---
schema_version: "secwatch.filing_event.v1"
accession: "0001451505-25-000070"
form_type: "8-K"
ticker: "RIG"
cik: "0001451505"
company_name: "Transocean Ltd."
filed_at: "2025-07-22T23:59:59+00:00"
generated_at: "2026-05-18T04:14:30.950769+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001451505-25-000070
- form_type: 8-K
- ticker: RIG
- cik: 0001451505
- company_name: Transocean Ltd.
- filed_at: 2025-07-22T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1451505/000145150525000070/0001451505-25-000070-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1451505/000145150525000070/rig-20250722x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001451505-25-000070
- JSON: https://secwatch.observer/filing/0001451505-25-000070.json
- Plain text: https://secwatch.observer/filing/0001451505-25-000070.txt

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