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