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RIG Transocean

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021Apr. 27, 2021
Document and Entity Information
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number001-38373
Entity Registrant NameTransocean Ltd
Entity Incorporation, State or Country CodeV8
Entity Tax Identification Number98-0599916
Entity Address, Address Line OneTurmstrasse 30
Entity Address, City or TownSteinhausen
Entity Address, CountryCH
Entity Address, Postal Zip Code6312
City Area Code+41 (41)
Local Phone Number749-0500
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding617,298,955
Entity Central Index Key0001451505
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Shares
Document and Entity Information
Title of 12(b) SecurityShares
Trading SymbolRIG
Security Exchange NameNYSE
0.50% Exchangeable Senior Bonds due January 2023
Document and Entity Information
Title of 12(b) Security0.50% Exchangeable Senior Bonds due 2023
Trading SymbolRIG/23
Security Exchange NameNYSE

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Operating revenues
Contract drilling revenues $ 653 $ 759
Revenue from Contract with Customer, Product and Service [Extensible List]us-gaap:OilAndGasServiceMemberus-gaap:OilAndGasServiceMember
Costs and expenses
Operating and maintenance $ 435 $ 540
Cost, Product and Service [Extensible List]us-gaap:OilAndGasServiceMemberus-gaap:OilAndGasServiceMember
Depreciation and amortization $ 187 $ 206
General and administrative39 43
Total costs and expenses661 789
Loss on impairment(168)
Lloss on disposal of assets, net(59)(1)
Operating loss(67)(199)
Other income (expense), net
Interest income3 9
Interest expense, net of amounts capitalized(115)(160)
Gain (loss) on retirement of debt51 (57)
Other, net9 12
Total other income (expense), net(52)(196)
Loss before income tax expense(119)(395)
Income tax benefit(21)(4)
Net loss(98)(391)
Net income attributable to noncontrolling interest1 1
Net loss attributable to controlling interest $ (99) $ (392)
Loss per share, basic and diluted (in dollars per share) $ (0.16) $ (0.64)
Weighted average shares, basic and diluted (in shares)617 614

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss $ (98) $ (391)
Net income attributable to noncontrolling interest1 1
Net loss attributable to controlling interest(99)(392)
Components of net periodic benefit costs before reclassifications(5)(9)
Components of net periodic benefit costs reclassified to net loss1 2
Other comprehensive loss before income taxes(4)(7)
Other comprehensive loss(4)(7)
Other comprehensive loss attributable to controlling interest(4)(7)
Total comprehensive loss(102)(398)
Total comprehensive income attributable to noncontrolling interest1 1
Total comprehensive loss attributable to controlling interest $ (103) $ (399)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Assets
Cash and cash equivalents $ 1,066 $ 1,154
Accounts receivable, net of allowance of $2 at March 31, 2021 and December 31, 2020511 583
Materials and supplies, net of allowance of $144 and $143 at March 31, 2021 and December 31, 2020, respectively433 434
Restricted cash and cash equivalents388 406
Other current assets161 163
Total current assets2,559 2,740
Property and equipment23,020 23,040
Less accumulated depreciation(5,541)(5,373)
Property and equipment, net17,479 17,667
Contract intangible assets337 393
Deferred income taxes, net11 9
Other assets974 995
Total assets21,360 21,804
Liabilities and equity
Accounts payable189 194
Accrued income taxes29 28
Debt due within one year524 505
Other current liabilities561 659
Total current liabilities1,303 1,386
Long-term debt7,096 7,302
Deferred income taxes, net319 315
Other long-term liabilities1,302 1,366
Total long-term liabilities8,717 8,983
Commitments and contingencies
Shares, CHF 0.10 par value, 824,650,668 authorized, 142,363,647 conditionally authorized, 639,676,165 issued and 617,288,705 outstanding at March 31, 2021, and 824,650,660 authorized, 142,363,647 conditionally authorized, 639,676,165 issued and 615,140,276 outstanding at December 31, 202060 60
Additional paid-in capital13,508 13,501
Accumulated deficit(1,965)(1,866)
Accumulated other comprehensive loss(267)(263)
Total controlling interest shareholders' equity11,336 11,432
Noncontrolling interest4 3
Total equity11,340 11,435
Total liabilities and equity $ 21,360 $ 21,804

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in MillionsMar. 31, 2021USD ($)sharesMar. 31, 2021SFr / sharesDec. 31, 2020USD ($)sharesDec. 31, 2020SFr / shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts | $ $ 2 $ 2
Materials and supplies, net of allowance | $ $ 144 $ 143
Shares, CHF par value (in Swiss francs per share) | SFr / shares SFr 0.10 SFr 0.10
Shares, authorized824,650,668 824,650,660
Shares, conditionally authorized142,363,647 142,363,647
Shares, issued639,676,165 639,676,165
Shares, outstanding617,288,705 615,140,276

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in MillionsTotal controlling interest shareholders' equityPeriod of Adoption, AdjustmentTotal controlling interest shareholders' equitySharesAdditional paid-in capitalAccumulated deficitPeriod of Adoption, AdjustmentAccumulated deficitAccumulated other comprehensive lossNoncontrolling interestPeriod of Adoption, AdjustmentTotal
Balance at Dec. 31, 2019 $ (2) $ 11,862 $ 59 $ 13,424 $ (2) $ (1,297) $ (324) $ 5 $ (2) $ 11,867
Increase (Decrease) in Shareholders' Equity
Share-based compensation8 8 8
Issuance of shares under share-based compensation plans1 (1)
Net loss attributable to controlling interest(392)(392)
Other comprehensive loss attributable to controlling interest(7)(7)
Total comprehensive loss attributable to controlling interest(399)(399)
Total comprehensive income attributable to noncontrolling interest1
Total comprehensive loss(398)
Balance at Mar. 31, 202011,469 60 13,431 (1,691)(331)6 11,475
Balance at Dec. 31, 2019 $ (2)11,862 59 13,424 $ (2)(1,297)(324)5 $ (2)11,867
Balance at Dec. 31, 202011,432 60 13,501 (1,866)(263)3 11,435
Increase (Decrease) in Shareholders' Equity
Share-based compensation7 7 7
Net loss attributable to controlling interest(99)(99)
Other comprehensive loss attributable to controlling interest(4)(4)
Total comprehensive loss attributable to controlling interest(103)(103)
Total comprehensive income attributable to noncontrolling interest1
Total comprehensive loss(102)
Balance at Mar. 31, 2021 $ 11,336 $ 60 $ 13,508 $ (1,965) $ (267) $ 4 $ 11,340

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities
Net loss $ (98) $ (391)
Adjustments to reconcile to net cash provided by operating activities:
Contract intangible asset amortization56 48
Depreciation and amortization187 206
Share-based compensation expense7 8
Loss on impairment168
Loss on disposal of assets, net59 1
(Gain) loss on retirement of debt(51)57
Deferred income tax expense2 10
Other, net7 18
Changes in deferred revenues, net(37)5
Changes in deferred costs, net3 (11)
Changes in other operating assets and liabilities, net(39)(167)
Net cash provided by (used in) operating activities96 (48)
Cash flows from investing activities
Capital expenditures(59)(107)
Proceeds from disposal of assets, net6 1
Investments in unconsolidated affiliates(6)
Net cash used in investing activities(53)(112)
Cash flows from financing activities
Proceeds from issuance of debt, net of issue costs743
Repayments of debt(139)(909)
Other, net(10)(9)
Net cash used in financing activities(149)(175)
Net decrease in unrestricted and restricted cash and cash equivalents(106)(335)
Unrestricted and restricted cash and cash equivalents, beginning of period1,560 2,349
Unrestricted and restricted cash and cash equivalents, end of period $ 1,454 $ 2,014

Business

Business3 Months Ended
Mar. 31, 2021
Business
BusinessNote 1—Business Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells. We specialize in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Our mobile offshore drilling fleet is considered one of the most versatile fleets in the world. We contract our drilling rigs, related equipment and work crews predominantly on a dayrate basis to drill oil and gas wells. As of March 31, 2021, we owned or had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deepwater floaters and 10 harsh environment floaters. As of March 31, 2021, we were constructing two ultra-deepwater drillships.

Significant Accounting Policies

Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Significant Accounting Policies
Significant Accounting PoliciesNote 2—Significant Accounting Policies Presentation Form 10-K filed on March 1, 2021 Accounting estimates Fair value measurements

Accounting Standards Update

Accounting Standards Update3 Months Ended
Mar. 31, 2021
Accounting Standards Update
Accounting Standards UpdateNote 3—Accounting Standards Update Recently adopted accounting standards Debt with conversion and other options Note 7—Debt

Unconsolidated Affiliates

Unconsolidated Affiliates3 Months Ended
Mar. 31, 2021
Unconsolidated Affiliates
Unconsolidated AffiliatesNote 4—Unconsolidated Affiliates Equity investments Transocean Norge . Orion, our most significant equity investment, and in the three months ending June 30, 2021, we expect to make an additional $33 million cash contribution to Orion. At March 31, 2021 and December 31, 2020, the aggregate carrying amount of our equity investments was $139 million and $138 million, respectively, recorded in other assets, of which the aggregate carrying amount of our equity investment in Orion was $105 million and $104 million, respectively.

Revenues

Revenues3 Months Ended
Mar. 31, 2021
Revenues
RevenuesNote 5—Revenues Overview Disaggregation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ​ Three months ended March 31, 2020 ​ ​ U.S. Norway Other Total U.S. Norway Other Total Ultra-deepwater floaters $ 266 ​ $ — ​ $ 170 ​ $ 436 $ 287 ​ $ — ​ $ 241 ​ $ 528 Harsh environment floaters ​ ​ 4 ​ ​ 202 ​ ​ 11 ​ ​ 217 ​ ​ ​ — ​ ​ 207 ​ ​ 13 ​ ​ 220 ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ 11 ​ ​ 11 ​ Total contract drilling revenues $ 270 ​ $ 202 ​ $ 181 ​ $ 653 $ 287 ​ $ 207 ​ $ 265 ​ $ 759 ​ Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 2020 Deferred contract revenues, recorded in other current liabilities $ 115 ​ $ 133 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 304 ​ ​ 323 ​ Total contract liabilities $ 419 ​ $ 456 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2021 2020 Total contract liabilities, beginning of period ​ $ 456 ​ $ 529 ​ Decrease due to recognition of revenues for goods and services ​ ​ (44) ​ ​ (41) ​ Increase due to goods and services transferred over time ​ ​ 7 ​ ​ 46 ​ Total contract liabilities, end of period ​ $ 419 ​ $ 534 ​ ​

Drilling Fleet

Drilling Fleet3 Months Ended
Mar. 31, 2021
Drilling Fleet
Drilling FleetNote 6—Drilling Fleet Construction work in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2021 2020 Construction work in progress, beginning of period $ 828 ​ $ 753 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 45 ​ ​ 50 ​ Other equipment and construction projects ​ ​ 14 ​ ​ 57 ​ Total capital expenditures ​ ​ 59 ​ ​ 107 ​ Changes in accrued capital additions ​ ​ (7) ​ ​ (24) ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ (14) ​ ​ (62) ​ Construction work in progress, end of period $ 866 ​ $ 774 ​ ​ Impairments of assets held and used received for the assets in the principal or most advantageous markets for the assets in an orderly transaction between participants as of the measurement date. Our estimate of fair value required us to use significant other observable inputs, representative of Level 2 fair value measurements, including the marketability of the rig and prices of comparable rigs that may be sold for scrap value. Impairments of assets held for sale Polar Pioneer Songa Dee Sedco 711 Sedco 714, Dispositions Leiv Eiriksson

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt
DebtNote 7—Debt Overview Outstanding debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ March 31, ​ December 31, ​ March 31, ​ December 31, ​ ​ 2021 2020 2021 2020 6.375% Senior Notes due December 2021 ​ $ 38 ​ $ 38 ​ ​ $ 38 ​ $ 38 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 89 ​ ​ 111 ​ ​ ​ 88 ​ ​ 111 ​ 3.80% Senior Notes due October 2022 ​ ​ 27 ​ ​ 27 ​ ​ ​ 27 ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 140 ​ ​ 463 ​ ​ ​ 139 ​ ​ 462 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 362 ​ ​ 364 ​ ​ ​ 359 ​ ​ 360 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 544 ​ ​ 585 ​ ​ ​ 536 ​ ​ 577 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 360 ​ ​ 360 ​ ​ ​ 354 ​ ​ 354 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 375 ​ ​ 375 ​ ​ ​ 370 ​ ​ 369 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 435 ​ ​ 468 ​ ​ ​ 428 ​ ​ 461 ​ 7.25% Senior Notes due November 2025 ​ ​ 411 ​ ​ 411 ​ ​ ​ 406 ​ ​ 405 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 294 ​ ​ — ​ ​ ​ 260 ​ ​ — ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 569 ​ ​ ​ 565 ​ ​ 565 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 238 ​ ​ 238 ​ ​ ​ 274 ​ ​ 277 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ 687 ​ ​ ​ 1,113 ​ ​ 1,139 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 550 ​ ​ 550 ​ ​ ​ 543 ​ ​ 542 ​ 8.00% Senior Notes due February 2027 ​ ​ 612 ​ ​ 612 ​ ​ ​ 607 ​ ​ 606 ​ 7.45% Notes due April 2027 ​ ​ 52 ​ ​ 52 ​ ​ ​ 51 ​ ​ 51 ​ 8.00% Debentures due April 2027 ​ ​ 22 ​ ​ 22 ​ ​ ​ 22 ​ ​ 22 ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 265 ​ ​ 266 ​ 7.50% Notes due April 2031 ​ ​ 396 ​ ​ 396 ​ ​ ​ 394 ​ ​ 394 ​ 6.80% Senior Notes due March 2038 ​ ​ 610 ​ ​ 610 ​ ​ ​ 605 ​ ​ 605 ​ 7.35% Senior Notes due December 2041 ​ ​ 177 ​ ​ 177 ​ ​ ​ 176 ​ ​ 176 ​ Total debt ​ ​ 7,249 ​ ​ 7,376 ​ ​ ​ 7,620 ​ ​ 7,807 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6.375% Senior Notes due December 2021 ​ ​ 38 ​ ​ 38 ​ ​ ​ 38 ​ ​ 38 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 71 ​ ​ 93 ​ ​ ​ 70 ​ ​ 92 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 47 ​ ​ 47 ​ ​ ​ 46 ​ ​ 46 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 80 ​ ​ 80 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 58 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 62 ​ ​ 62 ​ ​ ​ 60 ​ ​ 60 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 66 ​ ​ 66 ​ ​ ​ 64 ​ ​ 64 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 6 ​ ​ 6 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 70 ​ ​ 61 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 34 ​ ​ — ​ ​ ​ 32 ​ ​ — ​ Total debt due within one year ​ ​ 461 ​ ​ 449 ​ ​ ​ 524 ​ ​ 505 ​ Total long-term debt ​ $ 6,788 ​ $ 6,927 ​ $ 7,096 ​ $ 7,302 ​ ​ Scheduled maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Twelve months ending March 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 461 ​ $ 76 ​ $ 537 ​ 2023 ​ ​ 588 ​ ​ 76 ​ ​ 664 ​ 2024 ​ ​ 895 ​ ​ 77 ​ ​ 972 ​ 2025 ​ ​ 516 ​ ​ 77 ​ ​ 593 ​ 2026 ​ ​ 1,527 ​ ​ 78 ​ ​ 1,605 ​ Thereafter ​ ​ 3,262 ​ ​ 78 ​ ​ 3,340 ​ Total installments of debt ​ $ 7,249 ​ $ 462 ​ ​ 7,711 ​ Total debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (91) ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,620 ​ ​ Interest rate adjustments Secured Credit Facility Note 10—Contingencies Exchangeable bonds Exchange terms ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Implied ​ ​ Exchange exchange ​ rate price 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 97.29756 ​ $ 10.28 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 190.47620 ​ ​ 5.25 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 162.16260 ​ ​ 6.17 ​ ​ The exchange rates of our exchangeable bonds, identified above, are subject to adjustment upon the occurrence of certain events. The 0.50% Exchangeable Senior Bonds may be exchanged by holders into Transocean Ltd. shares at any time prior to the close of business on the business day immediately preceding the maturity date. The 2.50% Senior Guaranteed Exchangeable Bonds may be exchanged by holders into Transocean Ltd. shares at any time prior to the close of business on the second business day immediately preceding the maturity date or redemption date. The 4.00% Senior Guaranteed Exchangeable Bonds may be exchanged by holders at any time prior to the close of business on the second business day immediately preceding the maturity date and, at our election, such exchange may be settled by delivering cash, Transocean Ltd. shares or a combination of cash and shares. Effective interest rates and fair values ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Fair ​ interest rate value 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 0.5% ​ $ 104 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 6.9% ​ ​ 280 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 0.0% ​ ​ 195 ​ ​ We estimated the fair values of the exchangeable debt instruments, including the exchange features, by employing a binomial lattice model and by using significant other observable inputs, representative of a Level 2 fair value measurement, including the terms and credit spreads of our debt and expected volatility of the market price for our shares. Related balances Debt issuances Senior guaranteed exchangeable bonds Debt retirements Guaranteed senior unsecured notes Debt retirements During the three months ended March 31, 2021 and 2020, we retired certain notes as a result of redemption, private exchanges and open market repurchases. The aggregate principal amounts, cash payments and recognized gain or loss for such transactions were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ Three months ended March 31, 2020 ​ ​ Exchanged Repurchased Total Redeemed Repurchased Total ​ 6.50% Senior Notes due November 2020 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 8 ​ $ 8 ​ 6.375% Senior Notes due December 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 38 ​ ​ 38 ​ 3.80% Senior Notes due October 2022 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3 ​ ​ 3 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 323 ​ ​ — ​ ​ 323 ​ ​ — ​ ​ — ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ 6 ​ ​ 6 ​ 9.00% Senior Notes due July 2023 ​ ​ — ​ ​ — ​ ​ — ​ ​ 714 ​ ​ — ​ ​ 714 ​ Aggregate principal amount retired ​ $ 323 ​ $ 1 ​ $ 324 ​ $ 714 ​ $ 55 ​ $ 769 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 11 ​ $ 1 ​ $ 12 ​ $ 767 ​ $ 46 ​ $ 813 ​ Aggregate principal amount of debt issued in exchanges ​ $ 294 ​ $ — ​ $ 294 ​ $ — ​ $ — ​ $ — ​ Aggregate net gain (loss) ​ $ 51 ​ $ — ​ $ 51 ​ $ (65) ​ $ 8 ​ $ (57) ​ ​

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Taxes
Income TaxesNote 8—Income Taxes Tax provision and rate Tax returns Brazil tax investigations aggregate tax assessment, including interest and penalties, was for corporate income tax of BRL 641 million, equivalent to approximately $114 million, and indirect tax of BRL 96 million, equivalent to $17 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. Other tax matters

Loss Per Share

Loss Per Share3 Months Ended
Mar. 31, 2021
Loss Per Share
Loss Per ShareNote 9—Loss Per Share The computation of basic and diluted loss per share were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2021 ​ 2020 ​ Numerator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (99) ​ $ (392) ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 616 ​ ​ 613 ​ Effect of share-based awards ​ ​ 1 ​ ​ 1 ​ Weighted-average shares for per share calculation ​ ​ 617 ​ ​ 614 ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share, basic and diluted ​ $ (0.16) ​ $ (0.64) ​ ​ In the three months ended March 31, 2021 and 2020, we excluded from the calculation 13.8 million and 11.1 million shares issuable, respectively, pursuant to share-based awards since the effect would have been antidilutive. In the three months ended March 31, 2021 and 2020, we excluded from the calculation 92.9 million and 84.0 million shares issuable, respectively, upon exchange of the 0.50% Exchangeable Senior Bonds, the 2.50% Senior Guaranteed Exchangeable Bonds and the 4.00% Senior Guaranteed Exchangeable Bonds since the effect would have been antidilutive.

Contingencies

Contingencies3 Months Ended
Mar. 31, 2021
Contingencies
ContingenciesNote 10—Contingencies Legal proceedings Debt exchange litigation and purported notice of default— On September 23, 2020, we filed an answer to the Claim with the Court and asserted counterclaims seeking a declaratory judgment that, among other matters, the Internal Reorganization did not cause a default under the indenture governing the 8.00% Senior Notes. Concurrently, with our answer and counterclaims, we also submitted a motion for summary judgment seeking an expedited judgment on our request for declaratory judgment. Whitebox subsequently submitted a cross motion for summary judgment seeking dismissal of our counterclaims. On November 30, 2020, while awaiting the Court’s ruling on our motion for summary judgment, we amended certain of our financing documents and implemented certain internal reorganization transactions, which resolved the allegations contained in the purported notices of default. On December 17, 2020, the Court issued its ruling granting our motion for summary judgment and denying the plaintiff’s cross motion for summary judgment, holding, among other matters, that the allegations contained in the purported notice of default did not constitute a default under the indenture governing the 8.00% Senior Notes. Whitebox has appealed the Court’s ruling. The facts alleged in the purported notice of default under the 8.00% Senior Notes were the same as the facts underlying the Claim and the purported notice of default under the 7.25% Senior Notes. Accordingly, following the amendment and internal reorganization transactions on November 30, 2020, and the subsequent ruling from the Court granting our motion for summary judgment, we do not expect the liability, if any, resulting from these matters to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Asbestos litigation One of our subsidiaries has been named as a defendant, along with numerous other companies, in lawsuits arising out of the subsidiary’s manufacture and sale of heat exchangers, and involvement in the construction and refurbishment of major industrial complexes alleging bodily injury or personal injury as a result of exposure to asbestos. As of March 31, 2021, the subsidiary was a defendant in approximately 256 lawsuits with a corresponding number of plaintiffs. For many of these lawsuits, we have not been provided sufficient information from the plaintiffs to determine whether all or some of the plaintiffs have claims against the subsidiary, the basis of any such claims, or the nature of their alleged injuries. The operating assets of the subsidiary were sold in 1989. In September 2018, the subsidiary and certain insurers agreed to a settlement of outstanding disputes that provided the subsidiary with cash and an annuity. 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, we do not expect the ultimate liability, if any, resulting from all environmental matters and known potential legal claims that are likely to be asserted, to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows.

Financial Instruments

Financial Instruments3 Months Ended
Mar. 31, 2021
Financial Instruments
Financial InstrumentsNote 11—Financial Instruments Overview ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 1,066 ​ $ 1,066 ​ $ 1,154 ​ $ 1,154 ​ Restricted cash and cash equivalents ​ ​ 388 ​ ​ 388 ​ ​ 406 ​ ​ 406 ​ Long-term debt, including current maturities ​ ​ 7,620 ​ ​ 5,503 ​ ​ 7,807 ​ ​ 4,820 ​ ​ Cash and cash equivalents Restricted cash and cash equivalents Long-term debt, including current maturities Note 7—Debt

Significant Accounting Polici_2

Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Significant Accounting Policies
PresentationPresentation Form 10-K filed on March 1, 2021
Accounting estimatesAccounting estimates
Fair value measurementsFair value measurements

Revenues (Tables)

Revenues (Tables)3 Months Ended
Mar. 31, 2021
Revenues
Schedule of revenue disaggregation​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ​ Three months ended March 31, 2020 ​ ​ U.S. Norway Other Total U.S. Norway Other Total Ultra-deepwater floaters $ 266 ​ $ — ​ $ 170 ​ $ 436 $ 287 ​ $ — ​ $ 241 ​ $ 528 Harsh environment floaters ​ ​ 4 ​ ​ 202 ​ ​ 11 ​ ​ 217 ​ ​ ​ — ​ ​ 207 ​ ​ 13 ​ ​ 220 ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ 11 ​ ​ 11 ​ Total contract drilling revenues $ 270 ​ $ 202 ​ $ 181 ​ $ 653 $ 287 ​ $ 207 ​ $ 265 ​ $ 759
Schedule of contract balances and changes​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 2020 Deferred contract revenues, recorded in other current liabilities $ 115 ​ $ 133 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 304 ​ ​ 323 ​ Total contract liabilities $ 419 ​ $ 456 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2021 2020 Total contract liabilities, beginning of period ​ $ 456 ​ $ 529 ​ Decrease due to recognition of revenues for goods and services ​ ​ (44) ​ ​ (41) ​ Increase due to goods and services transferred over time ​ ​ 7 ​ ​ 46 ​ Total contract liabilities, end of period ​ $ 419 ​ $ 534 ​

Drilling Fleet (Tables)

Drilling Fleet (Tables)3 Months Ended
Mar. 31, 2021
Drilling Fleet
Changes in our construction work in progress, including capital expenditures and capitalized interest​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2021 2020 Construction work in progress, beginning of period $ 828 ​ $ 753 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 45 ​ ​ 50 ​ Other equipment and construction projects ​ ​ 14 ​ ​ 57 ​ Total capital expenditures ​ ​ 59 ​ ​ 107 ​ Changes in accrued capital additions ​ ​ (7) ​ ​ (24) ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ (14) ​ ​ (62) ​ Construction work in progress, end of period $ 866 ​ $ 774 ​

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Schedule of debt​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ March 31, ​ December 31, ​ March 31, ​ December 31, ​ ​ 2021 2020 2021 2020 6.375% Senior Notes due December 2021 ​ $ 38 ​ $ 38 ​ ​ $ 38 ​ $ 38 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 89 ​ ​ 111 ​ ​ ​ 88 ​ ​ 111 ​ 3.80% Senior Notes due October 2022 ​ ​ 27 ​ ​ 27 ​ ​ ​ 27 ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 140 ​ ​ 463 ​ ​ ​ 139 ​ ​ 462 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 362 ​ ​ 364 ​ ​ ​ 359 ​ ​ 360 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 544 ​ ​ 585 ​ ​ ​ 536 ​ ​ 577 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 360 ​ ​ 360 ​ ​ ​ 354 ​ ​ 354 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 375 ​ ​ 375 ​ ​ ​ 370 ​ ​ 369 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 435 ​ ​ 468 ​ ​ ​ 428 ​ ​ 461 ​ 7.25% Senior Notes due November 2025 ​ ​ 411 ​ ​ 411 ​ ​ ​ 406 ​ ​ 405 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 294 ​ ​ — ​ ​ ​ 260 ​ ​ — ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 569 ​ ​ ​ 565 ​ ​ 565 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 238 ​ ​ 238 ​ ​ ​ 274 ​ ​ 277 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ 687 ​ ​ ​ 1,113 ​ ​ 1,139 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 550 ​ ​ 550 ​ ​ ​ 543 ​ ​ 542 ​ 8.00% Senior Notes due February 2027 ​ ​ 612 ​ ​ 612 ​ ​ ​ 607 ​ ​ 606 ​ 7.45% Notes due April 2027 ​ ​ 52 ​ ​ 52 ​ ​ ​ 51 ​ ​ 51 ​ 8.00% Debentures due April 2027 ​ ​ 22 ​ ​ 22 ​ ​ ​ 22 ​ ​ 22 ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 265 ​ ​ 266 ​ 7.50% Notes due April 2031 ​ ​ 396 ​ ​ 396 ​ ​ ​ 394 ​ ​ 394 ​ 6.80% Senior Notes due March 2038 ​ ​ 610 ​ ​ 610 ​ ​ ​ 605 ​ ​ 605 ​ 7.35% Senior Notes due December 2041 ​ ​ 177 ​ ​ 177 ​ ​ ​ 176 ​ ​ 176 ​ Total debt ​ ​ 7,249 ​ ​ 7,376 ​ ​ ​ 7,620 ​ ​ 7,807 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6.375% Senior Notes due December 2021 ​ ​ 38 ​ ​ 38 ​ ​ ​ 38 ​ ​ 38 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 71 ​ ​ 93 ​ ​ ​ 70 ​ ​ 92 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 47 ​ ​ 47 ​ ​ ​ 46 ​ ​ 46 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 80 ​ ​ 80 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 58 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 62 ​ ​ 62 ​ ​ ​ 60 ​ ​ 60 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 66 ​ ​ 66 ​ ​ ​ 64 ​ ​ 64 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 6 ​ ​ 6 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 70 ​ ​ 61 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 34 ​ ​ — ​ ​ ​ 32 ​ ​ — ​ Total debt due within one year ​ ​ 461 ​ ​ 449 ​ ​ ​ 524 ​ ​ 505 ​ Total long-term debt ​ $ 6,788 ​ $ 6,927 ​ $ 7,096 ​ $ 7,302 ​
Scheduled maturities of debt​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Twelve months ending March 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 461 ​ $ 76 ​ $ 537 ​ 2023 ​ ​ 588 ​ ​ 76 ​ ​ 664 ​ 2024 ​ ​ 895 ​ ​ 77 ​ ​ 972 ​ 2025 ​ ​ 516 ​ ​ 77 ​ ​ 593 ​ 2026 ​ ​ 1,527 ​ ​ 78 ​ ​ 1,605 ​ Thereafter ​ ​ 3,262 ​ ​ 78 ​ ​ 3,340 ​ Total installments of debt ​ $ 7,249 ​ $ 462 ​ ​ 7,711 ​ Total debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (91) ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,620 ​
Schedule of debt retirements​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ Three months ended March 31, 2020 ​ ​ Exchanged Repurchased Total Redeemed Repurchased Total ​ 6.50% Senior Notes due November 2020 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 8 ​ $ 8 ​ 6.375% Senior Notes due December 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 38 ​ ​ 38 ​ 3.80% Senior Notes due October 2022 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3 ​ ​ 3 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 323 ​ ​ — ​ ​ 323 ​ ​ — ​ ​ — ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ 6 ​ ​ 6 ​ 9.00% Senior Notes due July 2023 ​ ​ — ​ ​ — ​ ​ — ​ ​ 714 ​ ​ — ​ ​ 714 ​ Aggregate principal amount retired ​ $ 323 ​ $ 1 ​ $ 324 ​ $ 714 ​ $ 55 ​ $ 769 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 11 ​ $ 1 ​ $ 12 ​ $ 767 ​ $ 46 ​ $ 813 ​ Aggregate principal amount of debt issued in exchanges ​ $ 294 ​ $ — ​ $ 294 ​ $ — ​ $ — ​ $ — ​ Aggregate net gain (loss) ​ $ 51 ​ $ — ​ $ 51 ​ $ (65) ​ $ 8 ​ $ (57) ​
Exchanged
Schedule of debtExchange terms ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Implied ​ ​ Exchange exchange ​ rate price 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 97.29756 ​ $ 10.28 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 190.47620 ​ ​ 5.25 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 162.16260 ​ ​ 6.17 ​ Effective interest rates and fair values ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Fair ​ interest rate value 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 0.5% ​ $ 104 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 6.9% ​ ​ 280 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 0.0% ​ ​ 195 ​

Loss Per Share (Tables)

Loss Per Share (Tables)3 Months Ended
Mar. 31, 2021
Loss Per Share
Loss Per ShareThe computation of basic and diluted loss per share were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2021 ​ 2020 ​ Numerator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (99) ​ $ (392) ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 616 ​ ​ 613 ​ Effect of share-based awards ​ ​ 1 ​ ​ 1 ​ Weighted-average shares for per share calculation ​ ​ 617 ​ ​ 614 ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share, basic and diluted ​ $ (0.16) ​ $ (0.64) ​

Financial Instruments (Tables)

Financial Instruments (Tables)3 Months Ended
Mar. 31, 2021
Financial Instruments
Carrying amounts and fair values of the financial instruments​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 1,066 ​ $ 1,066 ​ $ 1,154 ​ $ 1,154 ​ Restricted cash and cash equivalents ​ ​ 388 ​ ​ 388 ​ ​ 406 ​ ​ 406 ​ Long-term debt, including current maturities ​ ​ 7,620 ​ ​ 5,503 ​ ​ 7,807 ​ ​ 4,820 ​

Business (Details)

Business (Details)Mar. 31, 2021item
Number of mobile offshore drilling units37
Ultra-deepwater floaters
Number of mobile offshore drilling units27
Number of mobile offshore drilling units under construction2
Harsh environment floaters
Number of mobile offshore drilling units10

Unconsolidated Affiliates (Deta

Unconsolidated Affiliates (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Investments
Investment in unconsolidated affiliate $ 6
Aggregate carrying amount of equity investment $ 139 $ 138
Transocean Norge
Investments
Ownership percentage33.00%
Investment in unconsolidated affiliate $ 6
Aggregate carrying amount of equity investment $ 105 $ 104
Payment Three | Transocean Norge
Investments
Investment in unconsolidated affiliate $ 33

Revenues (Disaggregation) (Deta

Revenues (Disaggregation) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Revenue
Recognized pre-operating costs $ 14 $ 9
Unrecognized pre-operating costs14 $ 20
Contract drilling revenues653 759
Ultra-deepwater floaters
Revenue
Contract drilling revenues436 528
Harsh environment floaters
Revenue
Contract drilling revenues217 220
Midwater floaters
Revenue
Contract drilling revenues11
U.S.
Revenue
Contract drilling revenues270 287
U.S. | Ultra-deepwater floaters
Revenue
Contract drilling revenues266 287
U.S. | Harsh environment floaters
Revenue
Contract drilling revenues4
Norway
Revenue
Contract drilling revenues202 207
Norway | Harsh environment floaters
Revenue
Contract drilling revenues202 207
Other
Revenue
Contract drilling revenues181 265
Other | Ultra-deepwater floaters
Revenue
Contract drilling revenues170 241
Other | Harsh environment floaters
Revenue
Contract drilling revenues $ 11 13
Other | Midwater floaters
Revenue
Contract drilling revenues $ 11

Revenues (Contract liabilities)

Revenues (Contract liabilities) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
Contract balances
Deferred contract revenues, recorded in other current liabilities $ 115 $ 133
Deferred contract revenues, recorded in other long-term liabilities304 323
Total contract liabilities $ 419 $ 456 $ 534 $ 529

Revenues (Changes) (Details)

Revenues (Changes) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Significant changes to contract liabilities
Total contract liabilities, at beginning of period $ 456 $ 529
Decrease due to recognition of revenues for goods and services(44)(41)
Increase due to goods and services transferred over time7 46
Total contract liabilities, at end of period $ 419 $ 534

Drilling Fleet (Details)

Drilling Fleet (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures $ 59 $ 107
Construction in Progress
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Construction work in progress, at beginning of period828 753
Total capital expenditures59 107
Changes in accrued capital additions(7)(24)
Property and equipment placed into service(14)(62)
Construction work in progress, at end of period866 774
New builds
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures45 50
Other equipment and construction projects
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures $ 14 $ 57

Drilling Fleet (Impairment held

Drilling Fleet (Impairment held and used) (Details) $ / shares in Units, $ in Millions3 Months Ended
Mar. 31, 2020USD ($)$ / shares
Impairment of assets held and used
Loss associated with impairment, net of tax (per share) | $ / shares $ 0.23
Midwater floaters
Impairment of assets held and used
Impairment of in use assets | $ $ 31
Loss associated with impairment, net of tax (per share) | $ / shares $ 0.05
Loss associated with in use asset impairment, tax effect | $ $ 0

Drilling Fleet (Impairment he_2

Drilling Fleet (Impairment held for sale) (Details) $ / shares in Units, $ in Millions3 Months Ended
Mar. 31, 2020USD ($)$ / shares
Drilling Fleet
Aggregate loss on impairment of assets held for sale $ 137
Aggregate loss on impairment of assets held for sale, net of tax $ 136
Loss associated with impairment, net of tax (per share) | $ / shares $ 0.23

Drilling Fleet (Disposal) (Deta

Drilling Fleet (Disposal) (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Dispositions
Net cash proceeds from sale of assets $ 6 $ 1
Gain (loss) on the sale of assets(59) $ (1)
Assets sold, not discontinued operations | Rig sales
Dispositions
Net cash proceeds from sale of assets4
Gain (loss) on the sale of assets $ (60)
Gain (loss) on the sale of assets per diluted share $ (0.10)
Gain (loss) on disposal of assets, tax effect $ 0

Debt (Details)

Debt (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Principal amount
Total installments of debt $ 7,249 $ 7,376
Debt due within one year461 449
Long-term debt6,788 6,927
Carrying amount
Total debt7,620 7,807
Debt due within one year524 505
Long-term debt7,096 7,302
6.375% Senior Notes due December 2021
Principal amount
Total installments of debt38 38
Debt due within one year38 38
Carrying amount
Total debt $ 38 38
Debt instrument interest rate stated percentage6.375%
5.52% Senior Secured Notes due May 2022
Principal amount
Total installments of debt $ 89 111
Debt due within one year71 93
Carrying amount
Total debt88 111
Debt due within one year $ 70 92
Debt instrument interest rate stated percentage5.52%
3.80% Senior Notes due October 2022
Principal amount
Total installments of debt $ 27 27
Carrying amount
Total debt $ 27 27
Debt instrument interest rate stated percentage3.80%
0.50% Exchangeable Senior Bonds due January 2023
Principal amount
Total installments of debt $ 140 463
Carrying amount
Total debt $ 139 462
Debt instrument interest rate stated percentage0.50%
5.375% Senior Secured Notes due May 2023
Principal amount
Total installments of debt $ 362 364
Debt due within one year47 47
Carrying amount
Total debt359 360
Debt due within one year $ 46 46
Debt instrument interest rate stated percentage5.375%
5.875% Senior Secured Notes due January 2024
Principal amount
Total installments of debt $ 544 585
Debt due within one year83 83
Carrying amount
Total debt536 577
Debt due within one year $ 80 80
Debt instrument interest rate stated percentage5.875%
7.75% Senior Secured Notes due October 2024
Principal amount
Total installments of debt $ 360 360
Debt due within one year60 60
Carrying amount
Total debt354 354
Debt due within one year $ 58 58
Debt instrument interest rate stated percentage7.75%
6.25% Senior Secured Notes due December 2024
Principal amount
Total installments of debt $ 375 375
Debt due within one year62 62
Carrying amount
Total debt370 369
Debt due within one year $ 60 60
Debt instrument interest rate stated percentage6.25%
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Principal amount
Total installments of debt $ 294
Carrying amount
Total debt $ 260
Debt instrument interest rate stated percentage4.00%
6.125% Senior Secured Notes due August 2025
Principal amount
Total installments of debt $ 435 468
Debt due within one year66 66
Carrying amount
Total debt428 461
Debt due within one year $ 64 64
Debt instrument interest rate stated percentage6.125%
7.25% Senior Notes due November 2025
Principal amount
Total installments of debt $ 411 411
Carrying amount
Total debt $ 406 405
Debt instrument interest rate stated percentage7.25%
7.50% Senior Notes due January 2026
Principal amount
Total installments of debt $ 569 569
Carrying amount
Total debt $ 565 565
Debt instrument interest rate stated percentage7.50%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Principal amount
Total installments of debt $ 238 238
Carrying amount
Total debt274 277
Debt due within one year $ 6 6
Debt instrument interest rate stated percentage2.50%
11.50% Senior Guaranteed Notes due January 2027
Principal amount
Total installments of debt $ 687 687
Carrying amount
Total debt1,113 1,139
Debt due within one year $ 70 61
Debt instrument interest rate stated percentage11.50%
6.875% Senior Secured Notes due February 2027
Principal amount
Total installments of debt $ 550 550
Debt due within one year34
Carrying amount
Total debt543 542
Debt due within one year $ 32
Debt instrument interest rate stated percentage6.875%
8.00% Senior Notes due February 2027
Principal amount
Total installments of debt $ 612 612
Carrying amount
Total debt $ 607 606
Debt instrument interest rate stated percentage8.00%
7.45% Notes due April 2027
Principal amount
Total installments of debt $ 52 52
Carrying amount
Total debt $ 51 51
Debt instrument interest rate stated percentage7.45%
8.00% Debentures due April 2027
Principal amount
Total installments of debt $ 22 22
Carrying amount
Total debt $ 22 22
Debt instrument interest rate stated percentage8.00%
7.00% Notes due June 2028
Principal amount
Total installments of debt $ 261 261
Carrying amount
Total debt $ 265 266
Debt instrument interest rate stated percentage7.00%
7.50% Notes due April 2031
Principal amount
Total installments of debt $ 396 396
Carrying amount
Total debt $ 394 394
Debt instrument interest rate stated percentage7.50%
6.80% Senior Notes due March 2038
Principal amount
Total installments of debt $ 610 610
Carrying amount
Total debt $ 605 605
Debt instrument interest rate stated percentage6.80%
7.35% Senior Notes due December 2041
Principal amount
Total installments of debt $ 177 177
Carrying amount
Total debt $ 176 $ 176
Debt instrument interest rate stated percentage7.35%

Debt (Maturities) (Details)

Debt (Maturities) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Scheduled maturities of debt
Total installments of debt $ 7,249 $ 7,376
Total Installments
Scheduled maturities of debt
2022537
2023664
2024972
2025593
20261,605
Thereafter3,340
Total installments of debt7,711
Total debt-related balances, net(91)
Total carrying amount of debt7,620
Principal installments
Scheduled maturities of debt
2022461
2023588
2024895
2025516
20261,527
Thereafter3,262
Total installments of debt7,249
Other installments
Scheduled maturities of debt
202276
202376
202477
202577
202678
Thereafter78
Total installments of debt $ 462

Debt (Interest and Facility) (D

Debt (Interest and Facility) (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
6.375% Senior Notes due December 2021
Debt
Debt instrument interest rate stated percentage6.375%
Interest rate, as adjusted (as a percent)8.375%
3.80% Senior Notes due October 2022
Debt
Debt instrument interest rate stated percentage3.80%
Interest rate, as adjusted (as a percent)5.80%
7.35% Senior Notes due December 2041
Debt
Debt instrument interest rate stated percentage7.35%
Interest rate, as adjusted (as a percent)9.35%
Five-Year Revolving Credit Facility
Debt
Borrowing capacity, maximum $ 1,300
Commitment fee percentage at period end0.875%
Credit facility amount outstanding $ 0
Letters of credit issued and outstanding25
Credit facility available borrowing capacity $ 1,300
Five-Year Revolving Credit Facility | Minimum
Debt
Commitment fee percentage at period end0.375%
Five-Year Revolving Credit Facility | Maximum
Debt
Commitment fee percentage at period end1.00%
Five-Year Revolving Credit Facility | Adjusted LIBOR
Debt
Spread on variable rate basis (as a percent)3.375%
Percentage reduction to the calculated variable rate1.00%
Five-Year Revolving Credit Facility | Adjusted LIBOR | Minimum
Debt
Spread on variable rate basis (as a percent)2.625%
Five-Year Revolving Credit Facility | Adjusted LIBOR | Maximum
Debt
Spread on variable rate basis (as a percent)3.375%

Debt (Exchange and Issue) (Deta

Debt (Exchange and Issue) (Details) $ / shares in Units, $ in MillionsFeb. 26, 2021USD ($)$ / sharesJan. 17, 2020USD ($)Mar. 31, 2021USD ($)$ / sharesMar. 31, 2020USD ($)Dec. 31, 2020USD ($)
Debt
Issuance of debt in exchange transactions $ 294
Aggregate cash payment12 $ 813
Proceeds from issuance of debt $ 743
Exchanged
Debt
Issuance of debt in exchange transactions294
Aggregate cash payment $ 11
0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt conversion ratio0.09729756
Debt conversion (in dollars per share) | $ / shares $ 10.28
Effective interest rate (as a percent)0.50%
Fair value of debt $ 104
Equity component of convertible debt instruments $ 172 $ 172
Aggregate cash payment $ 11
Original debt in exchange323
Gains (losses) on restructuring $ 51
Gains (losses) on restructuring (in dollars per share) | $ / shares $ 0.08
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Debt
Debt conversion ratio0.19047620
Debt conversion (in dollars per share) | $ / shares $ 5.25
Effective interest rate (as a percent)6.90%
Fair value of debt $ 280
Equity component of convertible debt instruments $ 260
Issuance of debt in exchange transactions $ 294
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Debt
Debt conversion ratio0.16216260
Debt conversion (in dollars per share) | $ / shares $ 6.17
Effective interest rate (as a percent)0.00%
Fair value of debt $ 195
8.00% Senior Notes due February 2027
Debt
Debt instrument face value $ 750
Proceeds from issuance of debt $ 743
Redemption price of debt instrument (as a percent)100.00%

Debt (Settled) (Details)

Debt (Settled) (Details) - USD ($) $ in MillionsFeb. 26, 2021Mar. 31, 2021Mar. 31, 2020
Debt
Debt retirement $ 324 $ 769
Aggregate cash payment12 813
Aggregate principal amount of debt issued in exchanges294
Aggregate net gain (loss) $ 51 (57)
6.50% Senior Notes due November 2020
Debt
Debt instrument interest rate stated percentage6.50%
Debt retirement8
6.375% Senior Notes due December 2021
Debt
Debt instrument interest rate stated percentage6.375%
Debt retirement38
3.80% Senior Notes due October 2022
Debt
Debt instrument interest rate stated percentage3.80%
Debt retirement3
0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt instrument interest rate stated percentage0.50%
Debt retirement $ 323
Aggregate cash payment $ 11
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage5.375%
Debt retirement $ 1 6
9.00% Senior Notes due July 2023
Debt
Debt instrument interest rate stated percentage9.00%
Debt retirement714
Redeemed
Debt
Debt retirement714
Aggregate cash payment767
Aggregate net gain (loss)(65)
Redeemed | 9.00% Senior Notes due July 2023
Debt
Debt retirement714
Repurchased
Debt
Debt retirement $ 1 55
Aggregate cash payment1 46
Aggregate net gain (loss)8
Repurchased | 6.50% Senior Notes due November 2020
Debt
Debt retirement8
Repurchased | 6.375% Senior Notes due December 2021
Debt
Debt retirement38
Repurchased | 3.80% Senior Notes due October 2022
Debt
Debt retirement3
Repurchased | 5.375% Senior Secured Notes due May 2023
Debt
Debt retirement1 $ 6
Exchanged
Debt
Debt retirement323
Aggregate cash payment11
Aggregate principal amount of debt issued in exchanges294
Aggregate net gain (loss)51
Exchanged | 0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt retirement $ 323

Income Taxes (Provision) (Detai

Income Taxes (Provision) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Taxes
Effective tax rate17.80%1.10%
Income tax benefit $ (21) $ (4)
Various discrete tax items expense (benefit) $ (27) $ (20)
Annual effective tax rate excluding discrete items (as a percent)(5.70%)(9.50%)

Income Taxes (Tax Returns) (Det

Income Taxes (Tax Returns) (Details) - Brazil R$ in Millions, $ in Millions3 Months Ended
Mar. 31, 2021BRL (R$)Mar. 31, 2021USD ($)Mar. 31, 2020BRL (R$)Mar. 31, 2020USD ($)
Corporate income tax
Income Tax Examination
Net adjustments of additional taxes, including interest and penaltiesR$ 641 $ 114
Indirect tax
Income Tax Examination
Net adjustments of additional taxes, including interest and penaltiesR$ 96 $ 17

Loss Per Share (Details)

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Numerator for loss per share, basic and diluted
Net loss attributable to controlling interest $ (99) $ (392)
Denominator for loss per share, basic and diluted
Weighted-average shares outstanding (in shares)616,000 613,000
Effect of share-based awards (in shares)1,000 1,000
Weighted-average shares for per share calculation617,000 614,000
Loss per share, basic and diluted (in dollars per share) $ (0.16) $ (0.64)
Share-based awards
Denominator for loss per share, basic and diluted
Securities excluded from earnings per share calculation (in shares)13,800 11,100
Convertible debt
Denominator for loss per share, basic and diluted
Securities excluded from earnings per share calculation (in shares)92,900 84,000
0.50% Exchangeable Senior Bonds due January 2023
Denominator for loss per share, basic and diluted
Debt instrument interest rate stated percentage0.50%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Denominator for loss per share, basic and diluted
Debt instrument interest rate stated percentage2.50%
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Denominator for loss per share, basic and diluted
Debt instrument interest rate stated percentage4.00%

Contingencies (Details)

Contingencies (Details) - Asbestos litigationMar. 31, 2021plaintifflawsuit
Contingencies
Number of claims | lawsuit256
LA
Contingencies
Number of claims9
Illinois and Missouri
Contingencies
Number of claims14

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Financial instruments
Long-term debt, including current maturities $ 7,620 $ 7,807
Carrying amount
Financial instruments
Cash and cash equivalents1,066 1,154
Restricted cash and cash equivalents388 406
Long-term debt, including current maturities7,620 7,807
Fair value
Financial instruments
Cash and cash equivalents1,066 1,154
Restricted cash and cash equivalents388 406
Long-term debt, including current maturities $ 5,503 $ 4,820