Transocean (RIG) 10-Q 30 Apr 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 23, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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, Postal Zip Code	6312
Entity Address, Address Line One	Turmstrasse 30
Entity Address, City or Town	Steinhausen
Entity Address, Country	CH
City Area Code	+41 (41)
Local Phone Number	749-0500
Trading Symbol	RIG
Security Exchange Name	NYSE
Title of 12(b) Security	Shares
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		819,579,665
Entity Central Index Key	0001451505
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenues
Contract drilling revenues	$ 763	$ 649
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Costs and expenses
Operating and maintenance	$ 523	$ 409
Cost, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 185	$ 182
General and administrative	52	45
Total costs and expenses	760	636
Loss on disposal of assets, net	(6)	(170)
Operating loss	(3)	(157)
Other income (expense), net
Interest income	15	19
Interest expense, net of amounts capitalized	(117)	(249)
Loss on retirement of debt		(32)
Other, net	12	5
Total other income (expense), net	(90)	(257)
Loss before income tax expense (benefit)	(93)	(414)
Income tax expense (benefit)	(191)	51
Net income (loss)	98	(465)
Net Income (loss) attributable to controlling interest	$ 98	$ (465)
Earnings (loss) per share, basic (in dollars per share)	$ 0.12	$ (0.64)
Earnings (loss) per share, diluted (in dollars per share)	$ 0.11	$ (0.64)
Weighted-average shares, basic (in shares)	819	728
Weighted-average shares, diluted (in shares)	955	728

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 98	$ (465)
Net Income (loss) attributable to controlling interest	98	(465)
Components of net periodic benefit costs before reclassifications	(2)	(11)
Other comprehensive loss before income taxes	(2)	(11)
Other comprehensive loss	(2)	(11)
Other comprehensive loss attributable to controlling interest	(2)	(11)
Total comprehensive income (loss)	96	(476)
Total comprehensive income (loss) attributable to controlling interest	$ 96	$ (476)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 446	$ 762
Accounts receivable, net of allowance of $2 at March 31, 2024 and December 31, 2023	585	512
Materials and supplies, net of allowance of $202 and $198 at March 31, 2024 and December 31, 2023, respectively	437	426
Restricted cash and cash equivalents	270	233
Other current assets	133	193
Total current assets	1,871	2,126
Property and equipment	23,948	23,875
Less accumulated depreciation	(7,093)	(6,934)
Property and equipment, net	16,855	16,941
Contract intangible assets		4
Deferred tax assets, net	45	44
Other assets	1,166	1,139
Total assets	19,937	20,254
Liabilities and equity
Accounts payable	301	323
Accrued income taxes	2	23
Debt due within one year	463	370
Other current liabilities	619	681
Total current liabilities	1,385	1,397
Long-term debt	6,802	7,043
Deferred tax liabilities, net	377	540
Other long-term liabilities	851	858
Total long-term liabilities	8,030	8,441
Commitments and contingencies
Shares, CHF 0.10 par value, 1,022,394,549 authorized, 141,262,093 conditionally authorized, 862,815,858 issued and 819,579,665 outstanding at March 31, 2024, and 1,021,294,549 authorized, 142,362,093 conditionally authorized, 843,715,858 issued and 809,030,846 outstanding at December 31, 2023	82	81
Additional paid-in capital	14,553	14,544
Accumulated deficit	(3,935)	(4,033)
Accumulated other comprehensive loss	(179)	(177)
Total controlling interest shareholders' equity	10,521	10,415
Noncontrolling interest	1	1
Total equity	10,522	10,416
Total liabilities and equity	$ 19,937	$ 20,254

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Mar. 31, 2024 USD ($) shares	Mar. 31, 2024 SFr / shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 SFr / shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts | $	$ 2		$ 2
Materials and supplies, allowance for obsolescence | $	$ 202		$ 198
Shares, CHF par value (in Swiss francs per share) | SFr / shares		SFr 0.10		SFr 0.10
Shares, authorized	1,022,394,549		1,021,294,549
Shares, conditionally authorized	141,262,093		142,362,093
Shares, issued	862,815,858		843,715,858
Shares, outstanding	819,579,665		809,030,846

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total controlling interest shareholders' equity	Shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Noncontrolling interest	Total
Balance at Dec. 31, 2022	$ 10,791	$ 71	$ 13,984	$ (3,079)	$ (185)	$ 1	$ 10,792
Increase (Decrease) in Shareholders' Equity
Total comprehensive income (loss) attributable to controlling interest	(476)						(476)
Total comprehensive income (loss)							(476)
Share-based compensation	9		9				9
Issuance of shares		1	(1)
Net Income (Loss)				(465)			(465)
Other comprehensive loss attributable to controlling interest					(11)		(11)
Balance at Mar. 31, 2023	10,324	72	13,992	(3,544)	(196)	1	10,325
Balance at Dec. 31, 2023	10,415	81	14,544	(4,033)	(177)	1	10,416
Increase (Decrease) in Shareholders' Equity
Total comprehensive income (loss) attributable to controlling interest	96						96
Total comprehensive income (loss)							96
Share-based compensation	11		11				11
Issuance of shares	(1)	1	(2)				(1)
Net Income (Loss)				98			98
Other comprehensive loss attributable to controlling interest					(2)		(2)
Balance at Mar. 31, 2024	$ 10,521	$ 82	$ 14,553	$ (3,935)	$ (179)	$ 1	$ 10,522

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 98	$ (465)
Adjustments to reconcile to net cash used in operating activities:
Amortization of contract intangible asset	4	18
Depreciation and amortization	185	182
Share-based compensation expense	11	9
Loss on impairment of investment in unconsolidated affiliate	1
Loss on disposal of assets, net	6	170
Fair value adjustment to bifurcated compound exchange feature	(10)	133
Amortization of debt-related balances, net	13	13
Loss on retirement of debt		(32)
Deferred income tax expense (benefit)	(164)	36
Other, net	4	14
Changes in deferred revenues, net	77	6
Changes in deferred costs, net	(38)	(24)
Changes in other operating assets and liabilities, net	(273)	(171)
Net cash used in operating activities	(86)	(47)
Cash flows from investing activities
Capital expenditures	(83)	(81)
Investment in loans to unconsolidated affiliates	(2)
Investment in equity of unconsolidated affiliate		(10)
Proceeds from disposal of assets, net	44	1
Net cash used in investing activities	(41)	(90)
Cash flows from financing activities
Repayments of debt	(151)	(1,564)
Proceeds from issuance of debt, net of issue costs		1,665
Other, net	(1)
Net cash provided by (used in) financing activities	(152)	101
Net decrease in unrestricted and restricted cash and cash equivalents	(279)	(36)
Unrestricted and restricted cash and cash equivalents, beginning of period	995	991
Unrestricted and restricted cash and cash equivalents, end of period	$ 716	$ 955

Business

Business	3 Months Ended
	Mar. 31, 2024
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, 2024, we owned or had partial ownership interests in and operated a fleet of 36 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and eight harsh environment floaters. As of March 31, 2024, we were constructing one ultra-deepwater drillship.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Significant Accounting Policies
Significant Accounting Policies	Note 2—Significant Accounting Policies Presentation Form 10K filed on February 21, 2024 Accounting estimates Fair value measurements

Accounting Standards Updates

Accounting Standards Updates	3 Months Ended
	Mar. 31, 2024
Accounting Standards Updates
Accounting Standards Update	Note 3—Accounting Standards Updates Recently issued accounting standards updates not yet adopted Segment reporting Income taxes

Unconsolidated Affiliates

Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2024
Unconsolidated Affiliates
Unconsolidated Affiliates	Note 4—Unconsolidated Affiliates We hold noncontrolling equity investments in various unconsolidated companies . Ocean Rig Olympia Note 6—Long-Lived Assets In the three months ended March 31, 2024 and 2023, we recognized a loss of $2 million and $13 million, respectively, recorded in other, net, associated with equity in losses of our equity investments. At March 31, 2024 and December 31, 2023, the aggregate carrying amount of our equity investments in unconsolidated affiliates was $213 million and $216 million, respectively, recorded in other assets.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2024
Revenues
Revenues	Note 5—Revenues Overview Disaggregation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2024 ​ ​ 2023 ​ Ultra- Harsh ​ ​ ​ Ultra- Harsh ​ ​ deepwater environment ​ ​ ​ deepwater environment ​ ​ floaters floaters Total ​ ​ floaters floaters Total U.S. $ 370 ​ $ — ​ $ 370 ​ ​ $ 352 ​ $ — ​ $ 352 Brazil ​ ​ 155 ​ ​ — ​ ​ 155 ​ ​ ​ 63 ​ ​ — ​ ​ 63 ​ Norway ​ ​ — ​ ​ 151 ​ ​ 151 ​ ​ ​ — ​ ​ 148 ​ ​ 148 ​ Other countries (a) ​ ​ 44 ​ ​ 43 ​ ​ 87 ​ ​ ​ 69 ​ ​ 17 ​ ​ 86 ​ Total contract drilling revenues $ 569 ​ $ 194 ​ $ 763 ​ ​ $ 484 ​ $ 165 ​ $ 649 (a) The aggregate contract drilling revenues earned in other countries that individually represented less than 10 percent of total contract drilling revenues. Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31 ​ ​ 2024 2023 Deferred contract revenues, recorded in other current liabilities $ 223 ​ $ 165 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 252 ​ ​ 233 ​ Total contract liabilities $ 475 ​ $ 398 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2024 2023 Total contract liabilities, beginning of period ​ $ 398 ​ $ 328 ​ Decrease due to recognition of revenues for goods and services ​ ​ (46) ​ ​ (34) ​ Increase due to goods and services transferred over time ​ ​ 123 ​ ​ 40 ​ Total contract liabilities, end of period ​ $ 475 ​ $ 334 ​ ​ Pre-operating costs

Long- Lived Assets

Long- Lived Assets	3 Months Ended
	Mar. 31, 2024
Long-Lived Assets
Long -Lived Assets	Note 6—Long-Lived Assets Construction work in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2024 2023 Construction work in progress, beginning of period $ 522 ​ $ 1,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 49 ​ ​ 65 ​ Other equipment and construction projects ​ ​ 34 ​ ​ 16 ​ Total capital expenditures ​ ​ 83 ​ ​ 81 ​ Changes in accrued capital additions ​ ​ 16 ​ ​ (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ (27) ​ ​ (12) ​ Construction work in progress, end of period $ 594 ​ $ 1,260 ​ ​ Disposals Paul B. Loyd, Jr. Transocean Leader In February 2023, in connection with our investment in a noncontrolling ownership interest in GSR, we made a non-cash contribution of the cold stacked ultra-deepwater floater Ocean Rig Olympia Note 4—Unconsolidated Affiliates

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt
Debt	Note 7—Debt Overview Outstanding debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ March 31, ​ December 31 ​ March 31, ​ December 31 ​ 2024 2023 2024 2023 7.25% Senior Notes due November 2025 ​ $ 354 ​ $ 354 ​ ​ $ 352 ​ $ 352 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 234 ​ ​ 234 ​ ​ ​ 223 ​ ​ 221 ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 569 ​ ​ ​ 567 ​ ​ 567 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ 687 ​ ​ ​ 903 ​ ​ 938 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 371 ​ ​ 413 ​ ​ ​ 369 ​ ​ 409 ​ 8.00% Senior Notes due February 2027 ​ ​ 612 ​ ​ 612 ​ ​ ​ 609 ​ ​ 609 ​ 7.45% Notes due April 2027 ​ ​ 52 ​ ​ 52 ​ ​ ​ 52 ​ ​ 52 ​ 8.00% Debentures due April 2027 ​ ​ 22 ​ ​ 22 ​ ​ ​ 22 ​ ​ 22 ​ 4.50% Shipyard Loans due September 2027 ​ ​ 405 ​ ​ 420 ​ ​ ​ 374 ​ ​ 384 ​ 8.375% Senior Secured Notes due February 2028 ​ ​ 525 ​ ​ 525 ​ ​ ​ 518 ​ ​ 518 ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 264 ​ ​ 264 ​ 8.00% Senior Secured Notes due September 2028 ​ ​ 325 ​ ​ 325 ​ ​ ​ 321 ​ ​ 321 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ 259 ​ ​ 259 ​ ​ ​ 479 ​ ​ 486 ​ 8.75% Senior Secured Notes due February 2030 ​ ​ 1,058 ​ ​ 1,116 ​ ​ ​ 1,036 ​ ​ 1,094 ​ 7.50% Notes due April 2031 ​ ​ 396 ​ ​ 396 ​ ​ ​ 395 ​ ​ 395 ​ 6.80% Senior Notes due March 2038 ​ ​ 610 ​ ​ 610 ​ ​ ​ 605 ​ ​ 605 ​ 7.35% Senior Notes due December 2041 ​ ​ 177 ​ ​ 177 ​ ​ ​ 176 ​ ​ 176 ​ Total debt ​ ​ 6,917 ​ ​ 7,032 ​ ​ ​ 7,265 ​ ​ 7,413 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 71 ​ ​ 71 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 83 ​ ​ 83 ​ ​ ​ 81 ​ ​ 81 ​ 4.50% Shipyard Loans due September 2027 ​ ​ 105 ​ ​ 90 ​ ​ ​ 91 ​ ​ 75 ​ 8.375% Senior Secured Notes due February 2028 ​ ​ 50 ​ ​ — ​ ​ ​ 48 ​ ​ — ​ 8.00% Senior Secured Notes due September 2028 ​ ​ 60 ​ ​ 30 ​ ​ ​ 59 ​ ​ 30 ​ 8.75% Senior Secured Notes due February 2030 ​ ​ 117 ​ ​ 117 ​ ​ ​ 113 ​ ​ 113 ​ Total debt due within one year ​ ​ 415 ​ ​ 320 ​ ​ ​ 463 ​ ​ 370 ​ Total long-term debt $ 6,502 ​ $ 6,712 ​ $ 6,802 ​ $ 7,043 ​ ​ Scheduled maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other Total ​ installments installments installments Twelve months ending March 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 415 ​ $ 71 ​ $ 486 ​ 2026 ​ ​ 1,660 ​ ​ 72 ​ ​ 1,732 ​ 2027 ​ ​ 1,979 ​ ​ 72 ​ ​ 2,051 ​ 2028 ​ ​ 442 ​ ​ — ​ ​ 442 ​ 2029 ​ ​ 509 ​ ​ — ​ ​ 509 ​ Thereafter ​ ​ 1,912 ​ ​ — ​ ​ 1,912 ​ Total installments ​ $ 6,917 ​ $ 215 ​ ​ 7,132 ​ Total unamortized debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (207) ​ Bifurcated compound exchange feature, at estimated fair value ​ ​ ​ ​ ​ ​ ​ ​ 340 ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,265 ​ ​ Credit agreement Secured Credit Facility Subsequent event and thereafter reduce the borrowing capacity to $510 million through June 22, 2028 (the “Amended Secured Credit Facility”). Throughout the term of the Amended Secured Credit Facility, we pay a facility fee on the amount of the underlying commitment, which ranges from 0.375 percent to 1.00 percent based on the credit rating of the Amended Secured Credit Facility. We may borrow under the Amended Secured Credit Facility at a forward-looking term rate based on the secured overnight financing rate (“Term SOFR”) plus a margin and a Term SOFR spread adjustment of 0.10 percent. The Amended Secured Credit Facility is subject to permitted extensions and certain early maturity triggers, including if on any date the aggregate amount of scheduled principal repayments of indebtedness, with certain exceptions, due within 91 days thereof is equal to or in excess of $325 million and available cash is less than $250 million. The Amended Secured Credit Facility permits us to increase the aggregate amount of commitments by up to $250 million. The Amended Secured Credit Facility is guaranteed by Transocean Ltd. and certain wholly owned subsidiaries. The Amended Secured Credit Facility contains covenants that, among other things, include maintenance of a minimum guarantee coverage ratio of 3.0 to 1.0, a minimum collateral coverage ratio of 2.1 to 1.0, a maximum debt to capitalization ratio of 0.60 to 1.00 and minimum liquidity of $200 million. The Amended Secured Credit Facility also restricts the ability of Transocean Ltd. and certain of our subsidiaries to, among other things, merge, consolidate or otherwise make changes to the corporate structure, incur liens, incur additional indebtedness, enter into transactions with affiliates and permits, subject to certain conditions, the ability to pay dividends and repurchase our shares. In order to utilize the Amended Secured Credit Facility, we must, at the time of the borrowing request, be in full compliance with the terms and conditions of the Amended 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 Amended Secured Credit Facility are subject to acceleration upon the occurrence of an event of default. Under the agreements governing certain of our debt and finance lease, we are also subject to various covenants, including restrictions on creating liens, engaging in sale/leaseback transactions and engaging in certain merger, consolidation or reorganization transactions. A default under our public debt indentures, the agreements governing our senior secured notes, our finance lease contract or any other debt owed to unaffiliated entities that exceeds $125 million could trigger a default under the Secured Credit Facility and, if not waived by the lenders or otherwise cured, could cause us to lose access to the Amended Secured Credit Facility. Exchangeable bonds Exchange terms ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Implied ​ ​ ​ ​ ​ Exchange ​ exchange Shares ​ ​ ​ rate ​ price issuable ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 190.4762 ​ $ 5.25 ​ ​ 44.5 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ 290.6618 ​ $ 3.44 ​ ​ 75.3 ​ ​ The exchange rates, presented above, are subject to adjustment upon the occurrence of certain events. The 4.00% senior guaranteed exchangeable bonds due December 2025 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 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. Effective interest rates and fair values ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ Fair ​ ​ ​ ​ interest rate ​ value ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ ​ ​ ​ 6.9% ​ $ 335 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ ​ ​ ​ 18.3% ​ $ 562 ​ 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. Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ ​ ​ 2024 ​ 2023 ​ Contractual interest ​ ​ ​ ​ $ 5 ​ $ 7 ​ Amortization ​ ​ ​ ​ ​ 5 ​ ​ 5 ​ Bifurcated compound exchange feature ​ ​ ​ ​ ​ (10) ​ ​ 133 ​ Total ​ ​ ​ ​ $ — ​ $ 145 ​ ​ The 4.625% Senior Guaranteed Exchangeable Bonds contain a compound exchange feature that, in addition to the exchange terms presented below, 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 recognize changes to the estimated fair value of the bifurcated compound exchange feature, recorded as a component of the carrying amount of debt, with a corresponding adjustment to interest expense. At March 31, 2024 and December 31, 2023, the carrying amount of the bifurcated compound exchange feature was $340 million and $350 million, respectively. Debt issuance Senior secured notes Deepwater Titan In January 2023, we issued $1.175 billion aggregate principal amount of 8.75% senior secured notes due February 2030 (the “8.75% Senior Secured Notes”), and we received $1.148 billion aggregate cash proceeds, net of issue costs. The 8.75% Senior Secured Notes are secured by a lien on the ultra-deepwater floaters Deepwater Pontus Deepwater Proteus Deepwater Thalassa Transocean Enabler Transocean Encourage Subsequent events Early debt retirement During the three months ended March 31, 2023, we redeemed and retired certain notes, for which the aggregate principal amounts, cash payments and recognized loss were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ Three months ​ ​ ​ ended ​ ​ ​ March 31, 2023 ​ 5.375% Senior Secured Notes due May 2023 ​ $ 243 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 311 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 240 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 250 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 336 ​ 7.25% Senior Notes due November 2025 ​ ​ — ​ Aggregate principal amount of debt retired ​ $ 1,380 ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 1,402 ​ Aggregate net loss ​ $ (32) ​ ​ Subsequent events

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Taxes
Income Taxes	Note 8—Income Taxes Tax provision and rate Tax positions and returns Brazil tax investigations

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Earnings (Loss) Per Share
Earnings (Loss) Per Share	Note 9—Earnings (Loss) Per Share The computation of basic and diluted earnings (loss) per share was as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2024 ​ 2023 ​ ​ Basic ​ Diluted ​ Basic ​ Diluted ​ Numerator for earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to controlling interest ​ $ 98 ​ $ 98 ​ $ (465) ​ $ (465) ​ Effect of interest expense on convertible debt instruments ​ ​ — ​ ​ 10 ​ ​ — ​ ​ — ​ Earnings (loss) for per share calculation ​ $ 98 ​ ​ 108 ​ $ (465) ​ ​ (465) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 819 ​ ​ 819 ​ ​ 728 ​ ​ 728 ​ Effect of convertible debt instruments ​ ​ — ​ ​ 120 ​ ​ — ​ ​ — ​ Effect of share-based awards ​ ​ — ​ ​ 9 ​ ​ — ​ ​ — ​ Effect of warrants ​ ​ — ​ ​ 7 ​ ​ — ​ ​ — ​ Weighted-average shares for per share calculation ​ ​ 819 ​ ​ 955 ​ ​ 728 ​ ​ 728 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share ​ $ 0.12 ​ $ 0.11 ​ $ (0.64) ​ $ (0.64) ​ ​ We excluded from the computation certain shares issuable as follows because the effect would have been antidilutive (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ 2024 2023 ​ Exchangeable bonds ​ ​ — ​ ​ 183 ​ Share-based awards ​ ​ 4 ​ ​ 24 ​ Warrants ​ ​ — ​ ​ 9 ​ ​

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2024
Contingencies
Contingencies	Note 10—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 March 31, 2024, the subsidiary was a defendant in approximately 269 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, achieved 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.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2024
Financial Instruments
Financial Instruments	Note 11—Financial Instruments Overview ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 446 ​ $ 446 ​ $ 762 ​ $ 762 ​ Restricted cash and cash equivalents ​ ​ 270 ​ ​ 270 ​ ​ 233 ​ ​ 233 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 9 ​ ​ 8 ​ ​ 6 ​ ​ 6 ​ Total debt ​ ​ 7,265 ​ ​ 7,246 ​ ​ 7,413 ​ ​ 7,308 ​ ​ Cash and cash equivalents Restricted cash and cash equivalents Long-term loans receivable from unconsolidated affiliates Total debt Note 7—Debt

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Significant Accounting Policies
Presentation	Presentation Form 10K filed on February 21, 2024
Accounting estimates	Accounting estimates
Fair value measurements	Fair value measurements
Accounting standards updates	Recently issued accounting standards updates not yet adopted Segment reporting Income taxes

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2024
Revenues
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2024 ​ ​ 2023 ​ Ultra- Harsh ​ ​ ​ Ultra- Harsh ​ ​ deepwater environment ​ ​ ​ deepwater environment ​ ​ floaters floaters Total ​ ​ floaters floaters Total U.S. $ 370 ​ $ — ​ $ 370 ​ ​ $ 352 ​ $ — ​ $ 352 Brazil ​ ​ 155 ​ ​ — ​ ​ 155 ​ ​ ​ 63 ​ ​ — ​ ​ 63 ​ Norway ​ ​ — ​ ​ 151 ​ ​ 151 ​ ​ ​ — ​ ​ 148 ​ ​ 148 ​ Other countries (a) ​ ​ 44 ​ ​ 43 ​ ​ 87 ​ ​ ​ 69 ​ ​ 17 ​ ​ 86 ​ Total contract drilling revenues $ 569 ​ $ 194 ​ $ 763 ​ ​ $ 484 ​ $ 165 ​ $ 649 (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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31 ​ ​ 2024 2023 Deferred contract revenues, recorded in other current liabilities $ 223 ​ $ 165 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 252 ​ ​ 233 ​ Total contract liabilities $ 475 ​ $ 398 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2024 2023 Total contract liabilities, beginning of period ​ $ 398 ​ $ 328 ​ Decrease due to recognition of revenues for goods and services ​ ​ (46) ​ ​ (34) ​ Increase due to goods and services transferred over time ​ ​ 123 ​ ​ 40 ​ Total contract liabilities, end of period ​ $ 475 ​ $ 334 ​

Long-Lived Assets (Tables)

Long-Lived Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Long-Lived Assets
Changes in our construction work in progress, including capital expenditures and capitalized interest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2024 2023 Construction work in progress, beginning of period $ 522 ​ $ 1,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 49 ​ ​ 65 ​ Other equipment and construction projects ​ ​ 34 ​ ​ 16 ​ Total capital expenditures ​ ​ 83 ​ ​ 81 ​ Changes in accrued capital additions ​ ​ 16 ​ ​ (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ (27) ​ ​ (12) ​ Construction work in progress, end of period $ 594 ​ $ 1,260 ​

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ March 31, ​ December 31 ​ March 31, ​ December 31 ​ 2024 2023 2024 2023 7.25% Senior Notes due November 2025 ​ $ 354 ​ $ 354 ​ ​ $ 352 ​ $ 352 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 234 ​ ​ 234 ​ ​ ​ 223 ​ ​ 221 ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 569 ​ ​ ​ 567 ​ ​ 567 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ 687 ​ ​ ​ 903 ​ ​ 938 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 371 ​ ​ 413 ​ ​ ​ 369 ​ ​ 409 ​ 8.00% Senior Notes due February 2027 ​ ​ 612 ​ ​ 612 ​ ​ ​ 609 ​ ​ 609 ​ 7.45% Notes due April 2027 ​ ​ 52 ​ ​ 52 ​ ​ ​ 52 ​ ​ 52 ​ 8.00% Debentures due April 2027 ​ ​ 22 ​ ​ 22 ​ ​ ​ 22 ​ ​ 22 ​ 4.50% Shipyard Loans due September 2027 ​ ​ 405 ​ ​ 420 ​ ​ ​ 374 ​ ​ 384 ​ 8.375% Senior Secured Notes due February 2028 ​ ​ 525 ​ ​ 525 ​ ​ ​ 518 ​ ​ 518 ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 264 ​ ​ 264 ​ 8.00% Senior Secured Notes due September 2028 ​ ​ 325 ​ ​ 325 ​ ​ ​ 321 ​ ​ 321 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ 259 ​ ​ 259 ​ ​ ​ 479 ​ ​ 486 ​ 8.75% Senior Secured Notes due February 2030 ​ ​ 1,058 ​ ​ 1,116 ​ ​ ​ 1,036 ​ ​ 1,094 ​ 7.50% Notes due April 2031 ​ ​ 396 ​ ​ 396 ​ ​ ​ 395 ​ ​ 395 ​ 6.80% Senior Notes due March 2038 ​ ​ 610 ​ ​ 610 ​ ​ ​ 605 ​ ​ 605 ​ 7.35% Senior Notes due December 2041 ​ ​ 177 ​ ​ 177 ​ ​ ​ 176 ​ ​ 176 ​ Total debt ​ ​ 6,917 ​ ​ 7,032 ​ ​ ​ 7,265 ​ ​ 7,413 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 71 ​ ​ 71 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 83 ​ ​ 83 ​ ​ ​ 81 ​ ​ 81 ​ 4.50% Shipyard Loans due September 2027 ​ ​ 105 ​ ​ 90 ​ ​ ​ 91 ​ ​ 75 ​ 8.375% Senior Secured Notes due February 2028 ​ ​ 50 ​ ​ — ​ ​ ​ 48 ​ ​ — ​ 8.00% Senior Secured Notes due September 2028 ​ ​ 60 ​ ​ 30 ​ ​ ​ 59 ​ ​ 30 ​ 8.75% Senior Secured Notes due February 2030 ​ ​ 117 ​ ​ 117 ​ ​ ​ 113 ​ ​ 113 ​ Total debt due within one year ​ ​ 415 ​ ​ 320 ​ ​ ​ 463 ​ ​ 370 ​ Total long-term debt $ 6,502 ​ $ 6,712 ​ $ 6,802 ​ $ 7,043 ​
Scheduled maturities of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other Total ​ installments installments installments Twelve months ending March 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 415 ​ $ 71 ​ $ 486 ​ 2026 ​ ​ 1,660 ​ ​ 72 ​ ​ 1,732 ​ 2027 ​ ​ 1,979 ​ ​ 72 ​ ​ 2,051 ​ 2028 ​ ​ 442 ​ ​ — ​ ​ 442 ​ 2029 ​ ​ 509 ​ ​ — ​ ​ 509 ​ Thereafter ​ ​ 1,912 ​ ​ — ​ ​ 1,912 ​ Total installments ​ $ 6,917 ​ $ 215 ​ ​ 7,132 ​ Total unamortized debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (207) ​ Bifurcated compound exchange feature, at estimated fair value ​ ​ ​ ​ ​ ​ ​ ​ 340 ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,265 ​
Schedule of debt retirements	​ ​ ​ ​ ​ ​ ​ ​ Three months ​ ​ ​ ended ​ ​ ​ March 31, 2023 ​ 5.375% Senior Secured Notes due May 2023 ​ $ 243 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 311 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 240 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 250 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 336 ​ 7.25% Senior Notes due November 2025 ​ ​ — ​ Aggregate principal amount of debt retired ​ $ 1,380 ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 1,402 ​ Aggregate net loss ​ $ (32) ​
Exchanged
Debt
Schedule of debt	Exchange terms ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Implied ​ ​ ​ ​ ​ Exchange ​ exchange Shares ​ ​ ​ rate ​ price issuable ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 190.4762 ​ $ 5.25 ​ ​ 44.5 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ 290.6618 ​ $ 3.44 ​ ​ 75.3 ​
Schedule of interest expense	Effective interest rates and fair values ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ Fair ​ ​ ​ ​ interest rate ​ value ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ ​ ​ ​ 6.9% ​ $ 335 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ ​ ​ ​ 18.3% ​ $ 562 ​ 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. Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ ​ ​ 2024 ​ 2023 ​ Contractual interest ​ ​ ​ ​ $ 5 ​ $ 7 ​ Amortization ​ ​ ​ ​ ​ 5 ​ ​ 5 ​ Bifurcated compound exchange feature ​ ​ ​ ​ ​ (10) ​ ​ 133 ​ Total ​ ​ ​ ​ $ — ​ $ 145 ​

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings (Loss) Per Share
Schedule of earnings (loss) per share	The computation of basic and diluted earnings (loss) per share was as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2024 ​ 2023 ​ ​ Basic ​ Diluted ​ Basic ​ Diluted ​ Numerator for earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to controlling interest ​ $ 98 ​ $ 98 ​ $ (465) ​ $ (465) ​ Effect of interest expense on convertible debt instruments ​ ​ — ​ ​ 10 ​ ​ — ​ ​ — ​ Earnings (loss) for per share calculation ​ $ 98 ​ ​ 108 ​ $ (465) ​ ​ (465) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 819 ​ ​ 819 ​ ​ 728 ​ ​ 728 ​ Effect of convertible debt instruments ​ ​ — ​ ​ 120 ​ ​ — ​ ​ — ​ Effect of share-based awards ​ ​ — ​ ​ 9 ​ ​ — ​ ​ — ​ Effect of warrants ​ ​ — ​ ​ 7 ​ ​ — ​ ​ — ​ Weighted-average shares for per share calculation ​ ​ 819 ​ ​ 955 ​ ​ 728 ​ ​ 728 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share ​ $ 0.12 ​ $ 0.11 ​ $ (0.64) ​ $ (0.64) ​
Schedule of antidilutive securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ 2024 2023 ​ Exchangeable bonds ​ ​ — ​ ​ 183 ​ Share-based awards ​ ​ 4 ​ ​ 24 ​ Warrants ​ ​ — ​ ​ 9 ​ ​

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Financial Instruments
Carrying amounts and fair values of the financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 446 ​ $ 446 ​ $ 762 ​ $ 762 ​ Restricted cash and cash equivalents ​ ​ 270 ​ ​ 270 ​ ​ 233 ​ ​ 233 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 9 ​ ​ 8 ​ ​ 6 ​ ​ 6 ​ Total debt ​ ​ 7,265 ​ ​ 7,246 ​ ​ 7,413 ​ ​ 7,308 ​

Business (Details)

Business (Details)	Mar. 31, 2024 item
Number of mobile offshore drilling units	36
Ultra-deepwater floaters
Number of mobile offshore drilling units	28
Harsh environment floaters
Number of mobile offshore drilling units	8
Ultra Deepwater drillships
Number of mobile offshore drilling units under construction	1

Unconsolidated Affiliates (Deta

Unconsolidated Affiliates (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments
Equity in losses		$ (2)	$ (13)
Aggregate carrying amount of equity investment		$ 213		$ 216
Global Sea Mineral Resources
Investments
Equity method investment payment	$ 10
Equity investment non-cash contribution	$ 85

Revenues (Disaggregation) (Deta

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue
Contract drilling revenues	$ 763	$ 649
U.S.
Revenue
Contract drilling revenues	370	352
Brazil
Revenue
Contract drilling revenues	155	63
Norway
Revenue
Contract drilling revenues	151	148
Other Countries
Revenue
Contract drilling revenues	87	86
Ultra-deepwater floaters
Revenue
Contract drilling revenues	569	484
Ultra-deepwater floaters | U.S.
Revenue
Contract drilling revenues	370	352
Ultra-deepwater floaters | Brazil
Revenue
Contract drilling revenues	155	63
Ultra-deepwater floaters | Other Countries
Revenue
Contract drilling revenues	44	69
Harsh environment floaters
Revenue
Contract drilling revenues	194	165
Harsh environment floaters | Norway
Revenue
Contract drilling revenues	151	148
Harsh environment floaters | Other Countries
Revenue
Contract drilling revenues	$ 43	$ 17

Revenues (Contract liabilities)

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 223	$ 165
Deferred contract revenues, recorded in other long-term liabilities	252	233
Total contract liabilities	$ 475	$ 398	$ 334	$ 328

Revenues (Changes) (Details)

Revenues (Changes) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes to contract liabilities
Total contract liabilities, at beginning of period	$ 398	$ 328
Decrease due to recognition of revenues for goods and services	(46)	(34)
Increase due to goods and services transferred over time	123	40
Total contract liabilities, at end of period	$ 475	$ 334

Revenues (Pre-operating) (Detai

Revenues (Pre-operating) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenues
Recognized pre-operating costs	$ 20	$ 10
Unrecognized pre-operating costs	$ 258		$ 221

Long-Lived Assets - Constructio

Long-Lived Assets - Construction work in progress (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes in construction work in progress
Total capital expenditures	$ 83	$ 81
Changes in accrued capital additions	16	(4)
Construction in Progress
Changes in construction work in progress
Construction work in progress, at beginning of period	522	1,195
Construction work in progress, at end of period	594	1,260
New builds
Changes in construction work in progress
Total capital expenditures	49	65
Other property and equipment
Changes in construction work in progress
Total capital expenditures	34	16
Property and equipment placed into service	$ (27)	$ (12)

Long-Lived Assets - Disposal (D

Long-Lived Assets - Disposal (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Acquisition and Disposals
Proceeds from disposal of assets, net	$ 44	$ 1
Gain (loss) on the sale of assets	(6)	(170)
Assets sold, not discontinued operations | Rig sales
Acquisition and Disposals
Proceeds from disposal of assets, net	43
Gain (loss) on the sale of assets	(1)	$ (169)
Gain (loss) on the sale of assets per diluted share		$ (0.23)
Gain (loss) on disposal of assets, tax effect	0	$ 0
Assets sold, not discontinued operations | Other property and equipment
Acquisition and Disposals
Proceeds from disposal of assets, net	1
Gain (loss) on the sale of assets	$ (6)
Assets held for sale | Rig sales
Acquisition and Disposals
Assets held for sale			$ 49

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Principal amount
Debt due within one year	$ 415	$ 320
Long-term debt	6,502	6,712
Carrying amount
Total debt	7,265	7,413
Debt due within one year	463	370
Long-term debt	6,802	7,043
7.25% Senior Notes due November 2025
Principal amount
Total installments	354	354
Carrying amount
Total debt	$ 352	352
Debt instrument interest rate stated percentage	7.25%
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Principal amount
Total installments	$ 234	234
Carrying amount
Total debt	$ 223	221
Debt instrument interest rate stated percentage	4%
7.50% Senior Notes due January 2026
Principal amount
Total installments	$ 569	569
Carrying amount
Total debt	$ 567	567
Debt instrument interest rate stated percentage	7.50%
11.50% Senior Guaranteed Notes due January 2027
Principal amount
Total installments	$ 687	687
Carrying amount
Total debt	903	938
Debt due within one year	$ 71	71
Debt instrument interest rate stated percentage	11.50%
6.875% Senior Secured Notes due February 2027
Principal amount
Total installments	$ 371	413
Debt due within one year	83	83
Carrying amount
Total debt	369	409
Debt due within one year	$ 81	81
Debt instrument interest rate stated percentage	6.875%
8.00% Senior Notes due February 2027
Principal amount
Total installments	$ 612	612
Carrying amount
Total debt	$ 609	609
Debt instrument interest rate stated percentage	8%
7.45% Notes due April 2027
Principal amount
Total installments	$ 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	$ 22	22
Carrying amount
Total debt	$ 22	22
Debt instrument interest rate stated percentage	8%
4.50% Shipyard Loans due September 2027
Principal amount
Total installments	$ 405	420
Debt due within one year	105	90
Carrying amount
Total debt	374	384
Debt due within one year	$ 91	75
Debt instrument interest rate stated percentage	4.50%
8.375% Senior Secured Notes due February 2028
Principal amount
Total installments	$ 525	525
Debt due within one year	50
Carrying amount
Total debt	518	518
Debt due within one year	$ 48
Debt instrument interest rate stated percentage	8.375%
7.00% Notes due June 2028
Principal amount
Total installments	$ 261	261
Carrying amount
Total debt	$ 264	264
Debt instrument interest rate stated percentage	7%
8.00% Senior Secured Notes due September 2028
Principal amount
Total installments	$ 325	325
Debt due within one year	60	30
Carrying amount
Total debt	321	321
Debt due within one year	$ 59	30
Debt instrument interest rate stated percentage	8%
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Principal amount
Total installments	$ 259	259
Carrying amount
Total debt	$ 479	486
Debt instrument interest rate stated percentage	4.625%
8.75% Senior Secured Notes Due February 2030
Principal amount
Total installments	$ 1,058	1,116
Debt due within one year	117	117
Carrying amount
Total debt	1,036	1,094
Debt due within one year	$ 113	113
Debt instrument interest rate stated percentage	8.75%
7.50% Notes due April 2031
Principal amount
Total installments	$ 396	396
Carrying amount
Total debt	$ 395	395
Debt instrument interest rate stated percentage	7.50%
6.80% Senior Notes due March 2038
Principal amount
Total installments	$ 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	$ 177	177
Carrying amount
Total debt	$ 176	176
Debt instrument interest rate stated percentage	7.35%
Principal installments
Principal amount
Total installments	$ 6,917	$ 7,032

Debt (Maturities) (Details)

Debt (Maturities) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Total Installments
Scheduled maturities of debt
2025	$ 486
2026	1,732
2027	2,051
2028	442
2029	509
Thereafter	1,912
Total installments	7,132
Total unamortized debt-related balances, net	(207)
Bifurcated compound exchange feature, at estimated fair value	340
Total carrying amount of debt	7,265
Principal installments
Scheduled maturities of debt
2025	415
2026	1,660
2027	1,979
2028	442
2029	509
Thereafter	1,912
Total installments	6,917	$ 7,032
Other installments
Scheduled maturities of debt
2025	71
2026	72
2027	72
Total installments	$ 215

Debt (Credit Agreements) (Detai

Debt (Credit Agreements) (Details) - Five-Year Revolving Credit Facility $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)
Debt
Borrowing capacity, maximum		$ 600
Commitment fee percentage at period end		0.625%
Credit facility amount outstanding		$ 0
Letters of credit issued and outstanding		12
Credit facility available borrowing capacity		$ 588
Early maturity trigger, principal due within 91 days	$ 325
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	$ 200
Cross default trigger under credit facility	$ 125
Minimum
Debt
Commitment fee percentage at period end	0.375%
Maximum
Debt
Commitment fee percentage at period end	1%
June 2025
Debt
Borrowing capacity, maximum	$ 576
June 2028
Debt
Borrowing capacity, maximum	$ 510
Term SOFR
Debt
Spread on variable rate basis (as a percent)	0.10%

Debt (Exchangeable) (Details)

Debt (Exchangeable) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Debt
Debt instrument interest rate stated percentage	4%
Debt conversion ratio	0.1904762
Debt conversion (in dollars per share) | $ / shares	$ 5.25
Shares issuable (in shares)	44.5
Effective interest rate (as a percent)	6.90%
Fair value of debt	$ 335
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Debt
Debt instrument interest rate stated percentage	4.625%
Debt conversion ratio	0.2906618
Debt conversion (in dollars per share) | $ / shares	$ 3.44
Shares issuable (in shares)	75.3
Effective interest rate (as a percent)	18.30%
Fair value of debt	$ 562
Bifurcated compound exchange feature, at estimated fair value	$ 340	$ 350

Debt (Interest Expense) (Detail

Debt (Interest Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest Expense
Amortization	$ 13	$ 13
Bifurcated compound exchange feature	(10)	133
Total interest expense	117	249
Exchangeable bonds
Interest Expense
Contractual interest	5	7
Amortization	5	5
Bifurcated compound exchange feature	$ (10)	133
Total interest expense		$ 145

Debt (Issuance) (Details)

Debt (Issuance) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Apr. 30, 2024	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2024
Debt
Proceeds from issuance of debt			$ 1,665
8.375% Senior Secured Notes due February 2028
Debt
Debt instrument face value		$ 525
Debt instrument interest rate stated percentage				8.375%
Proceeds from issuance of debt		$ 516
Redemption price of debt instrument (as a percent)		100%
8.75% Senior Secured Notes Due February 2030
Debt
Debt instrument face value		$ 1,175
Debt instrument interest rate stated percentage				8.75%
Proceeds from issuance of debt		$ 1,148
Redemption price of debt instrument (as a percent)		100%
8.25% Senior Guaranteed Notes Due May 2029 and 8.50% Senior Guaranteed Notes Due May 2031
Debt
Proceeds from issuance of debt	$ 1,770
Redemption price of debt instrument (as a percent)	100%
8.25% Senior Guaranteed Notes Due May 2029
Debt
Debt instrument face value	$ 900
8.50% Senior Guaranteed Notes Due May 2031
Debt
Debt instrument face value	$ 900

Debt (Settled) (Details)

Debt (Settled) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Debt
Aggregate principal amount of debt retired			$ 1,380
Aggregate cash payment			1,402
Aggregate net loss			(32)
Repayments of debt		$ 151	1,564
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage		5.375%
Aggregate principal amount of debt retired			243
5.875% Senior Secured Notes due January 2024
Debt
Debt instrument interest rate stated percentage		5.875%
Aggregate principal amount of debt retired			311
7.75% Senior Secured Notes due October 2024
Debt
Debt instrument interest rate stated percentage		7.75%
Aggregate principal amount of debt retired			240
6.25% Senior Secured Notes due December 2024
Debt
Debt instrument interest rate stated percentage		6.25%
Aggregate principal amount of debt retired			250
6.125% Senior Secured Notes due August 2025
Debt
Debt instrument interest rate stated percentage		6.125%
Aggregate principal amount of debt retired			$ 336
7.25% Senior Notes due November 2025
Debt
Debt instrument interest rate stated percentage		7.25%
11.50% Senior Guaranteed Notes due January 2027
Debt
Debt instrument interest rate stated percentage		11.50%
7.50% Senior Notes due January 2026
Debt
Debt instrument interest rate stated percentage		7.50%
8.00% Senior Notes due February 2027
Debt
Debt instrument interest rate stated percentage		8%
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Debt
Debt instrument interest rate stated percentage		4.625%
Tendered
Debt
Aggregate cash payment	$ 873
Tendered | 7.25% Senior Notes due November 2025
Debt
Aggregate principal amount of debt retired	249
Tendered | 11.50% Senior Guaranteed Notes due January 2027
Debt
Aggregate principal amount of debt retired	596
Repurchased
Debt
Aggregate cash payment	658
Repurchased | 7.25% Senior Notes due November 2025
Debt
Aggregate principal amount of debt retired	105
Aggregate cash payment	105
Repurchased | 7.50% Senior Notes due January 2026
Debt
Aggregate principal amount of debt retired	569
Repurchased | 8.00% Senior Notes due February 2027
Debt
Aggregate principal amount of debt retired	$ 87

Income Taxes (Provision) (Detai

Income Taxes (Provision) (Details) R$ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 BRL (R$)	Mar. 31, 2023 USD ($)
Effective tax rate	206%	206%	(12.30%)
Various discrete tax items expense (benefit)	$ (121)		$ (11)
Annual effective tax rate excluding discrete items (as a percent)	76.90%	76.90%	(29.00%)
Brazil | Corporate income tax
Net adjustments of additional taxes, including interest and penalties	$ 140	R$ 704
Brazil | Indirect tax
Net adjustments of additional taxes, including interest and penalties	$ 18	R$ 91

Earnings (Loss) Per Share (Basi

Earnings (Loss) Per Share (Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator for loss per share, basic
Net Income (Loss)	$ 98	$ (465)
Earnings (loss) for per share calculation, basic	$ 98	$ (465)
Denominator for loss per share, basic
Weighted-average shares outstanding (in shares)	819	728
Earnings (loss) per share, basic (in dollars per share)	$ 0.12	$ (0.64)
Numerator for loss per share, diluted
Net Income (Loss)	$ 98	$ (465)
Effect of interest expense on convertible debt instruments	10
Earnings (loss) for per share calculation, diluted	$ 108	$ (465)
Denominator for loss per share, diluted
Weighted-average shares outstanding (in shares)	819	728
Effect of convertible debt instruments (in shares)	120
Effect of share-based awards (in shares)	9
Effect of warrants (in shares)	7
Weighted-average shares for per share calculation, diluted (in shares)	955	728
Earnings (loss) per share, diluted (in dollars per share)	$ 0.11	$ (0.64)
Exchangeable bonds
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)		183
Share-based awards
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	4	24
Warrant
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)		9

Contingencies (Legal proceeding

Contingencies (Legal proceedings) (Details) - Asbestos litigation	Mar. 31, 2024 plaintiff lawsuit
Contingencies
Number of claims | lawsuit	269
Louisiana
Contingencies
Number of claims	6
Illinois, Missouri or California
Contingencies
Number of claims	17

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financial instruments
Total debt	$ 7,265	$ 7,413
Carrying amount
Financial instruments
Cash and cash equivalents	446	762
Restricted cash and cash equivalents	270	233
Long-term loans receivable from unconsolidated affiliates	9	6
Total debt	7,265	7,413
Fair value
Financial instruments
Cash and cash equivalents	446	762
Restricted cash and cash equivalents	270	233
Long-term loans receivable from unconsolidated affiliates	8	6
Total debt	$ 7,246	$ 7,308

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 98	$ (465)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false