Transocean (RIG) legal chief exercises share awards, sells stock for taxes

Rhea-AI Filing Summary

Transocean Ltd. executive Brady K. Long reported multiple equity award transactions in company registered shares. On March 1, 2026, he acquired 52,778, 66,993 and 98,406 shares through exercises of previously granted restricted units at $6.25 per share as those units vested under Transocean’s long-term incentive plan.

Footnotes explain these restricted units were 1-for-1 share equivalents granted in 2023, 2024 and 2025, with additional units scheduled to vest in 2027 and 2028. On March 3, 2026, 87,689 shares were sold at $6.12 per share solely to satisfy tax withholding obligations upon vesting, leaving Long with 1,238,098 directly owned shares.

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

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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^*

Long Brady K

(Last) (First) (Middle)

1414 ENCLAVE PARKWAY

(Street)

HOUSTON TX 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Legal Officer

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)
			Code	V	Amount	(A) or (D)	Price
Registered Shares	03/01/2026		M		52,778(1)	A	$6.25	1,160,388	D
Registered Shares	03/01/2026		M		66,993(2)	A	$6.25	1,227,381	D
Registered Shares	03/01/2026		M		98,406(3)	A	$6.25	1,325,787	D
Registered Shares	03/03/2026		F		87,689(4)	D	$6.12	1,238,098	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

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 share 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 restricted share units vest as follows: 66,993 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 share units vested on March 1, 2026, resulting in the right of the reporting person to receive the registered shares. The remaining restricted share units vest as follows: 98,407 on March 1, 2027 and 98,407 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.
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FAQ

What insider transactions did Transocean (RIG) executive Brady K. Long report?

Brady K. Long reported exercises of restricted share units into registered shares and a related tax-withholding stock sale. On March 1, 2026 he acquired multiple share blocks, then on March 3, 2026 sold 87,689 shares solely to cover tax obligations from those vestings.

How many Transocean (RIG) shares did Brady K. Long sell for taxes?

He disposed of 87,689 registered shares at $6.12 per share to satisfy tax withholding obligations. This sale was tied to the vesting of prior restricted unit awards, rather than an open-market portfolio change, according to the disclosed transaction code and footnote description.

What equity awards vested for Transocean (RIG) EVP Brady K. Long?

Restricted units granted in 2023, 2024 and 2025 vested in part on March 1, 2026, converting 52,778, 66,993 and 98,406 units into registered shares. These awards were issued under Transocean’s long-term incentive plan as 1-for-1 share equivalents, according to the footnote disclosures.

Does Brady K. Long still hold Transocean (RIG) shares after these transactions?

Yes. After the March 3, 2026 tax-withholding sale, Brady K. Long directly owned 1,238,098 Transocean registered shares. That balance reflects both the new shares received from restricted unit vesting and the shares disposed of to cover related tax obligations on the vesting event.

What future vesting is scheduled for Transocean (RIG) restricted units held by Brady K. Long?

Footnotes state remaining restricted units are scheduled to vest as 66,993 units on March 1, 2027 from a 2024 grant, and 98,407 units on March 1, 2027 plus 98,407 units on March 1, 2028 from a 2025 grant, each convertible 1-for-1 into registered shares.

Were Brady K. Long’s Transocean (RIG) transactions open-market buys or sells?

The acquisitions were exercises of restricted units into registered shares, not open-market purchases. The disposition of 87,689 shares was specifically identified as shares sold upon vesting to satisfy tax withholding obligations, rather than a discretionary open-market sale decision.