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

February 9, 2012

ZUG, SWITZERLAND, Feb 09, 2012 (MARKETWIRE via COMTEX) --Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced theschedule for the fourth installment of its dividend of approximatelyU.S. $1 billion to be paid out of additional paid in capital. Thefourth installment is $0.79 per outstanding share, or approximately$276.3 million in total, based on the current number of the company'soutstanding shares.

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

Fourth Installment Schedule

--  February 22, 2012 -- Ex-dividend date--  February 24, 2012 -- Record date--  March 21, 2012 -- Installment payment date

Currency Election Period

For shareholders who choose to receive the fourth dividendinstallment in Swiss francs, the dividend payment will be convertedinto Swiss francs as transacted by BNY Mellon on or about March 19,2012. The period to elect to receive payment of the fourth dividendinstallment in Swiss francs starts on February 27, 2012, 5 p.m. EST,11 p.m. CET, and ends on March 2, 2012, 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 fourth dividend installment in Swiss francs must maketheir election in writing to the following address during theelection period:

Computershare Attn: Steven Myers 480 Washington Boulevard 29th FloorJersey City, NJ 07310 USA

Email: steven.myers@computershare.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 134 mobile offshore drilling units, excluding twoUltra-Deepwater Drillships, three High-Specification Jackups underconstruction and one High-Specification Jackup delivered toTransocean by the shipyard in December 2011. Transocean's fleet isconsidered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. Transocean owns or operates a contract drillingfleet of 50 High-Specification Floaters (Ultra-Deepwater, Deepwaterand Harsh-Environment semisubmersibles and drillships), 25 MidwaterFloaters, nine High-Specification Jackups, 49 Standard Jackups andone swamp barge.

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

SOURCE: Transocean Ltd.