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Transocean Ltd. Announces Redemption of Remaining Outstanding 1.50% Series B Convertible Senior Notes Due 2037 of Transocean Inc.

January 6, 2012

ZUG, SWITZERLAND, Jan 06, 2012 (MARKETWIRE via COMTEX) --Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that Transocean Inc., its wholly-owned subsidiary, has called all of its issued and outstanding 1.50% Series B Convertible Senior Notes Due 2037 for redemption on February 15, 2012. As of January 5, 2012, $29,459,000 principal amount of the notes remained outstanding following the repurchase by Transocean Inc. of $1,650,156,000 principal amount of the notes on December 16, 2011.

The redemption price is equal to the principal amount thereof plus accrued and unpaid interest up to but excluding the redemption date. The notes may be converted at any time before the close of business on February 14, 2012. The notes are convertible into shares of Transocean Ltd. at a rate of 6.1902 shares per $1,000 principal amount of notes. Transocean Inc. will satisfy its conversion obligation by delivering cash up to the principal amount of the notes surrendered for conversion, and shares of Transocean Ltd. for the remainder of its conversion obligation, if any. Holders who wish to convert their notes must comply with the procedures in the notes.

About Transocean

Transocean 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, excluding two Ultra-Deepwater Drillships and four High-Specification Jackups under construction, Transocean'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. Transocean owns or operates a contract drilling fleet of 50 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, nine High-Specification Jackups, 50 Standard Jackups and one swamp barge.

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

SOURCE: Transocean Ltd.