Debt (Tables)

12 Months Ended

Dec. 31, 2011

Debt

Debt, net of unamortized discounts, premiums and fair value adjustments

	December 31, 2011						December 31, 2010
	Transocean Ltd. and subsidiaries		Consolidated variable interest entities		Consolidated total		Transocean Ltd. and subsidiaries		Consolidated variable interest entities		Consolidated total
ODL Loan Facility	$	—	$	—	$	—	$	10	$	—	$	10
Commercial paper program (a)	—		—		—		88		—		88
6.625% Notes due April 2011 (a)	—		—		—		167		—		167
5% Notes due February 2013	253		—		253		255		—		255
5.25% Senior Notes due March 2013 (a)	507		—		507		511		—		511
TPDI Credit Facilities due March 2015	—		473		473		—		560		560
4.95% Senior Notes due November 2015 (a)	1,120		—		1,120		1,099		—		1,099
Aker Revolving Credit and Term Loan Facility due December 2015	594		—		594		—		—		—
5.05% Senior Notes due December 2016 (a)	999		—		999		—		—		—
Callable Bonds due February 2016	267		—		267		—		—		—
ADDCL Credit Facilities due December 2017	—		217		217		—		242		242
Eksportfinans Loans due January 2018	884		—		884		—		—		—
6.00% Senior Notes due March 2018 (a)	998		—		998		997		—		997
7.375% Senior Notes due April 2018 (a)	247		—		247		247		—		247
TPDI Notes due October 2019	—		148		148		—		148		148
6.50% Senior Notes due November 2020 (a)	899		—		899		899		—		899
6.375% Senior Notes due December 2021 (a)	1,199		—		1,199		—		—		—
7.45% Notes due April 2027 (a)	97		—		97		96		—		96
8% Debentures due April 2027 (a)	57		—		57		57		—		57
7% Notes due June 2028	311		—		311		313		—		313
Capital lease contract due August 2029	676		—		676		694		—		694
7.5% Notes due April 2031 (a)	598		—		598		598		—		598
1.625% Series A Convertible Senior Notes due December 2037 (a)	—		—		—		11		—		11
1.50% Series B Convertible Senior Notes due December 2037 (a)	30		—		30		1,625		—		1,625
1.50% Series C Convertible Senior Notes due December 2037 (a)	1,663		—		1,663		1,605		—		1,605
6.80% Senior Notes due March 2038 (a)	999		—		999		999		—		999
7.35% Senior Notes due December 2041 (a)	300		—		300		—		—		—
Total debt	12,698		838		13,536		10,271		950		11,221
Less debt due within one year
ODL Loan Facility	—		—		—		10		—		10
Commercial paper program (a)	—		—		—		88		—		88
6.625% Notes due April 2011 (a)	—		—		—		167		—		167
TPDI Credit Facilities due March 2015	—		70		70		—		70		70
Aker Revolving Credit and Term Loan Facility due December 2015	90		—		90		—		—		—
ADDCL Credit Facilities due November 2017	—		27		27		—		25		25
Eksportfinans Loans due January 2018	142		—		142		—		—		—
Capital lease contract due August 2029	17		—		17		16		—		16
1.625% Series A Convertible Senior Notes due December 2037 (a)	—		—		—		11		—		11
1.50% Series B Convertible Senior Notes due December 2037 (a)	30		—		30		1,625		—		1,625
1.50% Series C Convertible Senior Notes due December 2037 (a)	1,663		—		1,663		—		—		—
Total debt due within one year	1,942		97		2,039		1,917		95		2,012
Total long-term debt	$	10,756	$	741	$	11,497	$	8,354	$	855	$	9,209

Scheduled maturities of debt

	Transocean Ltd. and subsidiaries			Consolidated variable interest entities		Consolidated total
Years ending December 31,
2012	$	2,001		$	97	$	2,098
2013	1,002			98		1,100
2014	235			99		334
2015	1,331			322		1,653
2016	1,696			34		1,730
Thereafter	6,450			188		6,638
Total debt, excluding unamortized discounts, premiums and fair value adjustments	12,715			838		13,553
Total unamortized discounts, premiums and fair value adjustments	(17		)	—		(17		)
Total debt	$	12,698		$	838	$	13,536

Carrying amounts of liability components of convertible senior notes

	December 31, 2011							December 31, 2010
	Principal amount		Unamortized discount			Carrying amount		Principal amount		Unamortized discount			Carrying amount
Carrying amount of liability component
Series A Convertible Senior Notes due 2037	$	—	$	—		$	—	$	11	$	—		$	11
Series B Convertible Senior Notes due 2037	30		—			30		1,680		(55		)	1,625
Series C Convertible Senior Notes due 2037	1,722		(59		)	1,663		1,722		(117		)	1,605

Carrying amounts of equity components of convertible senior notes

	December 31,
	2011		2010
Carrying amount of equity component
Series A Convertible Senior Notes due 2037	$	—	$	1
Series B Convertible Senior Notes due 2037	4		210
Series C Convertible Senior Notes due 2037	276		276

Interest expense, excluding amortization of debt issue costs

	Years ended December 31,
	2011		2010		2009
Interest expense
Series A Convertible Senior Notes due 2037	$	—	$	58	$	85
Series B Convertible Senior Notes due 2037	78		98		100
Series C Convertible Senior Notes due 2037	84		98		100