HOWARD E. DAVIS - 01 Mar 2022 Form 4 Insider Report for Transocean Ltd. (RIG)

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	RIG	Registered Shares	Options Exercise	$0	+20,642	+5.5%	$0.000000	399,058	01 Mar 2022	Direct	F1
transaction	RIG	Registered Shares	Options Exercise	$0	+111,688	+28%	$0.000000	510,746	01 Mar 2022	Direct	F2
transaction	RIG	Registered Shares	Options Exercise	$0	+103,864	+20%	$0.000000	614,610	01 Mar 2022	Direct	F3
transaction	RIG	Registered Shares	Tax liability	$336,487	-94,254	-15%	$3.57	520,356	02 Mar 2022	Direct	F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	Restricted Units, which are 1-for-1 share equivalents, acquired on February 7, 2019, pursuant to the Issuer's long-term incentive plan. One third of such restricted units vested on March 1, 2022, resulting in the right of the reporting person to receive the registered shares.
F2	Restricted Units, which are 1-for-1 share equivalents, acquired on May 8, 2020, pursuant to the Issuer's long-term incentive plan. One third of such restricted units vested on March 1, 2022, resulting in the right of the reporting person to receive the registered shares. The remaining restricted share units vest as follows: 111,689 on March 1, 2023.
F3	Restricted Units, which are 1-for-1 share equivalents, acquired on February 12, 2021, pursuant to the Issuer's long-term incentive plan. One third of such restricted units vested on March 1, 2022, resulting in the right of the reporting person to receive the registered shares. The remaining restricted share units vest as follows: 103,865 on March 1, 2023 and 103,865 on March 1, 2024.
F4	Shares sold upon vesting to satisfy tax withholding obligations.