Company: RIG
Filing Date: 2025-09-30
Form Type: SCHEDULE 13D/A
Source: 0001729638-25-000006
Chunk: 0

Company: Transocean Ltd.
Filing Date: 2025-09-30
Form: SCHEDULE 13D/A
Chunk 0
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 and certain subsidiary guarantors, and Computershare Trust Company, N.A., as successor trustee to Wells Fargo Bank, National Association (the "Exchange Transaction"). The 2.5% Exchangeable Bonds were issued by Transocean International Limited (formerly known as Transocean Inc.), a wholly owned subsidiary of the Issuer and exchangeable into Shares at an initial exchange rate of 162.1626 Shares per $1,000 principal amount of 2.5% Exchangeable Bonds. This transaction represented a change in the form of the Reporting Persons' beneficial ownership, but did not change the overall amount of Shares beneficially owned. 
 On September 15, 2023, in connection with the acquisition of all of the issued and outstanding equity interests in Liquila Ventures Ltd. ("Liquila"), the Issuer delivered 1,978,396 Shares valued at $15,870,000 for the equity interests of Liquila owned by Perestroika Sub.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 On February 27, 2024, Perestroika Sub purchased 1,000,000 Shares at a price of $4.89 per Share. On May 15, 2024, Perestroika Sub purchased 2,000,000 Shares at a price of $6.01 per Share. On August 2, 2024, Perestroika Sub purchased 2,000,000 Shares at a price of $5.23 per Share. On September 12, 2024, Perestroika Sub purchased 1,500,000 Shares at a price of $4.13 per Share. On September 26, 2025, Perestroika Sub purchased 4,000,000 shares at the public offering price of $3.05 per share in connection with a registered public offering of securities by the Issuer, as described in the Issuer's prospectus supplement filed with the U.S. Securities and Exchange Commission on September 26, 2025. Each of these purchases was made using cash from Perestroika's ongoing operations.                                                                                                                                                                                       |
| Item 5.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Interest in Securities of the Issuer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Item 5 is deleted in its entirety and replaced with the following:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 The aggregate number and percentage of Shares (including Shares issued upon the Exchange Transaction) beneficially owned by the