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Revenues (Tables)

9 Months Ended

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