to acquire property		46
Non-cash capital addition		$ 300
Debt instrument interest rate stated percentage			4.50%		4.50%
4.50% Shipyard Loan due June 2027 | Discount rate
Debt
Debt fair value measurement input		9.4

Debt (Exchange and Issue) (Deta

Debt (Exchange and Issue) (Details) $ / shares in Units, shares in Millions, $ in Millions			3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Feb. 26, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($)
Debt
Issuance of debt in exchange transactions				$ 112	$ 294
Number of warrants issued to subscribe | shares	22.2		22.2	22.2
Aggregate cash payment				$ 67	62
Gains (losses) on restructuring			$ 6	$ 6
Gains (losses) on restructuring (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Proceeds from issuance of debt				$ 176
Exchanged
Debt
Issuance of debt in exchange transactions				$ 112	294
Number of warrants issued to subscribe | shares	5		5	5
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		$ 10.28	$ 10.28
Shares issuable (in shares)				4.7
Effective interest rate (as a percent)	0.50%		0.50%	0.50%
Fair value of debt	$ 48		$ 48	$ 48
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
0.50% Exchangeable Senior Bonds due January 2023 | 2022 Private Exchange
Debt
Issuance of debt in exchange transactions	$ 73
0.50% Exchangeable Senior Bonds due January 2023 | Exchanged
Debt
Number of warrants issued to subscribe | shares	6.7		6.7	6.7
Original debt in exchange	$ 73
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Debt
Debt conversion ratio				0.19047620
Debt conversion (in dollars per share) | $ / shares	$ 5.25		$ 5.25	$ 5.25
Shares issuable (in shares)				56
Effective interest rate (as a percent)	6.90%		6.90%	6.90%
Fair value of debt	$ 265		$ 265	$ 265
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		$ 6.17	$ 6.17
Shares issuable (in shares)				38.6
Effective interest rate (as a percent)	0%		0%	0%
Fair value of debt	$ 181		$ 181	$ 181
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Debt
Debt conversion ratio				0.29066180
Debt conversion (in dollars per share) | $ / shares	$ 3.44		$ 3.44	$ 3.44
Shares issuable (in shares)				87.2
Effective interest rate (as a percent)	18.10%		18.10%	18.10%
Fair value of debt	$ 281		$ 281	$ 281
Debt instrument face value	300		300	300
Proceeds from issuance of debt	188
4.625% Senior Guaranteed Exchangeable Bonds due September 2029 | 2022 Private Exchange
Debt
Debt instrument face value	$ 188		$ 188	$ 188
Number of warrants issued to subscribe | shares	15.5		15.5	15.5
4.625% Senior Guaranteed Exchangeable Bonds due September 2029 | Exchanged
Debt
Equity component of convertible debt instrument	$ 281
7.25% Senior Notes due November 2025 | Exchanged
Debt
Issuance of debt in exchange transactions	39
Original debt in exchange	$ 43

Debt (Settled) (Details)

Debt (Settled) (Details) - USD ($) shares in Millions, $ in Millions			1 Months Ended		3 Months Ended	9 Months Ended
	Sep. 30, 2022	Feb. 26, 2021	Jan. 31, 2023	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Debt
Aggregate principal amount of debt retired						$ 184	$ 374
Aggregate cash payment						67	62
Aggregate principal amount of debt issued in exchanges						$ 112	294
Aggregate fair value of warrants issued in exchanges	22.2				22.2	22.2
Aggregate net gain					$ 7	$ 7	51
Repayments of debt						453	423
5.52% Senior Secured Notes due May 2022
Debt
Aggregate principal amount of debt retired						18
3.80% Senior Notes due October 2022
Debt
Aggregate principal amount of debt retired						27
0.50% Exchangeable Senior Bonds due January 2023
Debt
Aggregate principal amount of debt retired						91	323
Aggregate cash payment		$ 11
5.375% Senior Secured Notes due May 2023
Debt
Aggregate principal amount of debt retired							10
Redemption deadline				90 days
Redemption proportion of principal				50%
Redemption price of debt instrument (as a percent)				100%
5.375% Senior Secured Notes due May 2023 | Forecast
Debt
Aggregate cash payment			$ 121
5.875% Senior Secured Notes due January 2024
Debt
Aggregate principal amount of debt retired							41
7.25% Senior Notes due November 2025
Debt
Aggregate principal amount of debt retired						48
Repaid
Debt
Aggregate principal amount of debt retired						18
Aggregate cash payment						18
Repaid | 5.52% Senior Secured Notes due May 2022
Debt
Aggregate principal amount of debt retired						18
Redeemed
Debt
Aggregate principal amount of debt retired						50
Aggregate cash payment						49
Aggregate net gain					$ 1	1
Redeemed | 3.80% Senior Notes due October 2022
Debt
Aggregate principal amount of debt retired						27
Redeemed | 0.50% Exchangeable Senior Bonds due January 2023
Debt
Aggregate principal amount of debt retired						18
Redeemed | 7.25% Senior Notes due November 2025
Debt
Aggregate principal amount of debt retired						5
Repurchased
Debt
Aggregate principal amount of debt retired							51
Aggregate cash payment							51
Repurchased | 5.375% Senior Secured Notes due May 2023
Debt
Aggregate principal amount of debt retired							10
Repurchased | 5.875% Senior Secured Notes due January 2024
Debt
Aggregate principal amount of debt retired							41
Exchanged
Debt
Aggregate principal amount of debt retired						116	323
Aggregate cash payment							11
Aggregate principal amount of debt issued in exchanges						$ 112	294
Aggregate fair value of warrants issued in exchanges	5				5	5
Aggregate net gain					$ 6	$ 6	51
Exchanged | 0.50% Exchangeable Senior Bonds due January 2023
Debt
Aggregate principal amount of debt retired						$ 73	$ 323
Aggregate fair value of warrants issued in exchanges	6.7				6.7	6.7
Exchanged | 7.25% Senior Notes due November 2025
Debt
Aggregate principal amount of debt retired						$ 43
Aggregate principal amount of debt issued in exchanges	$ 39

Income Taxes (Provision) (Detai

Income Taxes (Provision) (Details) R$ in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 BRL (R$)	Sep. 30, 2021 USD ($)
Effective tax rate			(9.60%)	(9.60%)	(3.20%)
Income tax expense (benefit)	$ (5)	$ 27	$ 24		$ 10
Various discrete tax items expense (benefit)			$ (14)		$ (25)
Annual effective tax rate excluding discrete items (as a percent)			(14.90%)	(14.90%)	(11.20%)
Brazil | Corporate income tax
Net adjustments of additional taxes, including interest and penalties			$ 122	R$ 660
Brazil | Indirect tax
Net adjustments of additional taxes, including interest and penalties			$ 21	R$ 115

Loss Per Share (Details)

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings per share
Net loss attributable to controlling interest	$ (28)	$ (130)	$ (271)	$ (332)
Weighted-average shares for per share calculation, basic (in shares)	714	653	690	630
Weighted-average shares for per share calculation, diluted (in shares)	714	653	690	630
Loss per share, basic (in dollars per share)	$ (0.04)	$ (0.20)	$ (0.39)	$ (0.53)
Loss per share, diluted (in dollars per share)	$ (0.04)	$ (0.20)	$ (0.39)	$ (0.53)
Convertible debt
Earnings per share
Securities excluded from earnings per share calculation (in shares)	109	108.1	108.4	103.1
Share-based awards
Earnings per share
Securities excluded from earnings per share calculation (in shares)	15.8	13	14.7	12.3
Warrant
Earnings per share
Securities excluded from earnings per share calculation (in shares)	0.2		0.1

Equity (Share Issuance) (Detail

Equity (Share Issuance) (Details) - USD ($) shares in Millions, $ in Millions			3 Months Ended		9 Months Ended
	Aug. 05, 2022	Jun. 14, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity
Proceeds from issuance of shares, net of issue costs					$ 264	$ 141
ATM Program
Equity
Maximum value shares to be issued	$ 435	$ 400
Proceeds from issuance of shares, net of issue costs			$ 58	$ 75	$ 264	$ 141
Issuance of shares (in shares)			16.2	16.5	61	31.7

Equity (Warrants) (Details)

Equity (Warrants) (Details) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares
Warrants
Number of warrants issued to subscribe | shares	22.2	22.2	22.2
Exercise price	$ 3.71	$ 3.71	$ 3.71
Stock price trigger	$ 10
Estimated fair value | $	$ 17	$ 17	$ 17
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Warrants
Debt instrument interest rate stated percentage	4.625%	4.625%	4.625%

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Financial instruments
Long-term loans receivable from unconsolidated affiliates	$ 38	$ 36
Long-term debt, including current maturities	7,201	7,170
Carrying amount
Financial instruments
Cash and cash equivalents	954	976
Restricted cash and cash equivalents	387	436
Long-term loans receivable from unconsolidated affiliates	38	36
Long-term debt, including current maturities	7,201	7,170
Fair value
Financial instruments
Cash and cash equivalents	954	976
Restricted cash and cash equivalents	387	436
Long-term loans receivable from unconsolidated affiliates	37	33
Long-term debt, including current maturities	$ 5,515	$ 5,661