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Transocean Ltd: Transocean Ltd. Announces Settlement of Two Frade Civil Cases

Transocean Ltd: Transocean Ltd. Announces Settlement of Two Frade Civil Cases

ZUG, SWITZERLAND-Transocean Ltd. (NYSE: RIG) (SIX: RIGN), along with Chevron,
the Brazilian Federal Prosecutor's Office, Agência Nacional do Petróleo, Gás
Natural e Biocombustíveis (ANP) and Instituto Brasileiro do Meio Ambiente e
dos Recursos Naturais Renováveis (IBAMA) today announced a settlement
resolving the two civil cases arising from the November 2011 and March 2012
Frade field events. The agreement effectively releases Transocean, without a
finding of fault or liability, from the two civil lawsuits in which it is
named. Further, Transocean has no financial obligations under the settlement
agreement.Upon its approval by the court, the settlement terms will be
binding on all parties and the two civil lawsuits will be dismissed.In
February, the court rejected all criminal indictment recommendations related
to Transocean and its employees.

"We are pleased to announce this settlement, a very favorable resolution
resulting from hard work of all the parties involved," said Steven L. Newman,
President and Chief Executive Officer of Transocean Ltd. "Transocean has
operated in Brazil for nearly 50 years, and this agreement among Chevron,
Transocean and the Brazilian authorities removes any remaining uncertainty
about our ability and commitment to continue working safely and responsibly
offshore Brazil."

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, 80 mobile offshore drilling units consisting of 46 High-Specification
Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment drilling rigs), 23
Midwater Floaters and 11 High-Specification Jackups. In addition, the company
has six Ultra-Deepwater Drillships and one High-Specification Jackup under
construction.

For more information about Transocean, please visit the website at
www.deepwater.com.

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Source: Transocean Ltd via Thomson Reuters ONE
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