Transocean to exchange $39.7M of 4% exchangeable bonds due 2025 for common shares

Transocean Ltd.

Agreements with holders to exchange ~$39.7M principal of 2025 bonds for RIG shares, priced by 5-day VWAP from Aug 11.
Illustrative VWAP of $3.10/share would yield ~13.3M shares; actual amount may differ.
Exchange subject to limit price of $2.50/share; transactions pause below that level.
Shares issued in private placement exempt under Section 4(a)(2) of Securities Act.

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