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Transocean Ltd. Announces Deepwater Semisubmersible Rig GSF Celtic Sea Awarded Three-Year Contract

December 18, 2009
ZUG, Switzerland, Dec 18, 2009 (GlobeNewswire via COMTEX) -- Transocean Ltd. (NYSE:RIG) announced today that its moored deepwater semisubmersible rig GSF Celtic Sea has been awarded a three-year contract by an undisclosed customer for operations in Angola commencing in the second quarter of 2011. Estimated contracted revenues related to the three-year contract are approximately $350 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 GSF Celtic Sea is one of 16 deepwater floaters in the Transocean fleet. Capable of operating in water depths up to 5,750 feet and drilling wells 25,000 feet deep, the GSF Celtic Sea entered service in 1982 and was upgraded in 1998.

FORWARD-LOOKING STATEMENTS

Statements regarding the GSF Celtic Sea, operating specifications, contract durations, revenues, cost, 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, 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 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

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