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Transocean Ltd. Announces Redemption of Transocean Inc.'s 1.625%\r Series A Convertible Senior Notes Due 2037

December 31, 2010


Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced thatTransocean Inc., its wholly-owned subsidiary, has called its 1.625%Series A Convertible Senior Notes Due 2037 for redemption on January31, 2011.

The redemption price is equal to the principal amount of theConvertible Senior Note plus accrued and unpaid interest up to butexcluding the redemption date. The Notes may be converted at any timebefore the close of business on January 28, 2011. The Notes areconvertible into shares of Transocean Ltd. at a rate of 5.9310 sharesper $1,000 principal amount of notes. Transocean Inc. will satisfyits conversion obligation by delivering cash up to the principalamount of the Notes surrendered for conversion, and shares ofTransocean Ltd. for the remainder of its conversion obligation, ifany.

About Transocean

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 as well as twoultra-deepwater drillships and a 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.