Equity |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Equity | |
| Equity | Note 12—Equity Warrants—At December 31, 2025, we had 22.2 million outstanding warrants to acquire Transocean Ltd. shares, the aggregate carrying amount of which was $16 million, net of issue costs, recorded as a component of additional paid-in capital. 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. In March 2026, holders of 22.2 million warrants exercised their rights to acquire Transocean Ltd. shares. We elected to settle the exercises by delivering Transocean Ltd. shares, and such settlement was based on an average price of $6.59 per share, representing the volume-weighted average trading price during the applicable settlement period following receipt of each exercise notice. In April 2026, we issued 9.7 million Transocean Ltd. shares, net of shares withheld to satisfy the exercise price. Share issuance—In September 2025, we issued 143.8 million Transocean Ltd. shares in a public offering, including 4.0 million Transocean Ltd. shares issued to Perestroika (Cyprus) Ltd. (together with its subsidiaries, “Perestroika”), an entity affiliated with one of our directors that beneficially owns approximately 9 percent of our shares. In connection with the issuance, we received $421 million aggregate cash proceeds, net of issue costs, including $12 million from Perestroika. In the three and nine months ended September 2025, we issued 54.7 million and 73.3 million Transocean Ltd. shares, respectively, with an aggregate fair value of $147 million and $196 million, respectively, to certain holders of the 4.00% Exchangeable Bonds pursuant to the Exchange Agreements. See Note 7—Debt. |