<?xml version='1.0' encoding='UTF-8'?>

      <!-- iXBRL document created with: Toppan Merrill Bridge iXBRL 9.6.7401.38943 -->
      <!-- Based on: iXBRL 1.1 -->
      <!-- Created on: 9/11/2020 8:32:24 PM -->
      <!-- iXBRL Library version: 1.0.7401.38955 -->
      <!-- iXBRL Service Job ID: 84ee9229-3ec0-4985-82f0-d6e4662a0cf6 -->

  <html xmlns:us-gaap="http://fasb.org/us-gaap/2019-01-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:rig="http://www.deepwater.com/20200911" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31" xmlns="http://www.w3.org/1999/xhtml" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:xbrldi="http://xbrl.org/2006/xbrldi"><head><meta content="text/html" http-equiv="content-type" /><title></title></head><body><div style="margin-top:30pt;"></div><div style="display:none;"><ix:header><ix:hidden><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:EntityCentralIndexKey" id="Tc_7BhFnPJw-EKhAlgpqDbqjw_2_1">0001451505</ix:nonNumeric><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:AmendmentFlag" id="Tc_baswBqcMFkiZ2suMPnouMg_3_1">false</ix:nonNumeric></ix:hidden><ix:references><link:schemaRef xlink:type="simple" xlink:href="rig-20200911.xsd"></link:schemaRef></ix:references><ix:resources><xbrli:context id="Duration_9_11_2020_To_9_11_2020_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember_FvDnmm2of0yUoRkjipmA2g"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001451505</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2020-09-11</xbrli:startDate><xbrli:endDate>2020-09-11</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="Duration_9_11_2020_To_9_11_2020_us-gaap_StatementClassOfStockAxis_rig_SeniorUnsecuredExchangeableBonds0.5PercentMember_G91YyxgKSU6imOKx29RoPQ"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001451505</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">rig:SeniorUnsecuredExchangeableBonds0.5PercentMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2020-09-11</xbrli:startDate><xbrli:endDate>2020-09-11</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001451505</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2020-09-11</xbrli:startDate><xbrli:endDate>2020-09-11</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;max-width:100%;position:relative;"><a id="_025ff35e_00e6_45fa_8ac7_44a5b23e535b"></a><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">UNITED STATES<br />SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Washington, D.C. 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:18pt;font-weight:bold;text-align:center;margin:0pt;">FORM <ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:DocumentType" id="Narr_6ZRnRSSvbUGmAXMrtbf9mQ">8-K</ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">CURRENT REPORT<br />Pursuant to Section 13 or 15(d) of <br />the Securities Exchange Act of 1934 <br /><br />Date of report (date of earliest event reported): </b><ix:nonNumeric format="ixt:datemonthdayyearen" contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:DocumentPeriodEndDate" id="Narr_dcuklgkuNU6-9G79TGcIgA"><b style="font-weight:bold;">September 11, 2020</b></ix:nonNumeric><b style="font-weight:bold;"> </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:20pt;font-weight:bold;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:EntityRegistrantName" id="Narr_2AhPaDctlUeY8ropEYEcGg">TRANSOCEAN LTD</ix:nonNumeric>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Exact name of Registrant as specified in its charter) </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><a id="_97099f8b_6d91_4212_ac39_f0329140466e"></a><a id="Tc_XMD4xiI_z0aVsZJ4ft-YNw_2_0"></a><a id="Tc_6XqeMB0Ea0aaKSpA3zzETg_2_2"></a><a id="Tc_oWMFe1tmnUS4fNxrw1yxWg_2_4"></a><a id="Tc_l9QIe2FW_kyuBfab95zFPQ_3_0"></a><a id="Tc_DTl4nuy6ZEG1Rrbyi6HguQ_3_2"></a><a id="Tc_IIfDtjtcfkWJFk5-np7hmg_3_4"></a><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:32.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:2.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:33.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:2.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:28.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:32.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric format="ixt-sec:edgarprovcountryen" contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:EntityIncorporationStateCountryCode" id="Tc_Tuc420v8OkWgeCWZJFAyxg_1_0"><b style="font-size:10pt;font-weight:bold;">Switzerland</b></ix:nonNumeric></p></td><td style="vertical-align:top;width:2.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:33.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:EntityFileNumber" id="Tc_zaqU1Xrhx0KwPJ7GtRVsHQ_1_2"><b style="font-size:10pt;font-weight:bold;">001-38373</b></ix:nonNumeric></p></td><td style="vertical-align:top;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:28.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:EntityTaxIdentificationNumber" id="Tc_vrm2mS245EqP4bnenLjIFw_1_4"><b style="font-size:10pt;font-weight:bold;">98-0599916</b></ix:nonNumeric></p></td></tr><tr><td style="vertical-align:top;width:32.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(State or other jurisdiction of</p></td><td style="vertical-align:top;width:2.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:33.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Commission</p></td><td style="vertical-align:top;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:28.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(I.R.S. Employer</p></td></tr><tr><td style="vertical-align:top;width:32.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">incorporation or organization)</p></td><td style="vertical-align:top;width:2.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:33.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">File Number)</p></td><td style="vertical-align:top;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:28.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Identification No.)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><a id="_9471b4bf_9661_43a6_adc8_d44ad8e8b2df"></a><a id="Tc_bVw7l4lfKEWGuem8yu-oPg_2_0"></a><a id="Tc__0UCA5RMJ024p5K6FUDhzg_4_0"></a><a id="Tc__eEgtIZSxU-ecRAdJaqXbA_4_2"></a><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:49.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:2.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:47.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:49.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:EntityAddressAddressLine1" id="Tc_R_phH4UJ4kOOqmeRx53Zxw_1_0"><b style="font-size:10pt;font-weight:bold;">Turmstrasse 30</b></ix:nonNumeric></p></td><td style="vertical-align:top;width:2.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;&#160;&#160;</p></td><td style="vertical-align:top;width:47.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:49.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:EntityAddressCityOrTown" id="Narr__xYfqKtwl0Cla8Do4SG3Iw"><b style="font-size:10pt;font-weight:bold;">Steinhausen</b></ix:nonNumeric><b style="font-size:10pt;font-weight:bold;">, </b><ix:nonNumeric format="ixt-sec:countrynameen" contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:EntityAddressCountry" id="Narr_E60-tnY3qU-8AfpZSuehzA"><b style="font-size:10pt;font-weight:bold;">Switzerland</b></ix:nonNumeric><b style="font-size:10pt;font-weight:bold;"> </b></p></td><td style="vertical-align:top;width:2.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:47.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:EntityAddressPostalZipCode" id="Tc_yeVVk-aeHUyQYQYF_CDZ1w_2_2"><b style="font-size:10pt;font-weight:bold;">CH-6312</b></ix:nonNumeric></p></td></tr><tr><td style="vertical-align:top;width:49.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:2.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:47.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:49.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Address of principal executive offices)</p></td><td style="vertical-align:top;width:2.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:47.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(zip code)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-size:10pt;">Registrant&#8217;s telephone number, including area code: </span><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:CityAreaCode" id="Narr_Ewq0oTL0RkG_ZEFr7lE1iQ"><b style="font-size:10pt;font-weight:bold;">+41 (41)</b></ix:nonNumeric><b style="font-size:10pt;font-weight:bold;">&#160;</b><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:LocalPhoneNumber" id="Narr_1g38sWJjDkWyOM5Aj5ZfPA"><b style="font-size:10pt;font-weight:bold;">749-0500</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;"><span style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:467.4pt;">&#8203; &#8203;<span style="display:inline-block;height:0pt;width:100%;"></span></span></span><span style="text-decoration:underline;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">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: </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:18pt;"><ix:nonNumeric format="ixt-sec:boolballotbox" contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:WrittenCommunications" id="Narr_vgMGXKawg0W0oFv9N0N_Dw"><span style="color:#000000;font-family:'Segoe UI Symbol';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">&#9744;</span></ix:nonNumeric></span><span style="font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 18pt;"><span style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:18pt;"><ix:nonNumeric format="ixt-sec:boolballotbox" contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:SolicitingMaterial" id="Narr_-_eKuaTOb0a53w-7HvP-Lw"><span style="color:#000000;font-family:'Segoe UI Symbol';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">&#9744;</span></ix:nonNumeric></span><span style="font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 18pt;"><span style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:18pt;"><ix:nonNumeric format="ixt-sec:boolballotbox" contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:PreCommencementTenderOffer" id="Narr_pmNToh75g0O4APnQQ2w8AQ"><span style="color:#000000;font-family:'Segoe UI Symbol';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">&#9744;</span></ix:nonNumeric></span><span style="font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 18pt;"><span style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:18pt;"><ix:nonNumeric format="ixt-sec:boolballotbox" contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:PreCommencementIssuerTenderOffer" id="Narr_ee4Pxk1DCkaYCFaavOjHAw"><span style="color:#000000;font-family:'Segoe UI Symbol';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">&#9744;</span></ix:nonNumeric></span><span style="font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </span></p><a id="_8dd5d2dc_c168_404c_b78e_10bd7467f0ed"></a><a id="Tc_SDzRT1TRpEKLStIixTm-1Q_1_0"></a><a id="Tc_ZLjypeoxK0GZYeou2XUE4Q_2_0"></a><a id="Tc_S0xUO4MCW0C6Y8JOzdHlsQ_2_1"></a><a id="Tc_ccSPrGhyAUCDzrXcdquM4A_2_2"></a><a id="Tc_RSulPUlUTUiPadhP-0yS4A_3_0"></a><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:41.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:17.29%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:41.35%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td colspan="3" style="vertical-align:top;width:100%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 3pt 0pt;">Securities registered pursuant to Section 12(b) of the Act</p></td></tr><tr><td style="vertical-align:top;width:41.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Title of each class</span></p></td><td style="vertical-align:top;width:17.29%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Trading Symbol</span></p></td><td style="vertical-align:top;width:41.35%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Name of each exchange on which registered:</span></p></td></tr><tr><td style="vertical-align:top;width:41.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember_FvDnmm2of0yUoRkjipmA2g" name="dei:Security12bTitle" id="Narr_jgHK-F9SgEGcmrNBvSVncA"><span style="font-size:10pt;">Shares</span></ix:nonNumeric><span style="font-size:10pt;">, CHF 0.10 par value</span></p></td><td style="vertical-align:top;width:17.29%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember_FvDnmm2of0yUoRkjipmA2g" name="dei:TradingSymbol" id="Tc_eFdqy2LLAUi4_ZuyCSn9Pw_3_1"><span style="font-size:10pt;">RIG</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:41.35%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><ix:nonNumeric format="ixt-sec:exchnameen" contextRef="Duration_9_11_2020_To_9_11_2020_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember_FvDnmm2of0yUoRkjipmA2g" name="dei:SecurityExchangeName" id="Tc_cK_eKI8wPkGKkVI-83Nd9Q_3_2"><span style="font-size:10pt;">New York Stock Exchange</span></ix:nonNumeric></p></td></tr><tr><td style="vertical-align:top;width:41.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_us-gaap_StatementClassOfStockAxis_rig_SeniorUnsecuredExchangeableBonds0.5PercentMember_G91YyxgKSU6imOKx29RoPQ" name="dei:Security12bTitle" id="Tc_Qj30zL5MwEWzDJiDPDSzoQ_4_0"><span style="font-size:10pt;">0.50% Exchangeable Senior Bonds due 2023</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:17.29%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><ix:nonNumeric contextRef="Duration_9_11_2020_To_9_11_2020_us-gaap_StatementClassOfStockAxis_rig_SeniorUnsecuredExchangeableBonds0.5PercentMember_G91YyxgKSU6imOKx29RoPQ" name="dei:TradingSymbol" id="Tc_6WC0NE6wVU2zdb0X5pUXCQ_4_1"><span style="font-size:10pt;">RIG/23</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:41.35%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><ix:nonNumeric format="ixt-sec:exchnameen" contextRef="Duration_9_11_2020_To_9_11_2020_us-gaap_StatementClassOfStockAxis_rig_SeniorUnsecuredExchangeableBonds0.5PercentMember_G91YyxgKSU6imOKx29RoPQ" name="dei:SecurityExchangeName" id="Tc_rTbaE03R-kyibcMnIXsnaA_4_2"><span style="font-size:10pt;">New York Stock Exchange</span></ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:10pt 0pt 0pt 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;">Emerging growth company </span><ix:nonNumeric format="ixt-sec:boolballotbox" contextRef="Duration_9_11_2020_To_9_11_2020_n0RXo5i8hkqFFI730Fr5bQ" name="dei:EntityEmergingGrowthCompany" id="Narr_hNCJ7lZJvk-tuFlwSk7XkQ"><span style="font-family:'Segoe UI Symbol';font-size:10pt;">&#9744;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family:'Segoe UI Symbol';">&#9744;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><a id="_6a21fa29_3753_4813_aabe_e3b6ca77025d"></a></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:76.47%;border:0;margin:30pt 11.76% 30pt 11.76%;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:72pt;text-align:center;text-indent:-72pt;margin:0pt;"><span style="font-family:'Wingdings';font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-align:left;">Item 1.01</b></span><b style="font-weight:bold;">Entry into a Material Definitive Agreement</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt;">On September 11, 2020, in connection with the closing of the previously announced exchange offers (the &#8220;Exchange Offers&#8221;) by Transocean Inc., a wholly-owned subsidiary of Transocean Ltd. (together, &#8220;Transocean&#8221;), Transocean Inc. entered into an indenture (the &#8220;Indenture&#8221;) with Transocean Ltd., Transocean Mid Holdings 1 Limited, Transocean Mid Holdings 2 Limited, Transocean Mid Holdings 3 Limited (collectively, the &#8220;Guarantors&#8221;) and Wells Fargo Bank, National Association, as trustee, pursuant to which it issued $687,343,000 aggregate principal amount of 11.50% Senior Guaranteed Notes due 2027 (the &#8220;New 2027 Senior Guaranteed Notes&#8221;). See Item 8.01 below for a description of the final results of the Exchange Offers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt;">The New 2027 Senior Guaranteed Notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors on a senior unsecured basis (the &#8220;Guarantees&#8221;). The New 2027 Senior Guaranteed Notes have not been registered under the U.S. Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), or under any state securities laws, and were offered only to qualified institutional buyers under Rule 144A under the Securities Act and outside the United States in compliance with Regulation S under the Securities Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt;">The New 2027 Senior Guaranteed Notes are governed by the Indenture, which contains covenants that, among other things, limit Transocean Inc.&#8217;s ability to allow its subsidiaries to incur certain additional indebtedness, incur certain liens on its drilling rigs or drillships without equally and ratably securing the New 2027 Senior Guaranteed Notes, engage in certain sale and lease-back transactions covering drilling rigs or drillships, and consolidate, merge or enter into a scheme of arrangement qualifying as an amalgamation. The Indenture also contains customary events of default. Indebtedness under the New 2027 Senior Guaranteed Notes may be accelerated in certain circumstances upon an event of default as set forth in the Indenture.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt;">The description above does not purport to be complete and is qualified in its entirety by the Indenture, which is filed herewith as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated by reference herein.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:72pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;"><b style="font-weight:bold;">Item 2.03</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;"><b style="font-weight:bold;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-indent:36pt;margin:0pt;">The information described in Item 1.01 regarding the New 2027 Senior Guaranteed Notes is incorporated herein by reference.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-align:left;">Item 8.01</b></span><b style="font-weight:bold;">Other Events</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">The Exchange Offers expired at 5:00 p.m., New York City time, on September 9, 2020. &#160;The final aggregate principal amount of the existing notes validly tendered and accepted for purchase in the Exchange Offers was $1,514,108,000 (after excluding certain tendered existing notes as a result of the minimum denominations of the New 2027 Senior Guaranteed Notes and rounding), consisting of existing notes set forth in the table below. Transocean accepted for exchange all such existing notes and settled the Exchange Offers on September 11, 2020.</p><div style="margin-left:0pt;"><table style="border-collapse:collapse;font-size:16pt;width:100%;"><tr><td style="vertical-align:bottom;width:36.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;padding-bottom:1pt;text-align:center;border-bottom:1px solid #000000;margin:0pt;"><b style="font-weight:bold;">Title of Existing Notes</b></p></td><td style="vertical-align:bottom;width:23.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;padding-bottom:1pt;text-align:center;border-bottom:1px solid #000000;margin:0pt;"><b style="font-weight:bold;">Total Consideration</b><sup style="font-size:8.25pt;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;">(2)</sup></p></td><td style="vertical-align:bottom;width:40%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;padding-bottom:1pt;text-align:center;border-bottom:1px solid #000000;margin:0pt;"><b style="font-weight:bold;">Aggregate Principal Amount Validly Tendered and Accepted</b><sup style="font-size:8.25pt;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;">(3)</sup></p></td></tr><tr style="height:2.5pt;"><td style="vertical-align:top;width:36.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">6.375% Senior Notes due 2021<sup style="font-size:8.25pt;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p></td><td style="vertical-align:top;width:23.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">$825.00</p></td><td style="vertical-align:top;width:40%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:right;margin:0pt 17pt 0pt 0pt;">$37,292,000</p></td></tr><tr style="height:2.5pt;"><td style="vertical-align:top;width:36.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">3.800% Senior Notes due 2022<sup style="font-size:8.25pt;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p></td><td style="vertical-align:top;width:23.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">$730.00</p></td><td style="vertical-align:top;width:40%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:right;margin:0pt 17pt 0pt 0pt;">$136,031,000</p></td></tr><tr style="height:2.5pt;"><td style="vertical-align:top;width:36.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">7.25% Senior Notes due 2025 </p></td><td style="vertical-align:top;width:23.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">$475.00</p></td><td style="vertical-align:top;width:40%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:right;margin:0pt 17pt 0pt 0pt;">$207,099,000</p></td></tr><tr style="height:2.5pt;"><td style="vertical-align:top;width:36.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">7.50% Senior Notes due 2026</p></td><td style="vertical-align:top;width:23.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">$465.00<sup style="font-size:8.25pt;line-height:100%;top:0pt;vertical-align:top;">(4)</sup></p></td><td style="vertical-align:top;width:40%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:right;margin:0pt 17pt 0pt 0pt;">$180,818,000</p></td></tr></table></div></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:76.47%;border:0;margin:30pt 11.76% 30pt 11.76%;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:0pt;"><table style="border-collapse:collapse;font-size:16pt;width:100%;"><tr style="height:2.5pt;"><td style="vertical-align:top;width:36.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">8.00% Senior Notes due 2027</p></td><td style="vertical-align:top;width:23.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">$455.00</p></td><td style="vertical-align:top;width:40%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:right;margin:0pt 17pt 0pt 0pt;">$137,868,000</p></td></tr><tr style="height:2.5pt;"><td style="vertical-align:top;width:36.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">8.00% Debentures due 2027</p></td><td style="vertical-align:top;width:23.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">$375.00</p></td><td style="vertical-align:top;width:40%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:right;margin:0pt 17pt 0pt 0pt;">$35,455,000</p></td></tr><tr style="height:2.5pt;"><td style="vertical-align:top;width:36.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">7.45% Notes due 2027</p></td><td style="vertical-align:top;width:23.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">$405.00</p></td><td style="vertical-align:top;width:40%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:right;margin:0pt 17pt 0pt 0pt;">$35,456,000</p></td></tr><tr style="height:2.5pt;"><td style="vertical-align:top;width:36.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">7.00% Notes due 2028</p></td><td style="vertical-align:top;width:23.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">$375.00</p></td><td style="vertical-align:top;width:40%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:right;margin:0pt 17pt 0pt 0pt;">$38,783,000</p></td></tr><tr style="height:2.5pt;"><td style="vertical-align:top;width:36.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">7.50% Notes due 2031</p></td><td style="vertical-align:top;width:23.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">$395.00</p></td><td style="vertical-align:top;width:40%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:right;margin:0pt 17pt 0pt 0pt;">$192,210,000</p></td></tr><tr style="height:2.5pt;"><td style="vertical-align:top;width:36.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">6.80% Senior Notes due 2038</p></td><td style="vertical-align:top;width:23.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">$375.00</p></td><td style="vertical-align:top;width:40%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:right;margin:0pt 17pt 0pt 0pt;">$390,344,000</p></td></tr><tr style="height:2.5pt;"><td style="vertical-align:top;width:36.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">7.35% Senior Notes due 2041<sup style="font-size:8.25pt;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p></td><td style="vertical-align:top;width:23.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">$395.00</p></td><td style="vertical-align:top;width:40%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:right;margin:0pt 17pt 0pt 0pt;">$122,752,000</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;padding-left:13.7pt;text-indent:-13.7pt;margin:0pt 0pt 0pt -0.19pt;">______________</p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:9pt;vertical-align:text-top;white-space:nowrap;width:13.7pt;padding:0pt;">(1)</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:9pt;font-style:normal;font-weight:normal;text-align:justify;">The interest rate for the 2021 Notes, 2022 Notes and 2041 Notes was increased to 8.375%, 5.800% and 9.35%, respectively, pursuant to the terms of the applicable indenture.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:9pt;vertical-align:text-top;white-space:nowrap;width:13.7pt;padding:0pt;">(2)</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:9pt;font-style:normal;font-weight:normal;text-align:justify;">Consideration in the form of principal amount of New 2027 Senior Guaranteed Notes per $1,000 principal amount of notes that are validly tendered and accepted for exchange, subject to rounding. Excludes accrued and unpaid interest, which will be paid in cash in addition to the applicable total consideration on the settlement date</span><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:9pt;font-style:normal;font-weight:normal;text-align:justify;">.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:9pt;vertical-align:text-top;white-space:nowrap;width:13.7pt;padding:0pt;">(3)</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:9pt;font-style:normal;font-weight:normal;text-align:justify;">Excludes tendered notes not accepted in the Exchange Offers as a result of the minimum denominations of the New 2027 Senior Guaranteed Notes and rounding.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:9pt;vertical-align:text-top;white-space:nowrap;width:13.7pt;padding:0pt;">(4)</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:9pt;font-style:normal;font-weight:normal;text-align:justify;">Transocean&#8217;s press release announcing the final results of the Exchange Offers included a typographical error indicating the total consideration for the 2026 Notes was $475.00 instead of $465.00 (which was the amended total consideration for the 2026 Notes pursuant to the Supplement, dated August 24, 2020, to the Exchange Offer Memorandum and Consent Solicitation Statement, dated August 10, 2020).</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-align:left;">Item 9.01</b></span><b style="font-weight:bold;">Financial Statements and Exhibits</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">(d)&#160; Exhibits.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:8.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:2.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:88.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:8.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:9pt;margin:0pt;"><b style="font-weight:bold;">Exhibit&#160;No</b>.</p></td><td style="vertical-align:top;width:2.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:9pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:top;width:88.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:9pt;margin:0pt;"><b style="font-weight:bold;">Description</b></p></td></tr><tr><td style="vertical-align:top;width:8.64%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:2.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:88.79%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr style="height:17.55pt;"><td style="vertical-align:top;width:8.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">4.1</p></td><td style="vertical-align:top;width:2.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:88.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><a href="rig-20200911ex4166b2f14.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:left;">Indenture, dated as of September 11, 2020, by and among Transocean Inc., the Guarantors and Wells Fargo Bank, National Association</span></a></p></td></tr><tr><td style="vertical-align:top;width:8.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">101</p></td><td style="vertical-align:top;width:2.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:88.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">Interactive data files pursuant to Rule&#160;405 of Regulation&#160;S-T formatted in Inline Extensible Business Reporting Language</p></td></tr><tr><td style="vertical-align:top;width:8.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">104</p></td><td style="vertical-align:top;width:2.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:88.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">Cover Page Interactive Data File (formatted as inline XBRL).</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:76.47%;border:0;margin:30pt 11.76% 30pt 11.76%;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 11.25pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt 0pt 24pt 0pt;">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. </p><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:45.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:50.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:49.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">TRANSOCEAN LTD.</p></td></tr><tr><td style="vertical-align:top;width:50.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:49.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:50.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:49.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:50.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">Date: September 11, 2020</p></td><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:45.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">/s/ Daniel Ro-Trock</p></td></tr><tr><td style="vertical-align:top;width:50.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:45.42%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">Daniel Ro-Trock</p></td></tr><tr><td style="vertical-align:top;width:50.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:45.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">Authorized Person</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Wingdings';font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-family:'Wingdings';font-size:10pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border:0;"></div></body></html>
[{"type": "8-K", "sequence": "1", "filename": "rig-20200911x8k.htm", "description": "8-K", "secsgml_size_bytes": 59707}]
{"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": "001-38373", "film-number": "201171373"}, "business-address": {"street1": "TURMSTRASSE 30", "city": "STEINHAUSEN", "state": "V8", "zip": "6312", "phone": "41 41 749 0500"}, "mail-address": {"street1": "TURMSTRASSE 30", "city": "STEINHAUSEN", "state": "V8", "zip": "6312"}}
​
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 11, 2020
​
TRANSOCEAN LTD
.
(Exact name of Registrant as specified in its charter)
​
Switzerland
001-38373
98-0599916
(State or other jurisdiction of
​
(Commission
​
(I.R.S. Employer
incorporation or organization)
​
File Number)
​
Identification No.)
​
​
​
​
Turmstrasse 30
​
Steinhausen
,
Switzerland
​
CH-6312
​
​
​
(Address of principal executive offices)
​
(zip code)
​
Registrant's telephone number, including area code:
+41 (41)
749-0500
​ ​
​
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:
☐
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))
​
​
​
Securities registered pursuant to Section 12(b) of the Act
Title of each class
Trading Symbol
Name of each exchange on which registered:
Shares
, CHF 0.10 par value
RIG
New York Stock Exchange
0.50% Exchangeable Senior Bonds due 2023
RIG/23
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
​
Emerging growth company
☐
​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
​
​
Item 1.01
Entry into a Material Definitive Agreement
​
On September 11, 2020, in connection with the closing of the previously announced exchange offers (the "Exchange Offers") by Transocean Inc., a wholly-owned subsidiary of Transocean Ltd. (together, "Transocean"), Transocean Inc. entered into an indenture (the "Indenture") with Transocean Ltd., Transocean Mid Holdings 1 Limited, Transocean Mid Holdings 2 Limited, Transocean Mid Holdings 3 Limited (collectively, the "Guarantors") and Wells Fargo Bank, National Association, as trustee, pursuant to which it issued $687,343,000 aggregate principal amount of 11.50% Senior Guaranteed Notes due 2027 (the "New 2027 Senior Guaranteed Notes"). See Item 8.01 below for a description of the final results of the Exchange Offers.
​
The New 2027 Senior Guaranteed Notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors on a senior unsecured basis (the "Guarantees"). The New 2027 Senior Guaranteed Notes have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or under any state securities laws, and were offered only to qualified institutional buyers under Rule 144A under the Securities Act and outside the United States in compliance with Regulation S under the Securities Act.
​
The New 2027 Senior Guaranteed Notes are governed by the Indenture, which contains covenants that, among other things, limit Transocean Inc.'s ability to allow its subsidiaries to incur certain additional indebtedness, incur certain liens on its drilling rigs or drillships without equally and ratably securing the New 2027 Senior Guaranteed Notes, engage in certain sale and lease-back transactions covering drilling rigs or drillships, and consolidate, merge or enter into a scheme of arrangement qualifying as an amalgamation. The Indenture also contains customary events of default. Indebtedness under the New 2027 Senior Guaranteed Notes may be accelerated in certain circumstances upon an event of default as set forth in the Indenture.
​
The description above does not purport to be complete and is qualified in its entirety by the Indenture, which is filed herewith as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated by reference herein.
​
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
​
The information described in Item 1.01 regarding the New 2027 Senior Guaranteed Notes is incorporated herein by reference.
​
Item 8.01
Other Events
​
The Exchange Offers expired at 5:00 p.m., New York City time, on September 9, 2020.  The final aggregate principal amount of the existing notes validly tendered and accepted for purchase in the Exchange Offers was $1,514,108,000 (after excluding certain tendered existing notes as a result of the minimum denominations of the New 2027 Senior Guaranteed Notes and rounding), consisting of existing notes set forth in the table below. Transocean accepted for exchange all such existing notes and settled the Exchange Offers on September 11, 2020.
Title of Existing Notes
Total Consideration
(2)
Aggregate Principal Amount Validly Tendered and Accepted
(3)
6.375% Senior Notes due 2021
(1)
$825.00
$37,292,000
3.800% Senior Notes due 2022
(1)
$730.00
$136,031,000
7.25% Senior Notes due 2025
$475.00
$207,099,000
7.50% Senior Notes due 2026
$465.00
(4)
$180,818,000
8.00% Senior Notes due 2027
$455.00
$137,868,000
8.00% Debentures due 2027
$375.00
$35,455,000
7.45% Notes due 2027
$405.00
$35,456,000
7.00% Notes due 2028
$375.00
$38,783,000
7.50% Notes due 2031
$395.00
$192,210,000
6.80% Senior Notes due 2038
$375.00
$390,344,000
7.35% Senior Notes due 2041
(1)
$395.00
$122,752,000
______________
(1)
The interest rate for the 2021 Notes, 2022 Notes and 2041 Notes was increased to 8.375%, 5.800% and 9.35%, respectively, pursuant to the terms of the applicable indenture.
(2)
Consideration in the form of principal amount of New 2027 Senior Guaranteed Notes per $1,000 principal amount of notes that are validly tendered and accepted for exchange, subject to rounding. Excludes accrued and unpaid interest, which will be paid in cash in addition to the applicable total consideration on the settlement date
.
(3)
Excludes tendered notes not accepted in the Exchange Offers as a result of the minimum denominations of the New 2027 Senior Guaranteed Notes and rounding.
(4)
Transocean's press release announcing the final results of the Exchange Offers included a typographical error indicating the total consideration for the 2026 Notes was $475.00 instead of $465.00 (which was the amended total consideration for the 2026 Notes pursuant to the Supplement, dated August 24, 2020, to the Exchange Offer Memorandum and Consent Solicitation Statement, dated August 10, 2020).
​
Item 9.01
Financial Statements and Exhibits
​
(d)  Exhibits.
​
​
​
​
Exhibit No
.
Description
​
​
​
4.1
​
Indenture, dated as of September 11, 2020, by and among Transocean Inc., the Guarantors and Wells Fargo Bank, National Association
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).
​
​
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 11, 2020
By:
/s/ Daniel Ro-Trock
​
​
Daniel Ro-Trock
​
​
Authorized Person
​
​