<SEC-DOCUMENT>0001451505-21-000059.txt : 20210709
<SEC-HEADER>0001451505-21-000059.hdr.sgml : 20210709
<ACCEPTANCE-DATETIME>20210709162551
ACCESSION NUMBER:		0001451505-21-000059
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20210709
DATE AS OF CHANGE:		20210709
EFFECTIVENESS DATE:		20210709

FILER:

	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

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-257804
		FILM NUMBER:		211083081

	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>S-8
<SEQUENCE>1
<FILENAME>rig-20210709xs8.htm
<DESCRIPTION>S-8
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.11.0.85--><!--Created on: 7/9/2021 08:22:18 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">As filed with the Securities and Exchange Commission on July 9, 2021</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Registration No. 333-</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:4pt 0pt 0pt 0pt;"><b style="font-size:18pt;font-weight:bold;">UNITED STATES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Washington, D.C. 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:12pt 0pt 0pt 0pt;"><b style="font-size:18pt;font-weight:bold;">FORM S-8</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">REGISTRATION STATEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-style:italic;font-weight:bold;">Under</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">the Securities Act of 1933</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:12pt 0pt 0pt 0pt;"><b style="font-size:24pt;font-weight:bold;">TRANSOCEAN LTD.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">(Exact Name of Registrant as Specified in its Charter)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:12pt 0pt 0pt 0pt;"><b style="font-weight:bold;">AMENDED AND RESTATED TRANSOCEAN LTD. 2015 LONG-TERM INCENTIVE PLAN</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Full title of plan)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Brady K. Long</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Executive Vice President and General Counsel</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Transocean Ltd.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">c/o Transocean Offshore Deepwater Drilling Inc.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">1414 Enclave Parkway</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Houston, Texas 77077</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">+1 (713) 232-7500</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Name, Address and Telephone Number, Including Area Code, of Agent for Service)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-style:italic;font-weight:bold;">Copy to:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">James B. Marshall</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Baker Botts L.L.P.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">910 Louisiana Street</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Houston, Texas 77002-4995</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">(713) 229-1234</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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 &#8220;large accelerated filer,&#8221; </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-size:12pt;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:30pt 0pt 12pt 0pt;">&#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:34.71%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:9.51%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:5.5%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:5.5%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:40.03%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:4.73%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:34.71%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:top;width:9.51%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:top;width:5.5%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:top;width:5.5%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:top;width:40.03%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:top;width:4.73%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td></tr><tr><td style="vertical-align:top;width:34.71%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Large accelerated filer</p></td><td style="vertical-align:top;width:9.51%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Segoe UI Symbol';">&#9746;</font></p></td><td style="vertical-align:top;width:5.5%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:top;width:5.5%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:top;width:40.03%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Accelerated filer</p></td><td style="vertical-align:top;width:4.73%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Segoe UI Symbol';">&#9744;</font></p></td></tr><tr><td style="vertical-align:top;width:34.71%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Non-accelerated filer</p></td><td style="vertical-align:top;width:9.51%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Segoe UI Symbol';">&#9744;</font></p></td><td style="vertical-align:top;width:5.5%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:top;width:5.5%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:top;width:40.03%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Smaller reporting company</p></td><td style="vertical-align:top;width:4.73%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Segoe UI Symbol';">&#9744;</font></p></td></tr><tr><td style="vertical-align:top;width:34.71%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:top;width:9.51%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:top;width:5.5%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:top;width:5.5%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:top;width:40.03%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Emerging growth company</p></td><td style="vertical-align:top;width:4.73%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Segoe UI Symbol';">&#9744;</font></p></td></tr><tr><td colspan="5" style="vertical-align:top;width:95.26%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 2pt 0pt;">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.</p></td><td style="vertical-align:top;width:4.73%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Segoe UI Symbol';">&#9744;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:12pt 0pt 12pt 0pt;"><b style="font-weight:bold;">CALCULATION OF REGISTRATION FEE</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:16.63%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:2.94%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:15.88%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:2.94%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:18.67%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:2.94%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:20.72%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:2.94%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:16.28%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr style="height:1pt;"><td style="vertical-align:middle;width:16.63%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:middle;width:2.94%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:middle;width:15.88%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:middle;width:2.94%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:middle;width:18.67%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:middle;width:2.94%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:middle;width:20.72%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:middle;width:2.94%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td><td style="vertical-align:middle;width:16.28%;margin:0pt;padding:0.25pt 6.75pt 0.25pt 6.75pt;"></td></tr><tr><td style="vertical-align:middle;width:16.63%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Title of securities</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">to be registered</b></p></td><td style="vertical-align:middle;width:2.94%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"></td><td style="vertical-align:middle;width:15.88%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:center;margin:0pt;"><b style="font-size:10pt;font-weight:bold;">Amount to be registered</b><b style="font-weight:bold;">(1)</b></p></td><td style="vertical-align:middle;width:2.94%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"></td><td style="vertical-align:middle;width:18.67%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:center;margin:0pt;"><b style="font-size:10pt;font-weight:bold;">Proposed maximum offering price per share</b><b style="font-weight:bold;">(2)</b></p></td><td style="vertical-align:middle;width:2.94%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"></td><td style="vertical-align:middle;width:20.72%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:center;margin:0pt;"><b style="font-size:10pt;font-weight:bold;">Proposed maximum aggregate offering price</b><b style="font-weight:bold;">(2)</b></p></td><td style="vertical-align:middle;width:2.94%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"></td><td style="vertical-align:middle;width:16.28%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount of registration fee</b></p></td></tr><tr><td style="vertical-align:middle;width:16.63%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Shares, par value CHF 0.10 per share</p></td><td style="vertical-align:middle;width:2.94%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"></td><td style="vertical-align:middle;width:15.88%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">23,000,000</p></td><td style="vertical-align:middle;width:2.94%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"></td><td style="vertical-align:middle;width:18.67%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$4.54</p></td><td style="vertical-align:middle;width:2.94%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"></td><td style="vertical-align:middle;width:20.72%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$104,420,000</p></td><td style="vertical-align:middle;width:2.94%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"></td><td style="vertical-align:middle;width:16.28%;border-bottom:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 6.75pt 0.5pt 6.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$11,392.22</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:28.8pt;text-indent:-28.8pt;margin:0pt 0pt 12pt 0pt;">(1) &#8194;&#8194;&#8194;Pursuant to Rule 416 of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), 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 unit dividend, unit spilt, recapitalization or other similar transaction.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:28.8pt;text-indent:-28.8pt;margin:0pt 0pt 12pt 0pt;">(2) &#8194;&#8194;&#8194;Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(c) and (h) under the Securities Act and based upon the average of the high and low sales prices of a share of Transocean Ltd. as reported by the New York Stock Exchange on July 7, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-size:12pt;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:30pt 0pt 10pt 0pt;"><b style="font-weight:bold;">REGISTRATION OF ADDITIONAL SECURITIES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><font style="background-color:#ffffff;">This Registration Statement is being filed by Transocean Ltd., a Swiss corporation (the &#8220;Company&#8221; or the &#8220;Registrant&#8221;) pursuant to General Instruction E of Form S-8 under the Securities Act of 1933, as amended, to register an additional </font>23,000,000<font style="background-color:#ffffff;"> registered shares pursuant to the Amended and Restated Transocean Ltd. 2015 Long-Term Incentive Plan (as amended to date, the &#8220;Plan&#8221;). </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><font style="background-color:#ffffff;">The Board of Directors of the Company recommended for approval and, on May 27, 2021, the shareholders of the Company approved an amendment of the Plan that increased the number of shares authorized for issuance under the Plan from 62,861,451 to </font>85,861,451 shares<font style="background-color:#ffffff;">. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><font style="background-color:#ffffff;">The contents of the Registration Statement on </font><a style="-sec-extract:exhibit;" href="https://www.sec.gov/Archives/edgar/data/0001451505/000119312515196863/d927318ds8.htm"><font style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Form S-8 (No. 333-204359)</font></a><font style="background-color:#ffffff;">, the Registration Statement on </font><a style="-sec-extract:exhibit;" href="https://www.sec.gov/Archives/edgar/data/0001451505/000145150518000095/c505-20181009xs8.htm"><font style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Form S-8 (No. 333-227750)</font></a><font style="background-color:#ffffff;"> and the Registration Statement on </font><a style="-sec-extract:exhibit;" href="https://www.sec.gov/Archives/edgar/data/0001451505/000155837020005814/rig-20200507xs8.htm"><font style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Form S-8 (No. 333-238091)</font></a><font style="background-color:#ffffff;"> are incorporated by reference into this Registration Statement, except as amended hereby.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:10pt 0pt 10pt 0pt;"><b style="font-weight:bold;">PART II</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Item 8. Exhibits.</b></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:1.68%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:6.53%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:35.11%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:54.09%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:1.68%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="vertical-align:top;width:6.53%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="vertical-align:top;width:35.11%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="vertical-align:top;width:54.09%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td></tr><tr><td colspan="2" style="vertical-align:top;width:8.22%;border-bottom:1.0pt solid #000000;margin:0pt;padding:1.95pt 2.84pt 2.2pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:3pt 0pt 0pt 0pt;">Number</p></td><td style="vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 2.2pt 2.84pt;"></td><td style="vertical-align:top;width:35.11%;border-bottom:1.0pt solid #000000;margin:0pt;padding:1.95pt 2.84pt 2.2pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:3pt 0pt 0pt 0pt;">Description</p></td><td style="vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 2.2pt 2.84pt;"></td><td style="vertical-align:top;width:54.09%;border-bottom:1.0pt solid #000000;margin:0pt;padding:1.95pt 2.84pt 2.2pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:3pt 0pt 0pt 0pt;">Location</p></td></tr><tr><td style="vertical-align:top;width:1.68%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="vertical-align:top;width:6.53%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">4.1</p></td><td style="vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="vertical-align:top;width:35.11%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;" href="https://www.sec.gov/Archives/edgar/data/1451505/000145150521000048/rig-20210601ex318d64dd3.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Articles of Association of Transocean Ltd.</font></a></p></td><td style="vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="vertical-align:top;width:54.09%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;color:#000000;" href="https://www.sec.gov/Archives/edgar/data/1451505/000145150521000033/rig-20210406ex329d0d62e.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Exhibit&#160;3.1 to Transocean&#160;Ltd.&#8217; s Current Report on Form&#160;8-K (Commission File No.&#160;001-38373) filed on June 1, 2021</font></a></p></td></tr><tr><td style="background-color:#ffffff;vertical-align:top;width:1.68%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:6.53%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">4.2</p></td><td style="background-color:#ffffff;vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:35.11%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><a style="-sec-extract:exhibit;" href="https://www.sec.gov/Archives/edgar/data/1451505/000145150521000033/rig-20210406ex317f4e077.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Organizational Regulations of Transocean Ltd., adopted April 7, 2021</font></a></p></td><td style="background-color:#ffffff;vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:54.09%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;color:#000000;" href="https://www.sec.gov/Archives/edgar/data/1451505/000145150521000033/rig-20210406ex317f4e077.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Exhibit&#160;3.1 to Transocean&#160;Ltd.&#8217;s Current Report on Form&#160;8-K (Commission File No.&#160;001-38373) filed on April&#160;7, 2021</font></a></p></td></tr><tr><td style="background-color:#ffffff;vertical-align:top;width:1.68%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:6.53%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">4.3</p></td><td style="background-color:#ffffff;vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:35.11%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><a style="-sec-extract:exhibit;" href="https://www.sec.gov/Archives/edgar/data/1451505/000145150521000048/rig-20210601ex101933e4e.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Amended and Restated Transocean Ltd. 2015 Long-Term Incentive Plan</font></a></p></td><td style="background-color:#ffffff;vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:54.09%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Exhibit 10.1 to Transocean Ltd.&#8217;s Current Report on Form 8-K (Commission File No. &#160;001-38373) filed on June 1, 2021</p></td></tr><tr style="height:10.65pt;"><td style="background-color:#ffffff;vertical-align:top;width:1.68%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:6.53%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">5.1</p></td><td style="background-color:#ffffff;vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:35.11%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;" href="rig-20210709ex51ffaae5c.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Opinion of Homburger AG</font></a></p></td><td style="background-color:#ffffff;vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:54.09%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Filed herewith.</p></td></tr><tr><td style="background-color:#ffffff;vertical-align:top;width:1.68%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:6.53%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">23.1</p></td><td style="background-color:#ffffff;vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:35.11%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;" href="rig-20210709ex2312ab2e0.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Consent of Ernst &amp; Young LLP</font></a></p></td><td style="background-color:#ffffff;vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:54.09%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Filed herewith.</p></td></tr><tr><td style="background-color:#ffffff;vertical-align:top;width:1.68%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:6.53%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">23.2</p></td><td style="background-color:#ffffff;vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:35.11%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;" href="rig-20210709ex51ffaae5c.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Consent of Homburger AG</font></a> </p></td><td style="background-color:#ffffff;vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:54.09%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Included in Exhibit 5.1 hereto.</p></td></tr><tr><td style="background-color:#ffffff;vertical-align:top;width:1.68%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:6.53%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">24.1</p></td><td style="background-color:#ffffff;vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:35.11%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Power of Attorney</p></td><td style="background-color:#ffffff;vertical-align:top;width:1.28%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"></td><td style="background-color:#ffffff;vertical-align:top;width:54.09%;margin:0pt;padding:1.95pt 2.84pt 1.95pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Included as part of the signature page to this Registration Statement.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-size:12pt;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:30pt 0pt 10pt 0pt;"><b style="font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">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 July 9, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:12pt 0pt 0pt 396pt;"><b style="font-weight:bold;">TRANSOCEAN LTD.<br></b><br><br>By:<u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Jeremy D. Thigpen</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 396pt;">Name: Jeremy D. Thigpen</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 396pt;">Title: President and Chief Executive Officer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 270pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 270pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">POWER OF ATTORNEY</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">Each person whose signature appears below constitutes and appoints Jeremy D. Thigpen, Mark L. Mey and David Tonnel, 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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">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 July 9, 2021.</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td colspan="4" style="vertical-align:top;width:67.8%;margin:0pt;padding:0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:top;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:top;width:30.7%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Signature</b></p></td><td colspan="2" style="vertical-align:top;width:0.66%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"></td><td style="vertical-align:top;width:0.32%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"></td><td colspan="4" style="vertical-align:top;width:67.8%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Title</b></p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.5pt 0pt;"></td></tr><tr style="height:12pt;"><td style="vertical-align:top;width:30.7%;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0.25pt 0.25pt 0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.66%;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0.25pt 0.25pt 0.25pt;"></td><td colspan="3" style="vertical-align:top;width:0.64%;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0.25pt 0.25pt 0.25pt;"></td><td colspan="4" style="vertical-align:middle;width:67.8%;margin:0pt;padding:0.5pt 0.25pt 0.25pt 0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.5pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Jeremy D. Thigpen</u></p></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:top;width:67.8%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">President and Chief Executive Officer, Director</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jeremy D. Thigpen</p></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:top;width:67.8%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Principal Executive Officer)</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr style="height:12pt;"><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td colspan="3" style="vertical-align:top;width:0.64%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:middle;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Mark L. Mey</u></p></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:top;width:67.8%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Executive Vice President, Chief Financial Officer</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Mark L. Mey</p></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:top;width:67.8%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Principal Financial Officer)</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr style="height:12pt;"><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td colspan="3" style="vertical-align:top;width:0.64%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:middle;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ David A. Tonnel</u></p></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:top;width:67.8%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Senior Vice President and Chief Accounting Officer</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">David A. Tonnel</p></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:top;width:67.8%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Principal Accounting Officer)</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr style="height:12pt;"><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td colspan="3" style="vertical-align:top;width:0.64%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:middle;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Chadwick C. Deaton</u></p></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:top;width:67.8%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Chairman of the Board of Directors</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Chadwick C. Deaton</p></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:top;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr style="height:12pt;"><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td colspan="3" style="vertical-align:top;width:0.64%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:middle;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Glyn A. Barker</u></p></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:top;width:67.8%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Glyn A. Barker</p></td><td colspan="2" style="vertical-align:top;width:0.66%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:top;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr></table></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td colspan="2" style="vertical-align:top;width:30.94%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Signature</b></p></td><td colspan="3" style="vertical-align:top;width:0.98%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"></td><td colspan="2" style="vertical-align:top;width:67.43%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Title</b></p></td></tr><tr style="height:12pt;"><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.66%;margin:0pt;padding:0.25pt;"></td><td colspan="3" style="vertical-align:middle;width:0.64%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:middle;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt;"></td></tr><tr><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Vanessa C.L. Chang</u></p></td><td colspan="3" style="vertical-align:top;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:67.48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr style="height:12pt;"><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Vanessa C.L. Chang</p></td><td colspan="3" style="vertical-align:top;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:top;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:0.18%;margin:0pt;padding:0.25pt;"></td></tr><tr style="height:12pt;"><td style="vertical-align:top;width:30.7%;margin:0pt;padding:0.25pt;"></td><td colspan="3" style="vertical-align:top;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:top;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:middle;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Frederico F. Curado</u></p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Frederico F. Curado</p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr style="height:12pt;"><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:middle;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Vincent J. Intrieri</u></p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Vincent J. Intrieri</p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr style="height:12pt;"><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:middle;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Samuel J. Merksamer</u></p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Samuel J. Merksamer</p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr style="height:12pt;"><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:middle;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Frederik W. Mohn</u></p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Frederik W. Mohn</p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr style="height:12pt;"><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="4" style="vertical-align:middle;width:67.8%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Edward R. Muller</u></p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Edward R. Muller</p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Margareth &#216;vrum</u></p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Margareth &#216;vrum</p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ Diane de Saint Victor</u></p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr><tr><td style="vertical-align:middle;width:30.7%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Diane de Saint Victor</p></td><td colspan="3" style="vertical-align:middle;width:0.98%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:0.32%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:67.48%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:0.18%;margin:0pt;padding:0.25pt 0pt 0.25pt 0pt;"></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border-width:0;"></body></html>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
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<DESCRIPTION>EX-5.1
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.11.0.85--><!--Created on: 7/9/2021 08:22:29 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:14.29%;padding-right:12.09%;position:relative;"><div style="margin-top:26.65pt;min-height:70.5pt;width:100%;"><p style="color:#969696;font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;text-align:right;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;">Exhibit 5.1 </b></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.88%;"><tr style="height:1pt;"><td style="vertical-align:top;width:69.9%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:30.09%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;text-align:right;margin:13pt 0pt 13pt 0pt;"><img src="rig-20210709ex51ffaae5c001.jpg" alt="Logo&#10;&#10;Description automatically generated" style="display:inline-block;height:36pt;width:198.72pt;"></p></td></tr><tr><td style="vertical-align:top;width:69.9%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="background-color:#ffffff;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 0pt 0pt;">Transocean Ltd. <br>Turmstrasse 30<br>6312 Steinhausen<br>Switzerland</p></td><td style="vertical-align:top;width:30.09%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">Homburger AG</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">Prime Tower</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">Hardstrasse 201 / CH-8005 Zurich</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">P.O. Box 314 / CH-8037</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;min-height:10.0pt;margin:0pt;"><font style="white-space:pre-wrap;">T  +41 43 222 10 00</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;min-height:10.0pt;margin:0pt;"><font style="white-space:pre-wrap;">F  +41 43 222 15 00<br>lawyers@homburger.ch</font></p></td></tr><tr><td style="vertical-align:top;width:69.9%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;">July 9, 2021</p></td><td style="vertical-align:top;width:30.09%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:69.9%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;"><b style="font-weight:bold;">Transocean Ltd.</b></p></td><td style="vertical-align:top;width:30.09%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:69.9%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:30.09%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;">Ladies and Gentlemen:</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;text-indent:0pt;margin:13pt 0pt 13pt 0pt;">We have acted as special Swiss counsel to Transocean Ltd., a company limited by shares incorporated under the laws of Switzerland (the<b style="font-weight:bold;"> Company</b>), in connection with the Registration Statement on Form S-8 (the <b style="font-weight:bold;">Registration Statement</b>) to be filed with the United States Securities and Exchange Commission (the <b style="font-weight:bold;">SEC</b>) on the date hereof under the Securities Act of 1933, as amended (the <b style="font-weight:bold;">Act</b>), with respect to the registration of an additional 23,000,000 registered shares of the Company, each with a par value of CHF&#160;0.10 (the <b style="font-weight:bold;">Registered</b> <b style="font-weight:bold;">Shares</b>), 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. </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;text-indent:0pt;margin:13pt 0pt 13pt 0pt;">Capitalized terms used herein shall have the meaning attributed to them in the Documents unless otherwise defined herein.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#9664e1;font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">I.</td><td style="padding:0pt;"><font style="color:#9664e1;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Basis of Opinion</font></td></tr></table><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;">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.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;">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.</p></div><div style="clear:both;margin-bottom:27.2pt;width:100%;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="color:#969696;font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:14.29%;margin-right:12.09%;margin-top:30pt;page-break-after:always;width:73.62%;border-width:0;"><div style="max-width:100%;padding-left:14.29%;padding-right:12.09%;position:relative;"><div style="margin-top:26.65pt;width:100%;"><p style="color:#969696;font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:0pt 0pt 13pt 0pt;">For the purpose of giving this opinion, we have only examined originals or copies of the following documents (collectively the <b style="font-weight:bold;">Documents</b>):</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.1pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">A copy of the resolution passed by the shareholders of the Company at the Company&#39;s annual general meeting (the </font><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:bold;text-align:justify;">AGM</b><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">) held on May&#160;27, 2021 (the </font><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:bold;text-align:justify;">Shareholder Resolution</b><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">), as reflected in the minutes of such meeting, dated May&#160;27, 2021, regarding the approval by the Company&#39;s shareholders of, among other things, the reserve of an additional 23,000,000 Registered Shares in the aggregate amount of Registered Shares available for issuance pursuant to the Company&#8217;s 2015 Long-Term Incentive Plan, as amended from time to time (the </font><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:bold;text-align:justify;">Plan</b><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.1pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">A copy of (x)&#160;the minutes of the meeting of the Company&#39;s board of directors, dated as of February&#160;12, 2021 and (y)&#160;the resolutions of the Company&#39;s board of directors by written consent as of April 1, 2021 ((x) and (y) collectively the </font><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:bold;text-align:justify;">Board Resolutions</b><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">), including, among other things, a resolution approving the amendment and the restatement of the Plan, and a resolution recommending that the Company&#39;s shareholders approve at the Company&#39;s 2021 annual general meeting of shareholders the reservation of an additional 23,000,000 Registered Shares in the aggregate amount of Registered Shares available pursuant to the Plan;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.1pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">A copy of the Plan, as amended and restated effective May&#160;27, 2021;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.1pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">A copy of the Articles of Association (</font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:italic;font-weight:normal;text-align:justify;">Statuten</i><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">) of the Company in the form deposited with the Commercial Register of the Canton of Zug, Switzerland, dated May&#160;27, 2021 (the </font><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:bold;text-align:justify;">Articles of Association</b><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">), including the respective amendments to the Company&#39;s authorized share capital as approved at the AGM by the Shareholder Resolution, and including the conditional share capital (such conditional share capital hereinafter the </font><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:bold;text-align:justify;">Conditional Share Capital</b><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">); </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.1pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">A copy of the Organizational Regulations (</font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:italic;font-weight:normal;text-align:justify;">Organisationsreglement</i><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">) of the Company, dated as of April 7, 2021 (the </font><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:bold;text-align:justify;">Organizational Regulations</b><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.1pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">A copy of an online excerpt from the Commercial Register of the Canton of Zug, Switzerland, for the Company, dated as of July 6, 2021 (the </font><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:bold;text-align:justify;">Excerpt</b><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">).</font></td></tr></table><div style="margin-top:14pt;"></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;">No documents, other than the Documents, have been reviewed by us in connection with this opinion. Accordingly, we shall limit our opinion to the Documents and their legal implications under Swiss law.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;">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.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#9664e1;font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">II.</td><td style="padding:0pt;"><font style="color:#9664e1;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Assumptions</font></td></tr></table><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;">In rendering the opinion below, we have assumed the following:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">The filing of the Registration Statement with the SEC has been authorized by all necessary actions under all applicable laws other than Swiss law;</font></td></tr></table></div><div style="clear:both;margin-bottom:27.2pt;width:100%;"><p style="color:#969696;font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;text-align:right;margin:0pt -43.7pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:14.29%;margin-right:12.09%;margin-top:30pt;page-break-after:always;width:73.62%;border-width:0;"><div style="max-width:100%;padding-left:14.29%;padding-right:12.09%;position:relative;"><div style="margin-top:26.65pt;width:100%;"><p style="color:#969696;font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">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 or facsimile signatures thereon have been produced and used in accordance with applicable internal rules and/or procedures and the individual to whom any such electronic or facsimile signature belongs has consented to the use of his or her signature for each such document on which it appears;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">all factual information contained in, or material statements given in connection with, the Documents are true and accurate;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">the Documents are within the capacity and power of, and have been validly authorized and executed by the Company;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">the Registration Statement has been filed by the Company;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">any Registered Shares issued out of the Conditional Share Capital will be listed on the New York Stock Exchange in accordance with applicable laws and regulations;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">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;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">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; </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">to the extent the Company issues Registered Shares out of Conditional Share Capital, the performance of the contribution in money or by way of set-off shall be made at a banking institution subject to the Federal Law of November 8, 1934, Relating to Banks and Savings Banks, as amended;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">(x)&#160;the Excerpt is correct, complete and up-to-date and (y)&#160;the Articles of Association, the Organizational Regulations and the other Documents </font><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">are in full force and effect and have not been amended</font><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;"> (with respect to (x) and (y) but for the amendments to the Articles of Association regarding the increase and extension of the Company&#39;s authorized share capital); &#160;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(k)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">The amendments to the Articles of Association in relation to the Company&#39;s authorized share capital will be duly filed with and registered in the commercial register; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(l)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">each of the Shareholder Resolution and the Board Resolutions referred to under Section I.(i) and (ii), respectively, (x) has been duly resolved in a meeting duly convened and otherwise in the manner set forth therein, and (y) has not been rescinded or amended and is in full force and effect.</font></td></tr></table><div style="margin-top:14pt;"></div></div><div style="clear:both;margin-bottom:27.2pt;width:100%;"><p style="color:#969696;font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;text-align:right;margin:0pt -43.7pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:14.29%;margin-right:12.09%;margin-top:30pt;page-break-after:always;width:73.62%;border-width:0;"><div style="max-width:100%;padding-left:14.29%;padding-right:12.09%;position:relative;"><div style="margin-top:26.65pt;width:100%;"><p style="color:#969696;font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#9664e1;font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">III.</td><td style="padding:0pt;"><font style="color:#9664e1;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Opinion</font></td></tr></table><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;">Based on the foregoing and subject to the qualifications set out below, we are of the opinion that as of the date hereof:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">1.</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">The Company is a corporation (</font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:italic;font-weight:normal;text-align:justify;">Aktiengesellschaft</i><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">) duly incorporated and validly existing under the laws of Switzerland with all requisite corporate power and authority to enter into, to perform and to conduct its business as described in the Articles of Association.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">2.</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">The Company&#39;s share capital registered in the Commercial Register of the Canton of Zug amounts to CHF&#160;68,567,616.50, divided into 685&#39;676&#39;165 Registered Shares. Such Registered Shares have been validly issued, fully paid and are non-assessable.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">3.</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">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 subscription price 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.</font></td></tr></table><div style="margin-top:14pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:14pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#9664e1;font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">IV.</td><td style="padding:0pt;"><font style="color:#9664e1;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Qualifications</font></td></tr></table><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;padding-left:28.4pt;text-indent:-28.4pt;margin:13pt 0pt 13pt 0pt;">The above opinions are subject to the following qualifications:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:15pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">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.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:15pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">We note that, under Swiss law, shares issued out of Conditional Share Capital cannot be paid-in by way of contribution in kind.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:15pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">The exercise of voting rights and rights related thereto with respect to any Registered Shares is only permissible after registration in the Company&#39;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. </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:15pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">We express no opinion as to any commercial, accounting, tax, calculating, auditing or other non-legal matter. </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:15pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">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;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">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 </font></td></tr></table></div><div style="clear:both;margin-bottom:27.2pt;width:100%;"><p style="color:#969696;font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;text-align:right;margin:0pt -43.7pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:14.29%;margin-right:12.09%;margin-top:30pt;page-break-after:always;width:73.62%;border-width:0;"><div style="max-width:100%;padding-left:14.29%;padding-right:12.09%;position:relative;"><div style="margin-top:26.65pt;width:100%;"><p style="color:#969696;font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Arial';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">confirmation by the Company&#39;s auditor, must be filed with the competent commercial register no later than three months after the end of the Company&#39;s fiscal year.</font></td></tr></table><div style="margin-top:15pt;"></div><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;">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.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;">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. </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 13pt 0pt;">This opinion is governed by and shall be construed in accordance with the laws of Switzerland.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;min-height:14.0pt;margin:0pt 0pt 14pt 0pt;">Sincerely yours<br>HOMBURGER AG</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.46;margin:13pt 0pt 12pt 0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">/s/ David Oser</u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:8.65pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration:underline;text-decoration-color:#000000;"><br></u>David Oser </p></div><div style="clear:both;margin-bottom:27.2pt;width:100%;"><p style="color:#969696;font-family:'Arial','Helvetica','sans-serif';font-size:7.5pt;line-height:1.19;text-align:right;margin:0pt -43.7pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:14.29%;margin-right:12.09%;margin-top:30pt;page-break-after:avoid;width:73.62%;border-width:0;"></body></html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>rig-20210709ex2312ab2e0.htm
<DESCRIPTION>EX-23.1
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.11.0.85--><!--Created on: 7/9/2021 08:22:38 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 23.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">Consent of Independent Registered Public Accounting Firm</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">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 26, 2021, 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, 2020, filed with the Securities and Exchange Commission.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:right;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt;">/s/ Ernst &amp; Young LLP</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Houston, Texas</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;">July 9, 2021</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border-width:0;"></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
