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Transocean Ltd. Provides Fleet Update Summary

August 21, 2014

ZUG, SWITZERLAND-August 21, 2014-Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today issued a monthly Fleet Update Summary which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since July 16, 2014. The total value of new contracts since the July 16, 2014 Fleet Status Report is approximately $78 million.

On July 28, 2014, the newbuild ultra-deepwater drillship, Deepwater Invictus, commenced operations on its three-year contract in the U.S. Gulf of Mexico at a dayrate of $595,000. Additionally, the newbuild ultra-deepwater drillship, Deepwater Asgard, commenced operations on its three-year contract on August 21, 2014 at a dayrate of $600,000.

Other highlights include: 

  • Jack Bates - Awarded a two-well contract in Australia at a dayrate of $420,000 ($59 million estimated backlog). The rig's prior dayrate was $380,000.
  • GSF Celtic Sea - Awarded a one-well contract in Angola at a dayrate of $338,000 ($15 million estimated backlog). The rig's prior dayrate was $328,000.
  • Sedco Energy - The remaining contract term (401 days) on GSF Rig 135, operating in the Congo, was transferred to the Sedco Energy. The rig was previously idle.
  • GSF Rig 135 - The remaining contract term (198 days) on Sedneth 701, operating in Nigeria, was transferred to GSF Rig 135.
  • The high-specification jackup, GSF Magellan has been sold.  The transaction details have not been disclosed.

Estimated 2014 planned out-of-service time increased by a net 28 days. Estimated 2015 planned out-of-service time increased by a net 236 days due primarily to approximately 97 days associated with projects deferred from 2014 and 81 days on the Sedco Energy related to a special periodic survey.

The report can be accessed on the company's website at www.deepwater.com.

Forward-Looking Statements

The statements described in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Forward-looking statements which could be made include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, and sales of drilling units.  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, including those discussed in the company's most recent Form 10-K for the year ended December 31, 2013 and in the company's other filings with the SEC, which are available, without charge, on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or the other consequences of such a development worsen, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company's website at www.deepwater.com.

This press release or referenced documents does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of Transocean Ltd. and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean Ltd.

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, 79 mobile offshore drilling units consisting of 48 high-specification floaters (ultra-deepwater, deepwater and harsh-environment drilling rigs), 21 midwater floaters and 10 high-specification jackups. In addition, the company has seven ultra-deepwater drillships and five high-specification jackups under construction.

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

Analyst Contacts:     

Thad Vayda               
+1 713-232-7551       

Diane Vento
+1 713-232-8015

Media Contact:         

Pam Easton
+1 713-232-7647