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Transocean Ltd. Provides Update on Semisubmersible Drilling Rig Deepwater Horizon

April 23, 2010

ZUG, SWITZERLAND, Apr 22, 2010 (MARKETWIRE via COMTEX) --Transocean Ltd. (NYSE: RIG) (SIX: RIGN) provided an update todayregarding a fire and explosion onboard its semisubmersible drillingrig Deepwater Horizon and reports that the rig sank late in themorning, today. The combined response team was not able to stem theflow of hydrocarbons prior to the rig sinking, and we are workingclosely with BP Exploration & Production, Inc. and the U.S. CoastGuard to determine the impact from the sinking of the rig and theplans going forward. The U.S. Coast Guard has plans in place tomitigate any environmental impact from this situation.

The incident occurred April 20, 2010 at approximately 10:00 p.m.Central Time in the United States Gulf of Mexico. The rig was locatedapproximately 41 miles offshore Louisiana on Mississippi Canyon block252.

The cause of the fire and explosion is unknown at this time. Aninvestigation into the cause of the incident and assessment of thedamage will be ongoing in the days or weeks to come.

Statements regarding any future aspect of the incident on theDeepwater Horizon, the effects, results, investigation, damageassessment relating thereto mitigation of environmental impact, aswell as any other statements that are not historical facts, areforward-looking statements that involve certain risks, uncertaintiesand assumptions. These include but are not limited to results ofsearches, investigations and assessments, actions by the Coast Guardand other governmental agencies, actions by customers and other thirdparties and other factors detailed in Transocean's most recent Form10-K and other filings with the Securities and Exchange Commission(SEC), which are available free of charge on the SEC's website atwww.sec.gov. Should one or more of these risks or uncertaintiesmaterialize, or should underlying assumptions prove incorrect, actualresults may vary materially from those indicated.

Transocean is the world's largest offshore drilling contractor andthe leading provider of drilling management services worldwide. Witha fleet of 139 mobile offshore drilling units plus threeultra-deepwater units under construction, the company's fleet isconsidered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. Its worldwide fleet is more than twice the size ofthe next-largest competitor. The company owns or operates a contractdrilling fleet of 45 High-Specification Floaters (Ultra-Deepwater,Deepwater and Harsh-Environment semisubmersibles and drillships), 26Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackupsand other assets utilized in the support of offshore drillingactivities worldwide.

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

SOURCE: Transocean Ltd.