Transocean Issues Update on Macondo Incident

Press Release
Thursday, April 21, 2011

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today that an affiliate of BP plc on April 20, 2011 filed a cross-claim against Transocean entities in the existing Multi-District Litigation proceeding in the U.S. District Court, Eastern District of Louisiana for contribution pursuant to the Oil Pollution Act of 1990. Pursuant to an order of the court, co-defendants in a consolidated proceeding related to the Macondo well incident were required to file claims by April 20, 2011.

To protect its rights, Transocean also filed cross-claims against BP entities and other parties involved in the Macondo well incident to enforce its indemnification rights.

Under the drilling contract for Deepwater Horizon, BP has agreed, among other things, to assume full responsibility for and defend, release and indemnify Transocean from any loss, expense, claim, fine, penalty or liability for pollution or contamination, including control and removal thereof, arising out of or connected with operations under the contract. Transocean expects BP to honor its contractual indemnification obligations under the contract. The Deepwater Horizon drilling contract with BP can be found in the company's August 4, 2010 10Q filing with the SEC.

About Transocean Transocean is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 137 mobile offshore drilling units as well as one ultra-deepwater newbuild drillship and three 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 47 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, nine High-Specification Jackups, 53 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.

SOURCE: Transocean Ltd.

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