MERKSAMER SAMUEL J. 4

What Happened

• Samuel J. Merksamer, a director of Transocean Ltd. (RIG), was granted 30,435 restricted units (RUs) on May 22, 2026. The grant is reported as an award/acquisition at a $0.00 purchase price and is a derivative award (restricted units that convert to shares).

Key Details

• Transaction date and price: May 22, 2026; acquisition price reported $0.00 (code A — award/grant).
• Amount: 30,435 Restricted Units (each a 1-for-1 registered share equivalent).
• Shares owned after transaction: Not disclosed in this Form 4 filing.
• Footnote: The RUs vest on the earlier of (i) May 22, 2027 or (ii) the date of the next Annual General Meeting following the grant; vested awards will be payable in registered shares per the award terms (see footnote F1).
• Filing timeliness: Form 4 was filed May 27, 2026 for a May 22 transaction; Section 16 reporting typically requires filing within 2 business days, so this appears to be a late filing.

Context

• These Restricted Units are a compensation award under Transocean’s long-term incentive plan and do not represent an immediate cash purchase or sale. They will convert to company shares only if and when vesting conditions are met and payout occurs. Such grants are routine for directors and reflect compensation, not a direct market buy/sell signal.