Long-Lived Assets	9 Months Ended
Sep. 30, 2025
Long-Lived Assets
Long-Lived Assets	Note 5—Long-Lived Assets Acquisition—In June 2024, we acquired the outstanding 67.0 percent ownership interest in Orion Holdings (Cayman) Limited (together with its subsidiary, “Orion”), the Cayman Islands company that owned the harsh environment floater Transocean Norge, in exchange for noncash consideration with an aggregate fair value of $431 million, including 55.5 million Transocean Ltd. shares and $130 million aggregate principal amount of 8.00% senior notes due February 2027 (the “8.00% Senior Notes”). As a result, Orion became our wholly owned subsidiary. The acquisition included $517 million of property and equipment associated with Transocean Norge, together with $5 million of cash and cash equivalents and $4 million of accounts receivable from us. We recorded the transaction using the asset acquisition method of accounting. See Note 6—Debt and Note 10—Equity. Held-for-sale asset impairments—In June 2025, we announced our intent to dispose of the ultra-deepwater floaters Discoverer Luanda and GSF Development Driller I together with related assets. In August 2025, we announced our intent to dispose of the ultra-deepwater floaters Deepwater Champion, Discoverer Americas, Discoverer Clear Leader and Discoverer India and the harsh environment floater Henry Goodrich together with related assets. In the three and nine months ended September 30, 2025, we recognized an aggregate loss of $1.91 billion ($1.91 billion, or $1.98 per diluted share, net of tax) and $3.05 billion ($3.04 billion, or $3.34 per diluted share, net of tax), respectively, associated with the impairment of the ultra-deepwater floaters Deepwater Champion, Development Driller III, Discoverer Americas, Discoverer Clear Leader, Discoverer India, Discoverer Inspiration, Discoverer Luanda, GSF Development Driller I and the harsh environment floater Henry Goodrich together with related assets. In the three and nine months ended September 30, 2024, we recognized a loss of $629 million ($617 million or $0.64 per diluted share, net of tax) and $772 million ($755 million or $0.82 per diluted share, net of tax), respectively, associated with the impairment of the ultra-deepwater floaters Deepwater Nautilus, Development Driller III and Discoverer Inspiration, together with related assets, which we determined were impaired at the time that we classified the assets as held for sale. We measured the impairment of the rigs and related assets as the amount by which the carrying amount exceeded the estimated fair value less costs to sell. We estimated the fair value of the assets using significant other observable inputs, representative of Level 2 fair value measurements, including binding contracts or indicative market values for the sale of the rigs and related assets for recycling or scrap. Held-for-sale assets—At September 30, 2025, the aggregate carrying amount of our assets held for sale, including Deepwater Champion, Discoverer Americas, Discoverer Clear Leader, Discoverer India and Henry Goodrich, together with related assets, was $48 million. At December 31, 2024, the aggregate carrying amount of our assets held for sale, including Development Driller III and Discoverer Inspiration, together with related assets, was $343 million. Disposals—In the nine months ended September 30, 2025, we completed the sale of Development Driller III, Discoverer Inspiration, Discoverer Luanda and GSF Development Driller I, together with related assets, for aggregate net cash proceeds of $34 million. In the nine months ended September 30, 2024, we completed the sale of the harsh environment floaters Deepwater Nautilus, Paul B. Loyd, Jr. and Transocean Leader, together with related assets, for aggregate net cash proceeds of $102 million, including $6 million received as a deposit in the year ended December 31, 2023. In the nine months ended September 30, 2025 and 2024, we received aggregate net cash proceeds of $10 million and $3 million, respectively, and recognized an aggregate net gain of $8 million and aggregate net loss of $10 million, respectively, associated with the disposal of assets unrelated to rig sales.

Long-Lived Assets

9 Months Ended

Sep. 30, 2025

Note 5—Long-Lived Assets

Acquisition—In June 2024, we acquired the outstanding 67.0 percent ownership interest in Orion Holdings (Cayman) Limited (together with its subsidiary, “Orion”), the Cayman Islands company that owned the harsh environment floater Transocean Norge, in exchange for noncash consideration with an aggregate fair value of $431 million, including 55.5 million Transocean Ltd. shares and $130 million aggregate principal amount of 8.00% senior notes due February 2027 (the “8.00% Senior Notes”). As a result, Orion became our wholly owned subsidiary. The acquisition included $517 million of property and equipment associated with Transocean Norge, together with $5 million of cash and cash equivalents and $4 million of accounts receivable from us. We recorded the transaction using the asset acquisition method of accounting. See Note 6—Debt and Note 10—Equity.

Held-for-sale asset impairments—In June 2025, we announced our intent to dispose of the ultra-deepwater floaters Discoverer Luanda and GSF Development Driller I together with related assets. In August 2025, we announced our intent to dispose of the ultra-deepwater floaters Deepwater Champion, Discoverer Americas, Discoverer Clear Leader and Discoverer India and the harsh environment floater Henry Goodrich together with related assets. In the three and nine months ended September 30, 2025, we recognized an aggregate loss of $1.91 billion ($1.91 billion, or $1.98 per diluted share, net of tax) and $3.05 billion ($3.04 billion, or $3.34 per diluted share, net of tax), respectively, associated with the impairment of the ultra-deepwater floaters Deepwater Champion, Development Driller III, Discoverer Americas, Discoverer Clear Leader, Discoverer India, Discoverer Inspiration, Discoverer Luanda, GSF Development Driller I and the harsh environment floater Henry Goodrich together with related assets.

In the three and nine months ended September 30, 2024, we recognized a loss of $629 million ($617 million or $0.64 per diluted share, net of tax) and $772 million ($755 million or $0.82 per diluted share, net of tax), respectively, associated with the impairment of the ultra-deepwater floaters Deepwater Nautilus, Development Driller III and Discoverer Inspiration, together with related assets, which we determined were impaired at the time that we classified the assets as held for sale.

We measured the impairment of the rigs and related assets as the amount by which the carrying amount exceeded the estimated fair value less costs to sell. We estimated the fair value of the assets using significant other observable inputs, representative of Level 2 fair value measurements, including binding contracts or indicative market values for the sale of the rigs and related assets for recycling or scrap.

Held-for-sale assets—At September 30, 2025, the aggregate carrying amount of our assets held for sale, including Deepwater Champion, Discoverer Americas, Discoverer Clear Leader, Discoverer India and Henry Goodrich, together with related assets, was $48 million. At December 31, 2024, the aggregate carrying amount of our assets held for sale, including Development Driller III and Discoverer Inspiration, together with related assets, was $343 million.

Disposals—In the nine months ended September 30, 2025, we completed the sale of Development Driller III, Discoverer Inspiration, Discoverer Luanda and GSF Development Driller I, together with related assets, for aggregate net cash proceeds of $34 million. In the nine months ended September 30, 2024, we completed the sale of the harsh environment floaters Deepwater Nautilus, Paul B. Loyd, Jr. and Transocean Leader, together with related assets, for aggregate net cash proceeds of $102 million, including $6 million received as a deposit in the year ended December 31, 2023. In the nine months ended September 30, 2025 and 2024, we received aggregate net cash proceeds of $10 million and $3 million, respectively, and recognized an aggregate net gain of $8 million and aggregate net loss of $10 million, respectively, associated with the disposal of assets unrelated to rig sales.