# EDGAR Filing Document

**Accession Number:** 0001451505
**File Stem:** 0001451505-25-000059
**Filing Date:** 2025-6
**Character Count:** 7043
**Document Hash:** fd5fc76be8b1f89b07143abbeedb5d60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001451505-25-000059.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0001451505-25-000059

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250620

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Transocean Ltd.
- **CENTRAL INDEX KEY:** 0001451505
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRILLING OIL & GAS WELLS [1381]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 980599916
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38373
- **FILM NUMBER:** 251059033

**BUSINESS ADDRESS:**
- **STREET 1:** TURMSTRASSE 30
- **CITY:** STEINHAUSEN
- **STATE:** V8
- **ZIP:** 6312
- **BUSINESS PHONE:** 41 41 749 0500

**MAIL ADDRESS:**
- **STREET 1:** TURMSTRASSE 30
- **CITY:** STEINHAUSEN
- **STATE:** V8
- **ZIP:** 6312

?xml version='1.0' encoding='ASCII'? TRANSOCEAN LTD_June 20, 2025

**UNITED STATESSECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

### FORM 8-K
**CURRENT REPORTPursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (date of earliest event reported): June 20, 2025 (June 19, 2025)**

## TRANSOCEAN LTD.
**(Exact name of Registrant as specified in its charter)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Switzerland** |  | **001-38373** |  | **98-0599916** |
| (State or other jurisdiction of |  | (Commission |  | (I.R.S. Employer |
| incorporation or organization) |  | File Number) |  | Identification No.) |

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| | |
|:---|:---|
| **Turmstrasse 30** |  |
| **Steinhausen, Switzerland**  | **CH-6312** |
| (Address of principal executive offices) | (zip code) |

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Registrant's telephone number, including area code: **+41 (41) 749-0500**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Securities registered pursuant to Section 12(b) of the Act | &nbsp;&nbsp;Securities registered pursuant to Section 12(b) of the Act | &nbsp;&nbsp;Securities registered pursuant to Section 12(b) of the Act |
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol | &nbsp;&nbsp;Name of each exchange on which registered: |
| &nbsp;&nbsp;Shares, $0.10 par value | &nbsp;&nbsp;RIG | &nbsp;&nbsp;New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 3.02** **Unregistered Sales of Equity Securities**

The information described in Item 8.01 is incorporated herein by reference.

**Item 8.01** **Other Events**

On June 20, 2025, Transocean Ltd. (the "Company") announced that, as part of its ongoing efforts to optimize its capital structure, Transocean International Limited, a wholly owned subsidiary of the Company ("TIL"), entered into separate, individually negotiated agreements on June 19, 2025 (the "2025 EB Agreements") with certain holders (the "2025 EB Holders") of its 4.0% Senior Guaranteed Exchangeable Bonds due 2025 (the "2025 Exchangeable Bonds").

Pursuant to the 2025 EB Agreements, (i) the 2025 EB Holders agreed to exchange approximately $157 million aggregate principal amount of 2025 Exchangeable Bonds for shares, $0.10 par value, of the Company ("Shares"), with the amount of Shares (the "Consideration Shares") to be determined based in part on the daily volume-weighted average price per Share over a fifteen trading day period beginning on, and including, June 20, 2025, which may be extended in certain circumstances, and (ii) TIL agreed to deliver, in consideration therefor, the Consideration Shares to such 2025 EB Holders and to pay the 2025 EB Holders in cash for any accrued and unpaid interest on the 2025 Exchangeable Bonds (the foregoing transactions, the "Transactions"). Although the Consideration Shares to be issued will ultimately be determined based on the calculation during the trading day period as discussed herein, for illustrative purposes only, if the volume-weighted average price per share of the Shares every trading day during such period was equal to $3.09 (the closing price per share of the Shares on June 18, 2025), then the aggregate number of Shares due at settlement pursuant to the 2025 EB Agreements would be approximately 53 million. The foregoing Transactions are subject to a limit price of $2.63 per share (the "Limit Price"), whereby the daily Transactions will cease in the event that, and for so long as, the trading price of the Shares declines below the Limit Price. In certain circumstances, the aggregate principal amount of 2025 Exchangeable Bonds exchanged as part of the Transactions may be less than the approximate $157 million agreed amount.

The issuances of Consideration Shares 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. The Transactions begin on the date hereof and are expected to all close by the end of the expiration of the trading day period (which may be adjusted as discussed herein), in each case subject to customary closing conditions.

**Item 9.01** **Financial Statements and Exhibits**

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit No**. | **Description** |
| 101 | Interactive data files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | TRANSOCEAN LTD. | TRANSOCEAN LTD. |
| Date: June 20, 2025 | By: | /s/ Daniel Ro-Trock |
|  |  | Daniel Ro-Trock |
|  |  | Authorized Person |

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