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v3.19.3.a.u2

Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt |
Debt, net of unamortized discounts, premiums and fair value adjustments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal amount | ​ | ​ | Carrying amount |
​ | ​ | December 31, | ​ | December 31, |  | ​ | December 31, | ​ | December 31, |
​ |  | 2019 |  | 2018 |  |  | 2019 |  | 2018 |
6.50% Senior Notes due November 2020 (a) | ​ | $ | 206 | ​ | $ | 286 | ​ | ​ | $ | 206 | ​ | $ | 288 | ​
6.375% Senior Notes due December 2021 (a) | ​ | ​ | 222 | ​ | ​ | 328 | ​ | ​ | ​ | 221 | ​ | ​ | 327 | ​
5.52% Senior Secured Notes due May 2022 (b) | ​ | ​ | 200 | ​ | ​ | 282 | ​ | ​ | ​ | 198 | ​ | ​ | 280 | ​
3.80% Senior Notes due October 2022 (a) | ​ | ​ | 190 | ​ | ​ | 411 | ​ | ​ | ​ | 189 | ​ | ​ | 408 | ​
0.50% Exchangeable Bonds due January 2023 (a) | ​ | ​ | 863 | ​ | ​ | 863 | ​ | ​ | ​ | 862 | ​ | ​ | 862 | ​
5.375% Senior Secured Notes due May 2023 (d) | ​ | ​ | 525 | ​ | ​ | — | ​ | ​ | ​ | 518 | ​ | ​ | — | ​
9.00% Senior Notes due July 2023 (c) | ​ | ​ | 714 | ​ | ​ | 1,250 | ​ | ​ | ​ | 701 | ​ | ​ | 1,221 | ​
5.875% Senior Secured Notes due January 2024 (d) | ​ | ​ | 667 | ​ | ​ | 750 | ​ | ​ | ​ | 656 | ​ | ​ | 735 | ​
7.75% Senior Secured Notes due October 2024 (d) | ​ | ​ | 420 | ​ | ​ | 480 | ​ | ​ | ​ | 412 | ​ | ​ | 469 | ​
6.25% Senior Secured Notes due December 2024 (d) | ​ | ​ | 437 | ​ | ​ | 500 | ​ | ​ | ​ | 430 | ​ | ​ | 489 | ​
6.125% Senior Secured Notes due August 2025 (d) | ​ | ​ | 534 | ​ | ​ | 600 | ​ | ​ | ​ | 525 | ​ | ​ | 588 | ​
7.25% Senior Notes due November 2025 (c) | ​ | ​ | 750 | ​ | ​ | 750 | ​ | ​ | ​ | 737 | ​ | ​ | 736 | ​
7.50% Senior Notes due January 2026 (c) | ​ | ​ | 750 | ​ | ​ | 750 | ​ | ​ | ​ | 743 | ​ | ​ | 742 | ​
6.875% Senior Secured Notes due February 2027 (d) | ​ | ​ | 550 | ​ | ​ | — | ​ | ​ | ​ | 541 | ​ | ​ | — | ​
7.45% Notes due April 2027 (a) | ​ | ​ | 88 | ​ | ​ | 88 | ​ | ​ | ​ | 86 | ​ | ​ | 86 | ​
8.00% Debentures due April 2027 (a) | ​ | ​ | 57 | ​ | ​ | 57 | ​ | ​ | ​ | 57 | ​ | ​ | 57 | ​
7.00% Notes due June 2028 (e) | ​ | ​ | 300 | ​ | ​ | 300 | ​ | ​ | ​ | 306 | ​ | ​ | 306 | ​
Finance lease contract due August 2029 | ​ | ​ | — | ​ | ​ | 511 | ​ | ​ | ​ | — | ​ | ​ | 511 | ​
7.50% Notes due April 2031 (a) | ​ | ​ | 588 | ​ | ​ | 588 | ​ | ​ | ​ | 585 | ​ | ​ | 585 | ​
6.80% Senior Notes due March 2038 (a) | ​ | ​ | 1,000 | ​ | ​ | 1,000 | ​ | ​ | ​ | 991 | ​ | ​ | 991 | ​
7.35% Senior Notes due December 2041 (a) | ​ | ​ | 300 | ​ | ​ | 300 | ​ | ​ | ​ | 297 | ​ | ​ | 297 | ​
Total debt | ​ | ​ | 9,361 | ​ | ​ | 10,094 | ​ | ​ | ​ | 9,261 | ​ | ​ | 9,978 | ​
Less debt due within one year | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
6.50% Senior Notes due November 2020 (a) | ​ | ​ | 206 | ​ | ​ | — | ​ | ​ | ​ | 206 | ​ | ​ | — | ​
5.52% Senior Secured Notes due May 2022 (b) | ​ | ​ | 88 | ​ | ​ | 83 | ​ | ​ | ​ | 87 | ​ | ​ | 81 | ​
5.375% Senior Secured Notes due May 2023 (d) | ​ | ​ | 16 | ​ | ​ | — | ​ | ​ | ​ | 14 | ​ | ​ | — | ​
5.875% Senior Secured Notes due January 2024 (d) | ​ | ​ | 83 | ​ | ​ | 83 | ​ | ​ | ​ | 79 | ​ | ​ | 79 | ​
7.75% Senior Secured Notes due October 2024 (d) | ​ | ​ | 60 | ​ | ​ | 60 | ​ | ​ | ​ | 58 | ​ | ​ | 58 | ​
6.25% Senior Secured Notes due December 2024 (d) | ​ | ​ | 62 | ​ | ​ | 62 | ​ | ​ | ​ | 60 | ​ | ​ | 60 | ​
6.125% Senior Secured Notes due August 2025 (d) | ​ | ​ | 66 | ​ | ​ | 66 | ​ | ​ | ​ | 64 | ​ | ​ | 63 | ​
Finance lease contract due August 2029 | ​ | ​ | — | ​ | ​ | 32 | ​ | ​ | ​ | — | ​ | ​ | 32 | ​
Total debt due within one year | ​ | ​ | 581 | ​ | ​ | 386 | ​ | ​ | ​ | 568 | ​ | ​ | 373 | ​
Total long-term debt |  | $ | 8,780 | ​ | $ | 9,708 | ​ |  | $ | 8,693 | ​ | $ | 9,605 | ​
(a) | Transocean Inc., a 100 percent owned direct subsidiary of Transocean Ltd., is the issuer of the notes and debentures. Transocean Ltd. has provided a full and unconditional guarantee of the notes and debentures. Transocean Ltd. has no independent assets or operations, and its other subsidiaries not owned indirectly through Transocean Inc. were minor. Transocean Inc. has no independent assets and operations, other than those related to its investments in non-guarantor operating companies and balances primarily pertaining to its cash and cash equivalents and debt. Except as discussed under “Indentures,” Transocean Ltd. and Transocean Inc. are not subject to any significant restrictions on their ability to obtain funds from their consolidated subsidiaries by dividends, loans or capital distributions.
(b) | The subsidiary issuer of the unregistered senior secured notes is a wholly owned indirect subsidiary of Transocean Inc. The senior secured notes are fully and unconditionally guaranteed by the owner of the collateral rig. See “—Debt issuances—Senior secured notes.”
(c) | Transocean Inc. is the issuer of the unregistered notes. The priority guaranteed senior unsecured notes, which rank equal in right of payment of all of our existing and future unsecured unsubordinated obligations and rank structurally senior to the extent of the value of the assets of the subsidiaries guaranteeing the notes, are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd. and certain wholly owned subsidiaries of Transocean Inc. See “—Debt issuances—Priority guaranteed senior unsecured notes.”
(d) | Each subsidiary issuer of the respective unregistered senior secured notes is a wholly owned indirect subsidiary of Transocean Inc. The senior secured notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd., Transocean Inc. and, in each case, the owner of the respective collateral rig or rigs. See “—Debt issuances—Senior secured notes.”
(e) | The subsidiary issuer of the registered notes is a wholly owned indirect subsidiary of Transocean Inc. Transocean Inc. has provided a full and unconditional guarantee of the notes and debentures.
Scheduled maturities of debt | ​
​ | ​ | ​ | ​ | ​
​ |  | Total |
Years ending December 31, | ​ | ​ | ​ | ​
2020 | ​ | $ | 581 | ​
2021 | ​ | ​ | 633 | ​
2022 | ​ | ​ | 610 | ​
2023 | ​ | ​ | 2,316 | ​
2024 | ​ | ​ | 854 | ​
Thereafter | ​ | ​ | 4,367 | ​
Total principal amount of debt | ​ | ​ | 9,361 | ​
Total debt-related balances, net | ​ | ​ | (100) | ​
Total carrying amount of debt | ​ | $ | 9,261 | ​
Schedule of debt repurchases | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31, | ​
​ |  | ​ | 2019 |  | ​ | 2018 |  | ​ | 2017 |
2.50% Senior Notes due October 2017 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 62 | ​
6.00% Senior Notes due March 2018 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 354 | ​
7.375% Senior Notes due April 2018 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 83 | ​
6.50% Senior Notes due November 2020 | ​ | ​ | 23 | ​ | ​ | — | ​ | ​ | 15 | ​
6.375% Senior Notes due December 2021 | ​ | ​ | 43 | ​ | ​ | — | ​ | ​ | 10 | ​
3.80% Senior Notes due October 2022 | ​ | ​ | 32 | ​ | ​ | 95 | ​ | ​ | 33 | ​
9.00% Senior Notes due July 2023 | ​ | ​ | 336 | ​ | ​ | — | ​ | ​ | — | ​
Aggregate principal amount retired | ​ | $ | 434 | ​ | $ | 95 | ​ | $ | 557 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Aggregate cash payment | ​ | $ | 449 | ​ | $ | 95 | ​ | $ | 564 | ​
Aggregate net loss | ​ | $ | (23) | ​ | $ | — | ​ | $ | (7) | ​
Schedule of tender offers | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31, | ​
​ |  | 2019 |  | 2017 | ​
2.50% Senior Notes due October 2017 | ​ | $ | — | ​ | $ | 271 | ​
6.00% Senior Notes due March 2018 | ​ | ​ | — | ​ | ​ | 400 | ​
7.375% Senior Notes due April 2018 | ​ | ​ | — | ​ | ​ | 128 | ​
6.50% Senior Notes due November 2020 | ​ | ​ | 57 | ​ | ​ | 207 | ​
6.375% Senior Notes due December 2021 | ​ | ​ | 63 | ​ | ​ | 213 | ​
3.80% Senior Notes due October 2022 | ​ | ​ | 190 | ​ | ​ | — | ​
9.00% Senior Notes due July 2023 | ​ | ​ | 200 | ​ | ​ | — | ​
Aggregate principal amount retired | ​ | $ | 510 | ​ | $ | 1,219 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Aggregate cash payment | ​ | $ | 522 | ​ | $ | 1,269 | ​
Aggregate net loss | ​ | $ | (18) | ​ | $ | (48) | ​

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