Document:

Supplement to Warrant Registration Rights Agreement

 Exhibit 4.2 
 SUPPLEMENT TO WARRANT REGISTRATION RIGHTS AGREEMENT 
 THIS SUPPLEMENT TO WARRANT REGISTRATION RIGHTS
AGREEMENT, dated as of December 18, 2008 (the “Supplement”), is executed by Transocean Ltd., a Swiss corporation (the “Parent”), and Transocean Inc. (formerly Transocean Sedco Forex Inc.), a company
incorporated under the laws of the Cayman Islands (the “Company”). 
 WHEREAS, pursuant to the Warrant Registration Rights
Agreement, dated as of April 22, 1999 (the “Registration Rights Agreement”), by and between R&B Falcon Corporation, a Delaware corporation (“R&B Falcon”), and Donaldson, Lufkin & Jenrette Securities
Corporation, R&B Falcon agreed to provide the registration rights set forth therein; and 
 WHEREAS, pursuant to the Warrant Agreement
dated as of April 22, 1999 (the “Warrant Agreement”), by and between R&B Falcon and the American Stock Transfer & Trust Company, a bank and trust company organized and existing under the laws of New York (the
“Predecessor Warrant Agent”), R&B Falcon appointed the Predecessor Warrant Agent to act as agent for R&B Falcon in connection with the issuance, exchange, cancellation, replacement and exercise of warrants (the
“Warrants”) to purchase 35 shares of common stock, par value $0.01 per share, of R&B Falcon (“R&B Falcon Common Stock”) issued pursuant to the Warrant Agreement at an exercise price of $9.50 per share of R&B Falcon
Common Stock; and 
 WHEREAS, pursuant to an Agreement and Plan of Merger, dated as of August 19, 2000, by and among the Company,
Transocean Holdings Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Sub”), TSF Delaware Inc., a Delaware corporation and a wholly owned subsidiary of Sub, and R&B Falcon (i) each outstanding share of
R&B Falcon Common Stock was converted into the right to receive 0.5 ordinary shares, par value $0.01 per share, of the Company (“Company Ordinary Shares”) and (ii) R&B Falcon became an indirect wholly owned subsidiary of the
Company (the “R&B Falcon Merger”); and 
 WHEREAS, pursuant to a Supplement to Warrant Agreement dated as of January 31,
2001, the Company assumed the Warrants and the Warrants became exercisable for 17.5 Company Ordinary Shares at an exercise price of $19.00 per Company Ordinary Share; and 
 WHEREAS, pursuant to a Supplement to Warrant Registration Rights Agreement, dated as of January 31, 2001 (the “2001 Supplement”), the Company assumed the obligations of R&B Falcon under the
Registration Rights Agreement; and 
 WHEREAS, pursuant to an Agreement and Plan of Merger, dated as of July 21, 2007, by and among the
Company, GlobalSantaFe Corporation, a company incorporated under the laws of the Cayman Islands, and Transocean Worldwide Inc., a company incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of the Company, each
outstanding Company Ordinary Share was reclassified as, and converted into, (i) 0.6996 validly issued, fully paid and nonassessable Company Ordinary Shares, and (ii) $33.03 in cash (the “Reclassification”); and 

 WHEREAS, pursuant to Sections 17(a) and (c) of the Warrant Agreement, upon consummation of the
Reclassification, the Warrants became exercisable for 12.243 Company Ordinary Shares at an exercise price of $21.74 per Company Ordinary Share; and 
 WHEREAS, pursuant to an Amendment to Warrant Agreement, dated as of November 27, 2007, each Warrant became exercisable for, at the election of the holder of such Warrant, subject to the provisions contained in the Warrant Agreement and
in the certificate evidencing such Warrant, 12.243 Company Ordinary Shares and $578.025 at an exercise price of $19.00 per Company Ordinary Share for which such Warrant was exercisable prior to consummation of the Reclassification in lieu of the
adjustment of such Warrant pursuant to Section 17 of the Warrant Agreement in connection with the Reclassification; and 
 WHEREAS,
pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated as of October 9, 2008, by and among the Company, the Parent and Transocean Cayman Ltd., a company incorporated under the laws of the Cayman Islands and a
direct wholly owned subsidiary of the Parent (“Transocean-Acquisition”), (i) the Company merged by way of schemes of arrangement under Cayman Islands law with Transocean-Acquisition, with the Company as the surviving company (the
“Merger”), (ii) the Company became a direct, wholly owned subsidiary of the Parent and (iii) each outstanding Company Ordinary Share was exchanged for one registered share, par value 15.00 Swiss francs per share, of the Parent
(“Parent Shares”); and 
 WHEREAS, pursuant to Section 3.3 of the Merger Agreement and the Supplement to Warrant Agreement,
dated as of December 18, 2008 by and among the Company, the Parent and The Bank of New York, a bank trust company organized and existing under the laws of New York and successor warrant agent to the Predecessor Warrant Agent, the Parent has
assumed the Warrants; and 
 WHEREAS, the Parent expects to file a registration statement on Form S-3 (the “Registration
Statement”), which shall be effective upon filing with the Securities and Exchange Commission, covering the Warrants and the issuance of Parent Shares upon exercise of the Warrants (the “Warrant Shares”), and the Warrants and the
Warrant Shares issued pursuant to such Registration Statement will be freely transferable, except for restrictions applicable to “affiliates” of the Company under the Securities Act of 1933, as amended (it being understood that, provided
the Registration Statement remains effective until the earlier of the expiration or exercise of all Warrants, there will be no Transfer Restricted Securities (as defined in the Registration Rights Agreement)). 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereto agree as follows: 
 1. The Parent hereby assumes all obligations of the Company under the Registration Rights Agreement and agrees to be bound by all of the
provisions thereof, as amended by the 2001 Supplement and this Supplement. 
 2. To the extent that any provision hereof
conflicts with any provision of the Registration Rights Agreement, the provision hereof shall control. 
  

 - 2 - 

 3. Except as expressly supplemented and amended hereby, the terms and conditions of the
Registration Rights Agreement shall remain in full force and effect. 
 4. Notwithstanding the date of execution hereof, this
Supplement shall be deemed effective as of the Effective Time (as defined in the Merger Agreement) and if such Effective Time does not occur, this Supplement shall be void and of no force or effect. 
 5. This Supplement shall be governed by and construed in accordance with the laws of New York. 
 6. This Supplement may be executed in counterparts and each of such counterparts shall for all purposes be deemed to be an original, and
all such counterparts shall together constitute but one and the same instrument. 
  

 - 3 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplement to be duly executed, as of the day and
year first above written. 
  

			
	TRANSOCEAN LTD.
		
	By:	 	/s/ Eric B. Brown
	Name:	 	Eric B. Brown
	Title:	 	Senior Vice President and General Counsel

  

			
	TRANSOCEAN INC.
		
	By:	 	/s/ Eric B. Brown
	Name:	 	Eric B. Brown
	Title:	 	Senior Vice President and General CounselThird Supplemental Indenture

 Exhibit 4.3 
  
  
  
 THIRD SUPPLEMENTAL INDENTURE 
 between 
 TRANSOCEAN LTD., 
 TRANSOCEAN INC. 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Trustee 
 December 18, 2008 
  
  
  
  

 THIRD SUPPLEMENTAL INDENTURE 
 THIS THIRD SUPPLEMENTAL INDENTURE, dated as of December 18, 2008 (the “Third Supplemental Indenture”), among Transocean Ltd., a Swiss
corporation (“Transocean-Switzerland”), Transocean Inc., a Cayman Islands exempted company limited by shares (“Transocean-Cayman”), and Wells Fargo Bank, National Association (the “Trustee”). 
 W I T N E S S E T H : 
 WHEREAS, Transocean-Cayman and the Trustee are parties to an Indenture, dated as of December 11, 2007, supplemented by a First Supplemental
Indenture and a Second Supplemental Indenture, each dated as of December 11, 2007 (the “Indenture”), providing for the issuance from time to time of one or more series of Transocean-Cayman’s Securities; 
 WHEREAS, pursuant to an Agreement and Plan of Merger, dated as of October 9, 2008, as amended, by and among Transocean-Switzerland,
Transocean-Cayman and Transocean Cayman Ltd., a wholly-owned Cayman Islands subsidiary of Transocean-Switzerland (“Transocean-Acquisition”), Transocean-Acquisition is, concurrently with the execution and delivery of this Third
Supplemental Indenture, merging with and into Transocean-Cayman by way of a scheme of arrangement under Cayman Islands law (the “Merger”), with Transocean-Cayman as the surviving company, and in the Merger each outstanding ordinary share,
par value $0.01 per share, of Transocean-Cayman (“Transocean-Cayman Shares”) will be exchanged for one registered share of Transocean-Switzerland (“Transocean-Switzerland Registered Shares”); 
 WHEREAS, in connection with the Merger, Transocean-Switzerland desires to guarantee all of Transocean-Cayman’s obligations under the Indenture and
the Securities; 
 WHEREAS, Section 9.01(4) of the Indenture permits the execution of supplemental indentures without the consent of any
Holders to provide any security for, or to add any guarantees of or additional obligors on, any series of Securities; 
 WHEREAS,
Section 11.11 of the Indenture, as it applies to Transocean-Cayman’s 1.625% Series A Convertible Senior Notes Due December 15, 2037, 1.50% Series B Convertible Senior Notes Due December 15, 2037 and 1.50% Series C Convertible
Senior Notes Due December 15, 2037 (collectively, the “Convertible Notes”), provides that Transocean-Cayman shall execute and deliver to the Trustee a supplemental indenture providing that the right of a Holder of a Convertible Note
will be changed, at the effective time of the Merger, into the right to convert such Convertible Note into the kind and amount of shares of stock and other securities and property (including cash) receivable in the Merger by a holder of the number
of Ordinary Shares if such holder had held a number of Ordinary Shares equal to the Conversion Rate of such Convertible Note in effect immediately prior to the Merger (the “Reference Property”), provided that, upon conversion, such
Holder shall receive Reference Property in (A) cash up to the aggregate principal portion of such Convertible Note and (B) in lieu of the Ordinary Shares otherwise deliverable, Reference Property; and 
 WHEREAS, Section 11.11 of the Indenture, as it applies to the Convertible Notes, also provides that since Transocean-Switzerland Shares will be
received by holders of Transocean- Cayman Shares pursuant to the Merger, Transocean-Switzerland shall also execute this Third Supplemental Indenture. 

 NOW THEREFORE: 
 In consideration of the premises provided for herein, Transocean-Switzerland, Transocean-Cayman and the Trustee mutually covenant and agree for the equal and proportionate benefit of the Holders of Securities (except,
with respect to Article II, only for the equal and proportionate benefit of Holders of Convertible Notes) as follows: 
 ARTICLE I 

 GUARANTEE OF OBLIGATIONS 
 Transocean-Switzerland hereby irrevocably and unconditionally guarantees to the Trustee and the Holders on and after the Effective Time, all of the obligations of Transocean-Cayman under the Indenture and the
Securities, including the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of the principal of, premium, if any, and interest on and any Additional Amounts with respect to the Securities according to the terms of
the Securities and as more fully described in the Indenture. Notwithstanding the foregoing, Transocean-Cayman shall remain obligated under the Indenture and the Securities. “Effective Time” shall mean the time of filing of the orders of
the Grand Court of the Cayman Islands sanctioning the Merger pursuant to Section 86 of the Companies Law, along with such facilitating orders as are appropriate pursuant to Section 87(2) of the Companies Law, with the Registrar of
Companies of the Cayman Islands. 
 ARTICLE II 
 CONVERSION 
 In accordance with Section 11.11 of the Indenture, at the Effective Time, a
Holder of Convertible Notes shall thereafter have the right to convert such Convertible Note into the kind and amount of shares of stock and other securities and property (including cash) receivable in the Merger by a holder of the number of
Ordinary Shares if such holder had held a number of Ordinary Shares equal to the Conversion Rate of such Convertible Note in effect immediately prior to the Merger (the “Reference Property”), provided that, upon conversion, such
Holder shall receive Reference Property in (A) cash up to the aggregate principal portion of such Convertible Note and (B) in lieu of the Ordinary Shares otherwise deliverable, Reference Property. As a result, immediately after the
Effective Time, the Convertible Notes will be convertible into 5.9310 Transocean-Switzerland Registered Shares per $1,000 principal amount of the Convertible Notes, subject to the provision in the foregoing sentence. This conversion right shall be
subject to adjustment on the same terms as provided in Article Eleven of the Indenture as it applies to the Convertible Notes. Transocean-Switzerland hereby agrees to furnish Transocean-Switzerland Registered Shares, if any, deliverable upon
conversion of the Convertible Notes and to be bound by the conversion provisions of Article Eleven of the Indenture as it applies to the Convertible Notes. 
  

 2 

 ARTICLE III 
 MISCELLANEOUS PROVISIONS 
 Section 3.1 Integral Part. 
 This Third Supplemental Indenture constitutes an integral part of the Indenture, provided that Article II constitutes an integral part of the Indenture
with respect to the Convertible Notes only. 
 Section 3.2 General Definitions. 
 For all purposes of this Third Supplemental Indenture: 
 (a) capitalized terms used herein without definition shall have the meanings specified in the Indenture; and 
 (b) the terms “herein”, “hereof”, “hereunder” and other words of similar import refer to this Third Supplemental Indenture. 
 Section 3.3 Ratification and Confirmation. 
 Except as expressly amended by this Third Supplemental
Indenture, the Indenture is in all respects ratified and confirmed and all the terms, provisions and conditions thereof shall be and remain in full force and effect. 
 Section 3.4 Counterparts. 
 This Third Supplemental Indenture may be executed in any number of
counterparts, each of which when so executed shall be deemed an original; and all such counterparts shall together constitute but one and the same instrument. 
 Section 3.5 Governing Law. 
 THIS THIRD SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO THE APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed
as of the day and year first written above. 
  

			
	TRANSOCEAN LTD.
		
	By:	 	/s/ Eric B. Brown
	Name:	 	Eric B. Brown
	Title:	 	Senior Vice President and General Counsel

  

			
	TRANSOCEAN INC.
		
	By:	 	/s/ Gregory L. Cauthen
	Name:	 	Gregory L. Cauthen
	Title:	 	Senior Vice President and Chief Financial Officer

  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Patrick T. Giordano
	Name:	 	Patrick T. Giordano
	Title:	 	Vice President

  

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}]]