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No Oil Leaking From Sunken Transocean Rig or Riser, Investigation\r Confirms

October 12, 2011

ZUG, SWITZERLAND, Oct 12, 2011 (MARKETWIRE via COMTEX) --

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) -- A comprehensive two-dayunderwater examination conducted by Transocean and the US Coast Guard(USCG) on October 4th and 5th confirmed that there are nohydrocarbons leaking from of the sunken Deepwater Horizon or theriser, the pipe that linked the rig to the well head before theMacondo accident last year. The inspection, conducted with the use ofa remotely operated underwater vehicle (ROV), also failed to find any\"sheen\" or oil in the area.

Transocean, in cooperation with the USCG, undertook the inspectionafter a \"sheen\" was reported on the water in the vicinity of thesealed Macondo well and the USCG issued a notice to the company. TheUSCG issued the following statement after the completion of thatinspection:

\"Transocean deployed an ROV on Oct. 4-5, 2011. Transocean is bestable to speak to the ROV deployments, but Coast Guard experts viewedthe feed from the ROV and all agreed that nothing shown in the feedprovided any indication that there was release of oil from the riser,the fuel tanks or any other debris at the wreckage site. No dischargeor leaking from the riser or the wreckage was observed. Furthermore,there was no oil product either on the surface or subsurface thatcould be sampled. And, recent BP ROV footage of the capped Macondo252 well from Aug 26-27, 2011, has shown no evidence of a releasefrom the wellhead or well. The cause of the sheens remains underinvestigation.\"

The examination of the rig and riser was recorded and portions ofthat video will be posted by the USCG online and will be availablefor viewing at http://www.restorethegulf.gov/

About Transocean

Transocean is the world's largest offshore drilling contractor andthe leading provider of drilling management services worldwide. Witha fleet of 135 mobile offshore drilling units as well as twoUltra-Deepwater Drillships and four High-Specification Jackups underconstruction, Transocean's fleet is considered one of the most modernand versatile in the world due to its emphasis on technicallydemanding segments of the offshore drilling business. Transocean ownsor operates a contract drilling fleet of 50 High-SpecificationFloaters (Ultra-Deepwater, Deepwater and Harsh-Environmentsemisubmersibles and drillships), 25 Midwater Floaters, nineHigh-Specification Jackups, 50 Standard Jackups and one swamp barge.

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

SOURCE: Transocean Ltd.