CHANG VANESSA C L 4

What Happened
Vanessa C.L. Chang, a director of Transocean Ltd. (RIG), received a grant of 30,435 restricted share units (derivative award) on May 22, 2026. The units were awarded at $0 cash consideration (code A on the Form 4) and represent 1-for-1 registered share equivalents that will be settled in Transocean common shares upon vesting.

Key Details

• Transaction date: May 22, 2026. Grant reported on Form 4 filed May 27, 2026. The filing appears timely under the two-business-day Rule 16 filing window given the Memorial Day holiday on May 25, 2026.
• Amount and price: 30,435 restricted units; grant price $0 (no cash paid).
• Ownership after transaction: Not specified in the provided filing details.
• Footnote (summary): These Restricted Units are 1-for-1 registered share equivalents granted under Transocean’s long-term incentive plan. They vest on the earlier of (i) May 22, 2027, or (ii) the date of the next Annual General Meeting following the May 22, 2026 grant, and will be payable in registered shares upon vesting.
• Transaction type: Award/grant of a derivative (restricted units), not an open-market purchase or sale.

Context
Restricted share unit grants are a common form of director compensation and align long-term interests by converting to actual shares only after vesting. Because these units convert to shares in the future (subject to vesting conditions), they do not represent an immediate cash purchase or sale of stock and should be interpreted as compensation rather than a direct market sentiment signal.