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Transocean Ltd. Announces Redemption of Remaining Outstanding 1.50%\r Series B Convertible Senior Notes Due 2037 of Transocean Inc.

January 6, 2012

ZUG, SWITZERLAND, Jan 06, 2012 (MARKETWIRE via COMTEX) --Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced thatTransocean Inc., its wholly-owned subsidiary, has called all of itsissued and outstanding 1.50% Series B Convertible Senior Notes Due2037 for redemption on February 15, 2012. As of January 5, 2012,$29,459,000 principal amount of the notes remained outstandingfollowing the repurchase by Transocean Inc. of $1,650,156,000principal amount of the notes on December 16, 2011.

The redemption price is equal to the principal amount thereof plusaccrued and unpaid interest up to but excluding the redemption date.The notes may be converted at any time before the close of businesson February 14, 2012. The notes are convertible into shares ofTransocean Ltd. at a rate of 6.1902 shares per $1,000 principalamount of notes. Transocean Inc. will satisfy its conversionobligation by delivering cash up to the principal amount of the notessurrendered for conversion, and shares of Transocean Ltd. for theremainder of its conversion obligation, if any. Holders who wish toconvert their notes must comply with the procedures in the notes.

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.