NYSE: RIG 1.43 0.04 2.72% 4:00 P.M. ET
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Transocean Ltd. Board Nominates New Director

March 2, 2011


Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that theBoard of Directors is recommending that the company's shareholdersapprove at the 2011 Annual General Meeting the election of SteveLucas as a Class III Director for a three-year term. Mr. Lucas is theretired Group Finance Director of National Grid plc and haspreviously served in a variety of finance roles with the LatticeGroup plc., the BG Group plc and Royal Dutch/Shell.

As previously announced, the Board of Directors is also recommendingthat the company's shareholders at the 2011 Annual General Meetingapprove:

-- The re-election of Ian C. Strachan and Martin B. McNamara as ClassIII Directors for three-year terms.

-- The election of Jagjeet S. Bindra as a Class III Director for athree-year term. Mr. Bindra is the retired President of ChevronGlobal Manufacturing and has previously served in a variety ofpositions at Chevron group.

-- The election of Tan Ek Kia as a Class I Director for a one-yearterm. Mr. Tan is the retired Vice President, Ventures andDevelopments, Asia Pacific and Middle East Region of Shell Chemicals,and has previously served in a variety of positions at Shell group.

The 2011 Annual General Meeting, which will open to shareholders ofrecord as of April 26, 2011, will be held at 4 p.m., CET, on May 13,2011, in Cham, Switzerland. Additional details on the meeting will beprovided to shareholders in the company's proxy statement.

Forward-Looking Statements

Statements in this news release regarding the proposed nominations,as well 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 regulatoryapprovals, shareholder approval and other factors detailed in thecompany's most recent Form 10-K and other filings with the Securitiesand Exchange Commission (SEC), which are available free of charge onthe SEC's website at www.sec.gov. Should one or more of these risksor uncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those indicated.

About Transocean

Transocean is the world's largest offshore drilling contractor andthe leading provider of drilling management services worldwide. Witha fleet of 138 mobile offshore drilling units as well as oneultra-deepwater newbuild drillship and a high-specification jackupunder construction, Transocean's fleet is considered one of the mostmodern and versatile in the world due to its emphasis on technicallydemanding segments of the offshore drilling business. Transocean ownsor operates a contract drilling fleet of 47 High-SpecificationFloaters (Ultra-Deepwater, Deepwater and Harsh-Environmentsemisubmersibles and drillships), 25 Midwater Floaters, nineHigh-Specification Jackups, 54 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.