<SEC-DOCUMENT>0001415889-23-006859.txt : 20230425
<SEC-HEADER>0001415889-23-006859.hdr.sgml : 20230425
<ACCEPTANCE-DATETIME>20230425190612
ACCESSION NUMBER:		0001415889-23-006859
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230421
FILED AS OF DATE:		20230425
DATE AS OF CHANGE:		20230425

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Perestroika (Cyprus) Ltd
		CENTRAL INDEX KEY:			0001737912
		STATE OF INCORPORATION:			G4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38373
		FILM NUMBER:		23846385

	BUSINESS ADDRESS:	
		STREET 1:		TRANSOCEAN
		STREET 2:		TURMSTRASSE 30
		CITY:			STEINHAUSEN
		STATE:			V8
		ZIP:			6312
		BUSINESS PHONE:		7132327654

	MAIL ADDRESS:	
		STREET 1:		TRANSOCEAN
		STREET 2:		TURMSTRASSE 30
		CITY:			STEINHAUSEN
		STATE:			V8
		ZIP:			6312

ISSUER:		

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

	BUSINESS ADDRESS:	
		STREET 1:		TURMSTRASSE 30
		CITY:			STEINHAUSEN
		STATE:			V8
		ZIP:			6312
		BUSINESS PHONE:		41 41 749 0500

	MAIL ADDRESS:	
		STREET 1:		TURMSTRASSE 30
		CITY:			STEINHAUSEN
		STATE:			V8
		ZIP:			6312
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-04252023_110406.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0407</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2023-04-21</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001737912</rptOwnerCik>
            <rptOwnerName>Perestroika (Cyprus) Ltd</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PERESTROIKA AS</rptOwnerStreet1>
            <rptOwnerStreet2>TURMSTRASSE 30</rptOwnerStreet2>
            <rptOwnerCity>STEINHAUSEN</rptOwnerCity>
            <rptOwnerState>V8</rptOwnerState>
            <rptOwnerZipCode>6312</rptOwnerZipCode>
            <rptOwnerStateDescription>SWITZERLAND</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Registered Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2023-04-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>34600147</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>6.17</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>82596498</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>2.5% Senior Guaranteed Exchangeable Bonds due 2027</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>6.17</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2023-04-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionTotalValue>
                    <value>213367000</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionTotalValue>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2020-08-14</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2027-01-30</value>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Registered Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>34600147</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The 2.5% Senior Guaranteed Exchangeable Bonds due January 2027 (the &quot;2.5% Exchangeable Bonds&quot;) were issued by Transocean Inc., a wholly owned subsidiary of Transocean Ltd. (the &quot;Company&quot;), pursuant to an Indenture dated August 14, 2020, among Transocean Inc., the Company and certain subsidiary guarantors, and Computershare Trust Company, N.A., as successor trustee to Wells Fargo Bank, National Association, and are exchangeable into shares of the Company at an initial exchange rate of 162.1626 Shares per $1,000 principal amount of 2.5% Exchangeable Bonds.</footnote>
        <footnote id="F2">On April 21, 2023, Perestroika (Cyprus) Ltd. exchanged its 2.5% Exchangeable Bonds pursuant to the terms of the Indenture referred to in footnote 1.</footnote>
    </footnotes>

    <remarks>Perestroika (Cyprus) Ltd. is a wholly owned subsidiary of Perestroika AS. Due to Perestroika AS's designation of a member of the board of directors of the Company, Perestroika (Cyprus) Ltd. may be deemed to be a director of the Company by deputization. Perestroika AS's right to designate a member of the Company's board of directors has since terminated.</remarks>

    <ownerSignature>
        <signatureName>/s/ Daniel Ro-Trock by Power of Attorney</signatureName>
        <signatureDate>2023-04-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
