Transocean Ltd. : Shareholders Overwhelmingly Approve Transocean's Dividend Proposal at 2013 Annual General Meeting

 Transocean Ltd. : Shareholders Overwhelmingly Approve Transocean's Dividend
                   Proposal at 2013 Annual General Meeting

Transocean Ltd. / Shareholders Overwhelmingly Approve Transocean's Dividend
Proposal at 2013 Annual General Meeting . Processed and transmitted by Thomson
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Over 75% of Non-Icahn Shares Support Company's Capital Allocation Strategy

Four Transocean Director Nominees Elected

ZUG, SWITZERLAND--(Marketwired - May 17, 2013) - Transocean Ltd. (NYSE: RIG)
(SIX: RIGN) today announced that the Board's capital allocation strategy
received overwhelming support from shareholders.Excluding the Icahn Group's
shares, more than 75% of the total votes cast in favor of a dividend at the
2013 Annual General Meeting ("AGM") supported the Board's dividend proposal of
$2.24 per share out of additional paid-in capital, soundly rejecting the Icahn
Group's proposal for an annual dividend of $4.00 per share.The Board expects
that the approved dividend will be payable in four quarterly installments set
for June 2013, September 2013, December 2013 and March 2014.

Shareholders also elected four of the company's five Director nominees,
including Frederico F. Curado, Thomas W. Cason, Steven L. Newman, and Robert
M. Sprague.J. Michael Talbert, who had previously announced his intention to
retire from the company's Board of Directors, was not re-elected. One nominee
proposed by the Icahn Group, Samuel Merksamer, was elected.There are now
fourteen directors on Transocean's Board.

The company issued the following statement:

We thank all of our shareholders for their participation in this process and
for supporting the company's proposals.Their approval of the company's
dividend and Board nominees is an endorsement of our balanced approach to
value creation which includes maintaining a flexible balance sheet
characterized by an investment grade rating on our debt; making disciplined,
high-return investments in the business; and returning excess capital to our
shareholders. We also recognize and express our gratitude to Mike Talbert for
his many years of exceptional service to Transocean, its employees, and its
shareholders.

Shareholders also approved the following Board proposals:

  *The 2012 Annual Report, including the consolidated financial statements
    for fiscal year 2012 and the statutory financial statements for fiscal
    year 2012;

  *The appropriation of available earnings for fiscal year 2012;

  *An advisory vote approving the compensation of the company's named
    executive officers; and

  *The appointment of Ernst & Young LLP as the company's independent
    registered public accounting firm for fiscal year 2013, and the reelection
    of Ernst & Young Ltd, Zurich, as the company's auditor for another
    one-year term.

The proposal submitted by the Icahn Group to repeal the company's staggered
Board was not voted on at the AGM as the special attendance quorum for the
proposal was not satisfied.As a result, the five newly-elected directors will
serve as Class II directors until the Annual General Meeting in
2016.Additionally, the proposal to renew the Board's authority to issue
shares out of authorized share capital did not receive the required approval
of at least two-thirds of the shares represented at the meeting.

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 the website
www.deepwater.com.

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

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Source: Transocean Ltd. via Thomson Reuters ONE
HUG#1703009

--- End of Message ---

Transocean Ltd.
Chemin de Blandonnet 10 Vernier Switzerland

ISIN: CH0048265513;
 
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