---
schema_version: "secwatch.filing_event.v1"
accession: "0001451505-25-000084"
form_type: "8-K"
ticker: "RIG"
cik: "0001451505"
company_name: "Transocean Ltd."
filed_at: "2025-08-11T23:59:59+00:00"
generated_at: "2026-05-17T15:21:57.107598+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001451505-25-000084
- form_type: 8-K
- ticker: RIG
- cik: 0001451505
- company_name: Transocean Ltd.
- filed_at: 2025-08-11T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1451505/000145150525000084/0001451505-25-000084-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1451505/000145150525000084/rig-20250811x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001451505-25-000084
- JSON: https://secwatch.observer/filing/0001451505-25-000084.json
- Plain text: https://secwatch.observer/filing/0001451505-25-000084.txt

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