XML 34 R23.htm IDEA: XBRL DOCUMENT
v3.25.3

Revenue from contracts with customers (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of contract assets and contract liabilities from contracts with customers | The following table provides information about receivables and contract liabilities from our contracts with customers, as of the dates presented:
(In $ millions) |  | September 30, 2025 |  | December 31, 2024
Accounts receivable, net |  | 179 |  |  | 193 |
Current contract liabilities (classified within other current liabilities) |  | (67) |  |  | (63) |
Non-current contract liabilities (classified within other non-current liabilities) |  | (44) |  |  | (48) |
Changes in the contract liabilities balances during the three and nine months ended September 30, 2025 are as follows:
(In $ millions) |  | Contract Liabilities
Contract liabilities as of January 1, 2025 |  | (111) |
Amortization of revenue included in the January 1, 2025 contract liability balance |  | 23 |
Additional contract liabilities recognized, excluding amounts recognized as revenue |  | (39) |
Contract liabilities as of March 31, 2025 |  | (127) |
Amortization of revenue included in the March 31, 2025 contract liability balance |  | 19 |
Additional contract liabilities recognized, excluding amounts recognized as revenue |  | (15) |
Contract liabilities as of June 30, 2025 |  | (123) |
Amortization of revenue included in the June 30, 2025 contract liability balance |  | 17 |
Additional contract liabilities recognized, excluding amounts recognized as revenue |  | (5) |
Contract liabilities as of September 30, 2025 |  | (111) |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table presents our revenues by geographic area:
|  | Three months ended September 30, |  | Nine months ended September 30,
(In $ millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Brazil | 160 |  |  | 83 |  |  | 445 |  |  | 254 |
United States |  | 98 |  |  | 109 |  |  | 284 |  |  | 290 |
Angola |  | 79 |  |  | 86 |  |  | 245 |  |  | 255 |
Norway |  | 26 |  |  | 48 |  |  | 71 |  |  | 162 |
Other (1) |  | — |  |  | 28 |  |  | 30 |  |  | 135 |
Total operating revenues |  | 363 |  |  | 354 |  |  | 1,075 |  |  | 1,096 |
(1) "Other" represents countries in which we operate that individually had revenues representing less than 10% of total operating revenues earned for any of the periods presented.
Schedules of Concentration of Risk, by Risk Factor | We had the following customers with revenues greater than 10% of total operating revenues in any of the periods presented:
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Petrobras |  | 38 | % |  | 17 | % |  | 35 | % |  | 17 | %
Sonadrill |  | 21 | % |  | 21 | % |  | 22 | % |  | 20 | %
LLOG |  | 12 | % |  | 12 | % |  | 10 | % |  | 10 | %
Talos |  | 11 | % |  | — | % |  | 12 | % |  | — | %
Beacon |  | — | % |  | 10 | % |  | — | % |  | 9 | %
Other |  | 18 | % |  | 40 | % |  | 21 | % |  | 44 | %

X
- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-18 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-20 + Details
Name: | us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration