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[8-K] Transocean Ltd. Reports Material Event

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Transocean Ltd. closed a private Offering of $500 million in 7.875% Senior Priority Guaranteed Notes due 2032 through Transocean International Limited. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by specified subsidiaries, pay interest on April 15 and October 15 each year beginning April 15, 2026, and were offered to qualified institutional buyers under Rule 144A and outside the U.S. under Regulation S. The Indenture includes covenants limiting certain additional indebtedness, liens on drilling rigs or drillships without equal and ratable security, sale-leasebacks of these assets, and certain consolidations or amalgamations, with customary events of default and potential acceleration.

Transocean also announced early results for its cash tender offer, increasing the combined aggregate purchase price cap from $50 million to $100 million. As of the Early Tender Date, $88,998,000 of 2041 Notes (about 50.21% outstanding) were validly tendered and accepted, and $120,628,000 of 2028 Notes (about 46.18% outstanding) were validly tendered, to be purchased on a pro rata basis with a proration factor of approximately 13.17%.

Transocean Ltd. ha chiuso una Offerta Privata di 500 milioni di dollari in Notes Senior Priority Garantite non subordinate al 7,875% con scadenza 2032 tramite Transocean International Limited. Le Notes sono completamente e incondizionatamente garantite su base senior unsecured da specifiche controllate filiali, pagano interessi il 15 aprile e il 15 ottobre di ogni anno a partire dal 15 aprile 2026, e sono state offerte a qualified institutional buyers ai sensi della Rule 144A e al di fuori degli Stati Uniti ai sensi del Regulation S. L'Indenture include covenant che limitano ulteriore indebitamento, ipoteche su piattaforme di perforazione o drillships senza garanzia uguale e proporzionale, operazioni di vendita-consegna (sale-leasebacks) di tali asset, e consolidamenti o amalgamazioni, con eventi di default consueti e potenziale accelerazione.

Transocean ha anche annunciato i risultati preliminari della propria offerta di acquisto in contanti, aumentando il tetto complessivo di prezzo di acquisto da $50 milioni a $100 milioni. Al Early Tender Date, $88,998,000 di Notes 2041 (circa il 50,21% in circolazione) sono stati validamente offerti e accettati, e $120,628,000 di Notes 2028 (circa il 46,18% in circolazione) sono stati validamente offerti, da acquistarsi su base pro rata con un fattore di pro-rata di circa 13,17%.

Transocean Ltd. cerró una oferta privada de 500 millones de dólares en Notas de Primera Prioridad Garantizadas no garantizadas (senior unsecured) al 7,875% con vencimiento en 2032 a través de Transocean International Limited. Las Notas son total e incondicionalmente garantizadas por subsidiarias específicas, pagan intereses el 15 de abril y el 15 de octubre de cada año a partir del 15 de abril de 2026, y fueron ofrecidas a compradores institucionales calificados bajo la Regla 144A y fuera de Estados Unidos según el Reglamento S. El Instrumento (Indenture) incluye pactos que limitan ciertos endeudamientos adicionales, gravámenes sobre plataformas de perforación o drillships sin garantía igual y prorratable, ventas con arrendamientos posteriores de estos activos, y ciertas consolidaciones o fusiónes, con eventos de incumplimiento habituales y posible aceleración.

Transocean también anunció resultados preliminares para su oferta de compra en efectivo, aumentando el tope agregado de compra combinado de $50 millones a $100 millones. A la Early Tender Date, $88,998,000 de Notas 2041 (aproximadamente el 50.21% en circulación) fueron debidamente ofertadas y aceptadas, y $120,628,000 de Notas 2028 (aproximadamente el 46.18% en circulación) fueron debidamente ofertadas, para ser adquiridas en base prorrata con un factor de prorrata de aproximadamente 13.17%.

Transocean Ltd.2032년 만기7.875% 우선순위 보장 비담보채권에 대해 Transocean International Limited를 통해 5억 달러의 비공개 제안을 마감했습니다. 이 채권은 특정 자회사들에 의해 전액 무조건 2순위 이상 보장되며, 매년 4월 15일과 10월 15일에 이자를 지급하고, 2026년 4월 15일부터 시작합니다. 규칙 144A에 따른 자격기관투자자에게 제안되었고 Regulation S에 따라 미국 외 지역에서 판매되었습니다. 인듄처(Indenture)에는 추가 차입 제한, 동등하고 비례하는 담보 없이 드릴링 rigs나 드릴쉽의 저당, 자산의 매각-리스백, 특정 합병이나 합병 등과 함께 일반적인 채무 불이행 사건 및 가속화 가능성이 포함된 계약 조항이 포함되어 있습니다.

또한 Transocean은 현금 Tender 오퍼의 조기 결과를 발표했고, 합산 매입 한도를 $50 milion에서 $100 milion으로 상향했습니다. 조기 Tender Date 기준으로 $88,998,000의 2041년 채권(발행량의 약 50.21%)이 유효하게 입찰 및 인수되었고, $120,628,000의 2028년 채권(발행량의 약 46.18%)도 유효 입찰되어 프 로 라타(Pro rata) 방식으로 매입되며 프 로 라타 계수는 약 13.17%입니다.

Transocean Ltd. a clôturé une émission privée de 500 millions de dollars d'obligations garanties prioritaires seniors non garanties au taux de 7,875% d'échéance 2032, réalisée via Transocean International Limited. Les obligaciones sont entièrement et sans condition garanties sur une base senior unsecured par des filiales désignées, versent des intérêts le 15 avril et le 15 octobre de chaque année à partir du 15 avril 2026, et ont été offertes à des acheteurs institutionnels qualifiés en vertu de la Rule 144A et en dehors des États-Unis en vertu du Regulation S. L'Indenture comprend des clauses limitant certaines dettes supplémentaires, des privilèges sur des plates-formes de forage ou drillships sans sécurité égale et pro-rata, des ventes-à-louer de ces actifs, et certaines consolidations ou amalgamations, avec des événements par défaut habituels et une éventuelle accélération.

Transocean a également annoncé les résultats préliminaires de son offre de rachat en espèces, portant le plafond global d'achat combiné de $50 millions à $100 millions. À la Early Tender Date, $88,998,000 de notes 2041 (environ 50,21% en circulation) ont été valablement offertes et acceptées, et $120,628,000 de notes 2028 (environ 46,18% en circulation) ont été valablement offertes, pour être achetées sur une base pro rata avec un facteur de pro rata d'environ 13,17%.

Transocean Ltd. schloss eine private Platzierung von 500 Millionen US-Dollar in 7,875% Senior Priority Guaranteed Notes mit Fälligkeit 2032 durch Transocean International Limited ab. Die Notes sind vollständig und bedingungslos auf einer senior unsecured Basis durch festgelegte Tochtergesellschaften garantiert, zahlen Zinsen jeweils am 15. April und 15. Oktober eines jeden Jahres beginnend mit dem 15. April 2026, und wurden an qualifizierte institutionelle Käufer gemäß Rule 144A und außerhalb der USA gemäß Regulation S angeboten. Die Anleihe enthält Covenants, die bestimmte zusätzliche Verschuldung, Pfandrechte an Bohrplattformen oder Drillships ohne gleiche und anteilige Sicherheit, Sale-leasebacks dieser Vermögenswerte sowie bestimmte Verschmelzungen oder Zusammenschlüsse begrenzen, mit üblichen Verzug-Events und potenzieller Beschleunigung.

Transocean kündigte außerdem vorläufige Ergebnisse zu seinem Cash-Tender-Angebot an und hob die Obergrenze für den kombinierten Kaufpreis von $50 Millionen auf $100 Millionen an. Zum Early Tender Date wurden $88,998,000 von 2041 Notes (ca. 50,21% der ausstehenden Stücke) gültig angeboten und akzeptiert, und $120,628,000 von 2028 Notes (ca. 46,18% der ausstehenden Stücke) gültig angeboten, um anteilig zu einem Prorata-Verhältnis von ca. 13,17% gekauft zu werden.

Transocean Ltd. أغلقت عرضاً خاصاً لسندات من الدرجة الممتازة العليا غير المضمونة بنسبة 7.875% لمدة 2032 عبر Transocean International Limited بقيمة 500 مليون دولار. الضمانات على هذه السندات كاملة وغير مشروطة وتقدم من قبل شركات تابعة محددة، وتدفع فائدة في 15 أبريل و15 أكتوبر من كل عام ابتداءً من 15 أبريل 2026، وقد تم عرضها لمستثمرين مؤسسيين مؤهلين بموجب القاعدة 144A وخارج الولايات المتحدة بموجب الق Regulation S. تتضمن الشروط في اتفاقية الناتج (Indenture) قيود تحد من مزيد من الدين، ورهن منصات الحفر أو السفن الحفر بدون ضمان مساوي ونِسبي، وبيع-إيجار لهذه الأصول، ودمج أو اندماج معين، مع أحداث تقصير العُهدات وأسرع محتمل.

كما أعلنتTransocean عن نتائج مبكرة لعروضها في الشراء النقدي، رفعت الحد الأعلى الإجمالي لسعر الشراء من $50 مليون إلى $100 مليون. حتى تاريخ Tender المبكر، تم تقديم $88,998,000 من سندات 2041 (حوالي 50.21% من الإجمالي القائم) بشكل صحيح وقُبل، و$120,628,000 من سندات 2028 (حوالي 46.18% من الإجمالي القائم) بشكل صحيح، ليتم شراؤها بناءً على نسبة التوزيع (pro rata) بنحو 13.17%.

Transocean Ltd. 通过 Transocean International Limited 完成了面向私人市场的 5亿美元 7.875% 优先级非担保票据的发行,到期日为 2032。这些票据对指定子公司在高级无担保基础上作出全面且无条件的担保,利息在每年的 4月15日10月15日支付,首个支付日为 2026年4月15日,并按 Rule 144A 向合格机构买家及 Regulation S 向美国以外地区出售。契约包含若干限制性条款:限制新增债务、对钻井平台或钻船的留置权不得与现有抵押等额且按比例分配、资产的卖-租回、以及某些合并或 amalgamation,及通常的违约事件和潜在的加速条款。

Transocean 还宣布其以现金 tender 的初步结果,将合并购买价格上限从 $5,0000 万 提高到 $1 亿。截至早期投标日期,$88,998,000 的 2041 年票据(约占流通在外的 50.21%)已有效投标并被接受,$120,628,000 的 2028 年票据(约占流通在外的 46.18%)也已有效投标,将按比例分配进行购买,按比例因子约为 13.17%

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Insights

$500M new notes due 2032 and tender cap raised to $100M

Transocean added fixed-rate debt via 7.875% notes due 2032, guaranteed by key subsidiaries. The Indenture restricts certain liens on drilling assets, sale‑leasebacks, and specific consolidations, which helps preserve creditor positioning within the capital structure.

Concurrently, the company lifted the tender cap to $100 million. Early tenders reached $88,998,000 for 2041 Notes (accepted in full) and $120,628,000 for 2028 Notes, subject to a proration factor of 13.17%. Actual liability management outcomes depend on holder participation and settlement mechanics disclosed in the Offer to Purchase.

The notes were sold under Rule 144A/Reg S, and interest is due semiannually starting April 15, 2026. Subsequent filings may detail final tender settlement allocations and any further balance sheet effects.

Transocean Ltd. ha chiuso una Offerta Privata di 500 milioni di dollari in Notes Senior Priority Garantite non subordinate al 7,875% con scadenza 2032 tramite Transocean International Limited. Le Notes sono completamente e incondizionatamente garantite su base senior unsecured da specifiche controllate filiali, pagano interessi il 15 aprile e il 15 ottobre di ogni anno a partire dal 15 aprile 2026, e sono state offerte a qualified institutional buyers ai sensi della Rule 144A e al di fuori degli Stati Uniti ai sensi del Regulation S. L'Indenture include covenant che limitano ulteriore indebitamento, ipoteche su piattaforme di perforazione o drillships senza garanzia uguale e proporzionale, operazioni di vendita-consegna (sale-leasebacks) di tali asset, e consolidamenti o amalgamazioni, con eventi di default consueti e potenziale accelerazione.

Transocean ha anche annunciato i risultati preliminari della propria offerta di acquisto in contanti, aumentando il tetto complessivo di prezzo di acquisto da $50 milioni a $100 milioni. Al Early Tender Date, $88,998,000 di Notes 2041 (circa il 50,21% in circolazione) sono stati validamente offerti e accettati, e $120,628,000 di Notes 2028 (circa il 46,18% in circolazione) sono stati validamente offerti, da acquistarsi su base pro rata con un fattore di pro-rata di circa 13,17%.

Transocean Ltd. cerró una oferta privada de 500 millones de dólares en Notas de Primera Prioridad Garantizadas no garantizadas (senior unsecured) al 7,875% con vencimiento en 2032 a través de Transocean International Limited. Las Notas son total e incondicionalmente garantizadas por subsidiarias específicas, pagan intereses el 15 de abril y el 15 de octubre de cada año a partir del 15 de abril de 2026, y fueron ofrecidas a compradores institucionales calificados bajo la Regla 144A y fuera de Estados Unidos según el Reglamento S. El Instrumento (Indenture) incluye pactos que limitan ciertos endeudamientos adicionales, gravámenes sobre plataformas de perforación o drillships sin garantía igual y prorratable, ventas con arrendamientos posteriores de estos activos, y ciertas consolidaciones o fusiónes, con eventos de incumplimiento habituales y posible aceleración.

Transocean también anunció resultados preliminares para su oferta de compra en efectivo, aumentando el tope agregado de compra combinado de $50 millones a $100 millones. A la Early Tender Date, $88,998,000 de Notas 2041 (aproximadamente el 50.21% en circulación) fueron debidamente ofertadas y aceptadas, y $120,628,000 de Notas 2028 (aproximadamente el 46.18% en circulación) fueron debidamente ofertadas, para ser adquiridas en base prorrata con un factor de prorrata de aproximadamente 13.17%.

Transocean Ltd.2032년 만기7.875% 우선순위 보장 비담보채권에 대해 Transocean International Limited를 통해 5억 달러의 비공개 제안을 마감했습니다. 이 채권은 특정 자회사들에 의해 전액 무조건 2순위 이상 보장되며, 매년 4월 15일과 10월 15일에 이자를 지급하고, 2026년 4월 15일부터 시작합니다. 규칙 144A에 따른 자격기관투자자에게 제안되었고 Regulation S에 따라 미국 외 지역에서 판매되었습니다. 인듄처(Indenture)에는 추가 차입 제한, 동등하고 비례하는 담보 없이 드릴링 rigs나 드릴쉽의 저당, 자산의 매각-리스백, 특정 합병이나 합병 등과 함께 일반적인 채무 불이행 사건 및 가속화 가능성이 포함된 계약 조항이 포함되어 있습니다.

또한 Transocean은 현금 Tender 오퍼의 조기 결과를 발표했고, 합산 매입 한도를 $50 milion에서 $100 milion으로 상향했습니다. 조기 Tender Date 기준으로 $88,998,000의 2041년 채권(발행량의 약 50.21%)이 유효하게 입찰 및 인수되었고, $120,628,000의 2028년 채권(발행량의 약 46.18%)도 유효 입찰되어 프 로 라타(Pro rata) 방식으로 매입되며 프 로 라타 계수는 약 13.17%입니다.

Transocean Ltd. a clôturé une émission privée de 500 millions de dollars d'obligations garanties prioritaires seniors non garanties au taux de 7,875% d'échéance 2032, réalisée via Transocean International Limited. Les obligaciones sont entièrement et sans condition garanties sur une base senior unsecured par des filiales désignées, versent des intérêts le 15 avril et le 15 octobre de chaque année à partir du 15 avril 2026, et ont été offertes à des acheteurs institutionnels qualifiés en vertu de la Rule 144A et en dehors des États-Unis en vertu du Regulation S. L'Indenture comprend des clauses limitant certaines dettes supplémentaires, des privilèges sur des plates-formes de forage ou drillships sans sécurité égale et pro-rata, des ventes-à-louer de ces actifs, et certaines consolidations ou amalgamations, avec des événements par défaut habituels et une éventuelle accélération.

Transocean a également annoncé les résultats préliminaires de son offre de rachat en espèces, portant le plafond global d'achat combiné de $50 millions à $100 millions. À la Early Tender Date, $88,998,000 de notes 2041 (environ 50,21% en circulation) ont été valablement offertes et acceptées, et $120,628,000 de notes 2028 (environ 46,18% en circulation) ont été valablement offertes, pour être achetées sur une base pro rata avec un facteur de pro rata d'environ 13,17%.

Transocean Ltd. schloss eine private Platzierung von 500 Millionen US-Dollar in 7,875% Senior Priority Guaranteed Notes mit Fälligkeit 2032 durch Transocean International Limited ab. Die Notes sind vollständig und bedingungslos auf einer senior unsecured Basis durch festgelegte Tochtergesellschaften garantiert, zahlen Zinsen jeweils am 15. April und 15. Oktober eines jeden Jahres beginnend mit dem 15. April 2026, und wurden an qualifizierte institutionelle Käufer gemäß Rule 144A und außerhalb der USA gemäß Regulation S angeboten. Die Anleihe enthält Covenants, die bestimmte zusätzliche Verschuldung, Pfandrechte an Bohrplattformen oder Drillships ohne gleiche und anteilige Sicherheit, Sale-leasebacks dieser Vermögenswerte sowie bestimmte Verschmelzungen oder Zusammenschlüsse begrenzen, mit üblichen Verzug-Events und potenzieller Beschleunigung.

Transocean kündigte außerdem vorläufige Ergebnisse zu seinem Cash-Tender-Angebot an und hob die Obergrenze für den kombinierten Kaufpreis von $50 Millionen auf $100 Millionen an. Zum Early Tender Date wurden $88,998,000 von 2041 Notes (ca. 50,21% der ausstehenden Stücke) gültig angeboten und akzeptiert, und $120,628,000 von 2028 Notes (ca. 46,18% der ausstehenden Stücke) gültig angeboten, um anteilig zu einem Prorata-Verhältnis von ca. 13,17% gekauft zu werden.

0001451505false00014515052025-10-152025-10-15

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of report (date of earliest event reported): October 15, 2025

TRANSOCEAN LTD.

(Exact name of Registrant as specified in its charter)

Switzerland

    

001-38373

    

98-0599916

(State or other jurisdiction of

(Commission

(I.R.S. Employer

incorporation or organization)

File Number)

Identification No.)

Turmstrasse 30

   

Steinhausen, Switzerland

CH-6312

(Address of principal executive offices)

(zip code)

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

​ ​

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

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act

Title of each class

Trading Symbol

Name of each exchange on which registered:

Shares, $0.10 par value

RIG

New York Stock Exchange

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

Emerging growth company

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

Item 1.01Entry into a Material Definitive Agreement.

On October 15, 2025, in connection with the closing of the previously announced offering (the “Offering”) by Transocean International Limited, a Bermuda exempted company limited by shares (the “Company”) and a wholly owned subsidiary of Transocean Ltd., of $500 million in aggregate principal amount of 7.875% Senior Priority Guaranteed Notes due 2032 (the “Notes”), the Company entered into an indenture (the “Indenture”) with Transocean Ltd., Transocean Holdings 1 Limited, Transocean Holdings 2 Limited, Transocean Holdings 3 Limited, Transocean Asset Holdings 1 Limited, Transocean Asset Holdings 2 Limited and Transocean Asset Holdings 3 Limited, as guarantors (collectively, the “Guarantors”), and Truist Bank, as trustee (the “Trustee”). The Notes will be fully and unconditionally guaranteed, jointly and severally, by the Guarantors on a senior unsecured basis.

The Notes will mature on October 15, 2032 and will bear interest at a rate of 7.875% per annum. Interest on the Notes will be paid on April 15 and October 15 of each year, beginning on April 15, 2026. The Notes have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or under any state securities laws, and were offered only to qualified institutional buyers under Rule 144A under the Securities Act and outside the United States in compliance with Regulation S under the Securities Act.

The terms of the Notes are governed by the Indenture, which contains covenants that, among other things, limit the Company’s ability to allow its subsidiaries to incur certain additional indebtedness, incur certain liens on its drilling rigs or drillships without equally and ratably securing the Notes, engage in certain sale and lease-back transactions covering any of its drilling rigs or drillships and consolidate, merge or enter into a scheme of arrangement qualifying as an amalgamation. The Indenture also contains customary events of default. Indebtedness under the Notes may be accelerated in certain circumstances upon an event of default as set forth in the Indenture.

The foregoing description of the Indenture does not purport to be complete and is qualified in its entirety by the Indenture, a copy of which is filed herewith as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 1.01.

Item 2.03

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 is incorporated by reference into this Item 2.03.

Item 7.01Regulation FD Disclosure.

The information set forth in Item 8.01 is incorporated by reference into this Item 7.01. The press release announcing the early results of the Tender Offer is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 7.01.

Item 8.01Other Events.


On October 15, 2025, Transocean Ltd. announced the early results and early settlement date for the previously announced cash tender offer (the “Tender Offer”) by the Company, which commenced on September 30, 2025, to purchase up to an aggregate principal amount of the outstanding 7.35% Senior Notes due 2041 (the “2041 Notes”), and 7.00% Notes due 2028 (the “2028 Notes” and, together with the 2028 Notes, the “Tender Notes”) for a combined aggregate purchase price of up to $50 million. The 2041 Notes have a step-up coupon currently at 9.35%. The Company has amended the terms of the Tender Offer to increase the combined aggregate purchase price to $100 million (excluding accrued and unpaid interest, which also will be paid to, but excluding, the early settlement date and excluding fees and expenses related to the Tender Offer) (as amended, the “Maximum Tender Offer Amount”). All other terms of the previously announced Tender Offer remain unchanged.

As of 5:00 p.m. New York City time on October 14, 2025 (the “Early Tender Date”), according to information provided to the Company by the tender and information agent for the Tender Offer, $88,998,000 aggregate principal amount of the 2041 Notes (approximately 50.21% of the aggregate principal amount outstanding) was validly tendered and $120,628,000 aggregate principal amount of the 2028 Notes (approximately 46.18% of the aggregate principal amount outstanding) was validly tendered. The Company accepted for payment all such 2041 Notes validly tendered and not validly withdrawn in the Tender Offer. The Company will accept for purchase all such 2028 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date on a pro rata basis based on the proration procedures described in the Offer to Purchase dated September 30, 2025 (the “Offer to Purchase”). As a result, the proration factor applicable to the 2028 Notes is approximately 13.17%.

This Current Report on Form 8-K does not constitute an offer to purchase nor a solicitation of an offer to sell the Tender Notes. In addition, this Current Report on Form 8-K does not constitute an offer to sell or the solicitation of an offer to buy any Notes issued in connection with the contemporaneous notes offering, nor shall there be any sale of the securities issued in such offering in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Tender Offer is being made pursuant only to the Offer to Purchase.

Item 9.01  Financial Statements and Exhibits.

(d)  Exhibits.

Exhibit No.

    

Description

4.1

Indenture, dated as of October 15, 2025, by and among Transocean International Limited, the Guarantors and Truist Bank, as trustee.

99.1

Press Release Announcing Early Results of the Tender Offer

101

Interactive data files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language

104

Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURES

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

TRANSOCEAN LTD.

Date: October 15, 2025

By:

/s/ Daniel Ro-Trock

Daniel Ro-Trock

Authorized Person

FAQ

What debt did RIG issue and on what terms?

Transocean issued $500 million of 7.875% Senior Priority Guaranteed Notes due 2032, with interest payable on April 15 and October 15 starting April 15, 2026.

Who guarantees the new Transocean notes?

The Notes are fully and unconditionally guaranteed, jointly and severally, by specified Transocean subsidiaries on a senior unsecured basis.

How were the new notes offered?

They were offered privately to qualified institutional buyers under Rule 144A and outside the U.S. under Regulation S.

What covenants are included in the Indenture?

Covenants limit certain additional indebtedness by subsidiaries, restrict liens and sale‑leasebacks on drilling rigs or drillships, and limit certain consolidations or amalgamations.

What are the early tender results for RIG’s tender offer?

$88,998,000 of 2041 Notes were accepted in full; $120,628,000 of 2028 Notes were tendered, to be purchased pro rata with a 13.17% proration factor.

Did Transocean change the tender offer size?

Yes. The combined aggregate purchase price cap was increased from $50 million to $100 million, excluding accrued interest and fees.
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