Transocean (NYSE: RIG) CEO nets new shares after restricted units vest

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Transocean Ltd. director and CEO Keelan Adamson reported equity award activity involving company registered shares. On March 1, 2026, he acquired 67,731, 104,397 and 146,048 registered shares through exercises of vested restricted units that were granted under Transocean’s long‑term incentive plan in 2023, 2024 and 2025.

The footnotes explain these restricted units are 1‑for‑1 share equivalents, with remaining portions scheduled to vest in March 2027 and March 2028. On March 3, 2026, 127,878 shares were disposed of at $6.12 per share to satisfy tax withholding obligations upon vesting, a tax-withholding disposition rather than an open-market sale. After these transactions, Adamson directly owned 1,491,509 registered shares.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Adamson Keelan

Role PRESIDENT AND CEO

Type	Security	Shares	Price	Value
Tax Withholding	Registered Shares	127,878	$6.12	$783K
Exercise	Registered Shares	67,731	$6.25	$423K
Exercise	Registered Shares	104,397	$6.25	$652K
Exercise	Registered Shares	146,048	$6.25	$913K

Holdings After Transaction: Registered Shares — 1,491,509 shares (Direct)

Footnotes (1)

Restricted Units, which are 1-for-1 share equivalents, acquired on February 9, 2023, pursuant to the Issuer's long-term incentive plan. One third of such restricted units vested on March 1, 2026, resulting in the right of the reporting person to receive the registered shares. Restricted Units, which are 1-for-1 share equivalents, acquired on February 8, 2024, pursuant to the Issuer's long-term incentive plan. One third of such restricted units vested on March 1, 2026, resulting in the right of the reporting person to receive the registered shares. The remaining share units vest as follows: 104,397 on March 1, 2027. Restricted Units, which are 1-for-1 share equivalents, acquired on February 13, 2025, pursuant to the Issuer's long-term incentive plan. One third of such restricted units vested on March 1, 2026, resulting in the right to of the reporting person to receive the registered shares. The remaining restricted share units vest as follows: 146,048 on March 1, 2027 and 146,048 on March 1, 2028. Shares sold upon vesting to satisfy tax withholding obligations.

Form 4 Insider Transactions: What Each Field Means →

03/03/2026 - 09:34 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Adamson Keelan

(Last)

(First)

(Middle)

1414 ENCLAVE PARKWAY

(Street)

HOUSTON

77077

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Transocean Ltd. [ RIG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	PRESIDENT AND CEO

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Registered Shares	03/01/2026		M		67,731⁽¹⁾	A	$6.25	1,368,942	D
Registered Shares	03/01/2026		M		104,397⁽²⁾	A	$6.25	1,473,339	D
Registered Shares	03/01/2026		M		146,048⁽³⁾	A	$6.25	1,619,387	D
Registered Shares	03/03/2026		F		127,878⁽⁴⁾	D	$6.12	1,491,509	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Restricted Units, which are 1-for-1 share equivalents, acquired on February 9, 2023, pursuant to the Issuer's long-term incentive plan. One third of such restricted units vested on March 1, 2026, resulting in the right of the reporting person to receive the registered shares.

2. Restricted Units, which are 1-for-1 share equivalents, acquired on February 8, 2024, pursuant to the Issuer's long-term incentive plan. One third of such restricted units vested on March 1, 2026, resulting in the right of the reporting person to receive the registered shares. The remaining share units vest as follows: 104,397 on March 1, 2027.

3. Restricted Units, which are 1-for-1 share equivalents, acquired on February 13, 2025, pursuant to the Issuer's long-term incentive plan. One third of such restricted units vested on March 1, 2026, resulting in the right to of the reporting person to receive the registered shares. The remaining restricted share units vest as follows: 146,048 on March 1, 2027 and 146,048 on March 1, 2028.

4. Shares sold upon vesting to satisfy tax withholding obligations.

	/s/ Debra Kupferman by Power of Attorney	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Transocean (RIG) CEO Keelan Adamson report?

Keelan Adamson reported vesting-related equity activity, acquiring multiple blocks of registered shares from vested restricted units and disposing of 127,878 shares to cover tax withholding obligations. These movements reflect long-term incentive plan vesting rather than discretionary open-market trades.

How many Transocean (RIG) shares did the CEO acquire through vested awards?

On March 1, 2026, the CEO acquired 67,731, 104,397 and 146,048 registered shares via exercises of vested restricted units granted in 2023, 2024 and 2025. Each restricted unit represents a 1‑for‑1 share equivalent under Transocean’s long‑term incentive plan.

Why did Transocean (RIG) CEO dispose of 127,878 shares?

The CEO disposed of 127,878 registered shares at $6.12 per share to satisfy tax withholding obligations triggered by restricted unit vesting. This tax-withholding disposition is distinct from a voluntary open-market sale and is tied directly to the equity award vesting event.

What are the future vesting dates for the CEO’s Transocean (RIG) restricted units?

Remaining restricted units are scheduled to vest in future tranches: 104,397 units on March 1, 2027, and 146,048 units on March 1, 2027 and March 1, 2028. Each vested unit will entitle the CEO to receive one registered share upon vesting.

How many Transocean (RIG) shares does the CEO hold after these transactions?

Following the reported transactions, the CEO directly owned 1,491,509 registered shares of Transocean. This figure reflects the net result after receiving shares from vested restricted units and disposing of a portion of shares to cover associated tax withholding obligations.

What type of equity awards were involved in the Transocean (RIG) CEO’s Form 4?

The transactions involved restricted units that are 1‑for‑1 share equivalents under Transocean’s long‑term incentive plan. Portions of awards granted in 2023, 2024 and 2025 vested on March 1, 2026, converting into registered shares, with additional units scheduled to vest later.