v3.26.1
Revenue from contracts with customers
 6 Months Ended
Jun. 30, 2026
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)June 30,
2026		December 31,
2025
Accounts receivable, net311 162 
Current contract liabilities (classified within other current liabilities)(70)(58)
Non-current contract liabilities (classified within other non-current liabilities)(69)(36)
Changes in the contract liabilities balances during the three and six months ended June 30, 2026 are as follows:
(In $ millions)
Contract liabilities as of January 1, 2026
(94)
Amortization of revenue included in the January 1, 2026 contract liability balance
19 
Additional contract liabilities recognized, excluding amounts recognized as revenue(38)
Contract liabilities as of March 31, 2026
(113)
Amortization of revenue included in the March 31, 2026 contract liability balance
21 
Additional contract liabilities recognized, excluding amounts recognized as revenue(47)
Contract liabilities as of June 30, 2026
(139)
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 June 30,Six months ended June 30,
(In $ millions)2026202520262025
Brazil174 165 320 286 
United States118 106 221 186 
Angola87 84 164 166 
Other (1)
70 22 102 74 
Total operating revenues
449 377 807 712 
(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 June 30,Six months ended June 30,
2026202520262025
Petrobras34 %37 %34 %33 %
Sonadrill18 %21 %19 %22 %
Walter Oil & Gas10 %5 %10 %4 %
LLOG9 %11 %11 %9 %
Talos1 %12 %3 %13 %
Other28 %14 %23 %19 %