HOWARD E. DAVIS - 09 Feb 2023 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: 09 Feb 2023
Net transactions value: -$1,254,809
Form type: 4
Filing time: 13 Feb 2023, 17:45:26 UTC
Previous filing: 09 Dec 2022
Next filing: 03 Mar 2023
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	+430,802	+87%	$0.000000	928,258	09 Feb 2023	Direct	F1
transaction	RIG	Registered Shares	Tax liability	$1,254,809	-174,279	-19%	$7.20	753,979	10 Feb 2023	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	Award	$0	+156,023		$0.000000	156,023	09 Feb 2023	Registered Shares	156,023	$0.000000	Direct	F3

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

Explanation of Responses:

Id	Content
F1	Deferred Units awarded on May 8, 2020, vested on February 9, 2023, upon satisfaction of the applicable performance measures pursuant to the Issuer's 2020-2022 performance cycle.
F2	Shares sold upon vesting to satisfy tax withholding obligations.
F3	The Restricted Units were acquired on February 9, 2023, by the reporting person pursuant to the Issuer's long-term incentive plan. The restricted share units vest as follows: 52,007 on March 1, 2024; 52,008 on March 1, 2025; and 52,008 on March 1, 2026.