Company: RIG
Filing Date: 2025-09-24
Form Type: 424B5
Source: 0001451505-25-000097
Chunk: 96

Company: Transocean Ltd.
Filing Date: 2025-09-24
Form: 424B5
Chunk 96
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 rights issued in any rights offering are exercised, we may offer any unsubscribed securities directly to persons other than our securityholders, to or through agents, underwriters or dealers or through a combination of such methods, including pursuant to standby arrangements, as described in the applicable prospectus supplement. Holders of rights will have no rights as shareholders with respect to the shares or any of our equity securities for which the rights may be exercised until they have exercised their rights by payment in full of the exercise price and in the manner provided in the prospectus supplement, and such shares have been issued to such persons. Holders of rights will have no right to revoke their subscriptions or receive their monies back after they have completed and delivered the materials required to exercise their rights and have paid the exercise price. All exercises of rights are final and cannot be revoked by the holder of rights.

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DESCRIPTION OF UNITS We may issue units comprised of one or more of the other securities described in this prospectus in any combination. Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The applicable prospectus supplement will describe:

| ● | the terms of the units and of the securities comprising the units, including whether and under what circumstances the securities comprising the units may be traded separately; |

| ● | a description of the terms of any unit agreement governing the units; |

| ● | a description of the provisions for the payment, settlement, transfer or exchange of the units; |

| ● | whether the units will be issued in full registered or global form; and |

| ● | any other terms of the units. |

We will file the unit agreement, together with the terms of the underlying securities, with the SEC if we offer any units.

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ANTI-TAKEOVER PROVISIONS Transocean Ltd.’s articles of association have provisions that could have an anti-takeover effect. These provisions are intended to enhance the likelihood of continuity and stability in the composition of the board of directors and in the policies formulated by the board of directors, and may have the effect of discouraging actual or threatened changes of control by limiting certain actions that may be taken by a potential acquirer prior to its having obtained sufficient control to adopt a special resolution amending our articles of association. Under the Swiss Code, directors may at any time, with or without cause, be removed from office by resolution of the