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Debt (Tables)

12 Months Ended

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)