Document:

Material Contract Kodiak Registration Rights Agreement

 Exhibit 10.10 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (hereinafter referred to as the “Agreement”), dated April 20, 2010 by and between 

PGI Energy Fund I SERIES 2010, Inc., a corporation organized under the laws of Texas, with its principal offices at 7322 Southwest Freeway, Suite 1100,
Houston, TX 77074 (hereinafter referred to as the “Company”), 
 and 

Kodiak Capital Group, LLC, a Delaware Limited Liability Company, with its principal office at One Columbus Place,
25th Floor, New York, NY 10019 (hereinafter referred to as
the “Holder”). 
 WHEREAS, in connection with the Investment Agreement by and between the Company and the
Investor of equal date as the Agreement hereto (the “Investment Agreement”), the Company has agreed to issue and sell to the Investor an indeterminate number of shares of the Company’s Common Stock at the initial par value of $0.01
per share (the “Common Stock”), to be purchased pursuant to the terms and subject to the conditions set forth in the Investment Agreement, which is hereby incorporated by reference; and 

WHEREAS, to induce the Investor to execute and deliver the Investment Agreement, the Company has agreed to provide certain
registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and applicable state securities laws, with respect to the shares
of Common Stock issuable pursuant to the Investment Agreement. 
 NOW THEREFORE, in consideration of the foregoing
promises and the mutual covenants contained hereinafter and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows: 

Section 1. DEFINITIONS. 
 As
used in this Agreement, the following terms shall have the following meanings: 
 “Execution Date” means the
date of this Agreement set forth above. 
 “Investor” means Kodiak Capital Group, LLC, a Delaware Limited
Liability Company. 
 “Person” means a corporation, a limited liability company, an association, a partnership,
an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency. 
  

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 “Potential Material Event” means any of the following: (i) the
possession by the Company of material information not ripe for disclosure in the Registration Statement, which shall be evidenced by determinations in good faith by the Board of Directors of the Company that disclosure of such information in the
Registration Statement would be detrimental to the business and affairs of the Company, or (ii) any material engagement or activity by the Company which would, in the good faith determination of the Board of Directors of the Company, be
adversely affected by disclosure in the Registration Statement at such time, which determination shall be accompanied by a good faith determination by the Board of Directors of the Company that the Registration Statement would be materially
misleading absent the inclusion of such information. 
 “Principal Market” shall mean The American Stock
Exchange, National Association of Securities Dealer’s, Inc., Over-the-Counter electronic bulletin board, the Nasdaq National Market or The Nasdaq SmallCap Market whichever is the principal market on which the Common Stock of the Company is
listed. 
 “Register,” “Registered,” and “Registration” refer to the
Registration effected by preparing and filing one (1) or more Registration Statements in compliance with the 1933 Act and pursuant to Rule 415 under the 1933 Act or any successor rule providing for offering securities on a continuous basis
(hereinafter referred to as “Rule 415”), and the declaration or ordering of effectiveness of such Registration Statement(s) by the United States Securities and Exchange Commission (hereinafter referred to as the
“SEC”). 
 “Registrable Securities” means (i) the shares of Common Stock issued or
issuable pursuant to the Investment Agreement, and (ii) any shares of capital stock issued or issuable with respect to such shares of Common Stock, if any, as a result of any stock split, stock dividend, recapitalization, exchange or
similar event or otherwise, which have not been (x) included in the Registration Statement that has been declared effective by the SEC, or (y) sold under circumstances meeting all of the applicable conditions of Rule 144 (or
any similar provision then in force) under the 1933 Act. 
 “Registration Statement” means the registration
statement of the Company filed under the 1933 Act covering the Registrable Securities. 
 All capitalized terms used in this
Agreement and not otherwise defined herein shall have the same meaning ascribed to them as in the Investment Agreement. 
  

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 Section 2. REGISTRATION. 

(a) The Company shall, within fifteen (15) days of the date of this Agreement, file with the SEC the Registration Statement or
Registration Statements (as is necessary) on Form S-1 (or, if such form is unavailable for such a registration, on such other form as is available for such registration), covering the resale of all of the Registrable Securities, which Registration
Statement(s) shall state that, in accordance with Rule 416 promulgated under the 1933 Act, such Registration Statement also covers such indeterminate number of additional shares of Common Stock as may become issuable upon stock splits, stock
dividends or similar transactions. The Company shall initially register for resale 500,000,000 shares of Common Stock which would be issuable on the date preceding the filing of the Registration Statement based on the closing bid price of the
Company’s Common Stock on such date and the amount reasonably calculated that represents Common Stock issuable to other parties as set forth in the Investment Agreement except to the extent that the SEC requires the share amount to be reduced
as a condition of effectiveness. 
 (b) The Company shall use all commercially reasonable efforts to have the
Registration Statement(s) declared effective by the SEC within sixty (60) calendar days after the Execution Date. 

(c) The Company agrees not to include any other securities in the Registration Statement covering the Registrable Securities
without Investor’s prior written consent which Investor may withhold in its sole discretion. Furthermore, the Company agrees that it will not file any other Registration Statement for other securities, until thirty calendar days after the
Registration Statement for the Registrable Securities is declared effective by the SEC. 
 Section 3. RELATED OBLIGATIONS. 

 At such time as the Company is obligated to prepare and file the Registration Statement with the SEC pursuant to
Section 2(a), the Company will effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, with respect thereto, the Company shall have the following obligations: 

(a) The Company shall use all commercially reasonable efforts to cause such Registration Statement relating to the Registrable
Securities to become effective within ninety (90) days after the Execution Date and shall keep such Registration Statement effective until the earlier to occur of the date on which (A) the Investor shall have sold all the
Registrable Securities; or (B) the Investor has no right to acquire any additional shares of Common Stock under the Investment Agreement (hereinafter referred to as the “Registration Period”). The Registration Statement
(including any amendments or supplements thereto and offerings contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein,
in light of the circumstances in which they were made, not misleading. The Company shall use all commercially reasonable efforts to respond to all SEC comments within seven (7) business days from receipt of such comments by the Company. The
Company shall use all commercially 
  

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reasonable efforts to cause the Registration Statement relating to the Registrable Securities to become effective no later than five (5) business days after notice from the SEC that the
Registration Statement may be declared effective. The Investor agrees to provide all information which it is required by law to provide to the Company, including the intended method of disposition of the Registrable Securities, and the
Company’s obligations set forth above shall be conditioned on the receipt of such information. 
 (b) The Company
shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to the Registration Statement and the offering used in connection with such Registration Statement, which offering is to be filed pursuant to
Rule 424 promulgated under the 1933 Act, as may be necessary to keep such Registration Statement effective during the Registration Period, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all
Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the Investor thereof as set
forth in such Registration Statement. In the event the number of shares of Common Stock covered by the Registration Statement filed pursuant to this Agreement is at any time insufficient to cover all of the Registrable Securities, the Company shall
amend such Registration Statement, or file a new Registration Statement (on the short form available therefor, if applicable), or both, so as to cover all of the Registrable Securities, in each case, as soon as practicable, but in any event within
thirty (30) calendar days after the necessity therefor arises (based on the then Purchase Price of the Common Stock and other relevant factors on which the Company reasonably elects to rely), assuming the Company has sufficient authorized
shares at that time, and if it does not, within thirty (30) calendar days after such shares are authorized. The Company shall use commercially reasonable efforts to cause such amendment and/or new Registration Statement to become effective as
soon as practicable following the filing thereof. 
 (c) The Company shall make available to the Investor whose
Registrable Securities are included in any Registration Statement and its legal counsel without charge: 
  

	 	(i)	promptly after the same is prepared and filed with the SEC at least one (1) copy of such Registration Statement and any amendment(s) thereto, including
financial statements and schedules, all documents incorporated therein by reference and all exhibits, the offering included in such Registration Statement (including each preliminary offering) and, with regards to such Registration Statement(s), any
correspondence by or on behalf of the Company to the SEC or the staff of the SEC and any correspondence from the SEC or the staff of the SEC to the Company or its representatives; 

 

	 	(ii)	upon the effectiveness of any Registration Statement, the Company shall make available copies of the offering, via EDGAR, included in such Registration Statement
and all amendments and supplements thereto; and 

  

	 	(iii)	such other documents, including copies of any preliminary or final offering, as the Investor may reasonably request from time to time in order to facilitate the
disposition of the Registrable Securities. 

  

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 (d) The Company shall use commercially reasonable efforts to: 

 

	 	(i)	register and qualify the Registrable Securities covered by the Registration Statement under such other securities or “blue sky” laws of such states in
the United States as the Investor reasonably requests; 

  

	 	(ii)	prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be
necessary to maintain the effectiveness thereof during the Registration Period; 

  

	 	(iii)	take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and

  

	 	(iv)	take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the
Company shall not be required in connection therewith or as a condition thereto to: 

  

	 	a.	qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), or 

 

	 	b.	subject itself to general taxation in any such jurisdiction. 

The Company shall promptly notify the Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the
suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening
of any proceeding for such purpose. 
 (e) As promptly as practicable after becoming aware of such event, the Company
shall notify Investor in writing of the happening of any event as a result of which the offering included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (hereinafter referred to as “Registration Default”) and use all diligent efforts to promptly prepare
a supplement or amendment to such Registration Statement and take any other necessary steps to cure the Registration Default (which, if such Registration Statement is on Form S-3, may consist of a document to be filed by the Company with the SEC
pursuant to Section 13(a), 13(c), 14 or 15(d) of the 1934 Act (as defined below) and to be incorporated by reference in the offering) to correct such untrue statement or omission, and make available copies of such supplement or amendment to the
Investor. The Company shall also promptly notify the Investor: 
  

	 	(i)	 When a offering or any offering supplement or post-effective amendment has been filed, and when the Registration Statement or any post-effective

  

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amendment has become effective (the Company will prepare notification of such effectiveness which shall be delivered to the Investor on the same day of such effectiveness and by overnight mail),
additionally, the Company will promptly provide to the Investor, a copy of the effectiveness order prepared by the SEC once it is received by the Company; 

 

	 	(ii)	Of any request by the SEC for amendments or supplements to the Registration Statement or related offering or related information; 

 

	 	(iii)	Of the Company’s reasonable determination that a post-effective amendment to the Registration Statement would be appropriate; 

 

	 	(iv)	In the event the Registration Statement is no longer effective; and / or 

 

	 	(v)	If the Registration Statement is stale as a result of the Company’s failure to timely file its financials or otherwise. 

The Company acknowledges that its failure to cure the Registration Default within ten (10) business days will cause the Investor to suffer damages
in an amount that will be difficult to ascertain. Accordingly, the parties agree that it is appropriate to include a provision for liquidated damages. The parties acknowledge and agree that the liquidated damages provision set forth in this section
represents the parties’ good faith effort to quantify such damages and, as such, agree that the form and amount of such liquidated damages are reasonable and will not constitute a penalty. It is the intention of the parties that interest
payable under any of the terms of this Agreement shall not exceed the maximum amount permitted under any applicable law. If a law, which applies to this Agreement, which sets the maximum interest amount, is finally interpreted so that the interest
in connection with this Agreement exceeds the permitted limits, then: (1) any such interest shall be reduced by the amount necessary to reduce the interest to the permitted limit; and (2) any sums already collected (if any)
from the Company which exceed the permitted limits will be refunded to the Company. The Investor may choose to make this refund by reducing the amount that the Company owes under this Agreement or by making a direct payment to the Company. If a
refund reduces the amount that the Company owes the Investor, the reduction will be treated as a partial payment. 
 (f)
The Company shall use all commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of the Registration Statement, or the suspension of the qualification of any of the Registrable Securities for
sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Investor holding Registrable Securities being sold of the issuance of such
order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding concerning the effectiveness of the registration statement. 

(g) The Company shall permit the Investor and one (1) legal counsel, designated by the Investor, to review and comment upon
the Registration Statement and all amendments and supplements thereto at least one (1) calendar day prior to their filing with the SEC. However, 

 

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any postponement of a filing of a Registration Statement or any postponement of a request for acceleration or any postponement of the effective date or effectiveness of a Registration Statement
by written request of the Investor (collectively, the “Investor’s Delay”) shall not act to trigger any penalty of any kind, or any cash amount due or any in-kind amount due the Investor from the Company under any and all agreements of
any nature or kind between the Company and the Investor. The event(s) of an Investor’s Delay shall act to suspend all obligations of any kind or nature of the Company under any and all agreements of any nature or kind between the Company and
the Investor. 
 (h) At the request of the Investor, the Company’s counsel shall furnish to the Investor an opinion
letter confirming the effectiveness of the registration statement. Such opinion letter shall be issued as of the date of the effectiveness of the registration statement and be in a form suitable to the Investor.

(i) The Company shall hold in confidence and not make any disclosure of information concerning the Investor unless: 

 

	 	(i)	Disclosure of such information is necessary to comply with federal or state securities laws; 

 

	 	(ii)	The disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement; 

 

	 	(iii)	The release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent
jurisdiction; or 

  

	 	(iv)	Such information has been made generally available to the public other than by disclosure in violation of this Agreement or any other agreement.

 The Company agrees that it shall, upon learning that disclosure of such information concerning the Investor is sought in or by
a court or governmental body of competent jurisdiction or through other means, give prompt written notice to the Investor and allow the Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order covering such information. 
 (j) The Company shall use all commercially reasonable efforts to
maintain designation and quotation of all the Registrable Securities covered by any Registration Statement on the Principal Market. If, despite the Company’s commercially reasonable efforts, the Company is unsuccessful in satisfying the
preceding sentence, it shall use commercially reasonable efforts to cause all the Registrable Securities covered by any Registration Statement to be listed on each other national securities exchange and automated quotation system, if any, on which
securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange or system. The Company shall pay all fees and expenses in
connection with satisfying its obligation under this Section 3(j). 
  

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 (k) The Company shall cooperate with the Investor to facilitate the prompt
preparation and delivery of certificates representing the Registrable Securities to be offered pursuant to the Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as the Investor may
reasonably request (and after any sales of such Registrable Securities by the Investor, such certificates not bearing any restrictive legend). 

(l) The Company shall provide a transfer agent for all the Registrable Securities not later than the effective date of the first
Registration Statement filed pursuant hereto. 
 (m) If requested by the Investor, the Company shall: 

 

	 	(i)	As soon as reasonably practical incorporate in a offering supplement or post-effective amendment such information as the Investor reasonably determines should be
included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the offering of the Registrable Securities to be sold in such offering; 

 

	 	(ii)	Make all required filings of such offering supplement or post-effective amendment as soon as reasonably possible after being notified of the matters to be
incorporated in such offering supplement or post-effective amendment; and 

  

	 	(iii)	Supplement or make amendments to any Registration Statement if reasonably requested by the Investor. 

(n) The Company shall use all commercially reasonable efforts to cause the Registrable Securities covered by the applicable
Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to facilitate the disposition of such Registrable Securities. 

(o) The Company shall otherwise use all commercially reasonable efforts to comply with all applicable rules and regulations of the
SEC in connection with any registration hereunder. 
 (p) Within one (1) business day after the Registration
Statement which includes Registrable Securities is declared effective by the SEC, the Company shall deliver to the transfer agent for such Registrable Securities, with copies to the Investor, confirmation that such Registration Statement has been
declared effective by the SEC. 
 (q) The Company shall take all other reasonable actions necessary to expedite and
facilitate disposition by the Investor of Registrable Securities pursuant to the Registration Statement. 
  

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 Section 4. OBLIGATIONS OF THE INVESTOR. 

(a) At least five (5) calendar days prior to the first anticipated filing date of the Registration Statement the Company shall
notify the Investor in writing of the information the Company requires from the Investor for the Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with
respect to the Registrable Securities and the Investor agrees to furnish to the Company that information regarding itself, the Registrable Securities and the intended method of disposition of the Registrable Securities as shall reasonably be
required to effect the registration of such Registrable Securities and the Investor shall execute such documents in connection with such registration as the Company may reasonably request. The Investor covenants and agrees that, in connection with
any sale of Registrable Securities by it pursuant to the Registration Statement, it shall comply with the “Plan of Distribution” section of the then current offering relating to such Registration Statement. 

(b) The Investor, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by
the Company in connection with the preparation and filing of any Registration Statement hereunder, unless the Investor has notified the Company in writing of an election to exclude all of the Investor’s Registrable Securities from such
Registration Statement. 
 (c) The Investor agrees that, upon receipt of written notice from the Company of the happening
of any event of the kind described in Section 3(f) or the first sentence of 3(e), the Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities
until the Investor’s receipt of the copies of the supplemented or amended offering contemplated by Section 3(f) or the first sentence of 3(e). 

Section 5. EXPENSES OF REGISTRATION. 

All expenses, other than underwriting discounts and commissions and other than as set forth in the Investment Agreement, incurred in
connection with or in any way related to registrations including comments, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printing and accounting fees, and
fees and disbursements of counsel for the Company or for the Investor shall be paid by the Company. 
 Section 6.
INDEMNIFICATION. 
 In the event any Registrable Securities are included in the Registration Statement under this
Agreement: 
 (a) To the fullest extent permitted by law, the Company, under this Agreement, will, and hereby does,
indemnify, hold harmless and defend the Investor who holds Registrable Securities, 
  

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the directors, officers, partners, employees, counsel, agents, representatives of, and each Person, if any, who controls, any Investor within the meaning of the 1933 Act or the Securities
Exchange Act of 1934, as amended (hereinafter referred to as the “1934 Act”) (each, hereinafter referred to as an “Indemnified Person”), against any and all losses, claims, damages, liabilities, judgments, fines, penalties,
charges, costs, attorneys’ fees, amounts paid in settlement or expenses, joint or several (collectively, hereinafter referred to as “Claims”), incurred in investigating, preparing or defending any action, claim, suit, inquiry,
proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party
thereto (hereinafter referred to as “Indemnification Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon:

  

	 	(i)	Any untrue statement or alleged untrue statement of a material fact in the Registration Statement or any post-effective amendment thereto or in any filing made
in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which the Investor has requested in writing that the Company register or qualify the Shares (hereinafter referred to
as “Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which the statements therein were made, not
misleading; 

  

	 	(ii)	Any untrue statement or alleged untrue statement of a material fact contained in the final offering (as amended or supplemented, if the Company files any
amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made,
not misleading, or 

  

	 	(iii)	Any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any
rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration Statement (the matters in the foregoing clauses (i) through (iii) being, collectively, hereinafter referred to as
“Violations”). 

 Subject to the restrictions set forth in Section 6(c) the Company shall reimburse the Investor
and each such controlling person, promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.
Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): 
  

	 	1)	Shall not apply to a Claim arising out of or based upon a Violation which is due to the inclusion in the Registration Statement of the information furnished to
the Company by any Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto; 

 

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	 	2)	Shall not be available to the extent such Claim is based on: 

  

	 	a.	A failure of the Investor to deliver or to cause to be delivered the offering made available by the Company; or 

 

	 	b.	The Indemnified Person’s use of an incorrect offering despite being promptly advised in advance by the Company in writing not to use such incorrect offering; or

  

	 	c.	Any claims based on the manner of sale of the Registrable Securities by the Investor or of the Investor’s failure to register as a dealer under applicable
securities laws; or 

  

	 	d.	Any omission of the Investor to notify the Company of any material fact that should be stated in the Registration Statement or offering relating to the Investor or the
manner of sale; or 

  

	 	e.	Any amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably
withheld. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the resale of the Registrable Securities by the Investor pursuant to the Registration
Statement.

 (b) In connection with any Registration Statement in which Investor is participating, the
Investor agrees to severally and jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers who signs the Registration
Statement, each Person, if any, who controls the Company within the meaning of the 1933 Act or the 1934 Act and the Company’s agents (collectively and together with an Indemnified Person, hereinafter referred to as an “Indemnified
Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each
case to the extent, and only to the extent, that such Violation is due to the inclusion in the Registration Statement of the written information furnished to the Company by the Investor expressly for use in connection with such Registration
Statement; and, subject to Section 6(c), the Investor will reimburse any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement
contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the
Investor, which consent shall not be unreasonably withheld; provided, further, however, that the Investor shall only be liable under this Section 6(b) for that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to such
Investor as a result of the sale of 
  

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Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party
and shall survive the resale of the Registrable Securities by the Investor pursuant to the Registration Statement. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(b) with
respect to any preliminary offering shall not inure to the benefit of any Indemnified Party if the untrue statement or omission of material fact contained in the preliminary offering were corrected on a timely basis in the offering, as then amended
or supplemented. This indemnification provision shall apply separately to each Investor and liability hereunder shall not be joint and several.

(c) Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement
of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this
Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other
indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an
Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the Indemnified Person or Indemnified Party,
the representation by counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party
represented by such counsel in such proceeding. The indemnifying party shall pay for only one (1) separate legal counsel for the Indemnified Persons or the Indemnified Parties, as applicable, and such counsel shall be selected by the Investor,
if the Investor is entitled to indemnification hereunder, or the Company, if the Company is entitled to indemnification hereunder, as applicable. The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in
connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such
action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for
any settlement of any action, claim or proceeding affected without its written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the consent
of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party or Indemnified Person of a release from all liability in respect to such Claim. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with
respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall
not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action. 

 

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 (d) The indemnity agreements contained herein shall be in addition to
(i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

 Section 7. CONTRIBUTION. 

To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the
maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that: (i) no contribution shall be made under circumstances
where the maker would not have been liable for indemnification under the fault standards set forth in Section 6; (ii) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the 1933 Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and (iii) contribution by any seller of Registrable Securities shall be
limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities. 
 Section 8.
REPORTS UNDER THE 1934 ACT. 
 With a view to making available to the Investor the benefits of Rule 144 promulgated
under the 1933 Act or any other similar rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration (“Rule 144”), provided that the Investor holds any
Registrable Securities are eligible for resale under Rule 144 (k), the Company agrees to: 
  

	 	(a)	Make and keep public information available, as those terms are understood and defined in Rule 144; and 

 

	 	(b)	File with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long as the Company remains
subject to such requirements (it being understood that nothing herein shall limit the Company’s obligations under Section 5(c) of the Investment Agreement) and the filing of such reports and other documents is required for the applicable
provisions of Rule 144; and 

  

	 	(c)	Furnish to the Investor, promptly upon request: 

  

	 	a.	A written statement by the Company that it has complied with the reporting requirements of Rule 144, the 1933 Act and the 1934 Act, 

 

 13 

	 	b.	A copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other
information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration. 

Section 9. NO ASSIGNMENT OF REGISTRATION RIGHTS. 

The rights and obligations under this Agreement shall not be assignable. 

Section 10. AMENDMENT OF REGISTRATION RIGHTS. 

The provisions of this Agreement may be amended only with the written consent of the Company and Investor. 

Section 11. MISCELLANEOUS. 

(a) Any notices or other communications required or permitted to be given under the terms of this Agreement that must be in writing
will be deemed to have been delivered (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided a confirmation of transmission is mechanically or electronically generated and kept on
file by the sending party); or (iii) one (1) day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such
communications shall be: 
 If to the Company:

PGI Energy Fund Series I 2010, Inc. 

7322 Southwest Freeway, Suite 1100 

Houston, Texas 77074 

Facsimile: 801-740-3228 

Copy to: 

Grealish & McZeal, LLP 

1200 Rothwell 

Houston, Texas 77002 

Facsimile: 713-236-0639 

Attn: Marcellous S. McZeal 
  

 14 

 If to the Investor: 

Kodiak Capital Group, LLC 

One Columbus Place 

25th
 Floor 
 New York, NY 10019 

212.262.2600 Telephone: 

212.262.2601 Facsimile 

Each party shall provide five (5) business days prior notice to the other party of any change in address, phone number or facsimile
number. 
 (b) Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a
party in exercising such right or remedy, shall not operate as a waiver thereof. 
 (c) This Agreement and the
Transaction Documents constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein
and therein. 
 (d) This Agreement and the Transaction Documents supersede all prior agreements and understandings among
the parties hereto with respect to the subject matter hereof and thereof. 
 (e) The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning hereof. Whenever required by the context of this Agreement, the singular shall include the plural and masculine shall include the feminine. This Agreement shall not be
construed as if it had been prepared by one of the parties, but rather as if all the parties had prepared the same. 

(f) This Agreement may be executed in two or more identical counterparts, each of which shall be deemed an original but all of
which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this
Agreement. 
 (g) Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby. 
 (h) In case any provision of this Agreement is held by a court of competent
jurisdiction to be excessive in scope or otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible, and the validity and enforceability of the
remaining provisions of this Agreement will not in any way be affected or impaired thereby. The normal rule of construction and contractual interpretation that ambiguities should be held against the drafting party is not operative under this
agreement. 
  

 15 

 Section 12. DISPUTES SUBJECT TO ARBITRATION GOVERNED BY NEW YORK LAW 

All disputes arising under this agreement shall be governed by and interpreted in accordance with the laws of the State of New York
without regard to principles of conflict of laws. The parties to this agreement will submit all disputes arising under this agreement to arbitration in New York City, State of New York before a single arbitrator of the American Arbitration
Association (“AAA”). The arbitrator shall be selected by application of the rules of the AAA, or by mutual agreement of the parties, except that such arbitrator shall be an attorney admitted to practice law in New York, New York. No party
to this agreement will challenge the jurisdiction or venue provisions as provided in this section. Nothing contained herein shall prevent the party from obtaining an order to compel arbitration under NY CPLR Article 75. Nothing contained herein
shall prevent the party from obtaining injunctive relief. 
  

 16 

 SIGNATURE PAGE OF REGISTRATION RIGHTS AGREEMENT 

Your signature on this Signature Page evidences your agreement to be bound by the terms and conditions of the Investment Agreement and the Registration
Rights Agreement as of the date first written above. The undersigned signatory hereby certifies that he has read and understands the Registration Rights Agreement, and the representations made by the undersigned in this Registration Rights Agreement
are true and accurate, and agrees to be bound by its terms. 
 INVESTOR: 

 

			
		 	KODIAK CAPITAL GROUP, LLC
		
		 	 /s/ Ryan Hodson

		 	Ryan Hodson, Managing Director
	
	COMPANY:

			
	
	PGI Energy Fund Series I, 2010, Inc., a Texas 
corporation

			
		
	By:	 	 /s/ Marcellous McZeal

	Chief Executive OfficerForm of Fourth Supplemental Indenture

 Exhibit 4.3 

 
  

 
 FOURTH SUPPLEMENTAL INDENTURE

 among 

TRANSOCEAN INC. 

as Issuer 

TRANSOCEAN LTD. 

as Guarantor 

and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee 

September 21, 2010 
  

 
  

 TRANSOCEAN INC. 

TRANSOCEAN LTD. 

FOURTH SUPPLEMENTAL INDENTURE 

THIS FOURTH SUPPLEMENTAL INDENTURE, dated as of September 21, 2010 (the “Fourth Supplemental Indenture”), between
Transocean Inc., a Cayman Islands exempted company limited by shares (the “Company”), Transocean Ltd., a Swiss corporation (the “Guarantor”), and Wells Fargo Bank, National Association (the “Trustee”). 

W I T N E S S E T H : 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture (the “Original Indenture”), dated as of
December 11, 2007 (as supplemented by the Third Supplemental Indenture, dated as of December 18, 2008 (the “Third Supplemental Indenture”), and this Fourth Supplemental Indenture, the “Indenture”) providing for the
issuance from time to time of one or more series of the Company’s Securities; 
 WHEREAS, Sections 2.01 and 9.01(9) of the
Original Indenture provide that the Company and the Trustee may from time to time enter into one or more indentures supplemental thereto to establish the form or terms of Securities of a new series; 

WHEREAS, Section 9.01(6) of the Original Indenture permits the execution of supplemental indentures without the consent of any
Holders to add to the covenants of the Company for the benefit of all or any series of Securities; 
 WHEREAS, pursuant to the
Third Supplemental Indenture the Guarantor irrevocably and unconditionally guaranteed all of the obligations of the Company 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 (the “Guarantee”); 

WHEREAS, the Company desires to issue 4.95% Senior Notes due November 15, 2015 and 6.50% Senior Notes due November 15, 2020,
each a new series of Securities the issuance of which was authorized by or pursuant to resolution of the Board of Directors of the Company; 

WHEREAS, the Company and the Guarantor, pursuant to the foregoing authority, propose in and by this Fourth Supplemental Indenture to
supplement and amend the Indenture insofar as it will apply only to the Senior Notes in certain respects; and 
 WHEREAS, all
things necessary have been done to make the Senior Notes, when executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid obligations of the Company, and to make this Fourth Supplemental Indenture a
valid agreement of the Company and the Guarantor, in accordance with their and its terms. 

 NOW THEREFORE: 

In consideration of the premises provided for herein, the Company, the Guarantor and the Trustee mutually covenant and agree for the
equal and proportionate benefit of all Holders of the Senior Notes as follows: 
 ARTICLE ONE 

THE SENIOR NOTES 

SECTION 101 Designation of Senior Notes; Establishment of Form. There shall be a series of Securities designated “4.95%
Senior Notes Due 2015” of the Company (the “2015 Notes”), the form of which shall be substantially as set forth in Annex A hereto; and a series of Securities designated “6.50% Senior Notes Due 2020” of the Company (the
“2020 Notes”), the form of which shall be substantially as set forth in Annex B hereto, each of which is incorporated into and shall be deemed a part of this Fourth Supplemental Indenture, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and which may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to
comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers of the Company executing such Senior Notes, as evidenced by their execution of the Senior Notes. 

All of the Senior Notes will initially be issued in permanent global form, substantially in the respective forms set forth in
Annex A and Annex B hereto (the “Global Securities”), as Book-Entry Securities. Each Global Security shall represent such of the Outstanding Senior Notes as shall be specified therein and shall provide that it shall represent the
aggregate amount of Outstanding Senior Notes from time to time endorsed thereon and that the aggregate amount of Outstanding Senior Notes represented thereby may from time to time be reduced to reflect exchanges and redemptions. Any endorsement of a
Global Security to reflect the amount, or any increase or decrease in the amount, of Outstanding Senior Notes represented thereby shall be made by the Trustee in accordance with written instructions or such other written form of instructions as is
customary for the Depositary, from the Depositary or its nominee on behalf of any Person having a beneficial interest in the Global Security. 

The Company initially appoints The Depository Trust Company to act as Depositary with respect to the Global Securities. 

SECTION 102 Amount. Each series of the Senior Notes may be issued in unlimited aggregate principal amount. The Trustee shall
authenticate and deliver Senior Notes for original issue in an initial aggregate principal amount of up to $1,100,000,000 of 2015 Notes and up to $900,000,000 of 2020 Notes upon Company Order without any further action by the Company. 

SECTION 103 Interest. The Senior Notes of each series shall bear interest at the rate set forth under the caption
“Interest” in the Senior Notes of such series, commencing on the Issue Date of the Senior Notes. Interest on the Senior Notes shall be payable to the persons in whose name the Senior Notes are registered at the close of business on the
Regular Record 
  

 2 

 
Date for such interest payment. The date from which interest shall accrue for each Senior Note shall be September 21, 2010. The Interest Payment Dates on which interest on the Senior Notes
shall be payable are May 15 and November 15, commencing on November 15, 2010. The Regular Record Dates for the interest payable on the Senior Notes on any Interest Payment Date shall be May 1 or November 1, as the case may
be, immediately preceding such Interest Payment Date (each a “Regular Record Date”). 
 SECTION 104 Additional
Amounts. Additional Amounts with respect to the Senior Notes of each series shall be payable in accordance with the provisions and in the amounts set forth under the caption “Tax Additional Amounts” in the Senior Notes of such series
and in accordance with the provisions of the Indenture. 
 SECTION 105 Denominations. The Senior Notes shall be issued in
denominations of $1,000 or any integral multiple thereof. 
 SECTION 106 Optional Redemption. The Company, at its option,
may redeem the Senior Notes of each series in accordance with the provisions of and at the Redemption Prices set forth under the captions “Optional Redemption” and “Notice of Redemption” in the Senior Notes of such series and in
accordance with the provisions of the Indenture. 
 SECTION 107 Sinking Fund. There shall be no sinking fund for the
retirement of the Senior Notes. 
 SECTION 108 Place of Payment. The Place of Payment for the Senior Notes and the place
or places where the principal of and interest on the Senior Notes shall be payable, the Senior Notes may be surrendered for registration of transfer, the Senior Notes may be surrendered for exchange or redemption and where notices may be given to
the Company in respect of the Senior Notes is at the office or agency of the Trustee in The City of New York, New York, or Dallas, Texas; provided that payment of interest may be made at the option of the Company by check mailed to the
address of the person entitled thereto as such address shall appear in the register of the Securities or by wire transfer of immediately available funds to the accounts in the United States specified by the Holder of such Senior Notes. 

SECTION 109 Maturity. The date on which the principal of the 2015 Notes is payable, unless accelerated pursuant to the Indenture,
shall be November 15, 2015. The date on which the principal of the 2020 Notes is payable, unless accelerated pursuant to the Indenture, shall be November 15, 2020. 

SECTION 110 Paying Agent and Registrar. The Company initially appoints the Trustee to act as Paying Agent and Registrar with
respect to the Senior Notes. 
 SECTION 111 No Defeasance. The provisions of Section 8.01(b) and
Section 8.01(c) of the Original Indenture do not apply to the Senior Notes. 
 SECTION 112 Other Terms of the Senior
Notes. Without limiting the foregoing provisions of this Article One, the terms of the 2015 Notes shall be as set forth in the form of 2015 Notes set forth in Annex A hereto and the terms of the 2017 Notes shall be as set

  

 3 

 
forth in the form of 2020 Notes set forth in Annex B hereto, and in each case as provided in the Indenture. 

ARTICLE TWO 

AMENDMENTS TO THE INDENTURE 

The amendments contained herein shall apply to the Senior Notes only and not to any other series of Security issued under the Indenture,
and any covenants provided herein are expressly being included solely for the benefit of the Senior Notes. These amendments shall be effective for so long as there remain any Senior Notes Outstanding. 

SECTION 201 Definitions. Section 1.01 of the Original Indenture is amended by inserting or restating, as the case may be, in
their appropriate alphabetical position, the following definitions: 
 “Consolidated Net Tangible Assets” means the
total amount of assets (less applicable reserves and other properly deductible items) after deducting (1) all current liabilities (excluding the amount of those which are by their terms extendable or renewable at the option of the obligor to a
date more than 12 months after the date as of which the amount is being determined) and (2) all goodwill, tradenames, trademarks, patents, unamortized debt discount and expense and other like intangible assets, all as set forth on the most
recent balance sheet of the Company and its consolidated Subsidiaries and determined in accordance with GAAP. 
 “Funded
Debt” means indebtedness of the Company or a Subsidiary owning Restricted Property maturing by its terms more than one year after its creation and indebtedness classified as long-term debt under GAAP, and in each case ranking at least pari
passu with the Securities. 
 “Lien” means any mortgage, pledge, lien, encumbrance, charge or security interest.

 “Restricted Property” means (1) any drilling rig or drillship, or portion thereof, owned or leased by the
Company or any Subsidiary and used for drilling offshore oil and gas wells, which, in the opinion of the Board of Directors, is of material importance to the business of the Company and its Subsidiaries taken as a whole, but no such drilling rig or
drillship, or portion thereof, shall be deemed of material importance if its gross book value (before deducting accumulated depreciation) is less than 2% of Consolidated Net Tangible Assets, or (2) any shares of capital stock or indebtedness of
any Subsidiary owning any such drilling rig or drillship. 
 “Sale and Leaseback Transaction” means any arrangement
with any Person pursuant to which the Company or any Subsidiary leases any Restricted Property that has been or is to be sold or transferred by the Company or the Subsidiary to such Person, other than (1) temporary leases for a term, including
renewals at the option of the lessee, of not more than three years, (2) leases between the Company and a Subsidiary or between Subsidiaries, (3) leases of a Restricted Property executed by the time of, or within 12 months after the latest
of, the acquisition, the completion of construction or improvement, or the commencement of commercial operation of, the Restricted Property, and (4) arrangements pursuant to any provision

  

 4 

 
of law with an effect similar to the former Section 168(f)(8) of the Internal Revenue Code of 1954. 

“Senior Notes” shall mean the 4.95% Senior Notes due 2015 of the Company and the 6.50% Senior Notes due 2020 of the Company.

 “Tax Additional Amounts” has the meaning specified in Section 2.18. 

“Value” means, with respect to a Sale and Leaseback Transaction, an amount equal to the present value of the lease payments
with respect to the term of the lease remaining on the date as of which the amount is being determined, without regard to any renewal or extension options contained in the lease which are outstanding on the effective date of such Sale and Leaseback
Transaction and which have the benefit of Section 4.09. 
 SECTION 202 Tax Additional Amounts 

Article Two of the Original Indenture shall be amended by adding the following section: 

Section 2.18 Tax Additional Amounts. 

The Company shall pay any amounts due with respect to the payments on the Senior Notes and the Guarantor shall pay any
amounts due with respect to payments on the Guarantee without deduction or withholding for any and all present and future withholding taxes, levies, imposts and charges (each, a “Withholding Tax”) imposed by or for the account of the
Cayman Islands, Switzerland or any other jurisdiction in which the Company or the Guarantor is resident for tax purposes or any political subdivision or taxing authority of such jurisdiction (the “Taxing Jurisdiction”), unless such
withholding or deduction is required by law. If such deduction or withholding is at any time required, the Company or the Guarantor, as applicable, will, to the fullest extent allowed by law (subject to compliance by such Holder with any relevant
administrative requirements), pay each Holder additional amounts (“Tax Additional Amounts”) as will result in such Holder’s receipt of such amounts as it would have received had no such withholding or deduction been required.

 If the Taxing Jurisdiction requires the Company or the Guarantor to deduct or withhold any Withholding Tax,
the Company or the Guarantor, as applicable, will, to the fullest extent allowed by law (subject to compliance by a Holder with any relevant administrative requirements), pay such Tax Additional Amounts in respect of principal amount, Redemption
Price and interest (if any) in accordance with the terms of the Senior Notes and the Indenture; provided, however, that the foregoing shall not apply to: 

(a) any Withholding Tax which would not be payable or due but for the fact that (1) the Holder of a Senior Note (or a
fiduciary, settlor, beneficiary of, member or shareholder of, such Holder, if such Holder is an estate, trust, partnership or corporation) is a domiciliary, national or resident of, or engaging in

  

 5 

 
business or maintaining a permanent establishment or being physically present in, the Taxing Jurisdiction or otherwise having some present or former connection with the Taxing Jurisdiction other
than the holding or ownership of the Senior Note or the collection of principal amount, Redemption Price and Interest (if any), in accordance with the terms of the Senior Note and the Indenture or the enforcement of the Senior Note or
(2) where presentation is required, the Senior Note was presented more than 30 days after the date such payment became due or was provided for, whichever is later; 

(b) any Withholding Tax attributable to any estate, inheritance, gift, sales, transfer, excise, personal property or
similar tax, levy, impost or charge; 
 (c) any Withholding Tax attributable to any tax, levy, impost or charge
which is payable otherwise than by withholding from payment of principal amount, Redemption Price and interest (if any); 

(d) any Withholding Tax which would not have been imposed but for the failure to comply with certification, information,
documentation or other reporting requirements concerning the nationality, residence, identity or connections with the relevant tax authority of the Holder or beneficial owner of the Senior Note, if this compliance is required by statute or by
regulation as a precondition to relief or exemption from such Withholding Tax; 
 (e) to the extent a Holder is
entitled to a refund or credit in such Taxing Jurisdiction of amounts required to be withheld by such Taxing Jurisdiction; or 

(f) any combination of the instances set forth in clauses (a) through (e) of this Section 2.18. 

With respect to Section 2.18(e), in the absence of evidence satisfactory to the Company, the Company and the
Guarantor may conclusively presume that a Holder of a Senior Note is entitled to a refund or credit of all amounts required to be withheld. Neither the Company nor the Guarantor shall be required to pay any Tax Additional Amounts to any Holder
of a Senior Note who is a fiduciary or partnership or other than the sole beneficial owner of the Senior Note to the extent that a beneficiary or settlor with respect to such fiduciary, or a member of such partnership or a beneficial owner thereof,
would not have been entitled to the payment of such Tax Additional Amounts had such beneficiary, settlor, member or beneficial owner been the Holder of the Senior Note. 

SECTION 203 Additional Covenants. Article Four of the Original Indenture shall be amended by adding the following Sections 4.08
and 4.09: 
 Section 4.08 Limitation on Liens  

The Company shall not create, assume or suffer to exist any Lien on any Restricted Property to secure any debt of the Company, any
Subsidiary or any other Person, or 
  

 6 

 
permit any Subsidiary so to do, without making effective provision whereby the Securities then outstanding and having the benefit of this Section 4.08 shall be secured by a Lien equally and
ratably with such debt for so long as such debt shall be so secured, except that the foregoing shall not prevent the Company or any Subsidiary from creating, assuming or suffering to exist Liens of the following character: 

 

	 	1.	any Lien existing on the date of issuance of the Senior Notes; 

  

	 	2.	any Lien existing on Restricted Property owned or leased by a Person at the time it becomes a Subsidiary; 

 

	 	3.	any Lien existing on Restricted Property at the time of the acquisition thereof by the Company or a Subsidiary; 

 

	 	4.	any Lien to secure any debt incurred prior to, at the time of, or within 12 months after the acquisition of Restricted Property for the purpose of financing all or any
part of the purchase price thereof and any Lien to the extent that it secures debt which is in excess of such purchase price and for the payment of which recourse may be had only against such Restricted Property; 

 

	 	5.	any Lien to secure any debt incurred prior to, at the time of, or within 12 months after the completion of the construction and commencement of commercial operation,
alteration, repair or improvement of Restricted Property for the purpose of financing all or any part of the cost thereof and any Lien to the extent that it secures debt which is in excess of such cost and for the payment of which recourse may be
had only against such Restricted Property; 

  

	 	6.	any Lien securing debt of a Subsidiary owing to the Company or to another Subsidiary; 

 

	 	7.	any Lien in favor of the United States of America or any State thereof or any other country, or any agency, instrumentality of political subdivision of any of the
foregoing, to secure partial, progress, advance or other payments or performance pursuant to the provisions of any contract or statute, or any Liens securing industrial development, pollution control, or similar revenue bonds;

  

	 	8.	Liens imposed by law, such as mechanics’, workmen’s, repairmen’s, materialmen’s, carriers’, warehousemen’s, vendors’ or other similar
Liens arising in the ordinary course of business, or governmental (federal, state or municipal) Liens arising out of contracts for the sale of products or services by the Company or any Subsidiary, or deposits or pledges to obtain the release of any
of the foregoing; 

  

	 	9.	 pledges or deposits under workmen’s compensation laws or similar legislation and Liens of judgments thereunder which are not currently
dischargeable, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of money) or leases to which the Company or any Subsidiary is a party, or deposits to secure public or statutory obligations of the Company
or any 

  

 7 

	 	 
Subsidiary, or deposits in connection with obtaining or maintaining self-insurance or to obtain the benefits of any law, regulation or arrangement pertaining to unemployment insurance, old age
pensions, social security or similar matters, or deposits of cash or obligations of the United States of America to secure surety, appeal or customs bonds to which the Company or any Subsidiary is a party, or deposits in litigation or other
proceedings such as, but not limited to, interpleader proceedings; 

  

	 	10.	Liens created by or resulting from any litigation or other proceeding which is being contested in good faith by appropriate proceedings, including Liens arising out of
judgments or awards against the Company or any Subsidiary with respect to which the Company or such Subsidiary is in good faith prosecuting an appeal or proceedings for review; or Liens incurred by the Company or any Subsidiary for the purpose of
obtaining a stay or discharge in the course of any litigation or other proceeding to which the Company or such Subsidiary is a party; 

  

	 	11.	Liens for taxes or assessments or governmental charges or levies not yet due or delinquent, or which can thereafter be paid without penalty, or which are being
contested in good faith by appropriate proceedings; 

  

	 	12.	any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of any Lien permitted pursuant to clauses
(1) through (11) of this Section 4.08, so long as the principal amount of the debt secured thereby does not exceed the principal amount of debt so secured at the time of the extension, renewal or replacement (except that, where an
additional principal amount of debt is incurred to provide funds for the completion of a specific project, the additional principal amount, and any related financing costs, may be secured by the Lien as well) and the Lien is limited to the same
property subject to the Lien so extended, renewed or replaced (plus improvements on the property); and 

  

	 	13.	any Lien not permitted by clauses (1) through (12) of this Section 4.08 securing debt that, together with the aggregate outstanding principal amount of
all other debt of the Company and its Subsidiaries secured by Liens which would otherwise be prohibited by the foregoing restrictions and the aggregate Value of existing Sale and Leaseback Transactions which would be subject to the restrictions of
Section 4.09 but for this clause (13), does not at any time exceed 10% of Consolidated Net Tangible Assets. 

Section 4.09 Limitation on Sale and Lease-Back Transactions 

The Company shall not enter into any Sale and Leaseback Transaction covering any Restricted Property, nor permit any Subsidiary so to do,
unless either: 
  

	 	1.	 the Company or such Subsidiary would be entitled to incur debt, in a principal amount at least equal to the Value of such Sale and Leaseback
Transaction, which is secured by Liens on the property to be leased (without equally and ratably 

  

 8 

	 	 
securing the outstanding Securities) because such Liens would be of such character that no violation of the provisions of Section 4.08 would result, or 

 

	 	2.	the Company during the six months immediately following the effective date of such Sale and Leaseback Transaction causes to be applied to (A) the acquisition of
Restricted Property or (B) the voluntary retirement of Funded Debt (whether by redemption, defeasance, repurchase, or otherwise) an amount equal to the Value of such Sale and Leaseback Transaction. 

ARTICLE THREE 

EXECUTION AND DELIVERY OF GUARANTEE 

To evidence the Guarantor’s irrevocable and unconditional guarantee of all of the obligations of the Company under the Senior Notes,
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 Senior Notes according to the terms of the Senior
Notes (the “Guarantee”), the Company and the Guarantor hereby agree that a notation of such Guarantee shall be endorsed on each Senior Note authenticated and delivered by the Trustee, that such notation of such Guarantee shall be in the
form attached hereto as Annex C, and shall be executed on behalf of the Guarantor by an officer thereof. 
 ARTICLE FOUR

 MISCELLANEOUS PROVISIONS 

SECTION 401 Integral Part. 

This Fourth Supplemental Indenture constitutes an integral part of the Indenture. 

SECTION 402 General Definitions. 

For all purposes of this Fourth 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 Fourth
Supplemental Indenture. 
 SECTION 403 Adoption, Ratification and Confirmation. 

The Indenture, as supplemented and amended by this Fourth Supplemental Indenture, is in all respects hereby adopted, ratified and
confirmed. 
 SECTION 404 Counterparts. 
  

 9 

 This Fourth 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 405 Governing Law. 

THIS FOURTH 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. 

SECTION 406 Trustee Disclaimer. 

The Trustee makes no representation as to the validity or sufficiency of this Fourth Supplemental Indenture. The recitals contained
herein shall be taken as statements of the Company and the Guarantor, and the Trustee assumes no responsibility for their correctness. 
  

 10 

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

			
	TRANSOCEAN INC.
		
	By:	 	  

		 	C. Stephen McFadin
		 	President and Director
	
	TRANSOCEAN LTD.
		
	By:	 	  

		 	Robert S. Shaw, Jr.
		 	Vice President and Treasurer
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Patrick T. Giordano
		 	Vice President

 ANNEX A 

[FORM OF GLOBAL SECURITY—2015 NOTES] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO
CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY. 
 4.95% SENIOR NOTE DUE 2015 

TRANSOCEAN INC. 
  

			
	 Issue Date:
	  	Maturity: November 15, 2015
		
	 Principal Amount: $
	  	CUSIP: 893830 AX7
		
	 Registered: No. R-
	  	ISIN: US893830AX70

Transocean Inc., a Cayman Islands exempted company limited by shares (herein called the “Company”, which term includes any
successor corporation under the indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [__] Dollars ($[__]) on November 15, 2015 and to pay interest
thereon and Tax Additional Amounts, if any, in immediately available funds as specified on the reverse of this Security. 

Payment of the principal of and interest on and Tax Additional Amounts, if any, with respect to this Security will be made at the office
or agency of the Company maintained for that purpose in The City of New York, New York or Dallas, Texas in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company, payment of interest and Tax Additional Amounts, if any, may be made by check mailed to the address of the Person entitled thereto as such address shall appear in

  

 A-1 

 
the register of Securities or by wire transfer of immediately available funds to the accounts in the United States designated by the Holder of this Security. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: 
  

			
	TRANSOCEAN INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

	
	Attest:
	
	  
	Secretary

  

 A-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

	
	 WELLS FARGO BANK,
 NATIONAL
ASSOCIATION, as
 Trustee

	
	  
	Authorized Signatory

 Date of Authentication:
                                 

 

 A-3 

 [Reverse of Security] 

TRANSOCEAN INC. 

4.95% SENIOR NOTE DUE 2015 

This Security is one of a duly authorized issue of senior securities of the Company issued and to be issued in one or more series under
an Indenture, dated as of December 11, 2007 between the Company and Wells Fargo Bank, National Association, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture (as defined below)), as
amended by the Third Supplemental Indenture thereto dated as of December 18, 2008 among the Company, Transocean Ltd., a Swiss corporation (the “Guarantor”), and the Trustee and the Fourth Supplemental Indenture thereto dated as of
September 21, 2010 among the Company, the Guarantor and the Trustee (as so amended, herein called the “Indenture”), or their respective predecessors, as applicable, to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof, which is initially limited to the aggregate principal amount of $1,100,000,000. As used herein, the term “Securities” means securities of the
series designated on the face hereof except that, where the context requires that such term be construed as including another series of securities (e.g., where phrases such as “Securities of each series” or “Securities of any
series” or similar phrases are used), the term “Securities” means securities of any series issued or to be issued under the Indenture. 

The Company may, without the consent of the existing holders of the Securities, issue additional Securities having the same ranking and
the same interest rate, maturity and other terms as the Securities. Any additional Securities having such similar terms, together with the Securities, will constitute a single series of Securities under the Indenture. 

Interest 
 The rate at
which this Security shall bear interest shall be 4.95% per annum. The date from which interest shall accrue for this Security shall be September 21, 2010. The Interest Payment Dates on which interest on this Security shall be payable are
May 15 and November 15 of each year, commencing on November 15, 2010. The Regular Record Date for the interest payable on this Security on any Interest Payment Date shall be the May 1 or November 1, as the case may be,
immediately preceding such Interest Payment Date. Interest will cease to accrue on this Security upon its maturity, purchase by the Company at the option of a holder or redemption. Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
  

 A-4 

 Method of Payment 

Payments in respect of principal of and interest, if any, on the Securities shall be made by the Company in immediately available funds.

 Optional Redemption 

The Securities are redeemable, at the option of the Company, at any time prior to maturity in whole or from time to time in part, on a
date fixed by the Company for such redemption (the “Redemption Date”) and at a price (the “Redemption Price”) equal to 100% of the principal amount thereof plus accrued and unpaid interest up to but not including the Redemption
Date plus a premium (the “Make-Whole Premium”), if any is required to be paid pursuant to the immediately following paragraph. However, if the Redemption Date is after a Regular Record Date and on or prior to the corresponding Interest
Payment Date, the interest will be paid on the Redemption Date to the person in whose name the Securities are registered at the close of business on the Regular Record Date and not included in the Redemption Price. The Redemption Price will never be
less than 100% of the principal amount of the Securities plus accrued and unpaid interest up to but not including the Redemption Date. 

The Company will calculate the Make-Whole Premium, if any, in good faith, applying the Treasury Rate determined as set forth in the
definition thereof. The amount of the Make-Whole Premium is equal to the excess, if any, of: (i) the sum of the present values, calculated as of the Redemption Date, of: (A) the remaining scheduled payments of interest on the Securities to
be redeemed that would be due after the Redemption Date but for such redemption (except that, if such Redemption Date is not an Interest Payment Date, the amount of the next succeeding scheduled interest payment will be reduced by the amount of
interest accrued thereon to the Redemption Date); and (B) the principal amount that, but for the redemption, would have been payable at the Stated Maturity; over (ii) the aggregate principal amount of the Securities being redeemed.

 The present values of interest and principal payments referred to in clause (i) above will be determined in accordance
with generally accepted principles of financial analysis. Those present values will be calculated by discounting the amount of each payment of interest or principal from the date that each payment would have been payable, but for the redemption, to
the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate (as defined below) plus 50 basis points. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to
maturity (computed as of the second Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. 
  

 A-5 

 “Comparable Treasury Issue” means the United States Treasury security selected by
an Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities.

 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third Business Day preceding such Redemption Date, as set forth in the daily statistical release (or any successor release) published by the
Federal Reserve Bank of New York and designated “H.15(519) Selected Interest Rates” or (2) if such release (or any successor release) is not published or does not contain such prices on such Business Day, (a) the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the
average of all Reference Treasury Dealer Quotations obtained. 
 “Reference Treasury Dealer” means Goldman,
Sachs & Co., J.P. Morgan Securities LLC and Citigroup Global Markets Inc. and their successors and two other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by us, except that if
any of the foregoing ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company is required to designate as a substitute another nationally recognized investment banking firm that
is a Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such
Reference Treasury Dealer as of 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 On
and after any Redemption Date, interest will cease to accrue on the Securities called for redemption. If less than all of the Securities are to be redeemed, the Trustee will select the Securities to be redeemed by lot, pro rata or by any other
method the Trustee deems fair and appropriate. 
 Notice of redemption will be mailed by first class mail at least 30 days but
not more than 60 days before the Redemption Date to each Holder of Securities to be redeemed at its registered address. Securities in denominations larger than $1,000 Principal Amount may be redeemed in part, but only in whole multiples of $1,000.
On and after the Redemption Date, subject to the deposit with the Paying Agent of funds sufficient to pay the Redemption Price, interest ceases to accrue on Securities or portions thereof called for redemption. 

 

 A-6 

 The Securities are not entitled to the benefit of any sinking fund or other mandatory
redemption provisions. 
 Tax Additional Amounts 

The Company shall pay any amounts due with respect to the payments on the Security and the Guarantor shall pay any amounts due with
respect to payments on the Guarantee without deduction or withholding for any and all present and future withholding taxes, levies, imposts and charges (each, a “Withholding Tax”) imposed by or for the account of the Cayman Islands,
Switzerland or any other jurisdiction in which the Company or the Guarantor is resident for tax purposes or any political subdivision or taxing authority of such jurisdiction (the “Taxing Jurisdiction”), unless such withholding or
deduction is required by law. If such deduction or withholding is at any time required, the Company or the Guarantor, as applicable, will, to the fullest extent allowed by law (subject to compliance by such Holder with any relevant administrative
requirements), pay each Holder such additional amounts (“Tax Additional Amounts”) as will result in such Holder’s receipt of such amounts as it would have received had no such withholding or deduction been required. 

If the Taxing Jurisdiction requires the Company or the Guarantor to deduct or withhold any Withholding Tax, the Company or the Guarantor,
as applicable, will, to the fullest extent allowed by law (subject to compliance by a Holder with any relevant administrative requirements), pay such Tax Additional Amounts in respect of principal amount, Redemption Price and interest (if any) in
accordance with the terms of the Security and the Indenture; provided, however, that the foregoing shall not apply to: 

(a) any Withholding Tax which would not be payable or due but for the fact that (1) the Holder of a Security (or a fiduciary,
settlor, beneficiary of, member or shareholder of, such Holder, if such Holder is an estate, trust, partnership or corporation) is a domiciliary, national or resident of, or engaging in business or maintaining a permanent establishment or being
physically present in, the Taxing Jurisdiction or otherwise having some present or former connection with the Taxing Jurisdiction other than the holding or ownership of the Security or the collection of principal amount, Redemption Price and
interest (if any), in accordance with the terms of the Security and the Indenture or the enforcement of the Security or (2) where presentation is required, the Security was presented more than 30 days after the date such payment became due or
was provided for, whichever is later; 
 (b) any Withholding Tax attributable to any estate, inheritance, gift, sales, transfer,
excise, personal property or similar tax, levy, impost or charge; 
 (c) any Withholding Tax attributable to any tax, levy,
impost or charge which is payable otherwise than by withholding from payment of principal amount, Redemption Price and interest (if any); 

(d) any Withholding Tax which would not have been imposed but for the failure to comply with certification, information, documentation or
other reporting 
  

 A-7 

 
requirements concerning the nationality, residence, identity or connections with the relevant tax authority of the Holder or beneficial owner of the Security, if this compliance is required by
statute or by regulation as a precondition to relief or exemption from such Withholding Tax; 
 (e) to the extent a Holder is
entitled to a refund or credit in such Taxing Jurisdiction of amounts required to be withheld by such Taxing Jurisdiction; or 

(f) any combination of the instances set forth in the foregoing clauses (a) through (e). 

With respect to clause (e), above, in the absence of evidence satisfactory to the Company, the Company and the Guarantor may conclusively
presume that a Holder of a Security is entitled to a refund or credit of all amounts required to be withheld. Neither the Company nor the Guarantor shall be required to pay any Tax Additional Amounts to any Holder of a Security who is a fiduciary or
partnership or other than the sole beneficial owner of the Security to the extent that a beneficiary or settlor with respect to such fiduciary, or a member of such partnership or a beneficial owner thereof, would not have been entitled to the
payment of such Tax Additional Amounts had such beneficiary, settlor, member or beneficial owner been the Holder of the Security. 
 Transfer

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the register of the Securities, upon surrender of this Security for registration of transfer at the office or agency in a Place of Payment for Securities of this series, duly endorsed by, or accompanied by a written instrument of
transfer in form reasonably satisfactory to the Registrar duly executed by the Holder thereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of like tenor and of other authorized denominations
and for the same aggregate principal amount, executed by the Company and authenticated and delivered by the Trustee, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations set forth therein and on the face of this Security, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different
authorized denomination as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee or any agent of the Company or the
Trustee may treat the Person 
  

 A-8 

 
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary. 
 Amendment, Supplement and Waiver; Limitation on Suits 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of at least a majority in principal amount of the
then outstanding Securities of all series affected (acting as one class). The Indenture also contains provisions permitting the Holders of at least a majority in principal amount of the then outstanding Securities of any series or of all series
(acting as one class), to waive compliance by the Company with certain existing or past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Subject to the right of the Holder of any Securities of this series to institute proceedings to enforce the Holder’s right to
receive payment of the principal thereof and interest thereon (or repurchase price thereof) and any Tax Additional Amounts with respect thereto, no Holder of the Securities of this series shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default; 

(2) the Holders of not less than 25% in principal amount of the then Outstanding Securities of this series shall have made written
request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer to the Trustee indemnity satisfactory to the
Trustee against any loss, liability or expense to be incurred in compliance with such request; 
 (4) the Trustee for 60 days
after its receipt of such request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction
inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the then outstanding Securities of this series; 

it being understood and intended that no one or more of such Holders shall have the right in any manner whatever by virtue of, or by availing of, any
provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek 
  

 A-9 

 
to obtain priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner herein provided and for the equal and ratable benefit of all of
such Holders. 
 Successor Corporation 

When a successor Person assumes all the obligations of its predecessor under the Securities and the Indenture in accordance with the terms
and conditions of the Indenture, the predecessor Person will (except in certain circumstances specified in the Indenture) be released from those obligations. 

Defaults and Remedies 

If an Event of Default with respect to Securities of this series shall occur and be continuing, all unpaid Principal Amount plus accrued
and unpaid interest through the acceleration date of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

No Recourse Against Others 

No recourse shall be had for the payment of the principal of or the interest, if any, on this Security, for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company, the Guarantor or of any
successor corporation thereto, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment of penalty or otherwise, all such liability being, by acceptance hereof and as part of the consideration for the
issue hereof, expressly waived and released. 
 Indenture to Control; Governing Law 

In the case of any conflict between the provisions of this Security and the Indenture, the provisions of the Indenture shall control.

 THE INDENTURE AND THE SECURITIES 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. 

Definitions 
 All terms
defined in the Indenture and used in this Security but not specifically defined herein are used herein as so defined. 
  

 A-10 

 ANNEX B 

[FORM OF GLOBAL SECURITY—2020 NOTES] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO
CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY. 
 6.50% SENIOR NOTE DUE 2020 

TRANSOCEAN INC. 
  

			
	 Issue Date:
	 	Maturity: November 15, 2020
		
	 Principal Amount: $
	 	CUSIP: 893830 AY5
		
	 Registered: No. R-
	 	ISIN: US893830AY53

Transocean Inc., a Cayman Islands exempted company limited by shares (herein called the “Company”, which term includes any
successor corporation under the indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [    ] Dollars
($[    ]) on November 15, 2020 and to pay interest thereon and Tax Additional Amounts, if any, in immediately available funds as specified on the reverse of this Security. 

Payment of the principal of and interest on and Tax Additional Amounts, if any, with respect to this Security will be made at the office
or agency of the Company maintained for that purpose in The City of New York, New York or Dallas, Texas in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company, payment of interest and Tax Additional Amounts, if any, may be made by check mailed to the address of the Person entitled thereto as such address shall appear in

  

 B-1 

 
the register of Securities or by wire transfer of immediately available funds to the accounts in the United States designated by the Holder of this Security. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: 
  

			
	TRANSOCEAN INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

	
	 Attest:

	
	 
	 Secretary

  

 B-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

	
	 WELLS FARGO BANK,
 NATIONAL
ASSOCIATION, as
 Trustee

	
	 
	Authorized Signatory

 Date of
Authentication:                             

 

 B-3 

 [Reverse of Security] 

TRANSOCEAN INC. 

6.50% SENIOR NOTE DUE 2020 

This Security is one of a duly authorized issue of senior securities of the Company issued and to be issued in one or more series under
an Indenture, dated as of December 11, 2007 between the Company and Wells Fargo Bank, National Association, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture (as defined below)), as
amended by the Third Supplemental Indenture thereto dated as of December 18, 2008 among the Company, Transocean Ltd., a Swiss corporation (the “Guarantor”), and the Trustee and the Fourth Supplemental Indenture thereto dated as of
September 21, 2010 among the Company, the Guarantor and the Trustee (as so amended, herein called the “Indenture”), or their respective predecessors, as applicable, to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof, which is initially limited to the aggregate principal amount of $900,000,000. As used herein, the term “Securities” means securities of the
series designated on the face hereof except that, where the context requires that such term be construed as including another series of securities (e.g., where phrases such as “Securities of each series” or “Securities of any
series” or similar phrases are used), the term “Securities” means securities of any series issued or to be issued under the Indenture. 

The Company may, without the consent of the existing holders of the Securities, issue additional Securities having the same ranking and
the same interest rate, maturity and other terms as the Securities. Any additional Securities having such similar terms, together with the Securities, will constitute a single series of Securities under the Indenture. 

Interest 
 The rate at
which this Security shall bear interest shall be 6.50% per annum. The date from which interest shall accrue for this Security shall be September 21, 2010. The Interest Payment Dates on which interest on this Security shall be payable are
May 15 and November 15 of each year, commencing on November 15, 2010. The Regular Record Date for the interest payable on this Security on any Interest Payment Date shall be the May 1 or November 1, as the case may be,
immediately preceding such Interest Payment Date. Interest will cease to accrue on this Security upon its maturity, purchase by the Company at the option of a holder or redemption. Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
  

 B-4 

 Method of Payment 

Payments in respect of principal of and interest, if any, on the Securities shall be made by the Company in immediately available funds.

 Optional Redemption 

The Securities are redeemable, at the option of the Company, at any time prior to maturity in whole or from time to time in part, on a
date fixed by the Company for such redemption (the “Redemption Date”) and at a price (the “Redemption Price”) equal to 100% of the principal amount thereof plus accrued and unpaid interest up to but not including the Redemption
Date plus a premium (the “Make-Whole Premium”), if any is required to be paid pursuant to the immediately following paragraph. However, if the Redemption Date is after a Regular Record Date and on or prior to the corresponding Interest
Payment Date, the interest will be paid on the Redemption Date to the person in whose name the Securities are registered at the close of business on the Regular Record Date and not included in the Redemption Price. The Redemption Price will never be
less than 100% of the principal amount of the Securities plus accrued and unpaid interest up to but not including the Redemption Date. 

The Company will calculate the Make-Whole Premium, if any, in good faith, applying the Treasury Rate determined as set forth in the
definition thereof. The amount of the Make-Whole Premium is equal to the excess, if any, of: (i) the sum of the present values, calculated as of the Redemption Date, of: (A) the remaining scheduled payments of interest on the Securities to
be redeemed that would be due after the Redemption Date but for such redemption (except that, if such Redemption Date is not an Interest Payment Date, the amount of the next succeeding scheduled interest payment will be reduced by the amount of
interest accrued thereon to the Redemption Date); and (B) the principal amount that, but for the redemption, would have been payable at the Stated Maturity; over (ii) the aggregate principal amount of the Securities being redeemed.

 The present values of interest and principal payments referred to in clause (i) above will be determined in accordance
with generally accepted principles of financial analysis. Those present values will be calculated by discounting the amount of each payment of interest or principal from the date that each payment would have been payable, but for the redemption, to
the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate (as defined below) plus 50 basis points. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to
maturity (computed as of the second Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. 
  

 B-5 

 “Comparable Treasury Issue” means the United States Treasury security selected by
an Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities.

 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third Business Day preceding such Redemption Date, as set forth in the daily statistical release (or any successor release) published by the
Federal Reserve Bank of New York and designated “H.15(519) Selected Interest Rates” or (2) if such release (or any successor release) is not published or does not contain such prices on such Business Day, (a) the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the
average of all Reference Treasury Dealer Quotations obtained. 
 “Reference Treasury Dealer” means Goldman,
Sachs & Co., J.P. Morgan Securities LLC and Citigroup Global Markets Inc. and their successors and two other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by us, except that if
any of the foregoing ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company is required to designate as a substitute another nationally recognized investment banking firm that
is a Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such
Reference Treasury Dealer as of 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 On
and after any Redemption Date, interest will cease to accrue on the Securities called for redemption. If less than all of the Securities are to be redeemed, the Trustee will select the Securities to be redeemed by lot, pro rata or by any other
method the Trustee deems fair and appropriate. 
 Notice of redemption will be mailed by first class mail at least 30 days but
not more than 60 days before the Redemption Date to each Holder of Securities to be redeemed at its registered address. Securities in denominations larger than $1,000 Principal Amount may be redeemed in part, but only in whole multiples of $1,000.
On and after the Redemption Date, subject to the deposit with the Paying Agent of funds sufficient to pay the Redemption Price, interest ceases to accrue on Securities or portions thereof called for redemption. 

 

 B-6 

 The Securities are not entitled to the benefit of any sinking fund or other mandatory
redemption provisions. 
 Tax Additional Amounts 

The Company shall pay any amounts due with respect to the payments on the Security and the Guarantor shall pay any amounts due with
respect to payments on the Guarantee without deduction or withholding for any and all present and future withholding taxes, levies, imposts and charges (each, a “Withholding Tax”) imposed by or for the account of the Cayman Islands,
Switzerland or any other jurisdiction in which the Company or the Guarantor is resident for tax purposes or any political subdivision or taxing authority of such jurisdiction (the “Taxing Jurisdiction”), unless such withholding or
deduction is required by law. If such deduction or withholding is at any time required, the Company or the Guarantor, as applicable, will, to the fullest extent allowed by law (subject to compliance by such Holder with any relevant administrative
requirements), pay each Holder such additional amounts (“Tax Additional Amounts”) as will result in such Holder’s receipt of such amounts as it would have received had no such withholding or deduction been required. 

If the Taxing Jurisdiction requires the Company or the Guarantor to deduct or withhold any Withholding Tax, the Company or the Guarantor,
as applicable, will, to the fullest extent allowed by law (subject to compliance by a Holder with any relevant administrative requirements), pay such Tax Additional Amounts in respect of principal amount, Redemption Price and interest (if any) in
accordance with the terms of the Security and the Indenture; provided, however, that the foregoing shall not apply to: 

(a) any Withholding Tax which would not be payable or due but for the fact that (1) the Holder of a Security (or a fiduciary,
settlor, beneficiary of, member or shareholder of, such Holder, if such Holder is an estate, trust, partnership or corporation) is a domiciliary, national or resident of, or engaging in business or maintaining a permanent establishment or being
physically present in, the Taxing Jurisdiction or otherwise having some present or former connection with the Taxing Jurisdiction other than the holding or ownership of the Security or the collection of principal amount, Redemption Price and
interest (if any), in accordance with the terms of the Security and the Indenture or the enforcement of the Security or (2) where presentation is required, the Security was presented more than 30 days after the date such payment became due or
was provided for, whichever is later; 
 (b) any Withholding Tax attributable to any estate, inheritance, gift, sales, transfer,
excise, personal property or similar tax, levy, impost or charge; 
 (c) any Withholding Tax attributable to any tax, levy,
impost or charge which is payable otherwise than by withholding from payment of principal amount, Redemption Price and interest (if any); 

(d) any Withholding Tax which would not have been imposed but for the failure to comply with certification, information, documentation or
other reporting 
  

 B-7 

 
requirements concerning the nationality, residence, identity or connections with the relevant tax authority of the Holder or beneficial owner of the Security, if this compliance is required by
statute or by regulation as a precondition to relief or exemption from such Withholding Tax; 
 (e) to the extent a Holder is
entitled to a refund or credit in such Taxing Jurisdiction of amounts required to be withheld by such Taxing Jurisdiction; or 

(f) any combination of the instances set forth in the foregoing clauses (a) through (e). 

With respect to clause (e), above, in the absence of evidence satisfactory to the Company, the Company and the Guarantor may conclusively
presume that a Holder of a Security is entitled to a refund or credit of all amounts required to be withheld. Neither the Company nor the Guarantor shall be required to pay any Tax Additional Amounts to any Holder of a Security who is a fiduciary or
partnership or other than the sole beneficial owner of the Security to the extent that a beneficiary or settlor with respect to such fiduciary, or a member of such partnership or a beneficial owner thereof, would not have been entitled to the
payment of such Tax Additional Amounts had such beneficiary, settlor, member or beneficial owner been the Holder of the Security. 
 Transfer

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the register of the Securities, upon surrender of this Security for registration of transfer at the office or agency in a Place of Payment for Securities of this series, duly endorsed by, or accompanied by a written instrument of
transfer in form reasonably satisfactory to the Registrar duly executed by the Holder thereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of like tenor and of other authorized denominations
and for the same aggregate principal amount, executed by the Company and authenticated and delivered by the Trustee, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations set forth therein and on the face of this Security, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different
authorized denomination as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee or any agent of the Company or the
Trustee may treat the Person 
  

 B-8 

 
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary. 
 Amendment, Supplement and Waiver; Limitation on Suits 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of at least a majority in principal amount of the
then outstanding Securities of all series affected (acting as one class). The Indenture also contains provisions permitting the Holders of at least a majority in principal amount of the then outstanding Securities of any series or of all series
(acting as one class), to waive compliance by the Company with certain existing or past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Subject to the right of the Holder of any Securities of this series to institute proceedings to enforce the Holder’s right to
receive payment of the principal thereof and interest thereon (or repurchase price thereof) and any Tax Additional Amounts with respect thereto, no Holder of the Securities of this series shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default; 

(2) the Holders of not less than 25% in principal amount of the then Outstanding Securities of this series shall have made written
request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer to the Trustee indemnity satisfactory to the
Trustee against any loss, liability or expense to be incurred in compliance with such request; 
 (4) the Trustee for 60 days
after its receipt of such request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction
inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the then outstanding Securities of this series; 

it being understood and intended that no one or more of such Holders shall have the right in any manner whatever by virtue of, or by availing of, any
provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek 
  

 B-9 

 
to obtain priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner herein provided and for the equal and ratable benefit of all of
such Holders. 
 Successor Corporation 

When a successor Person assumes all the obligations of its predecessor under the Securities and the Indenture in accordance with the terms
and conditions of the Indenture, the predecessor Person will (except in certain circumstances specified in the Indenture) be released from those obligations. 

Defaults and Remedies 

If an Event of Default with respect to Securities of this series shall occur and be continuing, all unpaid Principal Amount plus accrued
and unpaid interest through the acceleration date of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

No Recourse Against Others 

No recourse shall be had for the payment of the principal of or the interest, if any, on this Security, for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company, the Guarantor or of any
successor corporation thereto, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment of penalty or otherwise, all such liability being, by acceptance hereof and as part of the consideration for the
issue hereof, expressly waived and released. 
 Indenture to Control; Governing Law 

In the case of any conflict between the provisions of this Security and the Indenture, the provisions of the Indenture shall control.

 THE INDENTURE AND THE SECURITIES 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. 

Definitions 
 All terms
defined in the Indenture and used in this Security but not specifically defined herein are used herein as so defined. 
  

 B-10 

 ANNEX C 

[FORM OF NOTATION OF GUARANTEE] 

NOTATION OF GUARANTEE OF TRANSOCEAN LTD. 

For value received, the undersigned, Transocean Ltd., a Swiss corporation (the “Guarantor,” which term includes any
successor person under the indenture referred to herein), has irrevocably and unconditionally guaranteed 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 Senior Notes according to the terms of the Senior Notes. 
  

 C-1 

 IN WITNESS WHEREOF, Transocean Ltd. has caused this Notation of Guarantee to be duly
executed as of the date first above written. 
  

					
	TRANSOCEAN LTD.
		
	 By:
	 	 
		 	 Name:
	 	 
		 	 Title:
	 	 

  

 C-2

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