RIG: Material agreement

Item 1.01 Entry into a Material Definitive Agreement. On May 19, 2026, Transocean Ltd., a Swiss corporation (“ Transocean ”), entered into a support agreement (the “ Famatown Support Agreement ”) with Famatown Finance Limited, Kristian Johansen and the other parties thereto, pursuant to which Transocean has agreed, subject to the terms and conditions set forth therein, to nominate Mr. Johansen for election to the board of directors (the “ Transocean Board ”) of Transocean (the “ Initial Nomination Right ”) at (i) the extraordinary general meeting of Transocean shareholders (the “ Transocean Extraordinary General Meeting ”), with his election conditioned on approval of a shareholder resolution at the Transocean Extraordinary General Meeting and consummation of Transocean’s acquisition of Valaris Limited , an exempted company limited by shares incorporated under the laws of Bermuda (“ Valaris ”) , and (ii) each annual or extraordinary meeting of Transocean shareholders at which directors are elected during the period commencing at the Transocean Extraordinary General Meeting and ending on the date that is two years thereafter (the “ Re-Nomination Period ”). If the Transocean Board includes Mr. Johansen or another replacement director reasonably acceptable to the Transocean Board (a “ Replacement Director ”) on Transocean’s slate of director nominees for any subsequent annual general meeting of Transocean shareholders and Mr. Johansen or the Replacement Director is elected to serve as a Transocean director at such meeting, the Re-Nomination Period will be extended until completion of the next annual general meeting of Transocean shareholders. If Mr. Johansen is not elected to the Transocean Board at the Transocean Extraordinary General Meeting or any meeting of Transocean