Company: RIG
Filing Date: 2025-09-24
Form Type: 424B5
Source: 0001451505-25-000097
Chunk: 10

Company: Transocean Ltd.
Filing Date: 2025-09-24
Form: 424B5
Chunk 10
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 bands included in our articles of association, as then in effect, the board resolutions pursuant to which the shares were initially issued into treasury, and the applicable requirements of Swiss law for the withdrawal of preemptive rights have been met, among other things, because (i) the issue price of the new shares is being determined by reference to the relevant prevailing market price, (ii) the proceeds of this offering are intended to be used in connection with certain refinancing or financing matters, (iii) the share issuance broadens the constituency of our shareholders in the U.S. market, and (iv) the offering on a non-preemptive rights basis will result in more favorable offering terms to the Company compared to an offering on a pre-emptive basis. Our board of directors has, on that basis, authorized and affirmed the issuance of up to 100,000,000 shares previously issued to “treasury” based on the Company’s capital bands, as then in effect, for the purposes of this offering and withdrawn pre-emptive rights of existing shareholders in connection with this offering. Any dispute regarding such withdrawal could result in liability for the company, our board of directors or limit or put a burden on our ability to obtain financing in similar offerings in the future.

Our subsidiaries’ ability to utilize U.S. net operating loss carryforwards to reduce future U.S. taxable income could be limited.

Certain of our subsidiaries have U.S. net operating loss (“NOL”) carryforwards for U.S. federal income tax purposes. Our subsidiaries’ ability to utilize such NOL carryforwards would be limited under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), if we experience an “ownership change,” which generally will occur if there is a cumulative increase of more than 50 percentage points in the ownership of our stock by one or more “5% shareholders” at any time during a three-year period. In the event of an ownership change, Section 382 imposes an annual limitation on a subsidiary’s NOL carryforwards that can be used to offset future U.S. taxable income, which limitation generally is equal to (a) the fair market value of such subsidiary’s equity multiplied by (b) the long-term tax-exempt rate in effect for the month in which the ownership change occurs. We believe that our subsidiaries were not subject to any limitation under Section 382 as of December 31, 2024. However, future issuances of our stock (including, potentially, the issuance