Company: RIG
Filing Date: 2025-09-26
Form Type: 424B5
Source: 0001451505-25-000102
Chunk: 71

Company: Transocean Ltd.
Filing Date: 2025-09-26
Form: 424B5
Chunk 71
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 trustee relating to or arising other than as a result of such specified events of default. |

The trustee, however, may refuse to follow any such direction that conflicts with law or the indentures, is unduly prejudicial to the rights of other holders of the debt securities, or would expose the trustee to personal liability. In addition, prior to acting at the direction of holders, the trustee will be entitled to be indemnified by those holders against any loss and expenses caused thereby. The indentures require Transocean Inc. to file each year with the trustee a written statement as to its compliance with the covenants contained in the applicable indenture. Modification and Waiver. Each indenture may be amended or supplemented if the holders of a majority in principal amount of the outstanding debt securities of all series issued under that indenture that are affected by the amendment or supplement (acting as one class) consent to it. Without the consent of the holder of each debt security issued under the indenture and affected, however, no modification to that indenture may:

| ● | reduce the amount of debt securities whose holders must consent to an amendment, supplement or waiver; |

| ● | reduce the rate of or change the time for payment of interest on the debt security; |

| ● | reduce the principal of the debt security or change its stated maturity; |

| ● | reduce any premium payable on the redemption of the debt security or change the time at which the debt security may or must be redeemed; |

| ● | change any obligation to pay additional amounts on the debt security; |

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| ● | make payments on the debt security payable in currency other than as originally stated in the debt security; |

| ● | impair the holder’s right to institute suit for the enforcement of any payment on the debt security; |

| ● | make any change in the percentage of principal amount of debt securities necessary to waive compliance with certain provisions of the indenture or to make any change in the provision related to modification; |

| ● | with respect to the subordinated indenture, modify the provisions relating to the subordination of any subordinated debt security in a manner adverse to the holder of that security; or |

| ● | waive a continuing default or event of default regarding any payment on the debt securities. |

Each indenture may be amended or supplemented or any provision of that indenture may be waived without the consent of any holders of debt securities issued under that indenture in certain circumstances, including:

| ● | to cure any ambiguity, omission,