Revenues (Tables)

6 Months Ended

Jun. 30, 2026

Revenues.

Schedule of revenue disaggregation

Our contract drilling revenues, disaggregated by asset group and by country in which they were earned, were as follows (in millions):


		Three months ended June 30,																			Six months ended June 30,
		2026									2025										2026									2025
		Ultra-			Harsh						Ultra-			Harsh							Ultra-			Harsh						Ultra-			Harsh
		deepwater			environment						deepwater			environment							deepwater			environment						deepwater			environment
		floaters			floaters			Total			floaters			floaters			Total				floaters			floaters			Total			floaters			floaters			Total
U.S.		$	344		$	—		$	344		$	408		$	—		$	408			$	777		$	—		$	777		$	802		$	—		$	802
Brazil			167			—			167			221			—			221				399			—			399			413			—			413
Norway			—			177			177			—			140			140				—			356			356			—			299			299
Australia			—			107			107			—			92			92				—			209			209			—			175			175
Other countries (a)			112			59			171			70			57			127				195			111			306			142			63			205
Total contract drilling revenues		$	623		$	343		$	966		$	699		$	289		$	988			$	1,371		$	676		$	2,047		$	1,357		$	537		$	1,894

(a)The aggregate contract drilling revenues earned in other countries that individually represented less than 10 percent of total contract drilling revenues.

Schedule of contract balances and changes

Contract liabilities for our contracts with customers were as follows (in millions):


		June 30,			December 31,
		2026			2025
Contract liabilities, recorded in other current liabilities		$	120		$	181
Contract liabilities, recorded in other long-term liabilities			70			92
Total contract liabilities		$	190		$	273

Significant changes in contract liabilities were as follows (in millions):


		Six months ended June 30,
		2026			2025
Total contract liabilities, beginning of period		$	273		$	443
Decrease due to recognition of revenues for goods and services			(110)			(130)
Increase due to goods and services transferred over time			27			46
Total contract liabilities, end of period		$	190		$	359