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Transocean Ltd. Announces Schedule for Third Dividend Installment and\r Currency Election Period

November 10, 2011

ZUG, SWITZERLAND, Nov 10, 2011 (MARKETWIRE via COMTEX) --

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced theschedule for the third installment of its dividend of approximatelyU.S. $1 billion to be paid out of additional paid in capital. Thethird installment is $0.79 per outstanding share, or approximately$252.7 million in total, based on the current number of the company'soutstanding shares.

The dividend is denominated in U.S. dollars and represents the thirdof four installments totaling $3.16 per outstanding share. Thedividend was approved by shareholders at the company's Annual GeneralMeeting on May 13, 2011.

Third Installment Schedule

--  November 22, 2011 - Ex-dividend date--  November 25, 2011 - Record date--  December 21, 2011 - Installment payment date

Currency Election Period

For shareholders who choose to receive the third dividend installmentin Swiss francs, the dividend payment will be converted into Swissfrancs as transacted by BNY Mellon on or about December 19, 2011. Theperiod to elect to receive payment of the third dividend installmentin Swiss francs starts on November 28, 2011, 5 p.m. EST, 11 p.m. CET,and ends on December 2, 2011, 5 p.m. EST, 11 p.m. CET.

NOTE: NO ACTION IS REQUIRED IF YOU WISH TO RECEIVE YOUR DIVIDEND INU.S. DOLLARS.

Holders of shares registered in our share register who would like toreceive the third 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.

Forward-Looking Statements

Statements regarding the dividend and timing of dividend paymentdates, 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 tothe number of shares outstanding at the time of the payment of thedividend, exchange rates, actions by regulatory authorities, andother factors detailed in the company's most recent Form 10-K, Form10-Q, and other filings with the Securities and Exchange Commission(SEC), which are available free of charge on the SEC's website atwww.sec.gov. Should one or more of these risks or uncertaintiesmaterialize, or should underlying assumptions prove incorrect, actualresults 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 135 mobile offshore drilling units, excluding 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.