X0306 4 2020-08-14 0 0001451505 Transocean Ltd. RIG 0001729638 Mohn Frederik Wilhelm TURMSTRASSE 30 STEINHAUSEN V8 6312 SWITZERLAND 1 0 1 0 0.5% Exchangeable Senior Bonds due 2023 2020-08-14 4 D 0 355611000 D 2018-01-30 2023-01-30 Shares 0 I See footnote 0.5% Exchangeable Senior Bonds due 2023 2018-01-30 2023-01-30 Shares 185000 D 0.5% Exchangeable Senior Bonds due 2023 2018-01-30 2023-01-30 Shares 17000 I See footnote 2.5% Senior Guaranteed Exchangeable Bonds due 2027 2020-08-14 4 A 0 213367000 A 2020-08-14 2027-01-30 Shares 213367000 I See footnote The 0.5% Exchangeable Senior Bonds due 2023 (the "0.5% Exchangeable Bonds") were issued by Transocean Inc., a wholly owned subsidiary of the Company, and fully and unconditionally guaranteed by the Company on January 30, 2018. The 0.5% Exchangeable Bonds are exchangeable into shares of the Company at an initial exchange rate of 97.29756 Shares per $1,000 principal amount of 0.5% Exchangeable Bonds, which initial exchange rate is subject to adjustment in accordance with the Indenture, dated January 30, 2018, among Transocean Inc., the Company, Computershare Trust Company, N.A. and Computershare Trust Company of Canada. The 0.5% Exchangeable Bonds are exchangeable at any time prior to and up to the maturity date of January 30, 2023. On August 14, 2020, Perestroika (Cyprus) Ltd. exchanged its 0.5% Exchangeable Bonds for 2.5% Exchangeable Bonds (as defined below) in a private exchange. These securities are held directly by Perestroika (Cyprus) Ltd., a wholly owned subsidiary of Perestroika AS. Mr. Frederik W. Mohn is a sole director and owner of Perestroika AS and is the beneficial owner of all securities owned by Perestroika AS and Perestroika (Cyprus) Ltd. These securities are held directly by Mr. Frederik W. Mohn's spouse. The 2.5% Senior Guaranteed Exchangeable Bonds due 2027 (the "2.5% Exchangeable Bonds") were issued by Transocean Inc., a wholly owned subsidiary of the Company, and fully and unconditionally guaranteed by the Company and certain subsidiary guarantors on August 14, 2020. The 2.5% Exchangeable Bonds 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, which initial exchange rate is subject to adjustment in accordance with the Indenture, dated August 14, 2020, among Transocean Inc., the Company and certain subsidiary guarantors and Wells Fargo Bank, National Association. The 2.5% Exchangeable Bonds are exchangeable at any time prior to the close of business on the second business day immediately preceding the maturity date of January 30, 2027. /s/ Daniel Ro-Trock By Power of Attorney 2020-08-18