---
schema_version: "secwatch.filing_event.v1"
accession: "0001451505-25-000059"
form_type: "8-K"
ticker: "RIG"
cik: "0001451505"
company_name: "Transocean Ltd."
filed_at: "2025-06-20T23:59:59+00:00"
generated_at: "2026-05-19T01:10:29.679899+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Transocean swaps ~$157M of 2025 exchangeable bonds for equity in private deal

## Summary
- TIL subsidiary agreed with holders to exchange ~$157M aggregate principal of 4% exchangeable bonds due 2025 for common shares.
- Share count based on 15-day VWAP beginning June 20, 2025; at $3.09/share, ~53M shares would be issued.
- Exchange subject to a limit price of $2.63; transactions pause if share price falls below that level.
- Issuance exempt under Section 4(a)(2) as a transaction not involving a public offering.
- Closing expected by end of the VWAP calculation period, subject to customary conditions.

## SEC filing metadata
- accession: 0001451505-25-000059
- form_type: 8-K
- ticker: RIG
- cik: 0001451505
- company_name: Transocean Ltd.
- filed_at: 2025-06-20T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1451505/000145150525000059/0001451505-25-000059-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1451505/000145150525000059/rig-20250620x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001451505-25-000059
- JSON: https://secwatch.observer/filing/0001451505-25-000059.json
- Plain text: https://secwatch.observer/filing/0001451505-25-000059.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.