Company: RIG
Filing Date: 2025-09-26
Form Type: 424B5
Source: 0001451505-25-000102
Chunk: 46

Company: Transocean Ltd.
Filing Date: 2025-09-26
Form: 424B5
Chunk 46
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d) facilitating the establishment of a written trading plan on behalf of a shareholder, officer or director of Transocean pursuant to Rule 10b5-1 under the Exchange Act for the transfer of our shares (a “10b5-1 Plan”); provided that (i) such plan does not provide for the transfer of our shares during the Restricted Period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the lock-up party or Transocean regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of our shares may be made under such plan during the Restricted Period, (e) sales made pursuant to a 10b5-1 Plan entered into prior to the effective date of the underwriting agreement and (f) sale or transfers for up to 400,000 shares by certain officers of Transocean.

The representatives, in their sole discretion, may release the shares and other securities subject to the lock-up agreements described above in whole or in part at any time. When determining whether or not to release the shares and other securities from lock-up agreements, the representatives will consider, among other factors, the holder’s reasons for requesting the release and the number of shares or other securities for which the release is being requested.

In order to facilitate the offering of the shares, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of the shares. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short

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position is no greater than the number of shares available for purchase by the underwriters under the option. The underwriters can close out a covered short sale by exercising the option or purchasing shares in the open market. In determining the source of shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of shares compared to the price available under the option. The underwriters may also sell shares in excess of the option, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors