J. Michael Talbert Announces Plans for Retirement From Transocean's Board of Directors

J. Michael Talbert Announces Plans for Retirement From Transocean's Board of 
ZUG, SWITZERLAND -- (Marketwired) -- 05/13/13 --  Transocean Ltd.
(NYSE: RIG) (SIX: RIGN) today announced that J. Michael Talbert has
advised the Board of Directors that, if re-elected at the company's
upcoming Annual General Meeting ("AGM") on May 17, he will retire
from the Board no later than the company's 2014 AGM. To facilitate an
orderly transition of leadership, should Mr. Talbert be elected by
the Board as Chairman following the upcoming AGM, he will step down
as Chairman no later than the Board's November 2013 meeting, at which
time a new, independent Chairman will be announced. Mr. Talbert,
formerly CEO of Transocean from 1994 to 2002, has served on the Board
of Directors since 1994. 
Mr. Talbert said, "I am honored to have served Transocean, and to
have done so as a member of a very knowledgeable and experienced
Board of Directors. During my 20 years at Transocean, I have worked
diligently to represent the best interests of all of our
stakeholders. In this spirit, and after consultations with our
shareholders, I have decided to retire from the Board on a timetable
that will allow the Board to carefully select a new chairman who will
help guide the company in the creation of sustainable, superior value
for all shareholders."  
The Board of Directors issued the following statement:  
On behalf of the Board, our shareholders, employees and other
stakeholders, we would like to thank Mike for his many years of
service to the company, including eight years as CEO and three terms
as Chairman, and we look forward to continuing to work with him until
his retirement. In conjunction with the Board and management, Mike
had the vision to transform Transocean into the world's leading
offshore driller with the most capable fleet in the industry. In
addition, he helped shepherd the company through the extraordinarily
challenging period following the Macondo incident and was, and
continues to be, instrumental in guiding management in the creation
and implementation of key operational initiatives that are positively
impacting the company's performance. His contribution to the Board
will be sorely missed.  
"Mike's deep industry and company knowledge, thorough understanding
of the value we provide our customers and consistent, strong
leadership have played a very important role in making Transocean the
company it is today," said Steven Newman, CEO of Transocean. "I want
to personally thank him for his mentorship, counsel and guidance,
particularly during the difficult period following the Macondo
incident, and I look forward to continuing to benefit from his
leadership until his retirement." 
The company's Corporate Governance Committee intends to promptly
commence a process to identify a candidate to fill the vacancy
resulting from Mr. Talbert's retirement from the Board. As it
conducts this process, the Committee will take into consideration the
views of the company's shareholders. This process will be consistent
with Transocean's historical focus on regularly infusing fresh
perspectives into an experienced and knowledgeable Board as evidenced
by the fact that, if elected, current Board nominee Frederico Curado
will be the seventh independent Director to be added to the Board
during the past two years. Among other characteristics, the Committee
will seek a clearly independent candidate with the relevant skills,
character, diverse background and global experience to enhance the
Board's decision-making process and to further its objective of
creating value for shareholders.  
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 Quarterly Report for the first quarter of 2013 filed on Form
10-Q, 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
This press release 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, 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 construction. 
For more information about Transocean, please visit
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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