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Transocean Ltd. Announces Ultra-Deepwater Drillship Dhirubhai Deepwater KG2 Begins Five-Year Contract in India

March 8, 2010
ZUG, Switzerland, Mar 8, 2010 (GlobeNewswire via COMTEX) -- Transocean Ltd. (NYSE:RIG) today announced that the newbuild ultra-deepwater drillship Dhirubhai Deepwater KG2, which is owned by a joint venture with Pacific Drilling Limited, has commenced operations for Reliance Industries in India under a five-year drilling contract.

The dynamically positioned Dhirubhai Deepwater KG2, one of 24 Ultra-Deepwater Floaters in the Transocean fleet, includes the most advanced drilling capabilities in the offshore drilling industry. The vessel features National Oilwell Varco drilling packages, significant off-line tubular-handling and stand-building capabilities, advanced mud system designs, systems for building, storing and running several subsea trees and efficient riser and BOP (blowout preventer) handling systems. The drillship has a variable deckload of approximately 20,000 metric tons and is equipped to work in water depths of up to 12,000 feet and outfitted to construct wells up to 35,000 feet deep.

In addition to the Dhirubhai Deepwater KG2 and five newbuild units placed into service last year, Transocean has four newbuild Ultra-Deepwater Floaters in various stages of construction or preparation for initial contracts which are scheduled to commence operations in 2010 and 2011. Those four units are the Discoverer Inspiration, the Discoverer India, the Discoverer Luanda (the latter owned by a joint venture company with Angco Cayman Limited) and the Deepwater Champion.

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

FORWARD-LOOKING STATEMENTS

Statements regarding the Dhirubhai Deepwater KG2, 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 139 mobile offshore drilling units plus four 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 45 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.

For more information about Transocean, please visit our website at www.deepwater.com.

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

SOURCE: Transocean Ltd.

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