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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow">UNITED STATES</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial Narrow">CURRENT REPORT</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial Narrow">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial Narrow">Item&#160;8.01.&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;Other Events</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow">Transocean Ltd. (&#8220;Transocean&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221;, &#8220;our&#8221;) is filing this Current Report on Form 8-K (the &#8220;Report&#8221;) in connection with the anticipated filing with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) of a shelf registration statement relating to securities that Transocean Ltd. and Transocean Inc., its wholly owned subsidiary, may offer from time to time, including debt securities of Transocean Inc., which may be fully and unconditionally guaranteed by Transocean Ltd.&#160;&#160;The Report is being filed for the purpose of adding Note&#160;15 to our unaudited condensed consolidated financial statements included within Part&#160;I., Item&#160;1, of our Quarterly Report on Form&#160;10-Q for the quarterly period ended June&#160;30, 2010 (the &#8220;Second Quarter 2010 Form&#160;10-Q&#8221;), filed with the SEC on August&#160;4, 2010.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow">We are providing the additional note to our financial statements to provide condensed consolidating financial information in accordance with Rule&#160;3-10(c) of Regulation&#160;S-X promulgated by the SEC.&#160;&#160;To reflect the addition of Note&#160;15 to our unaudited condensed consolidated financial statements included within the Second Quarter 2010 Form&#160;10-Q, we have amended Part&#160;I., Item&#160;1., in its entirety, which is attached hereto as Exhibit&#160;99.1 and is incorporated by reference herein.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow">We have filed the Report only for the purpose described above, which only affects the Item specified above, and the other information contained in the Second Quarter 2010 Form&#160;10-Q remains unchanged and reflects disclosures made at the time of such filing.&#160;&#160;No attempt&#160; has been made in the Report nor in the exhibits to the Report to modify or update disclosures in the Second Quarter 2010 Form 10-Q except as described in this Item 8.01.&#160; The Report should be read in conjunction with the Second Quarter 2010 Form&#160;10-Q and our other filings with the SEC subsequent to the filing of the Second Quarter 2010 Form&#160;10-Q.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow">The following exhibits are filed in connection with this Report:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow">Update to Transocean Ltd. Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2010,</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow">101.<font style="DISPLAY: inline; FONT-VARIANT: small-caps">ins</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow">Pursuant to the requirements of Section&#160;13 or 15(d)<font style="DISPLAY: inline; FONT-FAMILY: Arial Narrow">&#160;</font>of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on September&#160;16, 2010.</font></div>

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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": "101074930"}, "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"}}
form8_k.htm
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 16, 2010 (September 16, 2010)
_________________________
TRANSOCEAN LTD.
(Exact name of registrant as specified in its charter)
Zug, Switzerland
000-53533
98-0599916
(State or other jurisdiction of incorporation or organization)
(Commission file number)
(I.R.S. Employer Identification No.)
Chemin de Blandonnet 10
Vernier, Switzerland
1214
(Address of principal executive offices)
(Zip Code)
+41 (22) 930-9000
(Registrant's telephone number, including area code)
_________________________
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):   Yes
þ
No
¨
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Securities 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 8.01.         Other Events
Transocean Ltd. ("Transocean", the "Company", "we", "us", "our") is filing this Current Report on Form 8-K (the "Report") in connection with the anticipated filing with the U.S. Securities and Exchange Commission (the "SEC") of a shelf registration statement relating to securities that Transocean Ltd. and Transocean Inc., its wholly owned subsidiary, may offer from time to time, including debt securities of Transocean Inc., which may be fully and unconditionally guaranteed by Transocean Ltd.  The Report is being filed for the purpose of adding Note 15 to our unaudited condensed consolidated financial statements included within Part I., Item 1, of our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2010 (the "Second Quarter 2010 Form 10-Q"), filed with the SEC on August 4, 2010.
We are providing the additional note to our financial statements to provide condensed consolidating financial information in accordance with Rule 3-10(c) of Regulation S-X promulgated by the SEC.  To reflect the addition of Note 15 to our unaudited condensed consolidated financial statements included within the Second Quarter 2010 Form 10-Q, we have amended Part I., Item 1., in its entirety, which is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
We have filed the Report only for the purpose described above, which only affects the Item specified above, and the other information contained in the Second Quarter 2010 Form 10-Q remains unchanged and reflects disclosures made at the time of such filing.  No attempt  has been made in the Report nor in the exhibits to the Report to modify or update disclosures in the Second Quarter 2010 Form 10-Q except as described in this Item 8.01.  The Report should be read in conjunction with the Second Quarter 2010 Form 10-Q and our other filings with the SEC subsequent to the filing of the Second Quarter 2010 Form 10-Q.
Item 9.01.         Financial Statements and Exhibits
(d)           Exhibits
The following exhibits are filed in connection with this Report:
Number
Description
23.1
Consent of Ernst & Young LLP
99.1
Update to Transocean Ltd. Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2010,
Part I. Item 1. Financial Statements
101.
ins
XBRL Instance Document
101.
sch
XBRL Taxonomy Extension Schema
101.
cal
XBRL Taxonomy Extension Calculation Linkbase
101.
def
XBRL Taxonomy Extension Definition Linkbase
101.
lab
XBRL Taxonomy Extension Label Linkbase
101.
pre
XBRL Taxonomy Extension Presentation Linkbase
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d)
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on September 16, 2010.
TRANSOCEAN LTD.
By:
/s/ Heather G. Callender
Heather G. Callender
Associate General Counsel