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Press release from Marketwire

Transocean Launches Unconditional Offer for Shares of Aker Drilling

Friday, August 26, 2011

Transocean Launches Unconditional Offer for Shares of Aker Drilling01:02 EDT Friday, August 26, 2011ZUG, SWITZERLAND--(Marketwire - August 25, 2011) - Transocean Services AS ("Transocean" or the "Company"), a wholly owned subsidiary of Transocean Ltd. (NYSE: RIG) (SIX: RIGN), today, after receiving clearance by the Oslo Stock Exchange, launched its all cash voluntary offer (the "Offer") for 100 percent of the shares of Aker Drilling ASA ("Aker Drilling") for NOK 26.50 per share. The Offer has been made on the same terms as the previously announced voluntary offer, except that it has been made on an unconditional basis and with settlement guaranteed by a financial institution.The Offer period begins August 26, 2011 and ends on September 23, 2011 at 11:30 a.m. (EDT), 5:30 p.m. (CEST). To date, Transocean and its affiliates have acquired 13.7% of the shares and votes in Aker Drilling, and shareholders representing 59.5% of the total share capital of Aker Drilling have given their unconditional and irrevocable pre-acceptances to the Offer.The Offer document has been reviewed and approved by the Oslo Stock Exchange in accordance with Section 6-14 of the Norwegian Securities Trading Act. This document will, subject to restrictions under applicable securities laws, be available during the Offer period at the website of Transocean Ltd. (www.deepwater.com), and the website of Fearnley Fonds (www.fearnleyfonds.com). The document will also be sent to the shareholders of Aker Drilling, subject to restrictions under applicable securities laws.The Offer and the distribution of this announcement and other information in connection with the Offer may be restricted by law in certain jurisdictions. Transocean assumes no responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.About Transocean </b>Transocean is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 134 mobile offshore drilling units as well as four High-Specification Jackups 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 48 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, nine High-Specification Jackups, 51 Standard Jackups and one swamp barge.About Aker Drilling </b>Aker Drilling is a fully integrated offshore drilling contractor, owning and operating two of the world's largest, most advanced sixth-generation semisubmersible drilling units. In addition, the company has two ultra-deepwater drillships under construction at Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME) shipyard in South Korea.For more information about Transocean, please visit our website at www.deepwater.com.FOR FURTHER INFORMATION PLEASE CONTACT: Thad VaydaAnalyst Contacts:+1 713-232-7551OR+1 713-232-7420Chris KettmannORGuy A. CantwellMedia Contact:+1 713-232-7647