HOWARD E. DAVIS - 08 May 2021 Form 4 Insider Report for Transocean Ltd. (RIG)

Role: EVP, CAO & CIO
Signature: /s/ Daniel Ro-Trock By Power of Attorney
Issuer symbol: RIG
Transactions as of: 08 May 2021
Net transactions value: -$176,689
Form type: 4
Filing time: 11 May 2021, 17:03:32 UTC
Next filing: 14 Feb 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	RIG	Registered Shares	Options Exercise	$0	+111,688	+39%	$0.000000	399,489	08 May 2021	Direct	F1
transaction	RIG	Registered Shares	Tax liability	$176,689	-44,845	-11%	$3.94	354,644	10 May 2021	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	RIG	Restricted Units	Options Exercise	$0	+111,688	+100%	$0.000000	223,377	08 May 2021	Registered Shares	111,688	$0.000000	Direct	F1

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

Explanation of Responses:

Id	Content
F1	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 May 8, 2021, resulting in the right of the reporting person to receive the registered shares. The remaining restricted share units vest as follows: 111,688 on March 1, 2022 and 111,689 on March 1, 2023.
F2	Shares sold upon vesting to satisfy tax obligations.