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Transocean Launches Unconditional Offer for Shares of Aker Drilling

August 26, 2011


Transocean Services AS (\"Transocean\" or the \"Company\"), a whollyowned subsidiary of Transocean Ltd. (NYSE: RIG) (SIX: RIGN), today,after receiving clearance by the Oslo Stock Exchange, launched itsall cash voluntary offer (the \"Offer\") for 100 percent of the sharesof Aker Drilling ASA (\"Aker Drilling\") for NOK 26.50 per share. TheOffer has been made on the same terms as the previously announcedvoluntary offer, except that it has been made on an unconditionalbasis and with settlement guaranteed by a financial institution.

The Offer period begins August 26, 2011 and ends on September 23,2011 at 11:30 a.m. (EDT), 5:30 p.m. (CEST). To date, Transocean andits affiliates have acquired 13.7% of the shares and votes in AkerDrilling, and shareholders representing 59.5% of the total sharecapital of Aker Drilling have given their unconditional andirrevocable pre-acceptances to the Offer.

The Offer document has been reviewed and approved by the Oslo StockExchange in accordance with Section 6-14 of the Norwegian SecuritiesTrading Act. This document will, subject to restrictions underapplicable securities laws, be available during the Offer period atthe website of Transocean Ltd. (www.deepwater.com), and the websiteof Fearnley Fonds (www.fearnleyfonds.com). The document will also besent to the shareholders of Aker Drilling, subject to restrictionsunder applicable securities laws.

The Offer and the distribution of this announcement and otherinformation in connection with the Offer may be restricted by law incertain jurisdictions. Transocean assumes no responsibility in theevent there is a violation by any person of such restrictions.Persons into whose possession this announcement or such otherinformation should come are required to inform themselves about andto observe any such restrictions.

About Transocean

Transocean is the world's largest offshore drilling contractor andthe leading provider of drilling management services worldwide. Witha fleet of 134 mobile offshore drilling units as well as fourHigh-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, 51 Standard Jackups andone swamp barge.

About Aker Drilling

Aker Drilling is a fully integrated offshore drilling contractor,owning and operating two of the world's largest, most advancedsixth-generation semisubmersible drilling units. In addition, thecompany has two ultra-deepwater drillships under construction atDaewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME) shipyard inSouth Korea.

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

SOURCE: Transocean Ltd.