Item 7.01 Regulation FD

On February 22, 2021, Transocean Ltd. ("Transocean") announced that it and Transocean Inc., its wholly-owned subsidiary, entered into privately negotiated agreements (the "Exchange Agreements") pursuant to which Transocean Inc. agreed to exchange (the "Exchange") approximately $252.8 million aggregate principal amount of its outstanding 0.5% Exchangeable Senior Bonds due 2023 (the "Existing Exchangeable Bonds") for (i) approximately $230.1 million aggregate principal amount of new 4.00% Senior Guaranteed Exchangeable Bonds due 2025 (the "Senior Guaranteed Exchangeable Bonds") and (ii) approximately $8.9 million aggregate amount of cash.

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 Agreements Relating to
               Existing Exchangeable Bonds
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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