Ownership Submission
FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Munro Michael F
2. Date of Event Requiring Statement (Month/Day/Year)
11/02/2012
3. Issuer Name and Ticker or Trading Symbol
Transocean Ltd. [RIG]
(Last)
(First)
(Middle)
4 GREEWAY PLAZA
4. 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
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

HOUSTON, TX 77046
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 Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Registered Shares 2,948 (1)
D
 
Registered Shares 1,164 (2)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Deferred Units   (3)   (3) Registered Shares 2,146 $ (3) D  
Stock Options   (4) 02/17/2020 Registered Shares 4,422 $ 83.32 D  
Deferred Units   (5)   (5) Registered Shares 5,229 $ (5) D  
Deferred Units   (6)   (6) Registered Shares 1,775 $ (6) D  
Stock Options   (7) 02/09/2021 Registered Shares 3,492 $ 78.76 D  
Deferred Units   (8)   (8) Registered Shares 1,184 $ (8) D  
Stock Options   (9) 02/16/2022 Registered Shares 7,046 $ 50.79 D  
Deferred Units   (10)   (10) Registered Shares 5,961 $ (10) D  
Deferred Units   (11)   (11) Registered Shares 2,980 $ (11) D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Munro Michael F
4 GREEWAY PLAZA
HOUSTON, TX 77046
      VP, CCO & Deputy GC  

Signatures

/s/Jill S. Greene By Power of Attorney 11/06/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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).
(1) Represents deferred units awarded on February 18, 2010 and vested in one-third increments: 1,474 shares on February 18, 2011 and 1,474 shares on February 18, 2012.
(2) Represents deferred units awarded on February 10, 2011 and vestsed in one-third increments: 1,164 shares on February 10, 2012.
(3) Deferred Units, which are 1-for-1 registered share equivalents, acquired on February 18, 2010 pursuant to the issuer's long-term incentive plan. 100% of the deferred units will vest on December 31, 2012.
(4) Options vest in one-third increments on February 18, 2011, February 18, 2012 and February 18, 2013. 2,948 shares are vested and fully exercisable and 1,474 shares will vest on February 18, 2013.
(5) Deferred Units, which are 1-for-1 registered share equivalents, acquired on November 17, 2010 pursuant to the issuer's long-term incentive plan. Deferred Units are payable in registered shares of the issuer and vested in one-third increments on November 17, 2011 and the remaining two-thirds will vest on November 17, 2012 and November 17, 2013, respectively.
(6) Deferred Units, which are 1-for-1 registered share equivalents, acquired on February 10, 2011 pursuant to the issuer's long-term incentive plan. 100% of the deferred units will vest on December 31, 2013.
(7) Options vest in one-third increments on February 10, 2012, February 10, 2013 and February 10, 2014. 1,164 shares are vested and fully exercisable and 2,328 shares will vest on February 10, 2013 and February 10, 2014, respectively.
(8) Deferred Units, which are 1-for-1 registered share equivalents, acquired on February 10, 2011 pursuant to the issuer's long-term incentive plan. Deferred Units are payable in registered shares of the issuer and vested in one-third increments on February 10, 2012 and the remaining two-thirds will vest on February 10, 2013 and February 10, 2014, respectively
(9) The options vest in one-third increments on February 17, 2013, February 17, 2014 and February 17, 2015.
(10) Deferred Units, which are 1-for-1 registered share equivalents, acquired on February 17, 2012 pursuant to the issuer's long-term incentive plan. Deferred Units are payable in registered shares of the issuer and vest in one-third increments on February 17, 2013, February 17, 2014 and February 17, 2015.
(11) Deferred Units, which are 1-for-1 registered share equivalents, acquired on February 17, 2012 pursuant to the issuer's long-term incentive plan. 100% of the deferred units will vest on December 31, 2014.

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