Frederik Wilhelm Mohn - Apr 21, 2023 Form 4 Insider Report for Transocean Ltd. (RIG)

Role: Director, 10%+ Owner
Signature: /s/ Daniel Ro-Trock by Power of Attorney
Stock symbol: RIG
Transactions as of: Apr 21, 2023
Transactions value $: $115,907
Form type: 4
Date filed: 4/25/2023, 07:02 PM
Previous filing: Apr 25, 2023
Next filing: May 15, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	RIG	Registered Shares	Conversion of derivative security	$213M	+34.6M	+72.09%	$6.17	82.6M	Apr 21, 2023	By Perestroika (Cyprus) Ltd.	F1
holding	RIG	Registered Shares						22.1K	Apr 21, 2023	Direct

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	2.5% Senior Guaranteed Exchangeable Bonds due 2027	Conversion of derivative security	-$213M				0	Apr 21, 2023	Registered Shares	34.6M	$6.17	By Perestroika (Cyprus) Ltd.	F2, F3

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

Explanation of Responses:

Id	Content
F1	These shares are owned directly by Perestroika (Cyprus) Ltd., which is a wholly owned subsidiary of Perestroika AS. Mr. Frederik Mohn is the sole director and owner of Perestroika AS and is the indirect beneficial owner of all securities owned by Perestroika AS.
F2	The 2.5% Senior Guaranteed Exchangeable Bonds due January 2027 (the "2.5% Exchangeable Bonds") were issued by Transocean Inc., a wholly owned subsidiary of Transocean Ltd. (the "Company"), pursuant to an Indenture dated August 14, 2020, among Transocean Inc., the Company and certain subsidiary guarantors, and Computershare Trust Company, N.A., as successor trustee to Wells Fargo Bank, National Association, and are exchangeable into shares of the Company at an initial exchange rate of 162.1626 Shares per $1,000 principal amount of 2.5% Exchangeable Bonds.
F3	On April 21, 2023, Perestroika (Cyprus) Ltd. exchanged its 2.5% Exchangeable Bonds pursuant to the terms of the Indenture referred to in footnote 2.