PRESS RELEASE: Transocean Ltd. Reports Fourth -5-

Transocean Ltd. / Transocean Ltd. Reports Fourth Quarter and Full Year 2012 Results . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.

ZUG, SWITZERLAND--(Marketwire - March 1, 2013) - Transocean Ltd. (NYSE: RIG) (SIX: RIGN)

* Fourth quarter 2012 revenues were $2.326 billion, compared with $2.431 billion in the third quarter 2012; * Operating and maintenance expenses for the fourth quarter were $1.438 billion, compared with $1.321 billion in the third quarter 2012; * Fourth quarter 2012 net income attributable to controlling interest was $456 million, which included $126 million of net favorable items. This compares with the third quarter 2012 net loss attributable to controlling interest of $381 million, which included $887 million of net unfavorable items; * Fourth quarter Annual Effective Tax Rate((1)) from continuing operations was 7.8 percent, compared with 15.2 percent in the third quarter 2012; * Fourth quarter net income attributable to controlling interest was $1.26 per diluted share. After adjusting for net favorable items, adjusted earnings from continuing operations were $330 million, or $0.91 per diluted share; * Cash flows from operating activities were $923 million in the fourth quarter, compared with $786 million in the third quarter 2012; * Revenue efficiency((2)) from continuing operations was 94.7 percent in the fourth quarter, compared with 94.9 percent, in the third quarter 2012. Ultra-Deepwater revenue efficiency was 95.5 percent, compared with 95.9 percent in the prior quarter. Total rig utilization((3)) from continuing operations was 79 percent in the fourth quarter, compared with 80 percent in the third quarter 2012; * New contracts associated with continuing operations totaling $2.0 billion were secured in the Fleet Status Report periods October 17, 2012 through February 14, 2013. Backlog from continuing operations was $28.8 billion at February 14, 2013; and * During the fourth quarter of 2012, the company reclassified its drilling management services operations in the U.S. Gulf of Mexico to discontinued operations, reducing other revenues and operating and maintenance expenses in the period by $51 million and $50 million, respectively.

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today reported net income attributable to controlling interest of $456 million, or $1.26 per diluted share, for the three months ended December 31, 2012. Fourth quarter 2012 results included net favorable items of $126 million, or $0.35 per diluted share. The results compare with a net loss attributable to controlling interest of $6.2 billion, or $18.76 per diluted share, for the three months ended December 31, 2011. Fourth quarter 2011 results included net unfavorable items of $6.3 billion, or $19.02 per diluted share. The net unfavorable items in 2011 were primarily due to a loss on goodwill impairment of $5.2 billion, or $15.83 per diluted share, related to the contract drilling services reporting unit; and $1.0 billion, or $3.04 per diluted share, for estimated loss contingencies associated with the Macondo well incident.

Fourth quarter 2012 net favorable items, after tax, included the following:

* $101 million, or $0.28 per diluted share, associated with favorable discrete tax items, and * $25 million, or $0.07 per diluted share, of income from discontinued operations primarily associated with the sale of the shallow water rigs.

After consideration of these net favorable items, adjusted earnings from continuing operations were $330 million, or $0.91 per diluted share. A reconciliation of the non-GAAP adjusted net income and diluted earnings per share is included in the accompanying schedules.

Revenues from continuing operations for the three months ended December 31, 2012 were $2.326 billion, compared with revenues of $2.431 billion during the preceding three month period. Contract drilling revenues decreased $35 million primarily due to the expected increase in out of service time, partly offset by higher average dayrates. Revenue efficiency from continuing operations was 94.7 percent for the fourth quarter, compared with 94.9 percent in the third quarter 2012. Other revenues decreased $70 million to $51 million for the fourth quarter 2012, compared with $121 million in the prior quarter, primarily due to lower drilling management services activity.

As expected, operating and maintenance expenses from continuing operations increased $117 million to $1.438 billion for the fourth quarter of 2012, compared with $1.321 billion for the prior quarter. Contract drilling expenses increased $173 million primarily due to higher maintenance and shipyard costs associated with rigs undergoing surveys and other projects. Costs associated primarily with the company's drilling management services reporting unit decreased $56 million due to reduced activity.

General and administrative expenses were $65 million for the fourth quarter 2012, compared with $69 million in the previous quarter.

Transocean's fourth quarter Effective Tax Rate((4) )from continuing operations was (20.7) percent, compared with 16.5 percent in the third quarter 2012. The decrease in the Effective Tax Rate was due to changes in estimates primarily related to settlements of prior years' tax liabilities. Transocean's Annual Effective Tax Rate from continuing operations for the fourth quarter 2012 was 7.8 percent. This compares with 15.2 percent for the prior quarter. The decrease was primarily due to changes in the blend of income that is taxed based on gross revenues versus pre-tax income, the foreign exchange effect of the strengthened Norwegian krone versus the U.S. dollar, and rig movements between jurisdictions. Fourth quarter 2012 income tax expense included a favorable adjustment of $37 million, or $0.10 per diluted share, required to decrease the 2012 Annual Effective Tax Rate to 17.8 percent from 20.5 percent for the nine months ended September 30, 2012.

Interest expense, net of amounts capitalized, was $180 million, unchanged from the prior quarter. Capitalized interest for the fourth quarter was $18 million, compared with $12 million in the third quarter 2012. Interest income decreased to $13 million in the fourth quarter, compared with $15 million in the third quarter 2012.

Cash flows from operating activities were $923 million for the fourth quarter, compared with $786 million for the third quarter 2012. Capital expenditures from continuing operations were $657 million for the fourth quarter, compared with $201 million in the third quarter of 2012.

Full Year 2012

For the year ended December 31, 2012, net loss attributable to controlling interest totaled $219 million, or $0.62 per diluted share. Full year results included $1.638 billion, or $4.58 per diluted share, of net unfavorable items as follows:

* $961 million, or $2.70 per diluted share, loss on impairment of assets included in discontinued operations; * $756 million, or $2.11 per diluted share, primarily for estimated loss contingencies associated with the Macondo well incident; * $135 million, or $0.38 per diluted share, additional charges associated with the estimated 2011 goodwill impairment of the contract drilling services reporting unit and the 2012 impairment of the intangible assets of ADTI; * $66 million, or $0.19 per diluted share, net loss from discontinued operations, offset by; * $232 million or $0.67 per diluted share, related to favorable discrete taxes and other items; and * $48 million, or $0.13 per diluted share, gain on the sale of two deepwater floaters.

After consideration of these net unfavorable items, adjusted earnings from continuing operations for the full year 2012 were $1.419 billion, or $3.96 per diluted share. A reconciliation of the non-GAAP adjusted net income and diluted earnings per share is included in the accompanying schedules.

During the fourth quarter of 2012, the company reclassified its drilling management services operations in the U.S. Gulf of Mexico to discontinued operations, reducing other revenues and operating and maintenance expenses by $103 million and $112 million, respectively, for the year ended December 31, 2012.

Interest expense, net of amounts capitalized, was $723 million for the full year 2012, compared with $621 million for the full year 2011. Capitalized interest for the full year 2012 was $54 million, compared with $39 million in 2011. Interest income was $56 million for the full year 2012, compared with $44 million in 2011.

For the full year 2012, cash flow from operating activities totaled $2.708 billion, compared with $1.825 billion for 2011. For the year ended December 31, 2011, net loss attributable to controlling interest totaled $5.754 billion, or $17.88 per diluted share, resulting primarily from the loss on the goodwill impairment associated with the contract drilling services reporting unit of $5.2 billion, or $16.15 per diluted share; and the estimated loss contingencies associated with the Macondo well incident of $1.0 billion, or $3.10 per diluted share.

Full Year 2013 Guidance Summary

The following table is a summary of the company's full year 2013 guidance for key income statement and balance sheet items. This information is based on current expectations and certain management assumptions, and is subject to change.

Item Range +-----------------------------------+------------------------------------------+ |Other Revenues * | $400 million - $420 million | +-----------------------------------+------------------------------------------+ |Fleet Average Revenue Efficiency | Approximately 93 percent | +-----------------------------------+------------------------------------------+ (MORE TO FOLLOW) Dow Jones Newswires

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|Operating and Maintenance Expenses | $5.7 billion - $5.9 billion | +-----------------------------------+------------------------------------------+ |Depreciation and Amortization | $1.1 billion - $1.2 billion | +-----------------------------------+------------------------------------------+ |General and Administrative Expenses| $280 million - $300 million | +-----------------------------------+------------------------------------------+ |Net Interest Expense ** | $540 million - $550 million | +-----------------------------------+------------------------------------------+ |Annual Effective Tax Rate | Between 18% and 22% | +-----------------------------------+------------------------------------------+ |Capital Expenditures | Approximately $3.0 billion | +-----------------------------------+------------------------------------------+ | |Net loss of $15 million to $20 million per| |Discontinued Operations | quarter | +-----------------------------------+------------------------------------------+

* Other Revenues includes Drilling Management Services, recharge revenues, and other miscellaneous revenues.

** Net Interest Expense is net of capitalized interest of approximately $90 million and Interest Income of approximately $50 million.

Forward-Looking Statements Statements included in this news release including, but not limited to, those regarding estimates of Transocean's full year 2013 guidance, goodwill or long- lived asset impairments, estimated loss contingencies associated with the Macondo well incident, are forward-looking statements that involve certain assumptions. These statements are based on currently available competitive, financial, and economic data along with our current operating plans and involve risks and uncertainties including, but not limited to, market conditions, Transocean's results of operations, the effect and results of litigation, assessments and contingencies, and other factors detailed in "Risk Factors" and elsewhere in Transocean's filings with the Securities and Exchange Commission. 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 outcomes may vary materially from those forecasted or expected. Transocean disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Conference Call Information Transocean will conduct a teleconference call at 10:00 a.m. EST, 4:00 p.m. CET, on Monday, March 4, 2013. To participate, dial +1 913-312-0407 and refer to confirmation code 8254413 approximately five to 10 minutes prior to the scheduled start time of the call.

In addition, the conference call will be simultaneously broadcast over the Internet in a listen-only mode and can be accessed by logging onto Transocean's website at www.deepwater.com and selecting "Investor Relations." A file containing four charts that may be discussed during the conference call, titled "4Q12 Charts," has been posted to Transocean's website and can also be found by selecting "Investor Relations/Quarterly Toolkit." The conference call may also be accessed via the Internet at www.CompanyBoardroom.com by typing in Transocean's New York Stock Exchange trading symbol, "RIG."

A telephonic replay of the conference call should be available after 3:00 p.m. EST, 9:00 p.m. CET, on March 4, 2013, and can be accessed by dialing +1 719-457-0820 or +1 888-203-1112 and referring to the confirmation code 8254413. Also, a replay will be available through the Internet and can be accessed by visiting either of the above-referenced internet addresses. Both replay options will be available for approximately 30 days.

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, 82 mobile offshore drilling units consisting of 48 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment drilling rigs), 25 Midwater Floaters and nine High-Specification Jackups. In addition, we have six Ultra- Deepwater Drillships and three High-Specification Jackups under construction.

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

Notes (1) Annual Effective Tax Rate is defined as income tax expense from continuing operations excluding various discrete items (such as changes in estimates and tax on items excluded from income before income tax expense) divided by income from continuing operations before income tax expense excluding gains on sales and similar items pursuant to the accounting standards for income taxes. See the accompanying schedule entitled "Supplemental Effective Tax Rate Analysis."

(2) Revenue efficiency is defined as actual contract drilling revenues for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding amounts related to incentive provisions. See the accompanying schedule entitled "Revenue Efficiency."

(3) Rig utilization is defined as the total number of operating days divided by the total number of available rig calendar days in the measurement period, expressed as a percentage. See the accompanying schedule entitled "Utilization."

(4) Effective Tax Rate is defined as income tax expense from continuing operations divided by income from continuing operations before income taxes. See the accompanying schedule entitled "Supplemental Effective Tax Rate Analysis."

TRANSOCEAN LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)

Three months ended Year ended December 31, December 31, ---------------------------- ----------------------- 2012 2011 2012 2011 --------- ---------------- ---------- ---------- Operating revenues

Contract drilling revenues $ 2,275 $ 2,011 $ 8,773 $ 7,407

Other revenues 51 122 423 620 --------- ---------------- ---------- ---------- 2,326 2,133 9,196 8,027 --------- ---------------- ---------- ---------- Costs and expenses

Operating and maintenance 1,438 2,355 6,106 6,179

Depreciation and amortization 278 290 1,123 1,109

General and administrative 65 88 282 288 --------- ---------------- ---------- ---------- 1,781 2,733 7,511 7,576 --------- ---------------- ---------- ---------- Loss on impairment -- (5,201 ) (140 ) (5,201 )

Gain (loss) on disposal of assets, net (4 ) (10 ) 36 (12 ) --------- ---------------- ---------- ---------- Operating income 541 (5,811 ) 1,581 (4,762 ) --------- ---------------- ---------- ----------

Other income (expense), net

Interest income 13 17 56 44

Interest expense, net of amounts capitalized (180 ) (178 ) (723 ) (621 )

Gain on retirement of debt -- -- 2 --

Other, net (16 ) (3 ) (50 ) (99 ) --------- ---------------- ---------- ---------- (183 ) (164 ) (715 ) (676 ) --------- ---------------- ---------- ---------- Income (loss) from continuing operations before income tax expense 358 (5,975 ) 866 (5,438 )

Income tax expense (benefit) (74 ) 119 50 324 --------- ---------------- ---------- ---------- Income (loss) from continuing operations 432 (6,094 ) 816 (5,762 )

Income (loss) from discontinued operations, net of tax 25 (28 ) (1,027 ) 85 --------- ---------------- ---------- ----------

Net income (loss) 457 (6,122 ) (211 ) (5,677 )

Net income attributable to noncontrolling interest 1 43 8 77 --------- ---------------- ---------- ---------- Net income (loss) attributable to controlling interest $ 456 $ (6,165 ) $ (219 ) $ (5,754 ) (MORE TO FOLLOW) Dow Jones Newswires

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--------- ---------------- ---------- ----------

Earnings (loss) per share-basic

Earnings (loss) from continuing operations $ 1.19 $ (18.67 ) $ 2.27 $ (18.14 )

Earnings (loss) from discontinued operations 0.07 (0.09 ) (2.89 ) 0.26 --------- ---------------- ---------- ---------- Earnings (loss) per share $ 1.26 $ (18.76 ) $ (0.62 ) $ (17.88 ) --------- ---------------- ---------- ----------

Earnings (loss) per share-diluted

Earnings (loss) from continuing operations $ 1.19 $ (18.67 ) $ 2.27 $ (18.14 )

Earnings (loss) from discontinued operations 0.07 (0.09 ) (2.89 ) 0.26 --------- ---------------- ---------- ---------- Earnings (loss) per share $ 1.26 $ (18.76 ) $ (0.62 ) $ (17.88 ) --------- ---------------- ---------- ----------

Weighted-average shares outstanding

Basic 359 329 356 322

Diluted 360 329 356 322

TRANSOCEAN LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

(Unaudited)

December 31, ------------------------------- 2012 2011 ------------ ----------------

Assets

Cash and cash equivalents $ 5,134 $ 4,017

Accounts receivable, net

Trade 1,940 2,049

Other 260 127

Materials and supplies, net 610 529

Assets held for sale 179 26

Deferred income taxes, net 142 142

Other current assets 382 646 ------------ ---------------- Total current assets 8,647 7,536 ------------ ----------------

Property and equipment 26,967 24,833

Property and equipment of consolidated variable interest entities 1,092 2,252

Less accumulated depreciation 7,179 6,297 ------------ ---------------- Property and equipment, net 20,880 20,788 ------------ ---------------- Goodwill 2,987 3,217

Other assets 1,741 3,491 ------------ ---------------- Total assets $ 34,255 $ 35,032 ------------ ----------------

Liabilities and equity

Accounts payable $ 1,047 $ 880

Accrued income taxes 116 86

Debt due within one year 1,339 1,942

Debt of consolidated variable interest entities due within one year 28 245

Other current liabilities 2,933 2,375 ------------ ---------------- Total current liabilities 5,463 5,528 ------------ ----------------

Long-term debt 10,929 10,756

Long-term debt of consolidated variable interest entities 163 593

Deferred income taxes, net 366 487

Other long-term liabilities 1,604 1,925 ------------ ---------------- Total long-term liabilities 13,062 13,761 ------------ ----------------

Commitments and contingencies

Redeemable noncontrolling interest -- 116

Shares, CHF 15.00 par value, 402,282,355 authorized, 167,617,649 conditionally authorized at December 31, 2012 and 2011; 373,830,649 and 365,135,298 issued at December 31, 2012 and 2011, respectively; and 359,505,251 and 349,805,793 outstanding at December 31, 2012 and 2011, respectively 5,130 4,982

Additional paid-in capital 7,521 7,211

Treasury shares, at cost, 2,863,267 held at December 31, 2012 and 2011 (240 ) (240 )

Retained earnings 3,855 4,180

Accumulated other comprehensive loss (521 ) (496 ) ------------ ---------------- Total controlling interest shareholders' equity 15,745 15,637 ------------ ---------------- Noncontrolling interest (15 ) (10 ) ------------ ---------------- Total equity 15,730 15,627 ------------ ---------------- Total liabilities and equity $ 34,255 $ 35,032 ------------ ----------------

TRANSOCEAN LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Three months ended Twelve months ended December 31, December 31, ----------------------------- ----------------------- 2012 2011 2012 2011 ---------------- ---------- ---------- ----------

Cash flows from operating activities

Net income (loss) $ 457 $ (6,122 ) $ (211 ) $ (5,677 )

Adjustments to reconcile to net cash provided by operating activities

Amortization of drilling contract intangibles (10 ) (13 ) (42 ) (45 )

Depreciation and amortization 278 290 1,123 1,109

Depreciation and amortization of assets in discontinued operations -- 82 183 342

Share-based compensation expense 25 21 97 95

Loss on impairment -- 5,201 140 5,201

Loss on impairment of assets in discontinued operations 3 6 986 38

(Gain) loss on disposal of assets, net 4 11 (36 ) 12

Gain on disposal of assets in discontinued operations, net (12 ) (8 ) (82 ) (183 )

Amortization of debt issue costs, discounts and premiums, net 16 30 68 125

Deferred income taxes (29 ) (92 ) (133 ) (62 )

Other, net 25 59 72 144

Changes in deferred revenue, net 15 (23 ) (54 ) (16 )

Changes in deferred expenses, net 55 5 85 (61 )

Changes in operating assets and liabilities 96 1,156 512 803 ---------------- ---------- ---------- ---------- Net cash provided by operating activities 923 603 2,708 1,825 ---------------- ---------- ---------- ----------

Cash flows from investing activities

Capital expenditures (657 ) (341 ) (1,303 ) (974 )

Capital expenditures for discontinued operations (31 ) (9 ) (106 ) (46 )

Investment in business combination, net of cash acquired -- (1,047 ) -- (1,246 )

Proceeds from disposal of assets, net 2 2 191 14

Proceeds from disposal of assets in discontinued operations, net 593 94 789 447

Payment for settlement of forward exchange (MORE TO FOLLOW) Dow Jones Newswires

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contract -- -- -- (78 )

Other, net 8 14 40 (13 ) ---------------- ---------- ---------- ---------- Net cash used in investing activities (85 ) (1,287 ) (389 ) (1,896 ) ---------------- ---------- ---------- ----------

Cash flows from financing activities

Changes in short- term borrowings, net -- (146 ) (260 ) (88 )

Proceeds from debt -- 2,934 1,493 2,939

Repayments of debt (1,698 ) (2,137 ) (2,282 ) (2,409 )

Proceeds from restricted cash investments 13 479 311 479

Deposits to restricted cash investments (9 ) (523 ) (167 ) (523 )

Proceeds from share issuance, net -- 1,211 -- 1,211

Distribution of qualifying additional paid-in capital -- (255 ) (278 ) (763 )

Other, net (11 ) (108 ) (19 ) (112 ) ---------------- ---------- ---------- ---------- Net cash provided by (used in) financing activities (1,705 ) 1,455 (1,202 ) 734 ---------------- ---------- ---------- ----------

Net increase (decrease) in cash and cash equivalents (867 ) 771 1,117 663

Cash and cash equivalents at beginning of period 6,001 3,246 4,017 3,354 ---------------- ---------- ---------- ---------- Cash and cash equivalents at end of period $ 5,134 $ 4,017 $ 5,134 $ 4,017 ---------------- ---------- ---------- ----------

TRANSOCEAN LTD. AND SUBSIDIARIES

FLEET OPERATING STATISTICS

Operating Revenues (in millions) ------------------------------------------------------------- Years ended Three months ended December 31, ------------------------------------- ----------------------- December September December 31, 2012 30, 2012 31, 2011 2012 2011 ----------- ------------ ------------ ------------ ---------- Contract Drilling Revenues

High- Specification Floaters:

Ultra Deepwater Floaters $ 1,198 $ 1,213 $ 1,066 $ 4,643 $ 3,945

Deepwater Floaters 275 306 256 1,152 969

Harsh Environment Floaters 220 247 285 985 806 ----------- ------------ ------------ ------------ ---------- Total High- Specification Floaters 1,693 1,766 1,607 6,780 5,720

Midwater Floaters 464 424 333 1,573 1,462

High- Specification Jackups 108 110 58 378 176 ----------- ------------ ------------ ------------ ---------- Total Contract Drilling Revenues - continuing operations 2,265 2,300 1,998 8,731 7,358 ----------- ------------ ------------ ------------ ----------

Contract Intangible Revenue 10 10 13 42 45

Other Revenues

Client Reimbursable Revenues 40 46 36 162 142

Integrated Services and Other 3 - 13 10 53

Drilling Management Services 8 75 73 251 429 ----------- ------------ ------------ ------------ ---------- Total Other Revenues 51 121 122 423 624 ----------- ------------ ------------ ------------ ---------- Total Revenue from continuing operations $ 2,326 $ 2,431 $ 2,133 $ 9,196 $ 8,027 ----------- ------------ ------------ ------------ ----------

Average Daily Revenue ((1)) ------------------------------------------------------------- Years ended Three months ended December 31, ------------------------------------- ----------------------- December September December 31, 2012 30, 2012 31, 2011 2012 2011 ----------- ------------ ------------ ------------ ---------- Continuing operations:

High- Specification Floaters:

Ultra Deepwater Floaters $ 514,300 $ 515,000 $ 490,200 $ 500,300 $ 461,000

Deepwater Floaters 337,100 356,300 315,200 338,200 340,000

Harsh Environment Floaters 476,400 421,000 463,000 444,500 428,400 ----------- ------------ ------------ ------------ ---------- Total High- Specification Floaters 469,300 464,600 446,100 455,000 430,400

Midwater Floaters 280,300 264,500 264,800 262,200 286,400

High- Specification Jackups 162,400 154,600 107,300 141,300 108,500 ----------- ------------ ------------ ------------ ---------- Total Drilling Fleet: $ 382,000 $ 376,200 $ 369,900 $ 370,300 $ 367,600 ----------- ------------ ------------ ------------ ----------

(1) Average daily revenue is defined as contract drilling revenues earned per operating day. An operating day is defined as a calendar day during which a rig is contracted to earn a dayrate during the firm contract period after commencement of operations.

TRANSOCEAN LTD. AND SUBSIDIARIES

FLEET OPERATING STATISTICS (continued)

Utilization ((2)) -------------------------------------------------------- Years ended Three months ended December 31, -------------------------------------- --------------- December September December 31, 2012 30, 2012 31, 2011 2012 2011 ---------- ----------- ----------- ------ ------ Continuing operations:

High- Specification Floaters:

Ultra Deepwater Floaters 94 % 95 % 88 % 94 % 88 %

Deepwater Floaters 64 % 63 % 55 % 61 % 49 %

Harsh Environment Floaters 72 % 91 % 96 % 87 % 94 % ---------- ----------- ----------- ------ ------ Total High- Specification Floaters 82 % 85 % 78 % 83 % 76 %

Midwater Floaters 72 % 70 % 57 % 66 % 59 %

High- Specification Jackups 81 % 86 % 74 % 84 % 57 % ---------- ----------- ----------- ------ ------ Total Drilling Fleet 79 % 80 % 72 % 78 % 69 % ---------- ----------- ----------- ------ ------

(2) Rig utilization is defined as the total number of operating days divided by the total number of available rig calendar days in the measurement period, expressed as a percentage.

Revenue Efficiency((3))

Trailing Five Quarters and Historical Data ------------------------------------------------------------------------------------

FY FY FY 4Q 2012 3Q 2012 2Q 2012 1Q 2012 4Q 2011 2012 2011 2010 --------- --------- --------- --------- --------- ------ ------ ------ Ultra Deepwater 95.5 % 95.9 % 92.4 % 89.0 % 89.6 % 93.2 % 87.9 % 89.0 %

Deepwater 90.9 % 96.1 % 94.5 % 83.1 % 89.7 % 91.4 % 90.7 % 91.5 %

Harsh Environment Floaters 97.3 % 95.4 % 97.9 % 97.8 % 98.0 % 97.1 % 97.4 % 96.0 %

Midwater Floaters 93.9 % 90.4 % 88.2 % 90.6 % 95.4 % 90.9 % 93.4 % 92.8 %

High Specification Jackups 95.2 % 97.2 % 94.3 % 92.1 % 93.4 % 95.0 % 94.8 % 94.7 % --------- --------- --------- --------- --------- ------ ------ ------ Total Fleet 94.7 % 94.9 % 92.7 % 89.6 % 91.8 % 93.0 % 90.5 % 91.2 % (MORE TO FOLLOW) Dow Jones Newswires

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--------- --------- --------- --------- --------- ------ ------ ------

(3) Revenue efficiency is defined as actual contract drilling revenues for the measurement period divided by the maximum revenue calculation for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding amounts related to incentive provisions.

TRANSOCEAN LTD. AND SUBSIDIARIES

SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS

(In US$ millions, except percentages)

Three months ended Years ended ------------------------------------- ----------------------- December December December December 31, September 31, 31, 31, 2012 30, 2012 2011 2012 2011 ---------- ----------- ---------- ---------- ----------

Income (loss) from continuing operations before income taxes $ 358 $ 638 $ (5,975 ) $ 866 $ (5,438 )

Add back (subtract):

Litigation matters -- 8 1,000 758 1,000

Acquisition costs -- -- 17 1 22

Gain on disposal of other assets, net -- (51 ) -- (51 ) --

Loss on impairment of goodwill and other assets -- -- 5,201 140 5,201

Loss on redeemed noncontrolling interest -- -- -- 25 --

Loss on forward exchange contract -- -- -- -- 78

Loss on marketable security -- -- 13 -- 13

Gain on retirement of debt -- (2 ) -- (2 ) --

Other, net -- -- -- -- 6 ---------- ----------- ---------- ---------- ---------- Adjusted income from continuing operations before income taxes 358 593 256 1,737 882

Income tax (benefit) expense from continuing operations (74 ) 105 119 50 324

Add back (subtract):

Litigation matters -- 2 -- 2 --

Gain on disposal of other assets, net -- (3 ) -- (3 ) --

Loss on impairment of goodwill and other assets -- -- -- 5 --

Changes in estimates (1) 102 (14 ) 7 256 (14 )

Other, net -- -- -- -- 2 ---------- ----------- ---------- ---------- ---------- Adjusted income tax expense from continuing operations (2) $ 28 $ 90 $ 126 $ 310 $ 312 ---------- ----------- ---------- ---------- ----------

Effective Tax Rate (3) -20.7 % 16.5 % -2.0 % 5.8 % -6.0 %

Annual Effective Tax Rate (4) 7.8 % 15.2 % 49.2 % 17.8 % 35.4 %

(1) Our estimates change as we file tax returns, settle disputes with tax authorities or become aware of other events and include changes in (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities.

(2) The three months and year ended December 31, 2012 includes $(37) million of additional tax expense (benefit) reflecting the catch-up effect of an increase (decrease) in the annual effective tax rate from the previous quarter estimate.

(3) Effective Tax Rate is income tax expense divided by income before income taxes.

(4) Annual Effective Tax Rate is income tax expense excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes) divided by income before income taxes excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes and estimating the annual effective tax rate.

Transocean Ltd. and Subsidiaries

Non-GAAP Financial Measures and Reconciliations

Adjusted Net Income and Diluted Earnings Per Share

(in US$ millions, except per share data)

YTD QTD YTD QTD YTD QTD QTD

12/31/ 12/31/ 09/30/ 09/30/ 06/30/ 06/30/ 03/31/ 12 12 12 12 12 12 12 ---------- ---------- --------- --------- --------- --------- --------- Adjusted Net Income

Net income (loss) attributable to controlling interest, as reported $ (219 ) $ 456 $ (675 ) $ (381 ) $ (294 ) $ (304 ) $ 10

Add back (subtract):

Litigation matters 756 - 756 6 750 750 -

Loss on impairment of goodwill and other assets 135 - 135 - 135 - 135

Gain on disposal of assets, net (48 ) - (48 ) (48 ) - - -

Gain on retirement of debt (2 ) - (2 ) (2 ) - - -

Loss on redeemed noncontrolling interest 25 - 25 - 25 14 11

Loss on impairment of discontinued operations 961 2 959 881 78 12 66

(Gain) loss on sale of discontinued operations (69 ) (1 ) (68 ) 2 (70 ) (72 ) 2

(Gain) loss from discontinued operations 135 (26 ) 161 33 128 59 69

Discrete tax items and other, net (255 ) (101 ) (154 ) 15 (169 ) (141 ) (28 ) ---------- ---------- --------- --------- --------- --------- --------- Net income, as adjusted $ 1,419 $ 330 $ 1,089 $ 506 $ 583 $ 318 $ 265 ---------- ---------- --------- --------- --------- --------- ---------

Diluted Earnings Per Share:

Diluted earnings (loss) per share, as reported $ (0.62 ) $ 1.26 $ (1.90 ) $ (1.06 ) $ (0.84 ) $ (0.86 ) $ 0.03

Add back (subtract):

Litigation matters 2.11 - 2.12 0.02 2.12 2.11 -

Loss on impairment of goodwill and other assets 0.38 - 0.38 - 0.38 - 0.38

Gain on disposal of assets, net (0.13 ) - (0.13 ) (0.13 ) - - -

Gain on retirement of debt (0.01 ) - (0.01 ) (0.01 ) - - -

Loss on redeemed noncontrolling interest 0.07 - 0.07 - 0.07 0.04 0.03

Loss on impairment of discontinued operations 2.70 - 2.70 2.45 0.23 0.03 0.19

(Gain) loss on sale of discontinued operations (0.19 ) - (0.19 ) 0.01 (0.20 ) (0.20 ) 0.01

(Gain) loss from discontinued operations 0.38 (0.07 ) 0.45 0.09 0.36 0.17 0.19

Discrete tax items and other, net (0.73 ) (0.28 ) (0.44 ) 0.03 (0.48 ) (0.40 ) (0.08 ) ---------- ---------- --------- --------- --------- --------- --------- Diluted earnings per share, as adjusted $ 3.96 $ 0.91 $ 3.05 $ 1.40 $ 1.64 $ 0.89 $ 0.75 ---------- ---------- --------- --------- --------- --------- ---------

YTD QTD YTD QTD YTD QTD QTD

12/31/ 12/31/ 09/30/ 09/30/ 06/30/ 06/30/ 03/31/ 11 11 11 11 11 11 11 ---------- ---------- --------- --------- --------- --------- --------- Adjusted Net Income

Net income (loss) attributable to controlling interest, as reported $ (5,754 ) $ (6,165 ) $ 411 $ (32 ) $ 443 $ 124 $ 319

Add back (subtract):

Litigation matters 1,000 1,000 - - - - -

Acquisition costs 22 17 5 5 - - -

Loss on impairment of goodwill and (MORE TO FOLLOW) Dow Jones Newswires

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-6 of 6- 01 Mar 2013 23:43:00 UTC  PRESS RELEASE: Transocean Ltd. Reports Fourth -6-
other assets 5,201 5,201 - - - - -

Loss on marketable security 13 13 - - - - -

Loss on forward exchange contract 78 - 78 78 - - -

Loss on impairment of discontinued operations 34 4 30 5 25 25 -

(Gain) loss on sale of discontinued operations (214 ) (24 ) (190 ) (14 ) (176 ) 2 (178 )

Loss from discontinued operations 95 48 47 11 36 10 26

Discrete tax items and other, net 19 (8 ) 27 (6 ) 33 13 20 ---------- ---------- --------- --------- --------- --------- --------- Net income, as adjusted $ 494 $ 86 $ 408 $ 47 $ 361 $ 174 $ 187 ---------- ---------- --------- --------- --------- --------- ---------

Diluted Earnings Per Share:

Diluted earnings (loss) per share, as reported $ (17.88 ) $ (18.76 ) $ 1.28 $ (0.10 ) $ 1.38 $ 0.38 $ 0.99

Add back (subtract):

Litigation matters 3.10 3.04 - - - - -

Acquisition costs 0.07 0.05 0.02 0.02 - - -

Loss on impairment of goodwill and other assets 16.15 15.83 - - - - -

Loss on marketable security 0.04 0.04 - - - - -

Loss on forward exchange contract 0.24 - 0.26 0.25 - - -

Loss on impairment of discontinued operations 0.11 0.01 0.11 0.02 0.09 0.08 -

(Gain) loss on sale of discontinued operations (0.66 ) (0.07 ) (0.62 ) (0.04 ) (0.56 ) 0.01 (0.56 )

Loss from discontinued operations 0.29 0.15 0.16 0.03 0.11 0.03 0.08

Discrete tax items and other, net 0.06 (0.03 ) 0.06 (0.03 ) 0.10 0.04 0.07 ---------- ---------- --------- --------- --------- --------- --------- Diluted earnings per share, as adjusted $ 1.52 $ 0.26 $ 1.27 $ 0.15 $ 1.12 $ 0.54 $ 0.58 ---------- ---------- --------- --------- --------- --------- ---------

Analyst Contacts: Thad Vayda +1 713-232-7551

Diane Vento +1 713-232-8015

Media Contact: Guy A. Cantwell +1 713-232-7647

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Transocean Ltd. via Thomson Reuters ONE [HUG#1682591]

--- End of Message ---

Transocean Ltd. Chemin de Blandonnet 10 Vernier Switzerland

ISIN: CH0048265513;

http://www.deepwater.com/fw/main/Home-1.html (END) Dow Jones Newswires

   March 01, 2013 18:43 ET (23:43 GMT)- - 06 43 PM EST 03-01-13