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Revenues (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenues. |
Schedule of revenue 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.
Schedule of contract balances and changes | 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 | ​

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