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Transocean Ltd. Announces Exchange Rate to Determine the Swiss Franc\r Amount of the Proposed US$ 1.0 Billion Distribution to Shareholders

May 12, 2010

ZUG, SWITZERLAND, May 12, 2010 (MARKETWIRE via COMTEX) --Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced theapplicable exchange rate to determine the Swiss franc (\"CHF\") amountof the proposed cash distribution to shareholders in the form of apar value reduction equal to USD 3.11 per issued share (includingtreasury shares) to be calculated and paid in four quarterlyinstallments.

The exchange rate as determined by the Board in its discretion is CHF1.10 per one USD. The definitive CHF per issued share aggregatecapital reduction amount equal to USD 3.11 is CHF 3.44 (rounded up tothe nearest even 0.01 of a CHF that is divisible by four), and thedefinitive CHF per issued share quarterly capital reduction amount isCHF 0.86.

Shareholders will have the opportunity to vote on the proposed cashdistribution at the Annual General Meeting to be held in Zug,Switzerland, on May 14, 2010. For details regarding the proposed cashdistribution, we refer to the definitive proxy statement of April 1,2010 and the invitation to the 2010 Annual General Meeting publishedin the Swiss Official Gazette of Commerce on April 19, 2010.

Quarterly capital reduction payments will be made in USD converted atan exchange rate as determined by the Board of Directors in itsdiscretion, based on an exchange rate prevailing approximately twobusiness days prior to the date of the relevant installment payment,unless a shareholder timely elects to receive such payments in CHF.

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.