Sec Form 4 Filing - Long Brady K @ Transocean Ltd. - 2019-02-07

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 Long Brady K 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 & General Counsel (Last) (First) (Middle) 4 GREENWAY PLAZA 3. Date of Earliest Transaction (MM/DD/YY) 02/07/2019 (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 02/07/2019 M 68,574 ( 1 ) A $ 0 130,973 D Registered Shares 02/07/2019 F 21,983 ( 2 ) D $ 0 108,990 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 Stock Options $ 8.35 02/07/2019 A 123,457 ( 3 ) 02/07/2029 Registered Shares 123,457 $ 0 123,457 D Deferred Units $ 0 02/07/2019 A 57,604 ( 4 ) ( 4 ) Registered Shares 57,604 $ 0 57,604 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Long Brady K 4 GREENWAY PLAZA HOUSTON, TX77046 EVP & General Counsel Signatures /s/ Daniel Ro-Trock By Power of Attorney 02/11/2019 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Deferred Units awarded on February 11, 2016 vested on February 7, 2019 upon satisfaction of the applicable performance measures pursuant to the Issuer's 2016-2018 performance cycle. ( 2 )Shares withheld upon vesting to satisfy tax withholding obligations. ( 3 )On February 7, 2019, the reporting person was awarded 123,457 stock options which vest as follows: 41,152 on February 7, 2020; 41,152 on February 7, 2021; and 41,153 on February 7, 2022. ( 4 )The Deferred Units were acquired on February 7, 2019, by the reporting person pursuant to the Issuer's long-term incentive plan, and vest as follows: 19,201 on March 1, 2020; 19,201 on March 1, 2021; and 19,202 on March 1, 2022.

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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