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Equity
 9 Months Ended
Sep. 30, 2025
Equity  
Equity

Note 10—Equity

Share issuance—In September 2025, we issued 143.8 million Transocean Ltd. shares in a public offering, including 4.0 million Transocean Ltd. shares issued to Perestroika (Cyprus) Ltd. (together with its subsidiaries, “Perestroika”), an entity affiliated with one of our directors that beneficially owns approximately 10 percent of our shares.  In connection with the issuance, we received $421 million aggregate cash proceeds, net of issue costs, including $12 million from Perestroika.

In the three and nine months ended September 30, 2025, we issued 54.7 million and 73.3 million Transocean Ltd. shares with an aggregate fair value of $147 million and $196 million to certain holders of the 4.00% Exchangeable Bonds pursuant to the Exchange Agreements.  See Note 6—Debt.

In June 2024, we issued 55.5 million Transocean Ltd. shares with an aggregate fair value of $297 million as partial consideration to acquire the outstanding 67.0 percent ownership interest in Orion.  See Note 5—Long-Lived Assets and Note 6—Debt.