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Item 1.01Entry into a Material Definitive Agreement

Amendment to Revolving Credit Facility

On July 27, 2022, Transocean Inc. (the "Company"), Citibank, N.A., asadministrative agent, certain lenders and, for the limited purposes set forththerein, Transocean Ltd. and certain of the Company's subsidiaries entered intothe fifth amendment (the "Amendment") to the Company's credit agreement datedJune 22, 2018 (as amended, the "Revolving Credit Facility"). The Amendmentamended the Revolving Credit Facility to, among other things, (i) extend thematurity date to June 22, 2025 from June 22, 2023 with respect to the 2025Extended Commitments (as hereinafter defined), subject to (a) permittedextensions thereof in accordance with the terms of the Revolving Credit Facilityand (b) certain early maturity triggers, including if on any date the aggregateamount of scheduled principal repayments of indebtedness (excluding certainspecified indebtedness) due within 91 days thereof is equal to or in excess of$200 million and available cash (pro forma for the repayment of such debt) isless than $250 million, (ii) reduce the borrowing capacity from $1.33 billion to$773.5 million until June 22, 2023, and thereafter reduce the borrowing capacityto $600 million until June 22, 2025 (the "2025 Extended Commitments"), includinga reduction in the sublimit for the issuance of letters of credit from $500million to $350 million, (iii) replace the Company's ability to borrow under theRevolving Credit Facility at the reserve adjusted London Interbank Offered Rateplus a margin (the "Revolving Credit Facility Margin") with the ability toborrow under the Revolving Credit Facility at a forward looking term rate basedon the secured overnight financing rate ("Term SOFR") plus the Revolving CreditFacility Margin and a Term SOFR spread adjustment of 0.10%, (iv) decrease therequired available cash needed as a condition to borrowing from $500 million to$325 million, (v) require the Company to prepay outstanding borrowings under theRevolving Credit Facility if its available cash exceeds $325 million and (vi)permit the refinancing of certain indebtedness, subject to certain conditions,including limitations relating to liens, guarantees and maturity of any suchrefinanced indebtedness.

The foregoing description of the Amendment does not purport to be complete andis qualified in its entirety by reference to the complete document, which isfiled as Exhibit 10.1 to this Current Report. For a description of theRevolving Credit Facility, see also Item 7 of Transocean Ltd.'s Annual Reporton Form 10-K for the fiscal year ended December 31, 2021 .

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of a Registrant

The information described in Item 1.01 is incorporated herein by reference.

Item 9.01Financial Statements and Exhibits

(d) Exhibits.

Edgar Online, source Glimpses

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TRANSOCEAN LTD. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet...

Bruce Diven| The Monroe News

A great injustice is being perpetrated on the American people by the congressional hearings focused on bringing legal charges against former President Donald Trump. These hearings are very partisan and solely an exercise in making sure that former President Trump will be unable to gain enough support for another presidential run in 2024.

The media (who never liked Trump and were called fake news) have been willing allies in airing this prime time attack on the former president. What happened to the Fairness Doctrine of 1968? Federal Communications Commission rules stated that the Fairness Doctrine should apply to everyone.Whether you like or dislike President Trump, we have lost the balanced and fair reporting that Americans expect of our media.Shame on them and shame on the citizens of this country for not calling them out.The voters and citizens deserve better.

So lets say that I dont like you, my next door neighbor.I also have a group of other people that I find out dont like you either. If I have enough money and hate you enough, then I could buy TV air time and show video clips of you cutting off the tops of flowers at your home, kicking your dog, and putting your trash out in the street rather than on the curb.

I bet I could find a number of employees who worked at the business you ownto tell stories of the terrible things they saw at your business and get statements from the employees who were fired for no just cause. If I can spin the story over and over again linked with distasteful images, then I am able to cast doubt on your character and ruin your personal and business reputation.

Does this sound fair or legal? It is not.You have legal rights from slander and can sue me for monetary damages and/or jail time up to one year. Even in criminal cases, all Americans are able to have a lawyer and provide opposing evidence to mount a defense against your accuser. If these congressional hearings can do this to former President Trump and provide him no legal defense, then they can do this to you and me.

This isnt the first time that the U.S. government and politicians have run a similar scam on the American people. In 1938, Rep. Martin Dies, D-Texas, convened the House Un-American Activities Committee (HUAC) to investigate alleged disloyalty and rebel activities on the part of private citizens, public employees and organizations suspected of having communist ties.The committee employed several controversial methods to accomplish its goal of ferreting out suspected communists. During the hearing, the suspected communist was grilled about his or her political beliefs and activities and then asked to provide the names of other people who had taken part in allegedly subversive activities.

Any additional figures identified in this manner also received subpoenas, widening the committees probe. Individuals who refused to answer the committees questions or to provide names could be indicted for contempt of Congress and sent to prison. Subjects of HUAC investigations had the option of invoking their right to avoid self-incrimination under the Fifth Amendment, but pleading the Fifth created the impression that they were guilty of a crime. In addition, those who refused to cooperate were often blacklisted by their employers. They lost their jobs and were effectively prevented from working in their chosen profession.

HUACs tactics amounted to a witch hunt that trampled on citizens rights and ruined their careers and reputations. Most people who were called before the committee had broken no laws, but instead were targeted for their political beliefs or for exercising their right to free speech.

No matter what your feelings are regarding President Trump, these ongoing congressional hearings are a threat to every citizens right to fair and equitable treatment under the law. I have had enough … how about you?

Bruce Diven, D.P.T., of Monroe is a physical therapist and a clinical and adjunct professor with Wayne State University. He can be contacted at BCDDPT@comcast.net.

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Partisan congressional hearings are a threat to all citizens - Monroe Evening News

Another federal trial is scheduled to begin in two weeks for two men accused of conspiring to kidnap Governor Gretchen Whitmer.

But jurors wont be told much about their previous trial. In a final pretrial hearing Tuesday afternoon in Grand Rapids judge Robert Jonker ruled on what will and wont be allowed to be presented as evidence in the upcoming trial. One thing that jurors wont hear, Jonker said, is that two other men were found not guilty of the kidnapping conspiracy during the previous trial in the fall.

Adam Fox and Barry Croft are facing trial for the second time, after a jury deadlocked on their charges in the spring. Two other men - Daniel Harris and Brandon Caserta - were both acquitted.

But the outcome of the first trial should not be part of deliberations for jurors in the second trial, Jonker told attorneys Tuesday. In particular, evidence of the acquitals for Harris and Caserta cant be introduced as evidence in the trial, though Jonker said jurors may ultimately hear about it.

Defense attorneys for both Fox and Croft tried to argue that jurors may already come to the case knowing about the prior case.

The outcome of the first trial was somewhat unusual and it did gather a lot of press, said Christopher Gibbons, an attorney for Fox.

I think it needs to come out, argued Joshua Blanchard, Barry Crofts attorney.

Jonker acknowledged that some of the potential jurors in the case could have been following it closely, and could blurt out the outcome during the jury selection process - thus informing any other potential jurors about the outcome. But, he said, that didnt mean the acquittals could be treated as evidence by attorneys in the trial.

Another complicating factor could be that Caserta and Harris could be called as witnesses in the new trial, in which case jurors would likely find out about their acquittal. But Jonker said its also possible they would invoke their fifth amendment right to not self-incriminate. In that case, jurors wouldnt hear from them at all.

Jonker also ruled on other bits of possible evidence - including texts from a confidential informant in the case to his FBI handler, and evidence that one of the FBI agents in the case was trying to launch his own business on the side. Jonker ruled that, as in the previous case, most of that information would be inadmissible in the new trial.

A total of 14 men were charged over the alleged plot to kidnap Whitmer in 2020. Of those 14, six were charged in federal court. Two of them pleaded guilty, two were found not guilty and two are being retried. Eight other men face charges in state court, and have yet to face trial.

Jury selection for the trial against Croft and Fox is scheduled to begin August 9.

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Outcome of first kidnapping trial can't be used as evidence in second trial, judge rules - WKAR

On the eve of their first training camp as the Washington Commanders, coach Ron Rivera lamented his life since he took this job.

He was asked about his team being in the news all the time.

Its almost to be expected to be honest with you, Rivera said, in a revelatory moment describing the job description that wasnt included when he interviewed with Skipper Dan Snyder.

It goes in cycles, he said. It is situation circumstances, and to use a quote that, it is what it is, and I try to make sure it, for us, its whats interesting versus whats important and were back to football. And to me, the important thing is football. Im here to be judged on that.

OK. I know it may have slipped everyones mind, given the deluge of bad news that surrounds this franchise, but just last month, Rivera was fined $100,000 and lost two OTA practices for 2023 for excessive contacts during spring drills.

That may be football, Im not sure.

Then he spoke about the burden of the aura of self-destruction.

Does it make what I do harder? Rivera said. Yeah, it really does, because, and again, all that stuff thats happened, thats important.

OK. It is.

But to me, as a football coach, what I have to do is Ive got to make this team presentable as a football team on the football field and in the community, he said.

Presentable? Its good to have goals.

The players and coaches, we have to have success, Rivera said. We have to go out and play. Why? Because we need the fans behind us. The fans get behind us, give us support build this up, get some momentum going

Sorry, Ron, have to interrupt you for one of those cycles you spoke of. Your owner, Skipper Dan, testified Thursday virtually from his yacht somewhere overseas, where he has been hiding to avoid appearing before the House Committee on Oversight and Reform to testify about the toxic work atmosphere within the franchise under his ownership, the sexual misconduct allegations and just the overall subhuman tenure of his ownership.

Snyder has committed to providing full and complete testimony, and to answer the Committees questions about his knowledge of and contributions to the Commanders toxic work environment, as well as his efforts to interfere with the NFLs internal investigation, without hiding behind nondisclosure or other confidentiality agreements, a committee spokesperson said in a statement.

Skipper Dan agreed to testify virtually not under subpoena but under oath. Thats half a win for the committee, who wanted Skipper Dan on live streaming for the world to see the meltdown that surely would have taken place.

Remember Happy Thanksgiving?

But they did get an agreement that his testimony will be under oath. I suspect Rivera, who had to brush up on constitutional studies about the First Amendment after his defensive coordinator, Jack Del Rio, sabotaged the franchise with his dust-up comments about the Jan. 6 insurrection, will have to study his Fifth Amendment after his boss testimony which I assume we will read, not see or hear is revealed.

There reportedly will be a transcript of the testimony, and it is up to the committee if it gets released publicly. I cant fathom any scenario where it is not released by the committee. Any deal with Skipper Dans mouthpiece to withhold the transcripts would be hypocritical on a nuclear level after the committee has repeatedly admonished the NFL for withholding details of the Beth Wilkinson investigation into Skipper Dan and the organization.

OK, Ron, back to football.

A lot of optimism, more so than anything else, Rivera told reporters after the first day of camp. Thats what it really is. Everybody comes in with a good feeling, all that stuff, but for us, weve got to make sure its about the evaluation process and we got to continue to look at what we have and build on it.

There really is only one evaluation, one question that matters about this team as training camp unfolds. Yes, there is the health of defensive end Chase Young, tight end Logan Thomas, receiver Curtis Samuel and running back Antonio Gibson. There are always health questions in training camp.

But everything revolves around newly-acquired quarterback Carson Wentz, who was driven out of his two previous jobs in Philadelphia and Indianapolis Riveras future, the teams success, everything. It is the only true question that matters.

There. Thats the football.

You can hear Thom Loverro on The Kevin Sheehan Show podcast.

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LOVERRO: The weight on Rivera's shoulders is inevitably about much more than football - Washington Times

The Congressional Research Service (CRS) has issued a report on a plan with billions in liabilities that the Pension Benefit Guaranty Corporation (PBGC) took over and that then paid less in benefits than it otherwise would have. It also outlines efforts to address that consequence.

The plan was that of Delphi Technologies, a parts and components supplier to auto makers that was spun off from General Motors (GM) in 1999. Delphi sponsored six single-employer pension plans.

Delphi filed for bankruptcy in October 2005. As part of the bankruptcy reorganization plan, GM agreed to the transfer of up to $3.4 billion of liabilities from the Delphi Hourly Plan to the GM Hourly-Rate Employees Pension Plan. GM initially transferred approximately $2.6 billion of liability from the Delphi Hourly Plan to the GM plan. On June 1, 2009, GM filed for bankruptcy and subsequently received U.S. government financial assistance to assist with its reorganization. In July 2009, GM advised Delphi that it would not assume the hourly plan and would not transfer additional liabilities from Delphi to the GM pension plan. Because GM declined to assume the additional liabilities from the Delphi pension plans, the PBGC terminated the Delphi DB plans, effective July 31, 2009.

Most workers in pension plans that are taken over by the PBGC receive all of their promised benefits, but some workers may receive less than that because the PBGC cannot pay an individual more than a maximum benefit set by law. Benefits were reduced for some participants in Delphi plans.

A memorandum President Trump issued on Oct. 22, 2020 expressed concern over the developments. Said the memo, For years, Delphi Corporation was a fixture in the United States automobile manufacturing industry. Tens of thousands of Americans made their careers at Delphi, and, through their work, helped to establish America as the worlds preeminent producer of automobiles. After Delphi went bankrupt, thousands of salaried and non-unionized Delphi workers, through no fault of their own, had their pension plan terminated, upon which trusteeship was transferred to the Pension Benefit Guaranty Corporation (PBGC) for administration, consistent with statutory limits.

Court Action

In 2009, the Delphi Salaried Retiree Association (DSRA) and others filed a lawsuit; the PBGC, the U.S. Treasury Department, and the Presidential Task Force on the Auto Industry were among the defendants.

The DSRA claimed that the termination of the Delphi Retirement Program for Salaried Employees violated ERISA and the Due Process Clause of the Fifth Amendment to the U.S. Constitution. They also claimed that the agreement between GM and the unions representing hourly employees to top-up the hourly employees pensions violated the Equal Protection Clause of the Fifth Amendment.

The DSRA said that GM unfairly discriminated against the salaried employees, that GMs bankruptcy in June 2009 voided the 1999 top-up agreements and that GM renegotiated and provided the top-up to the unions pension plans for political motivations.

Federal district and appellate courts rejected the plaintiffs claims. In January 2022 the Supreme Court declined to hear the case.

Executive Branch

Activity in the Executive Branch in response to the factors and actions affecting the Delphi DB plans and their participants has not changed the situation.The plight of Delphis salaried and non-unionized workforce is of great concern to my Administration, which is committed to protecting all American workers, President Trump wrote in his October 2020 memo, which directed the heads of three departments to review pension plans the PBGC held in trusteeship, including Dephi.In response to Congressional inquiries, in August 2021 the Deputy Assistant Secretary for Banking and Finance Office of Legislative Affairs in the U.S. Treasury indicated that the Departments of Treasury, Labor, and Commerce concluded that Congressional action would be required to restore these lost pension benefits.

On the Hill

The report notes that there is pending legislation that would address the situation.

For instance, Rep. Daniel Kildee (D-MI) introduced the Susan Muffley Act of 2022 (H.R. 6929) in the House on March 3, 2022; four days later. Sen. Sherrod Brown (D-OH) introduced a nearly identical bill, S. 3766, in the Senate. Both bills would require the PBGC to recalculate and restore the monthly benefits of plan participants who are not covered by the top-up agreements in the six Delphi plans terminated by PBGC. They also provide that plan participants not covered by the top-up agreements would receive lump-sum payments with interest for the benefits that had been reduced due to the PBGCs maximum guarantee.

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CRS Reports on Delphi DB Plan Takeover and its Results - ASPPA Net