Company: RIG
Filing Date: 2025-09-26
Form Type: 424B5
Source: 0001451505-25-000102
Chunk: 68

Company: Transocean Ltd.
Filing Date: 2025-09-26
Form: 424B5
Chunk 68
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 of the debt securities, any additional conditions or limitations to defeasance of the debt securities or any changes to those conditions or limitations; |

| ● | any changes or additions to the events of default or covenants described in this prospectus; |

| ● | any restrictions or other provisions relating to the transfer or exchange of debt securities; |

| ● | any terms for the conversion or exchange of the debt securities for other securities of Transocean Inc., Transocean Ltd. or any other entity; |

| ● | with respect to any subordinated indenture, any changes to the subordination provisions for the subordinated debt securities; and |

| ● | any other terms of the debt securities not prohibited by the applicable indenture. |

Transocean Inc. may sell the debt securities at a discount, which may be substantial, below their stated principal amount. These debt securities may bear no interest or interest at a rate that at the time of issuance is below market rates. If Transocean Inc. sells these debt securities, it will describe in the prospectus supplement any material U.S. federal income tax consequences and other special considerations relating to those debt securities. If Transocean Inc. sells any of the debt securities for any foreign currency or currency unit or if payments on the debt securities are payable in any foreign currency or currency unit, it will describe in the prospectus supplement the restrictions, elections, tax consequences, specific terms and other information relating to those debt securities and the foreign currency or currency unit.

6

Consolidation, Merger and Sale of Assets. The indentures generally permit a consolidation, merger or scheme of arrangement qualifying as an amalgamation between Transocean Inc. and another entity. They also permit Transocean Inc. to sell, lease, convey, transfer or otherwise dispose of all or substantially all of its assets. Transocean Inc. has agreed, however, that it will not consolidate with, merge into or complete a scheme of arrangement qualifying as an amalgamation with any entity or sell, lease, convey, transfer or otherwise dispose of all or substantially all of its assets to any entity unless:

| ● | immediately after giving effect to the transaction, no default or event of default would occur and be continuing or would result from the transaction; |

| ● | if Transocean Inc. is not the continuing entity, the resulting entity or transferee assumes by supplemental indenture the due and punctual payments on the debt securities and the performance of Transocean Inc.’s covenants