CARL C. ICAHN ISSUES OPEN LETTER TO TRANSOCEAN SHAREHOLDERS

(The following press release from the Office of Carl Icahn was
received by e-mail and was reformatted. The sender verified the
statement.) 
CARL C. ICAHN ISSUES OPEN LETTER TO TRANSOCEAN SHAREHOLDERS 
New York, New York, March 7, 2013:  Carl C. Icahn today
delivered the following open letter to shareholders of
Transocean Ltd. 
Dear Fellow Shareholders of Transocean: 
Today we delivered a formal letter to Transocean Ltd.
informing them that I will be including the following items on
the agenda at the Company’s 2013 Annual General Meeting of
Shareholders: 
•     A proposal to approve a $4 dividend per share to be paid in
four equal quarterly installments, 
•     To elect three new directors, John J. Lipinski, José Maria
Alapont and Samuel Merksamer, to the Board, and 
•     A proposal to repeal the Company’s staggered board.
I am proposing the $4 dividend because I believe that a high
dividend payout ratio is the only way that Transocean will
consistently employ a disciplined and sensible approach to
capital allocation. Over the past several years, in my opinion,
the Company has conducted ill-advised mergers, employed
unsuccessful development strategies and squandered the
substantial cash flow generated by the business. Now, it appears
to me, the Board and management would like to take the Company’s
substantial cash flow and use it to achieve three goals: the
massive repayment of the company’s low coupon debt, the
aggressive new build growth locked up with low return contracts,
and the payment of a meager dividend to shareholders. 
I believe that the inability of Transocean to grow and pay down
debt is a function of poor capital allocation which has driven
the share price to below net asset value. Once the capital
allocation problem has been solved, in my opinion, Transocean
will have access to yield hungry investors to finance growth and
acquisitions on attractive terms. 
I believe that to permanently repair the failed capital
allocation strategy, shareholders of this Company must replace
the directors who have been the architects of this failed
strategy, including the Chairman. The directors that I have
chosen have substantial experience in the creation and issuance
of non-traditional yield structures, driving shareholder returns
through capital allocation, and managing and growing large
corporations both internationally and in the energy sector.  If
these nominees are elected, which I expect they will be, I truly
believe it will serve shareholders well. 
Over the next several months I look forward to continuing a
dialogue with you about the future of Transocean.  I hope I can
count on your support. 
NOTICE TO INVESTORS
SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND
OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY CARL
C. ICAHN AND HIS AFFILIATES FROM THE STOCKHOLDERS OF TRANSOCEAN
LTD. FOR USE AT ITS 2013 ANNUAL GENERAL MEETING WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION,
INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY
SOLICITATION. WHEN COMPLETED, A DEFINITIVE PROXY STATEMENT AND A
FORM OF PROXY WILL BE MAILED TO STOCKHOLDERS OF TRANSOCEAN LTD.
AND WILL ALSO BE AVAILABLE AT NO CHARGE AT THE SECURITIES AND
EXCHANGE COMMISSION’S WEBSITE AT http://WWW.SEC.GOV.
INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY
SOLICITATION IS CONTAINED IN THE SCHEDULE 13D RELATING TO
TRANSOCEAN LTD., FILED BY THE PARTICIPANTS ON JANUARY 25, 2013,
AS MAY BE AMENDED FROM TIME TO TIME (THE “SCHEDULE 13D”).
EXCEPT AS OTHERWISE DISCLOSED HEREIN, THE PARTICIPANTS HAVE NO
INTEREST IN TRANSOCEAN LTD. OTHER THAN THROUGH THE BENEFICIAL
OWNERSHIP OF SHARES, PAR VALUE CHF 15.00, PER SHARE, OF
TRANSOCEAN LTD., AS DISCLOSED IN THE SCHEDULE 13D, AS MAY BE
AMENDED FROM TIME TO TIME.  THE SCHEDULE 13D, AS MAY BE AMENDED
FROM TIME TO TIME, IS AVAILABLE AT NO CHARGE AT THE SECURITIES
AND EXCHANGE COMMISSION’S WEBSITE AT http://WWW.SEC.GOV. 
(bjh) NY 
#<873920.660640.3.4.1.0.76>#
 
 
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