Company: RIG
Filing Date: 2025-09-24
Form Type: 424B5
Source: 0001451505-25-000097
Chunk: 98

Company: Transocean Ltd.
Filing Date: 2025-09-24
Form: 424B5
Chunk 98
---
 refund any payments they receive that are not made on an arm’s length basis. Transocean Ltd.’s articles of association provides for a capital band that authorizes our board of directors to issue up to 172,563,171 new fully paid-in Transocean shares for general corporate purposes at any time until May 29, 2025, and thereby increase the stated share capital from time to time. Under the terms of the capital band, our board of directors has authority to withdraw or limit the preemptive rights of the existing shareholders in various circumstances with respect to up to 172,563,171 shares issued for general purposes. The articles of association also include a conditional share capital, according to which we may, from time to time, issue up to a maximum of 141,262,093 shares in connection with bonds, notes, warrants and other financial instruments or contractual obligations convertible into or exercisable for shares. Under the terms of the conditional share capital, the board of directors has authority to withdraw or limit the advance subscription rights of the existing shareholders with respect to bonds, notes, warrants and other financial instruments or contractual obligations convertible into or exercisable for shares if the issuance or grant is for purposes of the financing or refinancing of an

29

acquisition of an enterprise or business, parts of an enterprise, participations or investments, or if the issuance occurs in national or international capital markets or through private placements. For further information on preemptive rights and advance subscription rights, see “Description of Transocean Ltd. Shares—Preemptive Rights and Advance Subscription Rights” above.

For other provisions that could be considered to have an anti-takeover effect, see “Description of Transocean Ltd. Shares—General Meetings of Shareholders” above.

#### ​

<div align='center'>30</div>

PLAN OF DISTRIBUTION The issuers may sell the offered securities in and outside the United States (1) through underwriters or dealers, (2) directly to purchasers, (3) through agents or (4) through a combination of any of these methods. The prospectus supplement will set forth the following information:

| ● | the terms of the offering, |

| ● | the names of any underwriters or agents, |

| ● | the purchase price of the securities, |

| ● | the net proceeds to the respective issuers from the sale of the securities, |

| ● | any delayed delivery arrangements, |

| ● | any underwriting discounts, commissions and other items constituting underwriters’