Equity |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Equity | |
| Equity | Note 10—Equity Warrants—At December 31, 2025, we had 22.2 million outstanding warrants to purchase Transocean Ltd. shares. The warrants could be exercised by holders at any time prior to the close of business on March 13, 2026 at an exercise price equal to $3.71 per share, and at our election, such exercise could be settled by delivering cash, Transocean Ltd. shares or a combination of cash and shares. At December 31, 2025, the carrying amount of the warrants, recorded as a component of additional paid-in capital, was $16 million, net of issue costs, which represented the initial estimated fair value on the date of issuance. In March 2026, we received exercise notices from holders of 22.2 million warrants to acquire Transocean Ltd. shares. In accordance with the warrant agreement, we elected to net settle such exercises by delivering Transocean Ltd. shares, and such net settlement was based on the volume-weighted average trading price of Transocean Ltd. shares over the applicable settlement period following receipt of each exercise notice. Subsequent event—In April 2026, we issued 9.7 million Transocean Ltd. shares as net settlement of the exercised warrants. |