Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* Mohn Frederik Wilhelm	2. Issuer Name and Ticker or Trading Symbol Transocean Ltd. [ RIG ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle) TURMSTRASSE 30	3. Date of Earliest Transaction (MM/DD/YYYY) 8/14/2020
(Street) STEINHAUSEN, V8 6312 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
0.5% Exchangeable Senior Bonds due 2023	⁽¹⁾	8/14/2020		D			$355611000 ⁽¹⁾⁽²⁾	1/30/2018	1/30/2023	Shares	⁽¹⁾	⁽¹⁾	$0 ⁽¹⁾⁽²⁾	I	See footnote ⁽³⁾
0.5% Exchangeable Senior Bonds due 2023	⁽¹⁾							1/30/2018	1/30/2023	Shares	⁽¹⁾		$185000 ⁽¹⁾	D
0.5% Exchangeable Senior Bonds due 2023	⁽¹⁾							1/30/2018	1/30/2023	Shares	⁽¹⁾		$17000 ⁽¹⁾	I	See footnote ⁽⁴⁾
2.5% Senior Guaranteed Exchangeable Bonds due 2027	⁽²⁾⁽⁵⁾	8/14/2020		A		$213367000 ⁽⁵⁾		8/14/2020	1/30/2027	Shares	⁽⁵⁾	⁽⁵⁾	$213367000 ⁽²⁾⁽⁵⁾	I	See footnote ⁽³⁾

Explanation of Responses:
(1)	The 0.5% Exchangeable Senior Bonds due 2023 (the "0.5% Exchangeable Bonds") were issued by Transocean Inc., a wholly owned subsidiary of the Company, and fully and unconditionally guaranteed by the Company on January 30, 2018. The 0.5% Exchangeable Bonds are exchangeable into shares of the Company at an initial exchange rate of 97.29756 Shares per $1,000 principal amount of 0.5% Exchangeable Bonds, which initial exchange rate is subject to adjustment in accordance with the Indenture, dated January 30, 2018, among Transocean Inc., the Company, Computershare Trust Company, N.A. and Computershare Trust Company of Canada. The 0.5% Exchangeable Bonds are exchangeable at any time prior to and up to the maturity date of January 30, 2023.
(2)	On August 14, 2020, Perestroika (Cyprus) Ltd. exchanged its 0.5% Exchangeable Bonds for 2.5% Exchangeable Bonds (as defined below) in a private exchange.
(3)	These securities are held directly by Perestroika (Cyprus) Ltd., a wholly owned subsidiary of Perestroika AS. Mr. Frederik W. Mohn is a sole director and owner of Perestroika AS and is the beneficial owner of all securities owned by Perestroika AS and Perestroika (Cyprus) Ltd.
(4)	These securities are held directly by Mr. Frederik W. Mohn's spouse.
(5)	The 2.5% Senior Guaranteed Exchangeable Bonds due 2027 (the "2.5% Exchangeable Bonds") were issued by Transocean Inc., a wholly owned subsidiary of the Company, and fully and unconditionally guaranteed by the Company and certain subsidiary guarantors on August 14, 2020. The 2.5% Exchangeable Bonds are exchangeable into shares of the Company at an initial exchange rate of 162.1626 Shares per $1,000 principal amount of 2.5% Exchangeable Bonds, which initial exchange rate is subject to adjustment in accordance with the Indenture, dated August 14, 2020, among Transocean Inc., the Company and certain subsidiary guarantors and Wells Fargo Bank, National Association. The 2.5% Exchangeable Bonds are exchangeable at any time prior to the close of business on the second business day immediately preceding the maturity date of January 30, 2027.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Mohn Frederik Wilhelm TURMSTRASSE 30 STEINHAUSEN, V8 6312	X	X