Company: RIG
Filing Date: 2025-09-24
Form Type: 424B5
Source: 0001451505-25-000097
Chunk: 28

Company: Transocean Ltd.
Filing Date: 2025-09-24
Form: 424B5
Chunk 28
---

We have not imposed any restrictions applicable to the transfer of our shares, other than the requirement that an acquirer of shares expressly declares to have acquired the shares in its own name and for its own account. Our share register is maintained by Computershare Inc., which acts as transfer agent and registrar. The share register reflects only record owners of our shares. Swiss law does not recognize fractional share interests.

<div align='center'>S-17</div>

MATERIAL TAX CONSEQUENCES Material U.S. Federal Income Tax Consequences The following is a discussion of the material U.S. federal income tax consequences to Holders (as defined below) of the ownership and disposition of shares. This discussion applies only to Holders who acquire shares pursuant to this offering and who hold shares as “capital assets” for U.S. federal income tax purposes (generally, property held for investment purposes). This discussion does not describe all of the U.S. federal income tax consequences that may be relevant to Holders in light of their particular circumstances, including alternative minimum tax and Medicare contribution tax consequences, as well as differing tax consequences that may apply to Holders in light of their particular circumstances or status, such as if a Holder is, for instance:

| ● | a bank or other financial institution; |

| ● | an insurance company; |

| ● | a regulated investment company; |

| ● | a real estate investment trust; |

| ● | a broker or dealer in securities; |

| ● | a trader in securities that uses a mark-to-market method of tax accounting; |

| ● | holding shares as part of a conversion or constructive sale transaction, straddle, wash sale or other integrated transaction; |

| ● | a U.S. Holder (as defined below) whose functional currency is not the U.S. dollar; |

| ● | a tax-exempt entity or governmental organization; |

| ● | a U.S. Holder that holds shares through a non-U.S. entity or non-U.S. account, or through an individual retirement or other tax-deferred account; |

| ● | any person that owns, actually or constructively, 10% or more of our stock (by value) or 10% or more of the total combined voting power of all classes of our stock entitled to vote; |

| ● | a U.S. expatriate as defined in the Code; or |

| ● | an S corporation, partnership or other pass-through entity for U.S. federal income tax purposes or a person that holds