Transocean director granted 30,435 Restricted Units

CHANG VANESSA C L reported acquisition or exercise transactions in this Form 4 filing.

Accepted by SEC EDGAR 05/27/2026 - 06:42 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

CHANG VANESSA C L reported acquisition or exercise transactions in this Form 4 filing.

Transocean Ltd. director Vanessa C L Chang received a grant of 30,435 Restricted Units as equity compensation. Each unit represents a 1-for-1 equivalent of a registered share. The award vests on the earlier of May 22, 2027, or the next Annual General Meeting following the May 22, 2026 grant date, and will be settled in registered shares after vesting. Following this grant, she holds 30,435 Restricted Units directly.

Insider Trade Summary

Grant/Award: 30,435 shares

Grant/Award 1 txn

Insider CHANG VANESSA C L

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Units	30,435	$0.00	$0.00

Holdings After Transaction: Restricted Units — 30,435 contracts (Direct)

Footnotes (1)

1. F1. Restricted Units, which are 1-for-1 registered share equivalents, were acquired on May 22, 2026, pursuant to the Issuer's long-term incentive plan. Restricted Units vest on the earlier of: (i) May 22, 2027, or (ii) the date of the next Annual General Meeting of the Company's shareholders following the May 22, 2026 grant date. Such Restricted Units will be payable in registered shares of the Issuer following the applicable vesting date, pursuant to the terms and conditions of the award.

Key Figures

Restricted Units granted: 30,435 units Total Restricted Units held after grant: 30,435 units Vesting date (latest): May 22, 2027 +1 more

4 metrics

Restricted Units granted 30,435 units Equity award granted on May 22, 2026

Total Restricted Units held after grant 30,435 units Direct holdings following the reported transaction

Vesting date (latest) May 22, 2027 Vests earlier of this date or next AGM after grant

Share equivalence 1 unit = 1 registered share Restricted Units are 1-for-1 registered share equivalents

Key Terms

Restricted Units, long-term incentive plan, Annual General Meeting, registered shares

4 terms

Restricted Units financial

"Restricted Units, which are 1-for-1 registered share equivalents, were acquired on May 22, 2026"

long-term incentive plan financial

"were acquired on May 22, 2026, pursuant to the Issuer's long-term incentive plan"

A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.

Annual General Meeting financial

"Restricted Units vest on the earlier of: (i) May 22, 2027, or (ii) the date of the next Annual General Meeting"

registered shares financial

"Such Restricted Units will be payable in registered shares of the Issuer following the applicable vesting date"

Shares that are recorded by name in a company’s official shareholder register, so the company knows exactly who owns them and must update its records when they change hands. For investors this matters because registered shares make it easier to receive dividends, vote at meetings and prove ownership—like having a named entry in an address book rather than an anonymous ticket—reducing confusion and improving legal and tax transparency.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Transocean (RIG) director Vanessa C L Chang report in this Form 4?

Vanessa C L Chang reported receiving 30,435 Restricted Units of Transocean Ltd. as equity compensation. These units are share equivalents granted under the company’s long-term incentive plan and are not an open-market purchase or sale of existing Transocean shares.

How many Transocean (RIG) Restricted Units were granted to Vanessa C L Chang?

She was granted 30,435 Restricted Units of Transocean Ltd. Each unit is equivalent to one registered share. After this award, her reported direct holdings in these Restricted Units total 30,435, reflecting the full amount of this new compensation grant.

When do the granted Transocean (RIG) Restricted Units vest for Vanessa C L Chang?

The Restricted Units vest on the earlier of May 22, 2027, or the date of the next Annual General Meeting following the May 22, 2026 grant. Vesting timing is therefore tied to either a fixed future date or the company’s next shareholder meeting.

How will Vanessa C L Chang’s Transocean (RIG) Restricted Units be settled after vesting?

After vesting, the Restricted Units will be payable in registered shares of Transocean Ltd. This means each vested unit converts into one registered share, according to the terms and conditions of the company’s long-term incentive award agreement.

Are Vanessa C L Chang’s reported Transocean (RIG) Restricted Units an open-market transaction?

No, the 30,435 Restricted Units were acquired as a grant under Transocean’s long-term incentive plan. The Form 4 describes a compensation-related award, not a market purchase or sale of Transocean shares on a stock exchange.

What is the relationship between Transocean (RIG) Restricted Units and registered shares?

The filing states that the Restricted Units are 1-for-1 registered share equivalents. This means each unit corresponds to one registered share of Transocean Ltd., which will be delivered after the applicable vesting date described in the award terms.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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^*

CHANG VANESSA C L

(Last) (First) (Middle)

TURMSTRASSE 30

(Street)

STEINHAUSEN 6312

(City) (State) (Zip)

SWITZERLAND

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/22/2026

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

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

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

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

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
Restricted Units	$0	05/22/2026		A		30,435		(1)	(1)	Registered Shares	30,435	$0	30,435	D

Explanation of Responses:

1. Restricted Units, which are 1-for-1 registered share equivalents, were acquired on May 22, 2026, pursuant to the Issuer's long-term incentive plan. Restricted Units vest on the earlier of: (i) May 22, 2027, or (ii) the date of the next Annual General Meeting of the Company's shareholders following the May 22, 2026 grant date. Such Restricted Units will be payable in registered shares of the Issuer following the applicable vesting date, pursuant to the terms and conditions of the award.

	/s/ Debra Kupferman by Power of Attorney	05/27/2026
	** 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.
* Form 4: SEC 1474 (03-26)