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Debt (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt |
Schedule of debt | The aggregate principal amounts and aggregate carrying amounts, including a bifurcated compound exchange feature and unamortized debt-related balances, such as discounts, premiums and issue costs, were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal amount | ​ | ​ | Carrying amount |
​ | ​ | September 30, | ​ | December 31, |  | ​ | September 30, | ​ | December 31, |
​ | ​ | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
4.00% Senior Guaranteed Exchangeable Bonds due December 2025 | ​ | $ | 37 | ​ | $ | 234 | ​ | ​ | $ | 37 | ​ | $ | 227 | ​
6.875% Senior Secured Notes due February 2027 | ​ | ​ | 248 | ​ | ​ | 330 | ​ | ​ | ​ | 247 | ​ | ​ | 328 | ​
8.00% Senior Notes due February 2027 | ​ | ​ | 655 | ​ | ​ | 655 | ​ | ​ | ​ | 654 | ​ | ​ | 653 | ​
7.45% Notes due April 2027 | ​ | ​ | 52 | ​ | ​ | 52 | ​ | ​ | ​ | 52 | ​ | ​ | 52 | ​
8.00% Debentures due April 2027 | ​ | ​ | 22 | ​ | ​ | 22 | ​ | ​ | ​ | 22 | ​ | ​ | 22 | ​
4.50% Shipyard Loans due September 2027 | ​ | ​ | 239 | ​ | ​ | 329 | ​ | ​ | ​ | 229 | ​ | ​ | 310 | ​
8.375% Senior Secured Notes due February 2028 | ​ | ​ | 425 | ​ | ​ | 525 | ​ | ​ | ​ | 420 | ​ | ​ | 518 | ​
7.00% Notes due June 2028 | ​ | ​ | 261 | ​ | ​ | 261 | ​ | ​ | ​ | 263 | ​ | ​ | 263 | ​
8.00% Senior Secured Notes due September 2028 | ​ | ​ | 235 | ​ | ​ | 295 | ​ | ​ | ​ | 233 | ​ | ​ | 292 | ​
8.25% Senior Notes due May 2029 | ​ | ​ | 900 | ​ | ​ | 900 | ​ | ​ | ​ | 889 | ​ | ​ | 887 | ​
4.625% Senior Guaranteed Exchangeable Bonds due September 2029 | ​ | ​ | 259 | ​ | ​ | 259 | ​ | ​ | ​ | 246 | ​ | ​ | 286 | ​
8.75% Senior Secured Notes due February 2030 | ​ | ​ | 881 | ​ | ​ | 999 | ​ | ​ | ​ | 866 | ​ | ​ | 981 | ​
7.50% Notes due April 2031 | ​ | ​ | 396 | ​ | ​ | 396 | ​ | ​ | ​ | 395 | ​ | ​ | 395 | ​
8.50% Senior Notes due May 2031 | ​ | ​ | 900 | ​ | ​ | 900 | ​ | ​ | ​ | 887 | ​ | ​ | 886 | ​
6.80% Senior Notes due March 2038 | ​ | ​ | 610 | ​ | ​ | 610 | ​ | ​ | ​ | 605 | ​ | ​ | 605 | ​
7.35% Senior Notes due December 2041 | ​ | ​ | 177 | ​ | ​ | 177 | ​ | ​ | ​ | 176 | ​ | ​ | 176 | ​
Total debt | ​ | ​ | 6,297 | ​ | ​ | 6,944 | ​ | ​ | ​ | 6,221 | ​ | ​ | 6,881 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less debt due within one year | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
4.00% Senior Guaranteed Exchangeable Bonds due December 2025 | ​ | ​ | 37 | ​ | ​ | 234 | ​ | ​ | ​ | 37 | ​ | ​ | 227 | ​
6.875% Senior Secured Notes due February 2027 | ​ | ​ | 248 | ​ | ​ | 83 | ​ | ​ | ​ | 247 | ​ | ​ | 82 | ​
8.00% Senior Notes due February 2027 | ​ | ​ | 655 | ​ | ​ | — | ​ | ​ | ​ | 654 | ​ | ​ | — | ​
4.50% Shipyard Loans due September 2027 | ​ | ​ | 128 | ​ | ​ | 120 | ​ | ​ | ​ | 120 | ​ | ​ | 108 | ​
8.375% Senior Secured Notes due February 2028 | ​ | ​ | 135 | ​ | ​ | 100 | ​ | ​ | ​ | 132 | ​ | ​ | 97 | ​
8.00% Senior Secured Notes due September 2028 | ​ | ​ | 70 | ​ | ​ | 60 | ​ | ​ | ​ | 69 | ​ | ​ | 59 | ​
8.75% Senior Secured Notes due February 2030 | ​ | ​ | 117 | ​ | ​ | 117 | ​ | ​ | ​ | 113 | ​ | ​ | 113 | ​
Total debt due within one year | ​ | ​ | 1,390 | ​ | ​ | 714 | ​ | ​ | ​ | 1,372 | ​ | ​ | 686 | ​
Total long-term debt | ​ | $ | 4,907 | ​ | $ | 6,230 | ​ | ​ | $ | 4,849 | ​ | $ | 6,195 | ​
Scheduled maturities of debt | At September 30, 2025, scheduled maturities of our debt were as follows (in millions): ​
​ | ​ | ​ | ​ | ​
​ |  | Total |
Twelve months ending September 30, | ​ | ​ | ​ | ​
2026 | ​ | $ | 1,390 | ​
2027 | ​ | ​ | 473 | ​
2028 | ​ | ​ | 664 | ​
2029 | ​ | ​ | 1,276 | ​
2030 | ​ | ​ | 411 | ​
Thereafter | ​ | ​ | 2,083 | ​
Total principal amount of debt | ​ | ​ | 6,297 | ​
Total unamortized debt-related balances, net | ​ | ​ | (161) | ​
Bifurcated compound exchange feature, at estimated fair value | ​ | ​ | 85 | ​
Total carrying amount of debt | ​ | $ | 6,221 | ​
Schedule of convertible debt | At September 30, 2025, the (a) current exchange rates, expressed as the number of Transocean Ltd. shares per $1,000 note, (b) implied exchange prices per Transocean Ltd. share and (c) aggregate shares, expressed in millions, issuable upon exchange of our exchangeable bonds were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Implied | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Exchange | ​ | exchange |  | Shares | ​
​ | ​ | ​ | ​ | ​ | rate | ​ | price |  | issuable | ​
4.00% Senior Guaranteed Exchangeable Bonds due December 2025 | ​ | ​ | ​ | ​ | ​ | 190.4762 | ​ | $ | 5.25 | ​ | ​ | 7 | ​
4.625% Senior Guaranteed Exchangeable Bonds due September 2029 | ​ | ​ | ​ | ​ | ​ | 290.6618 | ​ | $ | 3.44 | ​ | ​ | 75 | ​
At September 30, 2025, the effective interest rates and estimated fair values of our exchangeable bonds were as follows (in millions, except effective interest rates): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ |  | Effective | ​ | Fair | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ |  | interest rate | ​ | value | ​
4.00% Senior Guaranteed Exchangeable Bonds due December 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 6.9% | ​ | $ | 38 | ​
4.625% Senior Guaranteed Exchangeable Bonds due September 2029 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 18.3% | ​ | $ | 309 | ​
We recognized interest expense for our exchangeable bonds as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024 | ​
Contractual interest | ​ | $ | 3 | ​ | $ | 6 | ​ | $ | 14 | ​ | $ | 16 | ​
Amortization | ​ | ​ | 4 | ​ | ​ | 5 | ​ | ​ | 15 | ​ | ​ | 15 | ​
(Gain) loss on adjustment to bifurcated compound exchange feature | ​ | ​ | 14 | ​ | ​ | (74) | ​ | ​ | (51) | ​ | ​ | (153) | ​
Total | ​ | $ | 21 | ​ | $ | (63) | ​ | $ | (22) | ​ | $ | (122) | ​
Schedule of debt retirements | In the nine months ended September 30, 2024, we retired certain notes, for which the aggregate principal amounts, cash payments and recognized gain or loss were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine months ended September 30, 2024 | ​
​ |  | Tendered |  | Redeemed |  | Total | ​
7.25% Senior Notes due November 2025 | ​ | $ | 249 | ​ | $ | 105 | ​ | $ | 354 | ​
7.50% Senior Notes due January 2026 | ​ | ​ | — | ​ | ​ | 569 | ​ | ​ | 569 | ​
11.50% Senior Guaranteed Notes due January 2027 | ​ | ​ | 596 | ​ | ​ | 91 | ​ | ​ | 687 | ​
8.00% Senior Notes due February 2027 | ​ | ​ | — | ​ | ​ | 87 | ​ | ​ | 87 | ​
Aggregate principal amount of debt retired | ​ | $ | 845 | ​ | $ | 852 | ​ | $ | 1,697 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Aggregate cash payment | ​ | $ | 886 | ​ | $ | 862 | ​ | $ | 1,748 | ​
Aggregate net gain, three-month period | ​ | $ | — | ​ | $ | 21 | ​ | $ | 21 | ​
Aggregate net gain | ​ | $ | 144 | ​ | $ | 17 | ​ | $ | 161 | ​

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