<SEC-DOCUMENT>0001750415-25-000008.txt : 20251208
<SEC-HEADER>0001750415-25-000008.hdr.sgml : 20251208
<ACCEPTANCE-DATETIME>20251208174110
ACCESSION NUMBER:		0001750415-25-000008
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20251204
FILED AS OF DATE:		20251208
DATE AS OF CHANGE:		20251208

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Adamson Keelan
		CENTRAL INDEX KEY:			0001750415
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38373
		FILM NUMBER:		251557096

	MAIL ADDRESS:	
		STREET 1:		4 GREENWAY PLAZA
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Transocean Ltd.
		CENTRAL INDEX KEY:			0001451505
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				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>form4-12082025_101206.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-12-04</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001750415</rptOwnerCik>
            <rptOwnerName>Adamson Keelan</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1414 ENCLAVE PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77077</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>PRESIDENT AND CEO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>1</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Registered Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8469</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>4.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1361683</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Registered Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>57968</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>4.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1303715</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 28, 2025.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Debra Kupferman by Power of Attorney</signatureName>
        <signatureDate>2025-12-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ex24-12082025_101206.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//IETF//DTD HTML//EN">
<html><head><title>ex24-12082025_101206.htm</title></head><body style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<p style="margin:0px; font-size:11pt; color:#212121" align="center"><b>LIMITED POWER OF ATTORNEY FOR SECTION 16 REPORTING OBLIGATIONS</b></p>
<p style="margin:0px"><br></p>
<p style="margin:0px; text-indent:48px; font-size:11pt; color:#212121" align="justify">Know all by these presents, that the undersigned hereby constitutes and appoints each of Brady Long, Debra Kupferman, Daniel Ro-Trock, Sandro Thoma, Kyle Vento, Kristina Mays and Jason Bersch acting individually and with full power of substitution, the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s true and lawful attorney-in-fact to:</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:29.933px; width:53.467px; font-size:11pt; float:left">1)</p>
<p style="margin:0px; padding-left:53.467px; padding-right:18.8px; text-indent:-2px; font-size:11pt; color:#212121" align="justify">execute for and on behalf of the undersigned, in the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s capacity as an officer and/or director of Transocean Ltd. (the <font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font><b>Company</b><font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>), Forms 3, 4 and 5 (and any amendments thereto) in accordance with Section 16(a) of the Securities Exchange Act of 1934, as amended (the <font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font><b>Exchange Act</b><font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>), and the rules thereunder;</p>
<p style="margin:0px; clear:left" align="justify"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:29.933px; width:53.467px; font-size:11pt; float:left">2)</p>
<p style="margin:0px; padding-left:53.467px; padding-right:18.8px; text-indent:-2px; font-size:11pt; color:#212121" align="justify">do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Form 3, 4 or 5, complete and execute any amendments thereto, and timely file such form with the United States Securities and Exchange Commission and any securities exchange or similar authority; and</p>
<p style="margin:0px; clear:left" align="justify"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:29.933px; width:53.467px; font-size:11pt; float:left">3)</p>
<p style="margin:0px; padding-left:53.467px; padding-right:18.8px; text-indent:-2px; font-size:11pt; color:#212121" align="justify">take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Limited Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s discretion.</p>
<p style="margin:0px; clear:left"><br></p>
<p style="margin:0px; text-indent:48px; font-size:11pt; color:#212121" align="justify">The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s substitute or substitutes, shall lawfully do or cause to be done by virtue of this Limited Power of Attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request and on the behalf of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s responsibilities to comply with, or any liability for the failure to comply with, any provision of Section 16 of the Exchange Act.</p>
<p style="margin:0px"><br></p>
<p style="margin:0px; text-indent:48px; font-size:11pt; color:#212121" align="justify">This Limited Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4 or 5 with respect to the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to each of the foregoing attorneys-in-fact. The authority granted to any individual attorney-in-fact hereunder shall automatically terminate with immediate effect upon such attorney-in-fact ceasing to be employed by or affiliated with the Company or any of its subsidiaries. This Limited Power of Attorney revokes all prior powers of attorney granted by the undersigned with respect to the subject matter hereof.</p>
<p style="margin:0px"><br></p>
<p style="margin:0px; text-indent:48px; font-size:11pt; color:#212121" align="justify"><b>IN WITNESS WHEREOF</b>, the undersigned has executed this Limited Power of Attorney as of the <u>12<sup>th</sup></u> &nbsp;day of November 2025.</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px; padding-left:312px; font-size:11pt; color:#212121" align="justify">Signed and acknowledged:</p>
<p style="margin:0px"><br></p>
<p style="margin:0px"><br></p>
<p style="margin:0px; padding-left:312px; font-size:11pt; color:#212121"><u>/s/ Keelan Adamson</u></p>
<p style="margin:0px; padding-left:312px; font-size:11pt; color:#212121">Name: Keelan I. Adamson</p>
<p style="margin:0px"><br><br></p>
</body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
