Transocean (RIG) executive chair Form 4 shows 500,000-share sale near $4.32

Rhea-AI Filing Summary

Transocean Ltd. reported that its Executive Chair and director sold 500,000 registered shares of the company’s stock on 11/26/2025. The sale was reported at a weighted average price of $4.32 per share, with individual trade prices ranging from $4.31 to $4.34. Following this transaction, the insider beneficially owned 2,136,223 shares, a figure that already reflects a prior transfer of shares to the reporting person’s former spouse pursuant to a domestic relations order.

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^*

THIGPEN JEREMY D

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chair

3. Date of Earliest Transaction (Month/Day/Year)
11/26/2025

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	11/26/2025		S		500,000	D	$4.32(1)	2,136,223(2)	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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.31 to $4.34, inclusive. The reporting person undertakes to provide Transocean Ltd. (the "Company"), any security holder of the Company, or the staff of the U.S. Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (1) to this Form 4.

2. The amount of securities beneficially owned following the reported transaction reflects a prior transfer of shares to the reporting person's former spouse pursuant to a domestic relations order.

	/s/ Debra Kupferman by Power of Attorney	12/01/2025
	** 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) disclose in this Form 4?

Transocean disclosed that its Executive Chair and director sold 500,000 registered shares of the company’s stock in an open-market transaction on 11/26/2025.

At what price were the 500,000 Transocean (RIG) shares sold?

The 500,000 shares were sold at a weighted average price of $4.32 per share, with individual sales occurring between $4.31 and $4.34 per share.

How many Transocean (RIG) shares does the insider hold after this sale?

After the reported sale, the insider beneficially owned 2,136,223 shares of Transocean Ltd. common stock.

What explains the change in beneficial ownership reported for Transocean (RIG)?

The amount of securities beneficially owned after the transaction reflects a prior transfer of shares to the reporting person’s former spouse pursuant to a domestic relations order.

Does the Form 4 for Transocean (RIG) specify that the sale used average pricing?

Yes. The filing states that the price reported is a weighted average and that the shares were sold in multiple transactions within the $4.31 to $4.34 price range.

Can investors obtain more detail on the individual Transocean (RIG) trade prices?

The reporting person undertook to provide the Company, any security holder, or SEC staff full information on the number of shares sold at each separate price within the reported range upon request.