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

November 10, 2011


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

The dividend is denominated in U.S. dollars and represents the third of four installments totaling $3.16 per outstanding share. The dividend was approved by shareholders at the company's Annual General Meeting 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 installment in Swiss francs, the dividend payment will be converted into Swiss francs as transacted by BNY Mellon on or about December 19, 2011. The period to elect to receive payment of the third dividend installment in 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.


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

Forward-Looking Statements

Statements regarding the dividend and timing of dividend payment dates, 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 number of shares outstanding at the time of the payment of the dividend, exchange rates, actions by regulatory authorities, and other factors detailed in the company's most recent Form 10-K, Form 10-Q, 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 135 mobile offshore drilling units, excluding two Ultra-Deepwater Drillships and four 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 50 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, nine High-Specification Jackups, 50 Standard Jackups and one swamp barge.

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

SOURCE: Transocean Ltd.