SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Tonnel David A

(Last)

(First)

(Middle)

4 GREENWAY PLAZA

(Street)

HOUSTON

77046

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/01/2012

3. Issuer Name and Ticker or Trading Symbol
Transocean Ltd. [ RIG ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SVP, Finance & Controller

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Registered Shares	5,622	D
Registered Shares	987	I	By Issuer Employee Savings Plan

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Options	07/09/2009	07/08/2018	Registered Shares	3,401	$144.32	D
Stock Options	09/01/2010⁽¹⁾	08/31/2019	Registered Shares	2,729	$74.93	D
Stock Options	02/18/2011⁽²⁾	02/17/2020	Registered Shares	11,792	$83.32	D
Stock Options	02/10/2012⁽³⁾	02/09/2021	Registered Shares	8,731	$78.76	D
Stock Options	02/17/2013⁽⁴⁾	02/16/2022	Registered Shares	22,999	$50.79	D
Deferred Units	⁽⁵⁾	⁽⁵⁾	Registered Shares	529	⁽⁵⁾	D
Deferred Units	⁽⁶⁾	⁽⁶⁾	Registered Shares	5,229	⁽⁶⁾	D
Deferred Units	⁽⁷⁾	⁽⁷⁾	Registered Shares	2,959	⁽⁷⁾	D
Deferred Units	⁽⁸⁾	⁽⁸⁾	Registered Shares	9,442	⁽⁸⁾	D

Explanation of Responses:

1. On September 1, 2009, the reporting person was awarded 2,729 stock options which vest as follows: 909 on September 1, 2010; 910 on September 1, 2011; and 910 on September 1, 2012.

2. On February 18, 2010, the reporting person was awarded 11,792 stock options which vest as follows: 3,930 on February 18, 2011; 3,931 on February 18, 2012; and 3,931 on February 18, 2013.

3. On February 10, 2011, the reporting person was awarded 8,731 stock options which vest as follows: 2,910 on February 10, 2012; 2,910 on February 10, 2013; and 2,911 on February 10, 2014.

4. On February 17, 2012, the reporting person was awarded 22,999 stock options which vest as follows: 7,666 on February 17, 2013; 7,666 on February 17, 2014; and 7,667 on February 17, 2015.

5. Deferred Units, which are 1-for-1 share equivalents, were acquired on September 1, 2009 pursuant to the Issuer's long-term incentive plan. Outstanding deferred units vest as follows: 529 shares on September 1, 2012.

6. Deferred Units, which are 1-for-1 share equivalents, were acquired on November 17, 2010, pursuant to the Issuer's long-term incentive plan. Outstanding deferred units vest as follows: 2,614 shares on November 17, 2012 and 2,615 shares on November 17, 2013.

7. Deferred Units, which are 1-for-1 share equivalents, were acquired on February 10, 2011, pursuant to the Issuer's long-term incentive plan. Outstanding deferred units vest as follows: 1,479 shares on February 10, 2013 and 1,480 shares on February 10, 2014.

8. Deferred Units, which are 1-for-1 share equivalents, were granted on March 1, 2012, pursuant to the Issuer's long-term incentive plan and will vest as follows: 3,147 on March 1, 2013; 3,147 on March 1, 2014; and 3,148 on March 1, 2015.

Remarks:

	Eric J. Christ by Power of Attorney	03/02/2012
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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