Transocean exchanges ~$157M of 4.0% bonds for ~59M shares; $77M bonds remain

Transocean Ltd.

Closed July 22, 2025; holders exchanged $157M principal of 4.0% Exchangeable Bonds due 2025.
Transocean issued ~59M shares and immaterial cash for accrued interest.
Approximately $77M in aggregate principal of the bonds remains outstanding.
Shares issued under Section 4(a)(2) exemption, not a public offering.
Transaction part of ongoing capital structure optimization.

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