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Transocean Ltd. Announces Currency Election Period for June Dividend Installment

May 18, 2011
Applicable Exchange Rate Details Provided


Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced the period during which shareholders may elect to receive their June dividend installment of $0.79 per outstanding share in Swiss francs. The dividend installment is denominated in U.S. dollars and represents the first of four installments totaling $3.16 per outstanding share. The dividend, to be paid out of additional paid-in capital, was approved by shareholders at the company's Annual General Meeting May 13, 2011. For shareholders who choose to receive the first dividend installment in Swiss francs, the dividend payment will be converted into Swiss francs using the closing U.S. dollar-to-Swiss franc exchange rate as reported by Bloomberg on May 27, 2011.

The period to elect to receive payment of the first dividend installment in Swiss francs starts on May 23, 2011, 5 p.m. EDT, 11 p.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 to receive the first dividend installment in Swiss francs must make their election in writing to the following address during the election period:

BNY Mellon Shareowner Services Attn: Steven Myers 480 Washington Boulevard 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 election arrangements.

As announced previously on April 4, 2011, the schedule for the first dividend 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, including timing, duration, source of funding, uses of cash, as well as any other statements that are not historical facts, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to the factors stated in the preceding paragraphs, the exchange rates, and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

About Transocean

Transocean is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 138 mobile offshore drilling units as well as three high-specification jackups 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 48 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, nine High-Specification Jackups, 53 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.