RIG insider Frederik Mohn adds 1.5M shares via Perestroika

Rhea-AI Filing Summary

Transocean Ltd. (RIG) director Frederik Mohn, through Perestroika (Cyprus) Ltd., reported buying 1,500,000 registered shares on 11/24/2025 at $4.02 per share.

After this transaction, the filing shows 96,574,894 registered shares beneficially owned indirectly. The report identifies Mohn as the sole director and owner of Perestroika AS, which wholly owns Perestroika (Cyprus) Ltd., making him the indirect beneficial owner of these securities.

Insights

Equity Ownership & Governance Analyst

Large open-market share purchase by a director-controlled entity increases insider ownership significantly.

The filing reports that **Mr. Frederik Mohn**, a director of **Transocean Ltd.**, indirectly purchased **1,500,000 Registered Shares** on 11/24/2025 at a price of $4.02 per share (code "P" for open-market purchase). After this trade, the indirect position held via **Perestroika (Cyprus) Ltd.**, a wholly owned subsidiary of **Perestroika AS**, stands at **96,574,894 shares**, with an additional **22,148 shares** held directly. The filing clarifies that Mr. Mohn is the sole director and owner of Perestroika AS and therefore the indirect beneficial owner of the securities.

This transaction increases economic alignment between a board member and the company, because a larger stake ties personal outcomes more closely to overall corporate performance. The form identifies the relationship as **Director** only, and there are no derivative securities reported in Table II, which indicates use of straightforward equity rather than options or complex instruments in this instance. The ownership is split between indirect (via Perestroika entities) and a comparatively small direct holding, which concentrates influence through the corporate vehicle.

Key items to watch are any further changes in beneficial ownership by Perestroika (Cyprus) Ltd. or Mr. Mohn, as additional Form 4 filings would signal continued adjustments in stake size. The timing here is precise, with the trade on 11/24/2025 and the filing signed on 11/25/2025, so subsequent ownership updates should appear relatively quickly if more transactions occur. Monitoring future Forms 4 and any related governance disclosures over the coming quarters can help track how this ownership position evolves.

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^*

Mohn Frederik Wilhelm

(Last) (First) (Middle)

TURMSTRASSE 30

(Street)

STEINHAUSEN V8 6312

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/24/2025

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	11/24/2025		P		1,500,000	A	$4.02	96,574,894	I	By Perestroika (Cyprus) Ltd.(1)
Registered Shares								22,148	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. These securities are held directly by Perestroika (Cyprus) Ltd., which is a wholly owned subsidiary of Perestroika AS. Mr. Frederik Mohn is the sole director and owner of Perestroika AS and is the indirect beneficial owner of all securities owned by Perestroika AS.

	/s/ Daniel Ro-Trock by Power of Attorney	11/25/2025
	** 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.

FAQ

What insider transaction did Transocean (RIG) report in this Form 4?

The filing reports that 1,500,000 registered shares of Transocean Ltd. (RIG) were purchased on 11/24/2025 at $4.02 per share.

Who is the reporting person in the Transocean (RIG) Form 4 filing?

The reporting person is Frederik Mohn, identified as a director of Transocean Ltd. and the indirect beneficial owner of the reported securities.

How many Transocean (RIG) shares does the insider own after the reported transaction?

Following the transaction, the filing shows 96,574,894 registered shares of Transocean Ltd. beneficially owned indirectly by the reporting person.

Through which entity were the Transocean (RIG) shares held and purchased?

The securities are held by Perestroika (Cyprus) Ltd., a wholly owned subsidiary of Perestroika AS, which is wholly owned and controlled by Frederik Mohn.

What is the relationship between Perestroika AS and the reporting person in the RIG Form 4?

The filing states that Perestroika (Cyprus) Ltd. is wholly owned by Perestroika AS, and Frederik Mohn is the sole director and owner of Perestroika AS, making him the indirect beneficial owner of the securities.

What type of ownership is reported for the Transocean (RIG) shares in this Form 4?

The 96,574,894 registered shares are reported as indirect ownership, held through Perestroika (Cyprus) Ltd.