<SEC-DOCUMENT>0001179110-17-007206.txt : 20170515
<SEC-HEADER>0001179110-17-007206.hdr.sgml : 20170515
<ACCEPTANCE-DATETIME>20170515172052
ACCESSION NUMBER:		0001179110-17-007206
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170512
FILED AS OF DATE:		20170515
DATE AS OF CHANGE:		20170515

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Transocean Ltd.
		CENTRAL INDEX KEY:			0001451505
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				980599916
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		BLANDONNET INTERNATIONAL BUSINESS CENTER
		STREET 2:		BLDG F, 7TH FLOOR, CHEMIN DE BLANDONNET
		CITY:			VERNIER
		STATE:			V8
		ZIP:			1214
		BUSINESS PHONE:		41-58-792-9243

	MAIL ADDRESS:	
		STREET 1:		BLANDONNET INTERNATIONAL BUSINESS CENTER
		STREET 2:		BLDG F, 7TH FLOOR, CHEMIN DE BLANDONNET
		CITY:			VERNIER
		STATE:			V8
		ZIP:			1214

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MERKSAMER SAMUEL J.
		CENTRAL INDEX KEY:			0001501581

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-53533
		FILM NUMBER:		17845911

	MAIL ADDRESS:	
		STREET 1:		C/O ICAHN CAPITAL LP
		STREET 2:		767 FIFTH AVENUE, 47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153

	FORMER NAME:	
		FORMER CONFORMED NAME:	MERKSAMER SAMUEL
		DATE OF NAME CHANGE:	20100920

	FORMER NAME:	
		FORMER CONFORMED NAME:	MERKSAMER SAM
		DATE OF NAME CHANGE:	20100917
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2017-05-12</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001451505</issuerCik>
        <issuerName>Transocean Ltd.</issuerName>
        <issuerTradingSymbol>RIG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001501581</rptOwnerCik>
            <rptOwnerName>MERKSAMER SAMUEL J.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>10 CHEMIN DE BLANDONNET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>VERNIER</rptOwnerCity>
            <rptOwnerState>V8</rptOwnerState>
            <rptOwnerZipCode>1214</rptOwnerZipCode>
            <rptOwnerStateDescription>SWITZERLAND</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2017-05-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>19301</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Registered Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>19301</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>19301</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Restricted Units, which are 1-for-1 registered share equivalents, were acquired on May 12, 2017 pursuant to the Issuer's long-term incentive plan. Restricted Units vest on the earlier of: May 12, 2018; or (ii) the date of the next Annual General Meeting of the Company's shareholders following the May 12, 2017 grant date. Pursuant to the award agreement, such Restricted Units will be payable in registered shares of the Issuer following the vesting date, as defined above.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Daniel Ro-Trock By Power of Attorney</signatureName>
        <signatureDate>2017-05-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
