Revenues (Tables)

9 Months Ended

Sep. 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 September 30,																			Nine months ended September 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.		$	327		$	—		$	327		$	400		$	—		$	400			$	1,104		$	—		$	1,104		$	1,202		$	—		$	1,202
Brazil			160			—			160			223			—			223				559			—			559			636			—			636
Norway			—			185			185			—			177			177				—			541			541			—			476			476
Australia			—			107			107			—			102			102				—			316			316			—			277			277
Other countries (a)			103			55			158			73			53			126				298			166			464			215			116			331
Total contract drilling revenues		$	590		$	347		$	937		$	696		$	332		$	1,028			$	1,961		$	1,023		$	2,984		$	2,053		$	869		$	2,922

(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):


		September 30,			December 31,
		2026			2025
Contract liabilities, recorded in other current liabilities		$	133		$	181
Contract liabilities, recorded in other long-term liabilities			52			92
Total contract liabilities		$	185		$	273

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


		Nine months ended September 30,
		2026			2025
Total contract liabilities, beginning of period		$	273		$	443
Decrease due to recognition of revenues for goods and services			(154)			(187)
Increase due to goods and services transferred over time			66			51
Total contract liabilities, end of period		$	185		$	307