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            <filer>
                <filerCredentials>
                    <cik>0002045694</cik>
                    <ccc>XXXXXXXX</ccc>
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            <liveTestFlag>LIVE</liveTestFlag>



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        <issuerInfo>
            <issuerCik>0001451505</issuerCik>
            <issuerName>TRANSOCEAN LTD.</issuerName>
            <secFileNumber>001-38373</secFileNumber>
            <issuerAddress>
                <ns2:street1>1414 Enclave Parkway</ns2:street1>
                <ns2:city>Houston</ns2:city>
                <ns2:stateOrCountry>TX</ns2:stateOrCountry>
                <ns2:zipCode>77077</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>713.232.8077</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>RODERICK J MACKENZIE</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
                <relationshipToIssuer>Director</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>8th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>40000</noOfUnitsSold>
            <aggregateMarketValue>130488.00</aggregateMarketValue>
            <noOfUnitsOutstanding>883261456</noOfUnitsOutstanding>
            <approxSaleDate>06/13/2025</approxSaleDate>
            <securitiesExchangeName>NYSE</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>03/01/2025</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted stock vesting under a registered plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>40000</amountOfSecuritiesAcquired>
            <paymentDate>03/01/2025</paymentDate>
            <natureOfPayment>Not Applicable</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>Roderic Mackenzie</name>
                <address>
                    <ns2:street1>1414 Enclave Parkway</ns2:street1>
                    <ns2:city>Houston</ns2:city>
                    <ns2:stateOrCountry>TX</ns2:stateOrCountry>
                    <ns2:zipCode>77077</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>common</securitiesClassTitle>
            <saleDate>05/12/2025</saleDate>
            <amountOfSecuritiesSold>22000</amountOfSecuritiesSold>
            <grossProceeds>61147.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>Roderick Mackenzie</name>
                <address>
                    <ns2:street1>1414 Enclave Parkway</ns2:street1>
                    <ns2:city>Houston</ns2:city>
                    <ns2:stateOrCountry>TX</ns2:stateOrCountry>
                    <ns2:zipCode>77077</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>common</securitiesClassTitle>
            <saleDate>04/11/2025</saleDate>
            <amountOfSecuritiesSold>22000</amountOfSecuritiesSold>
            <grossProceeds>49015.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>06/13/2025</noticeDate>
            <planAdoptionDates/>
            <signature>/s/ Roderick J Mackenzie</signature>
        </noticeSignature>
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144
0002045694
XXXXXXXX
LIVE
0001451505
TRANSOCEAN LTD.
001-38373
1414 Enclave Parkway
Houston
TX
77077
713.232.8077
RODERICK J MACKENZIE
Officer
Director
Common
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
8th Floor
New York
NY
10004
40000
130488.00
883261456
06/13/2025
NYSE
Common
03/01/2025
Restricted stock vesting under a registered plan
Issuer
N
40000
03/01/2025
Not Applicable
N
Roderic Mackenzie
1414 Enclave Parkway
Houston
TX
77077
common
05/12/2025
22000
61147.00
Roderick Mackenzie
1414 Enclave Parkway
Houston
TX
77077
common
04/11/2025
22000
49015.00
06/13/2025
/s/ Roderick J Mackenzie