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Transocean Ltd. Investor Relations and Corporate Communications Analyst Contacts: Thad Vayda News Release +1 713-232-7551 Diane Vento +1 713-232-8015 Media Contact: Chris Kettmann FOR RELEASE: May 15, 2014 +1 713-232-7647 TRANSOCEAN LTD. PROVIDES FLEET UPDATE SUMMARY ZUG, SWITZERLAND—May 15, 2014—Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today issued a monthly Fleet Update Summary which includes new contracts, significant changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since April 17, 2014. The total value of new contracts since the April 17, 2014 Fleet Status Report is approximately $953 million. Other highlights include: Dhirubhai Deepwater KG1 – Awarded a three year contract offshore Brazil at a dayrate of $440,000 ($482 million estimated backlog). The rig’s prior dayrate was $510,000. Paul B. Loyd, Jr. – Awarded a two year contract extension in the U.K. North Sea at a dayrate of $430,000 ($314 million estimated backlog). The rig’s prior dayrate was $447,000. GSF Development Driller II – Awarded a three-well contract in the Black Sea offshore Romania at a dayrate of $360,000 ($97 million estimated backlog). The rig’s prior dayrate was $606,000. GSF Constellation II – Customer exercised a one year option offshore Gabon at a dayrate of $165,000 ($60 million estimated backlog). The rig’s prior dayrate was $165,000. Sedco 706 – The remaining backlog from the Sedco 710 contract in Brazil has been transferred to the Sedco 706. Estimated 2014 planned out-of-service time increased by a net 485 days, including 354 days primarily associated with contract preparation and mobilization on the Dhirubhai Deepwater KG1, GSF Development Driller II and Polar Pioneer; and 121 days related to the shipyard acceleration into 2014 from 2015 on the GSF C.R. Luigs. Estimated 2015 planned out-of-service time decreased by a net 84 days. These estimates are subject to change due to a variety of factors, including changes in the company’s business plans and customers’ requirements. The report can be accessed on the company’s website at www.deepwater.com. Forward-Looking Statements The statements described in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements which could be made include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, and sales of drilling units. These include but are not limited to operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas and other factors, including those discussed in the company's most recent Form 10-K for the year ended December 31, 2013 and in the company's other filings with the SEC, which are available, without charge, on the SEC's website at www.sec.gov. 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 results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at www.deepwater.com. 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 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, 78 mobile offshore drilling units consisting of 46 high-specification floaters (ultra-deepwater, deepwater and harsh- environment drilling rigs), 21 midwater floaters and 11 high-specification jackups. In addition, the company has nine ultra-deepwater drillships and five high-specification jackups under construction. For more information about Transocean, please visit the company’s website at www.deepwater.com. Transocean Ltd. (NYSE: RIG), (SIX: RIGN) Updated: May 15, 2014 Revisions Noted in Bold Dynamically positioned Dayrate on Dayrate on Estimated Out of Service Days (4) Estimated Out of Service Days (4) Yr. (1) Water Drilling Estimated Estimated Current Previous Footnote Floater Dynamically Entered Depth Depth Contract Expiration Contract (3) Contract (3) 2014 2015 Rig Type/Name References Type Positioned Service (Feet) (Feet) Location Customer Start Date Date (2) (Dollars) (Dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 High Specification Floater: Ultra-Deepwater Discoverer Americas (6) ship 2009 12,000 40,000 Tanzania Statoil Mar-14 Mar-16 735,000 636,000 - - 30 - - - - - Deepwater Champion (6) ship 2011 12,000 40,000 USGOM ExxonMobil Jun-12 Nov-15 677,000 655,000 - - - - - 40 - - Discoverer Clear Leader (6), (10) ship 2009 12,000 40,000 USGOM Chevron Sep-09 Sep-14 569,000 503,000 - - 21 - - - - - (6), (8) USGOM Chevron Sep-14 Aug-18 590,000 569,000 Discoverer Inspiration (6) ship 2010 12,000 40,000 USGOM Chevron Feb-10 Mar-15 525,000 494,000 - - - - 21 - - - (6), (8) USGOM Chevron Mar-15 Mar-20 585,000 525,000 Dhirubhai Deepwater KG1 ship 2009 12,000 35,000 India Reliance Aug-09 Jul-14 510,000 N/A - - 62 92 8 30 - - (6), (7), (8) Brazil Petrobras Jan-15 Dec-17 440,000 510,000 Discoverer Enterprise ship 1999 10,000 35,000 USGOM BP Jan-14 Oct-14 615,000 515,000 - - - 30 - - - - GSF C.R. Luigs (6) ship 2000 10,000 35,000 USGOM BHP Billiton Feb-14 Jun-14 580,000 540,000 - - 29 92 - - - - Deepwater Discovery (6), (7) ship 2000 10,000 30,000 Nigeria Shell Jan-14 Sep-14 461,000 NA - - - - - 7 92 18 Deepwater Pathfinder (6) ship 1998 10,000 30,000 USGOM ENI Aug-10 Apr-15 680,000 550,000 - - - - - 30 - - GSF Development Driller II (8) semi 2005 7,500 37,500 Romania Lukoil Oct-14 Jun-15 360,000 606,000 - 64 92 - - - - - Sedco Energy semi 2001 7,500 35,000 Ghana Idle - - - - - - - - High Specification Floater: Deepwater Sedco 706 (6), (7), (8) semi 1976/1994/ 2008 6,500 25,000 Brazil Petrobras May-14 Sep-16 296,000 361,000 - 21 - - 31 29 - - Jack Bates (7) semi 1986/1997 5,400 30,000 Australia Santos Feb-14 Jun-14 380,000 525,000 - - 10 - - - - - High Specification Floater: Harsh Environment Henry Goodrich (6) semi 1985/2007 5,000 30,000 Canada Suncor Apr-14 Jun-14 346,000 346,000 - - - - - 82 18 - (6), (8) Canada Suncor Jun-14 Mar-15 476,000 346,000 Paul B. Loyd, Jr. (7) semi 1990 2,000 25,000 UKNS BP Sep-13 Sep-14 441,000 350,000 - - - - - - 43 57 (7) UKNS BP Sep-14 Mar-15 447,000 441,000 (7) UKNS BP Mar-15 Aug-15 430,000 447,000 (7) UKNS BP Aug-15 Mar-16 436,000 430,000 (7) UKNS BP Mar-16 Sep-16 443,000 436,000 (7) UKNS BP Sep-16 Mar-17 450,000 443,000 (7) UKNS BP Mar-17 Jun-17 456,000 450,000 Polar Pioneer (6) semi 1985 1,500 25,000 Alaska Shell Nov-14 Feb-15 589,000 523,000 - 74 92 53 - - - - (6) Alaska Shell Feb-15 Mar-15 558,000 589,000 (6) Alaska Shell Mar-15 Apr-15 589,000 558,000 (6) Alaska Shell Apr-15 Jun-15 558,000 589,000 (6) Alaska Shell Jun-15 Oct-15 620,000 558,000 (6) Alaska Shell Oct-15 Dec-15 558,000 620,000 (6) Alaska Shell Dec-15 Apr-16 589,000 558,000 (6) Alaska Shell Apr-16 Jun-16 558,000 589,000 (6) Alaska Shell Jun-16 Oct-16 620,000 558,000 (6) Alaska Shell Oct-16 Dec-16 558,000 620,000 (6) Alaska Shell Dec-16 Jun-17 589,000 558,000 Midwater Floaters GSF Arctic III (7) semi 1984 1,800 25,000 UKNS Chevron Apr-14 Oct-14 410,000 336,000 - - - 37 59 - - - Sedco 714 (7) semi 1983/1997 1,600 25,000 UKNS Total Dec-12 May-14 401,000 398,000 - 37 83 - - - - - (7) UKNS Total Sep-14 Sep-15 439,000 401,000 (7) UKNS Total Sep-15 Mar-16 445,000 439,000 GSF Grand Banks (6), (8) semi 1984 1,500 25,000 Canada Husky Jan-13 Sep-15 409,000 297,000 90 51 - - - - - - High Specification Jackups GSF Constellation II (6) 2004 400 30,000 Gabon Total Oct-12 Oct-14 165,000 109,000 - - - - - - - - (6) Gabon Vaalco Oct-14 Jul-16 165,000 165,000 GSF Galaxy III (6), (7) 1999 400 30,000 UKNS Nexen Jul-13 May-14 226,000 146,000 - - 30 - 66 - - - (7) UKNS Nexen May-14 Jul-14 180,000 226,000 Fixed-Price Options - See Footnote 9 High Specification Floater: Ultra-Deepwater GSF Development Driller II (6) semi 2005 7,500 37,500 Romania Lukoil Jun-15 Dec-16 400,000 360,000 High Specification Floater: Harsh Environment Paul B.