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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 monthlyfleet update summary which includes newly signed contracts,significant changes to existing contracts, and changes in estimatedplanned out of service time of 15 days or longer for all rigclassifications since the previously issued comprehensive fleetstatus report. Backlog associated with new contracts or extensionssince the April 18, 2012 fleet status report is approximately $726million. Planned 2012 out of service time increased by a net 471days, which includes 320 days (68 percent) associated with rigspreparing for new or potential contracts and 105 days (22 percent)related to recertification of well control equipment on twoadditional 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    contracts.--  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 byclicking 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 andlocations, planned shipyard projects and other out of service time,sales of drilling units, as well as any other statements that are nothistorical facts in the report, are forward-looking statements thatinvolve certain risks, uncertainties and assumptions. These includebut are not limited to operating hazards and delays, risks associatedwith international operations, actions by customers and other thirdparties, the future prices of oil and gas and other factors detailedin the company's most recent Form 10-K and other filings with theSecurities and Exchange Commission. Should one or more of these risksor uncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those indicated.

About Transocean

Transocean is a leading international provider of offshore contractdrilling services for oil and gas wells. We own or have partialownership interests in and operate a fleet of 129 mobile offshoredrilling units consisting of 50 High-Specification Floaters(Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersiblesand drillships), 25 Midwater Floaters, nine High-SpecificationJackups, 44 Standard Jackups and one swamp barge. In addition, wehave two Ultra-Deepwater Drillships and four High-SpecificationJackups under construction. The company specializes in technicallydemanding sectors of the global offshore drilling business with aparticular focus on deepwater and harsh environment drillingservices. We believe we operate one of the most versatile offshoredrilling fleets in the world.

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

SOURCE: Transocean Ltd.