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

December 31, 2010


Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that Transocean Inc., its wholly-owned subsidiary, has called its 1.625% Series A Convertible Senior Notes Due 2037 for redemption on January 31, 2011.

The redemption price is equal to the principal amount of the Convertible Senior Note plus accrued and unpaid interest up to but excluding the redemption date. The Notes may be converted at any time before the close of business on January 28, 2011. The Notes are convertible into shares of Transocean Ltd. at a rate of 5.9310 shares per $1,000 principal amount of notes. Transocean Inc. will satisfy its conversion obligation by delivering cash up to the principal amount of the Notes surrendered for conversion, and shares of Transocean Ltd. for the remainder of its conversion obligation, if any.

About Transocean

Transocean is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 139 mobile offshore drilling units as well as two ultra-deepwater drillships and a high-specification jackup under construction, Transocean's fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. Transocean owns or operates a contract drilling fleet of 46 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh Environment semisubmersibles and drillships), 25 Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide.

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

SOURCE: Transocean Ltd.