Item 7.01Regulation FD.

On August 5, 2020, Transocean Ltd. ("Transocean") announced that it and Transocean Inc., its wholly-owned subsidiary, entered into a privately negotiated agreement (the "Exchange Agreement") pursuant to which Transocean Inc. agreed to exchange (the "Exchange") approximately $356 million aggregate principal amount of its outstanding 0.5% Exchangeable Senior Bonds due 2023 (the "Existing Exchangeable Bonds") for approximately $213 million aggregate principal amount of new 2.5% Senior Guaranteed Exchangeable Bonds due 2027.

In addition, on August 5, 2020, Transocean announced that it has commenced a series of internal reorganization transactions and that it was evaluating additional potential liability management transactions.

A copy of Transocean's press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information contained in this Item 7.01 and Exhibit 99.1 hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall not be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01Financial Statements and Exhibits





(d)  Exhibits.




Exhibit No.    Description

99.1             Transocean Ltd. Announces Private Exchange Agreement Relating to
               Existing Exchangeable Bonds, Certain Internal Reorganization
               Transactions, and Evaluation of Potential Liability Management
               Transactions
101            Interactive data files pursuant to Rule 405 of Regulation S-T formatted
               in Inline Extensible Business Reporting Language
104            Cover Page Interactive Data File (formatted as inline XBRL).

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