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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net (loss)/income $ (67) $ 345
 Adjustments to reconcile net (loss)/income to net cash provided by operating activities:    
Depreciation and amortization 169 123
Gain on disposals 0 (203)
Equity in (earnings)/losses of equity method investments (net of tax) (3) 13
Deferred tax expense/(benefit) 19 (7)
Unrealized (gain)/loss on foreign exchange (2) 5
Amortization of bond issuance costs 2 3
Share based compensation expense 14 12
Other 27 0
Other cash movements in operating activities    
Additions to long-term maintenance (167) (167)
Changes in operating assets and liabilities    
Trade accounts receivable 6 41
Trade accounts payable (36) 55
Prepaid expenses/accrued revenue 1 (27)
Deferred revenue (1) 19
Deferred mobilization costs 41 (62)
Other assets (3) (19)
Other liabilities 12 (50)
Net cash provided by operating activities 12 81
Cash flows from investing activities    
Additions to drilling units and equipment (87) (119)
Other (4) 0
Proceeds from disposal of assets 0 338
Net cash (used in)/provided by investing activities (91) 219
Cash flows from financing activities    
Shares repurchased 0 (431)
Net cash used in financing activities 0 (431)
Effect of exchange rate changes on cash 2 (5)
Net decrease in cash and cash equivalents, including restricted cash (77) (136)
Cash and cash equivalents, including restricted cash, at beginning of the period 505 728
Cash and cash equivalents, including restricted cash, at the end of period $ 428 $ 592