Transocean Ltd.

​ ​ ​ ​ AMENDED AND RESTATED CREDIT AGREEMENT Dated as of October 15, 2026, Among TRANSOCEAN INTERNATIONAL LIMITED, as Borrower, THE LENDERS PARTIES HERETO, CITIBANK, N.A., as Administrative Agent, CITIBANK, N.A., as Collateral Agent, DNB CARNEGIE INC., as Syndication Agent, and WELLS FARGO BANK, NATIONAL ASSOCIATION, GOLDMAN SACHS BANK USA, DEUTSCHE BANK SECURITIES INC., MORGAN STANLEY SENIOR FUNDING, INC., and MUFG BANK, LTD., as Co-Documentation Agents ​ CITIBANK, N.A., DNB CARNEGIE INC., WELLS FARGO SECURITIES, LLC, GOLDMAN SACHS BANK USA, DEUTSCHE BANK SECURITIES INC., MORGAN STANLEY SENIOR FUNDING, INC., and MUFG BANK, LTD., as Joint Lead Arrangers ​ CITIBANK, N.A., as Sole Bookrunner ​

TABLE OF CONTENTS Page ARTICLE 1 DEFINITIONS; INTERPRETATION. ‌ 6 Section 1.1 Definitions ‌ 6

Section 1.6 Amendment and Restatement of Existing Credit Agreement; Effectiveness ‌ 52

ARTICLE 2 THE CREDIT FACILITY. ‌ 53 Section 2.1 Commitments for Revolving Loans ‌ 53

Section 2.2 Types of Loans and Minimum Borrowing Amounts ‌ 53

Section 2.3 Manner of Borrowings; Continuations and Conversions of Borrowings ‌ 53

Section 2.6 Applicable Interest Rates and Payments ‌ 56

Section 2.8 Repayment of Loans; Evidence of Debt ‌ 58

Section 2.10 Mandatory Prepayments of Loans ‌ 60

Section 2.13 Commitment Reductions and Terminations ‌ 67

Section 2.16 Extensions of Commitment Termination Date ‌ 70

Section 2.17 Increase in Revolving Credit Commitments ‌ 71

Section 2.18 Blocking Regulation Lenders ‌ 73

ARTICLE 3 FEES AND PAYMENTS. ‌ 73 Section 3.1 Fees ‌ 73

Section 3.2 Place and Application of Payments ‌ 74

ARTICLE 4 CONDITIONS PRECEDENT. ‌ 79 Section 4.1 Conditions for Closing ‌ 79

Section 4.2 Conditions for All Borrowings ‌ 82

ARTICLE 5 REPRESENTATIONS AND WARRANTIES. ‌ 84 Section 5.1 Corporate Organization ‌ 84

Section 5.2 Power and Authority; Validity ‌ 84

Section 5.5 Use of Proceeds; Margin Regulations ‌ 85

Section 5.7 True and Complete Disclosure ‌ 85

Section 5.9 No Material Adverse Change ‌ 86

Section 5.17 Employee Benefit Plans ‌ 87

Section 5.18 Anti-Corruption Laws and Sanctions ‌ 88

Section 5.19 Compliance with Certain Laws ‌ 88

Section 5.21 Concerning the Collateral Rigs ‌ 88

Section 5.23 Affected Financial Institutions ‌ 89

ARTICLE 6 COVENANTS. ‌ 89 Section 6.1 Corporate Existence ‌ 90

Section 6.6 Financial Reports and Other Information ‌ 92

Section 6.7 Lender Inspection Rights ‌ 95

Section 6.9 Use of Proceeds; Margin Regulations; Borrower Activities ‌ 96

Section 6.10 Restrictions on Fundamental Changes ‌ 97

Section 6.12 Subsidiary Indebtedness ‌ 101

Section 6.13 Use of Property and Facilities; Environmental Laws ‌ 103

Section 6.14 Transactions with Affiliates ‌ 104

Section 6.15 Sale and Leaseback Transactions ‌ 104

Section 6.16 Compliance with Laws; Policies and Procedures ‌ 104

Section 6.17 Collateral Rig Classifications; Operation of Collateral Rig ‌ 105

Section 6.18 Conduct of Business of Holdco 1, Holdco 2, Holdco 3, Holdco 4, Holdco 5 and Holdco 6 ‌ 106

Section 6.19 Operation of Collateral Rigs ‌ 106