HOWARD E. DAVIS - 27 Dec 2021 Form 4 Insider Report for Transocean Ltd. (RIG)

Role: EVP, CAO & CIO
Signature: /s/ Daniel Ro-Trock By Power of Attorney
Issuer symbol: RIG
Transactions as of: 27 Dec 2021
Net transactions value: -$118,718
Form type: 4
Filing time: 14 Feb 2022, 16:18:59 UTC
Previous filing: 11 May 2021
Next filing: 03 Mar 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	RIG	Registered Shares	Gift	$0	-26,488	-7.5%	$0.000000	328,156	27 Dec 2021	Direct	F1
transaction	RIG	Registered Shares	Options Exercise	$0	+83,146	+25%	$0.000000	411,302	10 Feb 2022	Direct	F2
transaction	RIG	Registered Shares	Tax liability	$118,718	-32,886	-8%	$3.61	378,416	11 Feb 2022	Direct	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	RIG	Restricted Units	Award	$0	+310,694		$0.000000	310,694	10 Feb 2022	Registered Shares	310,694	$0.000000	Direct	F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This transaction involved a gift of securities by the reporting person to his children and grandchildren. The reporting person disclaims beneficial ownership of the shares held by his children and grandchildren, and this report should not be deemed an admission that the reporting person is the beneficial owner of his children's or grandchildren's shares for purposes of Section 16 or any other purpose.
F2	Deferred Units awarded on February 7, 2019, vested on February 10, 2022 upon satisfaction of the applicable performance measures pursuant to the Issuer's 2019-2021 performance cycle.
F3	Shares sold upon vesting to satisfy tax withholding obligations.
F4	The Restricted Units were acquired on February 10, 2022, by the reporting person pursuant to the Issuer's long-term incentive plan. The restricted share units vest as follows: 103,564 on March 1, 2023; 103,565 on March 1, 2024; and 103,565 on March 1, 2025.