{"id":813772,"date":"2025-02-17T16:46:30","date_gmt":"2025-02-17T21:46:30","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/transocean-ltd-reports-fourth-quarter-and-full-year-2024-results\/"},"modified":"2025-02-17T16:46:30","modified_gmt":"2025-02-17T21:46:30","slug":"transocean-ltd-reports-fourth-quarter-and-full-year-2024-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/transocean-ltd-reports-fourth-quarter-and-full-year-2024-results\/","title":{"rendered":"Transocean Ltd. Reports Fourth Quarter and Full Year 2024 Results"},"content":{"rendered":"
\n

\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three months ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Three months ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n September 30,<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n sequential<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n year-over-year<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\n change<\/strong>\n <\/td>\n<\/tr>\n
\n (In millions, except per share amounts, percentages and backlog)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contract drilling revenues<\/td>\n$<\/td>\n952<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n948<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n741<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n211<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted contract drilling revenues<\/td>\n$<\/td>\n952<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n948<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n748<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n204<\/td>\n\u00a0<\/td>\n<\/tr>\n
Revenue efficiency (1)<\/sup><\/td>\n\u00a0<\/td>\n93.5<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n94.5<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n97.0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating and maintenance expense<\/td>\n$<\/td>\n579<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n563<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(16<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n569<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(10<\/td>\n)<\/td>\n<\/tr>\n
Net income (loss) attributable to controlling interest<\/td>\n$<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(494<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n501<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(104<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n111<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic earnings (loss) per share<\/td>\n$<\/td>\n0.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.56<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.57<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.13<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.14<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted loss per share<\/td>\n$<\/td>\n(0.11<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.58<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.47<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.13<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.02<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n$<\/td>\n323<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n342<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(19<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n122<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n201<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA margin<\/td>\n\u00a0<\/td>\n33.9<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36.0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16.3<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted net income (loss)<\/td>\n$<\/td>\n27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n64<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(37<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(74<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n101<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted diluted earnings (loss) per share<\/td>\n$<\/td>\n(0.09<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.09<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.09<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Backlog as of the February 2025 Fleet Status Report<\/td>\n$<\/td>\n8.3 billion<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

STEINHAUSEN, Switzerland, Feb. 17, 2025 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today reported net income attributable to controlling interest of $7\u00a0million, or loss of $0.11\u00a0per diluted share, for the three months ended December\u00a031, 2024.<\/p>\n

Fourth quarter results included $20\u00a0million, $0.02\u00a0per diluted share, discrete tax items, net. After consideration of these unfavorable items, fourth quarter 2024 adjusted net income was $27\u00a0million, or loss of $0.09\u00a0per diluted share.<\/p>\n

Contract drilling revenues for the three months ended December\u00a031, 2024, increased sequentially by $4\u00a0million to $952\u00a0million, primarily due to increased utilization for one rig that returned to work after undergoing a special periodic survey in the third quarter and higher reimbursement revenues, partially offset by lower revenue efficiency across the fleet.<\/p>\n

Operating and maintenance expense was $579\u00a0million, compared with $563\u00a0million in the prior quarter. The sequential increase was the result of higher in-service maintenance costs across our fleet, partially offset by a settlement with insurance carriers.<\/p>\n

General and administrative expense was $56\u00a0million, up from $47\u00a0million in the third quarter due primarily to increased legal and professional fees.<\/p>\n

Interest expense net of capitalized amounts was $152\u00a0million, compared to $154\u00a0million in the prior quarter, excluding the favorable adjustment of $61\u00a0million and $74\u00a0million in the fourth and third quarter, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds. Interest income was $10\u00a0million, compared to $11\u00a0million in the prior quarter.<\/p>\n

The Effective Tax Rate(<\/sup>2<\/sup>)<\/sup> was\u00a089.0%, up from 6.0%\u00a0in the prior quarter. The increase was primarily due to higher income and increases in valuation allowance. The Effective Tax Rate excluding discrete items was\u00a056.7% compared to\u00a022.5% in the previous quarter.<\/p>\n

Cash provided by operating activities was $206\u00a0million during the fourth quarter of 2024, representing an increase of $12\u00a0million compared to the prior quarter. The sequential increase was primarily due to timing of interest payments and decreased payments for accounts payable, partially offset by reduced collections from customers.<\/p>\n

Fourth\u00a0quarter\u00a02024 capital expenditures of $29\u00a0million, compared to $58\u00a0million in the prior quarter, were related to capital upgrades for certain rigs in our fleet.<\/p>\n

\u201cIn 2024, we continued to advance our position as the technological leader in offshore drilling by, among other things, executing the first two 20K subsea completions in the history of the industry,\u201d said Chief\u00a0Executive\u00a0Officer Jeremy\u00a0Thigpen. \u201cWe also introduced and implemented other technologies that enhance our operational performances and further differentiate our fleet. This commitment to innovation, along with our reputation for delivering safe, reliable, and efficient operations, is clearly recognized by our customers, as demonstrated by the $2.4\u00a0billion in backlog we secured during the year.\u201d<\/p>\n

Thigpen continued, \u201cWith industry-leading contract coverage well into 2026, our primary objective will be strong operational execution and an intense focus on cost control to ensure we maximize the conversion of our backlog to cash, enabling us to continue de-leveraging our balance sheet.\u201d<\/p>\n

\n Full Year 2024<\/strong>\n <\/p>\n

For the year ended December\u00a031, 2024, net loss attributable to controlling interest totaled $512\u00a0million, $0.76\u00a0per diluted share. Full year results included $458\u00a0million, $0.50\u00a0per diluted share, net unfavorable items as follows:<\/p>\n

    \n
  • $755\u00a0million, $0.82\u00a0per diluted share, loss on impairment of assets; and<\/li>\n
  • $5\u00a0million, $0.01\u00a0per diluted share, loss on impairment of our investments in unconsolidated affiliates; partially offset by,<\/li>\n
  • $161\u00a0million, $0.18\u00a0per diluted share, gain on retirement of debt; and<\/li>\n
  • $141\u00a0million, $0.15\u00a0per diluted share, related to discrete tax items, net.<\/li>\n<\/ul>\n

    After consideration of these net unfavorable items, adjusted net loss for 2024 was $54\u00a0million, $0.26\u00a0per diluted share.<\/p>\n

    \n Non-GAAP Financial Measures<\/strong>\n <\/p>\n

    We present our operating results in accordance with accounting principles generally accepted in the U.S. (\u201cU.S. GAAP\u201d). We believe certain financial measures, such as Adjusted Contract Drilling Revenues, EBITDA, Adjusted EBITDA and Adjusted Net Income, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.<\/p>\n

    All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company\u2019s website at: www.deepwater.com.<\/p>\n

    \n About Transocean<\/strong>\n <\/p>\n

    Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world.<\/p>\n

    Transocean owns or has partial ownership interests in and operates a fleet of 34\u00a0mobile offshore drilling units, consisting of 26\u00a0ultra-deepwater floaters and eight\u00a0harsh environment floaters.<\/p>\n

    For more information about Transocean, please visit: www.deepwater.com.<\/p>\n

    \n Conference Call Information<\/strong>\n <\/p>\n

    Transocean will conduct a teleconference starting at 9\u00a0a.m. EST, 3\u00a0p.m. CET, on Tuesday, February\u00a018, 2025, to discuss the results. To participate, dial +1\u00a0785-424-1116 and refer to conference code\u00a0540196 approximately 15\u00a0minutes prior to the scheduled start time.<\/p>\n

    The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com, by selecting Investors, Financial Reports.<\/p>\n

    A replay of the conference call will be available after 12\u00a0p.m. EST, 6\u00a0p.m. CET, on Tuesday, February\u00a018, 2025. The replay, which will be archived for approximately 30\u00a0days, can be accessed at +1\u00a0402-220-1152, passcode\u00a0540196. The replay will also be available on the company\u2019s website.<\/p>\n

    \n Forward-Looking Statements<\/strong>\n <\/p>\n

    The statements described herein that are not historical facts are forward-looking statements within the meaning of Section\u00a027A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management\u2019s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company\u2019s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form\u00a010-K for the year ended December\u00a031, 2023, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.<\/p>\n

    This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (\u201cFinSA\u201d) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.<\/p>\n

    \n Notes<\/strong>\n <\/p>\n\n\n\n\n
    (1)<\/td>\nRevenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. See the accompanying schedule entitled \u201cRevenue Efficiency.\u201d<\/td>\n<\/tr>\n
    (2)<\/td>\nEffective Tax Rate is defined as income tax expense or benefit divided by income or loss before income taxes. See the accompanying schedule entitled \u201cSupplemental Effective Tax Rate Analysis.\u201d<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

    \n Analyst Contact:<\/strong>
    \n
    Alison Johnson
    +1 713-232-7214<\/p>\n

    \n Media Contact:<\/strong>
    \n
    Pam Easton
    +1 713-232-7647<\/p>\n

    \u00a0<\/p>\n

    \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \n TRANSOCEAN LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    <\/strong>(In\u00a0millions, except per share data)
    (Unaudited)
    <\/strong><\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n Years ended December\u00a031,\u00a0<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Contract drilling revenues<\/strong>\n <\/td>\n$<\/td>\n3,524<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,832<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,575<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Costs and expenses<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Operating and maintenance<\/td>\n\u00a0<\/td>\n2,199<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,986<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,679<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Depreciation and amortization<\/td>\n\u00a0<\/td>\n739<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n744<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n735<\/td>\n\u00a0<\/td>\n<\/tr>\n
    General and administrative<\/td>\n\u00a0<\/td>\n214<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n187<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n182<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n3,152<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,917<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,596<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of assets<\/td>\n\u00a0<\/td>\n(772<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(57<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on disposal of assets, net<\/td>\n\u00a0<\/td>\n(17<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(183<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10<\/td>\n)<\/td>\n<\/tr>\n
    \n Operating loss<\/strong>\n <\/td>\n\u00a0<\/td>\n(417<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(325<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(31<\/td>\n)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Other income (expense), net<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Interest income<\/td>\n\u00a0<\/td>\n50<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n52<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Interest expense, net of amounts capitalized<\/td>\n\u00a0<\/td>\n(362<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(646<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(561<\/td>\n)<\/td>\n<\/tr>\n
    Gain (loss) on retirement of debt<\/td>\n\u00a0<\/td>\n161<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(31<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Other, net<\/td>\n\u00a0<\/td>\n45<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5<\/td>\n)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n(106<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(616<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(531<\/td>\n)<\/td>\n<\/tr>\n
    \n Loss before income tax expense (benefit)<\/strong>\n <\/td>\n\u00a0<\/td>\n(523<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(941<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(562<\/td>\n)<\/td>\n<\/tr>\n
    Income tax expense (benefit)<\/td>\n\u00a0<\/td>\n(11<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n59<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Net loss<\/strong>\n <\/td>\n\u00a0<\/td>\n(512<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(954<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(621<\/td>\n)<\/td>\n<\/tr>\n
    Net income attributable to noncontrolling interest<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Net loss attributable to controlling interest<\/strong>\n <\/td>\n$<\/td>\n(512<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(954<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(621<\/td>\n)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Loss per share<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Basic<\/td>\n$<\/td>\n(0.60<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(1.24<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.89<\/td>\n)<\/td>\n<\/tr>\n
    Diluted<\/td>\n$<\/td>\n(0.76<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(1.24<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.89<\/td>\n)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Weighted-average shares outstanding<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Basic<\/td>\n\u00a0<\/td>\n850<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n768<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n699<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Diluted<\/td>\n\u00a0<\/td>\n925<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n768<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n699<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

    \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \n TRANSOCEAN LTD. AND SUBSIDIARIES<\/strong>
    \n
    \n CONDENSED CONSOLIDATED BALANCE SHEETS<\/strong>
    \n
    (In\u00a0millions, except share data)
    (Unaudited)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Cash and cash equivalents<\/td>\n$<\/td>\n560<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n762<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Accounts receivable, net<\/td>\n\u00a0<\/td>\n564<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n512<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Materials and supplies, net<\/td>\n\u00a0<\/td>\n439<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n426<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Assets held for sale<\/td>\n\u00a0<\/td>\n343<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Restricted cash and cash equivalents<\/td>\n\u00a0<\/td>\n381<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n233<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Other current assets<\/td>\n\u00a0<\/td>\n165<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n144<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Total current assets<\/td>\n\u00a0<\/td>\n2,452<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,126<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Property and equipment<\/td>\n\u00a0<\/td>\n22,417<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,875<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Less accumulated depreciation<\/td>\n\u00a0<\/td>\n(6,586<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,934<\/td>\n)<\/td>\n<\/tr>\n
    Property and equipment, net<\/td>\n\u00a0<\/td>\n15,831<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,941<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Contract intangible assets<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Deferred tax assets, net<\/td>\n\u00a0<\/td>\n45<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n44<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Other assets<\/td>\n\u00a0<\/td>\n1,043<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,139<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Total assets<\/td>\n$<\/td>\n19,371<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n20,254<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Liabilities and equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Accounts payable<\/td>\n$<\/td>\n255<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n323<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Accrued income taxes<\/td>\n\u00a0<\/td>\n31<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Debt due within one\u00a0year<\/td>\n\u00a0<\/td>\n686<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n370<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Other current liabilities<\/td>\n\u00a0<\/td>\n691<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n681<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Total current liabilities<\/td>\n\u00a0<\/td>\n1,663<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,397<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Long-term debt<\/td>\n\u00a0<\/td>\n6,195<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,043<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Deferred tax liabilities, net<\/td>\n\u00a0<\/td>\n499<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n540<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Other long-term liabilities<\/td>\n\u00a0<\/td>\n729<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n858<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Total long-term liabilities<\/td>\n\u00a0<\/td>\n7,423<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,441<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Commitments and contingencies<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Shares, $0.10 par value, 1,057,879,029 authorized, 141,262,093 conditionally authorized, 940,828,901 issued<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    and 875,830,772 outstanding at December 31, 2024, and CHF 0.10 par value, 1,021,294,549 authorized,<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    142,362,093 conditionally authorized, 843,715,858 issued and 809,030,846 outstanding at December 31, 2023<\/td>\n\u00a0<\/td>\n87<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n81<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Additional paid-in capital<\/td>\n\u00a0<\/td>\n14,880<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,544<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Accumulated deficit<\/td>\n\u00a0<\/td>\n(4,545<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,033<\/td>\n)<\/td>\n<\/tr>\n
    Accumulated other comprehensive loss<\/td>\n\u00a0<\/td>\n(138<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(177<\/td>\n)<\/td>\n<\/tr>\n
    Total controlling interest shareholders\u2019 equity<\/td>\n\u00a0<\/td>\n10,284<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,415<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Noncontrolling interest<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Total equity<\/td>\n\u00a0<\/td>\n10,285<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,416<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Total liabilities and equity<\/td>\n$<\/td>\n19,371<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n20,254<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

    \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \n TRANSOCEAN LTD. AND SUBSIDIARIES<\/strong>
    \n
    \n CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/strong>
    \n
    (In\u00a0millions)
    (Unaudited)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n Years ended December\u00a031,\u00a0<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Cash flows from operating activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Net loss<\/td>\n$<\/td>\n(512<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(954<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(621<\/td>\n)<\/td>\n<\/tr>\n
    Adjustments to reconcile to net cash provided by operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Amortization of contract intangible asset<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n52<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n117<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Depreciation and amortization<\/td>\n\u00a0<\/td>\n739<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n744<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n735<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Share-based compensation expense<\/td>\n\u00a0<\/td>\n47<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of assets<\/td>\n\u00a0<\/td>\n772<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n57<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on disposal of assets, net<\/td>\n\u00a0<\/td>\n17<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n183<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Amortization of debt-related balances, net<\/td>\n\u00a0<\/td>\n53<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33<\/td>\n\u00a0<\/td>\n<\/tr>\n
    (Gain) loss on adjustment to bifurcated compound exchange feature<\/td>\n\u00a0<\/td>\n(214<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n127<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n157<\/td>\n\u00a0<\/td>\n<\/tr>\n
    (Gain) loss on retirement of debt<\/td>\n\u00a0<\/td>\n(161<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8<\/td>\n)<\/td>\n<\/tr>\n
    Loss on impairment of investment in unconsolidated affiliates<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Deferred income tax expense<\/td>\n\u00a0<\/td>\n(42<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n46<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Other, net<\/td>\n\u00a0<\/td>\n(7<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n43<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n44<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Changes in deferred revenues, net<\/td>\n\u00a0<\/td>\n45<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n70<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(20<\/td>\n)<\/td>\n<\/tr>\n
    Changes in deferred costs, net<\/td>\n\u00a0<\/td>\n(2<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(190<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Changes in other operating assets and liabilities, net<\/td>\n\u00a0<\/td>\n(297<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(113<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(75<\/td>\n)<\/td>\n<\/tr>\n
    Net cash provided by operating activities<\/td>\n\u00a0<\/td>\n447<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n164<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n448<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Cash flows from investing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Capital expenditures<\/td>\n\u00a0<\/td>\n(254<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(427<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(717<\/td>\n)<\/td>\n<\/tr>\n
    Investment in loans to unconsolidated affiliates<\/td>\n\u00a0<\/td>\n(3<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5<\/td>\n)<\/td>\n<\/tr>\n
    Investment in equity of unconsolidated affiliates<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(42<\/td>\n)<\/td>\n<\/tr>\n
    Proceeds from disposal of assets, net of costs to sell<\/td>\n\u00a0<\/td>\n101<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Cash acquired in acquisition of unconsolidated affiliates<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Net cash used in investing activities<\/td>\n\u00a0<\/td>\n(151<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(423<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(757<\/td>\n)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Cash flows from financing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Repayments of debt<\/td>\n\u00a0<\/td>\n(2,103<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,717<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(554<\/td>\n)<\/td>\n<\/tr>\n
    Proceeds from issuance of debt, net of issue costs<\/td>\n\u00a0<\/td>\n1,770<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,983<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n175<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Proceeds from issuance of shares, net of issue costs<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n263<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Proceeds from issuance of warrants, net of issue costs<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Other, net<\/td>\n\u00a0<\/td>\n(17<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8<\/td>\n)<\/td>\n<\/tr>\n
    Net cash provided by (used in) financing activities<\/td>\n\u00a0<\/td>\n(350<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n263<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(112<\/td>\n)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Net increase (decrease) in unrestricted and restricted cash and cash equivalents<\/td>\n\u00a0<\/td>\n(54<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(421<\/td>\n)<\/td>\n<\/tr>\n
    Unrestricted and restricted cash and cash equivalents, beginning of period<\/td>\n\u00a0<\/td>\n995<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n991<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,412<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Unrestricted and restricted cash and cash equivalents, end of period<\/td>\n$<\/td>\n941<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n995<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n991<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

    \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n TRANSOCEAN LTD. AND SUBSIDIARIES
    FLEET OPERATING STATISTICS<\/strong>
    \n \n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n Three months ended <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Years ended <\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n September 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
    \n Contract Drilling Revenues (in millions)<\/strong>\n <\/td>\n\n 2024<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n 2024<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n<\/tr>\n
    Ultra-deepwater floaters<\/td>\n$<\/td>\n675<\/td>\n\u00a0<\/td>\n$<\/td>\n668<\/td>\n\u00a0<\/td>\n$<\/td>\n536<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,518<\/td>\n\u00a0<\/td>\n$<\/td>\n2,072<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Harsh environment floaters<\/td>\n\u00a0<\/td>\n277<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n280<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n205<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,006<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n760<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Total contract drilling revenues<\/td>\n$<\/td>\n952<\/td>\n\u00a0<\/td>\n$<\/td>\n948<\/td>\n\u00a0<\/td>\n$<\/td>\n741<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3,524<\/td>\n\u00a0<\/td>\n$<\/td>\n2,832<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

    \n \n <\/p>\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n\n Three months ended <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Years ended <\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n September 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
    \n Average Daily Revenue <\/strong>
    \n
    \n (1)<\/strong>
    \n <\/sup>\n <\/td>\n    		\n 2024<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n 2024<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n<\/tr>\n
    Ultra-deepwater floaters<\/td>\n$<\/td>\n428,200<\/td>\n\u00a0<\/td>\n$<\/td>\n426,700<\/td>\n\u00a0<\/td>\n$<\/td>\n432,100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n428,000<\/td>\n\u00a0<\/td>\n$<\/td>\n393,700<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Harsh environment floaters<\/td>\n\u00a0<\/td>\n452,600<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n464,900<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n354,700<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n435,900<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n354,300<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Total fleet average daily revenue<\/td>\n$<\/td>\n434,700<\/td>\n\u00a0<\/td>\n$<\/td>\n436,800<\/td>\n\u00a0<\/td>\n$<\/td>\n407,800<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n430,100<\/td>\n\u00a0<\/td>\n$<\/td>\n382,300<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

    \n \n <\/p>\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n\n Three months ended <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Years ended <\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n September 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n<\/tr>\n
    \n Revenue Efficiency <\/strong>
    \n
    \n (2)<\/strong>
    \n <\/sup>\n <\/td>\n    		\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n<\/tr>\n
    Ultra-deepwater floaters<\/td>\n92.0<\/td>\n%<\/td>\n\u00a0<\/td>\n92.5<\/td>\n%<\/td>\n\u00a0<\/td>\n96.8<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n93.4<\/td>\n%<\/td>\n\u00a0<\/td>\n96.5<\/td>\n%<\/td>\n<\/tr>\n
    Harsh environment floaters<\/td>\n97.6<\/td>\n%<\/td>\n\u00a0<\/td>\n100.1<\/td>\n%<\/td>\n\u00a0<\/td>\n97.6<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n97.5<\/td>\n%<\/td>\n\u00a0<\/td>\n97.8<\/td>\n%<\/td>\n<\/tr>\n
    Total fleet average revenue efficiency<\/td>\n93.5<\/td>\n%<\/td>\n\u00a0<\/td>\n94.5<\/td>\n%<\/td>\n\u00a0<\/td>\n97.0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n94.5<\/td>\n%<\/td>\n\u00a0<\/td>\n96.8<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

    \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n\n Three months ended <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Years ended <\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n September 30,<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n<\/tr>\n
    \n Utilization <\/strong>
    \n
    \n (3)<\/strong>
    \n <\/sup>\n <\/td>\n    		\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n<\/tr>\n
    Ultra-deepwater floaters<\/td>\n64.3<\/td>\n%<\/td>\n\u00a0<\/td>\n60.7<\/td>\n%<\/td>\n\u00a0<\/td>\n46.8<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n57.3<\/td>\n%<\/td>\n\u00a0<\/td>\n49.4<\/td>\n%<\/td>\n<\/tr>\n
    Harsh environment floaters<\/td>\n75.0<\/td>\n%<\/td>\n\u00a0<\/td>\n75.0<\/td>\n%<\/td>\n\u00a0<\/td>\n66.7<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n71.1<\/td>\n%<\/td>\n\u00a0<\/td>\n59.1<\/td>\n%<\/td>\n<\/tr>\n
    Total fleet average rig utilization<\/td>\n66.8<\/td>\n%<\/td>\n\u00a0<\/td>\n63.9<\/td>\n%<\/td>\n\u00a0<\/td>\n51.6<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60.5<\/td>\n%<\/td>\n\u00a0<\/td>\n51.9<\/td>\n%<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n (1)<\/sup> Average daily revenue is defined as operating revenues, excluding revenues for contract terminations, reimbursements and contract intangible amortization, earned per operating day. An operating day is defined as a day for which a rig is contracted to earn a dayrate during the firm contract period after operations commence.<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n (2)<\/sup> Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations.<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n (3)<\/sup> Rig utilization is defined as the total number of operating days divided by the total number of rig calendar days in the measurement period, expressed as a percentage.<\/td>\n<\/tr>\n
    \u00a0<\/td>\n<\/tr>\n<\/table>\n

    \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n TRANSOCEAN LTD. AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
    \n NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS<\/strong>\n <\/td>\n<\/tr>\n
    \n ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE<\/strong>\n <\/td>\n<\/tr>\n
    (in millions, except per share data)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n 12\/31\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 12\/31\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/24<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n 03\/31\/24<\/strong>\n <\/td>\n<\/tr>\n
    \n Adjusted Net Income (Loss)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Net income (loss) attributable to controlling interest, as reported<\/td>\n$<\/td>\n(512<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(519<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(494<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(25<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(123<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n98<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of assets, net of tax<\/td>\n\u00a0<\/td>\n755<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n755<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n617<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n138<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n138<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of investment in unconsolidated affiliates<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Gain on retirement of debt<\/td>\n\u00a0<\/td>\n(161<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(161<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(140<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(140<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Discrete tax items<\/td>\n\u00a0<\/td>\n(141<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(161<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(38<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(123<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(121<\/td>\n)<\/td>\n<\/tr>\n
    \n Net income (loss), as adjusted<\/strong>\n <\/td>\n$<\/td>\n(54<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(81<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n64<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(145<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(123<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(22<\/td>\n)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Adjusted Diluted Earnings (Loss) Per Share:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Diluted earnings (loss) per share, as reported<\/td>\n$<\/td>\n(0.76<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.11<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.65<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.58<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.03<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.15<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.11<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of assets, net of tax<\/td>\n\u00a0<\/td>\n0.82<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.82<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.64<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.17<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.17<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of investment in unconsolidated affiliates<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Gain on retirement of debt<\/td>\n\u00a0<\/td>\n(0.18<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.18<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.02<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.17<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.17<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Discrete tax items<\/td>\n\u00a0<\/td>\n(0.15<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.02<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.18<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.04<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.15<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.14<\/td>\n)<\/td>\n<\/tr>\n
    \n Diluted earnings (loss) per share, as adjusted<\/strong>\n <\/td>\n$<\/td>\n(0.26<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.09<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.18<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.18<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.15<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.03<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

    \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n 12\/31\/23<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 12\/31\/23<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n 09\/30\/23<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 09\/30\/23<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n 06\/30\/23<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n 06\/30\/23<\/strong>\n <\/td>\n\n \u00a0\u00a0<\/strong>\n <\/td>\n\n 03\/31\/23<\/strong>\n <\/td>\n<\/tr>\n
    \n Adjusted Net Loss<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Net loss attributable to controlling interest, as reported<\/td>\n$<\/td>\n(954<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(104<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(850<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(220<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(630<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(165<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(465<\/td>\n)<\/td>\n<\/tr>\n
    Loss on impairment of assets<\/td>\n\u00a0<\/td>\n57<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n58<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n53<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n53<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on disposal of assets, net<\/td>\n\u00a0<\/td>\n169<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n169<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n169<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n169<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of investment in unconsolidated affiliate<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on conversion of debt to equity<\/td>\n\u00a0<\/td>\n27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    (Gain) loss on retirement of debt<\/td>\n\u00a0<\/td>\n31<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Discrete tax items<\/td>\n\u00a0<\/td>\n(74<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(77<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(65<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11<\/td>\n)<\/td>\n<\/tr>\n
    \n Net loss, as adjusted<\/strong>\n <\/td>\n$<\/td>\n(739<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(74<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(665<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(280<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(385<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(110<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(275<\/td>\n)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Adjusted Diluted Loss Per Share:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Diluted loss per share, as reported<\/td>\n$<\/td>\n(1.24<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.13<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(1.13<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.28<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.85<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.22<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.64<\/td>\n)<\/td>\n<\/tr>\n
    Loss on impairment of assets<\/td>\n\u00a0<\/td>\n0.07<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.08<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.07<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.07<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on disposal of assets, net<\/td>\n\u00a0<\/td>\n0.22<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.23<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.23<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.23<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of investment in unconsolidated affiliate<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on conversion of debt to equity<\/td>\n\u00a0<\/td>\n0.04<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.03<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    (Gain) loss on retirement of debt<\/td>\n\u00a0<\/td>\n0.04<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.04<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.04<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.04<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Discrete tax items<\/td>\n\u00a0<\/td>\n(0.10<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.10<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.09<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.01<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.01<\/td>\n)<\/td>\n<\/tr>\n
    \n Diluted loss per share, as adjusted<\/strong>\n <\/td>\n$<\/td>\n(0.96<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.09<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.88<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.36<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.52<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.15<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.38<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

    \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n TRANSOCEAN LTD. AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
    \n NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS<\/strong>\n <\/td>\n<\/tr>\n
    \n ADJUSTED CONTRACT DRILLING REVENUES<\/strong>\n <\/td>\n<\/tr>\n
    \n EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION AND RELATED MARGINS<\/strong>\n <\/td>\n<\/tr>\n
    (in millions, except percentages)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0\u00a0<\/td>\n\n 12\/31\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 12\/31\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 03\/31\/24<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Contract drilling revenues<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n3,524<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n952<\/td>\n\u00a0<\/td>\n$<\/td>\n2,572<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n948<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,624<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n861<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n763<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Contract intangible asset amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Adjusted Contract Drilling Revenues<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n3,528<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n952<\/td>\n\u00a0<\/td>\n$<\/td>\n2,576<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n948<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,628<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n861<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n767<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Net income (loss)<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(512<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n7<\/td>\n\u00a0<\/td>\n$<\/td>\n(519<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(494<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(25<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(123<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n98<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Interest expense, net of interest income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n312<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n81<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n231<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n69<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n162<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n102<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Income tax expense (benefit)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(66<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(31<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(35<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n156<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(191<\/td>\n)<\/td>\n<\/tr>\n
    Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n739<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n180<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n559<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n190<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n369<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n184<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n185<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Contract intangible asset amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n EBITDA<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n532<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n323<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n209<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(266<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n475<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n277<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n198<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n772<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n772<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n629<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n143<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n143<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of investment in unconsolidated affiliates<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Gain on retirement of debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(161<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(161<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(140<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(140<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Adjusted EBITDA<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n1,148<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n323<\/td>\n\u00a0<\/td>\n$<\/td>\n825<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n342<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n483<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n284<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n199<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Profit (loss) margin<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14.5<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n0.7<\/td>\n%<\/td>\n\u00a0<\/td>\n(20.2<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(52.0<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(1.5<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(14.3<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n12.9<\/td>\n%<\/td>\n<\/tr>\n
    EBITDA margin<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15.1<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n33.9<\/td>\n%<\/td>\n\u00a0<\/td>\n8.1<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(28.1<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n29.2<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n32.2<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n25.8<\/td>\n%<\/td>\n<\/tr>\n
    Adjusted EBITDA margin<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32.5<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n33.9<\/td>\n%<\/td>\n\u00a0<\/td>\n32.0<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n36.0<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n29.7<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n33.0<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n26.0<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

    \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n 12\/31\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 12\/31\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 03\/31\/23<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Contract drilling revenues<\/strong>\n <\/td>\n$<\/td>\n2,832<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n741<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,091<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n713<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,378<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n729<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n649<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Contract intangible asset amortization<\/td>\n\u00a0<\/td>\n52<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Adjusted Contract Drilling Revenues<\/strong>\n <\/td>\n$<\/td>\n2,884<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n748<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,136<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n721<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,415<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n748<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n667<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Net loss<\/strong>\n <\/td>\n$<\/td>\n(954<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(104<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(850<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(220<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(630<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(165<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(465<\/td>\n)<\/td>\n<\/tr>\n
    Interest expense, net of interest income<\/td>\n\u00a0<\/td>\n594<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(13<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n607<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n220<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n387<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n157<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n230<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Income tax expense (benefit)<\/td>\n\u00a0<\/td>\n13<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(43<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(16<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Depreciation and amortization<\/td>\n\u00a0<\/td>\n744<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n184<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n560<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n192<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n368<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n186<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n182<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Contract intangible asset amortization<\/td>\n\u00a0<\/td>\n52<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n EBITDA<\/strong>\n <\/td>\n\u00a0<\/td>\n449<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n354<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n157<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n197<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n181<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of assets<\/td>\n\u00a0<\/td>\n57<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n58<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n53<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n53<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on disposal of assets, net<\/td>\n\u00a0<\/td>\n169<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n169<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n169<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n169<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of investment in unconsolidated affiliate<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on conversion of debt to equity<\/td>\n\u00a0<\/td>\n27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    (Gain) loss on retirement of debt<\/td>\n\u00a0<\/td>\n31<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Adjusted EBITDA<\/strong>\n <\/td>\n$<\/td>\n738<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n122<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n616<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n162<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n454<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n237<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n217<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss margin<\/td>\n\u00a0<\/td>\n(33.7<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(14.0<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(40.7<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(30.9<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(45.7<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(22.6<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(71.6<\/td>\n)%<\/td>\n<\/tr>\n
    EBITDA margin<\/td>\n\u00a0<\/td>\n15.6<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n12.7<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n16.6<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n21.8<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n13.9<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n24.2<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n2.4<\/td>\n%<\/td>\n<\/tr>\n
    Adjusted EBITDA margin<\/td>\n\u00a0<\/td>\n25.6<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n16.3<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n28.9<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n22.5<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n32.1<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n31.7<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n32.5<\/td>\n%<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

    \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \n TRANSOCEAN LTD. AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
    \n SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS<\/strong>\n <\/td>\n<\/tr>\n
    (in millions, except tax rates)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n Three months ended <\/strong>\n <\/td>\n\u00a0<\/td>\n\n Years ended <\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n September 30,<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,\u00a0<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Income (loss) before income taxes<\/td>\n$<\/td>\n62<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(525<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(83<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(523<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(941<\/td>\n)<\/td>\n<\/tr>\n
    Loss on impairment of assets<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n629<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n772<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n57<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on disposal of assets, net<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n169<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of investment in unconsolidated affiliates<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on conversion of debt to equity<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27<\/td>\n\u00a0<\/td>\n<\/tr>\n
    (Gain) loss on retirement of debt<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(161<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Adjusted income (loss) before income taxes<\/td>\n$<\/td>\n62<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n83<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(56<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n93<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(652<\/td>\n)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Income tax expense (benefit)<\/td>\n$<\/td>\n55<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(31<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n21<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(11<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n13<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of assets<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on disposal of assets, net<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on impairment of investment in unconsolidated affiliates<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Loss on conversion of debt to equity<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    (Gain) loss on retirement of debt<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Changes in estimates (1)<\/td>\n\u00a0<\/td>\n(20<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n141<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n74<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Adjusted income tax expense (benefit)<\/td>\n$<\/td>\n35<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n19<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n18<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n147<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n87<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Effective Tax Rate <\/strong>(2)<\/td>\n\u00a0<\/td>\n\n 89.0<\/strong>\n <\/td>\n\n %\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 6.0<\/strong>\n <\/td>\n\n %\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (25.0<\/strong>\n <\/td>\n\n )%\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2.2<\/strong>\n <\/td>\n\n %\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1.4<\/strong>\n <\/td>\n\n )%<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Effective Tax Rate, excluding discrete items<\/strong> (3)<\/td>\n\u00a0<\/td>\n\n 56.7<\/strong>\n <\/td>\n\n %\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 22.5<\/strong>\n <\/td>\n\n %\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (30.0<\/strong>\n <\/td>\n\n )%\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 159.1<\/strong>\n <\/td>\n\n %\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (13.3<\/strong>\n <\/td>\n\n )%<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    (1) Our estimates change as we file tax returns, settle disputes with tax authorities, or become aware of changes in laws, operational changes and rig movements that have an effect on our (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities.<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    (2) Our effective tax rate is calculated as income tax expense or benefit divided by income or loss before income taxes.<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    (3) Our effective tax rate, excluding discrete items, is calculated as income tax expense or benefit, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes), divided by income or loss before income taxes, excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes related to estimating the annual effective tax rate.<\/td>\n<\/tr>\n<\/table>\n

    \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n TRANSOCEAN LTD. AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
    \n NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS<\/strong>\n <\/td>\n<\/tr>\n
    \n FREE CASH FLOW AND LEVERED FREE CASH FLOW<\/strong>\n <\/td>\n<\/tr>\n
    (in millions)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n 12\/31\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 12\/31\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 03\/31\/24<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Cash provided by (used in) operating activities<\/td>\n$<\/td>\n447<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n206<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n241<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n194<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n47<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n133<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(86<\/td>\n)<\/td>\n<\/tr>\n
    Capital expenditures<\/td>\n\u00a0<\/td>\n(254<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(29<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(225<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(58<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(167<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(84<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(83<\/td>\n)<\/td>\n<\/tr>\n
    \n Free Cash Flow<\/strong>\n <\/td>\n\u00a0<\/td>\n193<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n177<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n136<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(120<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(169<\/td>\n)<\/td>\n<\/tr>\n
    Debt repayments<\/td>\n\u00a0<\/td>\n(2,103<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(30<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,073<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(258<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,815<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,664<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(151<\/td>\n)<\/td>\n<\/tr>\n
    Debt repayments, paid from debt proceeds<\/td>\n\u00a0<\/td>\n1,748<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,748<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n99<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,649<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,649<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Levered Free Cash Flow<\/strong>\n <\/td>\n$<\/td>\n(162<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n147<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(309<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(23<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(286<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n34<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(320<\/td>\n)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n 12\/31\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 12\/31\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 03\/31\/23<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Cash provided by (used in) operating activities<\/td>\n$<\/td>\n164<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n98<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n66<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(44<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n110<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n157<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(47<\/td>\n)<\/td>\n<\/tr>\n
    Capital expenditures<\/td>\n\u00a0<\/td>\n(427<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(220<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(207<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(50<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(157<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(76<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(81<\/td>\n)<\/td>\n<\/tr>\n
    \n Free Cash Flow<\/strong>\n <\/td>\n\u00a0<\/td>\n(263<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(122<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(141<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(94<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(47<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n81<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(128<\/td>\n)<\/td>\n<\/tr>\n
    Debt repayments<\/td>\n\u00a0<\/td>\n(1,717<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,707<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(139<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,568<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,564<\/td>\n)<\/td>\n<\/tr>\n
    Debt repayments, paid from debt proceeds<\/td>\n\u00a0<\/td>\n1,156<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,156<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,156<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,156<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Levered Free Cash Flow<\/strong>\n <\/td>\n$<\/td>\n(824<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(132<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(692<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(233<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(459<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n77<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(536<\/td>\n)<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\n 12\/31\/22<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 12\/31\/22<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/22<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/22<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/22<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/22<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 03\/31\/22<\/strong>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Cash provided by (used in) operating activities<\/td>\n$<\/td>\n448<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n178<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n270<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n230<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n40<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n41<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(1<\/td>\n)<\/td>\n<\/tr>\n
    Capital expenditures<\/td>\n\u00a0<\/td>\n(717<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(409<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(308<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(87<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(221<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(115<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(106<\/td>\n)<\/td>\n<\/tr>\n
    \n Free Cash Flow<\/strong>\n <\/td>\n\u00a0<\/td>\n(269<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(231<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(38<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n143<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(181<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(74<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(107<\/td>\n)<\/td>\n<\/tr>\n
    Debt repayments<\/td>\n\u00a0<\/td>\n(554<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(101<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(453<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(196<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(257<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(92<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(165<\/td>\n)<\/td>\n<\/tr>\n
    Debt repayments, paid from debt proceeds<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \n Levered Free Cash Flow<\/strong>\n <\/td>\n$<\/td>\n(823<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(332<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(491<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(53<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(438<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(166<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(272<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

    \"\"
    \n
    \n \"\"\n <\/div>\n

    <\/div>\n","protected":false},"excerpt":{"rendered":"

    \u00a0 \u00a0 Three months ended \u00a0 \u00a0 \u00a0 \u00a0 Three months ended \u00a0 \u00a0 \u00a0 \u00a0 December\u00a031,\u00a0 \u00a0 September 30, \u00a0\u00a0\u00a0\u00a0 sequential \u00a0 December\u00a031,\u00a0 \u00a0\u00a0\u00a0\u00a0 year-over-year \u00a0 2024 \u00a0 2024 \u00a0 change \u00a0 2023 \u00a0 change (In millions, except per share amounts, percentages and backlog) \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Contract drilling revenues $ 952 \u00a0 \u00a0 $ 948 \u00a0 \u00a0 $ 4 \u00a0 \u00a0 $ 741 \u00a0 \u00a0 $ 211 \u00a0 Adjusted contract drilling revenues $ 952 \u00a0 \u00a0 $ 948 \u00a0 \u00a0 $ 4 \u00a0 \u00a0 $ 748 \u00a0 \u00a0 $ 204 \u00a0 Revenue efficiency (1) \u00a0 93.5 % \u00a0 \u00a0 94.5 % \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 97.0 … <\/p>\n

    Continue reading “Transocean Ltd. Reports Fourth Quarter and Full Year 2024 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-813772","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nTransocean Ltd. Reports Fourth Quarter and Full Year 2024 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/transocean-ltd-reports-fourth-quarter-and-full-year-2024-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transocean Ltd. 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