Perestroika (Cyprus) Ltd - 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, 07:06 PM
Previous filing
Dec 14, 2022
Next filing
Sep 19, 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 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 Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 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.
F2 On April 21, 2023, Perestroika (Cyprus) Ltd. exchanged its 2.5% Exchangeable Bonds pursuant to the terms of the Indenture referred to in footnote 1.

Remarks:

Perestroika (Cyprus) Ltd. is a wholly owned subsidiary of Perestroika AS. Due to Perestroika AS's designation of a member of the board of directors of the Company, Perestroika (Cyprus) Ltd. may be deemed to be a director of the Company by deputization. Perestroika AS's right to designate a member of the Company's board of directors has since terminated.