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Press release from Marketwire

Transocean Ltd. Announces Transocean Leader Awarded Three-Year Contract

Wednesday, February 09, 2011

Transocean Ltd. Announces Transocean Leader Awarded Three-Year Contract16:15 EST Wednesday, February 09, 2011ZUG, SWITZERLAND--(Marketwire - February 09, 2011) - Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that its high-specification semisubmersible rig Transocean Leader has been awarded a three-year contract by a subsidiary of Statoil ASA for operations in Norway. The contract, which has a one-year extension option, is expected to commence in direct continuation of the rig's current contract. Estimated contract revenues related to the three-year contract are approximately $427 million. Estimated contract revenues represent the maximum amount of revenues that may be earned in the firm contract period, excluding revenues for mobilization, cost escalations, customer reimbursed equipment and miscellaneous adjustments.The Transocean Leader is one of the five Harsh Environment Floaters that are part of Transocean's fleet of 47 High-Specification Floaters. The rig is capable of operating in water depths up to 4,500 feet and drilling wells 25,000 feet deep.Forward-Looking StatementsStatements in this news release regarding the Transocean Leader, operating specifications, contract durations, revenues, cost, 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, the future price of oil and gas, the actual revenues earned 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. Forward-looking statements are based on current expectations and Transocean disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.About TransoceanTransocean is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 138 mobile offshore drilling units as well as one ultra-deepwater newbuild drillship and a 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 47 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, nine High-Specification Jackups, 54 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