Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of changes in other operating assets and liabilities

The reconciling adjustments of our net cash provided by operating activities that were attributable to the net change in other operating assets and liabilities were as follows (in millions):


		Years ended December 31,
		2025			2024			2023
Changes in other operating assets and liabilities
Increase in accounts receivable		$	(30)		$	(94)		$	(99)
(Increase) decrease in other assets			7			(92)			(91)
Increase (decrease) in accounts payable and other current liabilities			(12)			(86)			144
Decrease in other long-term liabilities			(7)			(3)			(6)
Change in income taxes receivable / payable, net			17			(19)			(36)
Change in receivables from / payables to affiliates, net			—			9			(8)
		$	(25)		$	(285)		$	(96)

Additional cash flow information

Additional cash flow information was as follows (in millions):


			Years ended December 31,
			2025			2024			2023
Certain cash operating activities
Cash payments for interest			$	538		$	521		$	408

Noncash investing and financing activities
Capital additions accrued at end of period	(a)		$	20		$	23		$	36
Acquisition of outstanding ownership interests in exchange for shares and debt	(b)			—			431			99
Debt investment exchanged for equity ownership interests	(c)			2			—			37
Finance lease installments settled with credits issued to customer	(d)			39			40			44
Shares issued in exchanges of exchangeable bonds	(e)			201			—			434

(a)	Additions to property and equipment for which we had accrued a corresponding liability in accounts payable at the end of the period. See Note 6—Long-Lived Assets.

(b)

In June 2024, we issued 55.5 million Transocean Ltd. shares and $130 million aggregate principal amount of 8.00% Senior Notes to acquire the outstanding ownership interest in Orion. In September 2023, we issued 11.9 million Transocean Ltd. shares to acquire the outstanding ownership interest in Liquila. See Note 4—Unconsolidated Affiliates, Note 6—Long-Lived Assets and Note 13—Equity.

(c)

In October 2025, we agreed to exchange borrowings due to us under a loan agreement with an unconsolidated affiliate for equity ownership interests. In September 2023, we agreed to exchange borrowings due to us under a financing arrangement with Orion for additional equity ownership interests in Orion. See Note 4—Unconsolidated Affiliates.

(d)	In the years ended December 31, 2025, 2024 and 2023, we agreed to settle installments due to the lessor under our finance lease by issuing corresponding credits to our customer for amounts due to us under the drilling contract. See Note 7—Leases.

(e)

In the year ended December 31, 2025, we issued 73.3 million Transocean Ltd. shares to certain holders that elected to exchange the 4.00% Exchangeable Bonds pursuant to the Exchange Agreements. In the year ended December 31, 2023, we issued 65.1 million Transocean Ltd. shares to certain holders that elected to exchange the 2.50% Exchangeable Bonds, the 4.00% Exchangeable Bonds and the 4.625% Exchangeable Bonds. See Note 8—Debt and Note 13—Equity.

Transocean Ltd. 10-K