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Transocean Partners LLC Prices Initial Public Offering

July 31, 2014

ABERDEEN, SCOTLAND, July 31, 2014 – Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd., announced today the pricing of its initial public offering of 17,500,000 common units representing limited liability company interests at $22.00 per unit. All of the common units are being offered by Transocean Partners Holdings Limited, a wholly owned subsidiary of Transocean Ltd. Transocean Partners Holdings Limited has also granted the underwriters of the offering a 30-day option to purchase up to an additional 2,625,000 common units.

The common units being offered represent a 25.4 percent limited liability company interest in Transocean Partners LLC, or a 29.2 percent limited liability company interest if the underwriters exercise in full their option to purchase additional common units. Transocean Ltd., through Transocean Partners Holdings Limited, will own the remaining limited liability company interests in Transocean Partners.

The common units are expected to begin trading on the New York Stock Exchange on July 31, 2014 under the ticker symbol “RIGP.” The offering is expected to close on or about August 5, 2014, subject to customary closing conditions.

Morgan Stanley, Barclays, Citigroup, J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers for the offering. Credit Suisse, Goldman, Sachs & Co., BofA Merrill Lynch, DNB Markets, MUFG, Credit Agricole CIB and Standard Chartered are acting as co-managers. The offering is being made only by means of a prospectus. When available, copies of the written prospectus, which meets the requirements of Section 10A under the Securities Act of 1933, may be obtained from:

Morgan Stanley
Attn: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014 Telephone: 866-718-1649
Email: prospectus@morganstanley.com

Barclays
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Email: barclaysprospectus@broadridge.com
Telephone: (888) 603-5847

Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (800) 831-9146

J.P. Morgan
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (866) 803-9204

Wells Fargo Securities
Attn: Equity Syndicate Dept.
375 Park Avenue
New York, New York 10152
Email: cmclientsupport@wellsfargo.com
Telephone: (800) 326-5897

A registration statement relating to these securities has been filed with, and declared effective by, the U.S Securities and Exchange Commission (“SEC”). The registration statement is available on the SEC’s website at www.sec.gov under Transocean Partners LLC’s name. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sales of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Transocean Partners LLC

Transocean Partners LLC is a growth-oriented limited liability company formed by Transocean Ltd. to own, operate and acquire modern, technologically advanced offshore drilling rigs. Headquartered in Aberdeen, Scotland, Transocean Partners LLC’s assets consist of 51 percent interests in rig-owning and rig-operating companies that own and operate three ultra-deepwater drilling rigs.

Forward-Looking Statements

This press release contains "forward-looking" statements within the meaning of the federal securities laws. These statements contain words such as "possible," "intend," "will," "if" and "expect" and can be impacted by numerous factors, including the risk that an initial public offering of Transocean Partners may not occur, risks relating to the securities markets generally, the impact of adverse market conditions affecting business of Transocean Partners, adverse changes in laws including with respect to tax and regulatory matters and other risks. There can be no assurance that actual results will not differ from those expected by management of Transocean Partners. Transocean Partners undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Transocean Partners becomes aware of, after the date hereof.