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

OMB APPROVAL OMB Number: 3235-0104 Expires: January 31, 2005 Estimated average burden hours per response... 0.5

(Print or Type Responses)

1. Name and Address of Reporting Person *   Shaw Robert S 2. Date of Event Requiring Statement (Month/Day/Year) 12/01/2011 3. Issuer Name and Ticker or Trading Symbol Transocean Ltd. [RIG] (Last) (First) (Middle) 4 GREENWAY PLAZA 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Vice President and Controller 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 1,458 D Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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	  (1)	  (1)	Registered Shares	4,184	$ (1)	D	Â
Deferred Units	  (2)	  (2)	Registered Shares	1,997	$ (2)	D	Â
Stock Options	02/10/2012(3)	02/09/2021	Registered Shares	3,929	$ 78.76	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Shaw Robert S 4 GREENWAY PLAZA HOUSTON, TX 77046	Â	Â	  Vice President and Controller	Â

Signatures

Eric J. Christ by Power of Attorney		12/02/2011
**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)	Deferred Units, which are 1-for-1 share equivalents, were acquired on November 17, 2010 pursuant to the Issuer's long-term incentive plan. Outstanding deferred units vest as follows: 2,092 shares on November 17, 2012 and 2,092 shares on November 17, 2013.
(2)	Deferred Units, which are 1-for-1 share equivalents, were acquired on February 10, 2011 pursuant to the Issuer's long-term incentive plan and vest as follows: 665 on February 10, 2012; 666 on February 10, 2013; and 666 on February 10, 2014.
(3)	On February 10, 2011, the reporting person was awarded 3,929 stock options which vest as follows: 1,309 on February 10, 2012; 1,310 on February 10, 2013; and 1,310 on February 10, 2014.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.