S-8

As filed with the Securities and Exchange Commission on June [ ], 2024

Registration No. 333-

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-8

REGISTRATION STATEMENT

Under

the Securities Act of 1933

TRANSOCEAN LTD.

(Exact Name of Registrant as Specified in its Charter)

AMENDED AND RESTATED TRANSOCEAN LTD. 2015 LONG-TERM INCENTIVE PLAN

(Full title of plan)

Brady K. Long

Executive Vice President and General Counsel

Transocean Ltd.

c/o Transocean Offshore Deepwater Drilling Inc.

1414 Enclave Parkway

Houston, Texas 77077

+1 (713) 232-7500

(Name, Address and Telephone Number, Including Area Code, of Agent for Service)

Copy to:

James B. Marshall

Baker Botts L.L.P.

910 Louisiana Street

Houston, Texas 77002-4995

(713) 229-1234

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

REGISTRATION OF ADDITIONAL SECURITIES

This Registration Statement is being filed by Transocean Ltd., a Swiss corporation (the “Company” or the “Registrant”) pursuant to General Instruction E of Form S-8 under the Securities Act of 1933, as amended, to register an additional 22,500,000 registered shares pursuant to the Amended and Restated Transocean Ltd. 2015 Long-Term Incentive Plan (as amended to date, the “Plan”).

The Board of Directors of the Company recommended for approval and, on May 16, 2024, shareholders of the Company approved an amendment of the Plan that increased the number of shares authorized for issuance under the Plan from 115,861,451 to 138,361,451 shares.

The contents of the Registration Statement on Form S-8 (No. 333-204359), the Registration Statement on Form S-8 (No. 333-227750), the Registration Statement on Form S-8 (No. 333-238091), the Registration Statement on Form S-8 (No. 333-257804), and the Registration Statement on Form S-8 (No. 333-272734) are incorporated by reference into this Registration Statement, except as amended hereby.

PART II

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 8. Exhibits.

Number		Description	Location
	4.1	Articles of Association of Transocean Ltd.	Exhibit 3.1 to Transocean Ltd.’ s Current Report on Form 8-K (Commission File No. 001-38373) filed on June 28, 2024
	4.2	Organizational Regulations of Transocean Ltd., amended, effective as of May 12, 2023	Exhibit 3.2 to Transocean Ltd.’s Current Report on Form 8-K (Commission File No. 001-38373) filed on May 16, 2023
	4.3	Amended and Restated Transocean Ltd. 2015 Long-Term Incentive Plan	Exhibit 10.1 to Transocean Ltd.’s Current Report on Form 8-K (Commission File No.  001-38373) filed on May 22, 2024
	5.1	Opinion of Homburger AG	Filed herewith.
	23.1	Consent of Ernst & Young LLP	Filed herewith.
	23.2	Consent of Homburger AG	Included in Exhibit 5.1 hereto.
	24.1	Power of Attorney	Included as part of the signature page to this Registration Statement.
	107	Filing Fee Table	Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Steinhausen, Switzerland, on June [  ], 2024.

TRANSOCEAN LTD.


By: ​ ​/s/ Jeremy D. Thigpen​ ​

Name: Jeremy D. Thigpen

Title: Chief Executive Officer

POWER OF ATTORNEY

Each person whose signature appears below constitutes and appoints Jeremy D. Thigpen, R. Thaddeus Vayda and Brady K. Long, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power to act separately and full power of substitution and re-substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement and all additional registration statements pursuant to Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, or his or her or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated below on June [  ], 2024.

Signature	Title
/s/ Jeremy D. Thigpen	Chief Executive Officer, Director
Jeremy D. Thigpen	(Principal Executive Officer)
/s/ R. Thaddeus Vayda	Executive Vice President, Chief Financial Officer
R. Thaddeus Vayda	(Principal Financial Officer)
/s/ David A. Tonnel	Senior Vice President and Chief Accounting Officer
David A. Tonnel	(Principal Accounting Officer)
/s/ Chadwick C. Deaton	Chairman of the Board of Directors
Chadwick C. Deaton
	Director
Glyn A. Barker

Signature		Title
/s/ Vanessa C.L. Chang	Director
Vanessa C.L. Chang
/s/ Frederico F. Curado	Director
Frederico F. Curado
/s/ Domenic J. Dell’Osso, Jr.	Director
Domenic J. Dell’Osso, Jr.
/s/ Vincent J. Intrieri	Director
Vincent J. Intrieri
/s/ Samuel J. Merksamer	Director
Samuel J. Merksamer
/s/ Frederik W. Mohn	Director
Frederik W. Mohn
/s/ Margareth Øvrum	Director
Margareth Øvrum

EX-FILING FEES

Exhibit 107

Calculation of Filing Fee Tables

Form S-8

(Form Type)

Transocean Ltd.

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

					1)
Security Type	Security Class Title	Fee Calculation Rule (1)	Amount Registered (2)	Proposed Maximum Offering Price Per Unit (1)	Maximum Aggregate Offering Price (1)	Fee Rate	Amount of Registration Fee
Equity	Shares, par value $0.10 per share	Other	22,500,000	$5.06	$113,850,000	0.00014760	$16,804.26
Total Offering Amounts					$113,850,000		$16,804.26
Total Fee Offsets							—
Net Fee Due							$16,804.26

_________

(1) EstimatedinaccordancewithRules457(c)and 457(h)undertheSecuritiesAct of 1933, as amended (the “Securities Act”),solelyforthe purposeofcalculatingthe amount of the registrationfee, on the basis of theaverageofthehighandlowpricesof shares of Transocean Ltd. as reportedon theNewYorkStockExchangeon June 25, 2024, which is within five business days of this filing.  

(2) Pursuant to Rule 416 of the Securities Act, this Registration Statement is deemed to include additional shares issuable pursuant to the adjustment provisions of the Amended and Restated Transocean Ltd. 2015 Long Term Incentive Plan by reason of any share dividend, split, recapitalization or other similar transaction.

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement on Form S-8 pertaining to the Amended and Restated Transocean Ltd. 2015 Long-Term Incentive Plan of our reports dated February 20, 2024, with respect to the consolidated financial statements and schedule of Transocean Ltd. and subsidiaries and the effectiveness of internal control over financial reporting of Transocean Ltd. and subsidiaries, included in its Annual Report (Form 10-K) for the year ended December 31, 2023, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Houston, TexasJune 28, 2024

EX-5.1

Exhibit 5.1

Transocean Ltd. Turmstrasse 30 6312 Steinhausen Switzerland	Homburger AG Prime Tower Hardstrasse 201 CH-8005 Zürich homburger.ch +41 43 222 10 00 lawyers@homburger.ch
Zurich, June 28, 2024

Transocean Ltd.

Registration Statement on Form S-8

We have acted as special Swiss counsel to Transocean Ltd., a company limited by shares incorporated under the laws of Switzerland (theCompany), in connection with the Registration Statement on Form S-8 (the Registration Statement) to be filed with the United States Securities and Exchange Commission (the SEC) on the date hereof under the Securities Act of 1933, as amended (the Act), with respect to the registration of an additional 22,5‌00,000 registered shares of the Company, each with a nominal value of USD 0.10, that may be delivered pursuant to the Plan (as defined below).

As such counsel, we have been requested to give our opinion as to certain legal matters under Swiss law.

Capitalized terms used herein shall have the meaning attributed to them in the Documents unless otherwise defined herein. The Company's registered shares, each with a nominal value of USD 0.10, are referred to herein as Registered Shares.

I. Basis of Opinion

This opinion is confined to and given on the basis of the laws of Switzerland in force at the date hereof as currently applied by the Swiss courts. In the absence of explicit statutory law, we base our opinion solely on our independent professional judgment. This opinion is also confined to the matters stated herein and is not to be read as extending, by implication or otherwise, to any document referred to in the Documents (other than listed below) or any other matter.

For purposes of this opinion, we have not conducted any due diligence or similar investigation as to factual circumstances which are or may be referred to in the Documents, and we express no opinion as to the accuracy of representations and warranties of facts set out in the Documents or the factual background assumed therein.

For the purpose of giving this opinion, we have only reviewed originals or copies of the following documents (collectively the Documents):

(a) An electronic copy of the resolution passed by the shareholders of the Company (the Shareholder Resolution) at the Company's annual general meeting held on May 16, 2024

(the AGM), as reflected in the minutes of such meeting, dated May 16, 2024, regarding the approval by the Company's shareholders of, among other things, the reserve of an additional 22,500,000 Registered Shares in the aggregate amount of Registered Shares available for issuance pursuant to the Amended and Restated Transocean Ltd. 2015 Long-Term Incentive Plan (the Plan);

(b) an electronic copy of the resolutions of the Company's board of directors adopted by written consent as of March 15, 2024 (the Board Resolutions, and together with the Shareholders' Resolution, the Resolutions), including, among other things, a resolution approving the amendment and the restatement of the Plan, and a resolution to reserve up to 23,000,000 Registered Shares in the aggregate amount of Registered Shares available pursuant to the Plan;

(c) an electronic copy of the Plan;

(d) an electronic copy of the articles of association (Statuten) of the Company in the form deposited with the Commercial Register of the Canton of Zug, Switzerland, dated as of June 27, 2024 (the Articles of Association);

(e) an electronic copy of the Organizational Regulations (Organisationsreglement) of the Company, dated as of May 12, 2023 (the Organizational Regulations); and

(f) an electronic copy of the certified excerpt from the Commercial Register of the Canton of Zug, Switzerland, for the Company, dated as of June 28, 2024 (the Excerpt).

No documents have been reviewed by us in connection with this opinion other than those listed above. Accordingly, we shall limit our opinion to the Documents and their legal implications under Swiss law.

In this opinion, Swiss legal concepts are expressed in English terms and not in their original language. These concepts may not be identical to the concepts described by the same English terms as they exist under the laws of other jurisdictions.

II. Assumptions

In rendering the opinion below, we have assumed the following:

(a) all copies, fax copies or electronic versions of the documents produced to us conform to the respective original documents and the originals of such documents were executed in the manner and by the individuals appearing on the respective copies;

(a) all documents produced to us as originals and the originals of all documents produced to us as copies were duly executed and certified, as applicable, by the individuals purported to have executed or certified, as the case may be, such documents, and any electronic signatures on any such document have been affixed thereto by the individual to whom such electronic signature belongs and such individual has saved and submitted such document as so electronically signed in such a manner so as to prevent removal or other alteration of such signature;

(b) all factual information contained in, or material statements given in connection with, the Documents are true and accurate;

(c) the filing of the Registration Statement with the SEC has been authorized by all necessary actions under all applicable laws;

(d) the Registration Statement has been filed by the Company with the SEC;

(e) any Registered Shares issued out of the conditional share capital of the Company pursuant to Article 6 of the Articles of Association (the Conditional Share Capital) will be listed on the New York Stock Exchange in accordance with applicable laws and regulations;

(f) all authorizations, approvals, consents, licenses, exemptions and other requirements for the filing of the Registration Statement or for any other activities carried on in view of, or in connection with, the performance of the obligations expressed to be undertaken by the Company in the Registration Statement have been duly obtained and are and will remain in full force and effect, and any related conditions to which the parties thereto are subject have been satisfied;

(g) the exercise notice with respect to Registered Shares issued out of Conditional Share Capital will be duly delivered in accordance with Swiss law and the Plan;

(h) to the extent the Company issues Registered Shares out of Conditional Share Capital, the performance of the contributions in money shall be made at a banking institution subject to the Federal Law of November 8, 1934, Relating to Banks and Savings Banks, as amended, or, in case of performance of the contributions by way of set-off, in accordance with the applicable provisions of the Swiss Code of Obligations;

(i) no Registered Shares have been issued out of the Conditional Share Capital since the date of the Articles of Association;

(j) the Excerpt, the Articles of Association and the Organizational Regulations are correct, complete and up-to-date, and the Plan is in full force and effect and has not been amended; and

(k) the Resolutions have been duly resolved in the manner set forth therein and have not been rescinded or amended and are in full force and effect.

III. Opinion

Based on the foregoing and subject to the qualifications set out below, we are of the opinion that:

1. The Company is a corporation (Aktiengesellschaft) duly incorporated and validly existing under the laws of Switzerland, with all requisite corporate power and authority to enter into, perform and conduct its business as described in the Articles of Association.

2. The Company's share capital registered in the Commercial Register of the Canton of Zug amounts to USD 94,082,890.10, divided into 940,828,901 Registered Shares. Such

Registered Shares have been validly issued, fully paid up to their nominal value and are non-assessable.

3. The Registered Shares that may be issued from the Conditional Share Capital, if and when such Registered Shares are issued pursuant to the Plan, and after the nominal amount for such Registered Shares has been paid-in in cash or by way of set-off, will be validly issued, fully paid and non-assessable.

IV. Qualifications

The above opinions are subject to the following qualifications:

(a) The lawyers of our firm are members of the Zurich bar and do not hold themselves out to be experts in any laws other than the laws of Switzerland. Accordingly, we are opining herein as to Swiss law only and we express no opinion with respect to the applicability thereto, or the effect thereon, of the laws of any other jurisdiction.

(a) We note that, under Swiss law, shares issued out of Conditional Share Capital cannot be paid-in by way of contribution in kind.

(b) The exercise of voting rights and rights related thereto with respect to any Registered Shares is only permissible after registration in the Company's share register as a shareholder with voting rights in accordance with the provisions of, and subject to the limitations provided in, the Articles of Association.

(c) We express no opinion as to any commercial, accounting, tax, calculating, auditing or other non-legal matter.

(d) We have not investigated or verified the truth or accuracy of the information contained in the Registration Statement, nor have we been responsible for ensuring that no material information has been omitted from it.

(e) Any issuance of the Registered Shares out of Conditional Share Capital must be confirmed by the auditor of the Company, and amended Articles of Association of the Company reflecting the issuance of Registered Shares from Conditional Share Capital, together with said confirmation by the Company's auditor, must be filed with the competent commercial register no later than three months after the end of the Company's fiscal year.

__________

We have issued this opinion as of the date hereof and we assume no obligation to advise you of any changes that are made or brought to our attention hereafter.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act.

This opinion is governed by and shall be construed in accordance with the laws of Switzerland.

Sincerely yours,HOMBURGER AG

/s/ David Oser​ ​​ ​David Oser