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Revenue from contracts with customers | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue from contracts with customers | Revenue 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) |
Revenues are attributed to geographical locations based on the country of operations for drilling activities, i.e., the country where the revenues are generated. 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. 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 | %

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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