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Revenues | 9 Months Ended
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Sep. 30, 2025
Revenues. |
Revenues | Note 4—Revenues Overview—For most of our contracts with customers, our drilling services represent a single performance obligation that is satisfied over time, the duration of which varies by contract. As of September 30, 2025, the drilling contract with the longest expected remaining duration, excluding unexercised options, extends through May 2030. Disaggregation—Our contract drilling revenues, disaggregated by asset group and by country in which they were earned, were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30, | ​
​ |  | 2025 | ​ | 2024 |  | 2025 | ​ | 2024 |
​ |  | Ultra- |  | Harsh |  | ​ | ​ | Ultra- |  | Harsh |  | ​ |  | Ultra- |  | Harsh |  | ​ | ​ | Ultra- |  | Harsh |  | ​ |
​ |  | deepwater |  | environment |  | ​ | ​ | deepwater |  | environment |  | ​ |  | deepwater |  | environment |  | ​ | ​ | deepwater |  | environment |  | ​ |
​ |  | floaters |  | floaters |  | Total | ​ | floaters |  | floaters |  | Total |  | floaters |  | floaters |  | Total | ​ | floaters |  | floaters |  | Total |
U.S. |  | $ | 400 | ​ | $ | — | ​ | $ | 400 | ​ | $ | 395 | ​ | $ | — | ​ | $ | 395 |  | $ | 1,202 | ​ | $ | — | ​ | $ | 1,202 | ​ | $ | 1,171 | ​ | $ | — | ​ | $ | 1,171 |
Brazil | ​ | ​ | 223 | ​ | ​ | — | ​ | ​ | 223 | ​ | ​ | 204 | ​ | ​ | — | ​ | ​ | 204 | ​ | ​ | 636 | ​ | ​ | — | ​ | ​ | 636 | ​ | ​ | 509 | ​ | ​ | — | ​ | ​ | 509 | ​
Norway | ​ | ​ | — | ​ | ​ | 177 | ​ | ​ | 177 | ​ | ​ | — | ​ | ​ | 172 | ​ | ​ | 172 | ​ | ​ | — | ​ | ​ | 476 | ​ | ​ | 476 | ​ | ​ | — | ​ | ​ | 486 | ​ | ​ | 486 | ​
Other countries (a) | ​ | ​ | 73 | ​ | ​ | 155 | ​ | ​ | 228 | ​ | ​ | 69 | ​ | ​ | 108 | ​ | ​ | 177 | ​ | ​ | 215 | ​ | ​ | 393 | ​ | ​ | 608 | ​ | ​ | 163 | ​ | ​ | 243 | ​ | ​ | 406 | ​
Total contract drilling revenues |  | $ | 696 | ​ | $ | 332 | ​ | $ | 1,028 | ​ | $ | 668 | ​ | $ | 280 | ​ | $ | 948 |  | $ | 2,053 | ​ | $ | 869 | ​ | $ | 2,922 | ​ | $ | 1,843 | ​ | $ | 729 | ​ | $ | 2,572 |
(a)The aggregate contract drilling revenues earned in other countries that individually represented less than 10 percent of total contract drilling revenues. Contract liabilities—Contract liabilities for our contracts with customers were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31 | ​
​ |  | 2025 |  | 2024 |
Deferred contract revenues, recorded in other current liabilities |  | $ | 197 | ​ | $ | 231 | ​
Deferred contract revenues, recorded in other long-term liabilities | ​ | ​ | 110 | ​ | ​ | 212 | ​
Total contract liabilities |  | $ | 307 | ​ | $ | 443 | ​
Significant changes in contract liabilities were as follows (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine months ended September 30, | ​
​ |  | 2025 |  | 2024 |
Total contract liabilities, beginning of period | ​ | $ | 443 | ​ | $ | 398 | ​
Decrease due to recognition of revenues for goods and services | ​ | ​ | (187) | ​ | ​ | (172) | ​
Increase due to goods and services transferred over time | ​ | ​ | 51 | ​ | ​ | 270 | ​
Total contract liabilities, end of period | ​ | $ | 307 | ​ | $ | 496 | ​
​ Pre-operating costs—In the three and nine months ended September 30, 2025, we recognized pre-operating costs of $41 million and $120 million, respectively, recorded in operating and maintenance costs. In the three and nine months ended September 30, 2024, we recognized pre-operating costs of $44 million and $92 million, respectively, recorded in operating and maintenance costs. At September 30, 2025 and December 31, 2024, the carrying amount of our unrecognized pre-operating costs to obtain contracts was $170 million and $224 million, respectively, recorded in other assets.

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