RIG director-by-deputization entity now holds 96.6M Transocean shares

Rhea-AI Filing Summary

Transocean Ltd. (RIG) reported an insider share purchase by Perestroika (Cyprus) Ltd., which is treated as a director by deputization. On 11/24/2025, the entity purchased 1,500,000 registered shares of Transocean at a price of $4.02 per share, coded as a purchase transaction. Following this trade, it beneficially owned 96,574,894 shares, held as direct ownership. Perestroika (Cyprus) Ltd. is a wholly owned subsidiary of Perestroika AS, which is solely owned and directed by Mr. Frederik Mohn, making him the indirect beneficial owner of these securities.

Insights

Equity Ownership & Governance Analyst

Director-affiliated entity bought 1.5M shares, modestly increasing an already very large direct stake.

The filing shows an entity affiliated with director-designating shareholder Perestroika AS purchased 1,500,000 registered shares of Transocean Ltd. on 11/24/2025 at a price of $4.02 per share. After this open-market purchase (transaction code "P"), the reporting person directly holds 96,574,894 shares. This is a sizeable absolute position, and the trade meaningfully increases that already large holding.

The ownership is reported as Direct (D), with the explanatory note clarifying the chain: Perestroika (Cyprus) Ltd. is wholly owned by Perestroika AS, and Mr. Frederik Mohn is the indirect beneficial owner of all securities owned by Perestroika AS. The remarks also state that Perestroika (Cyprus) Ltd. may be deemed a director by deputization, and that Perestroika AS’s right to designate a board member has since terminated, which slightly reduces formal governance influence while leaving economic exposure intact.

Key items to watch are the size and direction of future transactions by this holder, given the current level of 96,574,894 shares, and any further changes in its governance role. The relevant time reference here is the trade date of 11/24/2025 and the subsequent filing date of 11/25/2025, which confirm timely reporting and provide a clear marker for tracking subsequent ownership changes.

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^*

Perestroika (Cyprus) Ltd

(Last) (First) (Middle)

C/O PERESTROIKA AS

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	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:

Remarks:

Perestroika (Cyprus) Ltd. 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. Due to Perestroika AS's designation of a member of the board of directors of the Company, Perestroika (Cyprus) Ltd. may be deemed to be a director of the Company by deputization. Perestroika AS's right to designate a member of the Company's board of directors has since terminated.

	/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 Perestroika (Cyprus) Ltd., treated as a director by deputization, purchased 1,500,000 registered shares of Transocean Ltd. (RIG) on 11/24/2025.

At what price were the Transocean (RIG) shares purchased in the Form 4?

The 1,500,000 registered shares of Transocean were purchased at a price of $4.02 per share.

How many Transocean (RIG) shares are beneficially owned after this transaction?

After the reported transaction, the reporting person beneficially owned 96,574,894 shares of Transocean, held as direct (D) ownership.

Who is the ultimate beneficial owner behind Perestroika (Cyprus) Ltd. in the Transocean (RIG) filing?

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

What is the relationship of the reporting person to Transocean (RIG)?

The reporting person is indicated as a Director. The remarks state that Perestroika (Cyprus) Ltd. may be deemed a director of the company by deputization due to Perestroika AS's board designation rights, which have since terminated.

Was the Form 4 for Transocean (RIG) filed by an individual or a group?

The filing indicates that the Form was filed by one reporting person, not by more than one reporting person.