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			RIG_Currentfolio_Form 8-K_ JT- MM Employment Agreements
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			<a name="_GoBack"></a><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">UNITED STATES</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-weight:bold;font-size: 12pt;">
			<font style="display:inline;">SECURITIES AND EXCHANGE COMMISSION</font>
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		<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Washington, D.C. 20549</font>
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			<font style="display:inline;font-size:11pt;">&nbsp;</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:18pt;">FORM 8</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:18pt;">&#8209;K</font>
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			<font style="display:inline;font-size:18pt;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">CURRENT REPORT</font>
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		<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">PURSUANT TO SECTION 13 OR 15(d) OF THE</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</font>
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			<font style="display:inline;">&nbsp;</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Date of Report (Date of earliest event reported): </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">September 2, 2016 (August 29, 2016)</font>
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			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 16pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:16pt;">TRANSOCEAN LTD.</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">(Exact name of registrant as specified in its charter)</font>
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			<font style="display:inline;font-size:11pt;">&nbsp;</font>
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						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;">Switzerland</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;">000-53533</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;">98-0599916</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">(State or other jurisdiction of incorporation or organization)</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">(Commission</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">File Number)</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">(I.R.S. Employer</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Identification No.)</font></p>
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			<font style="display:inline;">&nbsp;</font>
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						&nbsp;</p>
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						<font style="display:inline;">&nbsp;</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;">10 Chemin de Blandonnet</font></p>
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;">1214 Vernier, Geneva</font></p>
					<p style="margin:0pt 0pt 0.75pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;">Switzerland</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;">CH-1214</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">(Address of principal executive offices)</font></p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">(zip code)</font></p>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Registrant&#x2019;s telephone number, including area code: </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;">+41 (22)&nbsp;930-9000</font>
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		<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:250pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display:inline;font-weight:bold;font-size:11pt;"></font></font>
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		<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">(Former name or former address, if changed since last report)</font>
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			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:13pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-style:italic;font-size:11pt;">see </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">General Instruction A.2. below):</font>
		</p>
		<p style="margin:0pt;line-height:13pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:13pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:16pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;"></font><font style="display:inline;font-size:11pt;">&#x2610;</font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;font-family:Wingdings;;font-size: 11pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font>
		</p>
		<p style="margin:0pt;line-height:13pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
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		<p style="margin:0pt;line-height:13pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:16pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;"></font><font style="display:inline;font-size:11pt;">&#x2610;</font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;font-family:Wingdings;;font-size: 11pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font>
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		<p style="margin:0pt;line-height:13pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:13pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:16pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;"></font><font style="display:inline;font-size:11pt;">&#x2610;</font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;font-family:Wingdings;;font-size: 11pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font>
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		<p style="margin:0pt;line-height:13pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
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		<p style="margin:0pt;line-height:13pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:16pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;"></font><font style="display:inline;font-size:11pt;">&#x2610;</font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;font-family:Wingdings;;font-size: 11pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">
			&nbsp;
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-weight:bold;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-weight:bold;font-size: 11pt;"><font style="display:inline;font-size:11pt;">Item 5.02</font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">On August 29, 2016, each of Jeremy D. Thigpen and Mark Mey entered into entered into a new employment agreement (each a &#x201C;New Agreement&#x201D; and, together, the &#x201C;New Agreements&#x201D;) with a wholly</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">-</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">owned </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">indirect </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">subsidiary of Transocean Ltd. (the &#x201C;Company&#x201D;) that replaces his prior employment agreement (each a &#x201C;Prior Agreement&#x201D; and, together, the &#x201C;Prior Agreements&#x201D;).&nbsp;&nbsp;The terms of the New Agreements, effective September 1, 2016, are substantially similar to those in the Prior Agreements, except that the New Agreements eliminate provisions regarding (1) certain relocation and expatriate allowances under the Company&#x2019;s policy for U.S. national expatriate employees working in Switzerland and (2) certain perquisites, including club membership dues, an annual physical and tax and financial planning assistance.&nbsp;&nbsp;These changes reflect recent action taken by the Compensation Committee of the Board of Directors of the Company to eliminate executive perquisites effective January 1, 2017.&nbsp;&nbsp;Under the New Agreements, for each of Mr. Thigpen and Mr. Mey, his base salary, terms of participation in the Company&#x2019;s Performance Award and Cash Bonus Plan and terms of participation in the Company&#x2019;s Long-Term Incentive Plan remain unchanged as compared to the Prior Agreements.&nbsp;&nbsp;In addition, the Company did not grant any new equity awards to either Mr. Thigpen or Mr. Mey in connection with entering into the New Agreements.&nbsp;&nbsp;The descriptions of the Prior Agreements are incorporated herein by reference to the Current Reports on Form 8-K filed by the Company with the Securities and Exchange Commission on April 22, 2015 (with respect to Mr. Thigpen) and May 27, 2015 (with respect to Mr. Mey).</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;"></font>
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		<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;">SIGNATURES</font>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
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		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
		</p>
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			<font style="display:inline;font-size:11pt;">&nbsp;</font>
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			<font style="display:inline;font-size:11pt;">&nbsp;</font>
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			<font style="display:inline;font-size:11pt;">&nbsp;</font>
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						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
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					<p style="margin:2pt 3pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">TRANSOCEAN LTD.</font></p>
				</td>
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						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Date: September 2, 2016</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">By</font></p>
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				<td valign="top" style="width:45.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 2pt 0pt 3pt;height:14.00pt">
					<p style="margin:2pt 3pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">/s/ Brady K. Long</font></p>
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						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">Brady K. Long</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">Authorized Person</font></p>
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{"company-data": {"conformed-name": "Transocean Ltd.", "cik": "0001451505", "assigned-sic": "1381", "irs-number": "980599916", "state-of-incorporation": "V8", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-53533", "film-number": "161868964"}, "business-address": {"street1": "BLANDONNET INTERNATIONAL BUSINESS CENTER", "street2": "BLDG F, 7TH FLOOR, CHEMIN DE BLANDONNET", "city": "VERNIER", "state": "V8", "zip": "1214", "phone": "41-58-792-9243"}, "mail-address": {"street1": "BLANDONNET INTERNATIONAL BUSINESS CENTER", "street2": "BLDG F, 7TH FLOOR, CHEMIN DE BLANDONNET", "city": "VERNIER", "state": "V8", "zip": "1214"}}
RIG_Currentfolio_Form 8-K_ JT- MM Employment Agreements
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8
‑K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
September 2, 2016 (August 29, 2016)
TRANSOCEAN LTD.
(Exact name of registrant as specified in its charter)
Switzerland
000-53533
98-0599916
(State or other jurisdiction of incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
10 Chemin de Blandonnet
1214 Vernier, Geneva
Switzerland
CH-1214
(Address of principal executive offices)
(zip code)
Registrant's telephone number, including area code:
+41 (22) 930-9000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 29, 2016, each of Jeremy D. Thigpen and Mark Mey entered into entered into a new employment agreement (each a "New Agreement" and, together, the "New Agreements") with a wholly
-
owned
indirect
subsidiary of Transocean Ltd. (the "Company") that replaces his prior employment agreement (each a "Prior Agreement" and, together, the "Prior Agreements").  The terms of the New Agreements, effective September 1, 2016, are substantially similar to those in the Prior Agreements, except that the New Agreements eliminate provisions regarding (1) certain relocation and expatriate allowances under the Company's policy for U.S. national expatriate employees working in Switzerland and (2) certain perquisites, including club membership dues, an annual physical and tax and financial planning assistance.  These changes reflect recent action taken by the Compensation Committee of the Board of Directors of the Company to eliminate executive perquisites effective January 1, 2017.  Under the New Agreements, for each of Mr. Thigpen and Mr. Mey, his base salary, terms of participation in the Company's Performance Award and Cash Bonus Plan and terms of participation in the Company's Long-Term Incentive Plan remain unchanged as compared to the Prior Agreements.  In addition, the Company did not grant any new equity awards to either Mr. Thigpen or Mr. Mey in connection with entering into the New Agreements.  The descriptions of the Prior Agreements are incorporated herein by reference to the Current Reports on Form 8-K filed by the Company with the Securities and Exchange Commission on April 22, 2015 (with respect to Mr. Thigpen) and May 27, 2015 (with respect to Mr. Mey).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRANSOCEAN LTD.
Date: September 2, 2016
By
/s/ Brady K. Long
Brady K. Long
Authorized Person