Lacey William F. 4

What Happened
William F. Lacey, a director of Transocean Ltd. (RIG), exercised/conversion of derivative awards and received a new restricted-unit grant. On May 22, 2026 he acquired 82,353 shares via exercise/conversion at $6.81 per share (totaling ~$560,824). To satisfy tax withholding obligations he sold 20,934 of those shares on May 26, 2026 at $6.70 per share (proceeds ~$140,258). Separately, on May 22, 2026 he was granted 30,435 restricted share units (RSUs) that will convert to registered shares upon vesting.

Key Details

• Transaction dates/prices: May 22, 2026 — 82,353 shares acquired at $6.81 (M); May 26, 2026 — 20,934 shares disposed at $6.70 to cover taxes (F); May 22, 2026 — 30,435 RSUs granted (A, $0 exercise price until vesting).
• Dollar values: ~ $560,824 (acquired) and ~ $140,258 (sold to cover taxes).
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes of note:
  • F1: The 82,353 shares relate to restricted units (1-for-1 share equivalents) originally granted May 30, 2025; they vested May 22, 2026 and the reporting person did not defer receipt.
  • F2: The 20,934 shares were sold upon vesting to satisfy tax withholding.
  • F3: The 30,435 RSUs were granted May 22, 2026, vest on the earlier of May 22, 2027 or the next Annual General Meeting, and will convert 1-for-1 into registered shares when vested.
• Filing timeliness: Form filed May 27, 2026 — five days after the May 22 transactions (appears later than the standard 2-business‑day Form 4 filing window).

Context
This was largely administrative: the reporting person received vested RSUs (converted to shares) and sold a portion to cover taxes — a routine cashless/tax-withholding step rather than an open-market sale indicating a change in investment view. The new RSU grant is time‑vested and will only convert to registered shares upon its future vesting event.