Company: RIG
Filing Date: 2025-09-26
Form Type: 424B5
Source: 0001451505-25-000102
Chunk: 32

Company: Transocean Ltd.
Filing Date: 2025-09-26
Form: 424B5
Chunk 32
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 tax advisors regarding the availability of foreign tax credits. Sale, Exchange, or Other Taxable Disposition of Shares Subject to the discussion under “—PFIC Considerations” below, in general, the sale, exchange, or other taxable disposition of shares will result in gain or loss to a U.S. Holder equal to the difference between (i) the amount of cash plus the fair market value of any other property received by such U.S. Holder in the sale, exchange, or other taxable disposition and (ii) such U.S. Holder’s adjusted basis in the shares. Gain or loss recognized on the sale, exchange, or other taxable disposition of shares will generally be capital gain or loss and will be long-term capital gain or loss if the shares have been held for more than one year at the time of the sale, exchange, or other taxable disposition. Long-term capital gains of non-corporate U.S. Holders (including individuals) generally are subject to tax at preferential U.S. federal income tax rates. The deductibility of capital losses is subject to limitations. Any such gain or loss recognized will generally be treated as U.S. source income or loss for purposes of computing a U.S. Holder’s foreign tax credit for U.S. federal income tax purposes and, as a result of the U.S. foreign tax credit limitation, foreign taxes, if any, imposed upon capital gains in respect of the shares may not be creditable. U.S. Holders should consult their own tax advisors regarding the tax consequences if a foreign tax is imposed on a sale, exchange or other disposition of shares, including the availability of a foreign tax credit or deduction in respect of any foreign tax imposed on a sale, exchange or other taxable disposition of shares. PFIC Considerations The treatment of U.S. Holders could differ materially from that described above if, at any relevant time, we are a passive foreign investment company (“PFIC”). For U.S. federal income tax purposes, we would be treated as a PFIC for any taxable year in which after applying relevant look-through rules with respect to the income and assets of subsidiaries, either:

| ● | 75% or more of our gross income for such taxable year consists of passive income (generally, dividends, interest, gains from the sale or exchange of investment property, and certain rents and royalties); or |

| ● | the average percentage (based on quarterly measurements) of the value of our assets that produce, or are held for the production of, passive income is at least