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        <submissionType>144</submissionType>
        <filerInfo>
            <filer>
                <filerCredentials>
                    <cik>0001318251</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>41 (41) 749-0500</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>DAVID TONNEL</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>38th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>12000</noOfUnitsSold>
            <aggregateMarketValue>78320.40</aggregateMarketValue>
            <noOfUnitsOutstanding>731847899</noOfUnitsOutstanding>
            <approxSaleDate>04/17/2023</approxSaleDate>
            <securitiesExchangeName>NYSE</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>COMMON</securitiesClassTitle>
            <acquiredDate>02/10/2022</acquiredDate>
            <natureOfAcquisitionTransaction>PSU</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>ISSUER</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>12000</amountOfSecuritiesAcquired>
            <paymentDate>02/10/2022</paymentDate>
            <natureOfPayment>NONE</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>David Tonnel</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>03/02/2023</saleDate>
            <amountOfSecuritiesSold>84612</amountOfSecuritiesSold>
            <grossProceeds>572140.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>David Tonnel</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>02/15/2023</saleDate>
            <amountOfSecuritiesSold>24857</amountOfSecuritiesSold>
            <grossProceeds>181858.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>David Tonnel</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>02/10/2023</saleDate>
            <amountOfSecuritiesSold>108974</amountOfSecuritiesSold>
            <grossProceeds>784770.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>David Tonnel</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>02/01/2023</saleDate>
            <amountOfSecuritiesSold>43668</amountOfSecuritiesSold>
            <grossProceeds>303055.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>David Tonnel</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>01/18/2023</saleDate>
            <amountOfSecuritiesSold>14541</amountOfSecuritiesSold>
            <grossProceeds>89427.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>04/17/2023</noticeDate>
            <planAdoptionDates>
                <planAdoptionDate>05/25/2022</planAdoptionDate>
            </planAdoptionDates>
            <signature>/s/ David Tonnel</signature>
        </noticeSignature>
    </formData>
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144
0001318251
XXXXXXXX
LIVE
0001451505
TRANSOCEAN LTD.
001-38373
1414 ENCLAVE PARKWAY
Houston
TX
77077
41 (41) 749-0500
DAVID TONNEL
Officer
Common
Morgan Stanley Smith Barney LLC
1 New York Plaza
38th Floor
New York
NY
10004
12000
78320.40
731847899
04/17/2023
NYSE
COMMON
02/10/2022
PSU
ISSUER
N
12000
02/10/2022
NONE
N
David Tonnel
1414 ENCLAVE PARKWAY
Houston
TX
77077
Common
03/02/2023
84612
572140.00
David Tonnel
1414 ENCLAVE PARKWAY
Houston
TX
77077
Common
02/15/2023
24857
181858.00
David Tonnel
1414 ENCLAVE PARKWAY
Houston
TX
77077
Common
02/10/2023
108974
784770.00
David Tonnel
1414 ENCLAVE PARKWAY
Houston
TX
77077
Common
02/01/2023
43668
303055.00
David Tonnel
1414 ENCLAVE PARKWAY
Houston
TX
77077
Common
01/18/2023
14541
89427.00
04/17/2023
05/25/2022
/s/ David Tonnel