Company: RIG
Filing Date: 2025-09-26
Form Type: 424B5
Source: 0001451505-25-000102
Chunk: 44

Company: Transocean Ltd.
Filing Date: 2025-09-26
Form: 424B5
Chunk 44
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 of shares listed next to the names of all underwriters in the preceding table. The following table shows the per share and total public offering price, underwriting discounts and commissions, and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the underwriters’ option to purchase an additional 18,750,000 shares from us.

| ​                                                       
 ​                                                       | Per share 
 ​         |      | Total       
 No Exercise |             | Full Exercise |             |
|:--------------------------------------------------------|:----------|-----:|:------------|------------:|:--------------|------------:|
| Public offering price                                   | $         | 3.05 | $           | 381,250,000 | $             | 438,437,500 |
| Underwriting discounts and commissions to be paid by us | $         | 0.12 | $           |  15,000,000 | $             |  17,250,000 |
| Proceeds, before expenses, to us                        | $         | 2.93 | $           | 366,250,000 | $             | 421,187,500 |

S-27

We estimate that our out-of-pocket expenses for this offering will be approximately $5 million. All of the offering expenses will be paid by us. We also have agreed to reimburse the underwriters for up to $25,000 for their Financial Industry Regulatory Authority, Inc. (“FINRA”) counsel fee. In accordance with FINRA Rule 5110, this reimbursed fee is deemed underwriting compensation for this offering.

Our shares are listed and trade on the NYSE under the symbol “RIG.”

In connection with this offering, we agreed that, subject to certain exceptions, we will not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares or securities convertible into or exercisable or exchangeable for any shares, excluding any exchangeable bonds issued by Transocean Inc. and guaranteed by the Company or any of its subsidiaries, or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of shares, whether any of these transactions are to be settled by delivery of shares or other securities, in cash or otherwise, or file any registration statement with the SEC relating to the offering