Centre-of-mass motions of two coupled spherical-cap droplets are considered. A model with surface tension and inertia that accounts for finite-amplitude deformations is derived in closed form. Total droplet volume λ and half-length L of the tube that connects the droplets are the control parameters. The model dynamics reside in the phase-plane. For lens-like droplets λ < 1, and for any L there is a single steady state about which the droplets vibrate with limit-cycle behaviour. For λ>1, the symmetric state loses stability (saddle point) and new antisymmetric steady states arise about which limit-cycle oscillations occur. These mirror states – big-droplet up or big-droplet down – are also stable. In addition, there are large finite-amplitude ‘looping’ oscillations corresponding to limit cycles that enclose both steady states in the phase-plane. All three kinds of oscillations are documented in an experiment that sets the system into motion by ‘kicking’ one of the droplets with a prescribed pressure-pulse. Model predictions for frequencies are consistent with observations. Small-amplitude predictions are placed in the wider context of constrained Rayleigh vibrations. A model extension to account for the small but non-negligible influence of viscosity is also presented.