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Debt (Tables)
12 Months Ended
Dec. 31, 2020
Debt  
Debt, net of unamortized discounts, premiums and fair value adjustments

Principal amount

Carrying amount

 

December 31, 

December 31,

 

December 31, 

December 31,

 

    

    

2020

    

2019

  

 

2020

    

2019

  

6.50% Senior Notes due November 2020

(a)

$

$

206

$

$

206

6.375% Senior Notes due December 2021

(a)

38

222

38

221

5.52% Senior Secured Notes due May 2022

(b)

111

200

111

198

3.80% Senior Notes due October 2022

(a)

27

190

27

189

0.50% Exchangeable Senior Bonds due January 2023

(a)

463

863

462

862

5.375% Senior Secured Notes due May 2023

(c)

364

525

360

518

9.00% Senior Notes due July 2023

(d)

714

701

5.875% Senior Secured Notes due January 2024

(c)

585

667

577

656

7.75% Senior Secured Notes due October 2024

(c)

360

420

354

412

6.25% Senior Secured Notes due December 2024

(c)

375

437

369

430

6.125% Senior Secured Notes due August 2025

(c)

468

534

461

525

7.25% Senior Notes due November 2025

(d)

411

750

405

737

7.50% Senior Notes due January 2026

(d)

569

750

565

743

2.50% Senior Guaranteed Exchangeable Bonds due January 2027

(e)

238

277

11.50% Senior Guaranteed Notes due January 2027

(e)

687

1,139

6.875% Senior Secured Notes due February 2027

(c)

550

550

542

541

8.00% Senior Notes due February 2027

(d)

612

606

7.45% Notes due April 2027

(a)

52

88

51

86

8.00% Debentures due April 2027

(a)

22

57

22

57

7.00% Notes due June 2028

(f)

261

300

266

306

7.50% Notes due April 2031

(a)

396

588

394

585

6.80% Senior Notes due March 2038

(a)

610

1,000

605

991

7.35% Senior Notes due December 2041

(a)

177

300

176

297

Total debt

7,376

9,361

7,807

9,261

Less debt due within one year

6.50% Senior Notes due November 2020

(a)

206

206

6.375% Senior Notes due December 2021

(a)

38

38

5.52% Senior Secured Notes due May 2022

(b)

93

88

92

87

5.375% Senior Secured Notes due May 2023

(c)

47

16

46

14

5.875% Senior Secured Notes due January 2024

(c)

83

83

80

79

7.75% Senior Secured Notes due October 2024

(c)

60

60

58

58

6.25% Senior Secured Notes due December 2024

(c)

62

62

60

60

6.125% Senior Secured Notes due August 2025

(c)

66

66

64

64

2.50% Senior Guaranteed Exchangeable Bonds due January 2027

(e)

6

11.50% Senior Guaranteed Notes due January 2027

(e)

61

Total debt due within one year

449

581

505

568

Total long-term debt

 

 

$

6,927

$

8,780

 

$

7,302

$

8,693

(a)Transocean Inc., a 100 percent owned direct subsidiary of Transocean Ltd., is the issuer of the notes and debentures (the “Legacy Guaranteed Notes”).  The Legacy Guaranteed Notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd.
(b)The subsidiary issuer of the unregistered senior secured notes is a wholly owned indirect subsidiary of Transocean Inc.  The senior secured notes are fully and unconditionally guaranteed by the owner of the collateral rig.
(c)Each subsidiary issuer of the respective unregistered senior secured notes is a wholly owned indirect subsidiary of Transocean Inc.  The senior secured notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd., Transocean Inc. and, in each case, the owner of the respective collateral rig or rigs.
(d)Transocean Inc. is the issuer of the unregistered notes (collectively, the “Priority Guaranteed Notes”).  The guaranteed senior unsecured notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd. and certain wholly owned indirect subsidiaries of Transocean Inc. and rank equal in right of payment of all of our existing and future unsecured unsubordinated obligations.  Such notes are structurally senior to the Legacy Guaranteed Notes and the 7.00% notes due June 2028 and are structurally subordinate to the Senior Priority Guaranteed Notes, as defined below, to the extent of the value of the assets of the subsidiaries guaranteeing the notes.
(e)Transocean Inc. is the issuer of the unregistered notes (together, the “Senior Priority Guaranteed Notes”).  The priority guaranteed senior unsecured notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd. and certain wholly owned indirect subsidiaries of Transocean Inc. and rank equal in right of payment of all of our existing and future unsecured unsubordinated obligations.  Such notes are structurally senior to the Priority Guaranteed Notes to the extent of the value of the assets of the subsidiaries guaranteeing the notes.
(f)The subsidiary issuer of the registered notes is a wholly owned indirect subsidiary of Transocean Inc.  The notes are fully and unconditionally guaranteed by Transocean Inc.
Scheduled maturities of debt

    

Principal

    

Other

    

 

    

installments

    

installments

    

Total

 

Years ending December 31,

2021

$

449

$

67

$

516

2022

448

76

524

2023

1,055

76

1,131

2024

853

77

930

2025

698

77

775

Thereafter

3,873

117

3,990

Total installments of debt

$

7,376

$

490

7,866

Total debt-related balances, net

(59)

Total carrying amount of debt

$

7,807

Schedule of debt retirements

Years ended December 31, 

2020

2019

2018

  

Exchanged

  

Redeemed

  

Tendered

Repurchased

  

Total

  

Tendered

  

Repurchased

  

Total

Repurchased

6.50% Senior Notes due November 2020

$

$

$

38

$

15

$

53

$

57

$

23

$

80

$

6.375% Senior Notes due December 2021

37

77

69

183

63

43

106

3.80% Senior Notes due October 2022

136

10

16

162

190

32

222

95

0.50% Exchangeable Senior Bonds due January 2023

397

4

401

5.375% Senior Secured Notes due May 2023

103

43

146

9.00% Senior Notes due July 2023

714

714

200

336

536

7.25% Senior Notes due November 2025

207

132

339

7.50% Senior Notes due January 2026

181

181

8.00% Senior Notes due February 2027

138

138

7.45% Notes due April 2027

35

35

8.00% Debentures due April 2027

35

35

7.00% Notes due June 2028

39

39

7.50% Notes due April 2031

192

192

6.80% Senior Notes due March 2038

390

390

7.35% Senior Notes due December 2041

123

123

Aggregate principal amount restructured or retired

$

1,910

$

714

$

360

$

147

$

3,131

$

510

$

434

$

944

$

95

Aggregate cash payment

$

10

$

767

$

222

$

110

$

1,109

$

522

$

449

$

971

$

95

Aggregate principal amount of debt issued in exchanges

$

925

$

$

$

$

925

$

$

$

$

Aggregate net gain (loss)

$

427

$

(65)

$

135

$

36

$

533

$

(18)

$

(23)

$

(41)

$