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Transocean Ltd. Announces Currency Election Period for June Dividend\r Installment

May 18, 2011
Applicable Exchange Rate Details Provided

ZUG, SWITZERLAND, May 18, 2011 (MARKETWIRE via COMTEX) --

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced the periodduring which shareholders may elect to receive their June dividendinstallment of $0.79 per outstanding share in Swiss francs. Thedividend installment is denominated in U.S. dollars and representsthe first of four installments totaling $3.16 per outstanding share.The dividend, to be paid out of additional paid-in capital, wasapproved by shareholders at the company's Annual General Meeting May13, 2011. For shareholders who choose to receive the first dividendinstallment in Swiss francs, the dividend payment will be convertedinto Swiss francs using the closing U.S. dollar-to-Swiss francexchange rate as reported by Bloomberg on May 27, 2011.

The period to elect to receive payment of the first dividendinstallment in Swiss francs starts on May 23, 2011, 5 p.m. EDT, 11p.m. CEST, and ends on May 27, 2011, 5 p.m. EDT, 11 p.m. CEST.

Holders of shares registered in our share register who would like toreceive the first dividend installment in Swiss francs must maketheir election in writing to the following address during theelection period:

BNY Mellon Shareowner Services Attn: Steven Myers 480 WashingtonBoulevard 29th Floor Jersey City, NJ 07310 USA

Email: steven.myers@bnymellon.com

Fax: 1-201-680-4606 Phone: 1-201-680-5333

If you hold your shares in the name of a bank, broker or nominee,please contact your bank, broker or nominee to make the electionarrangements.

As announced previously on April 4, 2011, the schedule for the firstdividend installment is as follows:

--  May 18, 2011 - Ex-Dividend Date--  May 20, 2011 - Record Date--  June 15, 2011 - Installment Payment Date

Forward-Looking Statements

Statements regarding the distribution to shareholders, includingtiming, duration, source of funding, uses of cash, as well as anyother statements that are not historical facts, are forward-lookingstatements that involve certain risks, uncertainties and assumptions.These include but are not limited to the factors stated in thepreceding paragraphs, the exchange rates, and other factors detailedin the company's most recent Form 10-K and other filings with theSecurities and Exchange Commission (SEC), which are available free ofcharge on the SEC's website at www.sec.gov. Should one or more ofthese risks or uncertainties materialize, or should underlyingassumptions prove incorrect, actual results may vary materially fromthose 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 threehigh-specification jackups under construction, Transocean's fleet isconsidered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. Transocean owns or operates a contract drillingfleet of 48 High-Specification Floaters (Ultra-Deepwater, Deepwaterand Harsh-Environment semisubmersibles and drillships), 25 MidwaterFloaters, nine High-Specification Jackups, 53 Standard Jackups andother assets utilized in the support of offshore drilling activitiesworldwide.

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

SOURCE: Transocean Ltd.