SEC Form SC 13G filed by Transocean Ltd (Switzerland)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

Transocean Ltd.

(Name of Issuer) 

Shares, par value CHF 0.10 per share

(Title of Class of Securities)

H8817H100

(CUSIP Number)

November 14, 2022

(Date of Event Which Requires Filing of this Statement)

Check the following box to designate the rule pursuant to which the Schedule is filed:

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

¹ On November 14, 2022, D. E. Shaw & Co., L.P. and David E. Shaw (collectively, the “Reporting Persons”) became the beneficial owners of more than 5% of the class of securities. On November 15, 2022, the Reporting Persons ceased to be beneficial owners of more than 5% of the class of securities. On November 16, 2022, the Reporting Persons again became beneficial owners of more than 5% of the class of securities. The beneficial ownership information provided in this document is current as of November 16, 2022.

¹ On November 14, 2022, D. E. Shaw & Co., L.P. and David E. Shaw (collectively, the “Reporting Persons”) became the beneficial owners of more than 5% of the class of securities. On November 15, 2022, the Reporting Persons ceased to be beneficial owners of more than 5% of the class of securities. On November 16, 2022, the Reporting Persons again became beneficial owners of more than 5% of the class of securities. The beneficial ownership information provided in this document is current as of November 16, 2022.

As of November 16, 2022:

David E. Shaw does not own any shares directly. By virtue of David E. Shaw’s position as President and sole shareholder of D. E. Shaw & Co., Inc., which is the general partner of D. E. Shaw & Co., L.P., which in turn is the investment adviser of D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C., and D. E. Shaw Composite Portfolios, L.L.C. and the managing member of D. E. Shaw Investment Management, L.L.C., and by virtue of David E. Shaw’s position as President and sole shareholder of D. E. Shaw & Co. II, Inc., which is the managing member of D. E. Shaw & Co., L.L.C., which in turn is the manager of D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C., and D. E. Shaw Composite Portfolios, L.L.C., David E. Shaw may be deemed to have the shared power to vote or direct the vote of 36,074,116 shares, and the shared power to dispose or direct the disposition of 36,130,816 shares, the 36,130,816 shares as described above constituting 5.0% of the outstanding shares and, therefore, David E. Shaw may be deemed to be the beneficial owner of such shares. David E. Shaw disclaims beneficial ownership of such 36,130,816 shares.

By signing below, each of D. E. Shaw & Co., L.P. and David E. Shaw certify that, to the best of such reporting person’s knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having such purposes or effect.

SIGNATURE

After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. A Power of Attorney, dated March 1, 2017, granted by David E. Shaw in favor of Nathan Thomas, is attached hereto.

Dated: November 25, 2022