Sec Form 4 Filing - Mey Mark-Anthony Lovell @ Transocean Ltd. - 2017-05-28

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 Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Mey Mark-Anthony Lovell 2. Issuer Name and Ticker or Trading Symbol Transocean Ltd. [ RIG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) EVP & CFO (Last) (First) (Middle) 4 GREENWAY PLAZA 3. Date of Earliest Transaction (MM/DD/YY) 05/28/2017 (Street) HOUSTON, TX77046 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction 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) Code V Amount (A) or (D) Price Registered Shares 05/28/2017 M 51,125 A $ 0 ( 1 ) 103,819 D Registered Shares 05/28/2017 M 22,495 A $ 0 ( 2 ) 126,314 D Registered Shares 05/30/2017 F 31,110 ( 3 ) D $ 9.55 95,204 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Restricted Units $ 0 05/28/2017 M 51,125 05/28/2017( 1 ) ( 1 ) Registered Shares 51,125 $ 0 51,125 D Restricted Units $ 0 05/28/2017 M 22,495 05/28/2017( 2 ) ( 2 ) Registered Shares 22,495 $ 0 22,495 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Mey Mark-Anthony Lovell 4 GREENWAY PLAZA HOUSTON, TX77046 EVP & CFO Signatures /s/ Daniel Ro-Trock By Power of Attorney 05/31/2017 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Restricted Units, which are 1-for-1 share equivalents, acquired on May 28, 2015, pursuant to the Issuer's long-term incentive plan. One third of such restricted units vested on May 28, 2017, resulting in delivery of registered shares to the reporting person. The remaining restricted units vest as follows: 51,125 on May 28, 2018. ( 2 )Restricted Units, which are 1-for-1 share equivalents, acquired on May 28, 2015, pursuant to the Issuer's long-term incentive plan. One third of such restricted units vested on May 28, 2017, resulting in delivery of registered shares to the reporting person. The remaining restricted units vest as follows: 22,495 on May 28, 2018. ( 3 )Shares sold upon vesting to satisfy tax withholding obligations.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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