Transocean 13G/A: PRIMECAP Reports 13,126,722 Shares (1.49%)

Rhea-AI Filing Summary

Schedule 13G/A (Amendment No. 7) filed by PRIMECAP MANAGEMENT CO/CA/ reports a passive, beneficial ownership position in Transocean Ltd. of 13,126,722 shares, equal to 1.49% of the class (CUSIP H8817H100). The filing shows PRIMECAP has sole voting power over 13,005,022 shares and sole dispositive power over 13,126,722 shares. The report indicates the securities were acquired and are held in the ordinary course of business and not for the purpose of influencing control. Issuer address is listed in Steinhausen, Switzerland, and the filing is signed on 08/13/2025 by the Deputy Chief Compliance Officer.

Positive

• Filing reports a clear beneficial ownership of 13,126,722 shares, providing transparent disclosure of institutional holdings.
• PRIMECAP certifies the securities were acquired and are held in the ordinary course of business and not to influence control.

Negative

• None.

Insights

Financial Analyst

TL;DR: Modest passive stake—1.49% (13.13M shares) gives PRIMECAP economic exposure but is below activist thresholds and unlikely to alter control.

The filing documents a clear passive holding with 13,126,722 shares (1.49%) and sole voting/dispositive power over essentially the same position. Because the filer checked the Schedule 13G framework and certified the holdings are in the ordinary course and not intended to influence control, this represents an institutional investment sized for portfolio exposure rather than a governance play. For investors, this confirms continued institutional ownership without a disclosed change in intent or strategy.

Corporate Governance Expert

TL;DR: Governance impact is neutral—sole voting power noted but overall stake remains under 5%, so no regulatory or control implications arise from this filing.

The report specifies sole voting power of 13,005,022 shares and sole dispositive power of 13,126,722 shares. However, at 1.49% of the class the position falls below thresholds that typically trigger additional disclosure or control presumptions. The certification that holdings are not for influencing control further supports a non-activist posture. From a governance perspective this filing is informative but not material to control dynamics.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

Transocean Ltd.

(Name of Issuer)

COM

(Title of Class of Securities)

H8817H100

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. H8817H100

1

Names of Reporting Persons

PRIMECAP MANAGEMENT CO/CA/

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 13,005,022.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,126,722.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,126,722.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.49 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Transocean Ltd.
(b)	Address of issuer's principal executive offices: Turmstrasse 30, Steinhausen, SWITZERLAND CH-6312
Item 2.
(a)	Name of person filing: PRIMECAP MANAGEMENT CO/CA/
(b)	Address or principal business office or, if none, residence: 177 EAST COLORADO BLVD. 11TH FLOOR PASADENA, California 91105
(c)	Citizenship: PRIMECAP MANAGEMENT CO/CA/ - UNITED STATES
(d)	Title of class of securities: COM
(e)	CUSIP No.: H8817H100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 13,126,722
(b)	Percent of class: 1.49 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: PRIMECAP MANAGEMENT CO/CA/ - 13,005,022
	(ii) Shared power to vote or to direct the vote: PRIMECAP MANAGEMENT CO/CA/ - 0
	(iii) Sole power to dispose or to direct the disposition of: PRIMECAP MANAGEMENT CO/CA/ - 13,126,722
	(iv) Shared power to dispose or to direct the disposition of: PRIMECAP MANAGEMENT CO/CA/ - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PRIMECAP MANAGEMENT CO/CA/

Signature:	Jorge A. Rodriguez
Name/Title:	Deputy Chief Compliance Officer
Date:	08/13/2025

FAQ

How many Transocean (RIG) shares does PRIMECAP report owning?

PRIMECAP reports beneficial ownership of 13,126,722 shares of Transocean common stock.

What percentage of Transocean does PRIMECAP's stake represent?

The filing states the position represents 1.49% of the class.

Does PRIMECAP have voting or dispositive power over these shares?

Yes. The filing shows sole voting power over 13,005,022 shares and sole dispositive power over 13,126,722 shares.

Is this filing an indication PRIMECAP intends to influence Transocean's control?

No. The certification states the securities were acquired and are held in the ordinary course of business and not to change or influence control.

When is the event date referenced in this Schedule 13G/A?

The date of the event requiring the filing is listed as 06/30/2025 and the signature date is 08/13/2025.