Company: RIG
Filing Date: 2025-09-26
Form Type: 424B5
Source: 0001451505-25-000102
Chunk: 94

Company: Transocean Ltd.
Filing Date: 2025-09-26
Form: 424B5
Chunk 94
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 which the warrants are exercisable; |

| ● | the designation and terms of any securities with which the warrants are issued; |

| ● | if the warrants are issued as a unit with another security, the date on and after which the warrants and the other security will be separately transferable; |

| ● | if the exercise price is not payable in U.S. dollars, the foreign currency, currency unit or composite currency in which the exercise price is denominated; |

| ● | any minimum or maximum amount of warrants that may be exercised at any one time; |

| ● | any terms, procedures and limitations relating to the transferability, exchange or exercise of the warrants; or |

| ● | any other terms of the warrants. |

Warrant certificates will be exchangeable for new warrant certificates of different denominations at the office indicated in the prospectus supplement. Prior to the exercise of their warrants, holders of warrants will not have any of the rights of holders of the securities subject to the warrants. Modifications We may amend the warrant agreements and the warrants, without the consent of the holders of the warrants, to cure any ambiguity, to cure, correct or supplement any defective or inconsistent provision, or in any other manner that will not materially and adversely affect the interests of holders of outstanding warrants. We may also modify or amend various other terms of the warrant agreements and the warrants with the consent of the holders of not less than a majority in number of the then outstanding unexercised warrants affected. Without the consent of the holders affected, however, no modification or amendment may:

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| ● | shorten the period of time during which the warrants may be exercised; or |

| ● | otherwise materially and adversely affect the exercise rights of the holders of the warrants. |

Enforceability The warrant agent will act solely as our agent and will not assume any agency or trust obligation or relationship for or with any holder or beneficial owner of warrants. The warrant agent will not have any duty or responsibility if we default under the warrant agreements or the warrant certificates. A warrant holder may, without the consent of the warrant agent, enforce by appropriate legal action on its own behalf the holder’s right to exercise the holder’s warrants.

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### DESCRIPTION OF PURCHASE CONTRACTS
We may issue purchase contracts for the purchase or sale of shares of Transocean Ltd., debt securities of Transocean Inc. or securities of third parties including any of our affiliates, a basket of such securities, an index or indices of such securities or any combination of the above