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Debt (Tables)

9 Months Ended

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