Company: RIG
Filing Date: 2025-09-26
Form Type: 424B5
Source: 0001451505-25-000102
Chunk: 2

Company: Transocean Ltd.
Filing Date: 2025-09-26
Form: 424B5
Chunk 2
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 this prospectus supplement or the accompanying base prospectus. Neither we nor the underwriters take any responsibility for, nor can we or the underwriters provide any assurance as to the reliability of, any other information that others may give you. Neither we nor the underwriters are making an offer of these securities in any jurisdiction where the offer is not permitted. You should assume that the information appearing in this prospectus supplement or the accompanying base prospectus and any free writing prospectus is accurate only as of the date on its respective cover page and that any information incorporated by reference into any of the foregoing is accurate only as of the date of such document incorporated by reference. Our business, financial condition, results of operations and prospects may have changed since those dates.

In this prospectus, references to “dollars” and “$” are to United States currency, and the terms “United States” and “U.S.” mean the United States of America, its states, its territories, its possessions and all areas subject to its jurisdiction.

None of Transocean, the underwriters or any of their respective representatives is making any representation to you regarding the legality of an investment in the shares by you under applicable laws. You should consult with your own legal, tax, business, financial and related aspects of an investment in the shares.

References in this prospectus to “we,” “our,” “us” and similar terms mean Transocean Ltd. (“Transocean” or the “Company”) and its subsidiaries unless indicated otherwise.

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FORWARD-LOOKING INFORMATION The statements included in this prospectus supplement, the accompanying base prospectus and the information incorporated into this prospectus supplement by reference regarding future financial performance and results of operations and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements in this prospectus supplement, the accompanying base prospectus and the information incorporated into this prospectus supplement by reference include, but are not limited to, statements about the following subjects:

| ● | the effect of any disputes and actions with respect to production levels by, among or between major oil and gas producing countries and any expectations we may have with respect thereto; |

| ● | our results of operations, our cash flow from operations, our revenue efficiency and other performance indicators and optimization of rig-based spending;