Transocean exchanges $39.7M of 4.0% exchangeable bonds for 13.9M shares

Transocean Ltd.

Closed on Aug 19, 2025, exchanging $39.7M principal amount for ~13.9M shares and immaterial accrued interest.
Approximately $37.3M in aggregate principal of the 4.0% Senior Guaranteed Exchangeable Bonds due 2025 remains outstanding.
Shares issued in reliance on Section 4(a)(2) exemption; part of capital structure optimization.

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