Transocean Ltd.
Photo Release — Transocean Ltd. Announces Ultra-Deepwater Drillship Discoverer Inspiration Begins Five-Year Contract With Chevron

Transocean Ltd. / 

11.03.2010 13:30

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The issuer / publisher is solely responsible for the content of this announcement.

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ZUG, Switzerland, March 11, 2010 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE:RIG)
today announced that the newbuild ultra-deepwater drillship Discoverer
Inspiration has commenced operations for Chevron U.S.A. Inc., a wholly owned
subsidiary of Chevron Corporation (NYSE:CVX), in the U.S. Gulf of Mexico under
a five-year drilling contract. 

Photos accompanying this release are available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7200 and
http://www.globenewswire.com/newsroom/prs/?pkgid=7201 

The dynamically positioned double-hulled Discoverer Inspiration includes the
most advanced drilling capabilities in the offshore drilling industry. The
vessel is an enhanced version of Transocean's three predecessor
Enterprise-class drillships, which have set deepwater drilling records in
recent years, including the world water-depth drilling record of 10,011 feet
set by the Discoverer Deep Seas while working for Chevron in the U.S. Gulf of
Mexico. 

One of 25 Ultra-Deepwater Floaters in the Transocean fleet, the Discoverer
Inspiration features Transocean's patented dual-activity drilling technology,
which allows for parallel drilling operations designed to save time and money
in deepwater well construction, compared with conventional rigs. The
dual-activity technology, along with a new and enhanced top drive system, a
high-pressure mud system and other unique features of the drillship target the
drilling of wells up to 40,000 feet of total depth. The rig also has a variable
deckload of more than 20,000 metric tons and the capability of drilling in
water depths of up to 12,000 feet. 

In addition to the Discoverer Inspiration and six newbuild units placed into
service in 2009 and 2010, Transocean has three newbuild Ultra-Deepwater
Floaters in various stages of construction or preparation for initial contracts
which are scheduled to commence operations in 2010 and 2011. Two of those
vessels, the Discoverer India and the Discoverer Luanda (the latter owned by a
joint venture company with Angco Cayman Limited), are also enhanced
Enterprise-class drillships. The other unit is the drillship Deepwater
Champion. 

FORWARD-LOOKING STATEMENTS

Statements regarding the Discoverer Inspiration, operating specifications,
contract durations, revenues, cost, duration, area of operations, as well as
any other statements that are not historical facts, are forward-looking
statements that involve certain risks, uncertainties and assumptions. These
include but are not limited to operating hazards and delays, actions by
customers and other third parties, factors affecting the duration of contracts
including well-in-progress provisions, the actual amount of downtime, factors
resulting in reduced applicable dayrates, the future price of oil and gas and
other factors detailed in the company's most recent Form 10-K and other filings
with the Securities and Exchange Commission (SEC), which are available free of
charge on the SEC's website at www.sec.gov. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated. 

Transocean Ltd. is the world's largest offshore drilling contractor and the
leading provider of drilling management services worldwide. With a fleet of 140
mobile offshore drilling units plus three announced ultra-deepwater newbuild
units, the company's fleet is considered one of the most modern and versatile
in the world due to its emphasis on technically demanding segments of the
offshore drilling business. The company owns or operates a contract drilling
fleet of 46 High-Specification Floaters (Ultra-Deepwater, Deepwater and
Harsh-Environment semisubmersibles and drillships), 26 Midwater Floaters, 10
High-Specification Jackups, 55 Standard Jackups and other assets utilized in
the support of offshore drilling activities worldwide. 

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

The Transocean Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=2252 

CONTACT:  Transocean Ltd.
          Analyst Contact:
          Gregory S. Panagos
            +1 713-232-7551
          Media Contact:
          Guy A. Cantwell
            +1 713-232-7647

News Source: NASDAQ OMX



11.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      Transocean Ltd.
              
               
              Cayman Islands
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         KYG900731004
WKN:          
 
End of News                                     DGAP News-Service
 
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