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Press release from Marketwire

Transocean Ltd. Announces Discoverer India Begins Minimum Five-Year Contract With Reliance Industries

Friday, December 17, 2010

Transocean Ltd. Announces Discoverer India Begins Minimum Five-Year Contract With Reliance Industries16:15 EST Friday, December 17, 2010ZUG, SWITZERLAND--(Marketwire - December 17, 2010) - Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that the newbuild ultra-deepwater drillship Discoverer India has commenced operations for Reliance Industries in India under a minimum five-year drilling contract. By December 31, 2010, Reliance can choose to extend the term of the contract to either seven or 10 years.One of 25 ultra-deepwater floaters in the Transocean fleet, the double-hulled Discoverer India features the most advanced offshore drilling equipment. The rig is equipped to drill wells up to 35,000 feet total depth in water depths of 10,000 feet and, with additional equipment, can be upgraded to drill up to 40,000 feet total depth in water depths up to 12,000 feet. The rig's features include Transocean's patented dual-activity drilling technology that is designed to save time and money in deepwater well construction through parallel drilling operations. Other features include an enhanced top drive system, a high-pressure mud system and a variable deckload of more than 20,000 metric tons.In addition to the Discoverer India and seven other newbuild units placed into service in 2009 and 2010, Transocean has two ultra-deepwater newbuild drillships, Discoverer Luanda and Deepwater Champion, and a high-specification jackup in various stages of construction or completion.Forward-Looking StatementsStatements regarding the Discoverer India, 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 prices 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 139 mobile offshore drilling units and two ultra-deepwater drillships and one high-specification jackup under construction, Transocean'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. Transocean owns or operates a contract drilling fleet of 46 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh Environment semisubmersibles and drillships), 25 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.FOR FURTHER INFORMATION PLEASE CONTACT: Gregory S. PanagosAnalyst Contact:+1 713-232-7551ORGuy A. CantwellMedia Contact:+1 713-232-7647