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Transocean Ltd. Announces Ultra-Deepwater Semisubmersible Rig Development Driller III Begins 7-Year Drilling Contract for BP

November 25, 2009

ZUG, Switzerland, Nov. 25, 2009 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE:RIG) announced today that the newbuild ultra-deepwater semisubmersible rig Development Driller III has commenced operations in the U.S. Gulf of Mexico for a subsidiary of BP p.l.c. (NYSE:BP) under a seven-year drilling contract.

The dynamically positioned Development Driller III is one of 23 Ultra-Deepwater Floaters in the Transocean fleet. The rig features advanced offshore drilling technology, including a high-pressure mud-pump system, an advanced mud system design, a variable deckload of 7,000 metric tons and 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. The rig is equipped for drilling in water depths up to 7,500 feet, upgradeable to 10,000 feet, and equipped for drilling wells up to 35,000 feet total depth, upgradeable to 37,500 feet.

FORWARD-LOOKING STATEMENTS

Statements regarding the Development Driller III, 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 138 mobile offshore drilling units plus five 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 44 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