RIG Form 4: Perestroika unit holds 96.6M Transocean shares

Rhea-AI Filing Summary

Transocean Ltd. (RIG) reported an insider equity purchase linked to its board. On 11/24/2025, Perestroika (Cyprus) Ltd., which may be deemed a director of the company by deputization, acquired 1,500,000 registered shares of Transocean at $4.02 per share. Following this transaction, Perestroika (Cyprus) Ltd. held 96,574,894 shares indirectly. These securities are held through Perestroika (Cyprus) Ltd., a wholly owned subsidiary of Perestroika AS, for which Mr. Frederik Mohn is the sole director and owner, making him the indirect beneficial owner of these holdings.

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^*

Perestroika

(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)

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.

Remarks:

Perestroika (Cyprus) Ltd. is a wholly owned subsidiary of 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.
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FAQ

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

The filing reports that Perestroika (Cyprus) Ltd., which may be deemed a director of Transocean by deputization, acquired 1,500,000 registered shares of Transocean on 11/24/2025.

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

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

How many Transocean (RIG) shares did Perestroika (Cyprus) Ltd. own after the reported transaction?

After the reported purchase, Perestroika (Cyprus) Ltd. beneficially owned 96,574,894 shares of Transocean indirectly.

Who is the indirect beneficial owner of the Transocean (RIG) shares held by Perestroika (Cyprus) Ltd.?

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 all securities owned by Perestroika AS.

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

The reporting person is marked as a Director. Perestroika (Cyprus) Ltd. may be deemed to be a director of Transocean by deputization due to Perestroika AS’s prior right to designate a member of the company’s board.

Does Perestroika AS still have the right to designate a Transocean (RIG) board member?

The filing states that Perestroika AS's right to designate a member of Transocean's board of directors has since terminated.