Item 1.01Entry into a Material Definitive Agreement

On August 5, 2022, Transocean Ltd. ("Transocean") entered into an Equity Distribution Agreement (the "Agreement") with Morgan Stanley & Co. LLC (the "Manager") pursuant to which Transocean may offer and sell its shares, par value CHF 0.10 per share (the "shares"), from time to time through the Manager, as Transocean's sales agent for the offer and sale of the shares, up to an aggregate offering price of $435,000,000 (the "2022 Equity Offering Program"). The aggregate offering price for the 2022 Equity Offering Program includes the remaining offering price of shares that were included in but not sold pursuant to the Company's prior equity offering program that was launched on June 14, 2021.

Sales of the shares, if any, pursuant to the Agreement will be made by means of ordinary brokers' transactions on the New York Stock Exchange, to or through a market maker or directly on or through an electronic communications network at market prices, in negotiated transactions or as otherwise permitted by law. Transocean intends to use the net proceeds from the sale of the shares for general corporate purposes, which may include, among other things the repayment and/or refinancing of indebtedness, the acquisition of rigs and the funding of working capital, capital expenditures, investments and additional balance sheet liquidity. Transocean may invest funds not required immediately for such purposes in marketable securities and short-term investments.

The Agreement includes customary representations, warranties and covenants by Transocean and customary obligations of the parties and termination provisions. Transocean has agreed to indemnify the Manager against certain liabilities, including liabilities under the Securities Act of 1933, as amended, or to contribute to payments the Manager may be required to make with respect to any of those liabilities. Transocean will pay the Manager for sales of shares a commission of up to 2.0% of the gross sales price per share sold through the Manager.

The shares will be issued pursuant to a prospectus supplement to Transocean's shelf registration statement (the "Registration Statement") on Form S-3ASR (File No. 333-257093) which became effective upon filing with the Securities and Exchange Commission on June 14, 2021.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is filed as

Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.

In connection with the offering of the shares under the Agreement, Transocean is filing the opinion of Homburger AG as part of this Current Report on Form 8-K that is to be incorporated by reference into the Registration Statement. The opinion of Homburger AG is filed as Exhibit 5.1 to this Current Report and incorporated herein by reference.

Item 9.01Financial Statements and Exhibits

(d) Exhibits.



Exhibit No.    Description
1.1              Equity Distribution Agreement, dated as of August 5, 2022, by and
               between Transocean Ltd. and Morgan Stanley & Co. LLC
5.1              Opinion of Homburger AG
23.1             Consent of Homburger AG (included in Exhibit 5.1)
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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