Company: RIG
Filing Date: 2025-09-26
Form Type: 424B5
Source: 0001451505-25-000102
Chunk: 9

Company: Transocean Ltd.
Filing Date: 2025-09-26
Form: 424B5
Chunk 9
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 the net proceeds from this offering, including for any of the purposes described in the section titled “Use of Proceeds,” and could spend the proceeds in a variety of ways that may ultimately fail to improve our operating results or enhance the value of our shares. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. Our failure to apply these funds effectively could have a negative effect on our business and cause the price of our shares to decline.

There may be future sales or other dilution of our shares, which may adversely affect the market price of the shares.

Except as described under the heading “Underwriting (Conflicts of Interest)” we are not restricted from issuing additional shares, including securities that are convertible into or exchangeable for, or that represent the right to receive, shares. Among other things, we may issue shares in connection with previously disclosed exchanges of certain of our exchangeable bonds and warrants, and grant equity awards to our directors, officers and employees. The issuance of additional shares would dilute the ownership interest of existing shareholders. Sales of a substantial number of shares or other equity-related securities in the public market could depress the market price of our shares and impair our ability to raise capital, whether through the sale of additional shares or other equity-related securities. We cannot predict the effect that future sales of our shares or other equity-related securities would have on the market price of our shares.**

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**Swiss law entitles existing shareholders to pre-emptive rights, which must be lawfully excluded in connection with this offering. Failure to lawfully exclude these pre-emptive rights may result in liability or other damages.

Swiss law grants existing shareholders pre-emptive rights when a company issues new shares. In case of a share capital increase based on the Company’s capital band pursuant to the Company’s articles of association, as is the case with respect to the offering of shares described in this prospectus supplement, Swiss law permits, and our articles of association have authorized, our board of directors to withdraw pre-emptive rights of shareholders if certain criteria are met. These criteria do not create a statutory safe harbor but require our board of directors to balance various interests and thus to exercise business judgment. The board of directors has determined that, in this instance, the relevant criteria pursuant to the applicable capital bands included in our articles of association, as then in effect, the board resolutions pursuant to