Business Combinations (Tables)

9 Months Ended

Sep. 30, 2018


	Total
Consideration transferred
Aggregate fair value of shares issued as partial consideration for Songa shares	$	735
Aggregate fair value of Exchangeable Bonds issued as partial consideration for Songa shares		675
Consideration transferred to Songa shareholders		1,410

Aggregate fair value of Exchangeable Bonds issued for settlement of certain Songa indebtedness		351
Total consideration transferred in business combination	$	1,761

Schedule of assets acquired and liabilities assumed

We estimated the fair value of assets acquired, liabilities assumed and noncontrolling interest, measured as of January 30, 2018, as follows (in millions):


	Total
Assets acquired
Cash and cash equivalents	$	113
Accounts receivable		115
Other current assets		80
Property and equipment		2,414
Goodwill		462
Contract intangible assets		632

Liabilities assumed
Accounts payable and other current liabilities		178
Debt		1,768
Other long-term liabilities		76
Net assets acquired		1,794

Noncontrolling interest in business combination		33
Controlling interest acquired in business combination	$	1,761

Schedule of estimated future recognition of contract intangible revenues

As of September 30, 2018, the estimated future amortization of contract intangible assets was as follows (in millions):


	Total
Twelve months ending September 30,
2019	$	117
2020		117
2021		117
2022		117
2023		74
Thereafter		12
Total carrying amount of contract intangible assets	$	554

Schedule of unaudited pro forma combined operating results

Pro forma combined operating results, assuming the acquisition was completed as of January 1, 2017, were as follows (in millions, except per share data):


	Three months ended				Nine months ended
	September 30,				September 30,
	2018		2017		2018		2017
Contract drilling revenues	$	816	$	954	$	2,319	$	2,749
Net loss		(409)		(1,417)		(1,753)		(2,977)
Per share loss - basic and diluted		(0.88)		(3.11)		(3.79)		(6.55)