Transocean Ltd. : Transocean Releases Presentation Refuting Carl Icahn's Inaccurate and Misleading Statements

   Transocean Ltd. : Transocean Releases Presentation Refuting Carl Icahn's
                     Inaccurate and Misleading Statements

Transocean Ltd. / Transocean Releases Presentation Refuting Carl Icahn's
Inaccurate and Misleading Statements . Processed and transmitted by Thomson
Reuters ONE. The issuer is solely responsible for the content of this

Shareholders Are Urged to Support the Company's Board Nominees and Dividend

ZUG, SWITZERLAND--(Marketwired - May 3, 2013) - Transocean Ltd. (NYSE: RIG)
(SIX: RIGN) today released a presentation to its shareholders addressing
assertions made by Carl Icahn, including claims that Transocean believes to be
inaccurate and misleading. Furthermore, the company believes Mr. Icahn's
proposals are misguided and highlight his poor understanding of the cyclical
and capital-intensive nature of the offshore drilling industry. The
presentation can be found at

In addition to refuting Mr. Icahn's claims, the presentation provides
compelling support for the company's highly qualified slate of Director
nominees and reiterates that the Board's proposed $2.24 per share dividend
will maximize value creation for our shareholders.

The company's 2013 Annual General Meeting ("AGM") will be held at 5 p.m. CEST,
on May 17, 2013, in Zug, Switzerland. Shareholders are encouraged to support
all the Board's recommendations, but particularly three key proposals: the
$2.24 per share dividend, the election of our five Director nominees, and the
re-adoption of Board authority to issue shares out of the company's authorized
share capital.

In our view, Mr. Icahn continues to disseminate information that relies upon
superficial analysis, is misleading or, is simply false. We believe he has
failed to invest the requisite time and effort necessary to fully understand
our business, our industry as a whole, or even the manner in which we generate
operational and financial returns.Reflecting this apparent paucity of effort,
we believe he has made misleading statements related to prior acquisitions,
and put forth faulty valuation analysis and inaccurate calculations. Further,
we do not believe that Mr. Icahn or his nominees have offered a plan or
strategy for the company other than the extraction of an unsustainable


We urge you to vote FOR the company's proposed $2.24 per share dividend
(Proposal 3B1), which was supported by both Institutional Shareholder Services
(ISS) and Glass Lewis, represents one of the industry's highest implied payout
ratios and dividend yields, and is believed to be a sustainable starting point
for growth in distributions as the company's unique uncertainties diminish. In
this regard, in the context of a cyclical and capital-intensive industry, we
believe the certainties associated with the remaining litigation faced by the
company dictate that Transocean must maintain a prudent level of financial
flexibility. In our view, Mr. Icahn's ill-conceived, unrealistic and
inappropriate dividend proposal fails to recognize these important

We also ask you to vote FOR the five highly qualified Transocean Director
nominees: Frederico F. Curado, Thomas W. Cason, Steven L. Newman, Robert M.
Sprague and J. Michael Talbert (Proposals 6A - 6E).Our nominees have deep,
relevant expertise and a history of achievement.Conversely, we believe Mr.
Icahn's unqualified nominees emphasize his lack of familiarity with the
industry and make apparent his disregard for the company's future.

In order to provide the company with additional flexibility, we also urge you
to vote FOR the Board's proposal that its authority to issue shares out of the
company's authorized share capital be renewed for an additional two-year
period (Proposal 4).The Board's current authority will expire on May 13,
2013. While the Board currently has no plans to issue shares under this
authorization, extending this authority provides the company with additional
flexibility to pursue value-enhancing opportunities in accordance with its
disciplined capital allocation strategy.

                           YOUR VOTE IS IMPORTANT!
         Please take a moment of your time to vote your shares TODAY.
 Simply follow the easy instructions on the WHITE proxy card or WHITE voting
    instruction form to make sure your shares are represented at the AGM.
           If you have any questions, or need assistance in voting
                your shares, please call our proxy solicitor,
                          INNISFREE M&A INCORPORATED
              1-877-456-3507 (toll-free from the US and Canada)
                    +1 412-232-3651 (from other countries)
 Shareholders in the EU may also call Lake Isle M&A Incorporated, Innisfree's
 subsidiary, free-phone at 00 800 7710 9970, or direct at +44 20 7710 9960.
            Again, we remind you NOT to return any Gold proxy card
                       you may receive from Mr. Icahn.

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, 83 mobile offshore drilling units consisting of 48 High-Specification
Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment drilling rigs), 25
Midwater Floaters and 10 High-Specification Jackups. In addition, we have six
Ultra-Deepwater Drillships and two High-Specification Jackups under

For more information about Transocean, please visit the websites or

Forward Looking Statements

Statements included in this press release, including, but not limited to,
those regarding the proposed dividend, the company's capital allocation
strategy, value-creating objectives and sustainability of potential future
distributions, that are not historical facts, are forward-looking statements
that involve certain assumptions and uncertainties. These statements are based
on currently available competitive, financial, and economic data along with
our current operating plans and involve risks and uncertainties including, but
not limited to, shareholder approval, market conditions, Transocean's results
of operations, the effect and results of litigation, assessments and
contingencies, and other factors detailed in "Risk Factors" in the company's
most recently filed Annual Report on Form 10-K, and elsewhere in Transocean's
filings with the Securities and Exchange Commission. 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
outcomes may vary materially from those expressed or implied by such
forward-looking statements. Transocean disclaims any intention or obligation
to update publicly or revise such statements, whether as a result of new
information, future events or otherwise.

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

Contact Information

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

Diane Vento
+1 713-232-8015

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


This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: Transocean Ltd. via Thomson Reuters ONE

--- End of Message ---

Transocean Ltd.
Chemin de Blandonnet 10 Vernier Switzerland

ISIN: CH0048265513;
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