Company: RIG
Filing Date: 2025-07-22
Form Type: 8-K
Source: 0001451505-25-000070
Chunk: 0

Company: Transocean Ltd.
Filing Date: 2025-07-22
Form: 8-K
Item: Item 8.01
Chunk 0
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Item 8.01

Other Events

As previously announced, a subsidiary of Transocean Ltd. (the “ Company”) entered into separate, individually negotiated agreements on June 19, 2025 (as amended, the “ Exchange Agreements”) with certain holders (the “ EB Holders”) of its 4.0% Senior Guaranteed Exchangeable Bonds due 2025 (the “ Exchangeable Bonds”) as part of ongoing efforts to optimize the Company’s capital structure. The transactions contemplated by the Exchange Agreements closed on July 22, 2025.

Under the terms of the Exchange Agreements, the EB Holders exchanged an aggregate principal amount of approximately $157 million of Exchangeable Bonds for an aggregate amount of approximately 59 million shares, $0.10 par value, of the Company (“ Shares”) and an aggregate cash payment of an immaterial amount for accrued and unpaid interest on the exchanged Exchangeable Bonds. Immediately following the closing of the transactions contemplated by the Exchange Agreements, approximately $77 million in aggregate principal amount of the Exchangeable Bonds remained outstanding.

The issuances of Shares described above are exempt pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, which exempts transactions by an issuer not involving a public offering.

Item 9.01 Financial Statements and Exhibits