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

	September 30, 2012						December 31, 2011
	Transocean Ltd. and subsidiaries		Consolidated variable interest entities		Consolidated total		Transocean Ltd. and subsidiaries		Consolidated variable interest entities		Consolidated total
5% Notes due February 2013	$	251	$	—	$	251	$	253	$	—	$	253
5.25% Senior Notes due March 2013 (a)	503		—		503		507		—		507
TPDI Credit Facilities due March 2015	420		—		420		—		473		473
4.95% Senior Notes due November 2015 (a)	1,120		—		1,120		1,120		—		1,120
Aker Revolving Credit and Term Loan Facility due December 2015	—		—		—		594		—		594
Callable Bonds due February 2016	274		—		274		267		—		267
5.05% Senior Notes due December 2016 (a)	999		—		999		999		—		999
2.5% Senior Notes due October 2017 (a)	748		—		748		—		—		—
ADDCL Credit Facilities due December 2017	—		205		205		—		217		217
Eksportfinans Loans due January 2018	774		—		774		884		—		884
6.00% Senior Notes due March 2018 (a)	998		—		998		998		—		998
7.375% Senior Notes due April 2018 (a)	247		—		247		247		—		247
TPDI Notes due October 2019	—		—		—		—		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		1,199		—		1,199
3.8% Senior Notes due October 2022 (a)	745		—		745		—		—		—
7.45% Notes due April 2027 (a)	97		—		97		97		—		97
8% Debentures due April 2027 (a)	57		—		57		57		—		57
7% Notes due June 2028	311		—		311		311		—		311
Capital lease contract due August 2029	664		—		664		676		—		676
7.5% Notes due April 2031 (a)	598		—		598		598		—		598
1.50% Series B Convertible Senior Notes due December 2037 (a)	—		—		—		30		—		30
1.50% Series C Convertible Senior Notes due December 2037 (a)	1,709		—		1,709		1,663		—		1,663
6.80% Senior Notes due March 2038 (a)	999		—		999		999		—		999
7.35% Senior Notes due December 2041 (a)	300		—		300		300		—		300
Total debt	13,912		205		14,117		12,698		838		13,536
Less debt due within one year
5% Notes due February 2013	251		—		251		—		—		—
5.25% Senior Notes due March 2013 (a)	503		—		503		—		—		—
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	—		28		28		—		27		27
Eksportfinans Loans due January 2018	148		—		148		142		—		142
TPDI Notes due October 2019	—		—		—		—		148		148
Capital lease contract due August 2029	20		—		20		17		—		17
1.50% Series B Convertible Senior Notes due December 2037 (a)	—		—		—		30		—		30
1.50% Series C Convertible Senior Notes due December 2037 (a)	1,709		—		1,709		1,663		—		1,663
Total debt due within one year	2,701		28		2,729		1,942		245		2,187
Total long-term debt	$	11,211	$	177	$	11,388	$	10,756	$	593	$	11,349

(a) Transocean Inc., a 100 percent owned subsidiary of Transocean Ltd., is the issuer of the notes and debentures, which have been guaranteed by Transocean Ltd. Transocean Ltd. has also guaranteed borrowings under the Transocean Inc. Five-Year Revolving Credit Facility. Transocean Ltd. and Transocean Inc. are not subject to any significant restrictions on their ability to obtain funds from their consolidated subsidiaries by dividends, loans or return of capital distributions. See Note 19—Condensed Consolidating Financial Information.

Interest expense, excluding amortization of debt issue costs

	Three months ended September 30,				Nine months ended September 30,
	2012		2011		2012		2011
Interest expense
Series B Convertible Senior Notes due 2037	$	—	$	21	$	—	$	61
Series C Convertible Senior Notes due 2037	22		21		65		62

Carrying amounts of equity components of outstanding convertible senior notes

	September 30, 2012		December 31, 2011
Carrying amount of equity component
Series B Convertible Senior Notes due 2037	$	—	$	4
Series C Convertible Senior Notes due 2037	276		276