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Transocean Ltd. Announces Discoverer India Begins Minimum Five-Year\r Contract With Reliance Industries

December 17, 2010


Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that thenewbuild ultra-deepwater drillship Discoverer India has commencedoperations for Reliance Industries in India under a minimum five-yeardrilling contract. By December 31, 2010, Reliance can choose toextend the term of the contract to either seven or 10 years.

One of 25 ultra-deepwater floaters in the Transocean fleet, thedouble-hulled Discoverer India features the most advanced offshoredrilling equipment. The rig is equipped to drill wells up to 35,000feet total depth in water depths of 10,000 feet and, with additionalequipment, can be upgraded to drill up to 40,000 feet total depth inwater depths up to 12,000 feet. The rig's features includeTransocean's patented dual-activity drilling technology that isdesigned to save time and money in deepwater well constructionthrough parallel drilling operations. Other features include anenhanced top drive system, a high-pressure mud system and a variabledeckload of more than 20,000 metric tons.

In addition to the Discoverer India and seven other newbuild unitsplaced into service in 2009 and 2010, Transocean has twoultra-deepwater newbuild drillships, Discoverer Luanda and DeepwaterChampion, and a high-specification jackup in various stages ofconstruction or completion.

Forward-Looking Statements

Statements regarding the Discoverer India, operating specifications,contract durations, revenues, cost, duration, area of operations, 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 operatinghazards and delays, actions by customers and other third parties,factors affecting the duration of contracts includingwell-in-progress provisions, the actual amount of downtime, factorsresulting in reduced applicable dayrates, the future prices of oiland gas and other factors detailed in the company'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 Ltd. is the world's largest offshore drilling contractorand the leading provider of drilling management services worldwide.With a fleet of 139 mobile offshore drilling units and twoultra-deepwater drillships and one high-specification jackup underconstruction, Transocean's fleet is considered one of the most modernand versatile in the world due to its emphasis on technicallydemanding segments of the offshore drilling business. Transocean ownsor operates a contract drilling fleet of 46 High-SpecificationFloaters (Ultra-Deepwater, Deepwater and Harsh Environmentsemisubmersibles and drillships), 25 Midwater Floaters, 10High-Specification Jackups, 55 Standard Jackups and other assetsutilized in the support of offshore drilling activities worldwide.

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

SOURCE: Transocean Ltd.