Transocean (RIG) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 24, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act 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
Title of 12(b) Security	Shares
Trading Symbol	RIG
Security Exchange Name	NYSE
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		875,803,595
Entity Central Index Key	0001451505
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating revenues
Contract drilling revenues	$ 948	$ 713	$ 2,572	$ 2,091
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Costs and expenses
Operating and maintenance	$ 563	$ 524	$ 1,620	$ 1,417
Cost, Product and Service [Extensible Enumeration]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 190	$ 192	$ 559	$ 560
General and administrative	47	44	158	137
Total costs and expenses	800	760	2,337	2,114
Loss on impairment of assets	(629)	(5)	(772)	(58)
Loss on disposal of assets, net	(4)	(3)	(10)	(173)
Operating loss	(485)	(55)	(547)	(254)
Other income (expense), net
Interest income	11	12	40	42
Interest expense, net of amounts capitalized	(80)	(232)	(271)	(649)
Gain (loss) on retirement of debt	21		161	(32)
Other, net	8	12	32	35
Total other income (expense), net	(40)	(208)	(38)	(604)
Loss before income tax benefit	(525)	(263)	(585)	(858)
Income tax benefit	(31)	(43)	(66)	(8)
Net loss	(494)	(220)	(519)	(850)
Net loss attributable to controlling interest	$ (494)	$ (220)	$ (519)	$ (850)
Loss per share, basic (in dollars per share)	$ (0.56)	$ (0.28)	$ (0.62)	$ (1.13)
Loss per share, diluted (in dollars per share)	$ (0.58)	$ (0.28)	$ (0.65)	$ (1.13)
Weighted-average shares, basic (in shares)	879	774	840	755
Weighted-average shares, diluted (in shares)	954	774	915	755

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (494)	$ (220)	$ (519)	$ (850)
Net loss attributable to controlling interest	(494)	(220)	(519)	(850)
Components of net periodic benefit costs before reclassifications			(4)	(11)
Components of net periodic benefit costs reclassified to net loss	1		2
Other comprehensive income (loss) before income taxes	1		(2)	(11)
Other comprehensive income (loss)	1		(2)	(11)
Other comprehensive income (loss) attributable to controlling interest	1		(2)	(11)
Total comprehensive loss	(493)	(220)	(521)	(861)
Total comprehensive loss attributable to controlling interest	$ (493)	$ (220)	$ (521)	$ (861)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 435	$ 762
Accounts receivable, net of allowance of $2 at September 30, 2024 and December 31, 2023	594	512
Materials and supplies, net of allowance of $176 and $198 at September 30, 2024 and December 31, 2023, respectively	425	426
Assets held for sale	345	49
Restricted cash and cash equivalents	365	233
Other current assets	179	144
Total current assets	2,343	2,126
Property and equipment	22,412	23,875
Less accumulated depreciation	(6,424)	(6,934)
Property and equipment, net	15,988	16,941
Contract intangible assets		4
Deferred tax assets, net	165	44
Other assets	1,014	1,139
Total assets	19,510	20,254
Liabilities and equity
Accounts payable	255	323
Accrued income taxes	13	23
Debt due within one year	457	370
Other current liabilities	706	681
Total current liabilities	1,431	1,397
Long-term debt	6,503	7,043
Deferred tax liabilities, net	570	540
Other long-term liabilities	778	858
Total long-term liabilities	7,851	8,441
Commitments and contingencies
Shares, $0.10 par value, 1,057,879,029 authorized, 141,262,093 conditionally authorized, 940,828,901 issued and 875,803,595 outstanding at September 30, 2024, and CHF 0.10 par value, 1,021,294,549 authorized, 142,362,093 conditionally authorized, 843,715,858 issued and 809,030,846 outstanding at December 31, 2023	87	81
Additional paid-in capital	14,871	14,544
Accumulated deficit	(4,552)	(4,033)
Accumulated other comprehensive loss	(179)	(177)
Total controlling interest shareholders' equity	10,227	10,415
Noncontrolling interest	1	1
Total equity	10,228	10,416
Total liabilities and equity	$ 19,510	$ 20,254

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts | $	$ 2	$ 2
Materials and supplies, allowance for obsolescence | $	$ 176	$ 198
Shares, Par value | (per share)	$ 0.10
Shares, authorized	1,057,879,029	1,021,294,549
Shares, conditionally authorized	141,262,093	142,362,093
Shares, issued	940,828,901	843,715,858
Shares, outstanding	875,803,595	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 loss attributable to controlling interest	(861)						(861)
Total comprehensive loss							(861)
Share-based compensation	30		30				30
Issuance of shares	357	7	350				357
Net Income (Loss)				(850)			(850)
Other comprehensive income (loss) attributable to controlling interest					(11)		(11)
Balance at Sep. 30, 2023	10,317	78	14,364	(3,929)	(196)	1	10,318
Balance at Jun. 30, 2023	10,404	76	14,233	(3,709)	(196)	1	10,405
Increase (Decrease) in Shareholders' Equity
Total comprehensive loss attributable to controlling interest	(220)						(220)
Total comprehensive loss							(220)
Share-based compensation	10		10				10
Issuance of shares	123	2	121				123
Net Income (Loss)				(220)			(220)
Balance at Sep. 30, 2023	10,317	78	14,364	(3,929)	(196)	1	10,318
Balance at Dec. 31, 2023	10,415	81	14,544	(4,033)	(177)	1	10,416
Increase (Decrease) in Shareholders' Equity
Total comprehensive loss attributable to controlling interest	(521)						(521)
Total comprehensive loss							(521)
Share-based compensation	38		38				38
Issuance of shares	295	6	289				295
Net Income (Loss)				(519)			(519)
Other comprehensive income (loss) attributable to controlling interest					(2)		(2)
Balance at Sep. 30, 2024	10,227	87	14,871	(4,552)	(179)	1	10,228
Balance at Jun. 30, 2024	10,708	87	14,859	(4,058)	(180)	1	10,709
Increase (Decrease) in Shareholders' Equity
Total comprehensive loss attributable to controlling interest	(493)						(493)
Total comprehensive loss							(493)
Share-based compensation	12		12				12
Net Income (Loss)				(494)			(494)
Other comprehensive income (loss) attributable to controlling interest					1		1
Balance at Sep. 30, 2024	$ 10,227	$ 87	$ 14,871	$ (4,552)	$ (179)	$ 1	$ 10,228

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (519)	$ (850)
Adjustments to reconcile to net cash provided by operating activities:
Amortization of contract intangible asset	4	45
Depreciation and amortization	559	560
Share-based compensation expense	38	30
Loss on impairment of assets	772	58
Loss on impairment of investment in unconsolidated affiliate	5
Loss on disposal of assets, net	10	173
Fair value adjustment to bifurcated compound exchange feature	(153)	272
Amortization of debt-related balances, net	39	38
(Gain) loss on retirement of debt	(161)	32
Deferred income tax expense (benefit)	(91)	1
Other, net	(6)	21
Changes in deferred revenues, net	98	40
Changes in deferred costs, net	(26)	(125)
Changes in other operating assets and liabilities, net	(328)	(229)
Net cash provided by operating activities	241	66
Cash flows from investing activities
Capital expenditures	(225)	(207)
Investment in loans to unconsolidated affiliates	(3)	(3)
Investment in equity of unconsolidated affiliate		(10)
Proceeds from disposal of assets, net of costs to sell	99	10
Cash acquired in acquisition of unconsolidated affiliates	5	7
Net cash used in investing activities	(124)	(203)
Cash flows from financing activities
Repayments of debt	(2,073)	(1,707)
Proceeds from issuance of debt, net of issue costs	1,767	1,664
Other, net	(6)	(3)
Net cash used in financing activities	(312)	(46)
Net decrease in unrestricted and restricted cash and cash equivalents	(195)	(183)
Unrestricted and restricted cash and cash equivalents, beginning of period	995	991
Unrestricted and restricted cash and cash equivalents, end of period	$ 800	$ 808

Business

Business	9 Months Ended
	Sep. 30, 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 September 30, 2024, we owned or had partial ownership interests in and operated a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2024
Unconsolidated Affiliates
Unconsolidated Affiliates	Note 4—Unconsolidated Affiliates Overview Acquisitions Transocean Norge Note 6—Long-Lived Assets Note 7—Debt Note 11—Equity At December 31, 2022, we held a 20 percent noncontrolling interest in Liquila Ventures Ltd. (together with its subsidiaries, “Liquila”), the Bermuda company that was constructing the ultra-deepwater floater Deepwater Aquila Note 6—Long-Lived Assets Note 11—Equity Contribution Ocean Rig Olympia Note 6—Long-Lived Assets Related party transactions Transocean Norge

Revenues

Revenues	9 Months Ended
	Sep. 30, 2024
Revenues.
Revenues	Note 5—Revenues Overview Disaggregation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2024 ​ 2023 2024 ​ 2023 ​ 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. $ 395 ​ $ — ​ $ 395 ​ $ 360 ​ $ — ​ $ 360 $ 1,171 ​ $ — ​ $ 1,171 ​ $ 1,077 ​ $ — ​ $ 1,077 Brazil ​ ​ 204 ​ ​ — ​ ​ 204 ​ ​ 55 ​ ​ — ​ ​ 55 ​ ​ 509 ​ ​ — ​ ​ 509 ​ ​ 183 ​ ​ — ​ ​ 183 ​ Norway ​ ​ — ​ ​ 172 ​ ​ 172 ​ ​ — ​ ​ 164 ​ ​ 164 ​ ​ — ​ ​ 486 ​ ​ 486 ​ ​ — ​ ​ 454 ​ ​ 454 ​ Other countries (a) ​ ​ 69 ​ ​ 108 ​ ​ 177 ​ ​ 101 ​ ​ 33 ​ ​ 134 ​ ​ 163 ​ ​ 243 ​ ​ 406 ​ ​ 276 ​ ​ 101 ​ ​ 377 ​ Total contract drilling revenues $ 668 ​ $ 280 ​ $ 948 ​ $ 516 ​ $ 197 ​ $ 713 $ 1,843 ​ $ 729 ​ $ 2,572 ​ $ 1,536 ​ $ 555 ​ $ 2,091 (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 ​ ​ 2024 2023 Deferred contract revenues, recorded in other current liabilities $ 265 ​ $ 165 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 231 ​ ​ 233 ​ Total contract liabilities $ 496 ​ $ 398 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ 2024 2023 Total contract liabilities, beginning of period ​ $ 398 ​ $ 328 ​ Decrease due to recognition of revenues for goods and services ​ ​ (172) ​ ​ (149) ​ Increase due to goods and services transferred over time ​ ​ 270 ​ ​ 189 ​ Total contract liabilities, end of period ​ $ 496 ​ $ 368 ​ ​ Pre-operating costs

Long- Lived Assets

Long- Lived Assets	9 Months Ended
	Sep. 30, 2024
LONG LIVED ASSETS
Long -Lived Assets	Note 6—Long-Lived Assets Construction work in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2024 2023 Construction work in progress, beginning of period $ 522 ​ $ 1,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 135 ​ ​ 145 ​ Other equipment and construction projects ​ ​ 90 ​ ​ 62 ​ Total capital expenditures ​ ​ 225 ​ ​ 207 ​ Non-cash capital additions acquired in exchange for issuance of shares of Transocean Ltd. ​ ​ — ​ ​ 126 ​ Changes in accrued capital additions ​ ​ (12) ​ ​ 6 ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ (547) ​ ​ (1,157) ​ Other equipment and construction projects ​ ​ (119) ​ ​ (57) ​ Construction work in progress, end of period $ 69 ​ $ 320 ​ ​ Acquisitions Transocean Norge Deepwater Aquila Note 4—Unconsolidated Affiliates Note 7—Debt Note 11—Equity Impairments Deepwater Nautilus Development Driller III Discoverer Inspiration Paul B. Loyd, Jr. Transocean Leader We measured the impairment of the rigs and related assets as the amount by which the carrying amount exceeded the estimated fair value less costs to sell. We estimated the fair value of the assets using significant other observable inputs, representative of Level 2 fair value measurements, including binding contracts for the sale of the rigs and related assets. Disposals Paul B. Loyd, Jr. Transocean Leader Deepwater Nautilus and $4 million, respectively and recognized an aggregate net loss of $10 million and $4 million, respectively, associated with the disposal of assets unrelated to rig sales. 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 Ocean Rig Olympia Note 4—Unconsolidated Affiliates Assets held for sale Development Driller III Discoverer Inspiration At December 31, 2023, the aggregate carrying amount of our assets held for sale, including Paul B. Loyd, Jr Transocean Leader

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt
Debt	Note 7—Debt Overview Outstanding debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ 2024 2023 2024 2023 7.25% Senior Notes due November 2025 ​ $ — ​ $ 354 ​ ​ $ — ​ $ 352 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 234 ​ ​ 234 ​ ​ ​ 226 ​ ​ 221 ​ 7.50% Senior Notes due January 2026 ​ ​ — ​ ​ 569 ​ ​ ​ — ​ ​ 567 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ 687 ​ ​ ​ — ​ ​ 938 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 330 ​ ​ 413 ​ ​ ​ 328 ​ ​ 409 ​ 8.00% Senior Notes due February 2027 ​ ​ 655 ​ ​ 612 ​ ​ ​ 653 ​ ​ 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 ​ ​ 359 ​ ​ 420 ​ ​ ​ 336 ​ ​ 384 ​ 8.375% Senior Secured Notes due February 2028 ​ ​ 525 ​ ​ 525 ​ ​ ​ 517 ​ ​ 518 ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 263 ​ ​ 264 ​ 8.00% Senior Secured Notes due September 2028 ​ ​ 295 ​ ​ 325 ​ ​ ​ 291 ​ ​ 321 ​ 8.25% Senior Notes due May 2029 ​ ​ 900 ​ ​ — ​ ​ ​ 886 ​ ​ — ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ 259 ​ ​ 259 ​ ​ ​ 344 ​ ​ 486 ​ 8.75% Senior Secured Notes due February 2030 ​ ​ 999 ​ ​ 1,116 ​ ​ ​ 980 ​ ​ 1,094 ​ 7.50% Notes due April 2031 ​ ​ 396 ​ ​ 396 ​ ​ ​ 395 ​ ​ 395 ​ 8.50% Senior Notes due May 2031 ​ ​ 900 ​ ​ — ​ ​ ​ 886 ​ ​ — ​ 6.80% Senior Notes due March 2038 ​ ​ 610 ​ ​ 610 ​ ​ ​ 605 ​ ​ 605 ​ 7.35% Senior Notes due December 2041 ​ ​ 177 ​ ​ 177 ​ ​ ​ 176 ​ ​ 176 ​ Total debt ​ ​ 6,974 ​ ​ 7,032 ​ ​ ​ 6,960 ​ ​ 7,413 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 71 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 83 ​ ​ 83 ​ ​ ​ 81 ​ ​ 81 ​ 4.50% Shipyard Loans due September 2027 ​ ​ 120 ​ ​ 90 ​ ​ ​ 107 ​ ​ 75 ​ 8.375% Senior Secured Notes due February 2028 ​ ​ 100 ​ ​ — ​ ​ ​ 97 ​ ​ — ​ 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 ​ ​ 480 ​ ​ 320 ​ ​ ​ 457 ​ ​ 370 ​ Total long-term debt $ 6,494 ​ $ 6,712 ​ $ 6,503 ​ $ 7,043 ​ ​ Scheduled maturities ​ ​ ​ ​ ​ ​ ​ Total Twelve months ending September 30, ​ ​ ​ ​ 2025 ​ $ 480 ​ 2026 ​ ​ 767 ​ 2027 ​ ​ 1,293 ​ 2028 ​ ​ 664 ​ 2029 ​ ​ 1,276 ​ Thereafter ​ ​ 2,494 ​ Total principal amount of debt ​ ​ 6,974 ​ Total unamortized debt-related balances, net ​ ​ (211) ​ Bifurcated compound exchange feature, at estimated fair value ​ ​ 197 ​ Total carrying amount of debt ​ $ 6,960 ​ ​ Credit agreement Secured Credit Facility Term SOFR The 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 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 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. 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 Secured Credit Facility. At September 30, 2024, based on the credit rating of the Secured Credit Facility as of that date, the facility fee was 0.625 percent. At September 30, 2024, we had no borrowings outstanding, $12 million of letters of credit issued, and we had $564 million of available borrowing capacity under the 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 ​ ​ 45 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ ​ ​ ​ 290.6618 ​ $ 3.44 ​ ​ 75 ​ ​ 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% ​ $ 261 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ ​ ​ ​ ​ ​ ​ 18.3% ​ $ 418 ​ 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 ​ Nine months ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ Contractual interest ​ $ 6 ​ ​ 6 ​ $ 16 ​ $ 19 ​ Amortization ​ ​ 5 ​ ​ 5 ​ ​ 15 ​ ​ 15 ​ Bifurcated compound exchange feature ​ ​ (74) ​ ​ 93 ​ ​ (153) ​ ​ 272 ​ Total ​ $ (63) ​ ​ 104 ​ $ (122) ​ $ 306 ​ ​ The indenture governing the 4.625% Senior Guaranteed Exchangeable Bonds contains a compound exchange feature that, in addition to the exchange terms presented 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 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 September 30, 2024 and December 31, 2023, the carrying amount of the bifurcated compound exchange feature was $197 million and $350 million, respectively. Exchanges In July 2023, the holders of the remaining outstanding $25 million aggregate principal amount of 2.50% Senior Guaranteed Exchangeable Bonds exchanged such bonds under the terms of the governing indenture at the applicable exchange rate of 162.1626 Transocean Ltd. shares per $1,000 note. As part of the transaction, we delivered 4.0 million Transocean Ltd. shares. Debt issuance Senior notes percent In June 2024, as partial consideration to acquire the outstanding 67.0 percent ownership interest in Orion, we issued $130 million aggregate principal amount of 8.00% Senior Notes with an equivalent aggregate fair value as additional debt securities under the indenture governing such notes. See Note 4—Unconsolidated Affiliates Note 6—Long-Lived Assets Note 11—Equity 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 Early debt retirement Tendered and redeemed notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ ​ 2024 ​ 2023 ​ ​ Tendered Redeemed Total ​ Redeemed ​ 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 ​ ​ 249 ​ ​ 105 ​ ​ 354 ​ ​ — ​ 7.50% Senior Notes due January 2026 ​ ​ — ​ ​ 569 ​ ​ 569 ​ ​ — ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 596 ​ ​ 91 ​ ​ 687 ​ ​ — ​ 8.00% Senior Notes due February 2027 ​ ​ — ​ ​ 87 ​ ​ 87 ​ ​ — ​ Aggregate principal amount of debt retired ​ $ 845 ​ $ 852 ​ $ 1,697 ​ $ 1,380 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 886 ​ $ 862 ​ $ 1,748 ​ $ 1,402 ​ Aggregate net gain, three-month period ​ $ — ​ $ 21 ​ $ 21 ​ $ — ​ Aggregate net gain (loss), nine-month period ​ $ 144 ​ $ 17 ​ $ 161 ​ $ (32) ​ ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Taxes
Income Taxes	Note 8—Income Taxes Tax provision and rate In the nine months ended September 30, 2024, as a result of operational and structural changes related to rig movements, we remeasured our deferred tax assets and liabilities related to Luxembourg, resulting in an increase of our net deferred tax asset from $8 million to $280 million, and such increase was substantially offset by an increase to our valuation allowance. Tax positions and returns Brazil tax investigations tax of BRL 497 million, equivalent to $91 million, and indirect tax of BRL 89 million, equivalent to $16 million. We believe our returns are materially correct as filed, and we are vigorously contesting these assessments. An unfavorable outcome on these proposed assessments could have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows.

Loss Per Share

Loss Per Share	9 Months Ended
	Sep. 30, 2024
Loss Per Share
Loss Per Share	Note 9—Loss Per Share The computation of basic and diluted loss per share was as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ September 30, ​ ​ ​ 2024 ​ 2023 ​ ​ 2024 ​ 2023 ​ ​ Basic ​ Diluted ​ Basic ​ Diluted ​ ​ Basic ​ Diluted ​ Basic ​ Diluted Numerator for loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (494) ​ $ (494) ​ $ (220) ​ $ (220) ​ ​ $ (519) ​ $ (519) ​ $ (850) ​ $ (850) ​ Effect of convertible debt instruments, net of tax ​ ​ — ​ ​ (64) ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ (81) ​ ​ — ​ ​ — ​ Loss for per share calculation ​ $ (494) ​ $ (558) ​ $ (220) ​ $ (220) ​ ​ $ (519) ​ $ (600) ​ $ (850) ​ $ (850) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 879 ​ ​ 879 ​ ​ 774 ​ ​ 774 ​ ​ ​ 840 ​ ​ 840 ​ ​ 755 ​ ​ 755 ​ Effect of convertible debt instruments ​ ​ — ​ ​ 75 ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 75 ​ ​ — ​ ​ — ​ Weighted-average shares for per share calculation ​ ​ 879 ​ ​ 954 ​ ​ 774 ​ ​ 774 ​ ​ ​ 840 ​ ​ 915 ​ ​ 755 ​ ​ 755 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share ​ $ (0.56) ​ $ (0.58) ​ $ (0.28) ​ $ (0.28) ​ ​ $ (0.62) ​ $ (0.65) ​ $ (1.13) ​ $ (1.13) ​ ​ We excluded from the computation certain shares issuable as follows because the effect would have been antidilutive (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ Exchangeable bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 45 ​ ​ 145 ​ ​ 45 ​ ​ 161 ​ Share-based awards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11 ​ ​ 19 ​ ​ 11 ​ ​ 18 ​ Warrants ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 ​ ​ 12 ​ ​ 7 ​ ​ 10 ​ ​

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 2024, the subsidiary was a defendant in approximately 332 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 predict with certainty the outcome or effect of any of the litigation matters specifically described above or of any such other pending, threatened, or possible litigation or liability. We can provide no assurance that our beliefs or expectations as to the outcome or effect of any tax, regulatory, lawsuit or other litigation matter will prove correct, and the eventual outcome of these matters could materially differ from management’s current estimates. Environmental matters We have certain potential liabilities under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and similar state acts regulating cleanup of hazardous substances at various waste disposal sites, including those described below. CERCLA is intended to expedite the remediation of hazardous substances without regard to fault. Potentially responsible parties (“PRPs”) for each site include present and former owners and operators of, transporters to and generators of the substances at the site. It is difficult to quantify the potential cost of environmental matters and remediation obligations. Liability is strict and can be joint and several. One of our subsidiaries was named as a PRP in connection with a site located in Santa Fe Springs, California, known as the Waste Disposal, Inc. site. We and other PRPs agreed, under a participation agreement with the U.S. Environmental Protection Agency (the “EPA”) and the U.S. Department of Justice, to settle our potential liabilities by remediating the site. The remedial action for the site was completed in 2006. Our share of the ongoing operating and maintenance costs has been insignificant, and we do not expect any additional potential liabilities to be material. Resolutions of other claims by the EPA, the involved state agency or PRPs are at various stages of investigation. Nevertheless, based on available information 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, 2024
Equity
Equity	Note 11—Equity Share capital currency change Share issuance Note 4—Unconsolidated Affiliates Note 6—Long-Lived Assets Note 7—Debt

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2024
Financial Instruments
Financial Instruments	Note 12—Financial Instruments Overview ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ December 31, 2023 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 435 ​ $ 435 ​ $ 762 ​ $ 762 ​ Restricted cash and cash equivalents ​ ​ 365 ​ ​ 365 ​ ​ 233 ​ ​ 233 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 10 ​ ​ 10 ​ ​ 6 ​ ​ 6 ​ Total debt ​ ​ 6,960 ​ ​ 7,033 ​ ​ 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 other observable inputs, representative of Level 2 fair value measurements, including the terms and credit spreads for the instruments and, with respect to the exchangeable debt instruments, the expected volatility of the market price for our shares.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (494)	$ (220)	$ (519)	$ (850)

Insider Trading Arrangements

Insider Trading Arrangements - Keelan Adamson	3 Months Ended
	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 27, 2024, Mr. Keelan Adamson, President and Chief Operating Officer of Transocean, terminated his Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K of the Securities Act of 1933), which was intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “Plan”). The Plan, which was adopted on December 19, 2023, provided for the sale of up to 211,308 Transocean Ltd. shares through the earlier of Plan’s expiration on December 19, 2024, the completion of all authorized transactions thereunder or the termination of the Plan, in each case in accordance with the terms thereof.
Name	Mr. Keelan Adamson
Title	President and Chief Operating Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	August 27, 2024
Aggregate Available	211,308

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2024
Revenues.
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2024 ​ 2023 2024 ​ 2023 ​ 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. $ 395 ​ $ — ​ $ 395 ​ $ 360 ​ $ — ​ $ 360 $ 1,171 ​ $ — ​ $ 1,171 ​ $ 1,077 ​ $ — ​ $ 1,077 Brazil ​ ​ 204 ​ ​ — ​ ​ 204 ​ ​ 55 ​ ​ — ​ ​ 55 ​ ​ 509 ​ ​ — ​ ​ 509 ​ ​ 183 ​ ​ — ​ ​ 183 ​ Norway ​ ​ — ​ ​ 172 ​ ​ 172 ​ ​ — ​ ​ 164 ​ ​ 164 ​ ​ — ​ ​ 486 ​ ​ 486 ​ ​ — ​ ​ 454 ​ ​ 454 ​ Other countries (a) ​ ​ 69 ​ ​ 108 ​ ​ 177 ​ ​ 101 ​ ​ 33 ​ ​ 134 ​ ​ 163 ​ ​ 243 ​ ​ 406 ​ ​ 276 ​ ​ 101 ​ ​ 377 ​ Total contract drilling revenues $ 668 ​ $ 280 ​ $ 948 ​ $ 516 ​ $ 197 ​ $ 713 $ 1,843 ​ $ 729 ​ $ 2,572 ​ $ 1,536 ​ $ 555 ​ $ 2,091 (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31 ​ ​ 2024 2023 Deferred contract revenues, recorded in other current liabilities $ 265 ​ $ 165 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 231 ​ ​ 233 ​ Total contract liabilities $ 496 ​ $ 398 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ 2024 2023 Total contract liabilities, beginning of period ​ $ 398 ​ $ 328 ​ Decrease due to recognition of revenues for goods and services ​ ​ (172) ​ ​ (149) ​ Increase due to goods and services transferred over time ​ ​ 270 ​ ​ 189 ​ Total contract liabilities, end of period ​ $ 496 ​ $ 368 ​

Long-Lived Assets (Tables)

Long-Lived Assets (Tables)	9 Months Ended
	Sep. 30, 2024
LONG LIVED ASSETS
Changes in our construction work in progress, including capital expenditures and capitalized interest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2024 2023 Construction work in progress, beginning of period $ 522 ​ $ 1,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 135 ​ ​ 145 ​ Other equipment and construction projects ​ ​ 90 ​ ​ 62 ​ Total capital expenditures ​ ​ 225 ​ ​ 207 ​ Non-cash capital additions acquired in exchange for issuance of shares of Transocean Ltd. ​ ​ — ​ ​ 126 ​ Changes in accrued capital additions ​ ​ (12) ​ ​ 6 ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ (547) ​ ​ (1,157) ​ Other equipment and construction projects ​ ​ (119) ​ ​ (57) ​ Construction work in progress, end of period $ 69 ​ $ 320 ​

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ 2024 2023 2024 2023 7.25% Senior Notes due November 2025 ​ $ — ​ $ 354 ​ ​ $ — ​ $ 352 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 234 ​ ​ 234 ​ ​ ​ 226 ​ ​ 221 ​ 7.50% Senior Notes due January 2026 ​ ​ — ​ ​ 569 ​ ​ ​ — ​ ​ 567 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ 687 ​ ​ ​ — ​ ​ 938 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 330 ​ ​ 413 ​ ​ ​ 328 ​ ​ 409 ​ 8.00% Senior Notes due February 2027 ​ ​ 655 ​ ​ 612 ​ ​ ​ 653 ​ ​ 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 ​ ​ 359 ​ ​ 420 ​ ​ ​ 336 ​ ​ 384 ​ 8.375% Senior Secured Notes due February 2028 ​ ​ 525 ​ ​ 525 ​ ​ ​ 517 ​ ​ 518 ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 263 ​ ​ 264 ​ 8.00% Senior Secured Notes due September 2028 ​ ​ 295 ​ ​ 325 ​ ​ ​ 291 ​ ​ 321 ​ 8.25% Senior Notes due May 2029 ​ ​ 900 ​ ​ — ​ ​ ​ 886 ​ ​ — ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ 259 ​ ​ 259 ​ ​ ​ 344 ​ ​ 486 ​ 8.75% Senior Secured Notes due February 2030 ​ ​ 999 ​ ​ 1,116 ​ ​ ​ 980 ​ ​ 1,094 ​ 7.50% Notes due April 2031 ​ ​ 396 ​ ​ 396 ​ ​ ​ 395 ​ ​ 395 ​ 8.50% Senior Notes due May 2031 ​ ​ 900 ​ ​ — ​ ​ ​ 886 ​ ​ — ​ 6.80% Senior Notes due March 2038 ​ ​ 610 ​ ​ 610 ​ ​ ​ 605 ​ ​ 605 ​ 7.35% Senior Notes due December 2041 ​ ​ 177 ​ ​ 177 ​ ​ ​ 176 ​ ​ 176 ​ Total debt ​ ​ 6,974 ​ ​ 7,032 ​ ​ ​ 6,960 ​ ​ 7,413 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 71 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 83 ​ ​ 83 ​ ​ ​ 81 ​ ​ 81 ​ 4.50% Shipyard Loans due September 2027 ​ ​ 120 ​ ​ 90 ​ ​ ​ 107 ​ ​ 75 ​ 8.375% Senior Secured Notes due February 2028 ​ ​ 100 ​ ​ — ​ ​ ​ 97 ​ ​ — ​ 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 ​ ​ 480 ​ ​ 320 ​ ​ ​ 457 ​ ​ 370 ​ Total long-term debt $ 6,494 ​ $ 6,712 ​ $ 6,503 ​ $ 7,043 ​
Scheduled maturities of debt	​ ​ ​ ​ ​ ​ ​ Total Twelve months ending September 30, ​ ​ ​ ​ 2025 ​ $ 480 ​ 2026 ​ ​ 767 ​ 2027 ​ ​ 1,293 ​ 2028 ​ ​ 664 ​ 2029 ​ ​ 1,276 ​ Thereafter ​ ​ 2,494 ​ Total principal amount of debt ​ ​ 6,974 ​ Total unamortized debt-related balances, net ​ ​ (211) ​ Bifurcated compound exchange feature, at estimated fair value ​ ​ 197 ​ Total carrying amount of debt ​ $ 6,960 ​
Schedule of debt retirements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ ​ 2024 ​ 2023 ​ ​ Tendered Redeemed Total ​ Redeemed ​ 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 ​ ​ 249 ​ ​ 105 ​ ​ 354 ​ ​ — ​ 7.50% Senior Notes due January 2026 ​ ​ — ​ ​ 569 ​ ​ 569 ​ ​ — ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 596 ​ ​ 91 ​ ​ 687 ​ ​ — ​ 8.00% Senior Notes due February 2027 ​ ​ — ​ ​ 87 ​ ​ 87 ​ ​ — ​ Aggregate principal amount of debt retired ​ $ 845 ​ $ 852 ​ $ 1,697 ​ $ 1,380 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 886 ​ $ 862 ​ $ 1,748 ​ $ 1,402 ​ Aggregate net gain, three-month period ​ $ — ​ $ 21 ​ $ 21 ​ $ — ​ Aggregate net gain (loss), nine-month period ​ $ 144 ​ $ 17 ​ $ 161 ​ $ (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 ​ ​ 45 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ ​ ​ ​ 290.6618 ​ $ 3.44 ​ ​ 75 ​
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% ​ $ 261 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ ​ ​ ​ ​ ​ ​ 18.3% ​ $ 418 ​ 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 ​ Nine months ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ Contractual interest ​ $ 6 ​ ​ 6 ​ $ 16 ​ $ 19 ​ Amortization ​ ​ 5 ​ ​ 5 ​ ​ 15 ​ ​ 15 ​ Bifurcated compound exchange feature ​ ​ (74) ​ ​ 93 ​ ​ (153) ​ ​ 272 ​ Total ​ $ (63) ​ ​ 104 ​ $ (122) ​ $ 306 ​

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Loss Per Share
Schedule of earnings (loss) per share	The computation of basic and diluted loss per share was as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ September 30, ​ ​ ​ 2024 ​ 2023 ​ ​ 2024 ​ 2023 ​ ​ Basic ​ Diluted ​ Basic ​ Diluted ​ ​ Basic ​ Diluted ​ Basic ​ Diluted Numerator for loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (494) ​ $ (494) ​ $ (220) ​ $ (220) ​ ​ $ (519) ​ $ (519) ​ $ (850) ​ $ (850) ​ Effect of convertible debt instruments, net of tax ​ ​ — ​ ​ (64) ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ (81) ​ ​ — ​ ​ — ​ Loss for per share calculation ​ $ (494) ​ $ (558) ​ $ (220) ​ $ (220) ​ ​ $ (519) ​ $ (600) ​ $ (850) ​ $ (850) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 879 ​ ​ 879 ​ ​ 774 ​ ​ 774 ​ ​ ​ 840 ​ ​ 840 ​ ​ 755 ​ ​ 755 ​ Effect of convertible debt instruments ​ ​ — ​ ​ 75 ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 75 ​ ​ — ​ ​ — ​ Weighted-average shares for per share calculation ​ ​ 879 ​ ​ 954 ​ ​ 774 ​ ​ 774 ​ ​ ​ 840 ​ ​ 915 ​ ​ 755 ​ ​ 755 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share ​ $ (0.56) ​ $ (0.58) ​ $ (0.28) ​ $ (0.28) ​ ​ $ (0.62) ​ $ (0.65) ​ $ (1.13) ​ $ (1.13) ​
Schedule of antidilutive securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ Exchangeable bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 45 ​ ​ 145 ​ ​ 45 ​ ​ 161 ​ Share-based awards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11 ​ ​ 19 ​ ​ 11 ​ ​ 18 ​ Warrants ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 ​ ​ 12 ​ ​ 7 ​ ​ 10 ​

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Financial Instruments
Carrying amounts and fair values of the financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ December 31, 2023 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 435 ​ $ 435 ​ $ 762 ​ $ 762 ​ Restricted cash and cash equivalents ​ ​ 365 ​ ​ 365 ​ ​ 233 ​ ​ 233 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 10 ​ ​ 10 ​ ​ 6 ​ ​ 6 ​ Total debt ​ ​ 6,960 ​ ​ 7,033 ​ ​ 7,413 ​ ​ 7,308 ​

Business (Details)

Business (Details)	Sep. 30, 2024 USD ($)
Number of mobile offshore drilling units	34
Ultra-deepwater floaters
Number of mobile offshore drilling units	26
Harsh environment floaters
Number of mobile offshore drilling units	8

Unconsolidated Affiliates (Deta

Unconsolidated Affiliates (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended			9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Feb. 28, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Investments
Equity in losses				$ 5	$ (14)
Loss on impairment of investment in unconsolidated affiliate				5
Equity method investments				$ 124		$ 216
Transocean Inc | Perestroika AS
Investments
Ownership interest (as a percent)				10%			11%
8.00% Senior Notes due February 2027
Investments
Debt instrument interest rate stated percentage				8%
Global Sea Mineral Resources
Investments
Equity method investment payment			$ 10
Equity investment non-cash contribution			$ 85
Orion/Transocean Norge
Investments
Equity ownership (as a percent)						33%
Equity method investments						$ 86
Liquila/Deepwater Aquila
Investments
Equity ownership (as a percent)		80%			80%		20%
Value shares issued in asset acquisition		$ 99
Newly issued shares in asset acquisition (in shares)		11.9
Liquila/Deepwater Aquila | Perestroika AS
Investments
Value shares issued in asset acquisition		$ 16.4
Newly issued shares in asset acquisition (in shares)		2
Liquila/Deepwater Aquila | Liquila/Deepwater Aquila | Perestroika AS
Investments
Equity ownership (as a percent)							13.33%
Orion/Transocean Norge
Investments
Asset acquisition, consideration transferred	$ 431
Value shares issued in asset acquisition	$ 297
Newly issued shares in asset acquisition (in shares)	55.5
Orion/Transocean Norge | 8.00% Senior Notes due February 2027
Investments
Debt instrument interest rate stated percentage	8%			8%
Debt instrument face value	$ 130
Orion/Transocean Norge | Orion/Transocean Norge
Investments
Equity ownership (as a percent)	67%
Liquila/Deepwater Aquila
Investments
Value shares issued in asset acquisition		$ 99
Newly issued shares in asset acquisition (in shares)		11.9
Liquila/Deepwater Aquila | Liquila/Deepwater Aquila
Investments
Equity ownership (as a percent)		80%			80%

Unconsolidated Affiliates (Rela

Unconsolidated Affiliates (Related Parties) (Details) - Orion/Transocean Norge - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Related party
Non-cash net settlement of accounts receivable and payable		$ 25
Services and Equipment
Related party
Related party transaction	$ 11	43
Charter rig and other equipment
Related party
Related party transaction	$ 25	$ 1

Revenues (Disaggregation) (Deta

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Contract drilling revenues	$ 948	$ 713	$ 2,572	$ 2,091
UNITED STATES
Revenue
Contract drilling revenues	395	360	1,171	1,077
BRAZIL
Revenue
Contract drilling revenues	204	55	509	183
NORWAY
Revenue
Contract drilling revenues	172	164	486	454
Other Countries
Revenue
Contract drilling revenues	177	134	406	377
Ultra-deepwater floaters
Revenue
Contract drilling revenues	668	516	1,843	1,536
Ultra-deepwater floaters | UNITED STATES
Revenue
Contract drilling revenues	395	360	1,171	1,077
Ultra-deepwater floaters | BRAZIL
Revenue
Contract drilling revenues	204	55	509	183
Ultra-deepwater floaters | Other Countries
Revenue
Contract drilling revenues	69	101	163	276
Harsh environment floaters
Revenue
Contract drilling revenues	280	197	729	555
Harsh environment floaters | NORWAY
Revenue
Contract drilling revenues	172	164	486	454
Harsh environment floaters | Other Countries
Revenue
Contract drilling revenues	$ 108	$ 33	$ 243	$ 101

Revenues (Contract liabilities)

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 265	$ 165
Deferred contract revenues, recorded in other long-term liabilities	231	233
Total contract liabilities	$ 496	$ 398	$ 368	$ 328

Revenues (Changes) (Details)

Revenues (Changes) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Changes to contract liabilities
Total contract liabilities, beginning of period	$ 398	$ 328
Decrease due to recognition of revenues for goods and services	(172)	(149)
Increase due to goods and services transferred over time	270	189
Total contract liabilities, end of period	$ 496	$ 368

Revenues (Pre-operating) (Detai

Revenues (Pre-operating) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues.
Recognized pre-operating costs	$ 44	$ 17	$ 92	$ 52
Unrecognized pre-operating costs	$ 247		$ 247		$ 221

Long-Lived Assets (Construction

Long-Lived Assets (Construction WIP) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Changes in construction work in progress
Total capital expenditures	$ 225	$ 207
Non-cash capital additions acquired in exchange for issuance of shares		126
Changes in accrued capital additions	(12)	6
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	69	320
New builds
Changes in construction work in progress
Total capital expenditures	135	145
Property and equipment placed into service	(547)	(1,157)
Other property and equipment
Changes in construction work in progress
Total capital expenditures	90	62
Property and equipment placed into service	$ (119)	$ (57)

Long-Lived Assets (Acquisitions

Long-Lived Assets (Acquisitions) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Acquisition
Property and equipment, net	$ 15,988		$ 16,941
Cash and cash equivalents	435		762
Accounts receivable	594		512
Accounts payable	$ 255		$ 323
Orion/Transocean Norge
Acquisition
Property and equipment, net		$ 517
Cash and cash equivalents		5
Accounts receivable		$ 4
Liquila/Deepwater Aquila
Acquisition
Property and equipment, net				$ 126
Cash and cash equivalents				7
Accounts payable				$ 19

Long-Lived Assets (Impairments)

Long-Lived Assets (Impairments) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
LONG LIVED ASSETS
Assets held for sale	$ 345		$ 345		$ 49
Aggregate loss on impairment of assets held for sale	629	$ 5	772	$ 58
Aggregate loss on impairment of assets held for sale, net of tax	$ 617		$ 755
Loss associated with impairment, net of tax (per share)	$ 0.64	$ 0.01	$ 0.82	$ 0.08
Aggregate loss on impairment of assets held for sale, tax effect				$ 0

Long-Lived Assets (Disposals) (

Long-Lived Assets (Disposals) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Feb. 29, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disposals
Proceeds from disposal of assets, net of costs to sell						$ 99	$ 10
Gain (loss) on the sale of assets				$ (4)	$ (3)	(10)	(173)
Assets sold, not discontinued operations | Rig sales
Disposals
Proceeds from disposal of assets, net of costs to sell	$ 53		$ 49
Deposit received		$ 5						$ 6
Gain (loss) on the sale of assets							$ (169)
Gain (loss) on the sale of assets per diluted share							$ (0.23)
Gain (loss) on disposal of assets, tax effect							$ 0
Assets sold, not discontinued operations | Other property and equipment
Disposals
Proceeds from disposal of assets, net of costs to sell						3	4
Gain (loss) on the sale of assets						$ (10)	$ (4)

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Principal amount
Debt due within one year	$ 480	$ 320
Long-term debt	6,494	6,712
Carrying amount
Total debt	6,960	7,413
Debt due within one year	457	370
Long-term debt	$ 6,503	7,043
7.25% Senior Notes due November 2025
Principal amount
Total principal amount of debt		354
Carrying amount
Total debt		352
Debt instrument interest rate stated percentage	7.25%
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Principal amount
Total principal amount of debt	$ 234	234
Carrying amount
Total debt	$ 226	221
Debt instrument interest rate stated percentage	4%
7.50% Senior Notes due January 2026
Principal amount
Total principal amount of debt		569
Carrying amount
Total debt		567
Debt instrument interest rate stated percentage	7.50%
11.50% Senior Guaranteed Notes due January 2027
Principal amount
Total principal amount of debt		687
Carrying amount
Total debt		938
Debt due within one year		71
Debt instrument interest rate stated percentage	11.50%
6.875% Senior Secured Notes due February 2027
Principal amount
Total principal amount of debt	$ 330	413
Debt due within one year	83	83
Carrying amount
Total debt	328	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 principal amount of debt	$ 655	612
Carrying amount
Total debt	$ 653	609
Debt instrument interest rate stated percentage	8%
7.45% Notes due April 2027
Principal amount
Total principal amount 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 principal amount of debt	$ 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 principal amount of debt	$ 359	420
Debt due within one year	120	90
Carrying amount
Total debt	336	384
Debt due within one year	$ 107	75
Debt instrument interest rate stated percentage	4.50%
8.375% Senior Secured Notes due February 2028
Principal amount
Total principal amount of debt	$ 525	525
Debt due within one year	100
Carrying amount
Total debt	517	518
Debt due within one year	$ 97
Debt instrument interest rate stated percentage	8.375%
7.00% Notes due June 2028
Principal amount
Total principal amount of debt	$ 261	261
Carrying amount
Total debt	$ 263	264
Debt instrument interest rate stated percentage	7%
8.00% Senior Secured Notes due September 2028
Principal amount
Total principal amount of debt	$ 295	325
Debt due within one year	60	30
Carrying amount
Total debt	291	321
Debt due within one year	$ 59	30
Debt instrument interest rate stated percentage	8%
8.25% Senior Notes due May 2029
Principal amount
Total principal amount of debt	$ 900
Carrying amount
Total debt	$ 886
Debt instrument interest rate stated percentage	8.25%
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Principal amount
Total principal amount of debt	$ 259	259
Carrying amount
Total debt	$ 344	486
Debt instrument interest rate stated percentage	4.625%
8.75% Senior Secured Notes due February 2030
Principal amount
Total principal amount of debt	$ 999	1,116
Debt due within one year	117	117
Carrying amount
Total debt	980	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 principal amount of debt	$ 396	396
Carrying amount
Total debt	$ 395	395
Debt instrument interest rate stated percentage	7.50%
8.50% Senior Notes due May 2031
Principal amount
Total principal amount of debt	$ 900
Carrying amount
Total debt	$ 886
Debt instrument interest rate stated percentage	8.50%
6.80% Senior Notes due March 2038
Principal amount
Total principal amount 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 principal amount of debt	$ 177	177
Carrying amount
Total debt	$ 176	176
Debt instrument interest rate stated percentage	7.35%
Principal installments
Principal amount
Total principal amount of debt	$ 6,974	$ 7,032

Debt (Maturities) (Details)

Debt (Maturities) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Total installments
Scheduled maturities of debt
2025	$ 480
2026	767
2027	1,293
2028	664
2029	1,276
Thereafter	2,494
Total principal amount of debt	6,974
Total unamortized debt-related balances, net	(211)
Bifurcated compound exchange feature, at estimated fair value	197
Total carrying amount of debt	6,960
Principal installments
Scheduled maturities of debt
Total principal amount of debt	$ 6,974	$ 7,032

Debt (Credit Agreements) (Detai

Debt (Credit Agreements) (Details) - Five-Year Revolving Credit Facility $ in Millions	1 Months Ended	9 Months Ended
	Apr. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	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		$ 564
Spread on variable rate basis (as a percent)	0.10%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
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

Debt (Exchangeable) (Details)

Debt (Exchangeable) (Details) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended		9 Months Ended
	Jul. 31, 2023 USD ($) shares	Apr. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022
Debt
Aggregate principal amount of debt retired			$ 1,697
Perestroika AS | Transocean Inc
Debt
Ownership interest (as a percent)			10%		11%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Debt
Debt conversion ratio	0.1621626	0.1621626
Aggregate principal amount of debt retired	$ 25
Shares issued upon conversion (in shares) | shares	4	34.6
Cash consideration to exchanging holder		$ 3
2.50% Senior Guaranteed Exchangeable Bonds due January 2027 | Perestroika AS
Debt
Aggregate principal amount of debt issued in exchanges		$ 213
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)			45
Effective interest rate (as a percent)			6.90%
Fair value of debt			$ 261
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
Effective interest rate (as a percent)			18.30%
Fair value of debt			$ 418
Bifurcated compound exchange feature, at estimated fair value			$ 197	$ 350

Debt (Interest Expense) (Detail

Debt (Interest Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest Expense
Amortization			$ 39	$ 38
Bifurcated compound exchange feature			(153)	272
Total	$ 80	$ 232	271	649
Exchangeable bonds
Interest Expense
Contractual interest	6	6	16	19
Amortization	5	5	15	15
Bifurcated compound exchange feature	(74)	93	(153)	272
Total	$ (63)	$ 104	$ (122)	$ 306

Debt (Issuance) (Details)

Debt (Issuance) (Details) - USD ($) $ in Millions	1 Months Ended		9 Months Ended
	Apr. 30, 2024	Jan. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Debt
Proceeds from issuance of debt	$ 1,770		$ 1,767	$ 1,664
Orion/Transocean Norge
Debt
Equity ownership (as a percent)						33%
Orion/Transocean Norge | Orion/Transocean Norge
Debt
Equity ownership (as a percent)					67%
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%
8.00% Senior Notes due February 2027
Debt
Debt instrument interest rate stated percentage			8%
8.00% Senior Notes due February 2027 | Orion/Transocean Norge
Debt
Debt instrument face value					$ 130
Debt instrument interest rate stated percentage			8%		8%
8.25% Senior Notes due May 2029
Debt
Debt instrument face value	$ 900
Debt instrument interest rate stated percentage			8.25%
Redemption price of debt instrument (as a percent)	100%
8.50% Senior Notes due May 2031
Debt
Debt instrument face value	$ 900
Debt instrument interest rate stated percentage			8.50%
Redemption price of debt instrument (as a percent)	100%

Debt (Settled) (Details)

Debt (Settled) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Debt
Aggregate principal amount of debt retired		$ 1,697
Aggregate cash payment		1,748
Aggregate net gain (loss)	$ 21	161	$ (32)
Repayments of debt		$ 2,073	1,707
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage	5.375%	5.375%
5.875% Senior Secured Notes due January 2024
Debt
Debt instrument interest rate stated percentage	5.875%	5.875%
7.75% Senior Secured Notes due October 2024
Debt
Debt instrument interest rate stated percentage	7.75%	7.75%
6.25% Senior Secured Notes due December 2024
Debt
Debt instrument interest rate stated percentage	6.25%	6.25%
6.125% Senior Secured Notes due August 2025
Debt
Debt instrument interest rate stated percentage	6.125%	6.125%
7.25% Senior Notes due November 2025
Debt
Debt instrument interest rate stated percentage	7.25%	7.25%
Aggregate principal amount of debt retired		$ 354
11.50% Senior Guaranteed Notes due January 2027
Debt
Debt instrument interest rate stated percentage	11.50%	11.50%
Aggregate principal amount of debt retired		$ 687
7.50% Senior Notes due January 2026
Debt
Debt instrument interest rate stated percentage	7.50%	7.50%
Aggregate principal amount of debt retired		$ 569
8.00% Senior Notes due February 2027
Debt
Debt instrument interest rate stated percentage	8%	8%
Aggregate principal amount of debt retired		$ 87
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Debt
Debt instrument interest rate stated percentage	4.625%	4.625%
Redeemed
Debt
Aggregate principal amount of debt retired		$ 852	1,380
Aggregate cash payment		862	1,402
Aggregate net gain (loss)	$ 21	17	(32)
Redeemed | 5.375% Senior Secured Notes due May 2023
Debt
Aggregate principal amount of debt retired			243
Redeemed | 5.875% Senior Secured Notes due January 2024
Debt
Aggregate principal amount of debt retired			311
Redeemed | 7.75% Senior Secured Notes due October 2024
Debt
Aggregate principal amount of debt retired			240
Redeemed | 6.25% Senior Secured Notes due December 2024
Debt
Aggregate principal amount of debt retired			250
Redeemed | 6.125% Senior Secured Notes due August 2025
Debt
Aggregate principal amount of debt retired			$ 336
Redeemed | 7.25% Senior Notes due November 2025
Debt
Aggregate principal amount of debt retired		105
Redeemed | 11.50% Senior Guaranteed Notes due January 2027
Debt
Aggregate principal amount of debt retired		91
Redeemed | 7.50% Senior Notes due January 2026
Debt
Aggregate principal amount of debt retired		569
Redeemed | 8.00% Senior Notes due February 2027
Debt
Aggregate principal amount of debt retired		87
Tendered
Debt
Aggregate principal amount of debt retired		845
Aggregate cash payment		886
Aggregate net gain (loss)		144
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

Income Taxes (Provision) (Detai

Income Taxes (Provision) (Details) R$ in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 BRL (R$)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Effective tax rate	11.30%	11.30%	0.90%
Various discrete tax items expense (benefit)	$ (178)		$ (77)
Annual effective tax rate excluding discrete items (as a percent)	364%	364%	(11.70%)
LUXEMBOURG
Tax effect of foreign net operating losses	$ 280			$ 8
BRAZIL
Income tax examination, exposure decrease	(40)	R$ 219
BRAZIL | Corporate income tax
Net adjustments of additional taxes, including interest and penalties	91	497
BRAZIL | Indirect tax
Net adjustments of additional taxes, including interest and penalties	$ 16	R$ 89

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator for loss per share, basic
Net Income (Loss)	$ (494)	$ (220)	$ (519)	$ (850)
Loss for per share calculation, basic	$ (494)	$ (220)	$ (519)	$ (850)
Denominator for loss per share, basic
Weighted-average shares outstanding (in shares)	879	774	840	755
Weighted-average shares for per share calculation, basic (in shares)	879	774	840	755
Loss per share, basic (in dollars per share)	$ (0.56)	$ (0.28)	$ (0.62)	$ (1.13)
Numerator for loss per share, diluted
Net Income (Loss)	$ (494)	$ (220)	$ (519)	$ (850)
Effect of convertible debt instruments, net of tax	(64)		(81)
Loss for per share calculation, diluted	$ (558)	$ (220)	$ (600)	$ (850)
Denominator for loss per share, diluted
Weighted-average shares outstanding (in shares)	879	774	840	755
Effect of convertible debt instruments (in shares)	75		75
Weighted-average shares for per share calculation, diluted (in shares)	954	774	915	755
Loss per share, diluted (in dollars per share)	$ (0.58)	$ (0.28)	$ (0.65)	$ (1.13)
Exchangeable bonds
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	45	145	45	161
Share-based awards
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	11	19	11	18
Warrants
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	5	12	7	10

Contingencies (Legal proceeding

Contingencies (Legal proceedings) (Details) - Asbestos litigation	Sep. 30, 2024 plaintiff lawsuit
Contingencies
Number of claims | lawsuit	332
LOUISIANA
Contingencies
Number of claims	7
Illinois, Missouri or California
Contingencies
Number of claims	19

Equity (Share Issuance) (Detail

Equity (Share Issuance) (Details) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended
	Jun. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 $ / shares	Jan. 01, 2024 $ / shares	Dec. 31, 2023 SFr / shares	Dec. 31, 2022
Equity
Par value of common stock | (per share)			$ 0.10	$ 0.10	SFr 0.10
Orion/Transocean Norge
Equity
Equity ownership (as a percent)					33%
Liquila/Deepwater Aquila
Equity
Equity ownership (as a percent)		80%				20%
Newly issued shares in asset acquisition (in shares) | shares		11.9
Value shares issued in asset acquisition | $		$ 99
Orion/Transocean Norge
Equity
Newly issued shares in asset acquisition (in shares) | shares	55.5
Value shares issued in asset acquisition | $	$ 297
Orion/Transocean Norge | Orion/Transocean Norge
Equity
Equity ownership (as a percent)	67%
Liquila/Deepwater Aquila
Equity
Newly issued shares in asset acquisition (in shares) | shares		11.9
Value shares issued in asset acquisition | $		$ 99
Liquila/Deepwater Aquila | Liquila/Deepwater Aquila
Equity
Equity ownership (as a percent)		80%

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financial instruments
Total debt	$ 6,960	$ 7,413
Carrying amount
Financial instruments
Cash and cash equivalents	435	762
Restricted cash and cash equivalents	365	233
Long-term loans receivable from unconsolidated affiliates	10	6
Total debt	6,960	7,413
Fair value
Financial instruments
Cash and cash equivalents	435	762
Restricted cash and cash equivalents	365	233
Long-term loans receivable from unconsolidated affiliates	10	6
Total debt	$ 7,033	$ 7,308