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Transocean Ltd. Announces Repurchase Offer for 1.50% Series B\r Convertible Senior Notes Due 2037 of Transocean Inc.

November 16, 2011


Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced thatholders of the 1.50% Series B Convertible Senior Notes due 2037 ofTransocean Inc., its wholly-owned subsidiary, have the option torequire Transocean Inc. to repurchase on December 15, 2011 all or anypart of such holder's notes.

The repurchase price will be $1,000 in cash plus any unpaid interestaccrued up to but excluding the repurchase date, per $1,000 principalamount. The interest will be paid on the regular interest paymentdate to the holder of record as of the record date. If alloutstanding notes are surrendered for repurchase, the aggregaterepurchase price will be approximately $1.7 billion, excluding anyrequired payment of interest on the regular interest payment date.Transocean Inc. intends to fund the repurchase price by usingavailable cash.

Holders may exercise their option to require Transocean Inc. torepurchase their notes by delivering a repurchase notice to WellsFargo Bank, National Association, the paying agent, before theexpiration of the offer at 5:00 p.m., EST, on December 15, 2011.

The notes are convertible in certain circumstances into cash and anumber of shares of Transocean Ltd. as specified in the notes and therelated indenture. However, the notes are not currently convertiblebecause those circumstances have not been satisfied.

Transocean plans to file a Tender Offer Statement on Schedule TO withthe Securities and Exchange Commission (the \"SEC\") later today.Transocean Inc. will make available to noteholders, through theDepository Trust Company, documents specifying the terms, conditionsand procedures for surrendering and withdrawing notes for repurchase.Noteholders are encouraged to read these documents carefully beforedeciding to exercise their option to require Transocean Inc. torepurchase their notes as these documents contain importantinformation regarding the details of Transocean Inc.'s obligation torepurchase the notes. Holders of the notes and other interestedparties may obtain a free copy of these statements and other relevantdocuments at the SEC's website, www.sec.gov, or from Transocean Inc.,c/o Transocean Offshore Deepwater Drilling Inc., at 4 Greenway Plaza,Houston, Texas 77046, Attn: Investor Relations.


Statements contained in this press release involving the timing ofthe filing of the Tender Offer Statement, as well as any otherstatements that are not historical facts, are forward-lookingstatements that involve certain risks, uncertainties and assumptions.These include but are not limited to the actions of noteholders andother factors detailed in Transocean Ltd.'s most recent Form 10-K andForm 10-Q and other filings with the Securities and ExchangeCommission. 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 Ltd. is the world's largest offshore drilling contractorand the leading provider of drilling management services worldwide.With a 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.