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Transocean Ltd. Announces Resignation of General Counsel


Transocean Ltd. Announces Resignation of General Counsel

ZUG, SWITZERLAND -- (Marketwire) -- 10/23/12 -- Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that on October 23, 2012, Nick Deeming notified Transocean Ltd. of his resignation as Senior Vice President, General Counsel and Assistant Corporate Secretary for personal reasons. The company expresses its gratitude to Mr. Deeming for his service.

Effective immediately, Mr. Deeming's responsibilities as General Counsel will be assumed by Michael F. Munro, Vice President, Deputy General Counsel and Chief Compliance Officer, and David Schwab, Senior Associate General Counsel, Global Head of Dispute Resolution. Messrs. Munro and Schwab will report to Steven L. Newman, President and Chief Executive Officer.

Mr. Munro joined Transocean in 2008 as Associate General Counsel and Chief Compliance Officer. He was named Vice President in February 2010 and Deputy General Counsel in May 2012. Before joining Transocean, Mr. Munro held legal and compliance positions at Baker Hughes, Inc. and Bristow Inc. From 1989-2006, he held various positions with The Dow Chemical Company including Corporate Treasury Counsel, Managing Counsel International Trade and Deputy Director, Global Ethics and Compliance. Mr. Munro earned his bachelor's degree at the University of Michigan, Ann Arbor, and a joint Juris Doctorate and Masters of Business Administration from the University of Notre Dame.

Mr. Schwab joined Transocean in 2010 as Associate General Counsel responsible for the company's legal affairs in North and South America. In June 2011, he was appointed Global Head of Dispute Resolution, responsible for all of Transocean's material litigation, and in April 2012 he became Senior Associate General Counsel. Prior to joining Transocean Mr. Schwab was with Air Liquide for 10 years, most recently as General Counsel of the company's global engineering businesses. Before joining Air Liquide, Mr. Schwab was with the law firm of Bracewell & Patterson, L.L.P. Mr. Schwab earned his bachelor's degrees in public policy studies and political science at Duke University and his Juris Doctorate from Southern Methodist University School of Law.

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 115 mobile offshore drilling units consisting of 48 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment drilling rigs), 25 Midwater Floaters, nine High-Specification Jackups, 32 Standard Jackups and one swamp barge. Included in the 115 drilling units, the company has 32 Standard Jackups and one swamp barge classified as discontinued operations. In addition, we have six Ultra-Deepwater Drillships and three High-Specification Jackups under construction.

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

Analyst Contacts: Thad Vayda +1 713-232-7551

Diane Vento +1 713-232-8015

Media Contact: Guy A. Cantwell +1 713-232-7647

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