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

January 7, 2013

ZUG, SWITZERLAND, Jan 07,2013--Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that Transocean Inc., its wholly-owned subsidiary, has called all of its issued and outstanding 1.50% Series C Convertible Senior Notes Due 2037 for redemption on February 7, 2013.  As of January 7, 2013, $61,979,000 principal amount of the notes remained outstanding following the repurchase by Transocean Inc. of $1,660,021,000 principal amount of the notes on December 17, 2012.

The redemption price is equal to the principal amount thereof plus accrued and unpaid interest up to but excluding the redemption date.  The notes may be converted at any time before the close of business on February 6, 2013. The notes are convertible into shares of Transocean Ltd. at a rate of 6.2905 shares per $1,000 principal amount of notes.  Transocean Inc. will satisfy its conversion obligation by delivering cash up to the principal amount of the notes surrendered for conversion, and shares of Transocean Ltd. for the remainder of its conversion obligation, if any.  Holders who wish to convert their notes must comply with the procedures in the notes.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.

Transocean owns or has partial ownership interests in, and operates a fleet of, 82 mobile offshore drilling units consisting of 48 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment drilling rigs), 25 Midwater Floaters and nine High-Specification Jackups. In addition, we have six Ultra-Deepwater Drillships and three High-Specification Jackups under construction.

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