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Transocean Ltd. Provides Fleet Update Summary

May 17, 2012

ZUG, SWITZERLAND, May 17, 2012 (MARKETWIRE via COMTEX) --Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today issued a monthly fleet update summary which includes newly signed contracts, significant changes to existing contracts, and changes in estimated planned out of service time of 15 days or longer for all rig classifications since the previously issued comprehensive fleet status report. Backlog associated with new contracts or extensions since the April 18, 2012 fleet status report is approximately $726 million. Planned 2012 out of service time increased by a net 471 days, which includes 320 days (68 percent) associated with rigs preparing for new or potential contracts and 105 days (22 percent) related to recertification of well control equipment on two additional rigs.

Highlights are as follows:

--  Transocean Spitsbergen - Customer exercised two-year options for work
    offshore Norway at a dayrate of $542,000 ($396 million contract
    backlog). The rig's prior dayrate was $500,000.
--  GSF Constellation I - Awarded a three-year contract for work offshore
    Indonesia at a dayrate of $150,000 ($164 million contract backlog).
    The rig's prior dayrate was $140,000.
--  GSF Monitor - Awarded a one-year contract for work offshore Nigeria at
    a dayrate of $153,000 ($56 million contract backlog). The rig's prior
    dayrate was $118,000.
--  GSF Rig 135 - Awarded a 120-day contract for work offshore Nigeria at
    a dayrate of $340,000 ($41 million contract backlog). The rig's prior
    dayrate was $260,000.
--  GSF Monarch - Customer exercised options for work offshore Denmark at
    a dayrate of $94,000 ($34 million contract backlog).
--  GSF Galaxy III - Customer exercised a six-month option for work in the
    U.K. sector of the North Sea at a dayrate of $149,000 ($27 million
    contract backlog).
--  Randolph Yost - Being reactivated in preparation for potential
--  Well Control Equipment Recertification - The company has now obtained
    third party certification of well control equipment on 31 of its 63
    active floaters, including 19 of its 27 ultra-deepwater rigs.
--  Since the April 18, 2012 fleet status report, the company has sold the
    Transocean Nordic and Roger W. Mowell, which were previously held for
    sale. The details of the transactions have not been disclosed.

The fleet update summary can be accessed at www.deepwater.com by clicking on the Fleet Status Report link found in the toolbar.

Forward-Looking Statements

Statements regarding the estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out of service time, sales of drilling units, as well as any other statements that are not historical facts in the report, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission. 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 a leading international provider of offshore contract drilling services for oil and gas wells. We own or have partial ownership interests in and operate a fleet of 129 mobile offshore drilling units consisting of 50 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, nine High-Specification Jackups, 44 Standard Jackups and one swamp barge. In addition, we have two Ultra-Deepwater Drillships and four High-Specification Jackups under construction. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services. We believe we operate one of the most versatile offshore drilling fleets in the world.

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

SOURCE: Transocean Ltd.