<SEC-DOCUMENT>0001179110-19-005977.txt : 20190513
<SEC-HEADER>0001179110-19-005977.hdr.sgml : 20190513
<ACCEPTANCE-DATETIME>20190513181847
ACCESSION NUMBER:		0001179110-19-005977
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190509
FILED AS OF DATE:		20190513
DATE AS OF CHANGE:		20190513

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MULLER EDWARD R
		CENTRAL INDEX KEY:			0001180211

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38373
		FILM NUMBER:		19819906

	MAIL ADDRESS:	
		STREET 1:		C/O AEROVIRONMENT, INC.
		STREET 2:		900 INNOVATORS WAY
		CITY:			SIMI VALLEY
		STATE:			CA
		ZIP:			93065

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:		TURMSTRASSE 30
		CITY:			STEINHAUSEN
		STATE:			V8
		ZIP:			6312
		BUSINESS PHONE:		41 41 749 0500

	MAIL ADDRESS:	
		STREET 1:		TURMSTRASSE 30
		CITY:			STEINHAUSEN
		STATE:			V8
		ZIP:			6312
</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>2019-05-09</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001180211</rptOwnerCik>
            <rptOwnerName>MULLER EDWARD R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>TURMSTRASSE 30</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>STEINHAUSEN</rptOwnerCity>
            <rptOwnerState>V8</rptOwnerState>
            <rptOwnerZipCode>6312</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>2019-05-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>26185</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>26185</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>26185</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 9, 2019, pursuant to the Issuer's long-term incentive plan. Restricted Units vest on the earlier of: (i) May 9, 2020; or (ii) the date of the next Annual General Meeting of the Company's shareholders following the May 9, 2019 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>2019-05-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
