Company: RIG
Filing Date: 2025-09-26
Form Type: 424B5
Source: 0001451505-25-000102
Chunk: 12

Company: Transocean Ltd.
Filing Date: 2025-09-26
Form: 424B5
Chunk 12
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 purposes or (b) incentive plans.

. Article 5 of our articles of association provided for a capital band that authorized our board of directors to issue up to 188,165,780 new fully paid-in Transocean shares for general corporate purposes at any time until May 30, 2026, and thereby increase the stated share capital from time to time. A capital increase could further be effected within the range of the capital band by way of an increase of the par value of the Transocean shares (but in any event, at a maximum of USD 18,816,578).

Under the capital band, the board of directors determines the time of the issuance, the issue price, the manner in which the new Transocean shares have to be paid in, the date from which the new Transocean shares carry the right to dividends and, subject to the provisions of our articles of association, the conditions for the exercise of the preemptive rights with respect to the issuance and the allotment of preemptive rights that are not exercised. The board of directors may allow preemptive rights that are not exercised to expire, or it may place such rights or Transocean shares, the preemptive rights in respect of which have not been exercised, at market conditions or use them otherwise in our interest. For further information on preemptive rights with respect to our capital authorization for general purposes, see “—Preemptive Rights and Advance Subscription Rights” below.

An increase of the share capital by means of an offering underwritten by a financial institution, a syndicate of financial institutions or another third party or third parties, followed by an offer to the then-existing shareholders of Transocean is permissible.

. For incentive compensation plans, our board of directors was authorized to issue, directly or indirectly, up to 16,000,000 new fully paid-in Transocean shares under our incentive compensation plans to members of our board of directors, members of our executive management team, officers, employees, contractors, consultants or other persons providing services to us or our subsidiaries at any time until May 30, 2030, and thereby increase the stated share capital from time to time. For such purposes, the preemptive rights of existing shareholders are excluded. Under this prong of the capital band, our board of directors determines the time of the issuance, the issue price (which may be lower than the current market price), the manner in which the new shares have to be paid and the date from which the new shares carry the right to dividends.