Sec Form 4 Filing - Munro Michael F @ Transocean Ltd. - 2012-11-17

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 Munro Michael F 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) VP, CCO & Deputy GC (Last) (First) (Middle) 4 GREENWAY PLAZA 3. Date of Earliest Transaction (MM/DD/YY) 11/17/2012 (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 11/17/2012 M 2,614 A $ 0 ( 1 ) 5,819 D Registered Shares 11/17/2012 F 692 D $ 0 ( 2 ) 5,127 D Registered Shares 11/19/2012 S 1,922 D $ 45.3575 3,205 ( 3 ) 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 Deferred Units $ 0 ( 1 ) 11/17/2012 M 2,614 11/17/2012 ( 1 ) Registered Shares 2,614 $ 0 ( 1 ) 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Munro Michael F 4 GREENWAY PLAZA HOUSTON, TX77046 VP, CCO & Deputy GC Signatures /s/Jill S. Greene by Power of Attorney 11/20/2012 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Deferred Units, where are 1-for-1 share equivalents, acquired on November 17, 2011, pursuant to the Issuer's long-term incentive plan. One-third of such deferred units vested on November 17, 2012, resulting in delivery of registered shares to the reporting person. ( 2 )Shares automatically withheld upon vesting to satisfy tax withholding obligations. ( 3 )This transaction was effected pursuant to a Rule 10b5-1 trading plan. Effective on November 18, 2012, the reporting person is no longer subject to Section 16 but for disclosure purposes it has been included on this Form 4 filing.

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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