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Transocean Ltd. Announces Ultra-Deepwater Drillship Petrobras 10000 Begins 10-Year Drilling Contract in Angola

October 19, 2009
ZUG, Switzerland, Oct 19, 2009 (GlobeNewswire via COMTEX) -- Transocean Ltd. (NYSE:RIG) announced today that the newbuild ultra-deepwater drillship Petrobras 10000 has commenced operations in Angola for a subsidiary of Petrobras under a 10-year drilling contract. Transocean has an agreement with the P&M Drilling International B.V. joint venture of Petrobras and Mitsui to acquire the rig under a 20-year capital lease contract.

The Petrobras 10000 is one of 21 Ultra-Deepwater Floaters in the Transocean fleet. The rig features Transocean's patented dual-activity drilling technology, allowing for parallel drilling operations designed to save time and money in deepwater well construction, compared with conventional rigs. Other features include expanded completions capabilities, a variable deck-load of more than 20,000 metric tons and the capability of development and exploration drilling in greater than 10,000 feet of water depth.

FORWARD-LOOKING STATEMENTS

Statements regarding the Petrobras 10000, operating specifications, contract durations, revenues, cost, duration, area of operations, 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, factors affecting the duration of contracts including well-in-progress provisions, the actual amount of downtime, factors resulting in reduced applicable dayrates, the future price of oil and gas 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 136 mobile offshore drilling units plus seven 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 42 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

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Transocean Ltd.

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