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

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

ZUG, SWITZERLAND-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.

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Source: Transocean Ltd via Thomson Reuters ONE
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