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Transocean Ltd. Announces Ultra-Deepwater Semisubmersible Rig Deepwater Horizon Awarded Three-Year Contract Extension

September 29, 2009

ZUG, Switzerland, Sept. 29, 2009 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE:RIG) announced today that its ultra-deepwater semisubmersible rig Deepwater Horizon has been awarded a three-year contract extension by a subsidiary of BP p.l.c. (NYSE:BP) for operations in the U.S. Gulf of Mexico commencing in September 2010. Estimated contracted revenues related to the three-year contract extension are approximately $544 million. Estimated contract revenues represent the maximum amount of revenues that may be earned in the firm contract period, excluding revenues for mobilization, cost escalations, customer reimbursed equipment and miscellaneous adjustments.

The Deepwater Horizon is one of 41 High-Specification Floaters in the Transocean fleet, 20 of which are ultra-deepwater drillships and semisubmersible rigs. Capable of operating in water depths up to 10,000 feet, the Deepwater Horizon entered service in 2001 and recently set the world record for the deepest oil and gas well at 35,050 feet total vertical depth, drilled for BP.

FORWARD-LOOKING STATEMENTS

Statements regarding the contract extension terms, contract extension execution, commencement dates and estimated revenues, as well as any other statements that are not historical facts, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, actions by customers and other third parties, the future price of oil and gas, the actual revenues earned and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

Transocean Ltd. is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 135 mobile offshore drilling units plus eight announced ultra-deepwater newbuild units, the company's fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. The company owns or operates a contract drilling fleet of 41 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 26 Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide.

The Transocean Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2252

CONTACT: Transocean Ltd.
         Analyst Contact:
         Gregory S. Panagos
          +1 713-232-7551
         Media Contact:
         Guy A. Cantwell
          +1 713-232-7647